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Workers Shut Down ExxonMobil Over Sacking

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exxonmobil
  • Workers Shut Down ExxonMobil Over Sacking

Members of Petroleum and Natural Gas Senior Staff Association of Nigeria shut down business operations at the ExxonMobil office in Lagos on Thursday over the alleged sacking of 145 workers by the company’s management.

During a protest, the workers, who are members of staff of Mobil Producing Nigeria Unlimited, an affiliate of ExxonMobil, also said they had shut down activities at the Qua Iboe Terminal of the company in Akwa Ibom State.

The ExxonMobil Branch Vice-Chairman of PENGASSAN, Mr. Gbenga Ekundayo, said that the company refused to complete negotiations with the union before embarking on the disengagement of the workers.

According to him, the oil and gas company informed the union that it was disengaging some of the workers because of low performance.

He said the union had argued that the system of performance appraisal was flawed and unfair, saying it had only provided instances that would warrant punishment and sacking of the workers without making provisions for their promotion.

Ekundayo stated, “We commenced discussion with them on November 29, 2016. The company said it had too many people and needed to let some people go. And we told them that we were aware that for years it had been short-staffed.

“We have had one person doing the job of three people. We asked them why they wanted to send people away; they told us that some people were low performers. We had talked about that six years ago that the system used for performance appraisal had a lot of faults.

“Early this year, the management instituted a new system to make it a bit transparent. We have not assessed the improvement on the system to see how transparent it is. We can only assess the appraisal system around March and April next year. We asked why couldn’t we wait and see the effect of what they had done to see if it is fair, transparent and good for the people.”

When contacted, the Manager, Media and Communications, ExxonMobil, Mr. Oge Udeagha, said that special benefits were in place for the affected workers in line with the existing labour agreements.

He said the company would continue to engage its workforce in order to resolve the situation.

Udeagha said, “We invest for the long-term and are focused on maintaining a stable and well-developed workforce, and are committed to treating our employees with respect and in accordance with applicable rules and regulations.

“This is a limited programme that will impact a relatively small fraction of employees. Special benefits specifically introduced for this purpose will be paid to affected employees, consistent with existing labour agreements. The company is also arranging special programmes to support the transition from the company for those affected.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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