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Oil Workers Ordered To Shut Down Chevron Nigeria Operations2 minutes read

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Labour unions in the Nigerian oil and gas sector have directed their members in Chevron Nigeria Limited to commence a total shut down of the company’s operations from Monday.

The order follows the sack of 600 Nigerian employees and other anti-Labour practices by the management of the company.

The Unions – National Union of Petroleum and Natural Gas (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) – in a joint statement on Sunday asked the Nigerian government to call Chevron Management to order.

“We have directed our members in Chevron to withdraw their services,” reads the statement signed by NUPENG’S President, Mr Williams Akporeha, and his PENGASSAN counterpart, Mr Festus Osifo.

“We also call on the Federal Government to call Chevron Management to order, otherwise we can no longer guarantee industrial peace in the oil and gas sector.

“Here is our fatherland and we have a labour law that regulates the activities of organisations in Nigeria; this law cannot be breached; We must follow the process.”

The duo alleged that Chevron management on Independence Day, notified about 2,000 of its employees that their services were no longer required.

Both leaders also alleged that the Chevron management had asked those employees who were still interested in working with them to apply afresh.

“This development runs contrary to Nigeria’s laws regulating the Oil and Gas industry as it does not protect our national interest.

“This is an imperialist agenda that must not be allowed to stay; most especially as we have just finished celebrating our 60th independence as a sovereign country,” the duo said.

Earlier in a statement, Chevron’s General Manager Policy, Government and Public Affairs, Esimaje Brikinn, said the welfare and safety of its workforce was one of its highest priorities.

Brikinn said: “Making changes to the organisation is never easy for anyone that will be impacted, but it is to improve our ability to remain competitive in Nigeria.

“Reducing the cost and improving the efficiency of our operations are critical to generating more revenues for the Federal Government of Nigeria,” he said.

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Nigeria’s Central Bank Issues Guidelines For N75Bln Youth Investment Fund

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Nigeria’s apex bank to offer seven-year loans to youth corps members

The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).

CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.

The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.

It stated that the major objective of the plan was to address fragmentation of youths initiatives that prevent assessment of impact.

`The Federal Executive Council on July 22, approved N75 billion for the establishment of the NYIF from 2020 to 2023.

“It will provide Nigeria youths with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to the country’s development.

“ The plan targets young people between 18 and 35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors,” it stated.

The apex bank said that the fund was dedicated to investing in the innovative ideas, skills and talents of Nigerian youths.

It added that it would institutionally provide the youths with special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.

“The ministry is the lead implementation entity and is responsible for budgetary provisions and for funds mobilisation.

“The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023,’’the apex bank said.

It added that part of the objectives of the fund was to improve access to finance for youths and youth-owned enterprises for national development.

“It will also generate much-needed employment opportunities to curb youths restiveness, boost their managerial capacity and develop their potential to become the future large corporate organisations,’’ it added.

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Nigeria’s Aliko Dangote Delays London Listing

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The Dangote Cement Company has delayed  it’s listing on the London Stock Exchange, again. The company announced that it will rather focus on selling it’s product to Central and other West African nations. And boost it’s foreign reserve and that of Nigeria in the process.

The firms head of investor relations, Temilade Aduroja disclosed their new path in Lagos this week. And, also projects that the continent’s biggest producer of the building material, could follow this path till 2023 at the least.

Nigeria’s Aliko Dangote is Africa’s richest man.The 63-year-old entrepreneur has a net worth of more than $14 billion, has long expressed his ambition for Dangote Cement to have a secondary London listing to diversify its ownership and have access to funds from international markets.

Yet, for one reason or another he’s never managed to make it happen.

Dangote had made an initial attempt in 2018 with a proposed list by 2019 but that was changed by former Chief Financial Officer, Brian Egan to 2020.

Nigeria’s biggest listed company by market value, Dangote Cement took advantage of a drop in yields in the domestic debt markets to raise 100 billion naira ($259 million) through commercial papers in May and April, the largest offering of its kind at the time.

The group adds that in July it’s looking to export clinker to 15 countries in Central and West Africa in a bid to boost revenue and resolve a scarcity of foreign exchange scarcity in Nigeria.

Clinker is a nodular material used as the binder in cement products.

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Air Tanzania Resumes Scheduled Flights To Harare

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Air Tanzania resumed scheduled flights to Harare on Wednesday after a seven-month suspension due to the COVID-19 pandemic.

The airline joins a host of other regional and international airlines that have resumed flights into Zimbabwe after the country reopened its skies at in October.

Some of the airlines that have resumed flights into the southern African country include Emirates, Ethiopian Airlines, Kenyan Airways, South African Airlink and Fastjet.

“The flights resume today on Oct. 27 2020 and will be served initially twice weekly on Tuesday and Friday.

“Air Tanzania will operate the route via Lusaka, Zambia using a Dash8-Q400 aircraft,’’ the airline said in a statement Tuesday.

An official at the airline said as with the new normal, the flights would be operated under new COVID-19 health regulations.

“We are thrilled to be resuming the Lusaka-Harare flights. This South bound route connects both Lusaka and Harare business people, tourists and academics to the port city of Dar-es-Salaam and beyond,” the official said.

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