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Dangote refinery, engineers on warpath over fresh redeployment

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Some of the engineers sacked by the Dangote refinery for allegedly joining the Petroleum and Natural Gas Senior Staff Association of Nigeria have decried the plan to redeploy them to sugar, cement and other business units under the Dangote Group.

The workers, who spoke with The PUNCH anonymously due to the sensitivity of the matter, said the company was victimising them for unionisation.

However, the Dangote media team debunked these claims on Wednesday, saying there are PENGASSAN members still working in the refinery.

PENGASSAN shut down oil and gas facilities between Sunday and Tuesday last week over allegations that 800 refinery workers were fired for volunteering to be members of the union.

But the Dangote refinery said it only sacked a few workers who were sabotaging the facility, tagging it reorganisation.

Oil and gas workers went on strike in defence of their colleagues, causing the nation losses in oil and gas production as well as a drop in power generation.

The intervention of the Federal Government restored peace as the Dangote Group was asked to redeploy the sacked workers.

Speaking with our correspondent, the workers said they have yet to be recalled or redeployed as of Tuesday.

Sources within the Dangote Group had earlier told our correspondent that the company was ready to redeploy the engineers to its sugar and cement plants.

It was learnt that the company would also recruit new engineers to replace the redeployed ones, and the redeployment would be a huge loss to the company.

Our correspondent also gathered that some of the 800 workers could be deployed to units within the group’s operations outside the country.

But the affected workers said they were not pleased with the development.

According to them, their appointment letters showed that they were specifically employed by the refinery and not the Dangote Group, saying being transferred out of the company that employed them would be unfair to them, and wondering how a petrochemical engineer would cope at a sugar plant.

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“It is victimisation. How will you redeploy us from the refinery to sugar or cement plants? It is not fair. Most of us weren’t employed by the Dangote Group; we were employed by Dangote Petroleum Refinery and Petrochemicals. If we were employed by the Dangote Group, we would know that we could be redeployed from one unit to another. This is like victimising us. Some of us are petrochemical engineers; how do you want them to cope? It is affecting some of us psychologically,” they said.

The engineers disclosed that they have been sitting at home since September 25, after the company issued a letter to sack all staff, though the company said it sacked a few workers for sabotage.

According to the engineers, 800 of them were asked to stay away pending when they would be redeployed. They recalled that previous attempts to access the refinery were rebuffed by security agents at the gate.

“Currently we are at home; we are not allowed to go into the refinery. The management said they would get back to us as far as the redeployments are done, but we have not heard anything so far. There were times when we tried to enter the refinery, but we were sent back. There are pictures of those incidents,” they said.

It was stated that Indian nationals were the only ones operating the refinery at the moment, as all Nigerian engineers were sent away for joining the union.

“At the moment, only Indians are running the refinery. All Nigerian engineers were sacked because we joined PENGASSAN,“ they alleged.

Recall that the refinery had earlier dismissed this allegation, saying, “Over 3,000 Nigerians continue to work actively in our petroleum refinery at present. Only a very small number of staff were affected, as we continue to recruit Nigerian talent through our various graduate trainee programmes and experienced hire recruitment process.”

See also  Marketers drop petrol prices below Dangote’s cost

Speaking further, the workers explained that they wouldn’t have joined PENGASSAN if they were well paid. They clarified that the decision to join PENGASSAN came after the Dangote management announced that workers were free to unionise.

“We wouldn’t have joined PENGASSAN if we were well paid. Our salary is around N400,000, and after deductions, it falls below that.

“We didn’t plan to join PENGASSAN; the management announced it themselves that workers were free to unionise. We joined PENGASSAN, and it became an issue,” they expressed worries.

On allegations of sabotage, the engineers declared their love for the $20bn refinery, saying they would never sabotage a facility they helped build.

“We cannot sabotage the refinery. We love the refinery. Some of us built it from the beginning. How can we sabotage what we built? It is not possible. We’ve been very committed, and we were doing everything to ensure the success of the plant for the good of all Nigerians.

“As it is, we are all waiting for our posting letters. There’s nothing we can do now because the issue has become a national issue. The presidency is now involved. But we are not guilty of anything. Our only ‘crime’ is that we joined PENGASSAN,” the engineers submitted.

Dangote Group debunks allegations

Meanwhile, the Dangote Group debunked the claims of the affected workers

According to the group, the engineers were sacked for sabotaging the facility and not because they joined PENGASSAN.

A senior official of the company told our correspondent that PENGASSAN members are still working within the refinery presently.

“Those guys were sacked because of their acts of sabotage. Nobody is victimising them. Their September salary has been paid. Can we call that victimisation? They were not sacked for joining PENGASSAN. We have PENGASSAN members still working with us.

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“They should also know that all of us in Dangote can be moved to anywhere within the company. You can be moved from cement to refinery, sugar, salt or fertiliser. That is the business. Many of us have been moved in the past,” the official noted.

He denied the allegation that the engineers were paid below N400,000 as salaries.

“The claim of a N400,000 monthly salary is an outright falsehood; it is far more than that,” he emphasised.

The PUNCH recalls that the Dangote refinery had in recent weeks come under fierce attacks. It began with the Nigeria Union of Petroleum and Natural Gas Workers and the Depot and Petroleum Products Marketers Association of Nigeria, which accused the plant of “monopolistic practices and unfair pricing” after slashing petrol prices.

The marketers alleged that Dangote’s price reductions placed them at a disadvantage and demanded government intervention.

NUPENG clashed with the refinery over workers’ rights, saying Dangote prevented tanker drivers from unionisation. The association shut down the refinery and fuel depots despite a government-brokered agreement.

The crisis escalated when PENGASSAN entered the fray, condemning the mass dismissal of hundreds of workers.

The union responded by directing a halt to crude and gas supplies, sparking nationwide disruptions and fuel queues.

Government mediation eased tension, but stakeholders are waiting for the implementation of agreements reached by all parties during the conciliation meeting organised by the government.

On Tuesday, prominent Nigerians, including the Emir of Kano, Muhammad Sanusi; Bishop Mathew Kukah; Aisha Yesufu and others, spoke in defence of Dangote, warning union leaders against acts that could scare away investors.

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Bank recapitalisation: Local investors provide 72% of N4.6tn

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The Central Bank of Nigeria (CBN) on Wednesday said domestic investors accounted for the bulk of funds raised under its banking sector recapitalisation programme, contributing 72.55 per cent of the N4.65tn total capital secured by lenders.

The apex bank disclosed this in a statement marking the conclusion of the exercise, which began in March 2024 and saw 33 banks meet the new minimum capital requirements.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the CBN, Nigerian investors provided about N3.37tn of the total capital raised, underscoring strong domestic confidence in the banking sector, while foreign investors accounted for the remaining 27.45 per cent.

“Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement said.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The bank confirmed that 33 lenders had met the revised capital thresholds, while a few others were still undergoing regulatory and judicial processes.

“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme,” it stated.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

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The regulator stressed that the recapitalisation exercise was completed without disrupting banking operations nationwide, noting that key prudential indicators, particularly capital adequacy ratios, had improved and remained above global Basel benchmarks.

Minimum capital adequacy ratios were pegged at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The CBN added that the exercise coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall system stability.

To sustain the gains, the apex bank said it had strengthened its risk-based supervision framework, including periodic stress tests and requirements for adequate capital buffers.

It added that supervisory and prudential guidelines would be reviewed regularly to improve governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement added.

Meanwhile, data from the National Bureau of Statistics showed that foreign capital inflows into the banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025 from $7.00bn in 2024, reflecting strong investor interest during the recapitalisation drive.

However, the Centre for the Promotion of Private Enterprise has cautioned that despite the strengthened banking system, credit to small businesses remains weak, warning that the benefits of the reforms are yet to fully impact the real economy.

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Court freezes N448m assets in Keystone Bank debt recovery suit

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The Federal High Court in Lagos has ordered the freezing of funds and assets valued at N448,263,172.41 in a debt recovery suit instituted by Keystone Bank Limited against five defendants.

The order was made on March 26, 2026, by Justice Chukwujekwu Aneke following an ex parte application moved by Keystone Bank’s counsel Mofesomo Tayo-Oyetibo (SAN), against Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.

In his ruling, Justice Aneke granted a Mareva injunction restraining the defendants, whether by themselves, their agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds, shares, dividends, and other financial instruments standing to their credit in any bank or financial institution in Nigeria, up to the sum in dispute.

The court further directed all banks and financial institutions within the jurisdiction to forthwith preserve any funds belonging to the defendants upon being served with the order.

The said institutions were also ordered to depose to affidavits within seven days of service, disclosing the balances in all accounts maintained by the defendants, together with the relevant statements of account.

In addition, the court granted a preservative order restraining the defendants from disposing of, alienating, or otherwise encumbering any movable or immovable property, including any future or contingent interests, up to the value of the alleged indebtedness.

The court also granted leave for substituted service of the originating and other court processes on the second and third defendants by courier delivery to their last known addresses.

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The matter was adjourned to April 9, 2026, for mention.

According to the originating processes before the court, the suit arises from a N500 million overdraft facility granted by the claimant to the first defendant on March 28, 2023, for a tenure of 365 days at an interest rate of 32 per cent per annum.

The claimant averred that the facility, initially secured by a $200,000 cash collateral and subsequently by a mortgaged property located at Itunu City, Epe, Lagos, expired on March 27, 2024, leaving an outstanding indebtedness of N448,263,172.41 as at October 31, 2024.

In the affidavit in support of the application, the claimant alleged that the facility was diverted for personal use by the third defendant and channelled through the fourth and fifth defendant companies.

It further contended that the first defendant is no longer a going concern and has failed, refused, and neglected to liquidate the outstanding indebtedness despite several demands made between May and October 2025.

The claimant also expressed apprehension that the defendants may dissipate or conceal their assets, thereby rendering nugatory any judgment that may be obtained in the suit, and consequently urged the court to grant the reliefs sought in the interest of justice.

After considering the application and submissions of learned silk, Justice Aneke granted all the reliefs sought and adjourned the matter to April 9, 2026, for further proceedings.

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Sanwo-Olu unveils Lagos 2026 economic blueprint, vows inclusive growth

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The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday unveiled the 2026 edition of the Lagos Economic Development Update, reaffirming his administration’s commitment to driving inclusive growth and ensuring that economic progress translates into tangible benefits for all residents of the state.

The unveiling of this year’s outlook, held in Ikeja, provides an in-depth analysis of the state’s economic trajectory, capturing global, national, and local developments shaping Lagos’ growth outlook.

Represented by his deputy, Obafemi Hamzat, the governor described the report as more than a policy document, noting that it serves as a strategic compass for guiding economic direction and strengthening decision-making.

He added that despite global economic headwinds — including post-pandemic recovery challenges, inflationary pressures, and exchange rate fluctuations — the state has remained resilient through deliberate policies, fiscal discipline, and sustained investment in critical infrastructure.

“It is with a deep sense of responsibility and optimism that I join you today to officially launch the third edition of the Lagos Economic Development Update — LEDU 2026.

“This platform has evolved beyond a mere policy document; it has become a compass guiding our economic direction, shaping decisions, and reinforcing our commitment to building a resilient, inclusive, and prosperous Lagos,” he said.

He noted that while the global economic environment has remained unpredictable, Lagos has stayed on course through “clarity, discipline, and foresight,” anchored on the T.H.E.M.E.S+ Agenda.

According to him, the state had strengthened its fiscal framework, improved revenue generation, and invested in infrastructure critical to long-term growth.

Sanwo-Olu further highlighted progress recorded since the inception of LEDU, including the expansion of the state’s economic base driven by innovation, entrepreneurship, and digitalisation; improved efficiency in revenue systems; and sustained infrastructure development spanning roads, ports, energy, and urban planning.

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He added that continued investment in human capital remains central, as “people are the true engine of growth.”

Speaking on the theme of this year’s report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor said it reflects Lagos’ current economic priorities.

He explained that consolidating resilience involves strengthening institutions and fiscal discipline, while advancing competitiveness requires boosting productivity, innovation, and investment.

Delivering shared prosperity, he added, means ensuring growth translates into jobs, expanded opportunities, and improved livelihoods for residents.

Looking ahead, he reaffirmed the administration’s commitment to economic diversification, private sector-led growth, data-driven governance, sustainable urban development, and social inclusion.

He also stressed the importance of partnerships with the private sector, development institutions, civil society, and the international community in achieving the state’s development goals.

“As we launch this edition of LEDU, I urge all stakeholders to engage actively, strengthen collaboration, and align with our shared vision.

“We have built resilience; now we must translate it into sustained competitiveness and ensure that growth delivers tangible prosperity for every Lagosian,” he said.

Also speaking, the state Commissioner for Economic Planning and Budget, Ope George, said Lagos has demonstrated remarkable resilience in navigating both global and domestic economic challenges.

“Lagos is not just responding to economic shocks — we are building systems that make us stronger because of them,” he said, noting that deliberate policies, disciplined fiscal management, and strategic investments have reinforced the state’s position as a leading subnational economy in Africa.

He added that the state would continue to prioritise economic diversification, private sector growth, sustainable urban development, and social inclusion, stressing that growth must be measured not only by numbers but also by its impact on people’s lives.

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In his goodwill message, Chief Consultant at B. Adedipe Associates Limited, Biodun Adedipe, described the LEDU initiative as a credible framework for tracking economic performance and refining development strategies.

He noted that Lagos remains central to Nigeria’s economy, adding that its continued growth signals broader national progress.

“If Lagos works, a significant share of Nigeria’s commerce works,” he said, expressing optimism about the state’s economic future.

Meanwhile, the Chief Executive Officer of the Nigerian Economic Summit Group, Tayo Adeloju, urged the state government to prioritise affordable housing as a critical driver of shared prosperity.

He noted that high housing costs could limit upward mobility for low-income earners, stressing that making housing more accessible would enhance living standards and support inclusive growth.

Adeloju added that sustained fiscal discipline, improved service delivery, and a broader productive base would further strengthen Lagos’ position among Africa’s leading megacity economies.

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