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UPDATE:  Labour Returns N27, 000 Offer For Federal Government

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Eniola Olayemi

 

N27, 000 recommended approved yesterday by the National Council of State as minimum wage for states and the private sector has been rejected by Labour.

In separate statements, the Trade Union Congress (TUC) and United Labour Congress (ULC) described the decision as unfortunate and shocking.

Lagos lawyer Femi Falana (SAN) said last night on the Council’s approval: “With profound respect, the members of the Council acted ultra vires as it has no power whatsoever to approve minimum wage. It is not an approving authority but an advisory body to the president in the areas listed in Part 1 of the Schedule to the Constitution. And the areas do not cover minimum wage.” Falana is Nigeria Labour Congress (NLC)’s lawyer.

The TUC said in the statement signed by its President Bobboi Kaigama that the decision must not be allowed to stand because it will set a wrong precedence for the future, arguing that the Council lacked the power to the position already taken be statutory bodies.

Kaigama said: “Let it be known that N30, 000 minimum wage is a product of negotiation, not legislation, not advice and not a decree.

“Minimum wage issue therefore, is moving to a new theatre, the National Assembly. We expect the representative of the people if really they are to do the needful during the public hearing.”

According to the ULC, the news that the National Council of State unilaterally proposed N27, 000 as the new National Minimum Wage “is shocking and goes against the grain of all known traditions and practices of industrial relations especially as it concerns National Minimum Wage setting framework.

Its President Joe Ajaero said: “ULC rising from its just concluded Central Working Committee (CWC) meeting today in Lagos rejects in its entirety the proposed N27, 000 which is contrary to the N30,000 agreed by the National Minimum Wage Tripartite Committee and which has since been submitted to the President.

“We state that the National Council of State in a National Minimum Wage setting mechanism is an aberration. It is also important that we make it clear that the National Council of State does not have powers to approve, confirm, affirm or accept any figure as the new National Minimum Wage. What they have pretended to have done is therefore without any force of Law, standards or other known practices of Industrial Relations the world over.”

He said that it is a mockery of the essence and principle behind the setting of a National Minimum Wage to attempt to segregate it between federal workers and state workers.

“We want to state that workers are workers everywhere whether at the federal level or at the state level. They all have the same challenges; go to the same market, same schools and much more they suffer the same fate. You cannot therefore pay them differently.

“The government’s attempt at this dichotomy is an effort at segregation and apartheid in nature. It is an attempt to put a sword within the trade union movement and to further the marginalisation of private sector workers in Nigeria thus seek to weaken the trade union movement in the country.

“ULC saw this coming earlier in January and that was why we distanced ourselves. We will, however, in the next few days in consultation with other labour centres, if they are still in the struggle for a just national minimum wage, take steps to ensure that the interests of Nigerian workers as it concerns the National Minimum Wage are protected.”

 

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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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