Connect with us

Economy

Labour Enforces Strike, Cripples Govt, Banks, Schools in Lagos

Published

on

Government offices, banks and public schools were on Thursday closed in Lagos State as the organised labour began its strike over delay by Federal Government in concluding negotiation on a new minimum wage.

The enforcement teams of the organised labour set out from Ikeja to the State Secretariat, Alausa, at 7:20 am and workers who arrived for work were being turned back.

The News Agency of Nigeria correspondents who went round the Lagos metropolis reported that the United Bank for Africa on Lagos-Ibadan express way and Wema Bank in Alimosho were closed.

NAN reports that the enforcement team of the Association of Senior Staff of Banks, Insurance and Financial Institutions led by its President, Oyinkan Olasanoye prevented staff from gaining access to Stanbic IBTC Bank, Ikeja branch.

The ASSBIFI team stormed Polaris Bank (former Skye Bank) on Awolowo Way, Ikeja, as its gate was locked by the union, while workers and customers were prevented from accessing the premises.

Olasanoye said the enforcement was in compliance with the directive of the Trade Union Congress, which ASSBIFI was affiliated to.

She had on Wednesday at a news conference told journalists that ASSBIFI had dispatched letters to all its members in banks across the country, to join the strike.

However, Access Bank in Dopemu and First Bank in Iyana-Ipaja opened for business with many customers carrying out various transactions.

Meanwhile, fuel stations were seen attending to customers, while major roads, including Iyana-Ipaja to Ikeja and Ikorodu Road, were busy with the usual heavy traffic.

It will be recalled that labour demanded N65,000 national minimum, up from the current N18,000.

The wage was subject to negotiation by the 30-man tripartite National Minimum Wage Committee set up by the government in November 2017.

NAN reports that the Minister of Labour, Sen. Chris Ngige, said the tripartite committee would reconvene on October 4, 2018.

Ngige said the meeting would enable the committee continue the negotiation, assuring that the current administration was labour-friendly and would pay the minimum wage once agreed upon.

(NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Economy

Fuel Scarcity: FG Raises 14-Man Panel for Solution

Published

on

By

The Federal Government is meeting with operators in the midstream and downstream oil sector as part of measures towards developing strategic stock for Premium Motor Spirit, popularly called petrol, in key locations across the country.

It said the national strategic stocks would help in addressing the recurring fuel scarcity in Nigeria, as it also announced the constitution of a 14-man committee to find a lasting solution to the disruptions in the supply and distribution of petroleum products.

The Federal Ministry of Petroleum Resources stated that President Muhammadu Buhari, had approved the  constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution Management, which he would personally chair.

The ministry said the move was to find lasting solution to the disruptions in the supply and distribution of petroleum products across the country.

It said the committee had the Minister of State for Petroleum Resource, Chief Timipre Sylva, as Alternate Chairman, as the team would ensure transparent and efficient supply and distribution of petroleum products.

“Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-to-end tracking of petroleum products, especial PMS, to ascertain daily national consumption and eliminate smuggling,” the FMPR stated in a statement.

To ensure sanity in the supply and distribution across the value chain, Sylva directed the NMDPRA to ensure strict compliance with the government approved ex-depot and retail prices for PMS.

The ministry stated that other members of the committee include the Minister of Finance; Permanent Secretary, Ministry of Petroleum Resources; National Economic Adviser to the President; and Director-General, Department of State Services.

Others include the Comptroller-General, Nigerian Customs Service; Chairman, Economic and Financial Crimes Commission; and Commandant-General, Nigerian Security and Civil Defence Corps.

The Chief Executive, NMDPRA; Governor, Central Bank of Nigeria; Group Chief Executive Officer, NNPC Limited; Special Advisor (Special Duties) to the HMSPR; were also listed as members of the committee, while the Technical Advisor (Midstream) to the HMSPR would serve as secretary.

The Punch

Continue Reading

Economy

CBN Raises Interest Rate to 17.5%

Published

on

By

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday.

This is the fifth time the CBN would increase the interest rate despite advice from manufacturers and some key stakeholders.

The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.

However, the CBN stressed that there was a need to keep tightening its fiscal policy.

The CBN keeps the asymmetric corridor at +100/-700 basis points around the MPR.

The CBN also retained the CRR at 32.5 per cent while the liquidity ratio was kept at 30 per cent.

The apex bank had increased the MPR from 11.5 per cent earlier last year to 16.5 per cent across four consecutive rate hikes in 2022.

Continue Reading

Economy

Old Naira Notes: No going Back on January 31 Deadline, CBN Insists

Published

on

By

The Central Bank of Nigeria (CBN) has declared that it will not extend the January 31 deadline for N1,000, N500 and N200 notes to cease being legal tender despite pressure from Nigerians on the need for an extension of the deadline.

The apex bank also warned commercial banks in the country to desist from dispensing the old naira currency through their Automated Teller Machines (ATMs) or face sanction from the bank.

Addressing traders at the Katsina Central Market Thursday on the need to change their old currency, the CBN Director of Currency Operations, Ahmed Bello Umar, said there is no plan to extend the deadline.

The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing old notes to their customers across the country.

But Umar explained that the apex bank has enough new naira currency which have since been distributed across commercial banks for onward disbursement to their respective customers through ATMs.

He added that the management of the CBN has directed that from Friday last week, “all ATMs must carry only new notes. If the banks don’t have the new notes they should not load the old notes”.

He said: “The January 31 deadline is fast approaching and the CBN has no plan to extend the deadline. So, all those who have the old notes should please take them to their banks so that they will be exchanged or credited to their accounts.

“We are going round towns and cities in Nigeria to ensure that all the ATMs are loaded with new notes. And there is relaxation on the policy, they can dispense any of the notes either N1,000, N500 or N200 notes.

Continue Reading

Trending

%d bloggers like this: