BUSINESS
Fuel Scarcity Looms as NUPENG Threatens Nationwide Strike
Nigeria may experience fuel scarcity in the coming days following the
threat issued on Monday by the Nigerian Union of Petroleum and Natural
Gas.
NUPENG has given the Federal Government a two-week strike notice,
raising the possibility of fuel scarcity across the country in the
coming weeks.
NUPENG members basically control the downstream arm of the oil sector
and an industrial action by the union would ground the supply and
distribution of petrol nationwide.
Citing the need to attend to oil workers’ welfare, NUPENG said it
would begin the proposed strike at the expiration of the notice.
The development came via a statement signed by NUPENG President,
Williams Akhoreha, and General Secretary, Olawale Afolabi.
The union had reached its decision during a special national delegates
conference convened on last Thursday.
It listed non-payment of workers’ salaries, title benefits, among
others, as reasons for its resolution.
The resolution read in part, “We write to convey to the general public
and all relevant government agencies the resolution of the special
national delegates conference to issue a 14-day notice of a nationwide
industrial action if some legitimate welfare and membership related
issues that have been variously resolved in our favour even by the
Federal Ministry of Labour and Employment are not adequately and
conclusively addressed and resolved within the next 14 days. This
ultimatum takes effect from Monday, November 15, 2021.”
Outlining some of the issues, the union said the first one was the
outstanding short payment of terminal benefits to it members that were
declared redundant in 2012 by the management of Chevron Nigeria
limited.
It also accused the management of Chevron for terminating the
employment of contract workers because the employees consented to join
the union.
This, it said, was despite the fact that the workers had put in
between 10 to 20 years in continuous employment and that their jobs
were terminated without payment of terminal benefits.
“There is also the matter concerning PYRAMIDT workers, who for more
than 20 years now are being moved from one labour contractor to
another without conditions of service and union
representation/recognition,” the union stated.
It added that contract workers working in Oil Mining Lease 42 of the
Nigeria Petroleum Development Company, a subsidiary of NNPC, were
being continuously owed salaries and allowances for upwards of eight
to 10 months.
NUPENG said efforts to make the management of the NPDC and the
contractors do the needful on the pitiable plights of the hapless
workers had yet to receive any meaningful attention and actions.
It also indicted the Nigeria Agip Oil Company and its contractors for
owing contract workers’ salaries and allowances for upwards of 10
months.
Officials of the Federal Ministry of Petroleum Resources and NNPC told
our correspondent that the cut down in the number of contract workers,
especially at NPDC, was part of the ongoing reforms as contained in
the recent Petroleum Industry Act.
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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