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FG Budgets N160bn For Civil Servants’ Salary Increase

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The Federal Government has budgeted a total of N160bn this year to take care of adjustments that may arise as a result of the planned increase in minimum wage.

The amount is contained in the 2019 budget proposal which was submitted by President Muhammadu Buhari to the National Assembly.

The 2019 budget has an estimate of N8.83tn made up of N4.04tn for recurrent expenditure, N2.03tn for capital expenditure and N2.14tn for debt servicing, among others.

An analysis of the budget showed that the sum of N160bn had been provisioned to take care of public wage adjustment and salary increases in the Ministries, Departments and Agencies of the government.

The amount is captured under the service wide vote in the 2019 budget document.

The N160bn is also projected to take care of arrears of promotion and severance benefits to civil servants.

Apart from the N160bn, the government has also budgeted the sum of N4.5bn for the payment of retirement benefits to former Heads of Civil Service of the Federation and retired Permanent Secretaries.

Also, about N5bn was budgeted for payment of death benefits for civil servants and men of the Nigeria Police Force.

The entitlements of former Presidents/Heads of State and Vice-Presidents is to gulp N2.3bn in 2019 while retirement benefits for former heads of government parastatals are estimated at about N1bn.

In the same vein, the government is proposing to spend N121.6bn on military pensions, N28.3bn on civilian pensions, N7.4bn on police pensions and N50bn on arrears of 33 per cent increase in pension rates.

The Minister of Budget and National Planning, Senator Udo Udoma, had said the government was committed to increasing the minimum wage.

Udoma had while speaking during the public presentation of the 2019 budget explained that already, provisions had been made in the 2019 budget for the wage increase.

He said, “Government committed to an increase in the Minimum Wage. Provision has been made for this in the 2019 budget.”

He said already, a high-powered technical committee had been set up to advise on ways to ensure that the adjustments in the minimum wage could be funded without necessarily increasing the level of borrowings.

He said the setting up of the committee became imperative so as to minimise any potential threat of wage increase on the level of inflation.

He said, “A High-powered Technical Committee has been set up to advise on ways to ensure that the attendant wage adjustments for those already over the minimum wage can be funded without increasing the level of borrowing.

“The committee is also to advise on ways to implement these consequential adjustments in such a manner as to minimise their inflationary impact.

“The recommendations of the committee will be captured in the Finance Bill to be presented to the National Assembly together with the Minimum Wage Bill.”

 

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AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL

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AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

At the esteemed Choose France Summit 2024, held on Monday, May 13, 2024, Aigboje Aig-Imoukhuede, the Chairman of Access Holdings PLC, was formally appointed as the President of the France Nigeria Business Council (FNBC) by the President of the French Republic, President Emmanuel Macron.

Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.

The France Nigeria Business Council (FNBC) stands as a pivotal coalition of Nigerian private sector business leaders, committed to enhancing bilateral relations between Nigeria and France. Its core objectives revolve around the facilitation of trade, investments, infrastructural development, job creation, and cultural integration between the two nations.

Since its establishment in June 2021 under the auspices of President Emmanuel Macron, the FNBC has diligently utilised its member network to champion investments across key business sectors, fostering cultural understanding and driving economic growth between Nigeria and France. Notably, it has catalysed Nigerian businesses’ ventures into investment opportunities within France.

Comprising 13 distinguished members, the Council boasts prominent figures including Aigboje Aig-Imoukhuede (President), Abdul Samad Rabiu, Gilbert Chagoury, Mike Adenuga, Aliko Dangote, Jim Ovia, Tony Elumelu, and John Coumantaros. Additionally, Kola Karim, Leo Stan Ekeh, Daisy Danjuma, Gbenga Agboola, and Jean Haas serve as integral members, with Jean Haas holding the position of Secretary.

Aig-Imoukhuede’s appointment follows the passing of Herbert Wigwe, the Council’s former President, in February 2024.

Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.

The Choose France Summit is an annual gathering that convenes business magnates, investors, and governmental dignitaries to explore investment prospects within France. The highlight of the Summit was the Presidential Dinner, characterised by high-level engagements and mutual commitments between participating parties.

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ACCESS BANK (SL) LTD STRENGTHENS LEADERSHIP TEAM WITH KEY BOARD APPOINTMENTS, NAMES NEW CHAIRMAN

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank Sierra Leone Ltd (‘Access Bank (SL) Ltd’) has announced the appointment of new executives to its Board of Directors (‘the Board’), further strengthening its leadership team and advancing the implementation of its growth and transformation strategy.

These appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.

Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.

The appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance. Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.

Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.

“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.”

Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter. The Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

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Access Holdings Vests 23.8 million Units of Shares on Senior Executives

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H


In line with the disclosure requirements of the Securities and Exchange Commission and the Nigerian Exchange Limited, Access Holdings Plc , Africa’s leading financial services group, has announced the award of 23.8 million ordinary shares to some of its senior executives and executives of Access Bank, its flagship subsidiary.

This is in pursuant of the terms of its shareholders approved Employees Performance Share Plan.


Bolaji Agbede, the Acting Group Chief Executive Officer of Access Holdings, Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, and six others were vested with 23,883,790 units of the Group’s shares, worth a combined N427.13 million.


This was disclosed via notices duly filed with the Nigerian Exchange Limited on Tuesday.


According to the filings, Ogbonna got the highest amount of shares totalling 12,345,679 units and worth N220.37 million, having been traded at N17.85 per share.


Agbede was vested with 2,216,992 units of shares, valued at N39.795 million.


Other directors, who had shares vested include Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, with 1,234,568 worth N22.16 million; Iyabo Soji-Okusanya, Executive Director, Commercial and Investment Banking Division, Access Bank, with 1,691,308 at N17.95 per share.

Her vested shares are valued at N30.36 million, and Chizoma Okoli, Access Bank’s Deputy Managing Director, Retail South, who got 1,728,395 units valued at N30.85 million.


Dr Gregory Jobome, Executive Director, Risk Management, and Hadiza Ambursa, Executive Director, Commercial Banking, were each vested with 1,728,395 valued at N30.85 and N31.02m respectively.

Access Holdings’ Company Secretary, Sunday Ekwochi, was vested with 1,210,058 units of the Group’s shares worth N21.72m.


The shares were vested on May 3rd and May 6th.


The vesting of the shares is not a purchase or sale transaction in the context of the Exchange’s Rules.

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