Business
London hit by travel chaos as Tube staff goes on strike
LONDON – Millions of Londoners were caught up in commuting chaos on Wednesday, as Underground workers began the first in a series of strikes that Prime Minister David Cameron branded as “shameful.”
As tempers frayed on packed buses and the capital’s streets swarmed with commuters walking, running and cycling to work through gale-force winds, Mayor Boris Johnson and powerful union leader Bob Crow traded recriminations over the latest walkout.
London’s Underground rail drivers plan to stay out for two days this week and another two next week, in a row over job cuts and modernisation. The action has brought new calls to curtail the rights of unions to strike in key infrastructure areas.
Some three million people use the Tube system most days. Only a lucky few could cram themselves on the handful of trains that were running on Wednesday.
Cameron said on his official Twitter feed that the strike was “shameful, bringing misery to millions of Londoners.”
Speaking later in parliament, he added: “I unreservedly condemn this strike. There is absolutely no justification for a strike. We need a modernised tube line working for the millions of Londoners who use it every day.”
Police were out in force at major rail stations to keep order in the long lines that began building up at bus stops shortly after dawn. Even so, there were reports of jostling as tempers frayed.
Thousands of workers took to the roads on bikes. Boat services along the River Thames were running extra trips. The more athletic used the strike as a chance to run to work from the suburbs.
Fund manager Richard Marwood was among them. “To be honest, running to work is something I like to do most weeks anyway, but travelling under your own steam is particularly handy in circumstances like this,” he told Reuters.
Lauren Sweeney, 26, a legal PA, said getting to her office would take her an extra 30 minutes, on top of her usual one-hour journey. She lives in Hornchurch, in east London, and works near Liverpool Street in the City of London.
“It’s a hassle,” she said. “Everyone has been talking about how they are going to get in to work for days.”
JOB LOSSES
The National Union of Rail, Maritime and Transport workers (RMT) and the Transport Salaried Staffs’ Association (TSSA) unions called the strike to protest against job losses and plans to close manned ticket offices as part of the modernisation of the 151-year-old network. A second 48-hour strike is planned for February 11 to February 14.
RMT leader Crow said the strike was “rock solid” and had reduced the network to a skeleton service. The TSSA said service had been reduced by 70 percent.
“That is simply a reflection of the staff anger at attempts to bulldoze through cuts to jobs, services and safety which would reduce the tube to a dangerous, hollowed-out shell,” Crow said in a statement.
He added that the unions remained available for talks with Mayor Johnson to resolve the dispute.
Johnson – who has accused the unions of “holding a gun to the heads of Londoners” – said he respected the rights of the trade unions to represent their workers, but the modernisation plans had to go ahead.
The London Chamber of Commerce said repeated strike action could hurt London’s image as a modern, efficient city and affect long-term investment prospects.
Based on figures from previous strikes in 2010, the business lobby said the two 48-hour strikes could cost the financial capital over 200 million pounds ($326 million).
Turnout at the vote for the strike was only 30 percent, according to Transport for London (TfL), the body that runs the network. Johnson has said he favours new rules permitting strikes only if at least 50 percent of a union’s members take part in the voting.
Cameron’s spokesman said the Conservatives, the larger party in Britain’s coalition government, were considering putting unspecified but related measures in their manifesto for the next election in 2015.
“They are actively looking at this area with a view to the next Conservative manifesto,” the spokesman added.
– REUTERS
Improved operating performances have seen Eterna Plc report higher revenue and profitability for the second quarter and half-year ended June 30, 2026.
The company’s unaudited consolidated financial results showed that revenue rose by 38 per cent to N217.31bn from N157.65bn in the corresponding period of 2025.
The results show that gross profit more than doubled to N15.99bn, while operating profit increased to N8.78bn from N2.34bn. Profit before tax rose by 389 per cent to N7.67bn from N1.57bn recorded in the corresponding period of 2025.
Profit after tax (PAT) increased to N5.88bn from N573.81m, while earnings per share (EPS) improved to N2.69 from N0.44.
The company also reported an improved financial position, with total assets standing at N82.75bn as of June 30, 2026.
Cash and bank balances increased to N20.36bn from N4.79bn as of December 31, 2025, while total liabilities declined to N51.22bn from N84.43bn. Total equity rose to N31.53bn from N7.77bn, reflecting stronger liquidity and capitalisation.
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On the results, the Managing Director/Chief Executive Officer, Dr. Jude Nwaulune, said, “These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities.
“The successful Rights Issue has further strengthened our balance sheet, resulting in a healthy leverage position, stronger equity and improved net assets. We remain focused on expanding our retail, aviation, lubricants and gas businesses, improving operational efficiency and customer experience, and delivering sustainable value to shareholders and other stakeholders.”
The company said its full unaudited consolidated financial statements for the half-year ended June 30, 2026, are available on its website.
AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at ₦7.50 per share, with a market capitalisation of ₦37.5 billion.
The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value creation, while enhancing its visibility within Nigeria’s capital market.
Speaking at the listing ceremony, the Chief Executive Officer of AVA Capital Plc, Kayode Fadahunsi, described the admission as a defining moment in the Company’s evolution. “Our admission to the Main Board of Nigerian Exchange is more than a listing; it is a public affirmation of the business we have built and the future we are committed to creating. We have established a resilient institution with a clear growth strategy, strong governance culture and an unwavering focus on creating sustainable value for our shareholders. Becoming a listed company deepens our accountability, broadens our visibility and positions us to seize new opportunities as we continue our growth journey.”
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Commenting on the listing, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the admission reflects the continued confidence of businesses in Nigeria’s capital market as a platform for sustainable growth. “Today’s listing reflects the confidence that forward-looking companies continue to place in the Nigerian capital market. By joining the Main Board of Nigerian Exchange, AVA Capital Plc is embracing the transparency, governance standards and market discipline that define public companies, while positioning itself to access a broader investor base and unlock long-term value. We are delighted to welcome AVA Capital Plc to the NGX family and look forward to supporting its continued growth.”
The admission of AVA Capital Plc expands the range of investment opportunities available to investors while reinforcing NGX’s commitment to connecting businesses with long-term capital and supporting their growth through enhanced visibility, strong governance and deeper investor engagement.
June 2026 results of the Nigerian National Petroleum Company Limited (NNPC Ltd) shows a Profit After Tax (PAT) of N535 billion, despite recording a marginal decline in crude oil and condensate production during the month.
The figure represents a 15.8 percent increase over the preceding month, according to the latest Monthly Financial and Operations Report of the state oil major, which indicates that the PAT rose by N73bn from the N462bn recorded in May, while revenue increased to N4.389tn.
According to the report, the company remitted cumulative statutory payments of N6.286tn to the Federation in H1, 2026.
It read, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
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Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 percent decrease. However, output was 1.18 percent higher than the 1.70 million barrels per day recorded in June 2025.
According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.
It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”
Despite the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 percent month-on-month increase. The June sales volume was also 6.77 percent higher than the 26.44 million barrels sold in June 2025.
Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.
The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 percent completion, with final tie-in works ongoing.
It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”
Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 percent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”
The NNPC Ltd declared that it would continue implementing measures to sustain production growth despite operational challenges.
It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”
The report also showed that upstream pipeline availability remained at 100 percent during the month, while petrol availability across the NNPC Retail Limited stations stood at 53 percent. It added that all production, sales and financial figures remained provisional and were subject to reconciliation with relevant stakeholders.
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