General
Mouka Denies Ordering Arrest of Protesting Workers
By Modupe Gbadeyanka
The management of Mouka Limited, makers of mattresses in the country, has denied claims that it ordered the arrest of protesting workers on its premises last week.
On Thursday, August 12, 2021, some employees of the company staged a demonstration at the office of the organisation over what they described as unfair treatment by the management.
The protest was initially peaceful until it degenerated into violence, prompting the intervention of security officials, who went away with the aggrieved workers.
It was gathered that the demonstration resulted in the destruction of some properties within the company and its environs and Mouka has blamed the staff for this.
In a statement issued over the week, Mouka claimed that it never asked the police to arrest the agitators despite allegedly disrupting business activities on its premises and attacking other employees who refused to join them.
The firm said it was saddened that these employees could run to social media to “blackmail, intimidate and embarrass Mouka in order to justify their illegal disruption of work and molestation of law-abiding and peaceful staff of the company.”
“To put the record straight, Mouka Limited has robust staff welfare with a proud tradition of providing welfare benefits that go above and beyond the expected duty of care to the Mouka staff and their families.
“The company is committed to investing in people to ensure capacity building and readiness for future career growth. As a good corporate citizen, Mouka has also significantly contributed to the local communities in which it operates,” a part of the statement made available to Business Post read.
Explaining the genesis of the crisis, the company said, “As part of Mouka’s continuous improvement plans, the company recently undertook a restructuring program which engaged almost 10 per cent of the Mouka people across all employee grades and in all locations nationwide.
“The major objectives of this exercise were to strengthen operations and to provide career development opportunities for key deserving employees.
“However, as it is the case with every progressive development in corporate organizations, a few will resent the change. Unfortunately, the resentment of the current few agitators does not align with the majority.”
“The event of Thursday, August 12, 2021, whereby a few staff who were agitating unjustly for some personal demands, staged a protest which initially started as peaceful but later degenerated into harassment and attack of other staffers who had refused to be recruited into this anti-operation activity.
“Even then, the company being a law-abiding corporate organization, maintains an unprovoked stance even while the troublemakers continue throwing stones and objects at distributors, visitors and other staffers of the company.
“Unfortunately, the following day, the agitating few had recruited some non-staff hoodlums to join the agitation and they became violent. When the law enforcement agents who had all along been there to maintain peace and order could no longer bear the escalating attack on persons and an attempt to attack them, they called for reinforcement and effected the arrest of the few troublemakers.
“The company is disappointed that the actions of a few led to some unsavoury scenes in the roadways outside of the premises and in the immediate community. The company used all resources available to avoid this matter escalating into a civil disturbance requiring intervention, to no avail,” it further said.
The firm further stressed that, “We want to state categorically that Mouka management did not order for the arrest of any staff nor the violent few.”
“However, despite the fact that the arrests have not been ordered by the management of our company, efforts are being made to resolve the issue provided the violent attack and the infringement of other workers’ rights ceases.
“Our hope is that reason and good conscience will prevail in this circumstance as our company continues to remain focused on investing in the careers and livelihoods of our loyal, committed, and dedicated employees,” it stated.
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the federal government to review the fuel import licences recently issued to some marketers, saying the policy is driving up fuel prices, putting pressure on foreign exchange and creating instability in the downstream petroleum sector.
Speaking in Abuja, IPMAN’s National Publicity Secretary, Mr Chinedu Ukadike, said the current import regime has not achieved its goal of making fuel more affordable. Instead, he argued that it has encouraged the importation of more expensive petrol while increasing the country’s dependence on foreign exchange.
According to Mr Ukadike, some importers plan to sell Premium Motor Spirit (PMS), also known as petrol, for about N1,350 per litre, which is higher than the ex-depot price offered by the Dangote Petroleum Refinery.
The IPMAN official questioned the need to import fuel at higher prices when locally refined products are available at lower costs, noting that the situation has made it difficult for independent marketers to plan their businesses because import costs continue to fluctuate.
Mr Ukadike also raised concerns about the quality of some imported fuel and called on regulators to ensure that only products that meet Nigeria’s standards are allowed into the country.
The association warned that continued fuel imports also increase demand for the US Dollar since importers pay for products in foreign currency. This, the association said, puts additional pressure on the naira and contributes to higher fuel prices.
The association stressed that Nigeria should focus on supporting local refining to improve energy security and reduce reliance on imported petroleum products.
It noted that the Dangote Petroleum Refinery has helped maintain steady fuel supply despite global disruptions, including tensions in the Middle East.
According to IPMAN, greater use of locally refined fuel would reduce FX demand, strengthen the refining industry, create jobs and improve economic stability. It also said producing enough fuel for local consumption while exporting excess output would help Nigeria earn more foreign exchange.
The association called on the federal government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company (NNPC) Limited and the Presidential Committee on downstream reforms to engage stakeholders and adopt policies that support domestic refining.
IPMAN said strengthening local refining remains the best long-term solution for affordable fuel, stable supply and improved energy security in Nigeria.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has reiterated that the July 31, 2026, deadline for insurance companies to meet the new minimum capital requirements remains firm, warning operators against treating it as a mere formality.
The Commissioner for Insurance of NAICOM, Mr Olusegun Ayo Omosehin, who gave this warning, urged companies that have yet to meet the new minimum capital requirements to act with urgency.
Speaking on Friday at the investiture of Mr Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, Mr Omosehin said the recapitalisation exercise remained a critical pillar of the Commission’s ongoing reforms aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to him, the new minimum capital requirement is designed to improve insurers’ claims-paying capacity, strengthen their balance sheets, support higher domestic risk retention and prepare the industry for a risk-based capital regime.
“With about 14 days to the July 31 deadline, we commend operators that have made significant progress in raising capital, engaging investors, strengthening governance and submitting for the Commission’s verification process.
“However, the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves,” he said.
The Commissioner assured stakeholders that the insurance sector regulator would maintain a transparent, fair and firm process, stressing that every operator must demonstrate financial soundness, regulatory compliance and operational readiness.
He added that stronger capitalisation must ultimately translate into better service delivery, prompt settlement of claims, improved consumer protection and greater public confidence in insurance.
Mr Omosehin noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 has provided a stronger legal framework for a more resilient, better-governed and responsive insurance market, adding that NAICOM’s reform agenda is focused on market conduct, policyholder protection, governance, insurance penetration, financial inclusion and responsible innovation.
He described professionalism as the foundation of a trusted insurance market, saying the industry’s growth depends not only on adequate capital and effective regulation but also on ethics, competence, innovation and public confidence.
“The strength of insurance depends not only on capital and regulation but also on professionalism, ethics, innovation and public confidence. A trusted insurance market cannot be built on capital alone. It requires competent professionals, ethical institutions, credible advice and fair treatment of policyholders,” he stated.
By Bon Peters
About 29,645 litres of premium motor spirit (PMS), otherwise known as petrol, as well as industrial palm oil, edible palm oil and vegetable oil with a Duty Paid Value (DPV) of N26 million have been auctioned by the Eastern Marine Command of the Nigeria Customs Service (NCS).
The products were seized by the agency from some smugglers and auctioned on Thursday, July 16, 2026, at the Oron Outstation of the Command in Akwa Ibom State, in strict compliance with Section 119 of the Nigeria Customs Service (NCS) Act 2023.
It was gathered that the command auctioned 14,720 litres of petrol and 14,925 litres of industrial palm oil, edible palm oil and vegetable oil, according to a statement issued over the weekend in Port Harcourt, Rivers State, by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs.
It was disclosed that the exercise aligned with the service’s statutory mandate to transparently dispose of seized, forfeited, and abandoned goods after all due legal processes have been completed.
The petrol had a DPV of N11.4 million, 14,200 litres of industrial palm oil with a DPV of N14.1 million, 600 litres of edible palm oil with a DPV of N840,000, and 125 litres of vegetable oil with a DPV of N141,000.
Declaring the auction open, the Acting Comptroller of the Eastern Marine Command, Mr Esien Etim Esiet, stated that the items were intercepted during successful anti-smuggling operations within the command’s jurisdiction, adding that the seizures followed direct violations of the NCS Act and other extant laws governing restricted goods.
“This exercise reflects our unwavering commitment to transparency, accountability, and the prudent management of government assets,” he stated, reiterating that, “Beyond the lawful disposal of goods, this auction serves as a stark reminder that smuggling is an economic crime.”
“It undermines national development, threatens local industries, and deprives the government of critical revenue,” he averred, commending the resilience and professionalism of the command’s officers for securing Nigeria’s maritime borders despite operating in challenging terrains.
The customs officer assured bidders that the process was structured to be fair, open, and legally compliant while offering equal opportunity to all eligible participants.
