Economy
I’M COMMITTED TO REALISTIC WAGE FOR WORKERS — President Bola Tinubu
I’M COMMITTED TO REALISTIC WAGE FOR WORKERS — President Bola Tinubu
By Tobouke JEMINE
During a meeting with the organized labour , President Bola Tinubu stressed the significance of improved welfare, better wages, and safer working conditions for Nigerian workers, highlighting their crucial role in the nation’s growth and development.
In the meeting in Abuja with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC), Tinubu assured that his administration is committed to addressing workers’ concerns and enhancing their welfare.
In a statement issued by the presidential spokesman, Chief Ajuri Ngelale, was quoted as saying, “I pay attention to everything around me. A happy worker is a productive worker. And society depends on the productivity of the happy worker.”
However, the President called for realistic expectations as regards the minimum wage question, stating, “You have to cut your coat according to available cloth. Before we can finalise the minimum wage process, we have to look at the structure.
“Why must we adjust wages every five years? Why not two? Why not three years? What is a problem today, can be eased up tomorrow. There is much dynamism to this process if we are not myopic in our approaches. We can take a surgical approach that is based on pragmatism and a deep understanding of all factors.”
In his remarks, the NLC President, Comrade Ajaero, emphasized the need for an upward adjustment to the minimum wage, noting: “Between living wage and minimum wage, we need to find a balance. Things are difficult for the Nigerian worker.”
He congratulated the President on the judgement of the Supreme Court affirming the constitutional rights of local governments as regards financial autonomy and other salient principles.
“I have to congratulate you on the issue of local government autonomy. We have been in the streets protesting for local government autonomy. Now that there is light at the end of the tunnel, it will amount to ungratefulness if we fail to commend you,” the NLC President said.
The TUC President, Comrade Osifo, said inflation has negatively affected the value of the naira and that the measures put out by the government to address the rising cost of food and transportation need implementation to give citizens relief.
Osifo said the CNG-powered buses will help in alleviating the high cost of transportation, and the recent directive on the suspension of duty on certain food imports will cut down the prices of food items if effectively implemented.
“We commend you on the landmark judgement of the Supreme Court. History will not forget what has happened today. With this judgement, we believe Nigeria will make progress,” the TUC President also said.
To create room for wider consultation with all stakeholders, talks were put on hold till next week.
© Source: Vanguard News
ALIKO DANGOTE IS A TITAN THAT GOD CREATED SPECIALLY FOR MANKIND – FEMI OTEDOLA
By Tobouke JEMINE
Following the recent dispute between the Dangote Refinery and some regulatory agencies, the Nigerian business mogul , philanthropist, former chairman of Forte Oil PLC, and current executive chairman of Geregu Power PLC, has punched in in defence of Aliko Dangote.
Read his reaction below:
My brother, the Visionary, has built the largest single train refinery in the world, not in Kano, but in Lagos State. He is the owner of the second-largest sugar refinery in the world, also in Lagos State, and the largest cement factory in the world, not in Kano, but in Kogi State.
Additionally, he has established one of the second-largest fertilizer plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertilizer plant in Lagos that already exports globally. Aliko Dangote is a titan that God created specially for mankind.
Aliko Dangote is also the largest private sector employer of labor in the country, and his companies are among the largest taxpayers. In fact, the Dangote Group often pays more in taxes than the top banks combined.
If not for him, we would still be importing cement. His contributions extend beyond industrial facilities to critical infrastructure, having built major roads such as the Apapa Oshodi-Owonrosoki Express Road, Wharf Road, and the Obajana-Kabba Road.
Countries in the nascent stages of industrialization require visionary leaders. This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals—Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford—THE MEN WHO BUILT America’s industrial landscape.
These men left the world without these assets but left behind a legacy that has kept their country thriving generation after generation. Their contributions were immortalized not in the material wealth they amassed but in the enduring institutions and industries they established. These visionaries were also supported by their government, which recognized the importance of fostering local champions.
Similarly, today’s tech giants like Microsoft and Tesla received substantial support from the US government. For example, in January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles and to develop a manufacturing facility in Fremont, California to produce battery packs, electric motors, and other powertrain components for powering these innovative vehicles. This initiative is part of broader efforts, such as the federal EV-charging program supported by the infrastructure law known as the National Electric Vehicle Infrastructure program, or NEVI.
In India, the government has been instrumental in supporting business titans like Gautam Adani and Mukesh Ambani. Their companies have received significant backing to grow and expand, contributing substantially to India’s economic growth and global business footprint.
There are also records of emerging market countries like Vietnam, South Africa, Brazil, and China where their governments have supported local businesses to jump-start industrialization. In Vietnam, the government has provided various incentives to tech companies, fostering a rapidly growing technology sector.
In South Africa, government support for the mining industry has been crucial in maintaining its global competitiveness. Brazil has seen substantial government investment in its agricultural sector, transforming it into one of the world’s leading food exporters. In China, government backing for companies like Huawei and Alibaba has propelled them to global leadership in technology and e-commerce.
In Nigeria, we have our own titans, and it is imperative that we recognize and support them. Aliko Dangote has broken every boundary in worldwide business and industry. His contributions are not just a testament to his brilliance but a beacon of what is possible when vision meets opportunity. Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress…
REPS CALL FOR SUSPENSION OF NMDPRA BOSS OVER ALLEGATIONS AGAINST DANGOTE REFINERY
By Tobouke JEMINE
The House of Representatives has called for the suspension of Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), pending an investigation into his statements about Dangote Refinery.
This decision follows a motion by Esosa Iyawe, representing Esosa Federal Constituency, Edo State. Iyawe highlighted concerns over fuel quality in the Nigerian market, emphasizing the impact of high sulphur content on engines and pollution.
Contrary to Farouk’s claims that Dangote’s diesel is inferior with high sulphur content, tests showed Dangote’s diesel has significantly lower sulphur levels compared to imported diesel.
Lawmakers criticized Farouk’s statements and are investigating his allegations and the presence of middlemen in crude trading.
IduwiniVoice
By Tobouke JEMINE
The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to transfer funds in all dormant accounts to the apex bank.
A circular issued by CBN Ag. Director of Financial Policy and Regulations, Mr. John Onoja, yester night revealed that accounts that have remained untouched for 10 years and above would be affected.
It said, “The provisions of this guideline shall apply to all financial institutions under the purview of the Central Bank of Nigeria.”
According to the circular, the objectives of this move, among others, were to identify unclaimed balances in dormant accounts, and financial assets with a aim to reuniting them with their beneficial owners; keep the funds in trust for the beneficial owners; standardize the management of dormant accounts and unclaimed balances, and financial assets; establish a standard procedure for reclaiming warehoused funds.
It added, “Eligible accounts are dormant account balances that have remained with the FIs for a period of ten (10) years and beyond.
“Eligible dormant accounts/unclaimed balances and other financial assets shall include: current, savings, and term deposits in local currency; Domiciliary accounts; deposits towards the purchase of shares and mutual investments; and prepaid card accounts and wallets.
“Government Owned Accounts; Proceeds of uncleared and unpresented financial instruments belonging to customers or non-customers of FIs; Unclaimed salaries and wages, commissions, and bonuses; Proceeds of stale local and/or foreign currency drafts not presented for payment by beneficiaries; Funds received from a correspondent bank without sufficient details as to the rightful beneficiary and/or a recall of funds made to the remitting bank to which the Nigerian bank account had not been debited.
“A judgment debt for which the judgment creditor has not claimed the amount of judgment award; and any other deposits or financial assets that may be designated by CBN.”
According to the CBN, the following classes of dormant accounts/financial assets are exempted: Accounts that are subject of litigation; A judgment debt for which the judgment creditor has not claimed the amount of judgment award and the case is still active in court; Accounts under investigation by a regulatory authority or law enforcement agency; and encumbered accounts, including, but not limited to, collateral and loans.
© Source: 2024 Vanguard Media Limited, Nigeria