Business
HAPPENING NOW: Lagos E-Hailing Drivers Begin Indefinite Strike Over Fares, Welfare Others
E-hailing drivers in Lagos State have commenced an indefinite strike over unresolved concerns about fare structures, high platform commissions, deductions and welfare conditions.
The industrial action, organised by the Amalgamated Union of App-Based Transporters of Nigeria (AUATON), an affiliate of the Nigeria Labour Congress, began on Monday and will continue until further notice or until satisfactory progress is made in addressing the drivers’ grievances.
In a notice issued ahead of the strike, AUATON said the decision followed persistent complaints about operational policies, drivers’ earnings, safety, security and the long-term sustainability of app-based transport work. “Despite repeated efforts by drivers and stakeholders to draw attention to these concerns, many of the issues remain unresolved,” the union stated.
The action primarily affects drivers on major platforms including Bolt and inDrive. Drivers are demanding a substantial reduction in commissions — with the union pushing for a maximum of 10 per cent — and a review of fare structures to better reflect rising operating costs such as fuel, vehicle maintenance, insurance, repairs and financing. They are also seeking improved welfare measures, stronger passenger verification, accident support and better protection against risks including robbery and assault.
To ease the financial pressure on participants, AUATON appealed to fleet owners and managers to temporarily suspend daily remittance obligations and related operational targets. The union urged partners not to impose penalties or sanctions solely because of a driver’s participation in the strike, noting that drivers would not be generating normal revenue during the industrial action.
AUATON said it plans to deploy its task force across local government areas in Lagos to monitor compliance, with internal disciplinary measures possible for drivers who defy the directive. The notice was signed by the Lagos State Chairman of AUATON, Jaiyesimi Olalabi Azeez (popularly known as Makavelli), who reaffirmed the union’s willingness to pursue peaceful dialogue with platforms, fleet owners and other stakeholders.
Bolt has called for constructive dialogue, saying it recognises the economic pressures facing drivers and has proposed a roundtable discussion with AUATON and driver representatives. The company stated it is committed to addressing concerns around earnings, operating costs, transparency and welfare.
Commuters in Lagos who rely heavily on app-based services may experience fewer available vehicles, longer waiting times and potential fare increases while the strike continues.
Business
Naira Exchange Rates Thursday, 5 Nov 2026
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₦350 UAE DIRHAM (AED
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Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
Business
Naira Exchange Rates Wednesday, 4 Nov 2026
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₦1835POUND (GBP)
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₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
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CHINESE YUAN (CNY)₦201.92
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