Category: 📈Trends

The Nigeria Deposit Insurance Corporation NDIC has listed the head office in Lagos and branches of failed Heritage Bank across the country for sale in its role as liquidator of the bank.

NDIC announced the sale of the bank properties numbering 48 and its chattel including vehicles, office equipment, plant, and machinery in another 62 locations across the country in an advertorial published in The PUNCH on Thursday.

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

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

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

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

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

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

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

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

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

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

The chairman of the Bank Directors Association of Nigeria, Mustapha Chike-Obi, in a chat with The PUNCH said,“BDAN accepts and respects the unique position of the CBN in making this kind of decision in the interest of the banking sector. BDAN is confident that CBN analysed all the pros and cons of this decision and took the best decision in the interest of the banking sector.”

Also, the House of Representatives has passed a resolution mandating the CBN to investigate the leadership and management of Heritage Bank to “Identify any possible issues of mismanagement or wrongdoing that may have contributed to the bank’s failure.”

This followed the adoption of a motion of urgent public importance during plenary on Tuesday, filed by the member representing Idemili North/Idemili South Federal Constituency of Anambra State, Uchenna Okonkwo.

It also urged the NDIC “to conduct a comprehensive review of its operations and the effectiveness of its mandate to ensure that it is adequately equipped and resourced to fulfill its role as deposit insurer and investor of failed banks.”

 

 

 

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

The Minister of Information and National Orientation, Mohammed Idris, who handed down the admonition, hinted that the N250,000 minimum wage demanded by labour could undermine the economy, lead to mass retrenchment of workers and jeopardise the welfare of Nigerians.

However, the labour unions refuted President Bola Tinubu’s claims during his Democracy Day broadcast on Wednesday that an agreement had been reached on the new national minimum wage.

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

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

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

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

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

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

N62,000 not acceptable

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

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

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

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

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

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

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

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

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

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

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

Religious leaders

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

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

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

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

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

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

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

‘No agreement yet’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

OPS speaks

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

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

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

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

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

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

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

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

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

 

 

 

The Competition and Consumer Protection Tribunal on Friday fined Multichoice Nigeria, the owners of DSTV and GoTv services, the sum of N150 million for disobeying its orders, which restrained the pay-TV company from increasing its monthly subscription pending the determination of the suit brought before it.

The tribunal also ordered the pay-TV company to provide its Nigerian customers with a one-month free subscription to its DStv and GOtv packages.

Recall that the tribunal had previously ordered Multichoice not to increase its subscription fees without proper notice, following a lawsuit filed by an Abuja-based lawyer, Festus Onifade, who said the 8-day notice given for the price increase was inadequate.

Onifade then proceeded to file contempt charges against Multichoice after it disobeyed court orders and proceeded with its price hike as announced via email to its customers.

The contempt charges which were filed on May 7 were instituted against the Manager of the Abuja branch of Multi-Choice Nigeria Ltd, Mr Mohammed Sani.

The contempt was hinged on the company’s disobedience to the court order and Onifade, sought an order of the tribunal, directing MultiChoice to pay the sum of N1 billion “or any amount the tribunal deemed fit appropriate in this circumstance for the company’s deliberate actions in disobeying, contravening, and failing to comply with the interim order” granted on April 29.

In a Notice of Consequence of Disobedience to Order of Court, Form 48, marked: CCPT/OP/02/2024 dated and filed on May 7, the notice, warned Sani against disregarding the tribunal order.

“Take notice that unless you obey the under-listed order of the Competition and Consumer Protection Tribunal, Abuja, given on the 29th day of April 2024, thus: “An order restraining the 1st defendant/respondent either by itself, agents, representatives, officers or privies, howsoever described from carrying out the impending increase in tariffs and cost of its products and services intended to take effect from 1st May 2024, until the hearing and determination of the motion on notice already filed before this tribunal”.

Multichoice, on its part, argued that previous rulings had settled price regulation issues.

Onifade insisted the length of notice was inadequate and more pressing than the price hike itself, prompting the tribunal to affirm its jurisdiction and ruling against Multichoice.

The court fixed July 3 for a hearing of the substantive suit of the plaintiff.

 

The Minister of Finance, Wale Edun, on Thursday submitted the estimated cost of the proposed new national minimum wage to President Bola Tinubu.

According to Sahara reporters, Edun submitted a proposal of N105,000 to the president as the new minimum wage.

It would be recalled that on June 4, President Tinubu asked that the finance minister, Wale Edun present a new wage template within two days as there was a disagreement between organised labour and the government. While organised labour is asking for a wage of N494,000, the government said it would pay N60,000.

However, earlier today, the Finance Minister, Edun, along with the Minister of Budget and National Planning, Atiku Bagudu, submitted the cost implementation of the new minimum wage to President Tinubu at the presidential villa in Abuja, as the minister revealed afterwards that “There is no cause for alarm.”

It would be recalled that after an indefinite strike action which commenced on Monday, the organised Labour relaxed the strike with immediate effect for one week as the government committed to pay above N60,000.

Ever wondered about the intriguing dance between Bitcoin prices and stock markets? Brace yourself for a journey into the financial cosmos where digital currencies collide with traditional stocks.

This article delves into the symbiotic relationship between Bitcoin and stocks, exploring how they influence each other. From Bitcoin’s disruptive rise to the impact of stock market trends, get ready to unravel the interconnected world of finance.

BTC and stock market investing can be exciting but don’t overlook the risks associated with it! Bitcoin Buyer can help you to learn about investing and develop skills to invest with confidence.

Understanding Bitcoin’s Impact on Stock Markets

A. Bitcoin’s Growth: A Game-Changer in Traditional Markets

Bitcoin’s evolution from a niche digital currency to a global financial asset has reshaped traditional market dynamics. Its disruptive potential challenges conventional notions of value and investment, compelling stakeholders to reassess their strategies.

As Bitcoin matures, its influence extends beyond the realm of cryptocurrencies, permeating traditional financial markets and prompting a reevaluation of established paradigms.

B. Market Sentiment and Volatility: Deciphering Correlation Patterns

The interplay between Bitcoin prices and stock markets hinges on market sentiment and volatility. Understanding the intricate relationship between these variables is paramount in deciphering correlation patterns.

While conventional wisdom suggests that Bitcoin operates independently of traditional markets, empirical evidence suggests otherwise.

Market sentiment often drives simultaneous movements in both Bitcoin and stock prices, underscoring the need for a nuanced approach to investment strategies

C. Institutional Adoption: Evolving Investment Landscape

Institutional adoption of Bitcoin marks a significant shift in investment strategies, signaling broader acceptance of cryptocurrencies within traditional financial institutions.

As institutional investors increasingly allocate capital towards Bitcoin, the market experiences heightened liquidity and stability. This institutional endorsement not only legitimizes Bitcoin as a viable asset class but also introduces new dynamics into the interconnected world of Bitcoin prices and stock markets.

Reciprocal Influence: How Stock Markets Impact Bitcoin Prices

A. Macro-Economic Indicators: Navigating Stock Market Trends

The impact of stock markets on Bitcoin prices is multifaceted, influenced by macro-economic indicators and broader market trends. Factors such as GDP growth, inflation rates, and monetary policy decisions exert considerable influence on investor sentiment and market dynamics.

Navigating these trends requires a meticulous understanding of economic fundamentals and their implications for Bitcoin valuations.

B. Investor Behavior: Psychological Drivers of Market Movement

Psychological factors play a pivotal role in shaping investor behavior and market sentiment, thereby impacting Bitcoin prices. The fear of missing out (FOMO), herd mentality, and risk aversion are just a few examples of psychological drivers that drive market movements.

Recognizing these behavioral patterns is crucial for investors seeking to capitalize on market inefficiencies and anticipate shifts in Bitcoin prices.

C. Regulatory Developments: Legal Frameworks and Cryptocurrency Valuations

Regulatory developments within the stock market sphere have far-reaching implications for cryptocurrency valuations.

Government policies, legislative reforms, and regulatory enforcement actions can either bolster or undermine investor confidence in Bitcoin.

Understanding the regulatory landscape is essential for investors navigating the complexities of the interconnected world of Bitcoin prices and stock markets.

Strategies for Investors and Traders

Investing in the interconnected world of Bitcoin prices and stock markets demands a nuanced approach tailored to individual risk appetites and investment goals. Here are some strategies to navigate this complex landscape:

Diversification: Spread Your Risk

Diversifying your investment portfolio across different asset classes can help mitigate risks associated with market volatility. By allocating funds towards a mix of stocks, bonds, cryptocurrencies, and other assets, investors can minimize the impact of adverse market movements on their overall portfolio.

Dollar-Cost Averaging: Smoothing Out Volatility

Dollar-cost averaging involves investing a fixed amount of money at regular intervals, regardless of market conditions.

This strategy helps smooth out the impact of market volatility, as investors buy more shares when prices are low and fewer shares when prices are high.

Over time, this disciplined approach can yield favorable returns while reducing the emotional stress associated with market fluctuations.

Fundamental Analysis: Researching the Underlying Value

Conducting thorough fundamental analysis is essential for evaluating the intrinsic value of stocks and cryptocurrencies.

By analyzing financial statements, market trends, and industry dynamics, investors can make informed decisions based on the underlying fundamentals of the assets they are considering.

Technical Analysis: Charting Market Trends

Technical analysis involves studying historical price and volume data to identify patterns and trends in asset prices.

By using technical indicators such as moving averages, relative strength index (RSI), and Fibonacci retracements, traders can identify potential entry and exit points to optimize their trading strategies.

Long-Term Investing: Patience Pays Off

Taking a long-term perspective can be advantageous in the volatile world of investing. Instead of trying to time the market, focus on the long-term growth potential of your investments.

By staying invested through market downturns and downturns, you can benefit from the power of compounding and ride out short-term fluctuations.

Conclusion

In the ever-evolving landscape of finance, the bond between Bitcoin and stock markets remains intricate yet fascinating.

As we navigate through market volatility and regulatory shifts, one thing is clear: understanding this symbiotic relationship is crucial for investors.

By adopting diversified strategies and staying informed, investors can thrive in this interconnected realm where Bitcoin and stocks intersect.

 

 

The Federal Government’s ban on the export of Liquefied Petroleum Gas, popularly called cooking gas, has led to a crash in the cost of the commodity from about N1,500 per kilogram to around N900/kg, LPG dealers stated on Wednesday.

Cooking gas dealers under the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers disclosed this during a courtesy visit on the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja.

On February 22, 2024, The PUNCH reported that the Federal Government banned the exportation of LPG in a bid to increase its volume domestically to warrant a crash in price.

It stated at the time that LPG producers in Nigeria and key stakeholders in the industry had been told to stop exporting the commodity out of Nigeria, following the jump in the cost of cooking gas.

Speaking at the meeting with the gas minister on Wednesday in Abuja, the National President, NALPGAM, Oladapo Olatunbosun, commended Ekpo for the courage in ordering the domestication of all LPG produced within the country, stressing that the policy resulted in the reduction and stabilisation of the product’s price in the domestic market.

Olatunbosun, in a statement issued by the minister’s media aide, Louis Ibah, recalled that during a stakeholders consultative forum in Abuja in February this year,  the association had drawn the minister’s attention to the fact that some international oil companies  operating in Nigeria had been exporting huge volumes of gas.

He had pointed out that if these volumes were to be available for the domestic market, there would be no need to import LPG at exorbitant rates as the product would be available and there would be price stability in the local market.

The NALPGAM president thanked the Federal Government for heeding to their plea, as the government’s intervention made the price of LPG that was sold fo N20m per 20 metric tonnes reduced to N15m.

And at the retail end, there is a corresponding decrease from N1,400 – N1,500 per kilogram to between N900 – N1,000 per kilogram, according to the gas marketer, as contained in the statement.

Olatunbosun was quoted as saying, “We appreciate the fact that at the parley with us you (Ekpo) promised that the issue of exporting LPG in the face of inadequate supply and soar in prices will be addressed, and indeed you have taken steps to walk the talk.

“Today we say thank you because the ban on LPG export has made a lot of changes in the market and consumers can testify to this.

“People who abandoned their gas cylinders due to price hike are coming back and we are confident that by the time the naira gains more weight, consumers will enjoy better price of LPG.”

In his response, Ekpo decried the situation where Nigeria, a major gas producer, was ranked among countries with the lowest consumers of the product.

He assured his guests of President Bola Tinubu’s commitment in deepening the penetration of gas across the country.

He lauded the marketers for their cooperation in bringing down prices to reflect current realities following the ban on the export of LPG.

“We would not have gone that far without your cooperation and support. We are working towards ensuring that our vast gas resources is available domestically at the right price for the public in line with President Bola Tinubu’s aspiration for the sector and economy,” Ekpo stated.

The gas minister stated in February that the government had asked LPG producers to halt the export of the commodity.

Ekpo had said, “With the issue of gas, you have seen the demonstration of the Federal Government by withdrawing all taxes and levies from the importation of gas-related equipment. It is a big incentive.

“On the issue of LPG (cooking gas), we are interacting with the critical sectors to ensure that there is no exportation of LPG. All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and, of course, the price will automatically crash.

“I’m in contact with the regulator, NMDPRA, we have meetings almost daily with the producers of the gas like Mobil, Chevron and Shell. So there is that hope that things will turn around.

“And that is also why we are having this engagement to know exactly what the problems are so that we can address them once and for all.”

 

The Federal Government and Organised Labour on Wednesday adjourned the minimum wage talks till Thursday (today) when the negotiation is expected to continue.

The Tripartite Committee on National Minimum Wage postponed the session in anticipation of the Minister of Finance, Wale Edun, submitting the salary template to President Bola Tinubu today.

Tinubu had on Tuesday directed the finance minister to present the cost implications for a new minimum wage within two days.

The President gave the order at a meeting with the government negotiation team led by the Secretary to the Government of the Federation, George Akume, at the presidential villa in Abuja.

Sources in the labour unions privy to the committee meeting said the parties decided to await the outcome of the presidential template before proceeding with further negotiations.

A source who attended the meeting said, “The meeting has been adjourned until Thursday. We showed understanding because we all know that the president gave the minister of finance 48 hours to come up with a minimum wage. So, we decided to give them the time. We will be meeting by 2 p.m.”

A top labour official who is a labour representative on the tripartite committee explained that the template was crucial to the minimum wage negotiation.

The source, who cannot be quoted because he was not authorised to disclose information to the media on the negotiation, expressed confidence that the talks would record good progress once the presidential template is presented to the parties.

The Minister of Information and National Orientation, Mohammed Idris, had hinted that the President wished to know the financial implications of the new minimum wage in 48 hours.

Briefing journalists on the presidential directive, the information minister said, “We were all there to look at all issues, and the President has directed the minister of finance to do the numbers and get back to him between today and tomorrow so that we can have figures ready for negotiation with labour.”

Idris assured of the president’s readiness to accept the committee’s resolutions, adding that “The president is determined to go with what the committee has said and he’s also looking at the welfare of Nigerians.

“Government is not against or opponent of labour discussions; the government is not an opponent of wage increase, but what is there is that government is always there to ensure a balance between what government pronouncement is and what the realities are on the ground.

“And therefore, we will work assiduously to ensure that whatever promises the government makes are promises that will be kept. That is the idea of this meeting.”

Furthermore, he said Tinubu directed the government representatives to work collectively with the organised private sector and the sub-nationals to achieve a new affordable wage award for Nigerians.

Idris explained, “The President has given a marching order that all those who have negotiated on behalf of the Federal Government and all those who are representatives of organised private sectors, the sub-nationals to come together to have a new wage that is affordable, sustainable and  realistic for Nigerians.

“The wage is not just that of the Federal Government; as I mentioned earlier, the sub-nationals are involved, the organised private sector is involved; the Labour stepped out during that procedure. Now we have come back to the negotiation table.”

The minister assured that all hands would be on deck to present a new minimum wage for Nigerians in one week.

“All of us will work together assiduously within the next week to ensure that we have a new wage for Nigeria that is acceptable, sustainable and realistic,” Idris said.

Despite the intervention of the leadership of the National Assembly, labour embarked on a nationwide strike on Monday and Tuesday, crippling economic activities nationwide.

Banks, airports, public schools and courts were shut, forcing the Federal Government to convene an emergency meeting to find a way out of the impasse.

Following a meeting with the SGF, National Assembly leaders, and the National Security Adviser, Nuhu Ribadu, on Monday, the unions announced on Tuesday the suspension of industrial action for five days after President Tinubu agreed to pay a national minimum wage higher than N60,000. The tripartite committee pledged its readiness to convene daily until a new minimum wage is announced.

In an interview on Channels television, the President of the Trade Union Congress, Festus Osifo, said the unions would not insist on its N494,000 demand, indicating that the labour leaders were willing to accept a reasonable compromise.

Though the union leader refused to mention a specific amount, he said the new minimum wage must equal purchasing power to the value of N30,000 in 2019 and N18,000 in 2014.

Meanwhile, airlines lament the revenue loss incurred during the two-day strike declared by the labour unions.

The action forced airports to shut down, resulting in scores of cancelled flights and huge financial losses.

The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, highlighted the severe impact of the strike on UNA’s operations.

He said, “For two days, we didn’t fly. Ours (revenue loss) runs into millions. We do about 24 flights every day, and for two days, we didn’t do 48 flights. I can tell you it runs into millions.

“Our passengers were continuously informed of the situation. Our call centre was busy 24/7. The fallout now is what do we do with passengers who want to continue with their businesses because they have lost two days and all want to travel tomorrow (today)?

“And then, we have passengers booked to travel tomorrow (today). We are trying to accommodate as many as we can. Where possible, we put in additional flights. But you know capacity, you can’t stress it too much. Most flights are full now because of what happened in the last two days. It is not like we are against the strike, but everybody is feeling the situation of the country.’’

Okonkwo canvassed that essential services should be exempted from strikes, lamenting the plight of stranded passengers.

“It is understandable what labour is doing. But essential services should be exempted from this type of strike. Hospitals, and air travel, because some people had connecting flights. Some were stranded in Asaba, and they were supposed to go to Europe,” he noted.

The Chief Operating Officer of Ibom Air, George Uriesi, also expressed concern over the financial losses recorded by the local airlines during the labour action.

“There was a massive loss of revenue. If you were going to take N100 of revenue a day, and you don’t fly at all, you will probably make N2 or N3. And then there’s more to it because we must accommodate all the people that didn’t fly. So, you may be unable to sell seats for a long time because you’re dealing with a backlog,” he explained.

The Assistant General Secretary of the Aviation Round Table, Olumide Ohunayo, emphasised the strike’s broader impact on the aviation industry.

“It’s not only the airlines. The aviation industry lost lots of money due to the strike. The airlines,  airport terminals, concessionaires, taxi drivers, and others. In fact, the entire ecosystem lost millions of naira, even the charter flights.

“Some flights were cancelled. People are now forced to reschedule flights and see if they can get seats on a future date. And in getting those seats, ticket prices have jumped due to the rush to get seats.” he stated.

Pointing out the long-term economic effects on the aviation sector, the Chief Executive Officer of Centurion Security Limited, John Ojikutu, said, “The domestic airlines will lose some money, and that will affect the economy. The kind of money I’m talking about is not coming from local airlines because they contribute virtually nothing. If you compare the money they make from ticket sales to the money we make from foreign airlines, that is where the problem is.

“In the next two, three days, they would have cleared all those passengers, and we would now go back to our normal aviation problems, which are fuel and ticket fares,” he said.

Speaking on the long-drawn minimum wage negotiation, Debo Adeniran, the Executive Director of the Centre for Anti-Corruption and Open Leadership, urged the Federal Government and labour unions to finalise their talks quickly.

“The FG and the labour unions should not waste any more time beyond the 48 hours given to the finance minister. Everything is already concluded; they need to harmonise their positions based on their capacities to raise resources,” Adeniran stated.

Stressing the need for swift negotiations, he noted, “Labour unions and the FG should be realistic, which should not take an eternity to conclude. They should aim to finalise everything by the end of tomorrow (today).”

Adeniran also cautioned the labour unions against rushing to embark on strikes.

On his part, the Executive Director of the Civil Society Legislative Advocacy Centre, Auwal Rafsanjani, admonished the government to be honest and realistic during the negotiation.

“The Federal Government needs to be honest and realistic. They should be able to restore dignity in labour. Once the FG is realistic in presenting a minimum wage to Nigerians, there would not be any delay in the meeting with labour unions,” he concluded.