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Wema Bank “5 For 5 Promo” Season 3 Grand Finale Set To Hold In Lagos

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  • N10,000,000 cash prize up for grabs in final draw of the season!

 

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to wrap up the season 3 edition of its remarkable reward initiative, the 5 for 5 Promo, in a grand finale slated for Friday, May 31, 2024, in Lagos.

Wema Bank 5 for 5 Promo is a reward initiative introduced by the Bank in 2019 with the goal of rewarding its customers for their active loyalty to the brand and its products. Through the 5 for 5 Promo, customers of the Bank have enjoyed financial support for their personal, business and professional life. Executed via thoroughly regulated monthly draws per season, the Wema Bank 5 for 5 Promo through a raffle draw selects winners from the Bank’s pool of active and transacting customers, based on the minimum requirements and modalities of the season. A total of 1,177 customers have received cash rewards of up to N63.3 million in the first 2 seasons of the Promo; 23 of whom emerged millionaires in season 1 and 2. The 5 for 5 Promo has since become a beacon of hope to millions of Nigerians and businesses across the country.

Season 3 of the 5 for 5 Promo kickstarted in July 2023, raising the bar impressively with a N90,000,000 cash prize that surpassed both preceding seasons, creating room for more Nigerians to become winners. With each month in the 10-month spread, the 5 for 5 Promo Season 3 train has toured different locations across Nigeria, surprising customers with cash prizes ranging from N25,000 to N1,000,000 each. The 5 for 5 Promo stands out for its inclusivity, diversity and impact, touching the lives of hundreds of Nigerians of different ages, statuses, interests and inclinations. As the final draw of the season approaches, both past and aspiring 5 for 5 Promo winners eagerly anticipate the lucky 120 winners to be made this May.

Referencing the Bank’s intention for the 5 for 5 Promo, the Head, Brands & Marketing Communications at Wema Bank, Mabel Adeteye, expressed gratitude to customers of the Bank for their continued support throughout Wema Bank’s 79-year journey. “At Wema Bank, our world revolves around our people and customers. Their support is what has got us this far so it’s only natural that we seize every opportunity to give back to them and fulfil our goal of providing optimum value for every stakeholder. The 5 for 5 Promo was birthed from a place of gratitude and commitment to empowering our customers and with each season, we have simplified the requirements and amplified the rewards to ensure that everyone can benefit from the Promo. Season 3 has been nothing short of remarkable and as we close out our 79th anniversary celebration with one more 5 for 5 Promo Season 3 draw, we are honoured to be the bank of choice for our diverse customer base. To the 1,000+ customers that have won over the past 9 months and the 120 that will win in the grand finale, I say a huge congratulations. Thank you for choosing Wema Bank”.

Encouraging Nigerians to take advantage of the last draw of the 5 for 5 Promo Season 3, Mabel Adeteye, elucidated the minimum requirements for qualification. “The requirements are simple, fund your account with at least N5,000 and make up to 5 transactions using the ALAT App, *945# or your ALAT/Wema Card, maintaining a N5,000 minimum average account balance. It doesn’t matter where you are, what you do or when you started banking with us, you can be a winner. NYSC members have won, business owners, undergraduate students, working class professionals, everyone from Gen Z to the baby boomers—there’s room for all in the Wema Bank family and the 5 for 5 Promo. A simple download of the ALAT App could be the first step for potential winners. I look forward to May 31st, as we put the final bow on this exceptional journey that has made the 5 for 5 Promo Season 3 a success”.

The 5 for 5 Promo has transformed the lives and experiences of thousands of Nigerians across the world, with cash prizes for transactions on both Naira and Domiciliary accounts. With a total of N80,000,000 already disbursed in the first 9 draws of Season 3, the grand finale is set to reward 120 more Nigerians with a N10,000,000 cash prize.

To qualify to win in the grand finale of the Wema Bank 5 for 5 Promo Season 3, Wema Bank account holders are to fund their Wema/ALAT accounts and make up to 5 transactions before the month ends.

BIG STORY

President Tinubu Shrugs Off Slip, Says I “Dobale” For Democracy Because It’s Worth Falling For

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has reacted to the trending video of him tripping at Eagle Square in Abuja on Wednesday, saying democracy is worth falling for.

Recall that Tinubu missed a step while climbing the vehicle for a parade at Eagle Square in Abuja during an event for the 2024 Democracy Day. But he quickly regained his balance and continued with the activities for the day.

When speaking about the incident during a day to mark the day, Tinubu joked about the incident and said that he had only “dobale” – paid homage to democracy in the Yoruba style.

According to him, while celebrating Democracy, “I ‘dobale’ for democracy,” (meaning I bowed for Democracy).

President Tinubu also used the dinner event to call for the unity of Nigeria irrespective of tribe, religion, or political affiliations.

He said the unity of Nigeria cannot be traded.

Reactions have continued to pour in from several Nigerians including members of the opposition since the incident.

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NDIC Puts Heritage Bank’s Head Office, Vehicles, Other Assets On Sale

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In its capacity as the bank’s liquidator, the Nigeria Deposit Insurance Corporation (NDIC) has put the collapsed Heritage Bank’s head office in Lagos and its branches around the nation up for sale.

In an editorial published on Thursday, NDIC announced the sale of 48 bank premises as well as its chattel, which includes automobiles, office equipment, plant, and machinery in 62 other locations across the nation.

“The Nigeria Deposit Insurance Corporation in the exercise of its right as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding,” part of the advertorial read.

The head office of the bank and its annex located at 143 Ahmadu Bello Way and 130 Ahmadu Bello Way, Victoria Island, Lagos was listed for sale (buildings, chattels, generator, and motor vehicle). Also listed for sale were six other branches in Lagos, four branches in Abuja, four in Rivers States, and the others spread across the country.

Interested parties are invited to come for an inspection and subsequently put in bids on the assets to be submitted to the NDIC office in Lagos.

Bids are expected to come in with 10 per cent of the bid amount in Certified Bank Draft. Successful bidders will be required to pay the balance of the bid price within two weeks of notification.

Earlier, the corporation announced the commencement of the verification and payment of the depositors of the bank with N5m or less in their accounts. This category of customers makes up about 99 per cent of the bank customers.

The Managing Director of the NDIC, Bello Hassan, at a media briefing on the liquidation of Heritage Bank in Abuja last Wednesday, put the total depositors at Heritage Bank at 2.3 million.

Hassan noted that the total bank deposits at Heritage Bank stood at N650bn while its loan portfolio was about N700bn.

In announcing the revocation of the licence of Heritage Bank, the apex bank in a statement signed by the Acting Director of Corporate Communication, Sidi Ali, said, “This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the licence the next necessary step.”

Stakeholders in the sector have gone on to express confidence in the decision of the CBN in the overall interest of the sector.

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BIG STORY

Minimum Wage: Mass Sacking Imminent, FG Warns As Labour Disowns Agreement

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The Federal Government on Wednesday chastised organised labour to consider the broader economic implications of its push for an unrealistic higher national minimum wage.

The admonition was delivered by Mohammed Idris, Minister of Information and National Orientation. Idris warned that the N250,000 minimum salary proposed by labour may damage the economy, cause a mass layoff of workers, and endanger the wellbeing of Nigerians.

The labour unions, on the other hand, denied President Bola Tinubu’s assertions that a deal had been reached on the new national minimum wage during his Democracy Day speech on Wednesday.

Acting President of the Nigeria Labour Congress, Prince Adewale Adeyanju, said as of the time negotiations ended on June 7, no agreement had been reached by the Tripartite Committee on the National Minimum Wage.

Adeyanju is acting on behalf of the NLC president, Joe Ajaero,  who is attending an International Labour Organisation conference in Geneva, Switzerland.

Tinubu drew the ire of the unions after stating that his administration would soon submit an executive bill to the National Assembly to codify the agreements reached in the minimum wage negotiations between Labour, the private sector, the states and the Federal Government.

The parties had engaged in prolonged talks for weeks with the unions insisting on N250,000 minimum wage while the Federal Government and the Organised Private Sector offered N62,000.

However, the state governors said they would not be able to sustain any minimum wage higher than N60,000.

Dismissing the offers made by the Federal Government and the OPS, the labour unions said they would not negotiate what they described as ‘starvation wage.’

  • N62,000 not acceptable

The Assistant General Secretary of the NLC, Chris Onyeka, said Labour would not accept the latest offer of N62,000 and the N100,000 proposal made by some individuals and economists.

This was as the NLC President, Joe Ajaero, said the unionists were waiting on the President to consider Labour’s proposal.

But speaking at the opening of the 2024 Synod of the Charismatic Bishops Conference of Nigeria in Abuja on Wednesday, the information minister emphasised the imperative of a realistic wage system that safeguards against mass retrenchment while addressing workers’ needs.

Idris restated the government’s dedication to reassessing the minimum wage but cautioned against demands that could disrupt the economy.

He stated, “As I have repeatedly said, the Federal Government is not opposed to the increase of wages for Nigerian workers but we keep on advocating for a realistic and sustainable wage system for the workers – a wage system that will not undermine the economy, lead to mass retrenchment of workers and jeopardise the welfare of about 200 million Nigerians.

“We want the labour unions to understand that the relief that Nigerians are expecting, and that they fully deserve, will not come only in the form of an increase in wages.”

He highlighted the ongoing efforts to alleviate the cost of living, citing initiatives like the Presidential Compressed Natural Gas programme aimed at reducing transportation expenses by 50 per cent.

While advocating wage increases, Idris stressed the importance of holistic relief measures beyond salary adjustments, urging Labour to recognise the significance of programmes like the CNG initiative in enhancing citizens’ purchasing power.

“It will also come as an effort to reduce the cost of living and to ensure that more money stays in the pockets of Nigerians. And this is where programmes like the Presidential CNG initiative come in.

“By replacing or complementing petrol usage with CNG, that programme alone will cut transportation costs by as much as 50 per cent,” he claimed.

The minister called on religious leaders to assist in raising public awareness about government initiatives and efforts.

  • Religious leaders

He stressed the crucial role of the clergy in disseminating information about available opportunities and the government’s ongoing efforts.

“As a government, we need your support, advice, and feedback,” Idris stated.

“Very importantly, we need you to be aware of the efforts being made and the challenges being faced so that you can help us communicate these to your congregations and the general public,” he added.

The minister highlighted the influential platforms of religious leaders, noting their potential to enlighten Nigerians on their rights, responsibilities, and the economic opportunities provided by the policies under the President’s Renewed Hope Agenda.

The agenda, he noted, aimed to promote economic rebirth, strengthen national security, boost agriculture and food security, and transform infrastructure and transportation.

“Information and awareness are critical, and this is where our religious leaders come in. You have very influential platforms that can enlighten Nigerians on their rights, responsibilities, and the abundance of economic opportunities being thrown up by the policies and programmes being implemented under the Renewed Hope Agenda of President Bola Tinubu,” he explained.

In his remarks, the National President of the Charismatic Bishop Conference, Archbishop Leonard Kawas, reaffirmed the organisation’s unwavering support for Tinubu’s administration, emphasising their commitment to collaborative efforts to realise the nation’s collective aspirations.

  • ‘No agreement yet’

In their reaction to the President’s national broadcast, Adeyanju disagreed with Tinubu’s statement that his administration negotiated in good faith and with open arms with Organised Labour on the new national minimum wage.

Tinubu during his broadcast stated, “In this spirit, we have negotiated in good faith and with open arms with organised Labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.

“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict.

“No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution.

“Reasoned discussion and principled compromise are hallmarks of democracy. These themes shall continue to animate my policies and interaction with the constituent parts of our political economy.”

But Adeyanju in a statement dismissed the President’s assertion, insisting that he might have been misled by his advisers, noting that two figures- N250,000 from Organised Labour and N62,000 from the government and the OPS- were arrived at and ought to have been submitted to Tinubu.

According to the NLC official, anything to the contrary is not only doctored but won’t be accepted by Labour.

The congress maintained its stance on the N250,000 minimum wage, rejecting the government’s offer of N62,000 as grossly inadequate.

The statement read in part, “The NLC would have expected that the advisers of the President would have told him that we neither reached any agreement with the Federal Government and the employers on the base figure for a National Minimum Wage nor on its other components.

“Our demand still remains N250,000 only and we have not been given any compelling reasons to change this position which we consider a great concession by Nigerian workers during the tripartite negotiation process.

“We are therefore surprised at the submission of Mr President over a supposed agreement. We believe that he may have been misled into believing that there was an agreement with the NLC and TUC.

“There was none and it is important that we let the President, Nigerians and other national stakeholders understand this immediately to avoid a mix-up in the ongoing conversation around the national minimum wage.”

Adeyanju alleged that the labour leaders were intimidated by security agencies during the minimum wage talks.

“Fully armed soldiers surrounded us while we were in a negotiation with the government and despite denials; recent statements by senior officials of the government reaffirmed our fears contrary to the assurances by the government.

“However, we remain assured that the President’s democratic credentials will come to the fore in favour of Nigerian workers and masses,’’ he expressed optimism.

According to the union, the Democracy Day celebration was an opportunity for the President to demonstrate his love for Nigerian workers and the masses by shunning the advice that may be coming from ‘’those whose intentions were continuously focused on hurting Nigeria’s poor and struggling workers.’’

He appealed,  “Mr President should not allow these individuals and groups to sabotage his promise of lifting Nigerian workers out of poverty.

“The President’s advisers obviously did not tell him the truth that the leaders of the trade unions were intimidated and harassed. It is therefore important that Mr President understands that we were threatened severally by his operatives perhaps without his consent.

“Series of media propaganda calculated to intimidate and harass us were, and, are still being waged against the trade unions by senior officials of this government. “

The NLC noted that there was no agreement as regards the duration of the Minimum Wage Act.

“It is also important that Mr President should know that most of his officers are working round-the-clock to set up the leadership of congress and the trade unions.

“We never agreed on a five-year duration of the Minimum Wage Act, though we acknowledge that the President mentioned five years or less.

“We also agreed that inflation should be pegged at a level for a certain amount to be agreed as minimum wage. This is to bring clarity to what the report should contain.

“Once again, we reiterate that it will be extremely difficult for Nigerian workers to accept any national minimum wage figure that approximates a starvation wage. We cannot be working and yet remain in abject poverty.

“We seek justice, equity, and fairness for all Nigerians, and this we hope would also drive the actions of Mr President who promised a Living Wage to Nigerian workers. This is an opportunity to show that he listens to Nigerians as he promised,” the labour movement said.

  • OPS speaks

Also commenting on the presidential broadcast, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, stated that no consensus had been reached on the national minimum wage.

The NACCIMA President, Dele Oye, who is part of the 37-member tripartite committee, said the panel was still in the middle of negotiation, faulting the contradictory statements being made on the talks.

“No agreement has been reached with Labour; however, it is wrong to make a press statement in the middle of negotiations apart from appealing to all parties involved to work harder to resolve outstanding issues, as the impasse is already creating uncertainty in the ability of businesses to make decisions,” he admonished.

In January, the government inaugurated the tripartite committee on the national minimum wage.

The committee was tasked with the responsibility of recommending a new national minimum wage for Nigerian workers.

Over the past few months, the federal and state governments, organised labour, and representatives of the private sector have been deliberating on a new minimum wage for workers.

However, the demand by organised labour regarding the minimum wage has yet to be met.

On June 3, the Nigeria Labour Congress and Trade Union Congress embarked on an indefinite nationwide strike to protest against the government’s inability to meet their minimum wage demand.

Twenty-four hours later, the labour unions “relaxed” the strike by one week.

 

Credit: The Punch

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