Business
Bolt, Uber drivers begin strike over low fares, 25% commission rate, says ‘we’re struggling to survive’
E-hailing drivers under the aegis of the Amalgamated Union Of App-Based Transport Workers Of Nigeria (AUATWON) have shutdown operations over low fares.
The strike, which began on Wednesday, was also in protest of the high commission rates set by Uber and Bolt — the two biggest ride-hailing service providers in Nigeria.
The development comes amid increased petrol pump prices in Africa’s biggest economy after authorities scrapped subsidy payments on the commodity.
Last week, the Nigerian National Petroleum Company (NNPC) Limited adjusted the price of petrol from N185 to over N500 across its retail outlets, leading to an exponential surge in the prices of goods and services.
Operators told newsmen that the strike commenced on Wednesday after a brief meeting in Lagos.
“The strike is on. Bolt still maintains 25 percent commission with just N100 increment with this present price of petrol,” a source said.
“Some buy as high as N600 per litre and as low as N550. The fair is nothing to write home about, especially with the traffic situation in Lagos.
“So the strike has started. But for those who have personal needs to meet, they can take ride requests offline.”
Also justifying the industrial action, a driver who identified as Azeez, lamented the harsh economic realities in the country.
He said the cost of spare parts has jumped to 300 percent over the last four months.
“I bought fuel for N13,500 on Sunday and I did a trip of N21,200. Bolt has taken N5,300 as their commission. I am left with N15,900,” Azeez said.
“Deduct N13,500 [for petrol], I am left with N2,400 and I drove for about eight hours for that day.
“Look at it. If my car should break down or I have an emergency will N2,400 be able to take care of my situation?”
‘THE BUSINESS HAS BECOME UNPROFITABLE’
In an official statement on Wednesday, the association said the latest removal of subsidy, which has increased the prices of petrol by over 270 percent, coupled with the “unreasonable 25 percent commission charge on every trip, has further put the business and investment in an unprofitable state”.
The app-transport workers said they are struggling to survive and can no longer cope with the situation.
Hence, the drivers are demanding an increase in fare by 200 percent and a reduction of commission by 50 percent.
The operators are also asking the companies to stop the unlawful deactivation of drivers, and implement an “open collective bargaining with AUATWON”.
“We’ve passed our demands to the application companies but they’ve refused to attend to them,” the statement reads.
“We are using this opportunity to call on the fleet managers, driver-partners, and app-base transport workers across Nigeria, to support this strike fully and understand, that our service(s) must be withdrawn during this protest and moratorium or waiver should be given to all drivers on rentals or higher purchase.
“This is a solidarity step we must take together to protect our investment as fleet managers, secure our business as workers, and secure our job as app drivers.
“We are confident this will give us a better and profitable industry that will encourage every stakeholder.”
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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