General
Mouka Denies Ordering Arrest of Protesting Workers
By Modupe Gbadeyanka
The management of Mouka Limited, makers of mattresses in the country, has denied claims that it ordered the arrest of protesting workers on its premises last week.
On Thursday, August 12, 2021, some employees of the company staged a demonstration at the office of the organisation over what they described as unfair treatment by the management.
The protest was initially peaceful until it degenerated into violence, prompting the intervention of security officials, who went away with the aggrieved workers.
It was gathered that the demonstration resulted in the destruction of some properties within the company and its environs and Mouka has blamed the staff for this.
In a statement issued over the week, Mouka claimed that it never asked the police to arrest the agitators despite allegedly disrupting business activities on its premises and attacking other employees who refused to join them.
The firm said it was saddened that these employees could run to social media to “blackmail, intimidate and embarrass Mouka in order to justify their illegal disruption of work and molestation of law-abiding and peaceful staff of the company.”
“To put the record straight, Mouka Limited has robust staff welfare with a proud tradition of providing welfare benefits that go above and beyond the expected duty of care to the Mouka staff and their families.
“The company is committed to investing in people to ensure capacity building and readiness for future career growth. As a good corporate citizen, Mouka has also significantly contributed to the local communities in which it operates,” a part of the statement made available to Business Post read.
Explaining the genesis of the crisis, the company said, “As part of Mouka’s continuous improvement plans, the company recently undertook a restructuring program which engaged almost 10 per cent of the Mouka people across all employee grades and in all locations nationwide.
“The major objectives of this exercise were to strengthen operations and to provide career development opportunities for key deserving employees.
“However, as it is the case with every progressive development in corporate organizations, a few will resent the change. Unfortunately, the resentment of the current few agitators does not align with the majority.”
“The event of Thursday, August 12, 2021, whereby a few staff who were agitating unjustly for some personal demands, staged a protest which initially started as peaceful but later degenerated into harassment and attack of other staffers who had refused to be recruited into this anti-operation activity.
“Even then, the company being a law-abiding corporate organization, maintains an unprovoked stance even while the troublemakers continue throwing stones and objects at distributors, visitors and other staffers of the company.
“Unfortunately, the following day, the agitating few had recruited some non-staff hoodlums to join the agitation and they became violent. When the law enforcement agents who had all along been there to maintain peace and order could no longer bear the escalating attack on persons and an attempt to attack them, they called for reinforcement and effected the arrest of the few troublemakers.
“The company is disappointed that the actions of a few led to some unsavoury scenes in the roadways outside of the premises and in the immediate community. The company used all resources available to avoid this matter escalating into a civil disturbance requiring intervention, to no avail,” it further said.
The firm further stressed that, “We want to state categorically that Mouka management did not order for the arrest of any staff nor the violent few.”
“However, despite the fact that the arrests have not been ordered by the management of our company, efforts are being made to resolve the issue provided the violent attack and the infringement of other workers’ rights ceases.
“Our hope is that reason and good conscience will prevail in this circumstance as our company continues to remain focused on investing in the careers and livelihoods of our loyal, committed, and dedicated employees,” it stated.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have announced a strategic collaboration to develop a robust Non-Interest Mortgage (NIM) ecosystem.
This significant move is part of efforts to address the nation’s massive housing deficit and deepen financial inclusion.
At a high-level meeting in Abuja of Friday, both parties agreed to create and regulate viable Sharia-compliant financing structures that will enable millions of Nigerians, particularly those excluded from conventional interest-based loans, to access affordable homeownership.
With Nigeria’s housing deficit estimated to be over 28 million units, the initiative is being hailed as a potential game-changer. It directly addresses a key barrier to homeownership: the affordability and religious compliance of mortgage products for a significant segment of the population.
The successful implementation of this framework is expected to not only reduce the housing deficit but also stimulate the construction industry, create jobs, and foster greater financial inclusion, ultimately contributing to national economic growth.
How Non-Interest Mortgage Model Works
Unlike conventional mortgages that charge interest, non-interest financing is based on principles of risk-sharing, asset-backing, and equitable returns. The models under consideration include:
- Musharakah (Diminishing Partnership): The bank and the customer jointly purchase a property. The customer gradually buys out the bank’s share through periodic payments, eventually becoming the sole owner.
- Ijara (Lease-to-Own): The bank buys the property and leases it to the customer for a fixed period. A portion of the rental payments goes towards the eventual ownership transfer.
- Murabaha (Cost-Plus Sale): The bank acquires the property and sells it to the customer at a pre-agreed markup, payable in instalments.
SEC DG Speaks
Commenting on the development, the Director-General of SEC, Mr Emomotimi Agama, said his agency would provide the necessary regulatory guidance and framework to facilitate the issuance of Sukuk (imic bonds) and other non-interest capital market products to fund these mortgages.
“Our collaboration with FMBN is pivotal to unlocking long-term financing for the housing sector. By creating a clear regulatory pathway for non-interest mortgage-backed securities, we can attract ethical investors, both domestic and international, to channel funds into this critical area. This will create a virtuous cycle of funding, construction, and ownership,” he stated.
What FMBN CEO also said
On his part, the chief executive of FMBN, Mr Shehu Osidi, said the partnership marks a critical step in fulfilling the bank’s mandate to provide affordable housing for all Nigerians.
“For a long time, a substantial number of our citizens have been unable to participate in the National Housing Fund (NHF) scheme due to the interest-based nature of conventional mortgages.
“This partnership with SEC is a strategic response to that gap. We are committed to developing non-interest mortgage products that are not only ethical and inclusive but also financially sustainable,” he noted.
An expert opinion
A housing and finance expert, Mr Ebilate McYoroki, welcomed the development he described as “long overdue.”
“This is a masterstroke in financial inclusion. It taps into a vast pool of potential homeowners and investors who have previously been on the sidelines. If implemented transparently, it could significantly accelerate the pace of housing delivery in the country,” he submitted.
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) is seeking a change to the poor state of pension in the country’s oil and gas industry.
As a result, the union has expressed deep concern over the poor growth of pensions and widening disparities in retirement benefits for energy workers.
PENGASSAN said many retirees under the Closed Pension Fund Administrations (CPFAs) were trapped in a system that had failed to reflect current economic realities, leaving their pensions stagnant despite rising inflation and devaluation of the Naira.
The president of PENGASSAN, Mr Festus Osifo, while speaking at a one-day summit organised by the union in Abuja this week, said the problem stemmed from policy gaps in Nigeria’s pension system and inconsistent adjustments by oil companies operating CPFAs.
He explained that the 2004 Pension Reform Act introduced the contributory pension scheme while allowing some oil and gas firms to continue running the defined benefits model under CPFAs. However, the 2014 amendment to the law barred new employees from joining the defined benefits system, placing them under the contributory scheme.
According to him, while a few companies have mechanisms for regular pension growth, the majority still depend on management discretion, leaving retirees to face hardship as their fixed benefits lose value over time.
Mr Osifo also criticized the way some companies calculate their pension funds and urged the National Pension Commission (PenCom) to tighten its monitoring of the process, noting that the agency must ensure that pension funds remain adequate to cater for both current retirees and future beneficiaries.
The labour leader further disclosed that PENGASSAN would embark on sustained advocacy across the oil and gas sector to address identified gaps in pension management and improve the welfare of retirees, adding that the union will engage management of CPFAs that fail to meet their obligations to ensure equity and fairness for pensioners.
“Over time, we have realised that there is a serious gap in the system. In many organisations, people who retired several years ago still earn the same amount, even though the cost of living has skyrocketed.
“Only about 10 per cent of CPFAs review their pension benefits yearly, while nearly 90 per cent maintain static payments, depending solely on management discretion.
“PenCom must ensure that pension funds are sufficient to take care of today’s retirees and those that will join them in the future. We have observed gaps in how life expectancy and other variables are calculated, and these affect the overall fund balance.
“One of the institutions that have functioned excellently in Nigeria is PenCom. I pray they continue to maintain that high standard so that Nigeria will not happen to them.
“Those organisations doing what is right, we appreciate them. But for those that are not, we will engage them to make the lives of our pensioners more rewarding. It is our duty to take care of those who laboured before us because tomorrow we will also become pensioners,” he stated.
By Modupe Gbadeyanka
A former Governor of Anambra State, Mr Willie Obiano, has refuted reports that he passed away in London, the United Kingdom.
It was earlier reported that the politician breathed his last after a battle with an illness believed to be cancer.
He was reported to have suffered from “severe heart failure and complications related to urinary cancer,” with his health declining in the past months.
However, in a post on Friday evening, Aguleri-born former banker with Fidelity Bank Plc said, “I am alive, hale, hearty, and in excellent health. By the special grace of God, I am doing very well.”
The graduate of the University of Lagos (UNILAG) said he “woke to hear of a rumour making the rounds about my wellbeing.”
“It is unfortunate that some individuals still find joy in spreading falsehood simply for reasons yet to be established. But we will continue to rise above such mischief.
“To everyone who reached out with calls, messages, and prayers, I sincerely appreciate your concern. Your love and goodwill mean more than words can express,” he wrote, asking well-wishers to “disregard the rumour entirely.”
Mr Obiano was born on August 8, 1955. He became the Governor of Anambra State after the former presidential candidate of the Labour Party (LP) in the 2023 election, Mr Peter Obi, finished his tenure as Governor of the same state.
He was succeeded by the current Governor of Anambra State, Mr Charles Soludo, who secured a second term in office last weekend.
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