Economy
Ex-Nigeria Airways Workers Petition Buhari Over N78b Severance Pay
**Decry tussle between Sirika, Dikwah
**700 ex-workers dead
Worried by alleged face-off between the Minister of State for Aviation, Hadi Sirika and Chairman, Presidential Initiative on Continuous Audit (PICA), Dikwa, over the disbursement of N78 billion severance benefits, former workers of Nigeria Airways based in Accra, Ghana, Lome, Togo, Yaounde, Cameroon, Benin and Gabon, have petitioned President Muhammadu Buhari over their plight.
The workers, Emetule Fina (Gabon); Eno Mao (Gabon); Ndoke Hannah (Cameroon); Bareng John (Cameroon); Afandomi Raymond (Benin); and Mensah Teteh (Togo) in a petition to President Buhari, commended him (President) for approving the payment of final entitlements of the ex-workers.
They, however, flayed the power tussle between Sirika and Dikwah, as the major cause for the delay, alleging that no agreement had been reached on who and what to pay.
They equally alleged that while the chairman of PICA is bent on reducing the N78 billion approved to N43 billion with N2 billion interest as the paying body, the Minister of State for Aviation insists on the payment of the full N78 billion with one percent to the paying body, describing what is playing out as greed in interest is the reason for the delay to pay the suffering staff.
They stated that it is against this backdrop that they are appealing for Buhari’s quick intervention to find a solution in what they described as power struggle for the Minister of Finance to release the funds in Central Bank of Nigeria (CBN) since two years to the workers.
According to them, “We the west coast staff of the defunct Nigeria Airways Limited; from Libreville (Gabon); Douala (Cameroon) Cotonou (Benin); and Lome (Togo), wish to thank God for your healing and bringing you back to Nigeria to continue the good work you have for Nigeria, which other African countries may have to copy.
“We wish to thank you for approving the payment of final entitlements of the ex-staff of the defunct airline. What a great joy it was for a long awaited exercise.
“Your Excellency, sadness is already beclouding our joy, due to the prolonged delay to execute the payments.”
President, National Union of Air Transport Employees (NUATE), Muhammed Safianu said recently that the union would officially write Nigeria Labour Congress (NLC) to intervene in the matter; and ensure that the final several packages of N78 billion was paid to the workers.
He confirmed that an inter-ministerial committee set up by the government to come out with the actual amount of money to be paid the workers, had come up with the N78 billion to over 6,000 employees of the liquidated carrier.
The committee, he added, also recommended one percent administrative charges, totalling N735 million to any government agency that would disburse the funds to the ex-workers.
According to him, PICA, in its recommendation to the government, reduced the sum to N43 billion, but increased the administrative charges to N2.1 billion without any recourse to percentage as recommended by the inter-ministerial committee.
He said: “The final severance packages to the former workers was N78 billion; and the inter-ministerial committee set up for that purpose recommended one percent administrative charges to any government agency that would carry out the disbursement.
“But, all of a sudden, PICA showed interest in the payment and reduced the sum to N43 billion. It, however, increased its administrative charge to N2.1 billion. What we want to do right now is to involve NLC. We want them to intervene in the whole matter so that people can get what they rightly deserved. In a matter of days, we will send our documents on the issue to NLC.”
However, a source close to the Ministry of Transport has claimed that the power tussle between the Minister of State for Aviation, Sirika and the Chairman of PICA, Mr Mohammed Kyari Dikwah, may be responsible for the delay in payment of the final severance packages to the former national carrier workers.
According to the source, Sirika, in a meeting with the former workers of the defunct national carrier earlier in the year, had promised that the beneficiaries would get their severance packages by last March, but regretted that the misunderstanding between the duo, is causing untold hardships on the workers, who had lost at least 700 of their members since 2003, when the carrier was liquidated by former President Olusegun Obasanjo.
The source alleged that the non-payment is stalling the commencement of a new national carrier for the country as promised by the government in 2015.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn