Economy

Ex-Staff Wins Suit Against Notore Chemical, to Get N20.5m

Published

6 years ago

24/02/2020

By Modupe Gbadeyanka

The management of Notore Chemical Industries Plc has been directed to pay the sum of N20.5 million to one of its former employees, Mr Ayodele Balogun, as gratuity claim.

This directive was given by Justice Nelson Ogbuanya of the National Industrial Court sitting in Lagos earlier this month. The amount is the outstanding balance of Mr Balogun’s gratuity payment due to him since 2013.

The company, owned by Nigerian businessman, Mr Onajite Okoloko, was also asked by the court to the sum of N1 million as the cost of action within one month, failing which it attracts 10 percent interest rate per annum until fully liquidated.

According to Justice Ogbuanya, Notore Chemical action credited to external advice which prompted the defence of ‘mistaken payment’ was not justified, and cannot override the obligation to pay outstanding balance due to the claimant.

From facts, the claimant was employed on October 1, 2008 as Chief Marketing Officer and by a letter dated June 14, 2013, sent via e-mail on Wednesday, June 19, 2013, tendered resignation, and indicated that it would take effect on October 1, 2013.

He further said as a result of his service to the firm spanning 5 years, he was entitled to payment of gratuity upon successful exit from the company. He further claimed a total settlement package was communicated to him via e-mail out of which only 50 percent was paid and all effort to get balance proved abortive.

In argument, the firm submitted that Mr Balogun did not attain the threshold of ‘continuous service greater than five years and up to 10 years’ to be qualified for monetary payment in addition to ‘Testimonial of Service’, which is the only package available for those who were in ‘continuous service up to five years’, under the company gratuity that the payment already paid to the claimant was a mistake and it was because of the discovery of the error that it refused to pay the balance and also seeks refund of it.

Counsel to the firm further argued that the claimant’s resignation became effective on date of receipt of the letter of resignation by the employer, and as such, the correct effective date of his resignation was June 14 2013 (submission date), and not October 1, 2008 contained in the resignation letter.

The company’s counsel further said that the claimant’s case lacked merit and should be dismissed while upholding the counter-claim for refund of the sum already paid to the claimant in error.

But counsel to the claimant, U. U Njoku, argued that Notore Chemical failed to tender its payroll to disprove that the claimant was no longer in its pay roll as at October 1, 2013, urging the court to so hold and grant the reliefs sought.

Delivering his judgment, Justice Ogbuanya held that where date was not provided in the resignation, it takes immediate effect upon receipt of resignation, but when effective date is provided, it becomes effective on the last day of the notice period.

“I also note that it is part of the court’s equitable jurisdiction to preserve earned benefits, particularly those of pecuniary nature, and court usually tilts towards resolving such emerging controversy in favour of the beneficiary rather than in favour of one trying to take away or expropriate the benefit.

“From the tenor of the above provisions of the company Gratuity Policy, I find that once an employee attains 5 years of continuous service with the defendant, such an employee shall/must be entitled to not only cash payment as gratuity but also other testimonials and certificate of appreciation and or asset gift.

“In the circumstance of the claimant, I find that he has attained 5 years of continuous service with the defendant and there was no evidence disputing that he resigned wilfully and there was no evidence of any skirmish of probe or low performance tainting his voluntary resignation. I so hold,” Justice Ogbuanya ruled, dismissing the company’s counter-claim for lacking merit.

Economy

No Discrepancies in Harmonised, Gazetted Tax Laws—Oyedele

Published

1 hour ago

22/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.

Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.

However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.

“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.

“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.

“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”

Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”

He noted that the response given by the committee was that its members had not met on the issue.

“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.

“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.

In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.

The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.

The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.

Economy

Aluminium Extrusion Surges 59.35% to Lead NGX Weekly Gainers’ Chart

Published

1 hour ago

22/12/2025

Dipo Olowookere

By Dipo Olowookere

A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.

However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.

Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.

On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.

The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.

Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.

According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.

The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.

The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.

The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.

Economy

NEPC to Disburse $50m Digital Women Empowerment Fund Q1 2026

Published

2 hours ago

22/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.

The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.

The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.

Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.

Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.

“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.

Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.

“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.