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Business News

We called off strike, as Chevron agreed to recall workers- NUPENG  

Chevron Nigeria Limited has agreed to recall the workers reportedly sacked in December 2019.

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NUPENG threatens to embark on strike, Chevron Nigeria Limited, Nigeria Union of Petroleum and Natural Gas Workers, Nigerian National Petroleum Corporation, Petroleum and Natural Gas Senior Staff Association of Nigeria, NUPENG and PENGASSAN, Chevron concludes gas sale deal with GenCo, one other , Chevron considers divesting from Nigeria, to focus on U.S Shale Oil, Chevron crisis continues as NUPENG issues new threat, Chevron bows to pressure, set to recall workers  

The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has announced that Chevron Nigeria Limited has agreed to recall the workers reportedly sacked in December 2019.

Chevron’s decision to recall the workers came after the expiration of the seven-day ultimatum given to it by NUPENG.

NUPENG

NUPENG President, Comrade (Prince) Williams Akporeha.

According to the General Secretary of NUPENG, Afolabi Olawale, the Nigerian National Petroleum Corporation (NNPC) had intervened by convening a meeting of the stakeholders involved in the matter.

Olawale explained that Chevron was given three weeks to reinstate the workers, while NUPENG was asked to call off its actions against the company. He also said that the union had played its part as it had suspended the industrial action earlier planned to hold on Wednesday at the oil company facilities in Warri where the workers were sacked.

“We have suspended the industrial action earlier planned because the Nigerian National Petroleum Corporation had intervened by convening a meeting involving our union and the management of Chevron Nigeria Limited.

[READ MORE: Chevron crisis deepens, as workers call for MD’s removal, facilities shut down)

 “It was the Group Managing Director, NNPC, Mele Kyari, who intervened by delegating a representative to organise a meeting.  At the meeting, the management of Chevron Nigeria Limited promised to recall and reinstate the 32 workers affected within three weeks. We are waiting for them to fulfill their promise within the time frame given,” Olawale said.

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Nairametrics had reported when NUPENG issued an ultimatum via a letter dated January 1, 2020, where it was disclosed that Chevron had ordered the sacking of 32 workers through its contractor, Cordeau Nigeria Limited because they became members of NUPENG.

Chevron Nigeria Limited

The management of Chevron reportedly frowned at the decision of the workers to join the association. NUPENG insisted that the workers have a right to association, making Chevron’s directive an abuse of labour and workers’ rights.

What you should know: It is pertinent to note that if the NNPC had not convened in the matter, NUPENG would have taken actions against Chevron as the seven-day ultimatum given had elapsed and Chevron did not seem willing to bulge. While speaking to Punch, Olawale had said it seemed the management of Chevron had ignored the letter, because as on Monday nothing had been heard from them.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Real Estate and Construction

Osborne, Ikoyi residents move against Lekki Gardens over planning laws violation

The residents accused owners of Lekki Gardens Estate of alleged flagrant and unchecked violation of officially approved building plans.

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Residents of Osborne Foreshore 2 estate, Ikoyi, have moved against a property development firm, Lekki Gardens/Foreshore Waters Limited for allegedly violating the state’s planning laws; in addition to the violation of the estate’s building plan and the existing plan to stop work forthwith.

This is as the residents of the estate have appealed to the Lagos State governor, Babajide Sanwo-Olu, to order that works on all approvals for development in the estate be suspended for 3 months because of the ongoing review of the approval order.

According to a report from Thisday, the appeal is contained in a statement issued by the residents of Osborne Foreshore 2 estate, where they warned that refusal to stop further work might lead to a breakdown of law and order.

What the residents of Osborne Foreshore 2 estate are saying

The residents of the estate in their statement said, “We once again invite your Excellency to visit our estate to see for yourself how the activities of Richard Nyong will one day lead to a breakdown of law and order if this brazen disregard of planning laws of Lagos States is allowed to continue.”

They accused the developer of violating state’s planning laws in its quest to construct multi-storey structures in the expansive residential estate.

They also accused Richard Nyong, Lekki Gardens Estate and Foreshore Waters Limited of alleged flagrant and unchecked violation of officially approved building plans.

The estate management pointed out that other developers have since complied with these guidelines whereas Lekki Gardens had allegedly refused to do the same.

What the Chairperson of Osborne Foreshore Residents Association is saying

The Chairperson of Osborne Foreshore Residents Association, Mrs Chinwe Ezenwa-Mbah, had recently expressed reservations over the impact of the heavy construction by Lekki Gardens and other developers and how it is affecting the houses of other residents in the estate.

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She said, “When we got our plots, we were told that the place was designed as a low population residential area. We did not know that a time would come when this area would become a commercial area.

“When you come into an existing estate and you are doing piling that is breaking your neighbour’s foundations as well as against the approved plan given to you in the name of commercial development, that is not right.”

What you should know

  • It can be recalled that the relationship between Lekki Gardens and the management of Osborne Foreshore 2 Estate broke down after the latter insisted that the property developer must obey building permit laws given to it by both the Lagos State government and the resident association.
  • Several other landlords and Residents of Osborne Foreshore 11, have also complained about the activities of Lekki Gardens and other developers in the area whom they accused of violating the building permit given to them by the government.
  • The Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako had held a meeting with all the stakeholders in a bid to amicably resolve the existing dispute.
  • The residents made an appeal to the Lagos State government for reversal of the wrongful classification of Osborne Foreshore Phase II from its original master plan as a low-density to a high-density residential estate.

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Business

The five-ingredient of a successful startup pitch

Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.

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Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.

According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.

  • Problem:  Is this an issue?
  • Solution:  Do you have the fix?
  • Market:   Is this a big enough issue?
  • Business: Can you make money
  • Team:  Do you have the human resources to do it?

The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.

Problem

The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.

Solution

The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.

Market

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In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.

Business

The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.

Team

Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.

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Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:

  • Problem-Market = Industry Dynamics
  • Solution-Market = Competition
  • Market-Business = Unit Economics

Bottom line

When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.

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