The Bola Ahmed Tinubu-led federal government has decided to engaged with the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Dangote Refinery over their face-off.

It was understands that the federal government is appealing to NUPENG to suspend its planned nationwide strike scheduled to begin on Monday, September 8, 2025.

Confirming the government’s decision to resolve the dispute on Sunday, the Minister of labour and employment, Muhammad Maigari Dingyadi, disclosed that he has summoned all parties to a conciliation meeting on Monday in Abuja.

According to a statement issued by the ministry’s head of information and public relations, Patience Onuobia, Dingyadi urged NUPENG to rescind its decision to shut down operations in the petroleum sector and appealed to the Nigeria Labour Congress (NLC) to withdraw the “red alert” it issued to its affiliates in solidarity with the oil workers.

“I have invited all the parties for a conciliation meeting tomorrow, Monday, September 8, 2025. Since I have intervened, I plead with NUPENG to rescind their decision to shut down the petroleum sector from tomorrow.

“I also appeal to the NLC to withdraw the red alert it issued to its affiliate unions to be on standby for a nationwide strike,” Dingyadi said.

He warned that industrial action in the petroleum sector would trigger widespread hardship across the country and inflict heavy losses on government revenue.

“The petroleum sector is very important to this country. It constitutes the core of the country’s economy. A strike in the petroleum sector, even for just a day, will have an adverse impact. It will not only lead to revenue losses running into billions of naira but also cause untold hardship for Nigerians,” he cautioned.

While calling on all stakeholders to allow peace to prevail, he assured that government will broker a resolution acceptable to both labour and the private refinery.

“The matter will be resolved amicably to the satisfaction of all the parties involved,” the Minister stated.

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The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has announced that its members will embark on a nationwide strike starting Monday, September 8, 2025, over alleged anti-union labour practices linked to the deployment of newly imported Compressed Natural Gas (CNG) trucks by Dangote Refinery.

In a statement signed by its National President, Prince Williams Akporeha, and General Secretary, Afolabi Olawale, the union said the development violates workers’ rights and undermines existing trade unions in the oil and gas sector.

NUPENG recalled that on June 14, 2025, Alhaji Aliko Dangote announced plans to import 4,000 CNG trucks—later raised to 10,000—for nationwide distribution of petroleum and diesel products. While initially seen as a welcome investment, the move sparked concerns from stakeholders, including the National Association of Road Transport Owners (NARTO).

A meeting held on June 23, 2025, between NUPENG, NARTO, and Dangote’s representative, Alhaji Sayyu Dantata, reportedly revealed that the trucks would operate under a new arrangement that excluded existing unions.

The union further alleged that recruitment of drivers for the trucks began on August 29, 2025, with applicants required to sign undertakings not to join unions in the oil and gas industry.

“The recruitment being carried out on the condition of not joining existing unions is a matter of serious concern to us,” NUPENG said. “This violates Nigeria’s Constitution, labour laws, and international conventions on freedom of association.”

The union cited Section 40 of the Nigerian Constitution, which guarantees freedom of association, Section 9(6) of the Labour Act, which prohibits penalising workers over union membership, and Nigeria’s ratification of ILO Convention No. 87, which is binding under Section 254C(2) of the Constitution.

NUPENG also urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to exercise its powers under Section 32 of the Petroleum Industry Act (PIA) to prevent restrictive practices in the petroleum sector.

Having failed to secure a resolution after several engagements with government agencies and stakeholders, NUPENG said it had no choice but to proceed with the strike.

“The strike is not to create hardship but to protect workers’ rights and ensure a fair and competitive downstream petroleum industry,” the statement read.

The union appealed for public understanding and called on other labour groups, including the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), to stand in solidarity. It also revealed that members of its Petroleum Tanker Drivers Branch had been advised to seek alternative employment or skills training if the dispute persisted.

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The Securities and Exchange Commission has created a dedicated desk to fast-track approvals for insurance sector recapitalisation, pledging to deliver decisions within 14 days of complete submissions.

This was disclosed at the end of the 19th Insurers’ Committee meeting by the Head of the Communication and Stakeholders Management Sub-Committee of the Insurers’ Committee, Ebelechukwu Nwachukwu, in Lagos.

President Bola Tinubu recently signed into law the Nigerian Insurance Industry Reform Act 2025, and it included a wide range of reforms, including a substantial increase in minimum capital requirements for insurance companies.

Nwachukwu disclosed that the Director-General of the SEC, Dr Emomotimi Agama, made a presentation to the meeting, noting that the concessions being made to the insurance industry were part of the collaboration between the capital market and insurance regulators aimed at transforming the sector.

“There cannot be a better ally to the capital market than the insurance industry,” she said. “He also acknowledged that this is the first time that the collaboration between NAICOM and SEC is happening, and it’s happening in a very strong manner. And he expressed his belief in the industry and his actions to support the recapitalisation process.

“The key thing is, they’ve set up a dedicated desk for insurance companies, and all approvals that the SEC has committed to us are to be granted within 14 days, so long as we submit our applications to raise capital with all the required documents on time,” she added.

According to Nwachukwu, the SEC has given about nine concessions and reduced fees for the insurance sector’s recapitalisation process. Agama was said to have stressed that Nigerian investors were actively seeking new outlets, citing over N3tn raised recently for the banking sector, and urged insurers to position themselves to attract similar inflows.

The Commissioner for Insurance, Olusegun Omosehin, was said to have reminded the industry that recapitalisation under the newly enacted NIIRA Act should not be seen as a mere fund-raising exercise but as an opportunity to restructure, strengthen governance, and rebuild public confidence in the industry.

The regulator has already released draft guidelines on minimum capital requirements, InsurTech, and Takaful operations for industry input. Final guidelines are expected soon, alongside the establishment of a Policyholders’ Protection Fund, which will be managed by an independent audit firm.

Nwachukwu said, “NAICOM has released a draft of minimum capital requirement guidelines, which they require the insurance companies to comment on, and the comments have been sent. These comments will be considered, and the final guidelines will be released by NAICOM as soon as possible. They’ve also issued guidelines on insurtech and issued guidelines on Takaful, basically to just guide the industry in these processes.

“NAICOM also encouraged organisations to begin sending the recapitalisation plans. So, they don’t only want to see the plans of how we plan to recapitalise, but they also want to see how we plan to utilise the funds that we generate before they will approve it.”

She added that NAICOM has pledged to continue to focus on ethical practices and fairness to consumers. The NAICOM boss commended the industry on the major claims paid.

“You know, the industry has had about four massive claims, and all these claims have been paid. He said the payment of this claim has shown our capacity,” she averred. With more than 40 million small and medium enterprises underserved, and health insurance still largely ceded to HMOs, both regulators urged insurers to expand into growth areas while preparing their recapitalisation plans.

“This is not just about raising capital. It is about transforming the insurance industry into a trusted pillar of Nigeria’s financial system,” Nwachukwu emphasised.