Protesting Workers back to Work at NUPRC as Unions call off Strike

Work has fully resumed at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) following the suspension of the one-day strike embarked upon by the union members.

Eniola Akinkuotu, Head, Media and Corporate Communications, NUPRC in a statement on Tuesday said that the industrial action was called off on Monday night after a successful negotiation between NUPRC management and the two in-house unions.

“It was called off after a successful negotiation between the top management of the NUPRC, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG),” he said.

Akinkuotu said that the strike, which lasted for 12 hours, affected only administrative work while regulatory activities in the oil and gas facilities were unaffected.

“The Commission, therefore, call on members of the public to disregard false reports on crude oil production disruptions as well as misleading publications stating that the disagreement centered on foreign training.

“Lastly, the NUPRC promised to improve the operating environment of its workforce and prioritise staff development in line with the Petroleum Industry Act,” he said.

Members of PENGASSAN had on Monday blocked access to the NUPRC’s headquarters in protest of alleged irregularities in foreign training placements, forcing suspension of administrative services.

A competent source within the commission said the disagreement was caused by the management’s decision to prioritise local training programmes over foreign capacity-building initiatives.

He said that the workers opposed it and insisted that overseas training programmes should continue.

The source said that the commission had argued that conducting specialised training within Nigeria would help reduce costs while strengthening domestic institutional capacity.

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Protesting Workers: No cause for alarm, Oil, Gas Production in steady progress, says NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria’s oil and gas production remains unaffected following the closure of its offices nationwide by protesting workers.

The strike has paralysed administrative activities at the commission offices.

Eniola Akinkuotu, Head, Corporate Communications and Media, NUPRC,  said this while reacting to the ongoing industrial action.

Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had blocked access to the NUPRC’s headquarters in protest over alleged irregularities in foreign training placements, forcing suspension of administrative services.

“It is true that some administrative activities were affected today due to industrial action taken by the unions. However, this has not in any way impacted activities in oil and gas facilities or production in general.

“The top management of the commission is meeting with the unions in order to put an end to the strike and ultimately restore normalcy,” he said.

Akinkuotu said regulatory oversight and field monitoring remained in place.

Protesting workers shut down operations of the commission nationwide after negotiations with management reportedly broke down over issues relating to overseas training opportunities.

Competent sources said the disagreement was caused by the management’s decision to prioritise local training programmes over foreign capacity-building initiatives.

A member of staff, who claimed anonymity, said the management of the commission argued that conducting specialised training in Nigeria would reduce costs and strengthen domestic institutional capacity.

NUPRC management insisted that training programmes, including those linked to Factory Acceptance Tests for Positive Displacement (PD) Meters should be conducted locally rather than overseas.

The workers, however, rejected the position and embarked on strike, thus raising concerns over the impact of prolonged labour unrest on regulatory activities.

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Nigeria’s Assets Under Management rises from N3.2trn to N10trn, says SEC

Nigeria’s Assets Under Management (AUM) increased from N3.2 trillion to N10 trillion within the last two years, the Securities and Exchange Commission (SEC) has said.

The Director-General of SEC, Emomotimi Agama, disclosed this on Monday in Lagos during an event marking Nigeria’s transition to the T+1 settlement cycle.

Agama said the growth reflected rising investor confidence and the positive impact of ongoing reforms in the Nigerian capital market.

He noted that the market had achieved several historic milestones in recent months, including record growth in market capitalisation.

“The Nigerian capital market has recorded historic milestones. Within two years, the nation’s AUM grew from N3.2 trillion to N10 trillion.

“In February 2026 alone, market capitalisation expanded by N17.6 trillion, representing the highest single-month gain in the market’s history,” he said.

Agama said domestic and foreign portfolio investments on the Nigerian Exchange Ltd. (NGX) rose to N1.803 trillion in April 2026.

“This represents a 3.35 per cent month-on-month increase and a remarkable 274.05 per cent year-on-year rise from N482 billion in April 2025.

“For the first four months of 2026, total market transactions reached N5.952 trillion, more than double the N2.714 trillion recorded in 2025,” he said.

The SEC chief described the figures as unprecedented and evidence of the growing strength of Nigeria’s capital market.

He added that the market’s contribution to Nigeria’s Gross Domestic Product (GDP) had increased significantly.

According to him, the market’s contribution to GDP rose to 33 per cent in 2025.

He said market capitalisation also recorded a 125 per cent increase from about N55 trillion in April 2024.

Agama noted that in spite of the strong performance, there remained considerable room for improvement.

He disclosed that foreign participation in Nigerian equities increased from 9.9 per cent in 2023 to 22.2 per cent in 2025.

He described the increase as a meaningful recovery for the market.

“However, there is still significant room to close the gap, and T+1 is one of the most important tools available to achieve that,” he said.

Agama expressed confidence that the T+1 settlement cycle would improve efficiency, boost liquidity and strengthen Nigeria’s competitiveness among global investment destinations.

He said the transition represented a milestone for the market but also imposed new responsibilities on operators.

According to him, the shorter settlement cycle would place greater pressure on smaller market participants to automate operations and strengthen back-office processes.

He said stockbrokers, custodians and registrars relying on legacy systems and manual workflows could no longer afford delays tolerated under the T+2 regime.

Agama stressed that trade confirmations, reconciliations and funding decisions must now be completed more quickly.

He added that the entire industry must adapt to the demands of a faster and more efficient settlement environment.

The SEC boss also announced that the commission would launch the Nigerian Capital Market Master Plan 2.0 between June and July.

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