Economy
Workers to Shut Down Kaduna Economy for Five Days
By Adedapo Adesanya
The Nigerian Labour Congress (NLC) and its affiliate unions will on Monday embark on a five-day warning strike over the recent sack of civil servants by the Kaduna State Government.
The planned move followed Governor Nasir El-Rufai’s announcement in April that he was disengaging some civil servants in the state because of waning revenue to pay the workers.
Mr El-Rufai said a significant amount of the statutory federal allocations to the state was being spent on the wages of public servants.
But the NLC has vowed to resist the action of the state government, accusing the Governor of not being sensitive to the plight of the workers.
Speaking in Kaduna on Sunday, the NLC Chairman in the state, Mr Ayuba Suleiman, disclosed that the industrial action will be accompanied by a peaceful protest which will be led by the President of the union, Mr Ayuba Wabba and other labour leaders across the country.
He explained that the strike will involve halting all socio-economic activities in both public and private sectors in a bid to force the Kaduna State Government to reverse the sack of over 7,000 local government workers and teachers and also suspend its plan to sack another 11,000 civil servants any moment from now.
“We are very much ready for the industrial action on Monday and it is going to be a dual activity. We are embarking on the withdrawal of activities and equally going to stage a peaceful protest come Monday to press home our demand, grievances to the state government,” he said.
“I want to assure you that this industrial action is going to be under the care of our amiable President, Comrade Ayuba Wabba. We have had series of meetings today, we met with various stakeholders including all sectors of the economy in the state towards the success of this industrial action.
“In total, you have about 7,700 workers that are disengaged at the local government level. As I am talking to you, over 11,000 workers of the state civil service are pencilled for disengagement.
“That is why in this April, because of their intention, over 20,000 workers have not yet received their April salary,” he further said.
Reacting, the Kaduna State Government defended its decision, saying it was in the interest of over 10 million citizens of the state.
The Commissioner for Local Government, Mr Jafaru Sani, said not even the threat of industrial action or blackmail by the union will make the state government reverse its decision.
He also debunked the claims of the labour union that the government has plans to sack over 11,000 workers, adding that there are plans to right-size its public service, but however did give the figures.
The Commissioner explained that the government’s decision to lay off some workers and political appointees is necessary to enable it to cope with fiscal challenges and preserve its ability to use its resources for the entire state.
He also denied the allegations of anti-labour activities, stressing that Kaduna State workers have been receiving the new minimum wage since 2019.
The Commissioner said: “This government has reiterated its commitment to the welfare of its workers. It insists that this is sustainable only in the context of the general welfare of residents of the state that the government is mandated to serve.
“It is not sustainable to persist in spending 84 to 96 per cent of the FAAC received on salaries and personnel cost as has been the experience of the state since October 2020.”
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn