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Economy

FG Wades into Dangote, PENGASSAN Dispute as Union Begins Strike Action

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The federal government yesterday waded into the face-off between the Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which, other things being equal, was expected to commence an industrial action in the early hours of this morning.

It assured that there will be no disruption in the supply of refined petroleum products across the country, as the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative met to review developments in the downstream oil sector.
The assurance followed weekend’s directive issued by PENGASSAN to its affiliates to cut off crude oil and gas supplies to the Dangote refinery.

A meeting chaired by the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, underscored two recent developments, including the purported suspension of the Naira-for-Crude oil arrangement by the Dangote Refinery, and the concerns raised by PENGASSAN regarding the refinery.

A statement issued by the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga, said aside from Edun, the Minister of Budget and Economic Planning, Atiku Bagudu; Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA); Nigerian National Petroleum Company Limited (NNPC); Central Bank of Nigeria (CBN); Afreximbank, and Dangote Refinery were also present.

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It said: “The Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative met earlier today (Sunday) to review developments in the downstream oil sector.

“For the avoidance of doubt, the committee reassured that the crude oil for the Naira initiative will continue. It also assured that all outstanding issues, particularly the dispute between PENGASSAN and Dangote Refinery, are being addressed with urgency and in good faith.

“The federal government remains fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market,” the statement said.
Earlier, PENGASSAN directed its members to halt gas supply to the Dangote Petroleum Refinery with immediate effect.

In a letter signed by the General Secretary, Lumumba Okugbawa, the union accused the refinery management of disengaging unionised workers and embarking on a “mission of misinformation and propaganda” instead of engaging meaningfully with the union.

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PENGASSAN instructed all its branch chairmen to ensure that gas supply to the refinery is cut off without delay. The directive also included shutting all crude oil supply valves to the refinery and halting all loading operations for vessels headed there.

The union described the action as a necessary response to protect the constitutional rights of workers to unionise.
PENGASSAN attributed its latest action to Dangote Refinery’s alleged unilateral action in sacking over 800 staff members for joining the Association.

Okugbawa stated that the National Executive Council (NEC) of PENGASSAN held an emergency meeting of all its branches on Saturday, October 27 and resolved that members should withdraw all services effective 00:01 on Monday, 29th of September, 2025.

“This includes all control room operations, panel operations, and outfield personnel. No intervention whatsoever will be entertained across field locations except where the safety of personnel and assets is at risk; such clearance must be obtained from the National Secretariat.

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“All IOC branches must ramp down gas production and supply to Dangote Refinery and petrochemicals. All processes that involve gas and crude supply to Dangote Refinery should be let off effectively immediately. No man is bigger than our country! An injury to one is an injury to all,” the union said.

The association urged its members to immediately embark on prayers, calling on God to intervene and give courage to those in authority to rein in Dangote and his co-travelers on the need to obey the laws of our country.
However, the Dangote refinery described the move as a brazen, albeit shocking display of lawlessness and criminality by PENGASSAN.

“Absolutely no law gives PENGASSAN the right to direct its branches to ‘cut off’ gas and crude oil supplies to Dangote Refinery or at all. There is also no law in our statute books that would support or enable the PENGASSAN branches having to cut off gas and crude oil supplies to Dangote Refinery or at all.

“Besides, it constitutes a criminal conduct for PENGASSAN or its members to disrupt and/or interfere howsoever in the contract between Dangote Refinery and its various vendors for the supply of gas and crude oil to the Refinery.
“ Those supply contracts were not entered into with PENGASSAN; they were entered into by Dangote Refinery with third party vendors and suppliers and PENGASSAN has no right whatsoever to disrupt and/or interfere with the performance of those contracts.

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“Perhaps, PENGASSAN needs to be reminded that Nigeria is a country governed by laws. Our laws do not brook self-help and mob action that could introduce mayhem and chaos and easily translate into anarchy,” a statement by the refinery said.

But amid its cold war with management of Dangote Refinery, the leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has raised alarm over what it described as desperation by a certain group to break its rank through the promotion of a phony forum called Elders of the Petroleum Tanker Drivers (PTD) branch of NUPENG.

Williams Akporeha and Afolabi Olawale, National President and General Secretary, respectively of the Union raised the alarm in a press statement on Sunday night.

The leadership of NUPENG which maintained that such a Forum was unknown to its constitution noted that certain forces it described as “unconscionable Capitalists with filthy wealth,” were behind the faceless groups to deceive, manipulate, mislead and create confusion within the oil and gas sector and the wider public.

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The statement warned members of the public and the media to be wary of the so-called PTD Elders which it insisted was fraudulent, illegitimate, and acting with criminal intent.

The leadership of NUPENG further declared that the only National Chairman of the PTD- NUPENG accorded recognition by its Constitution is the one under the leadership of Augustine Egbon.

“The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) issues this stern warning to all stakeholders, security agencies, the media, and the general public regarding the criminal and fraudulent activities of some faceless groups and individuals who are impersonating a s leaders and elders of the Petroleum Tanker Drivers (PTD) branch of NUPENG.

“It has come to our attention that these unscrupulous elements are operating under the non-existent and illegitimate banner of “PTD Elders” or “PTD Leaders” to deceive, manipulate, mislead and create confusion within the oil and gas sector and the wider public.

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“We wish to state clearly here, that these individuals are paid agents of unconscionable Capitalists with filthy wealth accumulated over the labour and sweat of workers who have been denied the right of freedom of association/unionism.

“The paid agents have engaged in failed attempts to blackmail, misinform and manipulate the public for the sake of destabilising NUPENG and the Petroleum Tanker Drivers Branch of NUPENG.

“For the records, the struggle to control, manipulate and totally destroy the soul of NUPENG and the Petroleum Tanker Drivers Branch of the Union by unconscionable capitalists and their hired agents started long before now, but they have always been failing in their evil machinations and missions due t o the alertness and vigilance o f committed and indefatigable members and leaders of our great Union and the PTD Branch of NUPENG,” the statement said.

In the same vein, the Nigerian Independent System Operator (NISO) has observed with concern the ongoing dispute between PENGASSAN and Dangote Refinery, which has resulted in directives to suspend the supply of crude oil and natural gas to the facility.

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“NISO wishes to draw attention to the potential implications of this action on the nation’s power sector. The national grid relies heavily on gas-fired generation, and any sustained disruption in gas supply would constrain generation capacity, affect system operations and undermine the stability and reliability of electricity supply across the country.

“While NISO is considering measures to mitigate total grid collapse, we urge all parties involved to embrace dialogue and lawful mechanisms of dispute resolution in the overall interest of the economy and the wellbeing of Nigerians at large.

“We reaffirm our commitment to ensuring a secure and reliable operation of the national grid and will continue to support wider efforts aimed at safeguarding energy security” the NISO statement added.

In a related development, the Concerned Nigerian Consumers Forum has called on the federal government and the Department of State Services (DSS) to investigate what it described as desperate attempts by PENGASSAN to undermine the Dangote Refinery, a critical national asset aimed at achieving Nigeria’s energy independence.

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In a statement signed by Olabisi Taiwo, President, and Justice Akani Alikor, Secretary, the Forum expressed alarm over PENGASSAN’s threats to picket the $20 billion refinery over alleged mass sackings.

The Forum accused the union of risking Nigeria’s return to fuel scarcity, economic instability, and national embarrassment, urging Nigerians to question PENGASSAN’s motives.

“PENGASSAN, alongside NUPENG, played a significant role in the collapse of Nigeria’s public refineries in Port Harcourt, Warri, and Kaduna,” the Forum stated.
“They resisted reforms, blocked privatisation, and crippled fuel supply with strikes. Their actions contributed to the rot that turned these refineries into relics of corruption and mismanagement.”

The Dangote Refinery, the world’s largest single-train refinery with a capacity of 650,000 barrels per day, is a private initiative designed to end Nigeria’s reliance on imported fuel, stabilize prices, and create jobs.
The Forum emphasised that the refinery, which employs over 3,000 Nigerians and continues to recruit, is not anti-labour but focused on operational efficiency and safety.
The company’s recent reorganization, according to Dangote, was prompted by acts of sabotage that threatened operations.

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The Trade Union Congress of Nigeria (TUC) has also condemned what it described as recent anti-worker actions of the management of Dangote Petroleum Refinery.
The apex labour centre said it was in full solidarity with PENGASSAN; and has placed all its affiliates on red alert and stand-by for further directives. The union demanded immediate and unconditional reinstatement of all affected workers.

In a statement signed by the Secretary General of TUC, Nuhu Toro, the union condemned the alleged unjust termination of workers for exercising their constitutional right to freedom of association and unionization.
TUC said: “We stand in full solidarity with the affected workers and with their union, our affiliate PENGASSAN, whose members have been victimised merely for declaring membership.

“Such actions amount to a direct assault on Section 40 of the Nigerian Constitution and on Nigeria’s obligations under International Labour Organisation (ILO) conventions. Our demands are immediate and unconditional reinstatement of all affected workers.

“Public apology from Dangote management with firm assurances against future victimisation.An independent investigation involving the Ministry of Labour (ILO) and stakeholders into the refinery’s labour practices.
“Congress hereby places all affiliates on stand-by for a national industrial action if Dangote management fails to comply with these demands within a reasonable time. No corporation, regardless of size or wealth, will be allowed to trample on the dignity and rights of Nigerian workers.

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“The TUC stands united and ready to act decisively in defense of our members and the Nigerian workforce,” it said.

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Economy

SEE Black Market Dollar To Naira Exchange Rate Today 24th June 2026

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See Exchange Rate As Naira Gains 0.07%

The Black Market Dollar-to-Naira Exchange Rate for 24th June 2026 Can Be Accessed Below.

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

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Note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

What’s the dollar to naira black market today, 24th June 2026?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1385 on Wednesday, 24th June, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1365

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Economy

SEE Dollar to Naira exchange rate today, June 23, 2026

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The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.

Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.

The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.

In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.

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The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.

Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.

Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.

As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.

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Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.

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Economy

FAAC: FG, States, LGCs share N2.3tn as May revenue

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A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.

In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.

The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.

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According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.

Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.

The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.

The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.

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On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.

The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.

In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.

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