Economy
Workers to Shut Down Kaduna Economy for Five Days
By Adedapo Adesanya
The Nigerian Labour Congress (NLC) and its affiliate unions will on Monday embark on a five-day warning strike over the recent sack of civil servants by the Kaduna State Government.
The planned move followed Governor Nasir El-Rufai’s announcement in April that he was disengaging some civil servants in the state because of waning revenue to pay the workers.
Mr El-Rufai said a significant amount of the statutory federal allocations to the state was being spent on the wages of public servants.
But the NLC has vowed to resist the action of the state government, accusing the Governor of not being sensitive to the plight of the workers.
Speaking in Kaduna on Sunday, the NLC Chairman in the state, Mr Ayuba Suleiman, disclosed that the industrial action will be accompanied by a peaceful protest which will be led by the President of the union, Mr Ayuba Wabba and other labour leaders across the country.
He explained that the strike will involve halting all socio-economic activities in both public and private sectors in a bid to force the Kaduna State Government to reverse the sack of over 7,000 local government workers and teachers and also suspend its plan to sack another 11,000 civil servants any moment from now.
“We are very much ready for the industrial action on Monday and it is going to be a dual activity. We are embarking on the withdrawal of activities and equally going to stage a peaceful protest come Monday to press home our demand, grievances to the state government,” he said.
“I want to assure you that this industrial action is going to be under the care of our amiable President, Comrade Ayuba Wabba. We have had series of meetings today, we met with various stakeholders including all sectors of the economy in the state towards the success of this industrial action.
“In total, you have about 7,700 workers that are disengaged at the local government level. As I am talking to you, over 11,000 workers of the state civil service are pencilled for disengagement.
“That is why in this April, because of their intention, over 20,000 workers have not yet received their April salary,” he further said.
Reacting, the Kaduna State Government defended its decision, saying it was in the interest of over 10 million citizens of the state.
The Commissioner for Local Government, Mr Jafaru Sani, said not even the threat of industrial action or blackmail by the union will make the state government reverse its decision.
He also debunked the claims of the labour union that the government has plans to sack over 11,000 workers, adding that there are plans to right-size its public service, but however did give the figures.
The Commissioner explained that the government’s decision to lay off some workers and political appointees is necessary to enable it to cope with fiscal challenges and preserve its ability to use its resources for the entire state.
He also denied the allegations of anti-labour activities, stressing that Kaduna State workers have been receiving the new minimum wage since 2019.
The Commissioner said: “This government has reiterated its commitment to the welfare of its workers. It insists that this is sustainable only in the context of the general welfare of residents of the state that the government is mandated to serve.
“It is not sustainable to persist in spending 84 to 96 per cent of the FAAC received on salaries and personnel cost as has been the experience of the state since October 2020.”
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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