Category: Economy

  • NGX Group to open e-offering platform for recapitalisation exercise

    E-offering
    By Rukayat Adeyemi
    SEC officials and Capital Market top officials at a news conference at the stakeholder engagement session for the unveil of the NGX E-Offering Platform held on Wednesday in Lagos.

    Lagos, June 26, 2024 (NAN) In preparation for the bank’s recapitalisation exercise, the Nigerian Exchange Group Plc (NGX Group) has concluded plans to unveil an e-offering platform, subject to the approval of the Securities and Exchange Commission (SEC).

     

    The News Agency of Nigeria (NAN) reports that the digital platform is designed to revolutionise public offerings and the rights issue process in the Nigerian capital market.

     

    It provides a smarter, more convenient and efficient way to manage public offers.

     

    Mr Temi Popoola, Group Managing Director of NGX Group, said this at a news conference and stakeholder engagement session held on Wednesday in Lagos.

     

    Popoola stated that the platform marked an important moment in the evolution of the Nigerian capital market.

     

    He added that with the support of SEC and other capital market stakeholders, the Exchange had developed an end-to-end digitised market infrastructure platform.

     

    According to him, the platform will distribute financial products, particularly for public offers and rights issues, using an online platform that provides a level playing field for all participants.

     

    Popoola noted that as banks aimed to fulfil their revised minimum capital requirements via primary markets, SEC and NGX Group had committed to facilitating a seamless process to help them and other issuers meet their business objectives.

     

    “This partnership between SEC and NGX Group represents a major advancement in the modernisation of Nigeria’s capital market infrastructure.

     

    “It aims to improve efficiency, transparency and accessibility for all participants in the market.

     

    “This innovative platform represents a significant advancement in digitising the capital raising process for issuers.

     

    “I can assure the investing public that robust payment systems, comprehensive Know Your Customer (KYC) protocols and strong fraud, and risk management measures are fully integrated into the platform.

     

    “The E-offering platform ensures that standard capital market intermediation is upheld without compromise,” he said.

     

    Popoola noted that the e-offering platform, designed to increase retail engagement in the capital market would enhance financial inclusion.

     

    According to him, it will also expand the available capital pool in line with the transformation goals specified in the updated capital market master plan.

     

    The GCEO NGX Group added that stakeholders were expected to enjoy enhanced efficiency, streamlined due diligence capabilities, accessibility, faster information dissemination, and seamless compliance.

     

    He, however, noted that it would be with regulatory requirements, among other benefits on the platform.

     

    The managing director assured stockbrokers of their integration into the digital platform.

     

    Popoola emphasised that the platform was designed to accommodate them and not aimed at dismissing their role in the chain of offering trading nor denying them of their financial benefits and bonuses.

     

    In his address, Dr Emomotimi Agama, Director-General of SEC, commended the NGX Group and its partners on the initiative.

     

    Agama said that the digital transformation initiative was a testament to a shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in tthe industry’s master plan.

     

    He noted that by leveraging technology, regulators and operators can attract the younger generation of investors, enhance regulatory oversight, and create a world-class market.

     

    Agama said: “This digitization platform will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market’s support for the achievement of the one trillion dollar economy target of the current administration.”

     

    In his remarks, the NGX Group Chairman, Dr Umaru Kwairanga, appreciated SEC for its support in digitalising the capital market while urging all stakeholders to embrace the E-offering initiative.

     

    Kwairanga stated that although the initiative was coming at a period when banks were directed to recapitalise, noting that the NGX Group had been working on achieving this feat for the past six years.

     

    He said: “It is important that we all embrace this initiative and remove paper applications from our market to bring more retail investors on board.

     

    “We cannot continue to have less than 100,000 retail investors on our platform in a country with a population of more than 200 million people.” (NAN)(www.nannews.ng)

     

    RUKY/AWA
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    Edited by Olawunmi Ashafa

     

     

     

     

     

  • $27.2bn Escravos Seaport awaits FG’s validation

    From.L-R The Port Project Director of MMCC, Mr Asubet Udebu; Amb. Adenike Okonga; the Master Planner Developer of Escravos Project, Mr Alan Davies; the Chairman of Mercury Maritime Concession Company, (MMCC),Rear Adm. Andrew Okoja (rtd); Project Consultant; Prof. Charles Asenime; and Director MMCC Mr David Egbema during a news conference in Lagos on Wednesday.

    Seaport
    By Aisha Cole
    Lagos, June 26, 2024 (NAN) The Chairman, Mercury Maritime Concession Company (MMCC), Rear Adm. Andrew Okoja (rtd), said the Delta Government had revalidated the approval of Escravos $27.2 billion Seaport project, while waiting for Federal Government’s validation.

    Okoja, the Developer and Lead Promoter of the Escravos Port project made this known at a news conference in Lagos on Wednesday.

    He said that the Delta Government had granted the approval of the revalidation of the project to the developer of the proposed $27.29 billion Escravos Industrial Complex (ESIC) project in Delta.

    He said the developer had received assurance from the Federal Government that the revalidation of the earlier granted provisional approval would soon be granted.

    “We have received a revalidation from Delta State Government, which was communicated to us early this week.

    “We are also in touch with the Ministry of Industry, Trade and Investment, the supervisory ministry for this project and they have assured us that the revalidation of the Federal Government would be granted before the expiration of the June deadline that the project financier gave us.

    “The project will run across eight ministries including the Ministry of Solid Minerals, the Ministry of Works, the Ministry of Marine and Blue Economy and the Ministry of Power,’’ Okoja said.

    According to him, the port developer and its partners are bringing a development fund of $27.2 billion to support the present administration in its drive to attract foreign direct investments, develop the economy and create jobs.

    He called on stakeholders as well as state governments at different levels to join hands to build Nigerian economy by creating an enabling environment for the port project to thrive for the growth of the nation’s economy.

    Okoja said the developer had also secured both financial and developmental partners.

    “The EDIB International of Hong Kong had expressed willingness to invest in the project as the financial partner for the port project that will be located on 31,000 hectares of land in Escravos (Gbaramatu Island/Omadino) Warri South-West Local Government Area of Delta State.

    “The port project will open up Delta State and seven other states including FCT Abuja to international investors in the area of trade, commerce and industry.

    “The project also involves building seven inland dry ports in Bayelsa, Imo, Delta, Edo, Kogi and Abuja and that all the deliverables would be achieved within five years of commencing construction,” he said.

    The Port Project Director of MMCC, Mr Ausbet Udebu, said the project involved one deep seaport, inland ports in seven states, such as Bayelsa (Nun river), Imo (Oguta lake), Delta (Okegbele), Edo (Inyele), Delta (Ebu), Kogi (Idah) and FCT Abuja.

    Udebu said the project involved building an intermodal transport system for cargo evacuation including 45km coastal roads, 150km rail line that would connect existing Warri-Ajaokuta-Itakpe railway and 600km of marine network.

    He said there would be an independent power infrastructure that involved 2,000 megawatts of Independent Power Project (IPP), two 500 megawatts of IPP in two inland ports and five 250 megawatts of IPP in five inland ports.

    Udebu said that there would be a Free Trade Zone, an industrial park and a Central Business District.

    He explained that Anambra and Niger would have equity ownership in the ESIC project.

    He said the project would be executed through a Joint Venture Partnership with a Nigerian firm, Mercury Maritime Concession Company Ltd. (NAN)(www.nannews.ng)
    AIC/AJA
    =======
    Edited by Adeleye Ajayi

  • NDLEA seeks more collaboration with sister agencies to stop drug trafficking

    The Assistant Controller, Immigration, Marine Command, Apapa, Mr Samuel Adewunmi, Area Commander, Tincan Island Ports NDLEA, Mr Muhammed Abubakar, Commander NDLEA Apapa ports, Mr Noah Udotong, the CEO, SNIV Polymers Ltd., Mr Ishwar Sewawi, the Assistant Commander General of Narcotics, Mrs Florence Ezeonye,during the Grand Finale of 2024 International Day Against Drug Abuse and Illicit Trafficking.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Collaboration

    By Aisha Cole

    Lagos, June 26, 2024 (NAN) The National Drug Law Enforcement Agency (NDLEA) has called for more collaboration with enforcement agencies and other relevant stakeholders to stop drug trafficking in Nigeria.

     

    The Apapa Commander, NDLEA, Mr Noah Ndutong, made the call on Wednesday in Apapa during the Grand Finale of the 2024 International Day Against Drug Abuse and Illicit Trafficking.

     

    The News Agency of Nigeria (NAN) reports that June 26 is observed as the International Day Against Drug Abuse and Illicit Trafficking.

     

    The theme for the year is “The evidence is clear, invest in prevention”.

     

    Ndutong emphasised that joint efforts from stakeholders would ease the work of the NDLEA as the agency was determined to strengthen action and cooperation to achieve the international goal of freeing society from drug abuse.

     

    He noted that nearly every family had been affected by drug abuse in some way and warned that the chances of overcoming drug abuse were slim.

     

    “The menace keeps depleting our workforce. Nigerians should invest more in preventing drug abuse.

     

    “Preventing drug abuse entails public enlightenment and sensitisation, among other measures. Our agency will drive drug dealers out of business faster with more synergy from other sister agencies.

     

    “Drug dealers won’t enjoy their businesses as they will all spend their time in jail. Drugs are a major contributor to crimes and criminality in the country,” Ndutong said.

     

    The Customs Area Controller, Apapa Command, Comptroller Babatunde Olomu, represented by Assistant Comptroller of Customs, Uchenna Agomuo, said that drug abuse hinders national development.

     

    According to him, Apapa Command aligns with NDLEA in the fight against drug abuse.

     

    “Drug abuse fuels insecurity, among other crimes and together, we can fight it. So, I urge all hands to be on deck to achieve our target of zero tolerance for drug trafficking,” Olomu said.

     

    The 23rd Commander of Nigerian Navy Ship (NNS), Commodore Rafiu Oladeji, urged everyone to support the fight against drug abuse, calling it a global menace.

     

    He commended the NDLEA for involving more youths and students in the awareness campaign, which he added would help reduce the rate of drug abuse in society.

     

    The Assistant Commander General of Narcotics, NDLEA, Mrs Florence Ezeonye, urged youths to prevent themselves from engaging in drug abuse rather than seeking cures after addiction.

     

    In his closing remarks, the Area Commander of Tincan Island Ports, NDLEA, Mr Muhammed Abubakar, commended the sister agencies and other stakeholders for their participation.

     

    He said that their collective efforts had contributed to a massive turnout of stakeholders and youths in the sensitisation campaign against drug trafficking.

     

    Abubakar urged Nigerians to join hands with the government to stop drug abuse and drug trafficking in the country. (NAN)(www.nannews ng)

    AIC/AWA
    ========
    Edited by Olawunmi Ashafa

    A cross section of the corp members student and other stakeholders during the Grand Finale of 2024 International Day Against Drug Abuse and Illicit Trafficking
  • Consolidated Hallmark pays N542m total dividend, N5.10bn claims in 2023

    Dividend
    By Rukayat Adeyemi
    L-R: Group Executive Officer Consolidated Hallmark Holdings PLC, Mr Eddie Efekoha, Chairman, Mr Shuaibu Idris and Company Secretary, Ms Rukevwe Falana at the inaugural AGM of the Holding on Wednesday in lagos
    Lagos, June 26, 2024 (NAN)Consolidated Hallmark Holding Plc has declared a total dividend of N542 million for the financial year ended Dec. 31, 2023, which was approved by its shareholders.

    Mr Shuaib Idris, Chairman of the Board of Directors, disclosed this at the inaugural Annual General Meeting (AGM) of the company, which became a holding company in November 2022.

    Idris said that the amount translates to a dividend of five kobo per ordinary share of 50k, payable and subject to the appropriate withholding tax.

    “Upon your approval of the proposed dividend, the bank accounts of qualifying shareholders who have updated their records with the Registrars shall be credited beginning from the end of this meeting.

    “Our commitment to adequate returns on investments to our shareholders through consistent dividend payment remains firm, and we shall stay focused on that pathway,” he said.

    On the company’s financial performance for the past year, the chairman stated that the firm’s insurance revenue rose by 32 per cent to N15.7 billion in 2023, from N11.9 billion recorded in 2022.

    Idris said that the company’s total assets increased significantly to N26.2 billion, compared to N18.2 billion in 2022, indicating a 44 per cent increase.

    He stated that the holding’s pre-tax profit also grew to N4.6 billion in 2023 from N983 million in 2022.

    According to him, the total profit attributable to the company’s shareholders for the year under review stood at N3.8 billion, up from N547 million recorded in the previous year.

    The chairman said that despite the odds in the year under review, the company was able to record significant improvements in key financial indicators during the 2023 financial year.

    Idris noted that, like other years, factors impacting the company’s performance transcended the local scene, with some stemming from the international space.

    “Major factors which greatly impacted the operations of companies in the Nigerian business environment during the year under review include instability in power supply and unprecedented devaluation of the Naira.

    Other were sharp increases in prices of petroleum products, money and equities market and high inflation with its impact on the purchasing power of the populace,” he said.

    Idris further stated that the Nigerian insurance industry, which is the primary industry of the holding’s major subsidiary, saw remarkable growth during the financial year, hitting the one trillion Naira mark in premium income for the first time in 2023.

    He attributed some of the success to the increase in the premium rate for Third Party Motor Insurance from N5,000 to N15,000 by the National Insurance Commission (NAICOM), effective Jan. 1, 2023.

    However, the chairman noted that inflationary trends and foreign exchange crises negatively impacted the disposable income of insurance buyers.

    On the holding’s future outlook, Idris said that the company, though a non-operating holding company, would strive to effectively carry out its primary functions of maintaining control over its subsidiaries.

    Idris disclosed that the company would also establish additional investments in diverse sectors where opportunities arise, protect the group’s assets, and provide strategic direction.

    In his address, Mr Eddie Efekoha, the Group’s Chief Executive Officer (GCEO), said the group’s claims settlement in 2023 was N5.10 billion, compared to N4.47 billion in 2022.

    Efekoha stated that the group remained committed to prompt claims settlement across health insurance, micro life assurance, and general business and special risk insurance.

    “One of our major strategies remains the prompt payment of fully documented claims; hence, the amount expended on claims has risen significantly over the years as we fully meet our obligations.

    “This has continued to endear us to our clients in retail, corporate, and brokerage. We have further simplified processes using technology to fast-track the claims,” he added. (NAN)(www.nannews.ng)

    RUKY/AWA
    ===========
    Edited by Olawunmi Ashafa
  • CAC, insolvency assoc. strengthen ties to boost service, develop economy

  • Rep to establish complaint desk to address electricity issues

    Desk

    By Constance Athekame /Khadijat Ahmed

    Abuja, June 26, 2024(NAN) Rep Joshua Obika, representing Abuja Municipal (AMAC)/Bwari Area Councils in the House of Representative says he plans to establish a legislative complaint desk to address electricity issues in his constituency.

    Obika said this on Wednesday at the AMAC/Bwari Legislative Intervention Workshop on Electricity Consumer Protection in Abuja.

    The theme of the workshop titled “Applying Legislative Instrument to Enhance Implementation of Electricity Consumer Protection Provisions of Electricity Act 2023 in AMAC/Bwari Federal Constituency.

    “It is my duty as a representative of the people to channel people’s complaints to the Abuja Electricity Distribution Company (AEDC) to do the needful as we can no longer accept disservice to the people.

    He said that the complaint desk would enable his office to have all complaints and make sure the issues are taken up with AEDC whose responsibility is to solve the problems.

    “There is a signed contract that gives AEDC the powers, so AEDC has to meet up its obligation to the people and that is why I am here to make sure it happens.

    “All the laws are already in place and in this country; our problem most times is not the law but the implementation. So, the people saddled with the job to ensure proper implementation must do it.

    “I am giving the AMAC and Bwari constituency the opportunity to come up with their complaints in time pass, maybe their complaints were not attended to but this time around it will be different, ‘’ he said

    Obika urged all community leaders to encourage their people that have electricity challenges to submit written complaints to the office for proper handling of the issues.

    He said that legislative representation was better achieved through regular consultation with constituents.

    According to him, this will enable the lawmaker to understand details of the matter by hearing from the institutions whose responsibilities are to carry out oversight and investigation.

    “And to also hear from his constituents who are on the demand side of the governance curve. This process will enable the lawmaker to make informed decisions on the right legislative action to follow.’’

    The lawmaker said he received numerous complaints concerning electricity billing, metering, disconnection, handling safety standards and absence of electricity in some rural communities due to infrastructural challenges, amongst others.

    Obika said that he had consulted with stakeholders in the power sector to find a way of resolving these complaints.

    In his keynote address, Prof Sherif Ibrahim, Head of Department, Political Science and International Relations, University of Abuja, emphasised the need to protect the rights of consumers.

    Ibrahim said, “that is why there is the need for perpetual monitoring and evaluation of laws to ensure they are checked and implemented.

    “Members of the legislature can synergise with the members of the executive as well as the institutions of judiciary in making sure that these legislations are implemented.

    “They should also ensure punitive measures or penalties are imposed on those who fail in their responsibilities.’’

    Ibrahim said that it was good that the members of the legislature have an obligation in terms of oversight function to ensure the protection of right of consumers as it relates to power consumption.

    He said that areas through which the consumers should maintain and fulfill all their obligations had also been identified.

    “Especially at protecting the power installations as well as payment of their monthly or quarterly bills.

    “As well as cordiality in their relationship with their officials who come to supervise or inspect power facilities and installations, ‘’ he said.

    On his part, Mr Dalahatu Musa, the Commissioner, FCT  Public Complaint Commission, said that his office was partnering with the legislature to ensure that the right thing was done.

    Musa said that the era of government and private agencies going away without doing the right thing was gone.

    “We are joining hands with Rep Obika and other government agencies to check some of these abnormalities.

    ` I have told him that my office is ready to partner with his office to make sure people get the services they paid for. The worst is that these services are not free. We paid for these services, so they must be rendered,’’ he said.

    Mr Princewill Okorie, Special Adviser, Consumer Affairs and Public Complaints to Rep Obika, said that the workshop was a pilot one.

    According to him,   it is expected that members of the House of Representatives going by the section 88 of the constitution that gave them the power of oversight and investigation function would be able to carry out consumer engagement in their constituencies.

    He said that this would enable the lawmakers to know the way consumers are served in their various constituencies.

    “By so doing, legislative activities that will improve the sector based on consumer information,’’ he said.  (NAN)(www.nannews.ng)

    COA/ADA

    Edited by Deji Abdulwahab

  • KDSG, JTB train North-West tax officers on tax audit, compliance, enforcement

     

    Training

    By Sani Idris

    Kaduna, June 26, 2024(NAN) The Kaduna State Government, in collaboration with the Joint Tax Board (JTB), has begun a three-day training for tax officers drawn from the North-West region on tax audit, compliance and enforcement.

    Speaking at its opening on Wednesday in Kaduna, the Executive Chairman of the State Internal Revenue Service (KADIRS), Mr Jerry Adams, said tax audit and investigation were critical components of an effective tax administration system.

    He said that they ensure compliance, promote transparency, and deter tax evasion, thereby safeguarding the revenue that is vital for the development of the state and nation in general.

    Adams, therefore, said,”The training programme has been designed to equip
    tThe tax officers with the necessary skills, knowledge, and tools to carry out the
    functions with utmost efficiency and integrity.”

    He described tax officers as the custodians of the public trust, responsible for ensuring that all taxable entities fulfill their obligations.

    Adams added that their work directly impacts the government’s ability to provide essential services, build infrastructure, and foster economic growth.

    The executive chairman said the complexities of tax administration demand continuous update of skills and adapt to new challenges.

    He, therefore, said the training provided an excellent opportunity
    to learn from experts, share experiences, and adopt best practices in tax audit and investigation.

    “This training is a testament to our commitment to professional
    development and excellence.

    ”By investing in our human capital, we are not only enhancing our capacity to perform our duties but also reinforcing the foundation of trust and accountability that is crucial for a robust tax system,” Adams added.

    The executive chairman emphasised the importance of collaboration and synergy among tax authorities in the North West region.

    He stressed, “By working together, sharing Information and supporting each other, we can overcome common challenges and achieve our collective goals more effectively”.

    Adams urged all the stakeholders to remain steadfast in their commitment to upholding the highest standards of professionalism, integrity, and transparency.

    “The knowledge and skills you acquire during this training will not only enhance your personal competence but also contribute significantly to the overall efficiency and
    effectiveness of our tax administration,”he said.

    Adams thanked  JTB for its dedication to improving tax administration through continuous learning and capacity building.

    Speaking to newsmen after the opening, the Secretary of JTB, Mr Olusegun Adesokan, said they conducted a need assessment of some sub-national revenue authorities.

    He said that they have realized that their first skills-gaps were tax audit, investigations, compliance and enforcement.

    Adesokan, therefore, said the training was a response to the identified gaps, which would ensure the tax officers from the zone acquired the knowledge and skills in the identified tax operations.

    He stated that scaling up the knowledge and skills of the tax officers would translate to more revenue to their respective states.

    Adesokan added that JTB had organised the training all over the country, where they started with the South-South zone, North-Central and would also cover the North-East, South-West and South-East.

    Speaking on tax evasion, the secretary said it was caused by lack of data by the revenue authorities.

    “One of the things we do at the JTB is to mobilize data for the revenue authorities. We are working on drawing data which we will share with revenue authorities so they can see the economic activities of taxpayers.

    “Tax payers will no longer be able to hide their incomes and activities from the authorities.

    ”This training will equip the tax officers on engagement on the field to pick information they require to access tax payers,”he said.

    Earlier declaring the training workshop open, the Deputy Governor of the state, Hajiya Hadiza Balarabe, urged all the participants to remain steadfast in their commitment to upholding the highest standards of professionalism, integrity, and transparency.

    She said the knowledge and skills they would acquire during the training would contribute significantly to the overall efficiency and effectiveness of tax administration in the region.

    Balarabe restated Gov. Uba Sani’s commitment to the development of the state and improving the lives of the citizens.

    She, therefore, urged the people of the state and the NorthWest in general to ensure voluntary tax compliance so as to energise the government to do more for the development of the people.(NAN)(www.nannews.ng)

    SA/BRM
    =============

    Edited by Bashir Rabe Mani

  • Significant improvements in Africa’s risk management- Expert

    Risk
    By Rukayat Adeyemi

    Ms Chukwunomnso Anyichie, Chief Risk Officer of Coronation Group Ltd.

     

    Lagos, June 26, 2024 (NAN) The Chief Risk Officer of Coronation Group Ltd., Ms Chukwunomnso Anyichie, on Wednesday, said risk management had significantly improved within the African continent.

     

    Anyichie stated this in an interview with the News Agency of Nigeria (NAN) in Lagos.

     

    While assessing risk management practices, she offered strategies for enhancing its implementation and compliance across financial institutions in Africa.

     

    According to her, many improvements in risk management were largely driven by regulators within the banking, insurance, pensions, and Securities and Exchange Commission (SEC) sectors.

     

    “The regulators have continued to roll out risk management frameworks in line with international best practices that operators have to abide by.

     

    “The service management frameworks, or ISO 31,000 frameworks, have been a basis for the development of risk management frameworks across all our different financial sectors.

     

    “Whether in South Africa, Nigeria, or Kenya, where we have large financial centres, we have had significant implementation around risk management due to financial crises,” she said.

     

    Anyichie noted that the SEC recently sent out a circular on the implementation of Enterprise Risk Management Framework Standards, the COSO and the ISO.

     

    The commission now has proper oversight over the risk environment and practices of all capital markets operators.

     

    She highlighted that the Coronation Group, within its ecosystem, had already implemented the Enterprise Risk Management Policy and frameworks with board-approved policies.

     

    This, she said, was in compliance with the regulator’s directive and in line with global best practices.

     

    Anyichie listed the common risks that financial institutions in Africa face, including credit, market, operational, regulatory, and political risks.

     

    She explained that the top risks in the continent were led by political instability and policy changes that impact the businesses and operations of financial institutions.

     

    “The political risk is also tied to regulatory risk because the regulators ensure implementation of best practices to improve the economic and financial systems,” she said.

     

    In managing risk, Anyichie advised institutions to ensure controls such as financial control, board oversight, and education, with a synergy of the finance and compliance functions.

     

    She also urged financial institutions to build professional relationships with their regulators, as the African culture values such relationships.

     

    Anyichie emphasised the importance of leveraging technology to protect businesses from cyber-attacks and carrying out stress testing to enhance business resilience.

     

    She said, “For example, at Coronation, we are forward-looking and have been pushing out lots of initiatives, products, and services to help our customers build wealth.

     

    “Hence, we regularly engage our regulators by having conversations, building relationships, and giving them insight into what we are up to and how to meet the requirements before we roll out.

     

    “For example, we are the first Securities and Exchange Holding Company in Nigeria and got the license last year.” (NAN)(www.nannews.ng)

    RUKY/KOO/AWA
    ================
    Edited by Kevin Okunzuwa/Olawunmi Ashafa

  • Civil servants decry delayed payment of salary increase, minimum wage implementation

    Wage

    By Kadiri Abdulrahman

    Abuja, June 26, 2024 (NAN) Some civil servants have decried the delay in payment of approved salary adjustments for civil servants on the consolidated salary structure, as well as the prolonged minimum wage negotiations.

    The civil servants spoke to the News Agency of Nigeria (NAN) on Wednesday in Abuja.

    Dr Uche Anunne commended President Bola Tinubu for approving the increase of between 25 per cent and 35 per cent salary increase for civil servants on the six consolidated salary structures.

    He urged the government to expedite action on its implementation to help the workers ameliorate the present economic hardship.

    “It is a good thing the president appreciates that there is the need to provide some palliatives by way of adjustment and harmonisation of salaries of public sector workers at the federal level.

    “However, I wish the president could expedite action in that regard because, as it is now, many Federal Government workers are passing through difficult times arising from certain policy adjustments.

    “I know that it is usually not very easy to negotiate and agree on sensitive issues like the minimum wage, the two parties, the Federal Government and the labour unions, have sound arguments.’’

    According to him, the president can consider the implications of salary adjustment and its sustainability, as well as the ability of state governments to pay.

    “It is good that they are driving an inclusive approach to the negotiation process.

    “But salary adjustment for workers is long overdue; I call on the president to take urgent steps to ensure that the minimum wage impasse is resolved as quickly as possible.

    “While workers continue to wait for salary adjustment, issues bothering on family expenses are not waiting; they are daily requirements.

    “The long wait for a living wage in the midst of rising cost of goods and services is actually affecting the productivity of workers,” Anune said.

    He said that the N250, 000 minimum wage figure of the labour unions should be acceptable to all workers since the unions represented the workers.

    Another civil servant, Mr Joseph Edeh, said that the delay in implementation of the salary adjustment and the prolonged minimum wage negotiations were unfortunate.

    According to Edeh, what Nigerians are going through presently does not warrant such delay.

    “And the communication gap is fuelling a lot of suspicion; nobody knows the reason for the delay.

    “There is the need for better communication so as not to put Nigerians in the dark.

    “The labour unions have done well and they need to be encouraged as they try to negotiate a decent wage for the workers,” he said.

    Mrs Dorcas Jonah appealed to the Federal Government to “try and do the needful” by effecting payment of the salary adjustment.

    According to her, the prevailing economic hardship is taking its toll on civil servants and their families.

    “A lot of civil servants would have planned on the money and it would have gone a long way to help those who have children going back to school.

    “So many civil servants now survive on loans; delaying the payment is not helpful at all,” she said.

    She urged the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) not to relent in their struggle for a decent living wage for the Nigerian worker.

    “There is a plethora of things to agitate for; the price of everything has skyrocketed; the labour unions should not relent,” she said.

    Angela Atabo, another civil servant, said that the delay in implementation of the various increases in salaries was counterproductive to the workers.

    “On workers’ day, we had hoped that a new minimum wage would be announced but our hopes were dashed because the issue was not even mentioned.

    “The 25 per cent and 35 per cent salary adjustment was announced, and civil servants have been planning on it

    “We can only urge the government to expedite action on implementation,” she said.

    Meanwhile, the Director of Press, Office of the Accountant General of the Federation (OAGF), Mr Bawa Mokwa, said that the wage adjustment had been approved.

    Mokwa said that its implementation was awaiting a directive and cash backing by the Federal Ministry of Finance and National Planning.

    He urged civil servants to exercise a little more patience as all issues relating to salary adjustment and minimum wage would soon be resolved.

    NAN reports that aside from negotiations for a new minimum wage, the Federal Government had approved between 25 per cent and 35 per cent salary increase for civil servants on the six consolidated salary structures.

    The salary increase, announced on April 30, the eve of the workers’ day celebration, was contained in a statement issued by Emmanuel Njoku, head of press, at the National Salaries, Incomes and Wages Commission.

    The statement said the increase would take effect from Jan. 1.

    The six consolidated salary structures affected are consolidated public service salary structure (CONPSS); consolidated research and allied institutions salary structure (CONRAISS), and consolidated police salary structure (CONPOSS).

    Others are consolidated para-military salary structure (CONPASS); consolidated intelligence community salary structure (CONICCS); and consolidated armed forces salary structure .

    The Federal Government also approved an increase in pension of between 20 per cent and 28 per cent for pensioners, on the defined benefits scheme with respect to the six consolidated salary structures.

    Health workers, academic and non-academic staff working in federal tertiary institutions are not included in this latest salary increase.

    In July 2023, the Federal Government approved a 25 per cent salary increase for health workers under the consolidated health salary structure (CONHESS), and consolidated medical salary structure (CONMESS).

    In September 2023, the Federal Government also announced a percentage increase in salaries for academic and non-academic staff of all tertiary institutions across the country. (NAN)(www.nannews.ng)

     

    KAE/CJ/

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    Edited by Chijioke Okoronkwo

  • U.S. supports AfDB’s $117bn capital increase

    US supports AfDB’s $117bn capital increase

    Capital
    By Lucy Ogalue

    Abuja, June 26, 2024(NAN)The United States (US) has joined shareholders in endorsing a general callable capital increase (GCCI) of up to 117 billion dollars (about N175.5 trillion at N1,500 per dollar) for the African Development Bank( AfDB) Group.

    The AfDB in a statement said the US recognised the bank and its African counterparts as key partners in fostering prosperous, inclusive, resilient, and integrated development.

    The News Agency of Nigeria (NAN) reports that the bank has undertaken several initiatives to support financing across Africa.

    The AfDB is noted for its leadership in financial innovation, being the first multilateral development bank to issue hybrid capital to the private sector.

    The US Assistant Secretary for International Trade and Development Alexia Latortue, said the US supported the GCCI to ensure sustained financing levels for the continent.

    Latortue said this became eminent following the multiple external shocks affecting the AfDB’s balance sheet.

    “We furthermore applaud AfDB’s completed delivery of policy commitments under the 7th General Capital Increase and welcome the Bank’s new Ten-Year Strategy.

    “This positions the AfDB to continue delivering quality infrastructure for Africa as well as tackling global and regional challenges such as climate change and fragility.

    “The United States is proud to stand together with AfDB and our fellow shareholders in support of a prosperous, inclusive, resilient and integrated Africa.

    “The US commitment to the AfDB is rooted in our shared development agenda. An agenda that strives for economic development in Africa that is inclusive, sustainable, and lifts people out of poverty,” she said.

    Latortue said:” in our shared agenda, high-quality jobs and sustainable economic development have the potential to transform economies and change lives.”

    During the AfDB’s Annual Meetings, Governors reviewed progress on the Bank’s evolution journey, and discussed ways to enhance private sector engagement and mobilisation.

    The governors also approved additional measures aimed at strengthening the AfDB as a preferred partner on the continent.(NAN)(www.nannews.ng)

    LCN/AOM/EAL

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    Edited by Abdullahi Mohammed/Ekemini Ladejobi