Jobs/Appointments
Firms in Nigeria to Pay Annual Levy for Hiring Foreigners
By Aduragbemi Omiyale
A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria.
The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers.
The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments.
It was stressed that the level would be paid annually by the hiring organisation and can only be waived if there are local workers with the needed expertise to do the job.
It is charged at $15,000 for directors and $10,000 for other categories of expatriates and must be paid on or before the last day of February of the following year via an online portal, with the payment receipt serving as a prerequisite for the issuance or renewal of work or residence permit.
According to the government, the initiative is to balance employment opportunities between Nigerians and expatriates, adding that a comprehensive handbook has been developed to guide stakeholders, especially foreign-owned companies, joint venture companies, organisations and indigenous companies that employ expatriates, to understand the concept as well as to comply with the new ideal.
At the unveiling of the scheme yesterday, Mr Tinubu said, “I consider it a game changer. It is important to know that EEL is a contribution recently approved by the government, which will impose an effective timeline on expatriates working in this country to be able to train and develop Nigerians.”
“I’ve been further assured that the project has the capacity of plugging loopholes and gaps that have bedevilled the country in dealing with security challenges, and movement of foreigners in and out of the country,” he added.
“There will be clear lines of implementation and effective acceleration of aims and objectives of this programme,” President Tinubu added, noting that, “Immigration matters, expatriate quotas and relevant stakeholders have to be effectively guided to make Nigeria the focus of the objective of this EEL.”
By Adedapo Adesanya
President Bola Tinubu has appointed Mr Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF).
This was contained in a statement on Tuesday by presidential spokesman, Mr Bayo Onanuga.
“His appointment is effective immediately following the pre-retirement leave of the incumbent AGF, Mrs Oluwatoyin Sakirat Madein,” a part of the statement read.
“In announcing Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of the present administration’s treasury policy reforms,” the statement added.
Mr Onanuga said Mr Ogunjimi brings over 30 years of extensive experience in financial management across the public and private sectors.
He described the appointee as a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF),
“He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs.
“A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” the statement added.
According to Mr Onanuga, President Tinubu expressed his confidence in his appointment, saying, “The Office of the Accountant General of the Federation is pivotal to our nation’s treasury management operations. Mr Ogunjimi’s wealth of experience and notable competence will ensure the continued effectiveness of this vital institution as we advance our economic reform agenda.”
President Tinubu also commended the outgoing Accountant General of the Federation, Mrs Madein, for her dedication and selfless service to the nation.
After reaching the civil service’s statutory retirement age, Mrs Madein is retiring effective March 7, 2025.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirement as part of efforts by Governor Yemi Cardoso to restructure the workforce of the organisation.
In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, clarified that its Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.
According to the statement, the decision to implement the exercise was the outcome of extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.
Mrs Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said in the statement.
Addressing concerns about potential repercussions for staff who decline the package, Mrs Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.
She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.
According to wide spread reports, there have been plans to retire approximately 1,000 employees by the end of the year with a payoff estimated to cost over N50 billion.
The mass retirement, which was announced in a circular issued three weeks ago, mandates affected employees to apply for the Early Exit Package (EEP).
The statement allegedly warned employees with less than one year of service or unconfirmed appointments to refrain from applying for the program, noting that the application would remain open until December 7, with an effective exit date of December 31, 2024.
It was reported that the entire EEP was valued at N50 billion.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Benson Ogundeji as the chief executive of Greenwich Merchant Bank Limited.
The board of the financial institution for businesses had picked Mr Ogundeji as its substantive CEO but awaited the authorisation of the banking sector regulator.
He brings over three decades of extensive banking experience to this role as a seasoned financial services professional, who previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank.
In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.
Throughout his career, Mr Ogundeji has demonstrated exceptional expertise in business development and operational excellence.
Before joining the firm, he held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria, GTBank, and other notable banks, where he consistently displayed exceptional leadership skills.
His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans. Having related closely with the new CEO, as an Executive Director and acting CEO in the last four years, the board has expressed confidence about his ability to lead the bank in delivering our strategic goals.
“The board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer,” the chairman of Greenwich Merchant Bank, Mr Kayode Falowo, stated.
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