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Tag: minimum

  • Minimum wedge

    Minimum wedge

    Since the value of the naira depreciated, this column has been clamouring for a new minimum wage for Nigerian workers, as it considers the present minimum wage unconscionable. For this writer, it is unimaginable that officials of federal and state governments in position of authority to affect a change in the nation’s minimum wage could go to church or mosque to ask for the mercy of God, when they are exceedingly merciless to the Nigerian workers, under their care.

    Even for a slave labourer, N30,000 a month, as wage, even before the present runaway inflationary pressure on goods and services is abysmally ridiculous. Now, with the value of the naira so badly depreciated, every genuine patriot in government and the private sector should contribute his or her best efforts to help the tripartite committee on minimum wage recommend a realistic new minimum wage, for necessary legislation.

    It is encouraging that President Bola Ahmed Tinubu (PBAT) has inaugurated a 37-member tripartite committee on national minimum wage, led by Alhaji Bukar Goni Aji. The committee is made up of representatives of federal and state governments, the organized private sector and the labour unions. In his address presented by Vice President Kashim Shettima, PBAT said “The minimum wage represents the least amount of compensation an employee should receive for their labour, and as such, it should be rooted in social justice and equity.”

    This writer agrees. The National Minimum Wage Act of 1981 came into effect in response the charter of demands by the Nigerian Labour Congress (NLC) in 1980. As provided by the Act, the national minimum wage undergoes a review every five years, but as recent events have shown, five years is a long time considering the inflationary pressure on the price of goods and services. But sadly, some state governments have not paid the present N30,000 minimum wage, signed into law five years ago by former President Muhammadu Buhari.

    The committee which has commenced work recently conducted consultations across the six geopolitical zones. The demands at the zones, show wide disparity across them. While NLC in southwest demanded N794,000, the Trade Union Congress (TUC) demanded N447,000 per month. The organized labour in the northeast proposed N560,000 per month. From the north-central, the NLC demanded N709,000, while the TUC demanded N447,000. In the south-east, TUC proposed N447,000, while NLC proposed 540,000. The NLC proposed N850,000 and TUC N447,000 in the south-south region, while in the northwest, NLC wanted N480,000.

    From the presentations, it is clear that the NLC is aiming hire than the TUC, for a new minimum wage. On its part, few state governments showed any form of interest in the public hearing. The few present proposed between N60,000 and N70,000. That is a far cry from the demands of the labour unions. In their presentations, some of the labour unions argued that they are relying on the prices of goods and services in arriving at their proposals, while the government representatives claim to be proposing what the governments can pay.

    Again, while the proposal by the TUC appears to be consistent across the geopolitical zones, the NLC made divergent proposals across the zones. The state governments which boycotted the sitting may be hoping that the farther they are from the sitting, the more likely they can wish away the trouble that comes with wage review. Whatever caused the boycott, it is important that the state governments participate actively in the negotiation for a new national minimum wage in obedience to the provisions of the labour law.

    Read Also: States reject Labour’s new minimum wage demands

    The NLC and TUC should collaborate in the spirit of collective bargaining if they wish to have a speedy resolution of a new minimum wage to be recommended to the executive which will in it turn send an executive bill to the National Assembly for enactment into law. Unfortunately, the NLC was looking at the short-run, when its president Comrade Joe Ajaero, justified going it alone, when he called the recent two-day strike action. Of course there is strength in unity.

    That is the principle behind collective bargaining, which is enshrined in the labour laws, and which is why the NLC and TUC have the right to bargain on behalf of their affiliate unions. To achieve a speedy determination of a realistic wage for Nigerian workers, NLC and TUC should propose a realistic new wage in the overall interest of Nigerian workers. When Comrade Ajaero was bluffing that it is only his national executive committee that he listens to, it may mean he and other leaders are not giving that organ a quality advice.

    Perhaps that explains why the labour union has made strike its best option, to express angst over the deplorable economic crisis inherited by the PBAT administration. While it is the responsibility of the present administration to cure the ills afflicting the national economy, the expectations from the administration should be situated in a historical contest. Again, while it is the duty of the labour leaders to push for a better working condition for its members, it should also guide their members to achieve the most enduring benefit.

    What this column expects from the labour leaders is to examine the economic programs of the new government: its short, medium and long term plans for the national economy. And depending on their findings, engage the government, on how to ameliorate its impact on the workers. Restructuring the national economy, and getting it to rebound in the long run is more important than the immediate gains workers can get from arm-twisting the government, through strike actions, at vulnerable periods like now.

    To arrive at a minimum wage, the three parties involved in the negotiation must work hard to gain each other’s confidence. If any of the three parties choose to become a wedge in the process, enacting a new minimum wage would become a tiresome process. And while the parties bicker, the workers suffer. Luckily, PBAT has reiterated his desire to have a new minimum wage, within the next month. This column hopes that the governors are also enthusiastic about paying workers a living wage as the president has enthused.

    The labour unions must also help themselves by making realistic offers. The figures from the public hearings are not realistic, considering the economic health of our dear country. While it is true that the politicians are criminally enriching themselves, the civil servants cannot rely on such a misnomer to fix their own wages, if they can. Instead of joining the league of sinners, they should rather work and pray for the sinners to repent. The private sector hopefully will as usual be the least problematic wedge in arriving at a new minimum wage.

    The negotiation of a new national minimum wage deserves minimum wedge, as the nation will become healthier, with a new minimum wage.

  • National minimum wage must be done well, says TUC

    National minimum wage must be done well, says TUC

    The Trade Union Congress of Nigeria (TUC) has again urged the Federal Government to inaugurate the National Minimum Wage Committee to enable it have ample time to carry out its assignment diligently.

    TUC’s Deputy President, Mr. Tommy Okon, told the News Agency of Nigeria (NAN) yesterday in Lagos that the failure to inaugurate the committee, three months to the expiration of the current minimum wage, was worrisome.

    He said organised labour would not want to be put under pressure on the wage increase because it had to be done in line with the rule of engagement.

    The labour leader said organised labour had since submitted the list of members that would be part of the committee for the minimum wage negotiations.

    “The intention of the government is not known to us. This is because by now, the committee should have been inaugurated.

    “We do not want a situation where the work of the committee is done under desperation. This is January, and the N30,000 national minimum wage will expire on April 18 this year (2024).

    “So, it is expected that by now, the committee would have been inaugurated and a chairman of the committee appointed. This is because it is tripartite in nature, and the committee has to conduct the activities also on zonal basis.

    “Thereafter, it will come to a conclusion where whatever will be agreed will also be sent to the National Assembly which in turn will also look at the public hearing and thereafter send it to Mr. President for assent,” Okon said.

    The TUC chief said there were positive and negative implications in further delay of setting up the committee.

    According to him, the positive is in the sense that government may have an agenda unknown to labour and try to be sure of what it wants to come out with.

    “However, the negative implication is that it may send a wrong signal that the government is not willing to negotiate the National Minimum Wage and that will be a very wrong impression, if the public is taking that as the position.

    Read Also: I’ll take on your concerns one by one, Tinubu assures South-south indigenes

    “Also, Nigerian workers and the masses are not finding it easy because of the socio-economic challenges.

    “We know that the N30,000 minimum wage cannot do anything, much less for transportation, payment of house rent, children’s school fees, even taking care of some life-threatening challenges.

    “So, these are the implications. It is also going to send a negative signal to even the international communities. This is because now, we are talking about transition to energy. These are things that need to be put in place,” Okon said.

    The TUC chief also said the issue of the National Minimum Wage review was a task that must be done well.

    The Federal Government had, on January 17, pledged to fulfill its agreements with organised labour.

    Minister of State for Labour and Employment, Mrs. Nkeiruka Onyejeocha, announced this during a visit to the office of the TUC in Abuja.

    Onyejeocha said the Federal Government understood the plight of the trade unions and was ready to partner, but the channels of communication must be kept open.

  • Minimum wage, maximum woes

    Minimum wage, maximum woes

    Nigeria has exited from recession but Nigerians are yet to feel the impact. The benefits of the recovery from prolonged economic doldrums are coming in trickles but even the trickles can hardly form a drop in the surging ocean of pervasive poverty. Hardship bites harder as the year draws to a close with President Muhammadu Buhari charging the governors to ensure that workers in their respective states are paid before the Christmas holidays. In the last two years, the issue of payment of salaries has been such a thorny subject to the extent of forcing the federal government to accede twice to a bailout and further agreeing to special refunds to enable the states pay workers. Within the private sector, millions of jobs have been lost, while pay cut and outright retrenchment have become normal in industries striving hard and devising means to succeed.

    Amidst this scenario however, a contradictory escalating call for pay rise rises to a fever pitch. Understandably, the brutally recessed economy has mercilessly reduced the purchasing power of the naira. And Nigeria is already running foul of the provisions of the International Labour Organization that stipulates a timely review of the minimum wage law. The nation’s five-year mandatory review has elapsed and the value of workers take home cruelly shrunken by galloping inflation which has obviously left workers with little alternative. The review of the national minimum wage is significant at this time but the stake is certainly very high. How will the states most of whom currently owing months in arrears of salaries and allowances cope with the new minimum wage? And how will the private sector already bruised by downturn and tiers of government battling with lean resources cope with the new wage bill? This and many other questions are troubling.

    But the president while inaugurating the 30-man minimum wage committee clarified that the new wage should be anchored on the ability of the tiers of government to pay. However, that is where more troubling questions arise. Why is the federal government legislating on a new minimum wage for states and local governments in a federation? How can the committee on a new minimum wage determine holistically, the ability of different tiers of government whose resources differ across boundaries?

    Can the minimum wage in Rivers and Lagos states for instance be sustained in Borno, Benue or Abia? Though the minimum wage is on the exclusive legislative list and the composition of the members of the minimum wage committee drawn on a tripartite basis comprising government at all levels, the workers and the job providers in the private sector to ensure a plural view and guarantee a composite agreement, matching the capacity of these respective tripartite groups with a realistic wage bar looks like a recipe for crisis. The reasons are obvious. The Yoruba socio-cultural group, the Afenifere observed recently and asked the federal government to allow states and local governments decide the minimum they can afford for their workers. Again, this patriotic opinion is not realistic without an amendment of the constitution to remove the minimum wage from the exclusive list.

    Chris Ngige is an experienced administrator and an astute politician having been governor of his home Anambra State as well as senator in the seventh Senate and now the Hon. Minister of Labour and Employment. He said that by the new minimum wage, the federal government was determined to eliminate “poverty pain” which according to him occurs when worker’s earning could not guarantee him a good living.  In spite, more questions hang on this move by the federal government to live up to its constitutional responsibilities. The governor of Rivers State, Nyesom Wike for example, has argued the current exercise would come out futile. Wike in a broadcast television interview thwacked the charge by the president to the governors to clear all arrears of salaries owed workers before the Christmas holidays, dismissing it as political. He asked the federal government to shed weight so as to demonstrate its genuine sympathy for the plight of the state civil servants. He further punctured the case for a new minimum wage in the absence of a review of the federal revenue sharing formula, wondering how states that could not pay N18,000 minimum wage can afford the new pay rise.

    Many have argued that the basis of the on-going wage crisis is the de-structured fiscal federalism where the federal government takes 52% of the revenue of the federation, states 22%, and 774 local governments 26%. The total wage bill of Benue State for instance is about N7 billion with its total monthly revenue standing way below N5 billion. By the time, the minimum wage gets to say N56, 000 (factional leader of the organized labour movement, Joe Ajaero is demanding for N100, 000 minimum wage) from the present N18, 000, what becomes the fate of the state? Even the federal government will not be left out of the pending crisis.  By last count, a total of about eleven organized labour unions have gone on strike over wage related issues and unmet agreements spanning close to a decade.

    Containing the cascading labour unrest has so far been as a result of the outstanding performance of some of the cabinet ministers in the Buhari administration. Ngige though without a prior labour background has by sheer brilliance, masterfully engineered a proactive labour diplomacy that held the nation from sliding the way of Venezuela. There is no disputing the fact that the socio-political and economic milieu that made a Venezuela have been staring the nation on its face in the last two years. Therefore, that the ever sensitive and easily restive labour has neither snapped its patience nor triggered a social upheaval is to the credit of the Minister of Labour and Employment.

    Seething discontent is widespread. Though the federal government has relatively met with the demands of workers, there is palpable apprehension as to what the future holds. Your guess is as good as mine.  The bottom-line is that the nation is headed for further doom unless the economy grows. Resurrecting the dying value of naira and through that, restore the value of wages and income is a smarter way to achieve better working conditions for workers. Pay rise will lead to rising costs of goods and services, making it easy for inflation to eat away the added value.

    Importantly, which private sector organization can afford a wage increase in an environment where businesses are posting losses and retrenchments at the centre stage?  With the 2017 budget performing woefully at 15%, where is the assurance that 2018 will be better? The mass discontent in the land can easily be measured by a recent warning by the leader of the APC, Asiwaju Bola Tinubu that hunger is ravaging the length and breadth of the nation. And with the governor of Imo State, Rochas Okorocha, another leader of the ruling APC, declaring that 85% of Nigerians are unhappy, which better way expresses the muted upheaval at hand? Minimum wage looks more of a recipe for maximum woes!

     

    • Udekwe writes from Abuja.

  • Union seeks N25,000 minimum pension

    The Nigeria Union of Pensioners (NUP) has demanded for N25,000 as new minimum pension.

    The union said it is sad that many pensioners were still paid less than N5,000 monthly, even with the high rate of inflation and recession.

    Its President, Comrade Abel Afolayan, while addressing the National Executive Council (NEC) meeting of the union in Abuja, said many state pensioners were being owed over 12 months arrears of pension.

    He, however, praised the governors of Lagos, Jigawa, Anambra, Enugu and Yobe states for not owing  pensioners. He urged defaulting governors and states to make amend.

    “We want you to make amend so that old men will not be forced to pronounce curses on you with their grey hair,” he said.

    While the NUP is demanding N25,000 as the new national minimum pension per month, the union also canvassed immediate payment of the 18 months arrears of the 33 per cent pension to civil pensioners and 39 months areas owed police pensioners.

    On their new demand, Afolayan declared that it was criminal for a pensioner to collect less than N5,000 monthly in this time of serious economic recession.

    He said the union entered into a long negotiation with the Federal Government for the upward review of pension, which finally yielded result when former Secretary to the Government of the Federation (SGF) directed the salaries, incomes and wages commission to issue a circular for 33 per cent pension increase effective from July 1, 2010.

    “Since then, civilian pensioners throughout the country were paid 24 months, out of the 42 months arrears, remaining a balance of 18 months  of which we have a very good assurance that government will pay the balance soonest,’’ he said.

    The NUP chief added that the union is still struggling to ensure that police, NIPOST, electricity, railways, universities pensioners and others who are yet to get full benefit from the government are paid fully. He assured pensioners across the country that the union would not rest until all of them who are owed get their pensions.

    In a related event, NUP, Federal Airport Authority of Nigeria (FAAN), Port Harcourt branch, has linked the present economic challenges facing the nation to institutionalised corruption in the country.

    Chairperson of the Union, Mr. Vincent Nweke, who disclosed this to newsmen in Port Harcourt, Rivers State, noted that every sector of the economy has been infested with corruption to the point that it has become a way of life to make money without working for it.

    According to him, every policy of government to develop the economy will be frustrated because of greed, while monies earmarked will be diverted to private pockets and programmes left without execution.

    Nweke applauded the steps taken by the Federal Government to sack as well as demote some directors and general managers of the authority whose cases were fraudulent.

    He said some of the directors and managers were recruited into the organisation after their National Youth Service (NYSC) and were placed on management posts without prerequisite experience and qualification.

    Nweke said even when the workers’ union then raised alarm over such issue; everything was swept under the carpet because of corruption, which also happens in other sectors.

    “Tell me, how can Nigeria move forward when money budgeted for development is not used for the purpose for which it was meant,” he queried.

    He, therefore, called on the President Muhammadu Buhari-led administration to be very thorough and fight corruption holistically.

  • Union decries minimum wage review panel’s pace

    the Amalgamated Union of Public Corporation Civil Service Technical and Recreational Services Employees (AUPCTRE), Federal Capital Territory (FCT) council, has expressed worries over the slow pace of work by the committee on review of the new minimum wage set up by the Federal Government.

    This was contained in a communiqué issued after the meeting of the State Governing Council  (SGC). It was signed by the President, Comrade Benjamin Anthony, in Abuja.

    AUPCTRE urged the committee to hasten up its work.

    The union condemned “the factionalisation” of the Nigeria Labour Congress (NLC), pledging its unalloyed loyalty to Comrade Ayuba Wabba. It urged other unions and Nigerians to support the NLC.

    It called on the  Federal Government to save the ailing economy and to rescind its suspension of the tenure policy of the Federal Civil Service,  because of its  stagnation tendency.

    “The SGC-in-session commends the Federal Government for setting up the Integrated Personnel Payroll Information System (IPPIS), but observed that much is still desired to sanitise the system so as not to use it as a conduit pipe to syphon government money and urges government to take necessary steps in this direction,’’ it said.

    The union condemned the move by the Minister of Power, Works and Housing, Mr. Babatunde  Fashola,   to privatise the Federal Housing Authority (FHA)  and change its name to Federal Housing Company.

    “The implication is that Nigerians would not have access to affordable houses. The union, therefore, calls on the Federal Government to appoint a substantive management team and Board to run FHA for effective operational activities,” it said.

  • Workers hail N56,000 minimum wage proposal

    Workers hail N56,000 minimum wage proposal

    Civil servants in Lagos and the Federal Capital Territory (FCT) have praised the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for pushing for N56,000 as minimum wage. Some of the workers, who spoke in an interview with The Nation during the May Day celebrations, said the review of the N18,000 minimum wage was over due.

    According to them, the proposed minimum wage will go a long way in cushioning workers’ hardship. They lamented the high cost of goods, stressing that the proposed minimum wage would encourage them to put in their best.

    The workers said labour had taken a bold step aimed at giving them some relief. They appealed to the government to consider the workers’plight as regards the prevailing economic reality.

    Mr. Mojeed Mohammed, a civil servant in FCT, described the proposal as good.

    He, however, expressed fear over the government’s ability to meet the demand because of the dwindling oil revenue.

    A union executive, Comrade Bala Abubakar, lauded NLC and TUC for the proposal. He said Labour needed to back it up in the interest of the workers.

    A civil servant in Alausa, Ikeja, Mr. Olayinka Ogunfesi, said if the proposed N56,000 wage is approved, it would go a long way in alleviating workers’ suffering.

    He enjoined the union executives to ensure that it is implemented. To Mrs. Bimpe Olatunji, a teacher, the proposal is in order. She said this is something that will make the workers put in their best.“Depending on whether the government accepts and implements it, it is alright,” she said.

  • TUC, ASCSN propose N52,000 minimum wage

    The Trade Union Congress (TUC) and the Association of Senior Civil Servants of Nigeria (ASCSN) have announced plans to engage government in dialogue towards increasing the minimum wage to N52,000.

    The unions also warned of dire consequences, which may include the shutting down of state governments, if the governors carry out their threat to reduce the N18,000 minimum wage or retrench workers.

    Speaking with The Nation, TUC President Comrade Bobboi Kaigama said the Congress had concluded plans to engage the government in dialogue towards increasing the minimum wage to N52,000.

    Kaigama described as laughable the claim by some governors that N18,000 minimum wage was imposed on them when oil sold for $126 as against the present price of $41 per barrel and that they cannot pay.

    He said the governors’ comments may have been occasioned by the unbridled corruption and mismanagement of public funds by the governors themselves. He reiterated that the minimum wage was a product of tripartite meetings involving government at all levels, employers (through Nigeria Employers’ Consultative Association (NECA), and organised labour.

    “They (state governments) cannot use our collective wealth on their electioneering campaigns, payment of their children’s school fees abroad, foreign medical tourism, etc. only to come tell us they cannot pay salaries because the price of oil has dropped. They are not serious,” Kaigama said.

    He said TUC’s position was that the searchlight beamed on the arms deal scam should be extended to board members of the National Electricity Regulatory Commission (NERC), who served for only five years and have set aside N2.7 billion for themselves, whereas they offered nothing but a privatisation that has produced nothing but darkness.

    “Nigeria has enough money to maintain its roads; we do not need toll gates that will only end up making the so-called big boys richer at the expense of everyone else,” Kaigama said.

    In a statement on Monday, this week, ASCSN Secretary-General Comrade Alade Bashir Lawal expressed sadness that Nigerian governors who have not deemed it fit to reduce their humongous salaries and allowances were bent on jettisoning the N18,000 monthly minimum wage so that they could begin to pay as low as N5,000 monthly to civil servants.

    The union regretted that: “Given the current high cost of living, the N18,000 monthly minimum wage cannot even last the average worker one week yet, the governors are bent on reducing it This is very unfortunate because these governors allocate to themselves, on the average, N1 billion monthly as security vote and spend nothing less than N18,000 daily to feed one of their animal pets or buy recharge cards for one of their children, or, worse still, for one of their numerous girl friends.”

    The ASCSN pointed out that there is no state that does not have natural resources, but instead of harnessing them they (governors) prefer to wait for monthly handouts and now bailouts from Abuja to administer their states.

    It stressed that if the state governments could reduce wastages, tackle corruption and moderate their greed, there would be more than enough money to pay enhanced minimum wage and carry out meaningful development in their states.

    ASCSN advised the governors, who are tired of governance because of the fall in revenue allocation and downward slide in the price of oil in the international market, to resign immediately and allow more serious-minded individuals, who are prepared to harness resources of the states for the benefit of the people, including workers, to take up the mantle of leadership.

  • NLC restates commitment to negotiating minimum wage

    The Nigeria Labour Congress (NLC) has reaffirmed its commitment to negotiating a new minimum wage with the Federal Government despite the  country’s economic crisis.

    Speaking with The Nation, a factional President of the Congress,  Comrade Joe Ajaero, said it would not accept the blackmail of economic crisis to continue labour abuses through denial of basic rights.

    According to him, when the N18,000 minimum wage was approved, it was agreed that it would be reviewed after five years, adding that it is over five years after the introduction of the N18,000 minimum wage, and workers are yet to have their salaries reviewed.

    “Government should not deny workers their basic rights and privileges as entrenched in the agreement with labour,” Comrade Ajaero said.

    He implored relevant government agencies and state governments not to delay or deny immediate negotiation of a new minimum wage.

    He tasked National Assembly to bring an end to its lingering leadership tussle and concentrate on working with President Muhammadu  Buhari in tackling national issues for a better Nigeria.

    He said one of the best services the Nigerian lawmakers could offer Nigeria was to close ranks and cooperate with the President in ensuring that the financial bailouts availed some salary-owing state governors are judiciously used for paying workers salaries while other national issues are addressed.

    “Our lawmakers, by now are supposed to see the national issues confronting the nation as more important than any other thing. Nigerians are waiting for the change promised during the electioneering campaign.

    “Now that the politicians have been voted in, they should get to work to strengthen our internal democracy and achieve for all, a better Nigeria through legislations that will bring about constant electricity generation and distribution; employment generation; improved primary, secondary and tertiary education; healthcare; security, legislating against corruption; entrenching industrialisation and reforms in the oil and gas industry; among several others,” Ajaero said.

    The lawmakers, he said, should join forces with President Buhari in recovering stolen commonwealth of over 150 billion dollars stacked away in foreign banks by past governors, ministers, and other government functionaries.

    “We need not search further for any other reason for the perennial decay in the country and the sorry state of critical infrastructure. Our anti-corruption agencies must be repositioned and our justice system must be critically reviewed while international support is also sought to bring an end to corruption in Nigeria.

    “All the outrageous remuneration structure for the Senators and members of the House of Representatives and the profligacy of state governors must stop if we want to be reckoned with as a serious entity among the comity of nations,” Ajaero added.

    He also challenged the lawmakers to address the issue of income inequality and poverty among Nigerian workers so as to put in proper perspectives the intricate connection between income, consumption and production.

  • NLC demands minimum wage review

    NLC demands minimum wage review

    • Suspension of privatisation

    The President of the Nigeria Labour Congress (NLC), Comade Ayuba Wabba, has demanded a review of the N18,000 minimum wage by the Federal Government.

    Wabba said the union is in support of the government’s anti-corruption crusade, as it is a part of the initiative designed to reposition the nation’s economy.

    The NLC President who spoke  at the National Executive Council (NEC) meeting of the union in Abuja, the Federal Capital Territory (FCT), said the current minimum wage is unrealistic given the present economic reality.

    He said when the NLC agreed on the N18, 000 minimum wage with the Federal Government, the exchange rate was N140 to a dollar, but as at today, it is N220 to a dollar.

    Wabba said Nigerian workers should be treated fairly by reviewing their salary upward in line with the present economic reality, adding that the minimum wage is no longer enough to sustain workers.

    He condemned the spate of corruption in the country, where a privileged few corner the resources belonging to all Nigerians, pointing out that the NLC would support President Mohammed Buhari’s move to prosecute culprits.

    “The issue of corruption in Nigeria is mind boggling and unacceptable to us, as this has caused many of us to live in penury. Those responsible for corruption and stealing of our collective patrimony should be prosecuted and made to face the law, if found wanting. This is the only way to make Nigeria work.”

    He said a lot of resources that should accrue to the state are being stolen by individuals and some privileged few. The NLC president called on the Federal Government to encourage workers to expose corruption in their domain, saying if workers were encouraged as whistle blowers, it would help the country.

    He said the President should ensure that such workers are protected while acting as whistle blowers, stressing that no one should be victimised for such act.

    Wabba said the various probes by the anti-corruption agencies must not end up like others such as the power sector and the fuel subsidy scam, which ended without result.

    He called for speedy trial of suspects by the judiciary, adding that Judges must henceforth not be allowed to grant injunctions against suspects.

    “The anti-corruption agencies must not relent in their efforts in prosecuting corruption; that money must be recovered and put back into the country,’’ he said.

    He called for the diversification of the economy, stating that a situation where the government depends largely on oil revenue is inimical to growth.

    Wabba warned the government against disengaging workers in the cause of the merging of Ministries, Departments and Agencies (MDAs), saying the NLC would resist such move.

    He said merging ministries with the sole aim of disengaging workers, would be met with stiff resistance by labour unions.

    Also, the NLC’s other faction led by Comrade Joe Ajero, has called on the government to suspend further privatisation of public assets, claiming that Nigerians are not reaping the promised benefits of improved and cost effective services from the public enterprises already privatised.

    Speaking with newsmen after their council meeting, Ajaero said it is clear that these privatised enterprises, like Nigeria Telecommunications Limited (NITEL), the defunct Power Holding Company of Nigeria (PHCN), Ajaokuta and other steel rolling mills are not in a position to provide public-spirited services.

    He said Nigerians are worse off paying more for poor services and performance.

    Lamenting the state of the economy, he said: “NEC in session expressed concern that if there is any reason Nigeria is yet to fulfil her development potentials, it is corruption. With over $150 billion  stolen and stashed away in foreign banks, we need not search further for any other reason for the perennial decay and the sorry state of our critical infrastructure.

    He said the NEC is in support of the President’s efforts to seek international support to ensure repatriation of the stolen wealth from Nigeria and bring to book everyone found culpable.

    “Beyond the recovery of stolen wealth, we urge the present administration to strengthen the anti-corruption agencies, such as the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and other Offences Commission (ICPC), and as well carry out reforms in the justice administration system, such that corruption cases can be quickly dispensed with,” he added.

    Ajaero said the Council noted with pains that all economic indices indicate that the economy is in recession with falling oil revenue, the fluctuating foreign exchange rate, rising inflation, gradual decline in the Gross Domestic Product (GDP) growth rate, declining household income, and increasing unemployment among others.

    “NEC in session opined that it is time to rethink our economic development strategy from foreign reserve guzzling import dependent framework to a system that will deliberately stimulate and promote sustainable productive activities in agriculture and manufacturing geared towards exportation of made in Nigeria made products.

    “NEC in session reiterates that the development of the real sector, particularly the iron, steel and automobile, mining, textile and garment segments, is quite critical for the creation of mass decent jobs, elimination of poverty and building a virile and sustainable economy,” he said.

    He said the Congress therefore, commits to engaging the present administration on these issues through campaigns and policy advocacy.

  • SEC to review new minimum capitalisation requirements

    The Securities and Exchange Commission (SEC) has confirmed that it would review the new minimum capital base requirements for capital market operators.

    Acting director general, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, said the apex capital market regulator would return to the recapitalisation issue in the next five months.

    Gwarzo told a team of the council and management of the Nigerian Stock Exchange (NSE) that visited him that the Commission was delighted that it has had a good collaboration with all stakeholders on the issue of the recapitalisation and it “will return to the exercise in the next five months”.

    The report confirmed earlier exclusive report by The Nation last week that the new management of SEC would review certain capital market policies and processes. SEC had also last week presented draft of new rules and regulations and amendments for public comment.

    Relying on an impeccable source, The Nation had reported that SEC may undertake extensive review of its policies and modus operandi with a view to aligning them with its core mission of investors’ protection and capital market development.

    The source had said the new management of SEC plans to review existing policies and frameworks for its operations to give a new verve to the operations of the apex capital market regulators.

    The erstwhile executive commissioner, operations, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo took over as the acting director general of the apex capital market regulator on Monday January 12. He succeeded Ms Arunma Oteh, who completed her five-year tenure on Wednesday January 7, 2015.

    It should be noted that SEC had extended the deadline for compliance with the new minimum capital requirements for various capital market functions from December 31, 2014 to September 30, 2015. Before the extension, some 262 capital market operators had met their various capital requirements.

    However, the larger segment of the capital market operators had called for a review of the minimum capital base, arguing that it violated the principles of risk-based approach that should govern the capitalisation of multi-operators market.

    SEC had 2013 announced major increases in minimum capital requirements for capital market functions under a new minimum capital structure that was initially scheduled to take off by January 1, 2015. Minimum capital base for broker/dealer was increased by 329 per cent from the existing N70 million to N300 million. Broker, which currently operates with capital base of N40 million, will now be required to have N200 million, representing an increase of 400 per cent. Minimum capital base for dealer increased by 233 per cent from N30 million to N100 million.