Business
New NNPCL Boss Urged To Absorb Hyson Staff Over Labour Law Fears

The Global Information Team (GIT) has urged the newly appointed management of the Nigerian National Petroleum Company Limited (NNPCL), led by Ojulari, to honour a prior commitment to absorb 12 staff members from the now-defunct Hyson Nigeria Limited, warning that failure to do so violates international labour standards.
The appeal, spearheaded by GIT’s head of investigation, Anabel Crown, follows the dissolution of all trading joint ventures by the NNPCL board in late 2023, which saw Hyson Nigeria Limited officially wound up on 31 December of that year.
The move was part of a broader consolidation effort to bring all trading operations under a wholly owned NNPCL entity.
At the time, assurances were made that the 12 Hyson employees would face no job losses and would be seamlessly transferred to NNPC Retail Limited—a promise that has yet to materialise.
Under the tenure of former Group Chief Executive Officer (GCEO) Mele Kyari, who was recently removed by President Asiwaju Ahmed Bola Tinubu, the transition stalled, leaving the workers in limbo.
The GIT now calls on Ojulari’s administration to revisit the matter urgently, either by absorbing the staff into NNPCL or offering them substantial severance packages akin to those provided by the Central Bank of Nigeria to its relieved employees.
“This prolonged uncertainty is not just a breach of trust—it’s a violation of international labour law,” Crown told Elanza News.
“Keeping workers promised employment in suspense amounts to deceit and deception, with devastating consequences for their livelihoods and families.”
The situation has been compounded by alleged mismanagement during the transition.
Sources within GIT allege that the former managing director of Hyson Nigeria Limited deliberately withheld a crucial letter that would have facilitated the staff’s absorption into NNPC Retail Limited.
“This was an act of selfishness, with no regard for the wellbeing of these workers or their families,” Crown said, pointing to the rigorous interviews the staff underwent, with results submitted to the NNPC Retail board—then chaired by Kyari—for approval that never came.
The affected workers, described as “fathers and children” by GIT, have faced severe hardship, deprivation, and even starvation as the matter remains unresolved.
“These are people who went through a thorough recruitment process and were deemed successful, yet they’ve been left to suffer,” Crown added.
In a direct appeal, GIT has called on President Tinubu, who serves as the substantive Petroleum Minister overseeing NNPCL, to intervene. “As the father of the nation and a true democrat, we urge Mr President to wade into this matter.
These workers deserve sympathy and swift action—absorbing them without delay is not just a matter of humanity, but a defence of their rights and privileges,” the GIT statement read.
The controversy comes amid broader scrutiny of NNPCL’s operations following Kyari’s exit and Ojulari’s appointment, with stakeholders watching closely to see if the new leadership will prioritise transparency and accountability.
For now, the fate of the 12 Hyson workers hangs in the balance, their plight a stark reminder of the human cost of bureaucratic delays.
Business
NGX reverses Gains as Investors Lose N445bn

The Nigerian Exchange reversed previous gains on Wednesday, April 16, as investors lost N445bn following a widespread decline in banking stocks, especially Guaranty Trust Holding Company and Zenith Bank.
At the close of trading, the All-Share Index dropped by 708.14 points, representing a 0.68 per cent decline, to settle at 103,851.88 points. This downward movement also dragged the overall market capitalisation from N65.7 tn to N65.3 tn, reflecting a N445 bn loss in value.
The decline in the market was primarily driven by sharp sell-offs in top-tier banks. Guaranty Trust Holding Company recorded the worst performance on the losers’ chart with an 11.94 per cent drop to close at N59.00 per share. Zenith Bank followed closely with an 11.65 per cent dip to close at N44.00 per share. Other laggards included Industrial and Medical Gases, which fell by 10 per cent, Guinea Insurance, which dropped by 9.52 per cent, and UPDC Real Estate Investment Trust, which declined by 8.2 per cent.
Despite the bearish outing, 124 listed equities participated in the day’s trading, out of which 24 recorded gains while 21 posted losses. Abbey Mortgage Bank led the gainers’ chart with a 9.99 per cent increase to close at N8.15 per share. It was trailed by Sovereign Trust Insurance with a gain of 7.69 per cent, the Nigerian Exchange Group rose by 7.3 per cent, and Deap Capital Management and Trust appreciated by 6.67 per cent.
Market activity also showed mixed sentiments. A total of 351.66m shares valued at N13.71bn were exchanged in 12,141 deals. Compared to the previous trading day, this represented a five per cent decline in trading volume, a 26 per cent increase in turnover, and an eight per cent drop in the number of deals.
Access Holdings led in terms of volume with 68.2m shares traded, followed by GTCO with 36.8m shares, FCMB Group with 28.8m shares, and United Bank for Africa with 26.4m shares.
On the performance of key indices, the NGX Top 30 Index fell by 0.72 per cent. The NGX Oil and Gas Index slipped by 0.05 per cent, while the NGX Industrial Index was marginally flat. However, some indices posted gains: the NGX Insurance Index advanced by 0.8 per cent, the NGX Consumer Goods Index rose by 0.34 per cent, and the NGX Pension Index edged up by 0.09 per cent.
In terms of broader market performance, the NGX has recorded a one-week loss of 0.32 per cent and a four-week loss of 1.84 per cent, although it retains a modest year-to-date gain of 0.9 per cent.
On Tuesday, the Nigerian equities market rebounded, with investors recording a gain of N19bn, pushing the market capitalisation of the Nigerian Exchange to N65.7tn at the close of trading.
Business
SEC DG: CBEX not registered with us — Emomotimi

Emomotimi Agama, the director-general (DG) of the Security and Exchange Commission (SEC), says the CBEX digital trading platform is not registered with the agency.
Agama spoke on Arise Xchange on Wednesday, responding to questions on the loss of investors’ funds after the recent collapse of the CBEX trading platform.
The CBEX had reportedly promised investors a 100 percent returns, before it suddenly crashed — leading to the looting of its Ibadan office on Monday.
The director-general said the commission has repeatedly warned that any investment scheme that is not registered is illegal.
He said investors must always check if schemes are registered with the SEC, noting that the ISA 2025 defines ponzi schemes and prescribes sanctions for those involved.
“For us at the SEC, our primary responsibility is investor protection, and investor protection stems out of registration and regulation,” he said.
“When a scheme is not registered with the SEC, it becomes illegal; and is important that whoever is interested in investing in such scheme must ask the question, Are you registered with the SEC?
“If that is not the case, then it is automatically stated and known that such is an illegal activity and will not be condoned even by the SEC.”
‘SEC HAS NOT RECEIVED OFFICIAL COMPLAINTS REGARDING CBEX’
Agama said the commission was unaware of CBEX’s illegal operation, stressing that no official complaints were made regarding the scheme.
“Often times with schemes like this, most people will always try to keep it away from the regulator and even keep it away from their friends, except a few group of persons whom they are interested in,” he said.
“So for us, at the SEC as we speak today, at this hour, we have not received any complaints from anyone regarding CBEX.
“If we had received any formal complaint regarding CBEX, the team at the SEC will have actually swung into action trying to get who is involved.
“However, we sympathise very much with the people, the victims, because they are Nigerians, and of course, at SEC, we will commence investigation as to where these people are, and make sure we hunt them down, because the law actually has given us the power to take them down, find them, sanction them by fining, and also sending them to the prisons for 10 years, that is the provision of the law.”
‘WE’ll CONTINUE TO EDUCATE NIGERIANS’
The director-general said the SEC has persistently cautioned Nigerians against investing in schemes that seem too good to be true.
He noted that the commission uses paid advertisements, videos uploaded on the SEC website, interviews, and newspaper articles to enlighten the public.
“Ponzi scheme didn’t start today, it is a global malaise. It started in the 20th century by a man called Charles Ponzi, who clearly, at that point in time, promised that he was going to give every investor 50 percent in returns, and from then on, it became a practice by so many people to defraud people from their hard-earned resources,” Agama said.
“It is very clear that the choices made by people must be dictated and regulated by the law of the land.
“The SEC will continuously educate people. We have in the process of doing that, agreed to various forms of interview.
“We’ve also launched a podcast at the SEC providing more information towards our long term goal of launching a capital market radio, we will continue, because we know that it is not enough.
“We will continue to educate Nigerians onto the last milestone to make people understand and know the value of proper investment.”
The director-general urged Nigerians who want to invest to make sure they verify the registration status of investment schemes from the SEC.
Agama reiterated that the commission has taken several actions against Ponzi schemes in the country, resulting in the imprisonment of culprits.
He added that the SEC is collaborating with the Economic and Financial Crimes Commission (EFCC) to rid the country of “unscrupulous individuals who have malicious intentions towards citizens”.
Business
Nigerians Decry NIRSAL Bank’s COVID-19 Grant Deductions

Nigerians are voicing outrage over unexpected deductions from their bank accounts by NIRSAL Microfinance Bank, which they claim were linked to COVID-19 grants disbursed during the administration of former President Muhammadu Buhari.
Beneficiaries, particularly in Kwara State, allege they were misled into providing their Bank Verification Numbers (BVN) and account details under the impression they were receiving grants, not loans.
The controversy has sparked accusations of mismanagement and calls for intervention from President Bola Ahmed Tinubu, as well as oversight bodies like the National Human Rights Commission and the Consumer Protection Council.
According to the Global Information Team, a monitoring group, many beneficiaries were unaware that the funds were loans requiring repayment.
Anabel Crown, the group’s head of investigation, described NIRSAL’s deduction practices as “unacceptable,” arguing that the bank should hold accountable politicians who facilitated the disbursements rather than penalizing recipients.
In Kwara State, some beneficiaries claim aides of former Senate President Bukola Saraki collected their BVN and account details, presenting the funds as grants to support indigenes during the pandemic.
At NIRSAL’s Area 10 Post Office branch in Abuja, frustrated beneficiaries gathered to protest, but their complaints have reportedly gone unaddressed.
“I was told it was a grant to help us survive COVID-19,” said Aisha Muhammed, a trader from Kwara. “Now they’re taking money from my account without warning. How is this fair?”
The Central Bank of Nigeria (CBN), which oversees NIRSAL, is said to have authorized the recovery of the funds without considering how they were disbursed.
He argue this approach disregards the circumstances under which beneficiaries received the money, many of whom were not informed of repayment obligations.
The deductions have fueled speculation of political motives, with some suggesting the controversy could tarnish President Tinubu’s image ahead of the 2027 elections.
“This is a ploy to undermine the president’s reputation,” claimed Adebayo Olanrewaju, a civil society activist.
“The government must step in to protect citizens.”
The National Human Rights Commission and the Consumer Protection Council have been called upon to investigate NIRSAL’s practices, particularly the lack of prior notice before deductions.
“Withdrawing money without consent violates people’s rights,” said Funmi Adeyemi, a legal advocate.
“This must be addressed urgently.”