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ECOMOF 2024: UBA Affirms Pledge To Stimulate African Economic Expansion Through Strategic Supports For Mining And Oil Sectors

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Africa’s Global Bank, United Bank for Africa (UBA) Plc has reaffirmed its unwavering commitment to spearhead economic growth across the continent through targeted policies aimed at maximizing the benefits derived from the mining and oil sectors.

To this end, the bank is poised to collaborate with the Economic Community of West Africa States (ECOWAS) towards implementing strategic initiatives that will not only attract investment but also foster sustainable development into the mining and oil sectors.

The Chief Executive Officer, UBA Africa, Abiola Bawuah, who spoke at the just concluded 4th ECOWAS Mining and Petroleum Forum (ECOMOF 2024) which was held at the Palais des Congrès in Cotonou, Benin Republic, said the bank recognises the pivotal role of the mining and oil sectors in shaping the economic landscape of African nations, and is strategically positioning itself to be at the forefront of this transformation.

“At UBA, we recognize the pivotal role that the mining and oil sectors play in shaping the economic landscape of ECOWAS member states and so, this ECOMOF 2024 Conference has provided us with a strategic platform to reaffirm our commitment to fostering economic growth in the region,” she noted.

According to her, by formulating and advocating investor-friendly policies by the sovereigns and financial intermediation and supports provided by UBA, the mining sector would be catalysed and transformed into robust economic pillars contributing substantially to the country’s Gross Domestic Products.

“We believe that through collaborative efforts and sound financial strategies, we can propel the mining and oil industries towards sustainable development, unlocking their full potential for the benefit of the entire region,” she added.

The ECOMOF 2024 conference with the theme “Geo-extractive Resources and Technologies: Pooling Strategies to Create Added Value in West Africa,” saw a large gathering of key players and stakeholders in the mining and petroleum sectors who gathered to brainstorm on the need to transform the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the development of ECOWAS member states.

As a leading African financial institution with presence in 20 African countries, UBA has consistently played a crucial role in driving such discourse around economic growth and supporting major continental development projects.

The Head of Corporate and Energy Bank at UBA, Ebele Ogbue, who was also a panelist during the session, highlighted the pivotal role of National Oil and Gas Companies in advancing the development of the oil and gas industry’s value chain.

He emphasised the significance of good corporate governance in ensuring the sustainable growth of National Oil and Gas Companies and underscored the need for robust collaborations among ECOWAS countries, just as he highlighted the importance of fostering strong regional ties to drive collective prosperity in the oil and gas sector.

He also emphasised how the UBA Group remains dedicated to providing strategic financial solutions that empower National Oil and Gas Companies to navigate the complexities of the industry and drive sustainable development.

With active involvement in major continental development projects and a strong presence across Africa, UBA is positioned as the financial institution of choice for the event. The bank’s commitment to the growth of the mining and petroleum industry in the sub-region is not only evident in its support for ECOMOF but also reflects its dedication to overall African economic development.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally.

Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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Report Excessive Price Increases, Unscrupulous Exploitation Of Consumers — FCCPC Urges Nigerians

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The Federal Competition and Consumer Protection Commission (FCCPC) has said that business that engage in price-fixing will face swift legal action.

It called attention to the burden that this practice places on the financial security and well-being of consumers and exhorted them to denounce such acts.

This was revealed by the FCCPC in a statement that was published on its official X (formerly known as Twitter) handle on Sunday.

The statement read, “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.

“While we recognise that the commission cannot directly control prices, we are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing.

“Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.

“The commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers.”

The statement urged Nigerians to stay vigilant and report any unfair trade practices they encounter.

It added, “We encourage consumers to remain vigilant and report unfair trade practices to the FCCPC.

“Consumers can provide details, including the conduct, location of perpetrators, and other relevant information for investigation, through [email protected].

“The FCCPC remains committed to promoting fair competition, protecting consumers, and fostering a regulated marketplace. We appreciate citizens’ vigilance and encourage active participation in reporting any violations.”

Earlier report in February had it that FCCPC closed a popular supermarket in the Garki area of Abuja, Sahad Store, for lack of transparency in products pricing.

Similarly, it also encouraged electricity consumers to report distribution companies that failed to comply with the capping of estimated bills for unmetered customers.

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NLC, TUC Demand N615,000 Minimum Wage For Workers In Fresh Proposal

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Organised labour, comprising the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), has made a fresh demand of N615,000 as the new minimum wage for workers in the country.

According to The Punch, an impeccable source, who is an executive of organised labour, under anonymity, said that the new wage of N615,000 monthly was reached after consultations by the NLC and TUC.

The source, who was a member of one of the sub-committees set up by the government to work on getting a new minimum wage for the country, however, said the wage might still increase, following the recent hike in electricity tariff.

Furthermore, the source said, “We (NLC and TUC) have given our figures to the government (on the minimum wage), and it is N615,000. That is the position of the NLC and TUC on the matter. The government has been informed as well.”

President Bola Ahmed Tinubu, through Vice President Kashim Shettima, had on January 30, set up a 37-member panel at the Council Chamber of the State House in Abuja.

With its membership cutting across federal and state governments, the private sector, and organised labour, the panel was tasked with recommending a new national minimum wage.

At the inaugural meeting of the panel, Shettima urged members to ‘speedily’ arrive at a resolution, and submit their reports early as the current N30,000 minimum wage expired at the end of March 2024.

Chairing the panel is a former Head of the Civil Service of the Federation, Bukar Aji, who, at the inauguration ceremony, affirmed that its members would come up with a ‘fair, practical, implementable and sustainable’ minimum wage.

The inauguration followed months of agitation from organised labour over the FG’s failure to inaugurate the new national minimum wage committee as promised during negotiations last October.

From the government’s side, members include the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, representing the Minister of Labour and Employment; Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who was represented by the ministry’s permanent secretary, Lydia Jafiya; the Minister of Budget and Economic Planning, Atiku Bagudu; Head of the Civil Service of the Federation, Dr Yemi Esan; and Permanent Secretary, GSO/OSGF, Dr Nnamdi Mbaeri, among others.

Representing the Nigeria Governors Forum are Mohammed Bago of Niger State, representing the North Central; Senator Bala Mohammed of Bauchi State, representing the North East; Umar Radda of Katsina State, representing the North West; Charles Soludo of Anambra State, representing the South East; Senator Ademola Adeleke of Osun State, for the South West; and Otu Bassey of Cross River State, on behalf of the South-South.

From the Nigeria Employers’ Consultative Association is the Director-General of the association, Adewale-Smatt Oyerinde; Chuma Nwankwo, Thompson Akpabio; as well as members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, including Michael Olawale-Cole, Ahmed Rabiu, and Humphrey Ngonadi.

From organised labour, the Nigeria Labour Congress is represented by its president, Joe Ajaero; as well as President of the TUC, Festus Osifo; and his deputy, Tommy Etim-Okon, among others.

Ajaero had announced N1m as the new minimum wage, owing to the rising inflation in the country which, according to him, had pushed many of his members into poverty.

This led to several controversies, with some experts stating that the wage was unrealisable or sustainable.

However, in an interview with one of our correspondents, another labour leader stated that the NLC and TUC had pegged the new wage at N615,000 tentatively.

Asked if the May 1 deadline was still on course, the labour leader said, “What I want you to know is that we are doing our best. Both the TUC and NLC have harmonised, and they have sent their position to the government.

“We are in the process. Be assured that once anything happens, I will, as usual, inform you. That is all I can tell you for now, because we have not met; even though we have submitted our unified positions to the Federal Government. We will be speaking with one voice.

“But, let me also hint you that with the removal of the electricity tariff subsidy, we are going to have another round of serious conversations with the government. Mind you, the tariff increase is also very good for us, because they (the government) did it when the new minimum wage process had not been concluded. So, it is going to be a good ground for us to ask for more.

“Our position will be defended based on the new price of N225 per kWh of electricity. Although we (the government and Labour) are not in agreement, we are waiting to meet and decide on the next point of action.”

The source added, “This is because if you look at the Electricity Act, it canvassed a position that before any increase at all, there must be stakeholders’ engagement. However, the Nigerian Electricity Regulation Commission unilaterally imposed the removal of the electricity tariff on the consumers, without recourse to stakeholders. That is in total defiance to the provisions of the Act.

“These are the issues that will be in the front burner of our next negotiation with the Federal Government.

“The new tariff will also give us another strategy to press the government on the need to move the minimum wage upward. This is because the government has not announced any new minimum wage yet, as we are still negotiating.

“As I said, the NLC and TUC have harmonised positions, which we have sent to the government. It is even now that the negotiation will start properly. All that we have done so far was to try to lay the foundation, and now that we have come up with our positions, the government will also come up with their own. We will then start a fresh negotiation.”

  • Economists Differ

Reacting, a professor of Economics at the Olabisi Onabanjo University, Ogun State, Sheriffdeen Tella, said, “If internationally, they say there is poverty in Nigeria, what they mean is that Nigerians are earning less than two dollars per day. If you want to fix the minimum wage to end poverty, what you should do is fix the minimum wage above that.

“Whatever the labour unions have presented to the Federal Government is for negotiation and to serve as a benchmark. It is left for the Federal Government to negotiate.

“There is a law that has been established to make them comply. But, they (state governments) decide to flout the law. When it is agreed as minimum wage, that is what the private and public sectors should pay. If they don’t pay, they should be taken to court.”

A professor of Microeconomics at the University of Ibadan, Oyo State, Adeola Adenikinju, noted that while the Federal Government would bear a significant burden, it was imperative to recognise the involvement of state governments and the private sector in the implementation of the new minimum wage.

Adenikinju, who is also the President of the Nigerian Economic Society, harped on the importance of acknowledging the diverse economic landscapes across states, suggesting that a uniform minimum wage might not be feasible, due to varying levels of affordability.

He said, “The proposed minimum wage by the NLC should be looked at. It is not only the Federal Government that is going to pay this. The state government and private sector are also involved.

“It must be noted that the minimum wage varies by state, as some states are richer than others.”

In a similar vein, another economist, Paul Alaje, explained that there was a high possibility of President Bola Tinubu declaring between N100,000 and N200,000 as the minimum wages for both the private and public sectors if the exchange rate of naira improved to N1,000 per dollar by May.

He added that 30 out of the 36 states would struggle and might not align with the payment of the new minimum wage if it was pegged at N615,000.

According to him, getting special assistance from the Federal Government and intervention funds from international communities should be tied to states having zero clearance of previous salaries.

He also stated while the proposed minimum wage might not be so much of a challenge for the Federal Government and six states, the other 30 states will struggle to pay that amount.”

 

Credit: The Punch

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New National ID Card To Be Issued Through Banks — FG

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The National Identity Management Commission (NIMC) states that applicants’ banks will provide them with the anticipated national ID card.

In order to provide the cards to applicants, NIMC stated that it is collaborating with the Nigerian Interbank Settlement System (NIBSS).

“The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards,” the agency said in a Friday update on its official X (formerly known as Twitter) handle.

It said applicants need to request their cards with their NIN “through the self-service online portal, NIMC offices, or their respective banks”.

“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS,” NIMC said.

“The card can be picked up by holders at the designated center or delivered to the applicants at the requested location at an extra cost to be borne by the applicants,” the update read.

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