Business
JUST IN: NUPENG, LASG in discussion over towing issues- Official
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In an interview on Tuesday in Lagos, General Secretary, NUPENG, Mr Olawale Afolabi, explained that the union had withdrawn its services in response to the recent attacks and arrests of tanker drivers by security personnel from the Lagos State Government.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.
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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