FINANCE - 23 JUN 2020

Daily Briefing: Oil and Gas Unions threaten three-day strike

Daily Briefing: Oil and Gas Unions threaten three-day strike
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Oil and Gas Unions threaten three-day strike

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have threatened to start a three-day strike on Wednesday. This is in protest of the government's plans to enrol petroleum workers onto the Integrated Payroll and Personnel Information System (IPPIS), a platform for payroll management. IPPIS was created by President Obasanjo's administration in 2007 to eliminate ghost employment in the government.

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Pencom records decline in pension fund performance 

The National Pension Commission has recorded an 85% decline in the number of new retirement savings accounts. There were 6,901 new accounts between March and April this year, compared to 45,099 during the same period in 2019. This decline is due to reduced employment and slow economic activity in the first half of 2020. The returns on investments made through pension fund managers have also been affected by the drop in oil prices.



Plentywaka launches logistics arm for businesses in Lagos

Ride-hailing platform, Plentywaka, launched a logistics arm, Logistics By Plentywaka (LBP), for business-to-consumer same-day delivery in Lagos. The service offers vehicles to businesses and individuals for moving packages within the state. Amid the pandemic, Plentywaka has offered solutions to businesses faced with movement restrictions. Last month, it also introduced a pickup and drop off transportation service to companies to reduce employees’ exposure to crowded bus stops.


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