Business
Minimum wage: NLC, TUC to suspend strike after grounding economy
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24 hours after workers crippled Nigeria’s economy, leaders of the Nigeria Labour Congress and Trade Union Congress have reached a deal with the Federal Government to suspend the ongoing indefinite strike.
The Secretary to the Government of the Federation, Senator George Akume disclosed this on Tuesday night while unveiling the resolutions of the emergency meeting with organized labour.
The four-point resolution was signed by the Minister of Information and National Orientation, Mohammed Idris, Minister of State Labour and Employment, Nkeiruka Onyejeocha, NLC President, Joe Ajaero and TUC President, Festus Osifo.
According to the resolutions, the federal government said it is committed to paying a minimum wage that is higher than N60,000.
The resolution stated that the tripartite Committee is to meet every day for the next week to arrive at an agreeable National Minimum Wage
Importantly, they added that organized labour will meet immediately to consider the federal government’s commitment.
“Labour in deference to the high esteem of the President, Commander-in-Chief of the Armed Forces, the Federal Republic of Nigeria’s commitment in iv above undertakes to convene a meeting of its organs immediately to consider this commitment; and No worker would be victimized as a result of the industrial action,” part of the resolution read.
A senior executive of organized labour who preferred anonymity told DAILY POST that workers would suspend the indefinite strike and return to negotiation with the government.
“For certain, organized labour will suspend its indefinite strike on Tuesday to continue negotiations with the tripartite committee.
“This is in line with the commitment extracted from the government after the meeting with the SGF”, he said.
Meanwhile, an earlier meeting between the organized labour and leadership of the National Assembly ended in a deadlock.
Consequently, workers commenced an indefinite strike on Monday, 3 June over the failure of the government to implement minimum wage and reversal of the electricity tariff hike.
NLC, TUC ground Nigeria’s economy
Nigeria’s economy was at a standstill Monday as organized Nigerian workers shut aviation, power, banks, ports, energy, road transport, and telecommunications sectors protesting the Federal government’s failure to implement minimum wage and reversal of the electricity tariff hike.
Airlines canceled flights leaving passengers stranded at Murtala Muhammed International Airport Lagos, Nnamdi Azikiwe International Airport Abuja and other airports.
In the early hours of Monday, the Transmission Company of Nigeria announced that workers shut down the National grid leading to nationwide darkness. Many manufacturers have been operating on diesel which is N1415.06 per litre, while small business owners run on petrol N701.24 per liter.
To make the matter worse, the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, are not exempted from the ongoing strike, making the twin product of fuel and diesel scarce.
Also, some banks and financial institutions partly closed operations.
DAILY POST observed that banks around the federal Secretariat in Abuja were shut down.
This was the case in Kano, Ondo, Lagos, Delta, Bayelsa, Oyo, Ebonyi, Cross River, Akwa Ibom, Benue and other states.
Activities at public offices were grounded in compliance with strike action.
DAILY POST observed that striking workers shut doors to public offices.
The National Assembly Complex was shut down by striking workers. Same with the Federal Secretariat and other offices in Abuja. The same was experienced across all ports in Nigeria.
The development has placed Nigeria’s economy already battling with high inflation, unemployment, foreign exchange fluctuations and an energy crisis on the edge.
Tension over intimidation
There was tension when organized labour alleged that they were surrounded by the Army at the meeting with SGF.
However, the Nigerian Army clarified that organized labour’s claim was false and misleading. The Nigeria Army said its operatives at the SGF office accompanied the National Security Adviser, Nuhu Ribadu.
Minimum wage proposal by Labour, FG
Organized labour had earlier proposed N494,000 as minimum wage, while the federal government is offering N60,000.
The organized labour had on different occasions staged a walkout from the tripartite Committee on National Minimum Wage over the government’s refusal to shift ground.
Meanwhile, the latest commitment by the Nigerian government has indicated that it is willing to pay a minimum higher than N60,000.
Labour, the Nigerian govt should be empirical and realistic on minimum wage – Nwuba
Dr Alex Nwuba, President of the Aircraft Owners and Pilots Association of Nigeria in an interview with DAILY POST on Monday said both the government and the labour must be empirical and realistic about the new minimum wage.
“It’s most unfortunate the consequences to those who must wait on the gladiators. This is merely the beginning as labour has presented an unrealistic offer and the government unwilling to move beyond its proposal.
“Both parties need to be more empirical, as the number proposed by each side does not address the issues and needs of the citizens.
“First, suspend the strike and determine what the economy can bear in wages, conduct studies on the required cost of living adjustments, as well as the numbers to keep the economy on track and competitive”, he told DAILY POST.
Nigeria govt should grant N150, 000 minimum wages to workers – Ojikutu
Capt. John Ojikutu, an industry expert and the CEO of Centurion Aviation Security and Safety Consult said Monday’s shutdown of Nigeria’s aviation sector further added to the problems the industry is grappling with.
He noted that if the government is serious about ending the issues of Nigerian workers, it should adopt N150,000 minimum wage.
“Nigerian Aviation has been thriving on many problems in the past 10 to twelve months which those in the government are yet to get solutions to.
“They should consider the electorates first before themselves because without the electorates, they cannot be what they are.
“Minimum pay for the workers, mainly the electorates, should not be less than N150,000.
Full privatization of the power sector will prevent national grid shutdown – Olubiyo
Kunle Olubiyo, the president of the Nigerian Consumer Protection Network said full and effective privatization of the power sector would have prevented the national grid shutdown by striking workers.
He blamed the rut in the power sector across the value chain for challenges in the industry.
He urged the government to completely deregulate the power sector in Nigeria.
“If the power is fully privatized, NLC, and TUC won’t shut down the national grid.
“We are in an emergency. Utility services like water, and electricity ought to be exempted if the workers are well-paid and the sector is effectively privatized.
“If the power sector is fully privatized, the nation grid won’t be shut.
“We want the government and labour to come to a middle ground on the minimum wage”, he told DAILY POST.
CREDIT: DAILY POST
Business
NIN-SIM Linkage: NCC Sets September 14 As Final Compliance Deadline
![NIN-SIM Linkage: NCC Sets September 14 As Final Compliance Deadline 54 NCC and sim cards](https://www.agendang.news/wp-content/uploads/2024/08/NCC-and-sim-cards.jpg)
The Nigerian Communications Commission (NCC) on Wednesday, revealed that over 153 million Subscriber Identification Modules (SIMs) have been successfully linked to a National Identity Number (NIN), reflecting a compliance rate of 96 per cent, a substantial increase from 69.7 per cent in January 2024.
This is even as the NCC has directed all Mobile Network Operators (MNOs) to complete the mandatory verification and linkage of SIMs to NINs by September 14, 2024.
Effective September 15, 2024, the Commission expects that no SIM operating in Nigeria will be without a valid NIN.
The Commission’s director, public affairs, Reuben Muoka, in a statement, said NCC is approaching the final phase of the SIM-NIN linkage process, even as it seeks the continued cooperation of all Nigerians to achieve 100 per cent compliance.
“The complete linkage of all SIM cards to NINs is essential for enhancing the trust and security of our digital economy. By verifying all mobile users, this policy strengthens confidence in digital transactions, reduces the risk of fraud and cybercrime, and supports greater participation in e-commerce, digital banking, and mobile money services. This, in turn, promotes financial inclusion and drives economic growth,” it averred.
Through collaboration with the Office of the National Security Adviser (ONSA) and the National Identity Management Commission (NIMC), the NCC said it has uncovered alarming cases where individuals possessed an unusually high number of SIM cards—some exceeding 100,000.
The Commission reiterated its commitment to working with security agencies and other stakeholders to crack down on the sale of pre-registered SIMs, thereby safeguarding national security and ensuring the integrity of mobile numbers in Nigeria.
It therefore urged all Nigerians who have not yet completed their NIN-SIM linkage, or who have faced issues due to verification mismatches, to visit their service providers promptly to update their details before the deadline; alternatively, the approved self-service portals are available for this purpose.
The NCC also reminds the public that the sale and purchase of pre-registered SIMs are criminal offences punishable by imprisonment and fines. “We encourage citizens to report any such activities to the Commission via our toll-free line (622) or through our social media platforms,” it added.
CREDIT: LEADERSHIP
Business
NNPCL declares N3.3trn profit for 2023 financial year
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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared a N3.3 trillion profit for the 2023 financial year.
Chief Financial Officer of NNPC Ltd, Umar Ajiya who addressed newsmen on Monday on the development, said this was the highest profit declared by the company since inception.
Meanwhile, NNPC Ltd. has declared N2.101 trillion as a dividend for the 2023 financial year.
The News Agency of Nigeria (NAN) reports that the profit declared by the national oil company for 2023 is over N1 trillion higher than the N2.548 trillion profit it recorded in the 2022 financial year.
Details shortly……
CREDIT: DAILY POST
Business
Failed Refinery Devt Fund Threatens Modular Operations
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A major intervention initiative which was initiated during the immediate past administration is now crippling investment entered into by a number of investors in the Modular refinery space.
The absence of the Investment Fund in addition to absence of crude supply arrangement has further frustrated the Modular refinery operators.
LEADERSHIP reports that a critical meeting is being proposed between the Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, and the Modular Refinery operators with the aim of resolving crude supply to them in local currency.
The venue of the proposed meeting was not revealed by our source but the meeting will conclude discussion on naira sale of crude to operators.
But investigations by LEADERSHIP shows that the Central Bank of Nigeria (CBN) may have jettisoned a proposed establishment of Refinery Development Fund that was initiated to facilitate construction of such facilities across the country.
Our Correspondent reports that the Crude Oil Refinery-owners Association of Nigeria (CORAN), has 15 members whose refineries are in various states of development.
Our findings shows that of the 15 only 5 are close to peak production while the other 10 are still under construction and lacking capacity to access funding.
It is also understood that if the 15 refineries begin production total output would be close to 120,000 barrels a day generating over 2 million jobs.
It is not clear about the fate of the Fund which the government and operators agreed to be domiciled with the CBN.
The 10 refineries are not only looking to borrow funds after spending close to $20 million to reach their present development stage but are also struggling to negotiate crude supply agreement.
Three out of the 5 refineries, namely Waltersmith, OPAC and Edo refineries are the only facilities that have overcome major challenges while the remaining 2 are affected by non crude supply locally.
It would be recalled that the Federal Government and Crude Oil Producers in the country have committed to a sustainable supply of crude oil to Nigerian refineries under a market determined pricing system.
The producers under the aegis of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce Industry (LCCI) at the instance of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) agreed to concede to a framework that would be mutually beneficial with a focus on ensuring that the local refineries are not strangulated with off-the-curve prices.
The parties made the commitment at a virtual meeting convened by the Commission Chief Executive, Engr. Gbenga Komolafe, with the OPTS on status review of the Framework for Seamless Operationalisation of Domestic Crude Oil Supply Obligation Template last month.
The meeting was part of efforts to effectively implement key sections of the Petroleum Industry Act, especially the aspect of pricing and crude supply to the domestic refineries.
Engr. Komolafe said President Bola Ahmed Tinubu, is fully committed to providing a level playing ground for producers and refiners to do business in the industry.
He said there is need to have a rule of engagement to ensure that the pricing model from the oil producers is not seen to be strangulating the domestic refineries. He directed producers and refiners to henceforth provide the regulator with cargo price quote on crude supply and delivery to effectively monitor and regulate transactions among parties. “We need to have the price quotes on a monthly basis” he directed.
The Domestic Crude Oil Supply Obligation (DCOSO) has a convergence with the nation’s energy security.
The NURPC boss said his administration is re-engineering its regulatory processes. “We allow all our processes to be transparent. While the Federal Government targets implementation of the regulation, all parties must concede to the rules of engagement as a guide for operation” he said
The regulator said it is committed to driving the issue of willing buyer/willing seller. “We need to discuss pricing especially as parties have committed to respecting their domestic crude oil obligation. For us as the regulator, we don’t want the upstream sector to be operated sub-optimally through cost under-recovery. So, the regulator is very alive to that. In crude pricing, we will never allow price strangulation to dis-incentivize our domestic refining capacity optimization.
The regulator does not support cost under-recovery in the upstream sector, and we will continue to work to ensure that crude supply profiteering as a negative factor that can strangulate our domestic refining capacity optimization is disallowed.”
The CCE further stated that “NUPRC is truly committed to attracting needed investments to boost upstream development and optimization of our hydrocarbon resources just as we want sustainability of domestic energy supply in the midstream and downstream sector.”
The spokesman of the CORAN, Eche Idoko, confirmed to our Correspondent that investors are at the moment struggling to get crude supply to sustain operations.
Idoko, said the proposed Refinery Development Fund has been a major set back to the sector and urged the present administration to revisit the initiative and called on the CBN to ensure its facilitation.
Meanwhile the CORAN is set to evaluate the investment landscape and operational viability of refinery businesses as Nigeria transitions towards a deregulated downstream oil market.
The Association is set to hold the inaugural edition of the Nigerian Crude Oil Refining Summit scheduled for October 7th and 8th, at the Eko Hotel & Suites, Lagos.
This critical event, themed “Making Nigeria a Net Exporter of Petroleum Products,” comes at a crucial time for the Nigerian oil industry as the nation navigates the opportunities and challenges presented by the downstream oil deregulation.
The summit aims to provide a comprehensive platform for discussing the significant transformations within Nigeria’s oil sector.
As the country transitions towards a deregulated downstream oil market, there is a pressing need to evaluate the investment landscape and operational viability of refinery businesses.
This deregulation is expected to cultivate a competitive market environment, attract foreign investments, and boost the operational efficiency of local refineries.
“This summit is a vital step in our journey to not only meet domestic demand but also position Nigeria as a leading exporter of petroleum products. We are excited to bring together industry experts, policymakers, and investors to collaboratively explore and address the challenges and opportunities that lie ahead,” said Mr. Momoh Jimah Oyarekhua, CORAN.
The summit will highlight the importance of creating a stable and transparent regulatory framework that encourages investment while protecting consumer interests and at the same time promoting collaboration between regulatory authorities, crude oil producers, and refinery operators to ensure a steady supply of feedstock at competitive prices, thereby supporting sustainable refining operations
According to CORAN, in light of the global shift towards cleaner energy and sustainable practices, the summit will also address the need for Nigeria to adopt advanced technologies, enhance local content, and align with global best practices. These strategies are essential for the country’s refineries to thrive in an evolving energy landscape and to achieve the goal of becoming a net exporter of petroleum products.
“Our mission at CORAN is to empower Nigeria’s refinery sector to reach its full potential. By fostering collaboration and innovation, we aim to transform challenges into opportunities, driving economic growth and energy independence for our nation,” Oyarekhua said.
The Nigerian Crude Oil Refining Summit 2024 will feature keynote speeches, panel discussions, and networking opportunities with key stakeholders, including government officials, industry leaders, and international investors. Attendees will have the chance to engage in in-depth discussions about the future of Nigeria’s refinery business and explore collaborative approaches to overcoming industry challenges.
The Crude Oil Refinery-owners Association of Nigeria (CORAN) is dedicated to advancing the interests of Nigeria’s refinery owners and operators. CORAN advocates for policies that promote investment and growth in the oil refining sector, ensuring the industry’s sustainability and its contribution to Nigeria’s economic development.
CREDIT: DAILY POST
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