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The Labour Strike and FG’s Inertia – The Way Forward

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By Mike Ozekhome SAN

Labour has literally grounded Nigeria – from airports, hospitals, tertiary institutions, to electricity which has plunged the biggest black nation on earth into total darkness. I am in full, complete and total support of the Nigeria Labour Congress (NLC) and the Trade Union Congress’ (TUC)’s current national strike for upward review of the FG’s proposed minimum wage of N60,000 per month. NLC and TUC had also demanded that the government reverses the increase in electricity tariff to N65/KWH. When talks broke down with none of the parties shifting grounds, Labour commenced a strike action on the midnight of Sunday 2nd June, 2024. FG’s proposed meagre salary is certainly not a living wage in today’s Nigeria. At the current parallel market exchange rate of N1,470 to one dollar, the wage being conceded by the Federal Government to labour is a mere $40.82 per month (N60,000), while the NLC and TUC are asking for a whooping N615,500 per month.

By way of comparative analysis with some other countries globally, the monthly minimum wage in the United States is US$1,160 ( N1,705,200); UK £1,376 (N2,528,950); Canada 2,464 CAD (N2,710,400); France £1,539.42 (N2,847,927); Ghana GHC 2,904 (N292,548.96) Rwanda RWF 56,668 (N64,602); South Africa R4,067.2 – R4,412.8 (N322,406.944 – N349,802.656); Botswana P1,168 (N122,056); Germany £1,985.6 (N3,673,360) Australia AUD3531.2 (N 3,490,414.64); Kenya is KES15,201 (N172,683.36). In UAE, there is no general minimum wage as it differs from profession to profession.

However, for skilled Labourers AED 5,000 (N2,019,435); people with University degrees AED12,000 (N4,846,644); qualified technicians AED 7,000 (N2,827,209); South Korea is 2,010,580 Won (N2,161,574.558). China differs from city to city. However, Shanghai is RMB 2,690 per month (N551,181) and Heilongjiang RMB 1,450 (N 297,105). Singapore does not prescribe a general minimum wage for all its workers. However, the minimum Singaporean wage is averaged at 6,792SGD/Month = N7,464,408).

Even though Rwanda and Botswana’s minimum wage per month which is RWF 56,668 (N64,602) and P1,168 (N122,056), respectively, appears meagre, the two countries have since put in place social services that cushion the masses’ suffering and put them on a developmental path. Imdeed, they are two of the fastest growing economies not only in Africa, but also in the world. We do not have such in Nigeria. Nigeria is perhaps the only country in the world that brazenly defies Isaac Newton’s Law of Motion to the effect that “what goes up must come down”. In Nigeria, once prices of good go up, they never come down.
Are these countries and us not living on the same Planet earth? We are, of course.
With the present spirally inflation, N60,000 cannot even buy one bag of rice which today sells for between N80,000 and N120,000 depending on the grade and quality.

What is the way forward from this FG-Labour face-off and stalemate? Part of the solution lies in steering a middle course between labour’s N615,500 per month demand and the FG’s proposal of N60,000 per month. This is more so having regard to the impossibility of the private sector, especially small scale businesses and private professions, having the capacity and economic wherewithal to pay such exorbitant wage. Another solution lies in public office holders making deliberate sacrifices in the midst of public angst and disenchantment by cutting down their ostentatiously vulgar lifestyle of ugly display of opulence and their sheer exhibitionism of wealth in mindless convoys of vehicles in the midst of grinding poverty and wretchedness of the masses. The Nigerian people are not happy at all. Anyone who advises the government to the contrary is nothing but a fawner, bootlicker, ego masseur, toady flatterer and clapper.

PROF. MIKE A. A. OZEKHOME, SAN, CON , OFR, FCIArb, LL.M, Ph.D, LL.D, D.Litt, D.SC, DA, DHL

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A Peep into the World of Nollywood Acctress, Judith Iwu

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Name: Judith Iwu

Age: 42 years old

Place of Birth: Sokoto State, Nigeria

Partner: Ogechi Nwanekwu

Children: Bayo Iwu, Kizito Iwu, Angelica Iwu

Height: 6 feet tall

Award: International Media Personality Award

Career:

Judith Iwu is a renowned Nigerian actress with a distinguished career in Nollywood. Her exceptional acting talent has made her a standout performer in the industry, known for taking on complex roles that captivate audiences.

Notable Movies:

Judith Iwu has starred in several notable movies, including:

“House of Trouble”

“Priceless Woman”

“Nicest Gifts to Men”

“Evil Household”

“Virgins on Fire”

“Agony of Love”

“The Tigress”

These films have showcased her versatility, earning her respect from both peers and fans in the entertainment world.

Award:

Judith Iwu received the prestigious International Media Personality Award, highlighting her contributions not only as an actress but as a key figure in the media space. Her work continues to inspire upcoming talent within the industry.

Ended Marriage:

Judith Iwu’s marriage ended in 2006. After this, she faced the challenge of raising her three children—Bayo, Kizito, and Angelica—singlehandedly. Despite the personal difficulties, she balanced her responsibilities as a mother with her thriving acting career.

Current Partner:

Judith is currently in a supportive relationship with Ogechi Nwanekwu, who plays a significant role in her life. Together, they navigate their shared life while Judith continues to pursue her passions in the entertainment industry.

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Dele Momodu Bags NAOSNP Media Icon of the Decade Award, Thanks ‘Colleagues’

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By Eric Elezuo

Veteran and celebrated journalist, who is the Chairman, Ovation Media Group, Aare Dele Momodu, has been named the National Association of Online Security News Publishers (NAOSNP) Media Icon of the Decade for his contribution to the field of journalism as well as lifting budding journalists to reach their desired heights.

The award was presented by the Minister of State for Police Affairs, Hajia Imaan Sulaiman-Ibrahim, who was the Distinguished Guest of Honour at the occasion, assisted by the Assistant Inspector-General of Police in charge of Zone 2, Onikan, AIG Adegoke Fayoade, President of NAOSNP, Samson Oki and a host of other dignitaries present, at the 2024 National Security Conference of the Association, held at the Oriental Hotel, Lagos,  on Wednesday.

In her remarks at the presentation, the Honourable Minister praised the Ovation boss for his continuous to journalism, projecting African business and political leaders as well as other Nigerians in a positive light.

“We thank you Mr Ovation for all you do and continue to do. You deserve the award, and I happily present it to you,” the Minister, who reminisced with gusto the season Ovation covered her event, said.

In his response, an elated Dele Momodu, expressed gratitude to the executives and members of NAOSNP, whom he modestly described as ‘colleagues’, for considering him for the award, saying that it is always a thing of joy when your own constituency acknowledges your good works, and shows appreciation.

“I thank the members of this association for this award. It is fulfilling when your own colleagues remember you, and support you with an award of thus type. I thank the honorable minister for being available to present it to me. God bless the Federal Republic of Nigeria,” he said with a sense of patriotism.

Born on May 16, 1960, in the ancient city of Ile-Ife, Osun State, Chief Dele Momodu, a distinguished African Journalist of high repute, fulfills the dictates of impeccability in credentials, testimonials and track record.

A publisher, businessman, philanthropist,  and more, he runs the highly rated Ovation International Magazine, a member of the Ovation Media Group, that has given publicity to numerous personalities. Others in his line of publications are Ovation Television and The Boss Newspaper.

Momodu has redefined negative perceptions of Africa, profiling positively African personalities, using his X, Instagram and more, where his followership runs into millions.

A former presidential candidate, Momodu has a degree in Yoruba, from the Obafemi Awolowo University and Doctorates (honoris causa) from various universities, with multiple traditional titles.

He is well traveled, and has visited over 69 countries of the world.

He is married, with four children.

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Kyvatron Revolutionises Arbitrage Trading in Nigeria

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Bayo Chisom Iwu, Founder/CEO of Kyvatron, a multinational arbitrage trading company, is changing the face of investment in Nigeria. Established in June 2022, Kyvatron specialises in sourcing commodities and currencies cheaply in bulk and reselling them at a profit.

Iwu’s vision for Kyvatron began as a solo endeavor, but he soon realised the need for a more professional approach to attract major investors. Today, Kyvatron boasts an impressive portfolio, with operations spanning the US, UK, China, and Nigeria.

The company’s focus on arbitrage trading eliminates risks associated with traditional investments. By sourcing currencies and commodities in bulk, Kyvatron capitalises on wholesale rates and resells at retail prices, generating consistent profits.

Kyvatron’s innovative approach has attracted numerous investors seeking to combat inflation and financial insecurity. The company’s stable trading profits have positively impacted many lives, with returns reaching up to 23% per month.

“We specialise in Yuan Arbitrage trading, sourcing Chinese currency in bulk and reselling for profit,” Iwu explained. “Our profit comes from sourcing things in bulk, and with cryptocurrency, we can move billions of naira quickly and efficiently.”

To mitigate risks, Kyvatron deals with established brands and reputable partners, ensuring secure transactions. The company’s use of stable coins like USDT, pegged to the US dollar, protects investors from market fluctuations.

Kyvatron’s expansion plans include establishing more offices in Nigeria, with a focus on creating awareness about the benefits of arbitrage trading. Iwu aims to make the platform more robust, enabling users to pay suppliers directly and facilitating international trade.

“We’re filling a gap in the market, providing a secure and profitable investment opportunity for Nigerians,” Iwu said. “Our goal is to make Kyvatron a household name, synonymous with trust and reliability.”

With its innovative approach and commitment to investor satisfaction, Kyvatron is poised to revolutionise Nigeria’s investment landscape.

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