Business

Edo: Chinese Company Promises Improved Workers Welfare, Others

Published

3 years ago

September 27, 2021

Editor

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.

“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.

“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.

Business

Naira Slumps, Exchanges At Over N1,500 Against Dollar

Published

2 days ago

May 13, 2024

Editor

The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

Business

CAC Opens Centre For Registration Of PoS Operators

Published

1 week ago

May 9, 2024

Editor

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

1 week ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.