Tag: wealth

  • Should your wealth actually impoverish others?

    Should your wealth actually impoverish others?

    Respect to Jimmy Carter, peanut farmer, American president, Nobel Peace Prize winner who died at 100 on Dec 29. He helped end apartheid, brought about the Camp David Accords, authored 32 books. His marriage mantra ‘Never go to bed angry’ kept his marriage 80 years or so to Rosaline who was co-founder of the Carter Centre. May he RIP.      

    The world should reset its worshipful attitude and misplaced applause to mega-rollover lottery winnings especially as many participants are needy. The world must treat rollover lotteries as ‘failed and incomplete’ if not actually ‘misleading and fraudulent’.    

    As we embark on 2025, the world is faced with the moral and economic question of ‘Should your wealth mean many other people’s poverty’? This is a profoundly relevant question when so few people have so much while so many others cannot guarantee just one meal.

    Look at most lotteries. The ‘rollover’ lotteries mean random numbers can be drawn from the one million computers. If the number of a purchased ticket is not picked during the draw, then no one wins and the pot is rolled over to the next draw with the money added to the available fund for the next draw. We say ‘there was no winner’ when in actual fact we should say ‘we were all losers’.

    The old raffle draw method was sensitive to the needs of the people as it used only sold ticket numbers. So, there was always a winner – unless the winner had lost the winning ticket. Not for the first time the lottery, having been rolled over several times was in excess of $900m -1billion in the USA recently. The US has its plenty living in poverty, the dirt poor and the street people and those afflicted by drugs. Imagine if that $1b winning had been won not by one person but was won by 1,000 people each receiving $1m or 500 people receiving $2m each or 10,000 people receiving $100,000 each. Or even 100,000 mostly poor and low-income citizens, the majority of ticket purchasers, winning $10,000 each from the same lottery system.

    Read Also: University don raises the alarm over alleged extortion of customers by IKEDC

    Studies have shown that the megadollar winners often end up unhappy in their lucky win but broke financially, broken in spirit and battered by constant demands, sometimes fraudulent, for assistance by their insatiable fellow mankind members.

    Most winners under these circumstances of excessive wealth awards are actually happy to have spent all such money and be ‘poor at last’ or at least revert to before the winning point and again lead ordinary ‘complaining’ lives again as in their pre-winner life. Sudden wealth has its own burdens and difficulties and this is why many big winners keep their anonymity so as to protect them from being targeted for loans et cetera.

    Nigeria has its own lottery system and must recommend a focus on more realistic winning pots with more frequent and more widespread winning formulas. ‘Every single lottery should draw and redraw until we have a winner – no rollovers’. If a winner does not step forward, it should be easy, after a standard grace time e.g. 48 hours, to promote every other ticket drawn upward one step until a winner or winners step forward and are identified and rewarded.

     Another example of the ‘should your wealth mean other people’s poverty?’ is in ‘The Minimum Wage’ across many countries relative to another yardstick and not just Civil Service Structure.

    We must compare and categorise the minimum wage to the total Salaries and Perks and Pensions of serving politicians in the same government or private sector organisations. There is already an existing index for this calculation or ratio in regard to private sector salaries – the CEO: Worker Pay ratio. In Nigeria we need the current ratio for the minimum wage: Politicians pay ratio to be improved if we are to better distribute our lean purse and lift our citizens out of poverty.  Liveable wages are a requirement of lifting the working class and their immediate families out of poverty.

    As Nigeria enters 2025, we must prevent Nigeria being bled to death this year through already well-known paths in politics and governance and contract inflation. Theft kills Nigerians especially the massive theft, in N100s of billions, more than US lottery mega winners, which still robbed us well into 2024 with the most recent in court for N80b and also recent forfeitures of N12b+. These cases demonstrate government’s almost complete lack of pre-emptive ability to fight and prevent this maximum extortion from the Nigerian citizen’s purse. This is best exemplified by unpaid salaries and pensions, non-metering of oil wells, low electricity supply, criminal band ABCD structure ‘buy more pay more per unit’ defying capitalist economics of ‘buy more-pay less’, and our oil and refinery products theft and underreporting.            

    To find true honest Nigerians in sufficient numbers to run government agencies cannot be impossible. How do we keep them honest in office? PREEMPTIVE EFCC MONITORING!  

    The best way to carry Nigeria safely through the economic troubles of 2025 is to recite and obey the National Anthem, the Pledge and the Rotary FOUR WAY TEST daily.

    FOR THE NEXT 365 DAYS, DAILY BE FLH- FAITHFUL, LOYAL AND HONEST and OF EVERY ACTION ASK, ‘Is it the TRUTH, FAIR, BUILD GOODNESS & BETTER FRIENDSHIPS & BENEFICIAL TO ALL CONCERNED?’

    IF SO, GO AHEAD. IF NOT STOP…FOR NIGERIA 2025’s SAKE.Safe 2025 Journey… AMEN!

  • Innovative Wealth Management Techniques for 2024: Building a Brighter Future

    Innovative Wealth Management Techniques for 2024: Building a Brighter Future

    Welcome to the future of wealth management, where innovation meets prosperity. In 2024, navigating financial landscapes requires a new approach. Explore groundbreaking techniques reshaping the industry and securing brighter futures for investors worldwide. As we approach new financial frontiers in 2024,Visit bgx-ai.io/ ensures traders can connect with educational leaders who offer insights into innovative wealth management techniques.

    Sustainable Investing for Long-Term Growth

    In today’s rapidly changing financial landscape, sustainable investing has emerged as a cornerstone for long-term growth and stability. Unlike traditional investment approaches focused solely on financial returns, sustainable investing integrates environmental, social, and governance (ESG) factors into decision-making processes.

    This holistic approach not only aligns with investors’ values but also mitigates risks associated with environmental and social issues.

    One of the key drivers of sustainable investing is the growing awareness of climate change and its potential impacts on global economies. Investors are increasingly recognizing the importance of investing in companies that prioritize environmental sustainability and address climate-related risks.

    By incorporating ESG criteria into investment strategies, investors can identify opportunities that not only deliver financial returns but also contribute to positive environmental outcomes.

    Moreover, sustainable investing goes beyond just minimizing risks; it also presents opportunities for innovation and growth. Companies that embrace sustainable practices often demonstrate resilience in the face of market volatility and regulatory changes. By focusing on long-term sustainability, investors can identify innovative businesses poised for growth in a rapidly changing world.

    Another aspect of sustainable investing is impact investing, which aims to generate positive social and environmental impacts alongside financial returns. Impact investors seek opportunities to invest in projects and initiatives that address pressing societal challenges, such as poverty alleviation, education, and healthcare. By channeling capital towards these endeavors, impact investors can drive positive change while generating competitive returns.

    Personalized Wealth Management Solutions

    In today’s rapidly evolving financial landscape, personalized wealth management solutions have become indispensable for investors seeking to achieve their unique financial goals.

    Unlike one-size-fits-all approaches, personalized wealth management takes into account individual preferences, risk tolerances, and life circumstances to tailor investment strategies accordingly.

    A key component of personalized wealth management is the use of robo-advisors, which leverage technology to provide automated, algorithm-driven investment advice. These digital platforms analyze clients’ financial situations and goals to recommend personalized investment portfolios optimized for risk and return.

    By harnessing the power of data and analytics, robo-advisors offer cost-effective and efficient solutions for individuals looking to grow their wealth.

    Additionally, personalized wealth management solutions prioritize holistic financial planning, encompassing not only investment management but also retirement planning, tax optimization, and estate planning.

    Wealth managers work closely with clients to understand their short-term needs and long-term aspirations, crafting comprehensive strategies to help them achieve financial security and peace of mind.

    Furthermore, personalized wealth management extends beyond traditional asset allocation strategies to incorporate alternative investments and innovative financial products.

    From private equity and venture capital to real estate and cryptocurrencies, investors have access to a diverse range of investment opportunities tailored to their risk preferences and return objectives.

    Moreover, personalized wealth management solutions leverage behavioral finance principles to help clients overcome common psychological biases and make informed financial decisions. By providing education and guidance, wealth managers empower clients to navigate market volatility and stay focused on their long-term objectives.

    Navigating Regulatory Changes and Compliance

    In today’s complex regulatory environment, navigating regulatory changes and ensuring compliance are paramount for wealth management professionals. With regulators tightening oversight and imposing stricter requirements, firms must stay vigilant to avoid penalties and reputational damage.

    One of the key challenges facing wealth managers is keeping pace with evolving regulations, which can vary significantly across jurisdictions and asset classes.

    From Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements to tax regulations and data privacy laws, staying compliant requires a comprehensive understanding of regulatory frameworks and proactive risk management strategies.

    Moreover, technological advancements and digital transformations have introduced new compliance challenges for wealth management firms. With the rise of fintech innovations and online platforms, regulators are increasingly focused on cybersecurity and data protection issues.

    Firms must invest in robust cybersecurity measures and implement stringent controls to safeguard sensitive client information.

    Furthermore, regulatory changes often necessitate organizational adjustments and resource reallocations within wealth management firms. Compliance teams must collaborate closely with other departments, such as legal, risk management, and technology, to ensure a coordinated approach to compliance efforts.

    Another aspect of navigating regulatory changes is maintaining open lines of communication with regulators and industry stakeholders. Firms should actively engage with regulatory bodies, participate in industry forums, and seek guidance on compliance matters to stay ahead of regulatory developments and mitigate compliance risks.

    Conclusion

    Embrace innovation, secure prosperity. In a rapidly evolving world, staying ahead means embracing change. With innovative wealth management techniques, you’re not just preparing for tomorrow – you’re shaping it. Start your journey towards a brighter financial future today.

  • ‘We align with vision on wealth creation’

    ‘We align with vision on wealth creation’

    World Bank team and Federal Project Management Unit of Rural Access and Agricultural Marketing Project (RAAMP) have praised Ogun State for aligning with Federal Government’s vision on poverty reduction and wealth creation.

    Task Team Lead of World Bank Transport Sector, Olatunji Ahmed, said the Agrologistics component of the project would be difficult to beat.

    Southwest states converged in Ogun for a seventh Implementation Support Pre-mission meeting in Abeokuta.

    Ahmed said: “What I have seen Ogun PIU done in the Agro-logistics is impressive…”

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    He urged the contractor, Messrs Springview Global Concept, to complete the 13.1km Alapako-Oni/Mosa Junction road, to meet the deadline of February 2025.

    “We have been to Katsina, Akwa Ibom. Katsina delivered four months ahead of schedule, and Akwa Ibom rounding up. The contractor here should increase its speed.”

    He assured the contractor of a seamless payment and urged the consultant, Messrs AEC, to deploy its experience to help.’’ both the client (SPIU) and the contractor.

    Commissioner for Rural Development Olufemi Ilori-Oduntan assured the teams of the government’s continuous support for infrastructural development.

    “Governor Dapo Abiodun places a premium on infrastructural development, be it rural or urban. To underscore the premium, he has given due support to the RAAMP Project.”

  • Unexplained wealth

    Unexplained wealth

    • It’s time to strengthen laws on illicit asset acquisition

    Given the alarming rate of corrupt enrichment in Nigeria, the country should join others that have introduced laws empowering anti-graft agencies to seize assets by public officers known to be living above their legitimate incomes. Countries that have introduced such legislations are Kenya, Trinidad and Tobago, United Kingdom, among others.

    Last October, Nigeria’s Economic and Financial Crimes Commission (EFCC), restated its call for the National Assembly to come up with a law that would strengthen its hand in combating corruption in the country. For years, Transparency International (TI) has rated Nigeria as one of the most corrupt in the world, while surveys have rated public agencies such as the Nigeria Police Force and Nigeria Customs Service as the worst culprits. Only last week, President Bola Tinubu ordered the Nigerian National Petroleum Company Limited (NNPCL), to remit all incomes into the Central Bank of Nigeria (CBN), owing to public outcry about the opacity of the organisation.

    The Chief Whip of the Senate, Ali Ndume, who made strenuous efforts to get the 9th National Assembly to pass a bill on unexplained wealth has also pointed out that the easiest means of making the rich accountable is for the President to sign an Executive Order to that effect.

    He explained that all politicians, public servants and civil servants should have the light beamed on them, and whoever is unable to justify the source of his wealth should have same forfeited to the state as a way of sanitising the public sector.

    We agree with the EFCC chairman and the Senate Chief Whip. A situation whereby people who had nothing before being elected to represent their constituency in the federal legislature are bold enough to display exotic cars on the social media should be halted.

    The government should also stop encouraging corrupt leaders found culpable but allowed to slip through by applying a mere slap on the wrist through what is now called plea bargain. Whoever stole public fund should be made to feel the full wrath of the law.

    Read Also: Dollarisation: EFCC raises 14 task forces, arrests racketeers

    When Senator Ndume stridently argued for passage of the bill in 2021, the argument of his colleagues who stalled it was that the government in power could use it to haunt the opposition; the same reasons always adduced in attacking attempts to strengthen the anti-graft agencies and laws. It must be understood by all that a country in the condition that Nigeria is, where opulence stands in violent contradiction to abject poverty and squalor; where unemployment, especially youth unemployment is so rife that anger is very visible on the faces of the oppressed and deprived, cannot continue to be run as business as usual.

    In Nigeria today, many see the elite as enemies and, should the opportunity present itself, wanton destruction of public and private property may just be lurking in the corner.

    If Senator Ndume who has been in the National Assembly for about five terms cannot push such a bill through, we wonder who can. President Tinubu who has been warning that he would wrestle public corruption to the ground should sign an Executive Order to this effect immediately. The Order would complement fiscal and monetary policies already announced to reverse the rot in the system.

    The task of rescuing the economy from parasites and pests is so urgent that it should not wait for an extra day. President Tinubu should seize the momentum to do what has become inevitable  –  sign a law that would free the battle against corruption from the complex criminal prosecution process. Nigeria is too blessed for her resources to be surrendered to the corrupt ones who in turn flaunt the ill-gotten wealth in the most offensive manner.

  • The Poverty of Wealth

    Thinking of Nigeria as a bastion of poverty seems a paradoxical absurdity. Something simply does not add up. How can a nation so prodigiously endowed with natural resources, so impossibly blessed with clement weather, a nation that still has sixty four per-cent of its land mass uncultivated, be fingered as being in the grip of extreme want and poverty?

    But this is the reality that has hit us in the face with the latest report of the Brookings Institute. Nigeria has now become the poster boy for Biblical poverty and extreme privation in Africa. It is the greatest scandal of human development. If Nigeria was put together to explain why brains and ability matter over natural resources and hospitable environment, the explanation cannot be more convincing. Like a feckless and profligate child from a background of immense wealth, Nigeria has been toying with poverty for a long time. It has now arrived with vengeance.

    Poverty is the condition of absolute human want which dehumanizes earthly existence to a feral fiasco. Anybody who has seen human-beings foraging for food in junk yards and refuse heaps, or taking shelter in abandoned dung hills can be forgiven for thinking that only a thin line separates humankind from their animal cousins. Indeed in conditions of war and extreme social stress, the line is often blurred, and humanity slips back into the state of nature.

    For some countries or human societies, it never rains but pours. Problems pile upon problems. While we are still grappling with the problem of a federal executive embroiled in a bitter power struggle with the legislature and the carnage occasioned by the lingering feud between herders and sedentary farmers, while inter-elite disharmony begins to assume an ominous nation-disabling dimension, a more terrifying social and political incubus has crept upon Nigeria.

    With the news this past week from the respected Brookings Institute that Nigeria has slipped behind India with eighty seven millions of its people living below the poverty line, it is clear that the ruling elite in Nigeria has been issued with an ultimatum to come up with a comprehensive blueprint for social amelioration and inclusive growth or face the grave consequences of mass poverty and radicalized pauperization in a multi-ethnic and multi-religious society.

    Let the filthy rich gird their filthy loins in this land. Social vengeance does not discriminate. The goal is not justice but bitter revenge. But let it also be said right away that with the messianic populism of its henchman and General Buhari’s puritanical distaste for corruption, this government has its heart in the right place. But without theoretical anchor and rigorous conceptual scaffolding, messianic populism is just mere hell-raising without any foundation in concrete reality.

    On their own, messianic populism and railing against corruption are mere protestations and declarations of desire. They have never lifted any society or nation from the intricate web and trap of endemic poverty. The government’s hasty dismissal of the Brookings report suffers from insufficient intellectual weight and empirical justification .It must therefore be summarily dismissed as lacking in merit.

    To be sure, the thought of Nigeria being unfavourably compared to India may not be sweet music to the ruling party. With its abysmal slums, its fetid streets, suppurating open sewers and sheer human squalor, India often presents a picture of human society at the desperate end of its tether. But nobody ever imagined that it was going to be easy transiting from a superstitious and deeply feudal society to modernity.

    Yet compared to the Equatorial distemper which roils tropical Africa in general and Nigeria in particular as well as the ethnically inspired ego-fuelled politics, India has many things going for it, particularly the placid nature of its people, the discipline and forbearance engendered by Hindi philosophy and a nationalist elite which shuns obscene wealth and its narcissistic display. More importantly, India might have been colonially conquered but it was never culturally and ideologically subjugated.

    Poverty and the poor have always been part of the human condition. It is there in the holy bible as well as the Qumran. No human society has been able to completely eradicate the scourge of poverty. To ever believe that this is possible is to indulge in communist fantasy. Yet every sane and sober society has always come up with a strategy to combat the more extreme manifestation of poverty, particularly the problem of mass hunger and staggering idiotic inequity. This is why both Jesus Christ and the Holy Prophet were social crusaders and avenging titans against injustice and inequity, unlike the prosperity boondoggle of our modern day religious charlatans.

    The history of humanity is also the history of human struggle against poverty and socially or politically inflicted deprivation. Injustice is a bye product of human advancement. As part of the socialization of humankind as a higher species, it became evident that certain societies and certain individuals were always going to be more adept at deploying human labour to valorize natural resources.

    But this does not mean that those less adept should be allowed to perish or face extermination from sheer want and human fecklessness. The poor may not produce, but as history as shown, they can procure social convulsions. The rich cannot peacefully enjoy their rich cuisine without catering for the palate of the poor.

    In the animal kingdom, it is the Alpha male, due to sheer physical prowess and superior intelligence, that provides solace, succour, security from hunger and marauders until it is dethroned by a more powerful wannabe. Things are pretty stratified and set in marble. A lion cannot give birth to a mouse. Nature does not succumb to abnormalities when it comes to security and the food chain.

    In modern societies, the state is the Alpha male. As socialization proceeded apace, division of labour kicked in. From the revolt of Spartacus, the great slave leader of ancient Rome, through the thirteenth century Magna Carta, the great revolutions that concussed Europe, America and Asia, the most momentous upheavals in human history have been struggles against want and injustice.

    Many modern societies, with ancestral memory frowning and rumbling in the background, have learnt their lessons from these epic rousing of the human spirit. Before the advent of colonization and nascent capitalism, it was easier to address the problems of hunger and extreme want in essentially communitarian and traditional African societies. Nobody was allowed to go hungry. The extremely poor were accommodated in the social scheme and could always scrape by. The Yoruba people famously noted that once hunger is banished from poverty then poverty is dramatically diminished.

    But the insinuation of the capitalist logic of development with its new forces and relations of production as a corollary to the imperative of human advancement has spawned a new concept of ownership and a vast new global tribe of deprived and hungry people completely delinked from the food chain and without much prospects of social amelioration. Hordes of the economically disabled are routinely unleashed on society by the new mode of production. These are the people famously referred to by Frantz Fanon, the Martinique-born psychiatrist, as the wretched of the earth.

    To be sure, this is not a problem peculiar to Nigeria and Africa. An extant survey famously indicated that the best period to live in England was in the mid-sixteenth century or the Elizabethan Age. It was a period of literary, cultural and philosophical renaissance in which food was available to everyone. But soon thereafter as the Industrial Revolution began to take firm hold of the society, the sparks began to fly eventuating in royal decapitation in England. In the subsequent French Revolution the scarcity of bread featured as the principal leitmotif and casus belli.

    The western countries have learnt their lessons. They have come up with nationalist elites that do not toy with the plight of the poor or the business of poverty amelioration no matter their party affiliations or ideological hue. In Britain, France and the United States, whenever right-wing conservative governments, insisting that wealth must be created before it can be shared, go too far in their social brutalization of the poor and in rolling back the state, you can be sure that they will be replaced with left-wing governments with a sense of social justice and state responsibility to the wretched and afflicted of the land.

    Unfortunately, Nigeria has proved incapable of throwing up such a nationalist elite or a durable democratic state with structured and disciplined political parties that will correctly read the mood of the people. When Nigerians in their collective anger dismissed the PDP government in 2015, they thought they were electing a genuinely reformist left of centre party capable of redressing the thieving incompetence and social depredations of the ruling party. Three years later but for the anti-corruption drive and feeble capacity-rebuilding, their hope and expectations have not been met.

    Going forward and as a way of plotting our way out of this historic eclipse of the greatest Black conglomeration on earth, we can now summarize with the Brookings report and the Indian paradigm in mind. Firstly, the objective reality suggests that mismanaged oil wealth has turned into a social and political doom for Nigeria with unearned wealth in private pockets fuelling obscene disparities between the very rich and the very poor which in turn propels savage anger, social rancour, ethnic malice, insecurity, the rise of deviant behaviour and social cannibalism.

    Second, Nigeria is prey to an unproductive and endemically corrupt political elite which relies on rent-seeking and predatory extraction. Consequently, it is incapable of adding elementary value to our immense natural resources, not to talk of coming up with visionary capacity-building for engineering growth and boosting knowledge production through the judicious husbandry of human capital.

    Finally, Nigeria is held hostage by a dominant political caste trapped in a feudal time-warp which is bent on dragging the rest of the country down the alley of medieval servitude and prehistoric peonage. Given the current political shenanigans and fixation with elections, unless urgent reformers rise up within its midst to rescue it from its historic miseries or sympathetic strangers combine to nudge it in the right direction, the Northern Question will continue to loom large in the consuming tragedy of the Black race that Nigeria has become.

    India does not export oil. Unlike Nigeria, India is a fairly homogeneous country without the religious, ethnic and cultural fault lines which exacerbate political, social and economic tensions in Nigeria. The killing plains of Jos, Benue and Taraba, which are a function of colonial malice combined with cultural, religious and economic rigidity, are simply unimaginable in contemporary India. The Indian political elite shun obscene wealth and its garish display. This allows them to think productively about the plight of the nation.

    Finally, India is blessed with an old feudal caste which sees the way forward in embracing the future and not in hugging the past. At independence, Pandit Nehru, a self-assured scion of the old Indian nobility and a Cambridge graduate to boot, decreed that if Indians could not produce their own clothes or come up with their own indigenous automobile, then let them continue to trek and walk naked.

    It can now be seen why India with its humongous population is making steady progress in rescuing its people from the poverty trap while Nigeria is not. The Brookings report is a wakeup call and a warning signal. If care is not taken, Nigeria will soon be declared the worst place to live on earth. That would be a real shame, if we still remember what that means.

  • Expert canvasses wealth creation in beauty industry

    An expert in the beauty industry, Mr. Abdelrahman Kurdieh, has canvassed the need to ride on the crest of Nigeria’s burgeoning beauty industry to create wealth.

    He said the industry has numerous economic advantages if adequately explored and promoted.

    Kurdieh, who is the Regional Brand Development Manager, Messe Frankfurt Middle East, spoke at a road show in Lagos, organised to raise awareness on the 23rd Beautyworld Fair billed to hold in Dubai next May.

    Expressing optimism over the industry’s bright outlook in Nigeria and the Middle East, he noted that the upcoming edition of the leading international trade fair for beauty products will effectively boost the sector’s contribution to Gross Domestic Product (GDP).

    Kurdieh said the region’s beauty & personal care sales are expected to reach $34.5 billion by 2021, up from $30 billion in 2016. He said the Middle East and Africa (MEA) region will be the driving force behind the future growth of the industry globally.

    According to him, the fair will hold from May 8 to 10 at Dubai International Convention Centre and Exhibition. The exhibition, he said, would showcase six basic product groups namely, hair, and nails and salon supplies.

    Others are cosmetics and skincare, machinery, packaging and raw materials, personal care and hygiene, fragrance compounds and finished fragrance as well as natural & organic.

    Kurdieh added that the company has also introduced a business matchmaking programme to facilitate business connections between exhibitors and visitors.

    Speaking at the sensitisation session, Registration and Regulatory Affairs Director, National Agency for Food, Drug Administration and Control (NAFDAC), Dr. Monica Eimunjeze, urged Nigerians to take advantage of the fair to speed up the growing sector. She said the platform was critical to expanding the sector’s frontiers.

  • Minimum wage: Folktales of wealth, reality of poverty

    SIR: The Muhammad Buhari administration has inaugurated a 30 man committee to negotiate a new national minimum wage that would be beneficial to the Nigerian worker. The president premised the review on the increase in the pump price of petroleum products since the existing wage structure had expired as pump price increased.

    Without a doubt, the economic reality of an individual’s purchasing power clearly necessitates income adjustment. As a matter of fact workers have been experiencing personal economic turmoil as a result of the economic depression, low purchasing power of the Nigerian currency as well as the inflationary trend.

    However, certain factors should be put into consideration by advocates of the N56,000 national minimum wage.

    Over the years, funding of wage bills especially by state governments have always been a national headache. Many states are unable to implement the last wage review of N18,000, while others who were able to pay ab initio, soon found it increasingly difficult to pay with the subsequent collapse of crude oil prices internationally.

    With the downturn in the financial fortune of Nigeria, how many states can afford N56,000 minimum wage?

    Inflation today is an average worker’s biggest problem. Inflation tends to render the income of workers impotent. Available statistics provided by the National Bureau of statistics and the Central Bank of Nigeria indicates that inflation in Nigeria is on an insignificant decline. The apex bank is promising an inflation rate of 10% in the nearest future. This is attainable, however, without a doubt, the economic reality does not suggest that inflation is on a decline as prices of goods and food items are still on the high.

    Prices in Nigeria react negatively to minimum wage adjustments and petroleum product pump price. Suffice it to say, as minimum wage increases or petrol pump price is increased, market women adjust prices upwards to enable them share in the national   cake thereby fueling inflation.

    Increasing our minimum wage will not solve the problem; it would rather aggravate the financial crisis within the economy. An increase in money wage will result in automatic decrease in real wage of the individual. Rather than increase the minimum wage rate, government should proactively think of ways to increase the consumer purchasing power by reducing inflation rate through more Investment in agriculture and its value chain line. Agriculture has the potential to enhance Nigeria’s income generating capacity, it has the capacity to reduce unemployment and drive down prices of food items and raw materials.

    With additional investment in agriculture, Nigeria will be able to meet its food and raw materials demand which will in turn frustrate “demand pull inflation “where too much money pursue few goods.

    Government should seriously consider encouraging the development of the real sector of the economy. The near death of the real sector has greatly affected our productive capacity which in turn creates unemployment and fuels importation and inflation.

    Infrastructure capable of aiding the development of the real sector should be invested in. Such infrastructures include power and good road network, these will enhance production value-chain and boost our productive capacity.

    The Nigerian worker’s need is beyond N56,000 minimum wage. What Nigerians need is an increase in his real wage rate via increased purchasing power of his earnings and decreased inflation rate. Increased minimum wage without increased household purchasing power will amount to a waste of scares resources.

     

    • Olalekan Odewale,

    Lonelake2001@yahoo.com

  • Conoil commits to wealth creation, jobs

    Conoil commits to wealth creation, jobs

    As Nigeria celebrated its 57th independence anniversary yesterday, the nation’s leading indigenous downstream oil company, Conoil Plc, restated its commitment to its cardinal objectives of creating wealth and job opportunities for all Nigerians.

    In a goodwill message during the country’s 57th independence anniversary, it stated that it remains proud as a Nigerian company with world-class services to meet various energy needs.

    The company challenged Nigerians to harness their creative and productive abilities in aid of the country’s quest to self-sufficiency.

    Conoil urged Nigerians to focus more on those great qualities that bind them together as the world’s most populous black nation, and ignore the intangible things that tend to divide the people.

    It advised Nigerians to deepen their sense of patriotism to rekindle the nation’s flame of oneness and fortify its enviable position as Africa’s leading economic giant.

    While urging Nigerians to continue to work assiduously towards ensuring togetherness with a view to guaranteeing a brighter future for the country, Conoil implored them to maximise their common ideals to foster the nation’s unity despite its diversity.

    Noting that Nigeria’s journey to nationhood has been characterised by milestones that demonstrate its strengths, Conoil urged Nigerians to recommit themselves to own and live the country’s national anthem with the resolve “to serve their fatherland with all their strength as one nation, bound in freedom, peace and unity”.

  • Potter’s House wealth creation seminar

    The inaugural business seminar of Noble Men of The Potter’s House of Lagos on wealth creation holds on July 29.

    The theme of the seminar tailored to meet the yearnings of professionals, business owners and a craftsman seeking self-determination and financial freedom is “creating wealth in the 21st century”.  a

    Founding President Neimeth International Pharmaceuticals Plc, Mazi Sam Ohuabunwa, and Executive Secretary, Lagos State Employment Trust Fund (LSETF), Akin Oyebode, are speakers

    The seminar will feature role play and/or breakout sessions aimed at helping participants thrive in their professional lives and entrepreneurs.

    A statement by the church explained: “The facilitators will speak to creating gainful employment for self and others, identifying economic and financial opportunities and how take advantage of them as well as the dynamics of translating ideas to wealth by creating businesses and doing it the right way.

    “They will also share strategies for growth and profitability for existing businesses.”

    Resident Pastor of The Potter’s House of Lagos, Pastor Abeke Orhonor, said the church is living up to its purpose of enriching lives, shaping destinies and raising men of substance that will create a future of shared prosperity for Nigeria and Nigerians.

  • Archbishop laments poor wealth distribution

    Nigerian-born Archbishop of Christian Community Ministries International Sao Paulo Brazil, Emmanuel Chukwu Emmanuel, has faulted the nation’s wealth distribution system.

    The faulty system, according to him, is responsible for Nigeria’s economic crisis.

    Emmanuel said: “A situation where one man is richer than the country is wrong and that is because of wrong distribution of wealth.

    “There is no magic to advance the economy if our leaders do not know how to distribute the wealth through investments in the country.”

    The cleric also reasoned that the lack of fear of God was also to blame for the woeful economic condition of the country.

    “There is hardship in the land because of the lack of fear of God. Africa is the richest continent in the world but does not know how to manage its wealth because the leaders are not God-fearing.

    “They do not believe in the wisdom and knowledge of the distribution of wealth,” he stated.

    Emmanuel frowned at the preponderance of greed among the nation’s political leaders.

    “When we stop being greedy and think about our brothers, infrastructure will be better than what we have presently.

    “There is no need taking money to Switzerland that cannot be accessed by your children when you die,” he stressed.

    However, he believes all hope is not lost though, especially for those whose trust in God.

    “We serve a God of miracles. God provides our needs. We are not led by the economy of this country but by God’s financial supply, as God says.

    “When you believe in God, He supplies all your needs; He is not a man that lies.

    “He has been supplying my needs; there is no lack. Supernaturally, God has been seeing members of my church and me through.

    “We have number of testimonies. He makes dreams and goals come true. I know it that God is not a man that lies.”