Economy
Shoprite Protests: Police Deploy personnel to Ilorin Branch
The Kwara command of the Nigeria Police Force has deployed some of its personnel to the Ilorin branch of Shoprite, a South African store operating across cities, over continued protests by staff of the grocery shop.
A Correspondent who visited the Kwara Mall, housing the store along Fate Road, Ilorin, reports that there was heavy presence of armed police personnel at the edifice amidst shutdown of operations by the staff.
One of the staff, who spoke on condition of anonymity, vowed that the protest would continue until their demands were met by the South African company.
The Shoprite staff told NAN that they received an internal memo informing them that the South African company has outrightly sold its write to a Nigerian investor.
“When we were told that the company had been sold and that they sold us with the company, we rejected this approach and asked them to pay us off before the take over is completed.
“They dragged us to labour and we signed an agreement, that on or before March 31, they should agree with the staff or they must not handover.
“Now, they want to use the police to intimidate us, so as to allow them to trade, that cannot be done,” the Shoprite staff said.
He explained that they were asking to be paid off because since Shoprite came to Nigeria in 2005, they have been working for the company.
“Some of us have been working since 15 to 10 years with the company, they can’t just sell us like that, if the new investor wants to absolve us, they should employ us back.
“They stood that they won’t pay us a damn, they said if we refuse to work, they will recruit another staff, South Africa is intimidating us in their country and here in Nigeria again,” he added.
He explained that the staff want the South African company to be done with them before they finally handover to the new investors.
“With the contract I signed with Shoprite, I am supposed to retire with them in 2049, I still have about 20 or more years and now you are saying you sold me to someone,” he said.
He however said they were yet to meet with the new owners, explaining in clear terms that they don’t even know their identity.
The Shoprite staff revealed that the memo they got was that the company has been sold 100 per cent.
The aggrieved staff explained that the handing over was scheduled for April 1, but could not be done because the company failed to keep to their promises.
He said information available to them was that by 9 a.m on Saturday, the police should find a way to allow operations to take place at the store.
NAN reports that the staff carried placards with different inscription asking the company to pay them off while another read “We are not slaves” as they use crane to block the entrance of the store with all the doors shut. (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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