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Relief is on the way for the estimated over 7 million passengers plying Lagos roads on a daily basis, as Heritage Investment Services Limited (HIS), has signed a memorandum of understanding (MoU) with Tuchi Technologies Nigeria Limited to provide affordable mass transit for commuters in Lagos metropolis, which Heritage Bank Plc is the banker to the project.

Besides HIS and Tuchi, other parties to the MoU are Solola & Akpana, legal advisers; Kedari Capital, financial advisers and Hedgestone Capital Partners Limited, one of the prospective investors in the project.

The affordable mass transit allows passengers to make an e-hailing in order to book for the Lagos State coloured buses in the Lagos metropolis within the state.

In a statement made available by the Divisional Head, Corporate Communications of the bank, Fela Ibidapo, said Heritage bank was focused on achieving its primary role of financial intermediation through intervention in the transportation sector, which will create jobs and bring about economic growth for the State.

According to him, this is a milestone achievement for the bank in supporting the commuting experience; challenges inherent in the sector and social well-being of more than 7million of Lagos residents who rely on public transport daily

Speaking at the signing ceremony in Lagos on Tuesday, Mr. Olusegun Akanji, a director of HIS said the company is an investment vehicle that has committed itself to impact investing to support small and medium scale enterprises (SMEs) in a bid to create new set of businesses that are technologically-oriented.

He said technology is the future of the world in terms of employment generation, wealth creation and economic development.

The director noted that, “If you want to see those indications achieved in the world we are going into now, you need to focus on technology, particularly technology that is mobile driven and this is one of the reasons why are partnering and investing in this new initiative under the brand name, Tuchi Technologies.”

Akanji said HIS would make some significant investment in the company to get it off the ground.

Also speaking, Mr. Patrick Atuche, Managing Director of Purpledot Media, promoters of Tuchi Technologies said they came up with the initiative to solve transportation system problems in Lagos State.

He said the new initiative is a transportation system that would enable commuters to move from one place to another conveniently and comfortably, adding that it will operate like the Uber transportation system, except that it will use buses as its means of transportation.

Atuche said commuters would be able to book a bus from one destination to another by logging into the company’s app on their phones to know where the next available bus is and when it would get to their bus stop.

The managing director who described the operations as convenient and reliable added that initially the buses would operate from Ajah to Oshodi and from Oshodi to Ajah before it would spread to other parts of the metropolis.

BIG STORY

NUPRC Revokes Licence Of Oritsemeyin Rig

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked the operating licence of Oritsemeyin Rig and directed it to cease all operations upon the completion of its current well operations.

The notice is contained in a letter dated September 11, 2025, addressed to Selective Marine Services Limited (SMSL) and signed by the Commission Chief Executive, Engineer Gbenga Komolafe.

The NUPRC said in a statement on Friday 12 September, 2025 that the decision followed a thorough review of the circumstances surrounding the drilling of UDIBE-2 wellbore during which a kick was recorded, resulting in several Non-Productive Time (NPT) with consequential cost and a forced well sidetrack.

A kick on an oil rig is the unwanted flow of formation fluids (oil, gas, or water) into the wellbore due to a temporary pressure imbalance, where the pressure inside the wellbore becomes lower than the formation pressure. This phenomenon, if left unmanaged, can lead to a potentially catastrophic uncontrolled release of fluids called a blowout.

Subsequently, the NUPRC in accordance with Section 97 of the Petroleum Industry Act 2021, issued a formal notice of culpability via a letter dated June 5, 2025 with a timeline of 21 days followed by a reminder dated July 9, 2025 to ensure an amicable resolution which was not achieved even beyond the stipulated time.

“Consequent upon the forgoing and pursuant to the relevant powers conferred on the commission under the extant Petroleum Industry Act 2021, the annual licence to operate granted to Selective Marine Services Limited for the Oritsemeyin Rig is hereby revoked,” the commission stated.

The upstream regulator also disqualified the Oritsemeyin Rig from all renewal protocols in strict compliance with the applicable provisions of the law forthwith.

The NUPRC noted that this action is in line with the Petroleum Industry Act, 2021 which empowers the commission to ensure compliance with good oilfield and international best industry practices, operational safety and optimization as well as promote technical excellence and preserve commercial and environmental sustainability.

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BIG STORY

Dangote Refinery To Launch Free Nationwide Petrol Delivery September 15, Sets Ex-Gantry Price At N820

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The Dangote refinery has announced that it will begin free direct delivery of petrol to stations across Nigeria starting September 15.

In a post shared on its official X handle on Thursday, the refinery said the rollout would cover 11 states in the first phase before extending nationwide.

According to the statement, petrol will be sold at an ex-gantry price of N820 per litre. It added that filling stations in Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti will receive deliveries at N841 per litre, while Abuja, Delta, Rivers, Edo, and Kwara will get supplies at N851 per litre.

“All petrol station owners nationwide are invited to register for free delivery and other benefits,” the refinery said.

The plant noted that the scheme would ease distribution challenges and ensure affordable access for end users.

Earlier in June, the refinery said it had acquired 4,000 compressed natural gas (CNG)-powered trucks to strengthen fuel distribution across the country. It also projected that its nationwide delivery programme would save Nigerians more than N1.7 trillion annually.

Industry analysts have welcomed the initiative as a potential relief for consumers but cautioned that it could disrupt existing operators in the downstream sector.

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BIG STORY

NUPENG Threatens To Resume Strike, Accuses Dangote Refinery Of Breaching Agreement

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Barely 48 hours after suspending its nationwide strike, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has accused Dangote Refinery of reneging on an agreement reached during government-brokered talks.

In a statement signed by NUPENG President Williams Akporeha and General Secretary Afolabi Olawale, the union warned it may resume its suspended industrial action if the refinery continues to disregard the resolution.

“We are by this statement placing all our members on red alert for the resumption of the suspended nationwide industrial action,” the union said, calling on the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and civil society groups to show solidarity.

The union alleged that despite agreeing to allow workers unionise, Dangote management directed truck drivers to remove NUPENG stickers from their vehicles on Wednesday — a move the union described as a clear violation of the deal.

The agreement was reached earlier this week at a meeting convened by the Department of State Services (DSS), attended by Finance Minister Wale Edun, labour leaders, and representatives of the Dangote Group.

A Memorandum of Understanding (MoU) signed by all parties had affirmed workers’ rights to unionisation, with the process expected to begin immediately and be completed within two weeks. It also guaranteed that no employee would be victimised for union activity.

Dangote Refinery has denied allegations of anti-labour practices, dismissing them as “cheap blackmail.”

The refinery — commissioned last year with a capacity of 650,000 barrels per day — is Africa’s largest. While it has helped drive down petrol prices and reduce imports, its market dominance has raised monopoly concerns.

NUPENG’s Petroleum Tanker Drivers branch had first launched the strike on Monday, alleging that the company was hiring new drivers on the condition that they avoid union membership.

The Ministry of Labour is expected to issue a formal statement on the dispute, while parties are to report back on the unionisation process later this month.

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