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JUST IN: NUPENG, LASG in discussion over towing issues- Official

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The National Union of Petroleum and Natural Gas Workers (NUPENG) says it is engaging the Lagos State Government to resolve the ongoing issue of towed trucks.

It said that the negotiation aims to prevent disruptions in fuel distribution, which could lead to widespread scarcity.

In an interview on Tuesday in Lagos, General Secretary, NUPENG, Mr Olawale Afolabi, explained that the union had withdrawn its services in response to the recent attacks and arrests of tanker drivers by security personnel from the Lagos State Government.

Afolabi reassured that the situation would be resolved with the state authorities and that the towed trucks would be released to the union as promised by the government.

On Feb. 22, the Lagos State Task Force towed away several trucks and arrested several members of the Petroleum Tanker Drivers (PTD) Association, a branch of NUPENG, near the Dangote Refinery in Ibeju-Lekki for parking on the highways.

Afolabi added that a meeting is ongoing between NUPENG and the Lagos State Government, with both parties hopeful of reaching an agreement that will enable depot operations to resume.

He, however, said that the outcome of these talks remains uncertain, and stakeholders are eagerly awaiting further updates.

Similarly, Mr Tayo Aboyeji, the Chairman of NUPENG, Lagos branch, confirmed that the service withdrawal was in response to the mistreatment and arrest of tanker drivers by security personnel.

He clarified that the union had previously instructed drivers not to operate at night to avoid accidents and hijackings.

He said that in spite of this, drivers who stopped to rest were reportedly targeted by security officers.

“We had instructed tanker drivers not to travel at night to avoid accidents and hijackings.

“But when drivers parked to rest, security personnel towed their vehicles, arrested our members, and even damaged the union’s patrol vehicle,” Aboyeji said.

He added, “As a result, we decided to suspend services in the state until the government is ready to provide a safe and convenient space for tanker drivers, ensuring that such incidents do not occur again.”

Aboyeji assured that the national leadership of the union is in talks with the state government and that the matter would be resolved once discussions are concluded.

“There are ongoing discussions, and if they are completed today or tomorrow, the issue will be resolved,” he stated.

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Afriland Fire: United Capital Confirms Death of Six Staff, Death Toll Rises to 10

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Financial services firm, United Capital Plc, has confirmed the death of six of its employees in the tragic fire that engulfed Afriland Towers on Broad Street, Lagos Island, on Tuesday, September 16, 2025.

This announcement brings the official death toll to ten, following an earlier confirmation by the Federal Inland Revenue Service (FIRS) that four of its staff also died in the incident.

The fire, which broke out just before 1:00 p.m. on Tuesday, tore through the six-storey commercial building, housing several offices and businesses, leaving widespread devastation and loss in its wake.

In an official statement released on Thursday, United Capital expressed deep sorrow over the loss of its staff.

“It is with profound grief that the Management and Staff of United Capital Plc announce the passing of six of our dear colleagues, following the tragic fire at Afriland Towers,” the statement read.

“Our departed colleagues were an integral part of our company and family. Their painful loss leaves an immeasurable void.”

The company extended its heartfelt condolences to the families, friends, and loved ones of the deceased, assuring them of continued support during this difficult time. Plans are underway for a memorial service to honour the victims.

United Capital also expressed appreciation to emergency responders for their swift intervention during the incident.

“In this moment of untold grief, we stand together in solidarity, drawing strength from one another as we navigate this period. May the souls of the departed rest in peace.”

Authorities are continuing investigations to determine the cause of the fire.

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Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

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The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.

In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.

He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”

Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.

“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.

He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.

To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.

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CBN Mandates Banks to Announce Successor MD Three Months Ahead

The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.

In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“

Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.

Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”

Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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