Connect with us

Business

Labour To Embark On 5-day Protest over Mass Sack

Published

on

Labour To Embark On 5-day Protest over Mass Sack

The Nigeria Labour Congress (NLC) has announced that it will withdraw services from both public and private organizations in Kaduna State for five days to protest the mass sack of workers by the state government.

NLC president, Mr Ayuba Wabba revealed this while addressing newsmen at end of the Central Working Committee (CWC) of the NLC yesterday  in Abuja.

Wabba said the decision to withdraw the services of workers for five days in the state would become indefinite if the state government refuse to meet their demand.

He added that the CWC condemned the decision of the Gov. Nasir el-Rufai to sack over 4, 000 workers who were mostly from the 23 local government areas in the state.

“The CWC has decided and also recommended to the National Executive Council that labour will withdraw all services from either public or private. When I mean all services, it means all services for all sectors of the economy for five days in the first instance.

“And where there is no remorse, it is going to be a total action because we believe that el-Rufai is not alone in this action; we believe that there is a neo-liberal force and some governments are also part of it.

READ MORE:

“This action is going to be total and unconditional and, therefore, all unions will be issuing statements and directives to their members to take this directive seriously and that the action will go ahead,” he said.

Wabba said that the action was taken as a last resort since all the communications that were written on the issue to the state government and labour are yet to receive any attention.

He said the CWC therefore thought that workers should not be allowed to die in silence as thousands of workers who had been sacked were yet to be paid in line with the provisions of the law.

“More worrisome is the policy targeted at workers that have spent more than 30 years in service. In fact, the policy said that once you are up to 50 years in service you will be disengaged and be sent off like slave or at worse like a dog without any entitlement.

“Secondly, the letter which we have seen, indicated that their entitlement will be paid in due course and that is the same letter that was issued to those teachers that were disengaged a year ago and therefore we look at this as very serious.

In fact, it is something every Nigerian must condemn. That is why Nigerians must back labour on this action that labour has proposed against the Kaduna state governor, ” he said.

Wabba also noted that the governor had violated all the known laws that regulate labour and industrial relation in Nigeria with some sort of disdain while carrying out his decision to layoff the workers.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Buhari sends delegation to Ghana over Nigerian traders’ plight

Published

on

The President, Major General Muhammadu Buhari (retd.), has directed that a ministerial delegation be sent to Ghana to resolve the prolonged conflict between Nigerian traders and Ghanaian authorities.

The Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed this on Monday.

According to a statement by his Special Adviser on Media, Ifedayo Sayo, the minister spoke at a meeting.

The statement was titled, ‘FG delegation to visit Ghana over Nigerian traders’ conflict with Ghanaian counterparts.’

“President Muhammadu Buhari has directed that a ministerial delegation be sent to Ghana to resolve the lingering conflict between Nigerian traders and Ghanaian authorities,” the minister was quoted as saying.

Read Also: Flick agrees German national team deal

Adebayo, who said he would be leading the delegation, added that members of the delegation “will also engage in further dialogue with Ghanaian authorities with a view to finding a lasting solution to the problem.”

He disclosed that the delegation is expected to embark on the visit between May 31 and June 1, 2021.

Other member of the delegation include the Minister of State, Foreign Affairs, Ambassador Zubairu Dada; the Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Nasir Sani-Gwarzo; the Executive Secretary, Nigerian Investment Promotion Commission, Yewande Sadiku; Chief Executive Officer, Nigerian Diaspora Commission, Abike Dabiri-Erewa; and the President of National Association of Nigerian Traders, Dr Ken Ukaoha.

There has been lingering controversy over $1 million levy imposed on Nigerian traders and foreign investors by the Ghana Investment Promotion Centre.

Continue Reading

Business

Board Dissolution: FBN Shares Drop By 6.75%

Published

on

Board Dissolution: FBN Shares Drop By 6.75%

The share price of FBN Holdings (FBNH) Plc on the Nigerian Exchange Limited (NGX) in two days dropped by 6.75 per cent following the Central Bank of Nigeria’s (CBN) dissolution company’s board.

The share price of the holding company depreciated on Wednesday closed at N7.4 but dropped to N6.90 on Friday, according to the daily market report by NGX.

The share price drop of fall 6.76 per cent on Thursday is the highest drop since December 10, as the bank faced a stringent regulatory action by the apex bank.

Meanwhile, the domestic equities market closed transactions for the week on a positive note to extend the previous day’s positive sentiment, as NGX-All- Share Index (ASI) grew by 0.95 per cent and investors’ wealth rose by N195 billion.

The Central Bank of Nigeria Limited (CBN) reconstituted the Board of Directors of First Bank of Nigeria Limited.

READ MORE:

On April 29, 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows: Mr. Tunde Hassan-Odukale as Chairman; Tokunbo Martins; Uche Nwokedi; Adekunle Sonola; Ms. Isioma Ogodazi; Mr. Ebenezer Olufowose; Mr. Ishaya Elijah B. Dodo; Dr. Adesola Adeduntan as the managing director/ chief executive officer; Mr. Gbenga Shobo, deputy managing director; Dr. Remi Oni, executive director and Mr. Abdullahi Ibrahim, Executive Director.

The Bank said that Adeduntan has since resumed work as CEO in line with the directives of the CBN, saying “We can confirm that the Bank is co-operating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

“We further wish to reassure the public, customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, of its commitment to ensuring the stability of the financial system.

“There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

READ MORE:

Speaking on the issue, CEO of Greenville Capital Limited, Azeez Bello said that the timely intervention of the Central Bank of Nigeria in the corporate governance issues within FBNH is quite commendable apparently because it is a systemically important bank.

According to Bello, investors appear to be satisfied with the apex banking regulators swift resolution hence the share price of FBNH was flat at N6.90 at the end of the today’s trading session, April 30, 2021.

“However , it is highly expedient that the CBN work closely with the Financial Reporting Council in the institutionalisation of sound corporate governance practices in our banking institutions.”

Also, the managing director, Highcap Securities Limited, Mr. David Adnori stated that the decline in share price of the Holdco is directly linked to the CBN action.

According to him, what happened with the FBN Holdco shares has to do with price sensitive development and it has taken a toll on devaluation of price because investor’s confidence has really shaken with the CBN revelation.

“In addition to what CBN has done with the removal of Mr. Oba Otudeko, the bank will then need to implement series of decision to restore investors and customers deposits confidence going forward.”

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

Continue Reading

Business

COVID-19 resurgence, threat to oil demand recovery – OPEC

Published

on

The resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the Organisation of Petroleum Exporting Countries has said.

It disclosed this at the 16th OPEC and non-OPEC ministerial meeting of the Declaration of Cooperation, which took place via teleconference on Tuesday.

In a document on some of the deliberations at the meeting, the organisation stated that participants highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support.

They noted that the recovery was expected to pick up in the second half of the year, but observed that the resurgence of COVID-19 across the globe could hamper economic and oil demand recovery.

OPEC said, “The ministerial meeting emphasised, however, that COVID-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil demand recovery.”

The meeting also emphasised the ongoing positive contributions of the Declaration of Cooperation in supporting a rebalancing of the global oil market.

Also Read: Nigeria, now our biggest market –Crypto trading platform

This, according to the organisation, was in line with the historic decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on April 12, 2020 to adjust downwards overall crude oil production, and subsequent decisions.

The meeting further reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee, including the crude oil production data for March 2021.

Participants welcomed the positive performance of the participating countries, as they noted that overall conformity to the production adjustments was 115 per cent in March 2021, reinforcing the trend of high conformity by the nations.

OPEC said the meeting expressed its appreciation to the participating countries that performed beyond expectation in March 2021, with total over-conformed volumes of 1.23 million barrels per day.

It, however, noted that some participating countries had yet to achieve the minimum expectation of 100 per cent conformity and to compensate for overproduced volumes.

Continue Reading

Facebook

Advertisement

Trending