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Edo: Chinese Company Promises Improved Workers Welfare, Others

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The impasse between the management of a Chinese company, Yong Xing Steel Company, Benin, and some members of staff seems to be at the edge of settlement as the company’s top management staff have resolved to look into demands of the aggrieved members of staff.

Some members of staff mostly junior and contact staff had accused the company of maltreatment, physical assult and illegal deduction of their salaries with little infraction.

The aggrieved members of staff also accused the company management of stoping them from coming together to have a labour union, just as they added that anyone fronting such agitation is being maltreated and victimized.

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But speaking with newsmen in an interactive session during the weekend, Managing Director, Young Xing Steel Company, Frank Wang, said the company has been doing it possible best in terms of workers welfare and every entitlement due them, but promised to look into other demands of the workers.

The Managing Director who was represented by the Assistant Public Relations Officer of the company, Isaac Olufemi, said though few members of staff of the company are demanding to join labour union and dissatisfied with some of the company’s policies, majority of members of staff are satisfied.

“We are going to address their demands, but the point is that, everyone cannot be satisfied. It is natural. For instance, if one earns say N1m or even N5m, one will still not be satisfied hence demand for more. But I assure you, every demand is going to be looked into,” he promised.

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Speaking on the company stopping staff from joining labour union, the MD said “no one has come to me to inform me that he wants to join union, I am just hearing this now. If anyone comes to me to say he or she wants to join union, then it’s left for me to look into such demand, but non has done that. However, if the number of staff agitating to join union are just few, then it may not be matter of necessity.

On workers welfare, Mr. Wang said the company provides Personal Protection Equipment to members of staff of the company on monthly basis to make sure they work under safe environment, free accommodation because of the area the company is located and that a partnership with the University of Benin Teaching Hospital, UBTH, for an efficient healthcare for staff.

“We placed premium on the welfare of our workers, just as we have in our own little ways contributed to the development of our host community through Corporate Social Responsibility (CSR).

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Rep of the MD and Assistant Public Relations Officer, Isaac Olufemi during his presentation at the interactive session.

“As for the staff, we have ensure regular training within and outside the country, provision of shelter, health insurance programme and provision of safety environment to work.

“The management have long time cooperation with UBTH to provide medical treatment for the staff,” (Sic) he added.

Clearing the air on misconception about the company on its Cooperate Social Responsibility, the MD said the company has done so much in terms of providing some social amenities, stressing that during heat of the COVID-19 pandemic, the company provided palliatives to different government institutions, agencies, etc.

“During the serious pandemic period, Nigerian Yong Xing Steel Company donated two trucks of anti-virus materials to the Tender Heart Orphanage. The company also donated similar materials to the Edo State Government, government ministries and parastatals/agencies. Nigerian Yong Xing Steel Company also donated palliatives to the Edo State Police Command, also donation of such Items was made to local banks in the state.

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He continues, “Nigerian Yong Xing Steel Company has donated market with 50 shops to the host communities.”

“For the community, we have built markets stalls, provision of water and giving out palliative from time to time,” he stated.

Also,the Enogie (duke) of Ogua, Chief Ogie Aghaghowen, commended the steel company for creating an economic environment and also for ensuring peace in Ogua community.

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NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

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The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

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READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

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Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

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NNPCL Reveals Reason Behind N5.4trn Profit After Tax

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The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

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READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

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According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

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CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

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The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

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READ ALSO:CBN Retains Interest Rate At 27%

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

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Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

READ ALSO:JUST IN: EFCC Summons Ex-AGF Malami For Questioning

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

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The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.

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