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Oil Hits $80, Highest Since November 2014

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Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.

Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $72.06 a barrel, also their highest since November 2014.

President Donald Trump’s decision this month to withdraw the United States from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC’s third-largest producer has given strong tailwind to oil prices.

France’s Total on Wednesday warned it might abandon a multi-billion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal.

A rapid decline in Venezuela’s crude production has further roiled markets in recent months.

“The geopolitical noise and escalation fears are here to stay,” said Norbert Rücker, head of macro and commodity research at Swiss bank Julius Baer.

“Supply concerns are top of mind after the United States left the Iran nuclear deal.”

Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.

But high oil prices could hit consumption, the International Energy Agency warned on Wednesday, lowering its global oil demand growth forecast for 2018 to 1.4 million from 1.5 million barrels per day (bpd).

Asia’s demand is at record highs and with rising prices its crude could cost $1 trillion this year, about twice what it paid during the market lull of 2015/2016.

The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd “this summer’’. (Reuters/NAN)

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Economy

Dangote Refinery Sacks All Nigerian Workers, Cites ‘Total Reorganization’ As Reason

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The management of Dangote Refinery has terminated the employment of all its Nigerian workers.

The statement to this effect was shared on X, Wednesday, by a political commentator, Imran Wakili.

“Dangote Refinery has officially laid off all of its Nigerian workers under the guise of “reorganization”, less than 24 hours after 90% of them joined PENGASSAN,” he wrote.

Wakili said the development comes less than 24 hours after 90 percent of them joined the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN.

According to a memo dated September 25, 2025, and signed by the Chief General Manager of Human Asset Management, Femi Adekunle, Wakili posted on X, the company said the decision was taken as part of a “total re-organisation” of the plant following reported cases of sabotage in different units of the refinery.

The notice directed affected staff to surrender all company property in their possession to their line managers and obtain exit clearance.

The finance department was also instructed to compute benefits and entitlements for payment in line with terms of employment.

The refinery’s management thanked the dismissed workers for their services while in its employment.

Dangote refinery and PENGASSN have been embroiled in a trade dispute over unionization issue.

DailyPost

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Economy

Tinubu’s Borrowing Strategic, Not Reckless – Presidency

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The Presidency has defended Nigeria’s rising debt levels, emphasising that borrowing is a necessary and strategic tool for economic development rather than a sign of financial imprudence.

Special Adviser to President Tinubu on Media and Public Communication, Sunday Dare, responded on his official X account @SundayDareSD to criticisms from former senator Dino Melaye, who labelled the government’s borrowing as excessive and reckless.

Dare dismissed Melaye’s claims as uninformed “noise”, clarifying that the increase in Nigeria’s reported public debt of N149.39 trillion as of March 31, 2025, is mainly due to the depreciation of the naira, not new borrowing.

“When the currency depreciates, the naira value of existing external debt rises even without fresh loans,” he explained.

He highlighted that Nigeria’s debt-to-GDP ratio currently ranges between 40 and 45 per cent, which is moderate compared to South Africa’s 70 per cent and Ghana’s over 90 per cent.

Dare argued that the greater issue lies in improving government revenue generation rather than blaming borrowing levels.

“Debt is a legitimate instrument for financing growth and reforms. The key consideration is sustainability, not empty rhetoric. Unfortunately, Dino prefers theatrics over facts,” the presidential aide said.

Dare also noted progress in government revenue collection, which enhances Nigeria’s ability to meet its debt obligations.

According to him, the Tinubu administration is committed to the Renewed Hope Agenda reforms aimed at broadening the revenue base, sustaining investments, and maintaining debt sustainability.

“Until Dino understands the fundamentals of economics, his commentary will remain entertainment, not enlightenment,” he concluded.

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Economy

NUPENG Strikes Deal with Dangote Refinery, Suspends Industrial Action

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The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has suspended its strike following an agreement with the management of Dangote Refinery to recognise workers’ rights to unionise.

The deal was reached at a closed-door meeting convened by the Department of State Services (DSS) and attended by the Minister of Finance, Wale Edun and representatives of the Nigeria Labour Congress.

Acting NLC General Secretary, Benson Upah, confirmed the outcome, while the Ministry of Labour said it would issue a formal statement soon.

The resolution followed a conciliation meeting convened by the Federal Ministry of Labour and Employment on Monday, September 8, 2025, after NUPENG threatened to embark on strike over the company’s initial refusal to recognise workers’ union rights.

According to the Memorandum of Understanding (MOU) signed at the meeting, both parties agreed that unionisation is a right under extant labour laws, and employees of Dangote Refinery and Petrochemicals who wish to unionise would be allowed to do so.

The MoU further stated that the process of unionisation would begin immediately and be completed within two weeks (September 9 to September 22, 2025).

It also resolved that no employee of the refinery or petrochemical company would be victimised as a result of the strike notice.

In line with the agreement, NUPENG suspended its strike with immediate effect, while parties are expected to report back to the Minister of Labour a week after the conclusion of the exercise.

The memorandum was signed on behalf of the management by Managing Director Dangote Group, Sayyu Dantata, O.K. Ukoha for Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ojimba Jibrin, Dangote Group. It was also signed by representatives of labour unions: Benson Upah for Nigeria Labour Congress (NLC), N.A. Toro for Trade Union Congress (TUC), NUPENG President Akporeha Williams, and General Secretary of NUPENG, Afolabi Olawale.

The Federal Ministry of Labour and Employment was represented by: Amos O. Falonipe, Director, Trade Union Services & Industrial Relations, signing on behalf of the minister.

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