Connect with us

NEWS

CBN Earmarks N50bn For Early Exit Package Of 1,000 Employees

Published

on

 

The overhauling of the human capital at the Central Bank of Nigeria (CBN) has taken a new turn, with the sum of N50 billion earmarked for the Early Exit Package (EPP) of about 1,000 employees this December.

This was detailed in a circular issued three weeks ago by the CBN, in which it called for applications for EPP from certain classes of employees.

The offer would close close by Saturday, December 7, Biztellers reports.

ALSO READ: SERAP Urges Tinubu To Unveil Defaulting Contractors Over N167bn MDAs’ Fraud

The move is seen as part of a strategic realignment of the CBN’s workforce, by the Board of Governors, led by Olayemi Cardoso, who already expressed commitment to reviewing the workforce.

According to the circular, the class of employees exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 20, 2024”.

This effectively excludes those hired for and by the President Bola Ahmed Tinubu administration, under the Cardoso governorship.

Recall that the apex bank has been undergoing a strategic refit in critical areas, including operational bases and human capital.

Probably as part of moves to take firm control, the CBN in the last 10 months, had disengaged many employees, including 17 directors, who served under the immediate past governor, Godwin Emefiele.

Speculations are that the next phase would be to replace the 17 directors after pruning the workforce.

Discreet findings show that as many as 860 staff from the various departments have already applied for the EPP.

According to the apex bank’s management, the EEP is a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”

It cautioned that it would not entertain a rethink from workers who formally moved to take advantage of the EPP, and make it clear that all completed and submitted applications are final.

The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.

It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.

Also the EEP also made provisions for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”

It was gathered that those grabbing the offer with two hands are those believed to have been brought in by embattled former CBN governor, Emefiele.

This set of workers already know that the new regime holds their loyalty in doubt and would axe them for the flimsiest of excuses.

What makes it a win-win for the Cardoso leadership is that it presents a peaceful exit for those who can constitute moles, while also offering vacancies to be filled by allies.

3 Comments
0 0 votes
Article Rating
Subscribe
Notify of
3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
bio ethanol burner steel
10 months ago

152768 509758This is the suitable blog for anybody who needs to seek out out about this topic. You notice so a lot its virtually laborious to argue with you (not that I actually would wantHaHa). You undoubtedly put a brand new spin on a topic thats been written about for years. Excellent stuff, just wonderful! 238637

dmwin
8 months ago

897796 739686You created some decent factors there. I looked on the internet for the dilemma and found most individuals will go along with together with your internet site. 75031

Team building
7 months ago

672316 300645hi!,I like your writing so a great deal! share we communicate far a lot more about your article on AOL? I require a specialist on this area to solve my difficulty. May be thats you! Searching forward to see you. 283069

NEWS

2027: Donald Duke Reveals Why He Wants to Be Nigeria’s President

Published

on

Donald Duke

The presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has explained that his decision to contest the 2027 presidential election is driven by his desire to address Nigeria’s longstanding leadership challenges and transform the country’s economy.

Duke, a former governor of Cross River State, made the declaration while speaking with journalists in Abuja on Tuesday.

He lamented what he described as a persistent leadership deficiency in Nigeria since the return to democratic rule in 1979, arguing that successive administrations had failed to provide the country with the vision required to achieve meaningful development.

According to him, Nigeria could have performed significantly better if the country had been led by individuals with clearly articulated visions for governance.

READ MORE:JUST IN: Former Cross River Gov Donald Duke Defects To ADC

“There has been frustration in the political system since the return to democracy. In reality, we could have done better than what we have if we had the right leadership.

“Since the return to democratic rule, there have been successive governments but there has not been one with leadership vision.

“That is why I have put up myself in order to provide the needed leadership to change the political question and provide the required development and growth.

“We in the political system do not need mudslinging but to tell Nigerians what we can do for the country.”

Duke said many previous leaders assumed office without a clearly defined understanding of what they intended to achieve, maintaining that the absence of an articulated national vision had contributed to repeated failures in governance.

Duke backs opposition unity

The PRP candidate also said the opposition could defeat the incumbent administration in 2027 if political parties and presidential contenders were willing to unite behind the strongest candidate.

He argued that the opposition must put aside personal ambitions and determine who among them has the capacity to lead a united political front.

Duke warned that failure to achieve such unity could make it easier for the President Bola Tinubu-led All Progressives Congress (APC) to retain power in 2027.

He maintained that even the APC’s control of more than 30 states would not guarantee victory if opposition parties successfully united around a common objective.
Duke backs fuel subsidy

On the economy, Duke expressed support for subsidising petroleum products, arguing that Nigeria should not use its natural resources in a way that further burdens citizens.

He criticised the removal of fuel subsidy and the subsequent pricing of petroleum products at rates linked to international market conditions, saying Nigerians should benefit from the resources available in their country.

The former governor also backed the establishment of state police, arguing that the measure had become necessary given the country’s security challenges and the rise in poverty-related crimes.

Student loans need jobs, says Duke
Duke described the government’s student loan scheme as a positive initiative but warned that it would not achieve its intended purpose without sufficient employment opportunities for beneficiaries.

He argued that graduates would struggle to repay their loans if the government failed to introduce policies capable of creating jobs and expanding economic opportunities.

He also criticised the relationship between government spending and revenue generation, calling for stronger coordination between monetary and fiscal policies to stimulate wealth creation and reduce poverty.

Atiku promises direct payment to LGs
Meanwhile, the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has pledged that his administration would ensure that federal allocations meant for local government councils are paid directly to them if he wins the 2027 presidential election.

Atiku, in a statement issued by his spokesperson, Kenneth Okonkwo, said his government would uphold the rule of law and guarantee the constitutional independence of all tiers of government, including local councils.

He referenced the Supreme Court’s July 2024 judgment on local government financial autonomy, accusing the Tinubu administration of failing to fully enforce the ruling.

Atiku alleged that political considerations ahead of the 2027 election were influencing the handling of local government funds.

“My administration will respect court judgments, protect local government autonomy, ensure that public funds reach the people for whom they are meant, and restore true federalism,” he said.

According to him, direct funding of local governments would bring development closer to citizens, reduce poverty at the grassroots and strengthen the capacity of local authorities to tackle crimes and terrorism.

The former Vice President further alleged that state governors were being allowed to retain control over local government funds in exchange for political support for Tinubu’s re-election bid.

“This is not the Nigeria we should accept,” Atiku stated.

Continue Reading

NEWS

IPPG: 150 African Oil, Gas Projects Stalled

Published

on

Iran to return oil output to pre-sanctions level

More than 150 essential oil and gas projects have stalled across Africa amid declining investment in the continent’s energy sector, Chairman of the Independent Petroleum Producers Group (IPPG), Adegbite Falade, has disclosed.

He made the disclosure in Accra, Ghana, on Tuesday, at the Africa Oil Week (AOW) 2026.

Falade cautioned that the investment shortfall was occurring at a critical time when millions of Africans remain without reliable access to energy.

He said the stalled projects posed a threat to jobs, energy security and economic transformation, while depriving African economies of billions of dollars in potential revenue and industrialisation opportunities.

READ ALSO: DPRP Uses Court to Restrain NMDPRA from Meddlesomeness

According to him, Africa attracted only about two per cent of global renewable energy investment last year, even as capital continues to elude its oil and gas industry.

Falade said the situation was particularly troubling given the continent’s vast hydrocarbon resources, with 125 billion barrels of proven oil reserves and 620 trillion cubic feet of proven natural gas reserves.

“Africa is resource rich and energy poor. The continent has 125 billion barrels of proven oil reserves and 620 trillion cubic feet of proven natural gas,” he said.

He also highlighted what he described as an imbalance in the global climate debate, noting that Africa accounts for approximately 18 per cent of the world’s population but less than four per cent of global greenhouse gas emissions.

“This capital retreat comes at a precarious moment for a continent faced with energy poverty despite accounting for less than three per cent of global greenhouse gas emissions,” Falade said.

The IPPG chairman called on African governments to urgently restore investor confidence by providing stable fiscal terms, de-risking projects and accelerating regulatory approvals to bring the stalled developments back on stream.

He also advocated greater participation by indigenous operators, citing Nigeria’s experience as evidence of what deliberate policies and access to capital could achieve.

He noted that three decades ago, indigenous operators in Nigeria had three per cent of participation in the country’s oil and gas industry and the significant growth achieved since then.

Falade urged African countries to pursue an energy transition that takes account of the continent’s development needs, arguing that cleaner energy deployment should not prevent countries from using their abundant natural gas resources to address energy poverty.

“We can pursue cleaner energy while still using our gas to power industries, homes, and businesses across the continent,” he said.

He therefore called for increased investment and faster development of Africa’s oil and gas resources, stressing that the continent must leverage its natural wealth to expand energy access, create jobs and drive economic transformation.

Continue Reading

NEWS

DPRP Uses Court to Restrain NMDPRA from Meddlesomeness

Published

on

The Dangote Petroleum Refinery and Petrochemicals (DPRP) has secured an order of the Federal High Court Lagos, restraining the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from enforcing its directive suspending the loading and truck-out of petroleum products at the refinery.

Justice Akintayo Aluko issued the interim injunction on Monday in a fresh legal battle between the refinery and the petroleum regulator over NMDPRA’s regulatory powers within the free zone where the refinery operates.

The court also restrained NMDPRA, its officers, agents, and representatives from entering, sealing, shutting down, restricting access to, obstructing, suspending, disrupting, inspecting, supervising, sanctioning or otherwise interfering with Dangote Refinery’s operations at the Lekki Free Zone pending the determination of the refinery’s motion on notice.

The order followed an ex-parte application filed by Dangote Petroleum Refinery and Petrochemicals FZE in suit No. FHC/L/CS/1174/2026.

READ ALSO: Group Credits PINL with Safeguarding Environment, Farms

The refinery is challenging NMDPRA’s August 24, 2026 directive suspending the loading and truck-out of petroleum products from its facilities.

Dangote’s application was argued by a legal team led by Senior Advocates of Nigeria (SANs), Olawale Akoni and Abimbola Akeredolu.

Moving the application, Akeredolu urged the court to grant the reliefs sought, relying on a 42-paragraph affidavit deposed to by Wale Aroge, a written address, and documentary exhibits marked A1 to A6.

In his ruling, Aluko held that the materials placed before the court raised serious issues requiring determination, particularly whether NMDPRA possessed regulatory or oversight powers over operations within free zones.

The judge stated that Dangote’s case was that NMDPRA lacked regulatory powers capable of affecting operations within free zones, including the Dangote Industrial Free Zone.

Aluko also referred to a March 2, 2026 letter written by the Attorney-General of the Federation, which, according to the judge, “clearly stated” that NMDPRA was not entitled to exercise regulatory powers or oversight functions over operations within free zones.

The judge said he had also considered NMDPRA’s August 24 letter through which the regulator purported to exercise such powers.

“The important question, therefore, is whether the defendant can or should be allowed to exercise such regulatory authority pending the determination of the substantive issues before the court,” Aluko held.

He said the depositions contained in paragraphs 17 to 32 of Dangote’s affidavit disclosed “serious issues for determination” and demonstrated an urgent need for judicial intervention.

According to the judge, the purpose of the application is to preserve the subject matter of the dispute pending the determination of the motion on notice.

“What the plaintiff has asked this court to do is to preserve the res pending the determination of the motion on notice,” he said.

Aluko further held that the court had an inherent power and duty to preserve the subject matter of litigation and prevent a situation in which it could be destroyed or altered before the substantive application was determined.

The judge said Dangote had satisfied the legal conditions required for the grant of an interim injunction.

He held, “The law is settled on the conditions which an applicant must satisfy to be entitled to an order of interim injunction. Those conditions have been considered and stated in this ruling, and I find that they have been satisfied in the present case.”

The court also took note of Dangote’s undertaking to indemnify NMDPRA in damages should it subsequently be established that the interim order ought not to have been granted.

“Accordingly, I find merit in the application, and the same is hereby granted in terms of the reliefs sought,” Aluko ruled.

The judge directed Dangote to file a formal undertaking as to damages and ordered that the interim order and notice of the court be served on NMDPRA.

The order effectively bars NMDPRA from implementing the August 24 directive or taking the specified enforcement measures against the refinery, pending the hearing of the motion on notice.

Aluko adjourned the suit till September 9, 2026 for hearing of the motion on notice.

The latest case is separate from another suit filed by Dangote Refinery challenging the issuance and renewal of fuel import licences to NNPC Limited and several petroleum marketers.

The earlier suit, marked FHC/L/CS/857/2026, came up before Justice Chukwujekwu Aneke on Monday but was adjourned until October 7 following the judge’s absence due to indisposition.

Dangote is challenging the issuance and renewal of the licences, contending that they were issued in breach of an earlier order made by the court on April 29 directing the parties to maintain the status quo as it existed on April 2, 2026.

The refinery is seeking, among other reliefs, an order setting aside the licences and restraining the Attorney-General of the Federation and relevant regulatory agencies from issuing or renewing import licences for Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Jet A1 pending the determination of the suit.

Dangote contended that continued issuance of the licences undermined domestic refining and violated Section 317(9) of the Petroleum Industry Act, which it interpreted as permitting petroleum imports only where there was a proven shortfall in domestic supply.

The refinery, which has an installed capacity of approximately 650,000 barrels per day, maintains that it has sufficient capacity to meet Nigeria’s domestic refined petroleum product requirements.

It has relied on regulatory data which, according to the company, show that domestic production of petrol and diesel exceeds national consumption.

Dangote had argued that the refinery was established to meet Nigeria’s refined petroleum requirements, generate export surpluses, and support the development of a major market for Nigerian crude oil.

The NNPC Limited, however, urged the court to dismiss the suit, arguing that the Petroleum Industry Act and Federal Government Backward Integration Policy do not impose a blanket prohibition on fuel imports.

The state-owned oil company maintained that petroleum imports remained permissible where necessary to guarantee national supply security.

The  NNPC Ltd also contended that the NMDPRA acted within its statutory powers in issuing the disputed licences, arguing that the law permits the licensing of companies with local refining capacity or an established track record in petroleum trading.

It further maintained that the PIA did not prohibit fuel imports except where there was a verified domestic supply surplus, arguing that imports remain a legitimate mechanism for maintaining product availability and stabilising prices.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

3
0
Would love your thoughts, please comment.x
()
x