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Federal Government, States Open Talks On Minimum Wage Review

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The Federal Government and states have begun preliminary discussions on raising the minimum wage.

The debates’ outcomes will influence the Minimum salary Review Committee in developing a new salary for workers.

This is part of the effort to reduce the surge in inflation caused by the elimination of the petrol subsidy and the unification of currency rates.

It is one of Labour’s core demands to alleviate the pain of subsidy removal for employees.

However, the government does not support a pay increase of 100 percent.

“There is a reference to minimum wage only, not a doubling of every worker’s salary. That is misinformation.

“It’s important that we do not get ahead of ourselves and allow the Minimum Wage Review Committee to come to its conclusions as negotiations between the federal and state governments evolve.

“What we know now is that there is consensus that an upward review of the national minimum wage is now in order,” a spokesman to President Bola Ahmed Tinubu, Ajuri Ngelale said last night.

Former President Muhammadu Buhari on April 18, 2019, signed the new Minimum Wage Bill of N30,000.

A few of the states are yet to implement the minimum wage, while some others, such as Imo, recently increased the minimum wage to N40,000.

Before the increase by the Buhari administration, the minimum wage was N18,000.

On palliatives for the withdrawal of petrol subsidy, Ngelale reassured that President Tinubu would keep faith with all the plans rolled out for Nigerians.

He said: “The President has given a very concrete implementation timeline on the robust set of relief package he has detailed in his most recent speech.

“The end of the first quarter of 2024 is the timeframe for rounding off agricultural interventions and MSMEs (Small and Medium Scale Enterprises) capitalization interventions.

“The CNG (Compressed Natural Gas) supply side and demand side reforms will run in multiple phases, ending between the second quarter of 2024 and the first quarter of 2025.”

In a broadcast last Monday, President Tinubu unfolded a raft of relief packages to cushion petrol subsidy removal pain.

These included the release of over N275 billion to boost the manufacturing sector and the MSMEs.

The President also said talks were on with Labour on the upward review of salaries.

He added that once the terms were agreed on a new minimum wage, budget provisions would be made to cover the review.

He commended the organizations in the private sector that had already taken the initiative to increase remunerations.

“In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

“Once we agree on the new minimum wage and general upward review, we will make budget provisions for it for immediate implementation,” the President said.

Labour had, among others, demanded a pay rise following the petrol subsidy withdrawal, with some chapters asking for N200,000.

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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