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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.

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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.

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.

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“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.

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.

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“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).

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.

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“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.

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.

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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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JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

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Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

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The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

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The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

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Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

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He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

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His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

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Naira Appreciates At Official Market

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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

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This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

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On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

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BREAKING: Again, Dangote Refinery Cuts Petrol Price

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The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

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Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

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A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

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