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Minimum Wage: Buhari Picks Bismarck Rewane to Head Advisory Panel

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By Modupe Gbadeyanka

Renowned financial expert, Mr Bismarck Rewane, has been chosen by President Muhammadu Buhari to head the technical advisory committee on the implementation of the national minimum wage.

The panel was inaugurated on Wednesday, January 09, 2019 at the Presidential Villa in Abuja and tasked to develop and advise government on how to successfully bring about a smooth implementation of impending wage increases.

The committee was also asked to identify new revenue sources, as well as areas of existing expenditure from where some savings could be made in order to fund the wage increases without adversely impacting the nation’s development goals as set out in the Economic Recovery and Growth Plan.

It was further asked to propose a work plan and modalities for the implementation of the salary increases and provide any other suggestions that will assist in the implementation of this, and future wage increases.

Mr Buhari explained that the panel was set up to advise government on how best to fund, in a sustained manner, the additional costs that will arise from the implementation of the consequential increases in salaries and allowances for workers currently earning above the new minimum wage of N30,000.

“As you know we, at the federal level, have made adequate provision for the increase in the minimum wage in our 2019 budget proposals which we submitted to the National Assembly.

“Therefore, we will be able to meet the additional costs that will be incurred in moving up all personnel who are currently earning below the new minimum wage.

“However, we anticipate that after the new minimum wage has been passed into law we will be going into negotiations for salary review for all the workers who are already earning above the new minimum wage. It is therefore important that we are properly prepared to meet these demands.

“We must therefore look at ways of implementing these consequential wage adjustments in a manner that does not have adverse effects on our national development plans, as laid out in the Economic Recovery and Growth Plan (ERGP).

“The ERGP sets appropriate targets for levels of Capital Expenditure, Public Debt, Inflation, Employment, etc. It is absolutely important that the implementation of a new minimum wage does not adversely affect these targets, and thereby erode the envisaged gains for the workers,” the President said.

Mr Buhari, who said at the inauguration that he was “committed to a review of the minimum wage,” noted that federal government was meeting with the state governors because it is imperative that they were carried along in determining any upward review of the minimum wage for workers.

He told the committee that given the urgency of this exercise, it is “expected to complete its deliberations and submit its report and recommendations within one month today.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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NW Tech Capital Appoints Stella Damasus to Help Boost African Expansion

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nw tech capital Stella Damasus

By Adedapo Adesanya

Nigerian veteran actor and singer, Stella Damasus, has been appointed as the lead Consultant for talent acquisition of Las Vegas-based company, NW Tech Capital (NWTT) Beauty and Wellness division in its African expedition.

In a statement, the company said, “NW Tech Capital and TROPICSLAB is pleased to announce that award-winning Nollywood celebrity Stella Damasus, has joined us, as lead Consultant for talent acquisition of the company’s Beauty and Wellness division in its African expedition.”

It was disclosed that she will be tasked with the responsibility to expand the company’s tentacles by acquiring the best talents to fulfil the vision of establishing a flurry of high-end celebrity cosmetic brands across Africa.

NW Tech Capital, a publicly traded diversified holding company that was founded in 1996, is actively involved in the acquisition and investment of small, mid-size, and development-stage private businesses in varied industries.

Based on Tropicslab’s clinically tested formula, over the next five years, NWTT projects to invest at least $100,000,000 in Africa, in Skincare research and development, manufacturing, distribution, and marketing, to generate substantial revenue for our shareholders and to help combat skin cancer for people of colour.

Speaking on the projection, NWTT CEO Mr Cedric Yengo said – “Stella brings with her a wealth of experience and refined skill in talent acquisition that is almost unparalleled in today’s market.

“With her extensive connections in the industry and her acumen for strategic alliances, we believe that Stella will help us to position ourselves as the premier Beauty and Wellness Company, in the nearest future”.

According to Ms Edith Delight CEO of Tropicslab, “The Task Force led by Stella Damasus will begin accepting applications from celebrities immediately, for the creation of high-end celebrity cosmetic brands”.

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Orazulike Joins Ecobank Nigeria Board as Non-Executive Director

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Nnaeto Orazulike

By Modupe Gbadeyanka

A seasoned business magnate, corporate administrator and philanthropist, Mr Nnaeto Orazulike, has been appointed to the board of Ecobank Nigeria Limited as a non-executive director.

A statement from the financial institution disclosed that the appointment of the founder and Group Managing Director of Genesis Group took effect from April 2022.

Genesis Group is a Nigerian conglomerate with interests in restaurants, cinemas, hotels, food production and oil & gas services and production.

The businessman would be expected to the board his wealth of experience from similar positions in the past as he had previously served on the board of Fidelity Bank Plc between 2008 and 2017.

He is the National Chairman of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Trade Group on Tourism and Hospitality. He also currently sits on the boards of various companies and organizations including Shelf Drilling Nigeria, West African Metal Processing Co. Ltd., Fate Foundation, and Spiritan University, Nnochi Imo State.

Mr Orazulike is a graduate of the University of Nigeria with a Bachelor of Science in Accounting degree and an alumnus of Harvard Business School, Executive Training Program. He was also awarded the prestigious Honorary Doctor of Science degree by the University of Port Harcourt in 2015

It was stated that he was picked for this position because he has distinguished himself as a leader in his various endeavours, pioneering and promoting professions through the growth of indigenous talents in Nigeria and beyond.

It was said that the appointee embodies the pan-African vision of the bank and brings with him the wealth of experience, professionalism, and integrity which has earned him national and international acclaim.

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Adewale Oyerinde Takes Over as New NECA DG

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Adewale Oyerinde

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has appointed Mr Adewale Oyerinde as the Director-General of the association, effective on Monday, August 1, 2022.

NECA’s President, Mr Taiwo Adeniyi, made this known in a statement on Sunday in Lagos.

The position of Director-General became vacant following the demise of late Dr Timothy Olawale in September 2021.

Mr Adeniyi said that Mr Oyerinde was expected to build on the legacies of professionalism and excellent service that the association was known for and take it to greater heights.

Prior to his ascension, Mr Oyerinde was the Deputy Director and Head of Membership Services of the association.

Mr Oyerinde joined NECA in 2010 and has worked in various capacities in the Social, Economic and Labour Affairs Department and also the Learning and Development Department of the association.

He has over 16 years of experience in Industrial and Human Resources (HR), Business Development, Stakeholders Management and key areas of Employers’ Federation/Business Membership Organisation Management.

Mr Oyerinde, according to the statement, is an HR thought-leader and International Labour Organisation (ILO) trained Master Trainer

He is also a United Nations Industrial Development Organisation-trained ISO 9001:2015 (Quality Management System), ISO 1400:2015 Lead Auditor.

Mr Oyerinde holds a Bachelor’s and Master’s degree in Industrial Relations and Personnel Management from the University of Lagos. He is an alumnus of the International Training Centre of the ILO and a full member of the Chartered Institute of Personnel Management (CIPM), among others.

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