According to this report coming from a Nigerian based media house,news reaching us has it that, the Nigerian National Petroleum Corporation (NNPC) were shut down yesterday, as workers vented their anger over an N85 billion deep hole in its pension purse that has led to the withdrawal of the licence of the corporation’s closed pension by regulators.
In the news,The National Pension Commission (PENCOM), the custodian of the nation’s pension fund, through a memo signed by its director general, Chinelo Anohu-Amazu, was said to have revoked the pension licence of the NNPC Pension Scheme because it failed to bridge the N85billion gap which exists in the scheme
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But the management of the NNPC says it’s doing everything possible to avert the looming industrial action by members of the corporation’s arm of the National Union of Petroleum and Natural Gas,(PENGASSAN) and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG).
The NNPC also urged Nigerians not to engage in panic buying of petroleum products.
With the shutting down of NNPC operations, the country faces the prospect of a of major crisis in the oil and gas industry, which may lead to shutting down of all oil production and also create fuel scarcity.
PENCOM was said to have observed some funding gaps in the region of about N280 billion in the NNPC pension scheme and had warned that it would withdraw it pension scheme licence if the gap was not closed.
The gap was said to have been reduced to about N85 billion, but this did stop PENCOM from withdrawing the licence.
PENCOM made good its threat on Monday and this prompted the reactions of the two unions, PENGASSAN and NUPENG, which shut down operations of the corporation across the country.
“After the expiration of the first 12 months, our DG decided to write the letter herslf to revoke the licence, but after listening to explainations from the management of NNPC, PENCOM decided to grant another 12 months, but I don’t know when the extention will expire,” said a source at PENCON.
The workers, it was alleged, feared that some powerful politicians may have been behind the pressure put on PENCOM to withdraw the licence, so that they could have access to the fund, especially now that elections are just around the corner.
Some industry watchers say that if the situation is not properly handled, it might result in members of both PENGASSAN AND NUPENG working with international oil companies, joining the strike in sympathy with their colleagues in the NNPC.
The implication of this is that oil production platforms and loading terminals may be shut down. This would affect the nation’s projected revenues, as crude exports could come to a halt.
BusinessDay investigations revealed that work at most NNPC locations, including the four refineries, the Pipeline Products Marketing Company (PPMC) depots, Nigerian Gas Company, Integrated Data Services, and all other subsidiaries of the corporation, scattered across the country, could come to a stand still. The NNPC headquarters in Abuja was shut down as at 1.00 pm on Monday, so were the agencies other offices in other locations yesterday.
The workers are demanding for adequate and regular funding of the closed pension system, immediate steps to carry out turn around maintenance (TAM) on the four refineries, as agreed between government and the two unions, NUPENG and PENGASSAN, and restoration of crude supply to the refineries.
According to the Babatunde Oke, PENGASSAN’s media and information officer, there was a total compliance of the strike in all the NNPC locations across the country.
....we pray it doesn't go beyond this ooo.....
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