Home Blog Page 888

Minimum Wage: Labour, Soludo Set To Clash

0
Charles Soludo
Governor Charles Soludo

By Suleiman Anyalewechi

The  Anambra State workforce has insisted on the use of the Federal Government consequential adjustment template for the payment of the N70,000 minimum wage in the state .

This is even as the leaders of the Organized Labour in the State expressed disappointment over the State Government’s proposed template for the payment.

At an interactive session with the Media on Friday November 1,2024 in Awka ,the state capital, Nicholas Aromeh, the Chairman of the Nigerian Union of Local Government Employees NULGE, Anambra State Chapter, called on the State Governor Prof Charles Soludo, to seriously consider using the template already set by the Federal Government in computing the consequential adjustment of the new minimum wage.

According to the NULGE boss, the Nigeria Labour Congress and Trade Union Congress leaderships in the state are all in agreement with the resolution.

” We are collectively, appealing to Governor Soludo, in the interest of workers to use the chart released by the Federal Government in computing the  N70,000 Minimum wage.

Yes, there is an issue with the new minimum wage on ground and the labour leaders, including NLC ,TUC and NULGE ,have been meeting with the Governor. on the matter.

“In Anambra, unfortunately the Governor is not getting it right because from what we have seen from him ,and his team ,we are not happy ,especially in the areas that affect salaries.

“Grade levels eight to 17, Government’s proposal is nothing to write home about” Aromeh noted.

The Source reports that Governor Soludo had, last week, announced that the State has agreed to pay N70,000 as the new minimum wage.

However, he was silent on the contentious, template to be applied in computing the consequential adjustment ,particularly for  senior staff.

The State Government, according to the NULGE chairman, has cited the internally generated revenue profile of the state as what is guiding its decision over the consequential adjustment.

“Available reports have shown that Anambra state is far better than several states that have adopted the Federal Government’s template for the new minimum wage.

” The Federal Government’s chart must be used ,and not for the state to adopt a discriminatory package for workers on different grade levels.

“If what the State is bringing to the table is allowed, it means that as you progress, your take home pay will continue to go down”, Aromeh stated

Further speaking ,the NULGE leader informed that should the organized labour go with the Governor’s template, a grade one step one worker, will be earning the same salary or a little above N70,000.

“But if our Governor does not adopt the Federal Government’s template, we have other options than giving him an ultimatum or going to court because we do not want to bring problems to the State”,  he said.

Atiku Slams President Tinubu Over Detention Of #EndBadGovernance Protesters, Laments FG’s Insensitivity

0
Atiku Abubakar and Bola Tinubu

By Akinwale Kasali

President Bola Tinubu has been  criticised by former Vice President Atiku Abubakar for the continued  detention and arraignment of 76 #EndBadGovernance Protesters.

In a strong criticism, Atiku lamented the Federal Government’s actions, stating that even underaged children have not been spared from what he described as the “wickedness” of Tinubu, referring to him as “T Pain”.

Atiku made this statement following the collapse of a minor in the courtroom during proceedings, a situation that critics attributed to malnourishment and bad treatment.

A minor collapsed in the courtroom during proceedings, a situation that critics attributed to bad treatment and bad malnourishment .

Atiku In a statement on his X platform (formerly Twitter), expressed his outrage, saying, “A disturbing video of malnourished children being arraigned before a Federal High Court on the orders of the Bola Tinubu-led Federal Government has come to my attention. The horrible scene, reminiscent of a Nazi concentration camp, once again reflects the low value this government places on the lives of the vulnerable, especially children.”

He emphasized the importance of protecting children’s rights, referencing Section 11 of the Child’s Rights Act, which guarantees the dignity of every child. He quoted the Act, stating, “Every child is entitled to respect for the dignity of his person, and accordingly, no child shall be subjected to physical, mental, or emotional injury, abuse, neglect, or maltreatment, including se#ual abuse; nor shall any child be subjected to torture, inhuman, or degrading treatment or punishment.”

Atiku criticized the delay in the arraignment of these children, noting: “The children are being prosecuted for their alleged involvement in the #EndBadGovernance protests that occurred between August 1 and August 10, 2024. If they are just being arraigned three months later, one can only imagine the dehumanizing conditions they have endured during their detention.”

He expressed his disappointment that a leader who once fought for Nigeria’s democracy and led protests is now demonizing those who peacefully protest against the impacts of his harsh policies.

“Children, who are among the most affected by these policies, have every right to protest peacefully, as guaranteed by the Constitution and the Child Rights Act. A nation can be assessed by how it treats its most vulnerable citizens. It is saddening that even underage children are not spared from the wickedness of T Pain,” he said.

Atiku concluded by stating, “The disturbing conditions under which the accused children were brought to court only reinforce the justification for their participation in the protests in the first place.”

Trial Of Underaged: Shehu Sani, FG Reacts

0
Shehu Sani

By Ayodele Oni

Outrage on Friday, greeted the arraignment of minors at an Abuja Court over their alleged participation in the recent protest against bad Government especially, as one of them collapsed in the dock. As he collapsed and was fighting for his life, a number of others burst out crying. It was a pathetic site to behold.

Former Senator Shehu Sani in a swift reaction condemned the Federal Government’s decision to arraign the minors involved in  protest. He  labeled the move as “unfortunate and shameful” for Nigeria’s democracy.

Sani, in a statement on his X account, urged the Federal Government to withdraw the charges and facilitate the children’s safe return to their home states.

“Democracy should be a shield, not a sword against the young,” he emphasized, sparking widespread support and renewed scrutiny on the nation’s handling of youth protests.

In its reaction the Federal Ministry of Youths Development promised to look  into the plight of the minors and liase with appropriate authority.

A statement signed by the Minister, Ayodele Olawande, stated; that: “The attention of the Federal Ministry of Youth Development has been drawn to reports about the condition of young people who were presented in court this morning over charges related to the most recent nationwide protests.

“The Ministry is engaging with the Ministry of Interior with a view to ascertaining the facts of the situation and improving the welfare of the young people being held, not just in relation to this case, but in custodial centres across the country.

“Please rest assured of the Ministry’s commitment to safeguarding youth interests and the welfare of young Nigerians, wherever they may be.”

VeryDarkMan, Bobrisky Under Custody

0
VeryDarkMan - VDM and Bobrisky

By Adesina Soyooye

In a twist of fate, both Bobrisky and his nemesis VeryDarkMan, VDM, are in custody.

Both men have been in the news for weeks over very untidy allegations and counter allegations.

It began when VDM posted an audio recording where Bobrisky, just out of a six-month jail after being successfully prosecuted by the Economic Financial and Crimes Commission, EFCC, boasted that he served his jail term in an apartment outside the  Kirikiri Correctional Facility and had access to everything he wanted. He said it was made possible for him by his unnamed godfather  and the Controller General of Prisons. He also, allegedly, claimed that he paid some prison officials.

He did not stop at that. He allegedly claimed to have paid the sum of N15 million to some EFCC Operatives to have one of the charges against him dropped. Moreover, according to the audio recording dropped by VDM, he claimed that Folarin Falana, aka, Falz, the lawyer-musician son of Femi Falana, a Senior Advocate of Nigeria, SAN, was arranging for her father to appeal on his behalf, for a Presidential pardon at a cost of N10 million. Both Falz and his father vehemently denied the allegation, and had gone ahead to sue both VDM and Bobrisky for defamation of character. Judgement has already been given against VDM. Among other things, he was fined a whopping N500m in favour of the Falanas.

While the dust raised by that case is yet to settle VDM got involved in another controversy which has landed him in Police custody.

And in the case of Bobrisky, just out of an detention by the Nigerian Immigration Service after he was stopped at the Nigerian-Republic of Benin border, obviously on his way out of the country, the EFCC arrested him Thursday night at the Murtala Muhammed International Airport, Lagos while he was on his way out of the Country.

It is not known for what reason he was arrested, just as no reason was given for stopping him the border the other day, but it is strongly suspected that it is in connection with the audio recording leaked by VDM where he, Bobrisky, made those allegations against the EFCC , NCoS, and the Falanas. Investigation is apparently still going on.

In a post after he was arrested, the crossdresser asked Nigerians to come to his aid, and claimed he has been injured by the EFCC Operatives.

VDM was detained on Thursday when he went to Police Headquarters to answer to their invitation.

His problem with the Police began when he, inexplicably  adorned himself in full  CSP Police uniform and introduced himself as CSP, Online Division. He appeared in a video clip which went viral.

In a statement, his Lawyer, Deji Adeyanju said: “Our client, VDM, has been detained after honouring Police invitation just like yesterday (Wednesday).

“VDM has been consistent in saying the Nigerian Police are our friends even when we all know they are not.”

Fubara Says He Never Ordered ‘shutting down NNPCL, Oil Companies In Rivers’

0
Siminalayi Fubara
Governor Siminalayi Fubara

By Adesina Soyooye

Rivers State Governor has distanced himself and Government from a viral news item to the effect that he ordered the shutdown of all NNPCL facilities and those of all other Oil companies in reaction to the stoppage of Federal Allocations to the State as ordered by a Federal High Court, Abuja on Wednesday.

The Court had ordered the CBN, the Accountant General of the Federation and other monetary institutions to stop every allocation to the State allegedly because the 2024 budget which Governor Siminalayi Fubara is implementing is in breach of the Constitution.

The Governor had, on the resignation of majority of Rivers State House of Assembly Members loyal to Wike from the Party under which they were elected, the  Peoples Democratic Party, PDP, to the All Progressive Congress, APC, presented the Budget to only four members of the Assembly who did not decamp.

But the Federal High Court ruled that the four member Assembly before whom the Budget was presented was illegal. The Governor had, earlier been asked to represent the Budget, before a full Assembly even though the State Government has appealed the ruling.

However on Thursday, a story made the rounds in the Social Media  that Fubara has shut down the offices of the NNPCL and other Oil companies in the State in a “tit for tat” manner .

But in a statement issued on his behalf by the State Commissioner for Information and Communication, Warisenibo Joe Johnson, Governor Fubara asked members of the Public to ignore and dismiss the story fir what it is: MISCHIEF.

Following, the statement.

RE: RIVERS STATE GOVERNOR SIM FUBARA SHUTS DOWN NNPCL

“The attention of Rivers State Government has been drawn to a spurious news item circulating on social media on “Gov. Siminalayi Fubara shutting down NNPCL and all oil companies in Rivers State”.

The report was not only false, but a concocted propaganda from the imagination of the author and enemies of the State. The story was also circulated by an inconsequential and unverified medium.

“Governor Siminalayi Fubara is committed to the rule of law and does not rely on unconventional and crude approaches to respond to matters of governance.

We, therefore, enjoin Rivers people and well-meaning Nigerians to discountenance the spurious and fake report as Governor Fubara at no time contemplated and/or directed such needless order of shutting down the economy for any reason.

“Signed

Warisenibo Joe Johnson

Hon. Commissioner for Information and Communications”

Zenith Bank Doubles PBT To N1trn, Gross Earnings Hit Remarkable N2.9trn

0
Zenith Bank Plc
Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118 percent from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024.
 Keen analysts in the sector insist that the performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment, keen sector analysts insist.
According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange, NGX, the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year, YoY,  increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.
The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190 percent rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41 percent  to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period.
 The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share, EPS, nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.
The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42 percent to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46 percent to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.
Capital adequacy ratio remained strong, improving to 21.9 percent, well above regulatory requirements. The return on average equity, ROAE, stood at 37.8 percent, up from 35.1percent, while return on average assets, ROAA, also improved to 4.3 percent as Zenith Bank maximized its asset base. Cost of funds increased to 4.3 percent, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3 percent, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5 percent ,reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.
Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan, NPL, ratio of 4.5 percent, within regulatory limits. A high coverage ratio of 198.4 percent underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.
Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.
The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.
With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

Hunger And Hardship: Prominent Nigerians Intensify Call For Protest Against Tinubu’s Govt

0
Solomon Dalung and Bola Tinubu

Former Minister of Sport, Solomon Dalung has called on Nigerians to protest over the hardship in the country, accusing officials in the administration of Bola Ahmed Tinubu of living large at the expense of poor Nigerians.

The former minister made the remark on his X handle on Thursday amidst tension across the country, as a result of the serious economic challenges.

According to him “protest’ is the language that the government understands, urging Nigerians to wake up from their slumber to put the government on its toes to end the current sufferings.

Dalung’s comment comes barely one month after Rotimi Amaechi, a former Minister of Transportation said Nigerians have abandoned their rights of protest in the face of the hostile policies of the Tinubu’s administration which have made many Nigerians poorer.

The former Minister of Transport had accused Nigerians of docility, saying he had never seen a thing like this, adding that the government will not change its ways if nobody speaks out.

Also, Omoyele Sowore, a social critic and leader of #takeitback has insisted that things will continue to go wrong in the country, except Nigerians took their destinies in their hands by unleashing protest against the administration.

Some prominent leaders in the country, including former President Olusegun Obasanjo, former Head of State, Gen Abdusalami Abubakar had recently spoken out against the government and its policies which they insist have rather impoverished Nigerians rather than improved their living conditions.

Recently too, the Sultan of Sokoto, in his reaction to the situation had advised Nigeria’s Frist Lady, Remi Tinubu to speak to her husband, President Tinubu to do something about the suffering in the land.

The administration has labelled the leaders unpatriotic, accusing Obasanjo, Abdusalami and other former leaders of laying the wrong foundation for the country.

The formers leader are responsible for the sorry state of the country, the administration told them, stressing that it’s trying to revamp the economy they destroyed while they were in office.

The Guardian, one of Nigeria’s leading newspapers, had in its last week’s Editorial, advised the administration to rise up to the occasion, by ending the economic hardship in the country.

The newspaper cited the recent calls for the military takeover of the country amongst Nigerians, as a pointer that many people are not happy and dissatisfied with the way things are presently.

Recall that many Nigerians had in August and October this year took to the streets to expressed their anger against the Tinubu’s administration.

But not a few insist that the two protests did not achieve meaningful results, considering that the situation has even become worse since then.

What led to the hardship, critics of the government insist, include the hike in the pump price of petrol, floating of the naira, amongst others

The administration is also trying to imposed higher taxes as a way of generating revenue, which it said is badly needed to provide critical social services, notwithstanding Nigerians lamentations that the hardship is growing by the day.

The Tinubu’ s administration in its reaction to the complaints, said its ongoing reforms are in the best interest of the country,  urging Nigerians to be patient.

The administration has also urged Nigerians to further tighten their belts as various austerity measures, which it said are necessary to move the country forward are being introduced.

But not a few Nigerians have accused the administration of excessive waste, through the ostentatious lifestyles of many officials in government.

For instance, the administration has come under serious knocks following the purchase of a new multi-billion presidential jet for the president. They had earlier expressed anger after reports that a yacht worth several billions of naira was purchased for the use of the presidency.

Dalung said the actions of the officials of the administration did not reflect the current sufferings in the country, wondering while they shoud be living large at the expense of other Nigerians who they are supposed to be serving.

The former minister said the only way to put an end to this is to unleash the venom of protest on the administration to force it to change its ways.

He also called on prominent Nigerians who have taken part in various protests in the past to lead the people to the streets against the Tinubu’s administration.

It is time for Nigerians to “speak the language the government understands,” he said, stressing that the absence of basic necessities of life has made life more unbearable for Nigerians.

He cited the recent power blackout in some northern part of the country “hunger, poverty” among the reasons while Nigerians must protest against the government.

Dalung said on his X, “Northern states have blackouts added to their predicaments; hunger, poverty & misery has taken citizens hostage. While @officialABAT lavishly lives big with his officials imposing taxes for their comfort while calling Nigerians to sacrifice for renewed hopelessness. Have Nigerians been abandoned by voices of conscience? Where are @Tunde_52882, @WoleSoyink58747, @femifalana_SAN, @ShehuSani, @_dinomelaye’ @YeleSowore, @AishaYesufu, @SolomonDalung, @elrufai, @Akin_Malaolu, @adeyanjudeji, @kfayemi, @ruffydfire, @abati1990, etc?.

“The country is navigating seriously into the abyss. We cannot surrender to the ignorance of a few, while watching Nigeria fall. We must return to the street and speak the languages they understand. What are we scared of death or jail?”

The magazine had earlier reported that 17 of the 19 northern states in the country were denied electricity for days due to the vandalisation of power infrastructure in the region by terrorists and criminals.

The federal government said efforts are in top gear to restore power to the affected areas, even as the Transmission Company of Nigeria, TCN, said on Wednesday that power have already been restored.

Following Amaechi’s  call on Nigerians to protest against the government earlier this month, the administration has accused him of incitement, describing his action as reckless.

The Minister of State for Defence, Bello Matawalle who spoke on behlaf of the government accused the former minister of making an irresponsible statement, noting that the Tinubu’s administration is doing eveything to ameliorate the sufferings, and to  safeguard the peace and security of every Nigerian.

He warned that the government will not lie low while Ameachi and others are trying to destabilize the country.

Matawalle said, “It is both reckless and irresponsible for a former public servant of Amaechi’s standing to incite Nigerians against their own government.

“At a time when President Bola Ahmed Tinubu is working tirelessly to address the challenges facing the nation through various reforms that are yielding results, it is absurd, preposterous and shameful for anyone to exploit the genuine situation of our citizens for selfish political gain.

“We will not allow anyone to fuel violence or manipulate the prevailing situation of our people. Let this serve as a final warning to Amaechi and his cohorts.

“It is expected that Amaechi joins hands with the Federal Government to move the country forward. Rather, he chose to stay aside with myopic assertions.”

Nigerian Workers Still Suffering, Hungry Despite N70,000 Minimum Wage, Says Oshiomhole

0
Adams Oshiomhole

Former National Chairman of the ruling All Progressives Congress, APC, Adams Oshiomhole says the lives of an average government workers in Nigeria has not got better despite the new minimum wage approved by the federal government.

The former APC boss said instead of improvement in the life of Nigerian worker, the new minimum wage has made them even worse in terms of being able to efforts the basic necessities of life.

Oshiomhole spoke on Thursday at the Distinguished Personality Lecture organised by the National Institute for Security Studies, NISS, in Abuja the nation’s capital, saying the aim for approving the new wage by the federal government has failed to materialised.

The former governor of Edo state and President of the Nigerian Labour Congress, NLC,  also questioned the leadership of the labour unions of their members for failing to improve the lives of their members through collective bargaining.

He said the suppression of workers rights to good life  gave rise strike, adding that the unionism had enabled workers in the country to “negotiate collectively.”

The former governor now a senator however stated that the rising inflation in the country has prevented workers in the country to enjoy the benefit of wage increases over the years.

The situation, he further explained has left the workers in the country to be angry and disenchanted with the government.

Senator Oshiomhole said, “Significant disparities exist between minimum and maximum wages across sectors, leading to dissatisfaction among workers. The wealthy often benefit from state protection, while the poor struggle.

“The minimum wage is designed to protect vulnerable workers but is often not enforced. Setting minimum wages too high can risk job losses while setting them too low can lead to exploitation.

“Inflation severely impacts purchasing power, making it difficult for workers to maintain a decent standard of living. Historical comparisons show that many workers are poorer now than in the past, despite nominal wage increases.”

The magazine reported that workers in the country are currently upbeat after some state governments said they were prepared to pay the new wage of N70, 000 to their workers.

Workers’ joy even grwe the more following the decision of some state government to pay above what has been approved by the federal government.

NEC Calls For Withdrawal Of Tax Reform Bills

0
Kashim Shettima - Vice President

By Ayodele Oni

The newly introduced Tax Reform Bills now before the national assembly have continued to generate more reactions from stakeholders.

The presidency has come out to defend the bills, while the northern Governors said that they were targeted at them.

The National Economic Council (NEC), chaired by Vice-President Kashim Shettima and comprising state governors, on Thursday, recommended the withdrawal of the Tax Reforms Bill currently under consideration in the National Assembly.

After a NEC meeting in Abuja, Governor Seyi Makinde of Oyo State addressed state House Correspondents, stating that due to the controversies surrounding the bills, the NEC has opted to withdraw them to ensure that stakeholders are included in the process.

“NEC today took a presentation from the Chairman of the Presidential Committee on fiscal policy and tax reforms.

“Their main focus is fair taxation, responsible borrowing, and sustainable spending.

“The Council acknowledged that the country is underperforming on all indices as regards yield from major revenue sources, also tax to GDP ratio and so on.

“So after extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.”

Update: Nollywood Legend, Pa Olumo Agbako Buried

0
Pa Olumo Agbako Buried

By Akinwale Kasali

The remains of Nollywood Legendary Actor, Pa Charles Olumo Sanyaolu, popularly known as Agbako, has been interred eulogies.

The late Actor was laid to rest today by his families, with some of his colleagues and fans gracing the occasion to bid him farewell.

The burial rites of the centenarian, who also bears Abdulsalam, were conducted according to Islamic tradition at his residence in Sango-Otta, Ogun State on Thursday evening.

Present at his funeral was another Veteran Actress, Idowu Phillips, popularly known as Mama Rainbow and other colleagues, and TAMPAN members who flooded his residence to condole with families and mourn the actor.

The Nollywood actor, who was born on February 19, 1923, in Abeokuta, Ogun State, was a former mechanic at Tinubu Square in Lagos and an amateur boxer, began his acting career in 1953 in Lagos state.

He was renowned for his iconic portrayals of action-packed and villainous roles in Yoruba films, earning him numerous prestigious awards and a lasting impact on the industry.