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Federal Government Offer N27, 000 Minimum Wage

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Eniola Olayemi

 

Yesterday’s approval of N27, 000 as the minimum wage for states and N30, 000 for federal workers, the stage is set for the stage for the transmission of a New National Minimum Wage Bill to the National Assembly.

Labour & Employment Minister Chris Ngige briefed reporters at the State House in Abuja on the outcome of the Council of State meeting, chaired by President Muhammadu Buhari.

According to him, the bill approved by the Council includes N30, 000 minimum wages for federal workers and N27, 000 as the minimum for states and the private sector.

The proposal, he said, will cover employers of labour with minimum of 25 workers.

The Federal Executive Council (FEC) and the National Economic Council (NEC) had earlier met to consider the bill, which Senator Ngige said will be transmitted to the National Assembly today.

He said that the concerned committees in the National Assembly will work on the bill in case the National Assembly is on recess.

Ngige said:”As you are aware, we have had series of consultations on the new national minimum wage, starting from the inauguration of the tripartite committee in September, 2017 by Mr. President.

“This committee was to handle all the issues surrounding the new minimum wage. It made use of laws, constitution, conventions on minimum wage fixing and specialist bodies like the National Bureau of Statistics, NISER and all other bodies that have to do with economic research.

“The Federal Executive Council received the report and after a tortuous debate at that level, treated it. The National Economic Council, comprising governors and the vice-president as chairman, looked at the report and finally today, the Council of State.

“These three organs have permitted Mr. President now to transmit to the National Assembly the new National Minimum Wage Bill.

“Thus, in consonance with the fact that the issues of national minimum wage prescription is in the exclusive list, second schedule, item 34 and being on that list, it is not a job that can be done by the executive alone.

“The President has to transmit the bill to the National Assembly and the National Assembly will take legislative action and return the bill that has been so treated to the President for his assent.

“So, a bill will now be transmitted to the National Assembly that will amend the 1981 Act and 2011 Act. The highlight is what you want to know. The figure of N27, 000 monthly has been approved for transmission to the National Assembly.

“The frequency of the review of the bill is five years, to get it in consonance with pension law of the federation as enshrined in the constitution.”

Ngige said the Federal Government will add N30, 000 to the minimum wage of N27, 000 approved for states for those on its payroll.

According to him, state governments and private sector operators are at liberty to pay above the N27, 000 proposed in the bill.

The minister went on: “Exemptions to this bill will be establishments that are not employing people up to the number of 25. The various times prescribed have also been altered in the bill and will be sent to the National Assembly before the close of work tomorrow (today).”

Ondo State Governor Oluwarotimi Akeredolu briefed reporters on the Council’s decision on the presentation made by the Independent National Electoral Commission (INEC).

Akeredolu said: “The council was briefed by the INEC Chairman (Prof Mahmood Yakubu) and the briefing as accepted by everybody was lucid and clear. It was all encompassing. The INEC chairman took the council through all the processes that are going to be followed at the national and state elections.

“In his briefing, he informed the council of the preparedness of INEC and everybody in the council was convinced that INEC was ready for this election. And a lot of things have been put in place and I think we all concluded that it is important for the chairman to even speak to the nation on the preparedness of INEC for this election.

“That would convince all of us that this forthcoming election would be free and fair and then the way we see it. They have improved card readers, the details of what have been done to improve it were made known.

“It was made known that look, the process of continuous voting and accreditation system was the best so that when you are accredited, you vote at the same time and you leave.

“He also informed the council on all the necessary ballot boxes and everything to be used and change in the ballot boxes. He also informed us that rather than using collapsible ballot boxes, they are going to use framed ballot boxes, transparent ones because we have lost so many and a lot have been purchased.

“He also told the council that they are not lacking in terms finance and that all the money appropriated, have been given to them and they are ready for the election.

“And he went further to inform the council that all training and retraining of every category of staff that they will use have started and they are having consultations with every group of people, religious, artisans and trade unions and so on.

“He has informed us that there is no way they are going to go out of the category of people they use for election when it comes to the issue of university vice-chancellors, university students at times, and NYSC members.

“So, everybody was convinced. INEC as at today is ready for election and questions were put, he was interrogated and he responded and gave adequate explanations to the satisfaction of every one of us.”

On the alarm raised by Obasanjo, Akeredolu said: “Well, let me tell you, this point you made, the chairman of INEC, without being specific, made a point. And that point is what I want all of us not only in this hall, but the whole of Nigeria, that the success of election is not by INEC alone.

“Election will only be successful by the participation of everybody and that whatever it may be, we must take politics out of the exercise. All of us owe a duty as leaders of our people at least, to be sure that we have confidence in the electoral body so that at the end of the day, assist the electoral body to succeed.

“And I think the message is very clear to everybody. I think that all of us in the hall have heard that look, whatever it is, we have now listened to the chairman of INEC and we are convinced that they are prepared for the election.

“I am not sure any other person will come out to talk about INEC any longer. So, the point has been made; all of us now have our hands on deck to ensure the success. Because, without our participation and without our cooperation, INEC itself cannot be successful.”

On the allegation that the opposition is working with terrorists to disrupt the elections, he said: “Seriously, there was no discussion on that. As we mentioned to you, what we received was briefing by INEC on how prepared they are for the election.

“So, their level of preparedness that was what we listened to. There is no way INEC will come and tell us, they have information on what opposition is doing or what opposition is not doing but what INEC is doing is what was received and there was no discussion about that. I am not too sure that we have that fact.”

 

Business

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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Business

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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