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Tag: NECA

  • SEC grants waivers to companies over filing defaults

    SEC grants waivers to companies over filing defaults

    Securities and Exchange Commission (SEC) has granted waivers to public companies on the outstanding penalties over the failure of the affected companies to file their returns to the apex capital market regulators between 2008 and 2013.

    The waivers followed a dialogue between SEC and the Nigeria Employers’ Consultative Association (NECA).

    Specifically, SEC granted 100 per cent waiver of all penalties imposed on public companies from 2008 to 2010 and 40 per cent waiver on outstanding penalties from 2011 to 2013.

    The engagement between SEC and NECA was sequel to complaints by companies, which had said they were not aware of the provisions on filing of returns.

    SEC had slammed penalties on the companies that failed to comply with SEC rules on filling requirements as stipulated by the Investment and Securities Act (ISA) 2007.

    President, Nigeria Employers’ Consultative Association, (NECA), Mr Larry Ettah said the outcome of this initiative by NECA was another testimony of how private and public sector institutions could work together for the good of the economy.

    According to him, NECA had to intervene on behalf of the Organised Private Sector (OPS) to make a plea to SEC to grant some forbearance in view of the fact that most private sector companies were not aware of the requirement.

    He said NECA has already communicated the outcome of the engagement to private sector operators, who are expected to take advantage of it within one week of the agreement.

    NECA is a platform for private sector employers to interact with the government, labour, communities and other relevant institutions in and outside Nigeria for the purpose of promoting harmonious business environment that engenders productivity and prosperity for the country.

    The waivers came on the heels of efforts by SEC to commence the implementation of the reinvigorated Code of Corporate Governance for Public Companies, which was recently upgraded from a moral-suasion based voluntary code to a mandatory code.

    A reliable source at SEC told The Nation that the approval of the compulsory code of corporate governance by the board of SEC cleared way for implementation and enforcement of the provisions of the code.

    According to the source, SEC is currently working out an enforcement framework that will allow for smooth but effective transition from the moral-suasion and voluntary regime to compulsory compliance regime.

    The source said that SEC might consider a three-step framework that includes notification of all stakeholders about the new status of the code, enlightenment of the general investing public on the new status and the implementation timeline and enforcement of compliance.

    “SEC as a responsible and considerate regulator would engage the stakeholders in the market. The timeline between the notification and deployment of compliance machinery would be used for stakeholders’ engagement,” the source said.

    The source added that SEC would also write deficient companies to notify them of areas of deficiency and request for compliance plan.

    A new provision to the code of corporate governance stipulates that “compliance with the provisions of this code shall be mandatory”  while another amendment states that companies will be liable to a fine of N500, 000 at the first instance of notification and subsequently additional fine of N5, 000 for every day that the violation persists.

    Besides, the stipulated fines, the new provision also give SEC unfettered power to apply “any other sanction” it “may deem fit in the circumstance”.

    “Any company/entity that violates the provisions of this Code shall be liable to a fine of N500, 000 at the first instance and a further sum of N5, 000 for every day the violation persists and or any other sanction as the Commission may deem fit in the circumstance,” the amended code stated.

    The code, according to the amendments, will now be described as a framework that is expected to facilitate sound corporate practices and behavior and it should be seen as a dynamic document defining minimum standards of corporate governance expected particularly of public companies with listed securities.

    The application of sanctions and penalties would scale up the code to same level of statutory rules being made by SEC under the mandate of the Investment and Securities Act (ISA) 2007. Already, publicly quoted companies are required to include in their annual report and accounts a compliance report on codes of corporate governance. The Code of Corporate Governance for Public Companies sets the minimum acceptable standards for quoted companies. Launched in 2003, the code of corporate governance was reviewed and re-launched in 2011, with several changes to reflect the current globally acceptable practices.

  • NECA, labour bicker over refineries privatisation

    The controversy generated by the privatisation of the refineries has thrown up a lot of issues on the transparency of the privatisation programme of the government. The umbrella body for employers in the country, Nigeria Employers Consultative Association (NECA), and oil workers, under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas (NUPENG), are singing discordant tunes over the privatisation of the four refineries. TOBA AGBOOLA reports

    The Nigeria Employers Consultative Association (NECA) and oil workers, under the aegies of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and the Natural Gas (NUPENG) are in the trenches over the privatisation of the near-moribund, state-run refineries. While NECA is in support of the scheme, oil workers are against it because of the inherent job loss by their members.

    But NECA Director-General Mr. Segun Oshinowo insists that it is the only way for the refineries to perform optimally in the long run.

    He said: “If we had gone that way, the whole issue of our dependency on foreign source for fuel supply would have, to a large extent, been addressed effectively. So, the same courage and determination which this government has demonstrated in privatising the electricity sector should be extended to the refineries so that we can save financial resources that are wasted on turn around maintenance (TAM) every now and then for which we have not actually got appropriate benefits. I will want this administration to consider that as a worthwhile legacy to bequeath to Nigeria.”

    He said the Petroleum Industry Bill (PIB) would address the issue of the refineries.

    Oshinowo said: “How long have we been on PIB? Why can’t the privatisation of those refineries acquire a life of their own outside PIB? Which one will be faster to handle, privatising outside the PIB or waiting for the PIB that has been on the table for so long? I think we have to face certain serious policy issues in this country.

    “For us, and talking from my personal perspective, I do not see any reason the government should still be involved in the refineries.”

    However, NUPENG and PENGASSAN have rejected the planned privatisation of the refineries. In separate reactions, both unions faulted the programme, urging the government to, instead of an outright sale, the Federal Government should adopt the Nigerian Liquefied Natural Gas (NLNG) model with the National Oil Company (NOC) or the Nigerian National Petroleum Corporation (NNPC), as owners of the four refineries holding minority share, while core investors/local participants hold the working majority. Workers, trade unions, and the host communities should also hold minority shares.

    Specifically, NUPENG wondered why government would suddenly wake up to talk about selling the four public refineriesthis year, warning that any decision on the refineries without the involvement of the organised labour would be resisted with everything at labour’s disposal.

    NUPENG’s  General Secretary, Mr. Isaac Aberare, said workers are worried about the  proposal by the Federal Government to sell the nation’s four refineries next year.

    He said caution must be exercised in the proposed sale as all stakeholders must be involved, if the plan will see the light of day.

    He said the sale of the refineries is not the solution to the massive importation of petroleum products into the country. He argued that the problem is government’s refusal to do the TAM of these refineries over the years to make them function optimally.

    He said a  lot of intrigues, power play, selfish interest to protect the cabal importing fuel had come to play, leaving the equipment in the refineries to rot away.

    “NUPENG is of the belief that more refineries should be established in the model of the NLNG strategic partnership and more investors given tax holidays and land to enable them construct new ones just like the initiative of the Dangote refinery, instead of trying to sell the nation’s assets as scraps to their people.

    “The proposed plan should be done with utmost care because the union will not fold its hands and allow its members to be thrown into the labour market that is already saturated.

    “NUPENG and PENGASSAN must be involved in wide consultations on issues like this before going on air to pronounce their sales, in order to avoid industrial disharmony,” he said.

  • NECA seeks speedy privatisation of refineries

    The Nigerian Employers Consultative Association (NECA) has urged the Federal Government to muster the political will and privatise the nation’s four ailing refineries.

    It argued that the government’s continued involvement in the running of the refineries amounts to waste.

    Its Director-General, Mr Olusegun Oshinowo, said the country runs four poorly maintained and inefficiently managed state-owned refineries sited in Warri, Port Harcourt and Kaduna, which operate at far below their installed capacities, thus failing to deliver refined products but keep large employees drawing heavy emoluments from public coffers.

    Oshinowo said it makes no sense for the government to continue to run the refineries, which can be better managed by the private sector, wondering why the Federal Government is dragging its foot in taking this all-important decision for the good of the economy.

     

    According to him, privatisation of the refineries is more compelling in view of the fact that they have remained in comatose and failed under government’s management to refine petroleum products for local consumption, leaving the country to source for over 80 per cent on imported products with intermittent scarcity, which often rattles the national economy and puts Nigerians under undue pressure.

    He said: “The same courage and determination which this government has demonstrated in privatising the electricity sector, it can extend it to the refineries, so that we can save national resources that are going to turn around maintenance, TAM, every now and then for which we have not actually got appropriate benefits. I will want Jonathan’s administration to consider that as equally a worthwhile legacy to bequeath to Nigeria.”

    On whether the Petroleum Industry Bill (PIB) won’t address the issue of the refineries, Oshinowo asked: “How long have we been on PIB? Why can’t the privatisation of those refineries acquire a life of their own outside PIB? Which one will be faster to handle, privatising outside the PIB or waiting for the PIB that has been on the table for God knows how long?

    “I think we have to face certain serious policy issues in this country. For us and talking from my personal perspective, I do not see any reason why government should still be involved in those refineries.”

     

  • NECA boss urges organised labour to maintain peace in power sector

    The Director General, Nigeria Employers Consultative Association (NECA), Mr Segun Oshinowo, at the weekend urged organised labour to maintain industrial peace in the power sector.

    Oshinowo said at a news conference in Lagos that electricity was key to the development of the nation.

    “The threat by the NLC and the National Union of Electricity Employees to shut down the DISCO over unfair labour practises will further worsen the electricity situation in the country,” he said.

    Oshinowo said that NECA was shocked that the unions could actually carry out the threat and shut down the activities of the Jos Electricity Distribution Company.

    “It was completely out of place; it was a wanton display of impunity in the act of industrial relations,” he said.

    According to Oshinowo, the country has institutions that have been set up and laws that are well articulated for the unions to address industrial issues.

    He said that the trade union’s right was a fundamental one that every employer must respect but due process must be followed for the employers to acknowledge such rights.

    “The fact that an employee belonged to a union in his former company does not automatically qualify him to belong to the union.”

  • Awo symposium for March 4

    Awo symposium for March 4

    To mark the 105th posthumous birthday of the late Chief Obafemi Awolowo, there will be a symposium, titled: The Nigerian Constitution: The Awo Road Not Taken, on March 4 at NECA House in Alausa, Lagos at 11am.

    The symposium was organised by the Obafemi Awolowo Foundation.

    The Executive Director of the Foundation, Dr. Olatokunbo Awolowo-Dosumu, said recommendations at the symposium would be sent to delegates to the proposed National Conference, which will start on March 18.

    Dr. Awolowo-Dosunmu said: “As the institutional custodian of the late Awolowo’s intellectual legacy, the foundation has decided that his prescriptions on the Nigerian constitution should be placed before intending delegates to the conference and Nigerians, so that they can be rigorously and rationally re-examined.”

    She said the panelists were carefully chosen to involve the younger generation in the discussion, adding: “We have chosen this panel because we want to involve the younger generation, who can be more open and can look at these documents with an unbiased mindset.”

    The keynote address will be delivered by Pius Adesanmi, a professor of African Literature and Culture at the Carleton University, Ottawa, Canada. The discussants are Chief Executive Officer (CEO) of Visible Impact Consulting Fela Durotoye; CEO, RISE Network, Toyosi Akerele; Public Affairs Analyst Bala Zakka and Chairman, Nigeria Bar Association (NBA), Ikeja Branch, Monday Ubani.

  • Awo symposium for March 4

    Awo symposium for March 4

    Asymposium, titled: The Nigerian Constitution: The Awo Road Not Taken, is being planned to mark the 105th posthumous birthday of Chief Obafemi Awolowo.

    The seminar, organised by the Obafemi Awolowo Foundation, will hold next Tuesday, at NECA House in Alausa, Lagos, by 11am.

    The Foundation’s Executive Director Dr. Olatokunbo Awolowo-Dosumu said recommendations at the seminar would be sent to delegates to the proposed National Conference, which will start on March 18.

    Dr. Awolowo-Dosunmu said: “As the institutional custodian of the late Awolowo’s intellectual legacy, the foundation has decided that his prescriptions on the Nigerian constitution should be placed before delegates to the conference and Nigerians.”

    She said the panellists were carefully chosen to involve the younger generation, adding: “We have chosen this panel because we want to involve the younger generation, who can be more open and can look at these documents with an unbiased mindset.”

    The keynote address will be delivered by Pius Adesanmi, a professor of African Literature and Culture at the Carleton University, Ottawa, Canada.

    The discussants are Chief Executive Officer, Visible Impact, Fela Durotoye; Chief Executive Officer, RISE Network Toyosi Akerele; Public Affairs Analyst Bala Zakka and Chairman, Nigeria Bar Association (NBA), Ikeja Branch Monday Ubani.

  • Femi Falana loses son-in-law

    Femi Falana loses son-in-law

    HUMAN Rights lawyer, Femi Falana, is bereaved. He lost his son-in-law, Oluwajuwalo Majekodunmi, to the cold hands of death. The deceased was holidaying in Dubai with his wife, Oluwafolakemi, when the tragedy struck.

    The couple got married at a well-attended ceremony in December 2012. The event started with an engagement ceremony on 6th of December, 2012 at the Nigeria Employer’s Conservative Association (NECA) located on plot A2, Hakeem Balogun Street, Alausa, Ikeja, Lagos State.

  • wapTV wins TV Channel of the Year award

    wapTV wins TV Channel of the Year award

    WapTV, a newly licensed cable channel, has been awarded the ‘TV channel of the Year’. The feat, which got the members of staff and management of the company jubilating Sunday night, was the second award the company has got in the last one month.

    Owned by popular TV drama entrepreneur, Chief Wale Adenuga, the award was bestowed on the company by the Nigerian Broadcasters Merit Award (NBMA) at a star-studded show at NECA House, Ikeja, Lagos.

    Only last month, the parent company, Wale Adenuga Productions (WAP), was awarded the ‘Top Business Partner’ by the Nigerian Television Authority (NTA) at the 2013 edition of the NTA Business Dinner/Award Night.

    According to the organizers, WAP was recognized for the huge patronage coming from programmes such as Superstory and ThisLife as well as wapTV cable channel.

    Receiving the new laurel, an elated Wole Adenuga, Managing Director of the station, said the award is the beginning of better things to come: “This award is dedicated to the entire wapTV team, all our content providers, esteemed advertisers and, of course, millions of viewers across Africa who tune in daily and interact with wapTV via phone calls and the social media. We assure you all that we are just getting started and the best is yet to come,” he said.

    He noted that since it began transmission on October 1, 2012, “wapTV has been enjoying massive viewership due to the channel’s strategic programming, which is made up of top-rated TV dramas, home videos, comedies, music, children’s programmes, lifestyle shows, ground-breaking skits, as well as a unique breakfast show, Kookoorookoo, which receives interactions from viewers all over Africa.”

  • NECA urges govt on privatisation of refineries

    NECA urges govt on privatisation of refineries

    THE Nigeria Employers Consultative Association (NECA) has implored the the refineries in the country.

    NECA’s Director-General, Mr Olusegun Osinowo,  said privatising the refineries was inevitable to stop the deluge of  petroleum products importation, as well as check the subsidy, which has no positive  impact on Nigerians.

    He argued that selling the refineries would give respite for the huge funds expended on their turnaround maintenance.

    He said the ills besetting the nation’s downstream sector of the petroleum industry would be addressed if the private sector was allowed to maintain the refineries.

    Oshinowo, however, warned that the impact would be damning on the economy if labour issues were not well-handled under the privatisation agenda.

    While praising President Goodluck Jonathan for the courage in privatising the sector, which he said could be seen as a defined legacy for the administration, he regreted that the process was being marred by industrial relations issues.

    “The big issue that nobody is talking about, though the BPE and the NERC have done the needful in privatisation, is that we have not seen their template in the area of industrial relations,” he said, adding that the most that have been done was the physical take over, but not the human take-over, insisting that failure to do that would cause undue crisis which could endanger the economy.

    He said: “ If the nation could tolerate four months of strike in the education sector, I don’t think the economy can withstand that if the workers in the power sector should decide to withdraw their services.

    “The Ministry of Labour should be echoing this and should be talking to the new employers. We shouldn’t wait until the bubble bursts before we start running from pillar to post.”

    Harping on the need for collaboration between the employers and the unions in the sector, he explained that there is need for the new employers to come together to interact with the unions to avert the impending crisis.

    To forestall this, Oshinowo said NECA has scheduled a meeting with the new employers in the power sector for early next month. He advised the unions talk to the new employers as against the Ministries of Power and Labour.

    He said the unions were not talking to the right people, because the duty has been shifted to the new employers, stressing that NECA was ready to bridge the gap between the employers and the employees to ensure that there is industrial harmony.

    He said the Bureau of Public Enterprises (BPE) and other government’s agencies that superintended the sale of the power assets to the new investors did not consider any industrial relations templates during the auctioning of the assets.

    He explained that the new owners must deem it necessary to give workers the right to unionism and collective bargaining to enable them have a sense of belonging in the organisation.

    He warned that failure on the part of the owners to use industrial relations as a guide would spell doom for the power sector and the nation at large.

    Oshinowo said  the privatisation of the refineries should be treated separately from the passage of the Petroleum Industry Bill (PIB), now at the National Assembly, adding that because the power sector has been privatised and the assets of the defunct PHCN ceded to the new owners, was not a guarantee for efficient power supply.

    He said Nigerians should take cognisance of the challenges in the sector, stressing that they would take some time to overcome.

  • TUC threatens strike over pension scheme

    THE Trade Union President (TUC), Mr Bobboi Kaigama, has threatened to shut the economy should there be any case of corruption or fraud in the new Contributory Pension Scheme (CPS).

    Kaigama, who is also of the Association of Senior Civil Servants of Nigeria (ASCSN), said despite checks against abuses in the new CPS, labour would not hesitate to declare a strike should there be fraud.

    “We will not hesitate to shut the entire space if this happens,” he added.

    Also, employers in the private sector are kicking against a further hike in their contributions to the scheme, arguing that it would affect them.

    Director-General, Nigeria Employers Consultative Association,  NECA, Mr Segun Oshinowo, said employers were over-burdened by various financial commitments, including payments to the Employees Compensation Act (ECA), insurance for employees, among others.

    He said the proposed review would have a ripple effect on the economy, adding that it could trigger layoffs of workers in organisations that may not be in position to accommodate further increase.

    “The argument is that it will become unsustainable. We should appreciate the fact that the scheme is to make life easy for employees. What of the ripple effect that will come with the increase in the percentage contribution? Some employers may want to reduce workforce because they cannot sustain it. Even government is finding it difficult to comply with the 7.5 per cent contribution, that is why they are having cold feet.