Connect with us

Business

Edo: Chinese Company Promises Improved Workers Welfare, Others

Published

on

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.

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.

Advertisement

“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.

“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.

Advertisement

“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.

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.

Advertisement
Advertisement
Comments

Business

JUST IN: CBN Increases Interest Rate To 24.75%

Published

on

By

The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

Advertisement

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

Advertisement
Continue Reading

Business

JUST IN: CBN Sells Forex To BDCs At N1,251/$1

Published

on

By

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

READ ALSO:Tips For Online Registration Of Prospective Corps Members

It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

Advertisement

Details later

Continue Reading

Business

Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

Published

on

By

The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

Advertisement

READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

Advertisement
Continue Reading

Trending