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NLC insists nationwide strike, protest to go ahead from September 28

The NLC has set Monday, September 28, 2020, as the date for it’s proposed strike.

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Ayuba Wabba, Why the FG should reverse 6% tenancy, lease stamp duty - NLC

The Nigeria Labour Congress (NLC) has insisted on going ahead with its earlier planned strike and protest, with effect from September 28, 2020, following the failure of the Federal Government to reverse the increases in electricity tariff and fuel price.

According to a monitored media report, this disclosure was made by the NLC President, Ayuba Wabba, after the National Executive Council meeting of the labour organization in Abuja.

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While restating that the proposed strike action by the organized labour would still go ahead next week, he also disclosed that the decision was unanimously taken by the chairmen of the 36 states and FCT chapters of the NLC.

This is coming as the Trade Union Congress of Nigeria (TUC), extended its 7 day strike notice to September 28, to tally with NLC’s deadline for a united labour action against the increase in electricity tariff and petrol pump price.

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While faulting the timing of the increase, the NEC at a meeting held at Labour House Abuja, directed the councils at 36 NLC states and Abuja to intensify mobilization of workers and other Nigerians.

READ: Nigeria’s total debt rises by N10.31 trillion in latest DMO report

Ayuba Wabba, advised the federal government to, in the interest of industrial peace and social order, listen to cries of workers and other suffering Nigerians and rescind the increases, warning that failure to meet the demands would make the planned strike and mass protest inevitable.

He said, “The National Executive Council of the Nigeria Labour Congress comprising members of the National Administrative Council, President and General Secretary of members of the affiliate unions and our state council chairpersons and secretaries of the 36 states and FCT met today (yesterday) and resolved as follows: NEC resolved to reject in its entirety the issue of hike in electricity tariffs by almost 100% as well as the fuel price increase in the name of full deregulation.’’

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READ: NigComSat at risk of losing $150 million Chinese loan over dissolution of FEC 

‘’This decision is premised on the fact that these twin decisions alongside other decisions of government including the increase of VAT by 7.5%, numerous charges being charged by commercial banks on depositors without any explanations will further impoverish Nigerian workers and citizens, including their families.

“Therefore, this increase, coming in the midst of the COVID-19 pandemic, is not only ill-timed, but it is also counterproductive. NEC also observed that the privatization of the electricity sub-sector seven years down the line has not yielded any positive result. Whereas, the entire privatization process, the entire sector was sold at about N400 billion, we are also surprised that government within the last four years injected N1.5 trillion over and above the amount that accrued from this important asset.’’

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

1 Comment

1 Comment

  1. Promise

    September 27, 2020 at 10:24 pm

    I assure you nothing will change. They’re all collaborators in the same movie. Just watch and see the outcome of their closed door discussions, it’s high time the citizens take their faith in their hands and speak out for their common human rights…

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Business

Lagos reaffirms that schools should reopen on January 18

The Lagos State Government has reaffirmed that all public and private schools in the state will should resume next week.

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#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable - Sanwo-Olu

The Lagos State Government has affirmed its earlier pronouncement that all public and private schools in the state below tertiary level should resume on Monday, January 18, 2021, for the second term 2020/2021 academic session.

This clarification by the state government is coming against the backdrop of opposition from some stakeholders and uncertainty amongst parents and students on the resumption of schools.

According to a statement by the Head, Public Affairs, Lagos State Ministry of Education, Kayode Abayomi, on Friday, January 15, 2021, this affirmation was made by the state’s Commissioner for Education, Mrs Folasade Adefisayo.

The Commissioner maintained that the resumption is in line with the Federal Government’s resolution after reaching a consensus with relevant stakeholders.

Adefisayo, while welcoming all to a happy and successful new academic term, urged students and members of staff to stay safe and adhere strictly to COVID-19 guidelines, adding that schools must provide soap, wash hand basin, alcoholic hand sanitisers, thermometers, and other essential items in public and private schools across the State.

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She stressed the washing of hands, wearing of face masks, and maintenance of social distancing must be adhered to in order to avoid further spread of the virus.

She added that, “All schools must ensure strict compliance with subsisting COVID-19 requirements for school’s resumption. Administrators of both public and private schools are expected to ensure full compliance with the guidelines for school’s re-opening in their respective schools as the State’s Office of Education Quality Assurance Team will be on the ground to monitor situations in all schools across the State.’’

What you should know

  • It can be recalled that the Lagos State Government had earlier announced that all public and private schools below the tertiary level in the State should resume for the second term 2020/21 academic session from Monday, January 18, 2021.
  • The state government also advised all schools to come up with flexible plans where students and teachers who feel sick can teach or learn from home through available online platforms, adding that schools should also strive to prevent any COVID-19 infection among all students and staff.

 

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Debt Securities

DMO offers N150 billion worth of FGN Bond for subscription in January 2021

The DMO has offered for subscription, FGN Bonds valued at N150 billion for January 2021.

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Debt Management Office resumes FGN savings bond offer on August 10, Eurobonds, Patience Oniha, DMO, External debt servicing

The Debt Management Office (DMO) has announced the offer for subscription, Federal Government Bonds (FGN Bonds), valued at N150 billion for January 2021.

This is according to a notification released by the DMO and seen by Nairametrics. The latest offers come in three tranches:

  • N50, 000,000,000 – 16.2884% FGN MARCH 2027 (10-Year Re-opening).
  • N50, 000,000,000 – 12.50% FGN MARCH 2035 (15-Year Re-opening).
  • N50, 000,000,000 – 9.80% FGN JULY 2045 (25-Year Re-opening).

Other key highlights of the recent offer

  • Units of Sale: N1, 000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.
  • Auction Date: January 20, 2021.
  • Settlement Date: January 22, 2021.
  • Interest Payment: Payable semi-annually.

What you should know

  • Checks by Nairametrics revealed that the latest FGN Bond offer across three maturities is N90billion more than amount offered in the previous month (December 2020) at N60billion, indicating an increase of 150%.
  • Interested investors were advised to contact offices of any of the listed 13 Primary Dealer Market Makers (PDMMs).
  • The DMO reserves the right to alter the amount allotted in response to market conditions.
  • FGN Bonds are debt securities (liabilities) of the Federal Government of Nigeria (FGN), issued by the Debt Management Office (DMO) for and on behalf of the Federal Government. The FGN has an obligation to pay the bondholder the principal and agreed interest as and when due.

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Business

CAC says defaulting lawyers to face 2 years imprisonment for filing false documents

The CAC has stated that accredited lawyers found culpable for filing false documents will be liable to 2 years imprisonment.

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CAC to implement new technology for business registration, customers to print certificates

The Corporate Affairs Commission (CAC) has announced that any accredited lawyer found culpable for filing a false document in the course of company registration will be liable to 2 years imprisonment.

The new directive follows the relaxation of the strict requirements of the past where its officers need to compare signatures and looked at other documents to validate new filling.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Registrar-General of the Commission, Alhaji Garba Abubakar, at a forum with the Commerce and Industry Correspondents Association of Nigeria (CICAN) on Friday in Abuja.

What the Registrar General of CAC is saying

Abubakar in his statement said that once a document is submitted by accredited lawyers or certified secretaries (customers) on behalf of a company, the commission presumes that those documents are regular and the person that submitted has the authority to act in that capacity.

He said,

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  • If anybody makes any mistake or false declaration or submit any information that is false, that person will be liable to two years imprisonment upon conviction. We advise our customers to ensure they have proper authority to make filings on behalf of companies that engage them. If there is any wrong information or any misstatement in the document submitted, they will be held responsible.’

Abubakar also pointed out that, as part of new regulations to support the new Companies and Allied Matters Act 2020, (CAMA), the new system has placed a lot of responsibilities on the persons submitting documents on behalf of the companies.

What you should know

  • In a bid to improve on the ease of doing business, attract investment and ensure economic growth, President Muhammadu Buhari signed into law the CAMA 2020 in August 2020, to replace the CAMA 1990.
  • It should be noted that the new CAMA 2020 is not an amendment of the old act but rather a re-enactment.
  • The Minister for Industry, Trade and Investment, Adeniyi Adebayo, approved a draft regulation to support the implementation of the new CAMA in December 2020.
  • Also, CAC had given registered companies until April 1 to revalidate their various information and accounts or face sanctions.

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