Economy
Weeds, rodents, take over premises of Steyr Assembly plant in Bauchi
Weeds and rodents have taken over the premises of Steyr (Nigeria) Ltd, Bauchi, one of the four Automobile Assembly Plants established in the country about 40 years ago.A Correspondent who visited the premises of the company, also observes that the road leading to the factory is now being used for drying of farm produce.
Mr Ibrahim Buba, a staff of the Marketing Department of the company, told NAN that the factory, which used to assemble trucks, tractors and buses at its inception, had become moribund long ago. Buba said the problems of the company started after its privatization by the Federal Government, which led to transfer of ownership to private individuals.According to him, staff union and management of the factory are in court over assets and liability, including staff entitlement, among other things.Another employee of the company who spoke on condition of anonymity, also said that the company stopped production since year 2007.The source said that he had been a staff since 1980, revealing with nostalgia that during the rosy years, Steyr Motors assembled 5,000 tractors, 2,000 trucks and 2,000 buses per annum, for the Nigerian market.The source said the government withdrew its shares in the company during the military era, and later sold it to individuals who failed to sustain production.He explained that as at the year 2007, the company had over 2,000 employees, adding that they had spent over six years now without salary.“Nobody sacked us and no one saved us. We have spent over six years without salary; in fact, three years ago, we had to resort to litigation; we have taken them to court,” he said.Some staff of the company, who also did not want to be mentioned, said the company could still be revived if the government took over the plant and invited capable expatriates to manage it.Efforts by NAN to secure comments of prominent private stakeholders of the company proved abortive as those in Bauchi declined comment.Several visits to the office of Bauchi state Commissioner for Commerce and Industries, Mrs Maryam Begel, did not yield results as she was said to be on official assignment somewhere.An official of the ministry told NAN that the commissioner is the only person authorised to speak on policy and government-related matters, unless she authorised someone else to speak on her behalf. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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