Economy
Federal Workers Shun Nationwide Protests in Oyo
Scores of federal civil/public servants in Ibadan today disregarded the directive by organised labour to boycott work in protest against fuel subsidy removal and its attendant hardship on Nigerians.
The organised labour, under the aegis of Nigeria Labour Congress (NLC), Trade Union Congress (TUC), had called for nationwide protests on Wednesday.
In the Federal Secretariat Complex at Ikolaba in Ibadan, workers were seen at their respective offices without any hindrance or harassment from any quarter.
Although the gate of the secretariat was closed, security personnel on duty opened it only for the workers to get to their offices.
Chief Security Officer (CSO) of the complex, Sunday Dipeolu, said that his job was to protect the complex, the workers and everyone entering the building for lawful businesses.
Dipeolu said that 42 federal ministries, agencies and parastatals were occupying the complex and that he was bound to secure them.
According to him, he has no power to drive out any worker who decides to come to work.
The CSO said that the Commissioner of Police in the state, Hamzat Adebola, had earlier visited the secretariat to assess the situation of things.
Some of the workers said that they were federal workers and that it was only the federal government that could direct them to stay away from work or join the protest.
Another worker, who preferred to be anonymous, said that the organised labour was merely an association of workers and not his employer.
Head of Building Department, Federal Ministry of Works and Housing, Solomon Adedire, said that no directive emanated from his employer that he should join the protest or stay away from work.
Adedire, who said that he and some of his colleagues were at their duty posts, however, noted that some decided to stay away from work probably due to fear of the unknown.
Meanwhile, state workers continued with their protest at the entrance of the state secretariat, Agodi, Ibadan yesterday.
The workers had commenced the protest on Monday over issues relating to payment of salary deductions, leave bonuses and upward review of pension allowances.
Security personnel, comprising the Nigeria Police Force and Nigeria Security and Civil Defence Corps (NSCDC), were stationed in strategic locations within Ibadan metropolis to maintain law and order.
Such locations included: Mokola roundabout, Agodi-Gate, Dugbe junction, NLC secretariat, government secretariat and University of Ibadan main entrance, among others.
Although both private and commercial vehicles were observed plying the roads without any disturbance, commercial banks within the city were under lock and key.
In addition, workers were, however, denied entry into the state High Court, Magistrates’ Court, Family Court and the Election Petition Tribunal, as their gates were locked, with security presence.
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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