Economy
Ex-Nigeria Airways Workers Petition Buhari Over N78b Severance Pay
**Decry tussle between Sirika, Dikwah
**700 ex-workers dead
Worried by alleged face-off between the Minister of State for Aviation, Hadi Sirika and Chairman, Presidential Initiative on Continuous Audit (PICA), Dikwa, over the disbursement of N78 billion severance benefits, former workers of Nigeria Airways based in Accra, Ghana, Lome, Togo, Yaounde, Cameroon, Benin and Gabon, have petitioned President Muhammadu Buhari over their plight.
The workers, Emetule Fina (Gabon); Eno Mao (Gabon); Ndoke Hannah (Cameroon); Bareng John (Cameroon); Afandomi Raymond (Benin); and Mensah Teteh (Togo) in a petition to President Buhari, commended him (President) for approving the payment of final entitlements of the ex-workers.
They, however, flayed the power tussle between Sirika and Dikwah, as the major cause for the delay, alleging that no agreement had been reached on who and what to pay.
They equally alleged that while the chairman of PICA is bent on reducing the N78 billion approved to N43 billion with N2 billion interest as the paying body, the Minister of State for Aviation insists on the payment of the full N78 billion with one percent to the paying body, describing what is playing out as greed in interest is the reason for the delay to pay the suffering staff.
They stated that it is against this backdrop that they are appealing for Buhari’s quick intervention to find a solution in what they described as power struggle for the Minister of Finance to release the funds in Central Bank of Nigeria (CBN) since two years to the workers.
According to them, “We the west coast staff of the defunct Nigeria Airways Limited; from Libreville (Gabon); Douala (Cameroon) Cotonou (Benin); and Lome (Togo), wish to thank God for your healing and bringing you back to Nigeria to continue the good work you have for Nigeria, which other African countries may have to copy.
“We wish to thank you for approving the payment of final entitlements of the ex-staff of the defunct airline. What a great joy it was for a long awaited exercise.
“Your Excellency, sadness is already beclouding our joy, due to the prolonged delay to execute the payments.”
President, National Union of Air Transport Employees (NUATE), Muhammed Safianu said recently that the union would officially write Nigeria Labour Congress (NLC) to intervene in the matter; and ensure that the final several packages of N78 billion was paid to the workers.
He confirmed that an inter-ministerial committee set up by the government to come out with the actual amount of money to be paid the workers, had come up with the N78 billion to over 6,000 employees of the liquidated carrier.
The committee, he added, also recommended one percent administrative charges, totalling N735 million to any government agency that would disburse the funds to the ex-workers.
According to him, PICA, in its recommendation to the government, reduced the sum to N43 billion, but increased the administrative charges to N2.1 billion without any recourse to percentage as recommended by the inter-ministerial committee.
He said: “The final severance packages to the former workers was N78 billion; and the inter-ministerial committee set up for that purpose recommended one percent administrative charges to any government agency that would carry out the disbursement.
“But, all of a sudden, PICA showed interest in the payment and reduced the sum to N43 billion. It, however, increased its administrative charge to N2.1 billion. What we want to do right now is to involve NLC. We want them to intervene in the whole matter so that people can get what they rightly deserved. In a matter of days, we will send our documents on the issue to NLC.”
However, a source close to the Ministry of Transport has claimed that the power tussle between the Minister of State for Aviation, Sirika and the Chairman of PICA, Mr Mohammed Kyari Dikwah, may be responsible for the delay in payment of the final severance packages to the former national carrier workers.
According to the source, Sirika, in a meeting with the former workers of the defunct national carrier earlier in the year, had promised that the beneficiaries would get their severance packages by last March, but regretted that the misunderstanding between the duo, is causing untold hardships on the workers, who had lost at least 700 of their members since 2003, when the carrier was liquidated by former President Olusegun Obasanjo.
The source alleged that the non-payment is stalling the commencement of a new national carrier for the country as promised by the government in 2015.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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