TheCable

The National Union of Petroleum and Natural Gas Workers (NUPENG), Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on Friday night suspended its five-day-old strike.

The suspension was contained in a communiqué issued at the end of a marathon meeting with minister of petroleum, Mrs Diezani Allison-Madueke, and the management of Nigerian National Petroleum Corporation (NNPC).

On Monday, the oil workers had ordered their members to embark on indefinite strike to protest NNPC’s failure to address unresolved pension issues concerning workers in the oil industry

The communiqué, which was read by NUPENG president, Mr Achese Igwe, was signed by PENGASSAN president, Mr Francis Johnson; and permanent secretary, ministry of petroleum resources, Dr Jamila Shu’ara.

Others who signed the communiqué include NNPC GMD, Dr Joseph Dawha; group chairman, NNPC PENGASSAN, Mr Abdulhakim Sanusi; group chairman, NNPC NUPENG, Mr Richard Otovwievwiere; and chairman, Department of Petroleum Resources (DPR) PENGASSAN, Mr Anba Ndoma-Egba.

Igwe said the industrial action was suspended after the intervention of the minister of petroleum resources.

“By virtue of the intervention of the minister of petroleum resources, the strike embarked upon by NUPENG and PENGASSAN of NNPC group executive councils and DPR is hereby suspended,” he said

He said after exhaustive deliberations, the minister informed the unions that PENCOM letter withdrawing the temporary licence granted to NNPC to run defined Benefited Scheme had been reversed.

He further explained that  the minister affirmed that participatory approval had been given to measures and timeliness proposed by the NNPC management to close the existing N86.5bn pension fund gap on or before August 2015.

“The minister emphasised the need to embrace international standard pension fund structure and framework so that the pension gap is closed, the frame work will ensure that the pension fund is invested and managed to guarantee sustainability.

“It was agreed that a committee comprising members drawn from NNPC Management, PENGASSAN, NUPENG, DPR, RSA, and CSLD will be established to work out the modalities and framework for sustaining the NNPC pension scheme, along the oil and gas Private Sector lines.”

In an interview with reporters after the meeting, PENGASSAN president, Mr Francis Johnson, said the unions were satisfied with the agreement and would immediately order their members to resume work.

However, he said the unions would be monitoring the implementation of the agreement, which would determine the sustainability of the suspended strike.