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Employers Reject NLC’s Plan To ‘Shut Down Economy

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Employers Reject NLC's Plan To ‘Shut Down Economy’ The proposed strike by the Nigerian Labour Congress (NLC) will be counter-productive if it goes ahead, private employers of labour cautioned yesterday. According to them, the NLC should seek better opportunities for its members to cushion subsidy removal pain through dialogue with the government. Early in the month, NLC President Joe Ajaero called out workers on a two-day warning strike, but it attracted mixed compliance on September 5 and 6. Announcing the warning strike, Ajaero, who shunned a meeting called by Labour Minister Simon Lalong, said a “total shut down of the economy” would follow in 14 days unless the government reversed the pump price of petrol to pre-May 29, among other reasons. The Trade Union Congress (TUC) which declined to join the NLC for the warning strike opted for a dialogue with the government within two weeks. In a September 8 letter to the government, the TUC said it is expecting a response from the government on its proposals. The NLC has, however, opted to go ahead with its plan to mobilise workers for an indefinite strike. But, a former Vice President of the NLC Comrade Issa Aremu said the industrial action is preventable. Aremu, who is Director General of Michael Imoudu National Institute for Labour Studies (MINILS) said: “Strikes are just the means not to an end. The end is improved welfare for working men and women at this challenging times. “I know that President Tinubu is concerned about the plight of all. His quotable quote is ‘let’s the poor breath.’ Aremu said Lalong has demonstrated commitment to dialogue with NLC and TUC. He stressed: “Strikes are therefore, preventable. I think both government and organised labor will soon find a common ground. “Strike is certainly not inevitable, indeed it is preventable but rewarding negotiations and compromises by the two parties.” The Director-General of the Nigerian Employers Consultative Association (NECA), Mr. Adewale-Smart Oyerinde, who featured on a Television programme last night, said the proposed strike will be counter-productive, adding that it will hurt employers and employees. The NECA boss, who applauded the Federal Government for the steps taken so far, however, said there was need for the government to do more. He said: “The approval of N5billion to each state is a step, because if the money is well spent in a state economy, it will trigger some level of consumption, which will also go back into production. “We are also aware that the government is sharing rice. But, these efforts are not enough.” Oyerinde said the strike will not in any way address the challenges confronting employers, employees the generality of Nigerians. In his view, it is possible for parties in the dispute to renegotiate already agreed terms. Oyerinde added: “Our position remains the same on the issue. And that is, if you negotiate, courtesy demands that you live up to the terms of negotiation. “But, if anything arises that makes it difficult to live up to the terms of the negotiation, there is opportunity to renegotiate the terms that have been agreed upon, if you don’t have the capacity to implement.” The DG said going on strike will distress stakeholders. He stressed: “For us as employers, though we are paying beyond the minimum wage and we have also gone to provide succour, palliatives, welfare packages to make life easier for employees in the private sector, notwithstanding the fact that employers are currently bleeding and facing multi-dimensional challenges. “But, we have done well, as the President had also commended the employers in his August broadcast. A strike at this point will do two or three things. ”One, it will hinder the ability of the employers to meet their obligations and this will affect, not only the public sector, but even the workers. “When you go on strike, it will put the employers in double jeopardy, especially when we are not the protagonist and antagonists. And that remains our position.” Oyerinde urged the government to do everything possible to avert the industrial crisis. He said: “We are calling on the government to do all that is necessary to avoid the strike. “But if the strike should happen, it will be counter-productive for both employers and the workers.” Oyerinde said government should look at the payment of multiple taxes, VAT on diesel and petrol, creation of an enabling environment, and the forex challenge. NLC Head of Information Benson Upah said the planned nationwide strike by the NLC was on track. But the Director of Press and Public Relations, Federal Ministry of Labour, Olajide Oshundun, said the ministry was yet to receive any notice of strike from the NLC. A member of the National Working Committee of the NLC said there was no need for a fresh notice as the communique issued at the end of the NEC meeting of the Congress on September 1, was enough for the government. Upah said the government had “not done anything to suggest that it was committed to the promises it made. ”The government has not done anything which will suggest that it was committed to the promises it has made. Our plans remain on course unless something dramatic happens,” he added. TUC awaits govt action on proposals FEDERAL Government’s action on some of the proposals by the TUC to cushion the impacts of fuel subsidy removal is still being awaited, the union has said. On September 4, Lalong asked for two weeks from the leadership of the TUC to communicate the proposals to President Tinubu and the Federal Executive Council (FEC). The two-week window expires on Monday. But international engagements in New Delhi, India and Abu Dhabi, United Arab Emirates (UAE) have kept the President busy since last week. An official of the Labour and Employment Ministry told The Nation that Lalong has been unable to table the proposals by Labour before the appropriate authority. It was further learnt that government representatives and Labour leaders have not met since the September 4 parley, which was shunned by the NLC. The government called the meeting to avert the two-day warning strike called by the NLC. The Federal Government promised to work on the TUC proposals. The ministry official said: “No official discussion between government and Labour. But we are hoping that very soon the discussion will start again. “You know the minister requested for two weeks for the President to come back. The minister will take the proposals by Labour to the President. There are demands on the president’s table. “The president is already aware that there was a two-day warning strike by the NLC and there are discussions behind the scenes. I am sure the President will tell Nigerians what to expect.” Some of the TUC proposals are the implementation of palliatives; wage awards; tax exemptions and allowances to public sector workers; modalities for the N70 billion for Small and Medium Enterprises (SMEs); the Road Transport Employers Association of Nigeria (RTEAN) and Nigeria Union of Road Transport Workers(NURTW) crisis, among others. Osifo told The Nation that the congress was waiting for the outcome of the minister’s response. The TUC letter dated September 8 reads: “I convey to you, compliments from the National Administrative Council (NAC) of the Trade Union Congress of Nigeria (TUC), especially the President, Comrade (Engr) Festus Osifo and wish to draw your attention to the above subject matter. “This letter is a follow-up to the last meeting held in your office on the 2nd day of September 2023. You can recall that in the last meeting sir, we promised not to wait until the expiration of two weeks before reaching out but will bring any information that could further add value to your pending presentation before the Federal Executive Council (FEC) meeting presentation. “We equally raised the issues of Taxation and the need for the government to grant tax waivers to employees that earn low income in public and private sectors as well as those in the informal sector. “We highlighted the need for effective collaboration with the minister of Finance and the coordinating minister for the economy who has made some comments around these in the past. “It is critical to resolve this urgently as we also implore your Excellency to bring the attention of the Taiwo Oyedele-led committee on taxation and fiscal reforms recently set up by the President to this. “Honorable minister sir, another critical issue that should be reviewed is the collection of levies in dollars on petroleum products imported into the country by NIMASA and NPA. “This act tends to lead to a further upward surge in the prices of PMS whenever the naira depreciates against the dollar as recently noticed during the floating of the naira. “We hereby call on your office to liaise further with the above-mentioned reform committee or bring this to the attention of the FEC which could compel the two agencies to immediately start charging their levies and taxes in dollars. “While we await your intervention, please accept the renewed assurances of our regards.”

 

Employers Reject NLC’s Plan To ‘Shut Down Economy

 

 


The proposed strike by the Nigerian Labour Congress  (NLC)will be counter-productive if it goes ahead, private employers of labour cautioned yesterday.

 

 

 

 


According to them, the NLC should seek better opportunities for its members to cushion subsidy removal pain through dialogue with the government.

 

 


Early in the month, NLC President Joe Ajaero called out workers on a two-day warning strike, but it attracted mixed compliance on September 5 and 6.

 

 

 

 
Employers Reject NLC's Plan To ‘Shut Down Economy’

The proposed strike by the Nigerian Labour Congress (NLC) will be counter-productive if it goes ahead, private employers of labour cautioned yesterday.

According to them, the NLC should seek better opportunities for its members to cushion subsidy removal pain through dialogue with the government.

Early in the month, NLC President Joe Ajaero called out workers on a two-day warning strike, but it attracted mixed compliance on September 5 and 6.

Announcing the warning strike, Ajaero, who shunned a meeting called by Labour Minister Simon Lalong, said a “total shut down of the economy” would follow in 14 days unless the government reversed the pump price of petrol to pre-May 29, among other reasons.

The Trade Union Congress (TUC) which declined to join the NLC for the warning strike opted for a dialogue with the government within two weeks.

In a September 8 letter to the government, the TUC said it is expecting a response from the government on its proposals.

The NLC has, however, opted to go ahead with its plan to mobilise workers for an indefinite strike.

But, a former Vice President of the NLC Comrade Issa Aremu said the industrial action is preventable.

Aremu, who is Director General of Michael Imoudu National Institute for Labour Studies (MINILS) said: “Strikes are just the means not to an end. The end is improved welfare for working men and women at this challenging times.

“I know that President Tinubu is concerned about the plight of all. His quotable quote is ‘let’s the poor breath.’

Aremu said Lalong has demonstrated commitment to dialogue with NLC and TUC.

He stressed: “Strikes are therefore, preventable. I think both government and organised labor will soon find a common ground.

“Strike is certainly not inevitable, indeed it is preventable but rewarding negotiations and compromises by the two parties.”

The Director-General of the Nigerian Employers Consultative Association (NECA), Mr. Adewale-Smart Oyerinde, who featured on a Television programme last night, said the proposed strike will be counter-productive, adding that it will hurt employers and employees.

The NECA boss, who applauded the Federal Government for the steps taken so far, however, said there was need for the government to do more.

He said: “The approval of N5billion to each state is a step, because if the money is well spent in a state economy, it will trigger some level of consumption, which will also go back into production.

“We are also aware that the government is sharing rice. But, these efforts are not enough.”

Oyerinde said the strike will not in any way address the challenges confronting employers, employees the generality of Nigerians.

In his view, it is possible for parties in the dispute to renegotiate already agreed terms.

Oyerinde added: “Our position remains the same on the issue. And that is, if you negotiate, courtesy demands that you live up to the terms of negotiation.

“But, if anything arises that makes it difficult to live up to the terms of the negotiation, there is opportunity to renegotiate the terms that have been agreed upon, if you don’t have the capacity to implement.”

The DG said going on strike will distress stakeholders.

He stressed: “For us as employers, though we are paying beyond the minimum wage and we have also gone to provide succour, palliatives, welfare packages to make life easier for employees in the private sector, notwithstanding the fact that employers are currently bleeding and facing multi-dimensional challenges.

“But, we have done well, as the President had also commended the employers in his August broadcast. A strike at this point will do two or three things.

”One, it will hinder the ability of the employers to meet their obligations and this will affect, not only the public sector, but even the workers.

“When you go on strike, it will put the employers in double jeopardy, especially when we are not the protagonist and antagonists. And that remains our position.”

Oyerinde urged the government to do everything possible to avert the industrial crisis.

He said: “We are calling on the government to do all that is necessary to avoid the strike.

“But if the strike should happen, it will be counter-productive for both employers and the workers.”

Oyerinde said government should look at the payment of multiple taxes, VAT on diesel and petrol, creation of an enabling environment, and the forex challenge.

NLC Head of Information Benson Upah said the planned nationwide strike by the NLC was on track.

But the Director of Press and Public Relations, Federal Ministry of Labour, Olajide Oshundun, said the ministry was yet to receive any notice of strike from the NLC.

A member of the National Working Committee of the NLC said there was no need for a fresh notice as the communique issued at the end of the NEC meeting of the Congress on September 1, was enough for the government.

Upah said the government had “not done anything to suggest that it was committed to the promises it made.

”The government has not done anything which will suggest that it was committed to the promises it has made. Our plans remain on course unless something dramatic happens,” he added.

TUC awaits govt action on proposals

FEDERAL Government’s action on some of the proposals by the TUC to cushion the impacts of fuel subsidy removal is still being awaited, the union has said.

On September 4, Lalong asked for two weeks from the leadership of the TUC to communicate the proposals to President Tinubu and the Federal Executive Council (FEC).

The two-week window expires on Monday.

But international engagements in New Delhi, India and Abu Dhabi, United Arab Emirates (UAE) have kept the President busy since last week.

An official of the Labour and Employment Ministry told The Nation that Lalong has been unable to table the proposals by Labour before the appropriate authority.

It was further learnt that government representatives and Labour leaders have not met since the September 4 parley, which was shunned by the NLC.

The government called the meeting to avert the two-day warning strike called by the NLC.

The Federal Government promised to work on the TUC proposals.

The ministry official said: “No official discussion between government and Labour. But we are hoping that very soon the discussion will start again.

“You know the minister requested for two weeks for the President to come back. The minister will take the proposals by Labour to the President. There are demands on the president’s table.

“The president is already aware that there was a two-day warning strike by the NLC and there are discussions behind the scenes. I am sure the President will tell Nigerians what to expect.”

Some of the TUC proposals are the implementation of palliatives; wage awards; tax exemptions and allowances to public sector workers; modalities for the N70 billion for Small and Medium Enterprises (SMEs); the Road Transport Employers Association of Nigeria (RTEAN) and Nigeria Union of Road Transport Workers(NURTW) crisis, among others.

Osifo told The Nation that the congress was waiting for the outcome of the minister’s response.

The TUC letter dated September 8 reads: “I convey to you, compliments from the National Administrative Council (NAC) of the Trade Union Congress of Nigeria (TUC), especially the President, Comrade (Engr) Festus Osifo and wish to draw your attention to the above subject matter.

“This letter is a follow-up to the last meeting held in your office on the 2nd day of September 2023. You can recall that in the last meeting sir, we promised not to wait until the expiration of two weeks before reaching out but will bring any information that could further add value to your pending presentation before the Federal Executive Council (FEC) meeting presentation.

“We equally raised the issues of Taxation and the need for the government to grant tax waivers to employees that earn low income in public and private sectors as well as those in the informal sector.

“We highlighted the need for effective collaboration with the minister of Finance and the coordinating minister for the economy who has made some comments around these in the past.

“It is critical to resolve this urgently as we also implore your Excellency to bring the attention of the Taiwo Oyedele-led committee on taxation and fiscal reforms recently set up by the President to this.

“Honorable minister sir, another critical issue that should be reviewed is the collection of levies in dollars on petroleum products imported into the country by NIMASA and NPA.

“This act tends to lead to a further upward surge in the prices of PMS whenever the naira depreciates against the dollar as recently noticed during the floating of the naira.

“We hereby call on your office to liaise further with the above-mentioned reform committee or bring this to the attention of the FEC which could compel the two agencies to immediately start charging their levies and taxes in dollars.

“While we await your intervention, please accept the renewed assurances of our regards.”



Announcing the warning strike, Ajaero, who shunned a meeting called by Labour Minister Simon Lalong, said a “total shutdown of the economy” would follow in 14 days unless the government reversed the pump price of petrol to pre-May 29, among other reasons.

 

 



The Trade Union Congress (TUC) which declined to join the NLC for the warning strike opted for a dialogue with the government within two weeks.

 

 

 


In a September 8 letter to the government, the TUC said it is expecting a response from the government on its proposals.

 

 

 


The NLC has, however, opted to go ahead with its plan to mobilise workers for an indefinite strike.

 


But, a former Vice President of the NLC Comrade Issa Aremu said the industrial action is preventable.



Aremu, who is Director General of Michael Imoudu National Institute for Labour Studies (MINILS) said: “Strikes are just the means not to an end. The end is improved welfare for working men and women at these challenging times.

 

 

 



“I know that President Tinubu is concerned about the plight of all. His quotable quote is ‘let’s the poor breath.’

 

 


Aremu said Lalong has demonstrated commitment to dialogue with NLC and TUC.

 

He stressed: “Strikes are, therefore, preventable. I think both government and organized labor will soon find a common ground.

 

 

 



“Strike is certainly not inevitable, indeed it is preventable but rewarding negotiations and compromises by the two parties.”

 

 


The Director-General of the Nigerian Employers Consultative Association (NECA), Mr. Adewale-Smart Oyerinde, who was featured on a Television programme last night, said the proposed strike will be counter-productive, adding that it will hurt employers and employees.

 

 


The NECA boss, who applauded the Federal Government for the steps taken so far, however, said there was a need for the government to do more.

 

 

 



He said: “The approval of N5billion to each state is a step because if the money is well spent in a state economy, it will trigger some level of consumption, which will also go back into production.

 

 

 


“We are also aware that the government is sharing rice. But, these efforts are not enough.”

Oyerinde said the strike will not in any way address the challenges confronting employers, employees the generality of Nigerians.

 

 

 



In his view, it is possible for parties in the dispute to renegotiate already agreed terms.

Oyerinde added: “Our position remains the same on the issue. And that is, if you negotiate, courtesy demands that you live up to the terms of negotiation.

 

 

 


“But, if anything arises that makes it difficult to live up to the terms of the negotiation, there is opportunity to renegotiate the terms that have been agreed upon, if you don’t have the capacity to implement.”

 

 

 


The DG said going on strike will distress stakeholders.

 

 

He stressed: “For us as employers, though we are paying beyond the minimum wage and we have also gone to provide succour, palliatives, welfare packages to make life easier for employees in the private sector, notwithstanding the fact that employers are currently bleeding and facing multi-dimensional challenges.

 

 

 


“But, we have done well, as the President had also commended the employers in his August broadcast. A strike at this point will do two or three things.

 

 


”One, it will hinder the ability of the employers to meet their obligations and this will affect, not only the public sector, but even the workers.

 

 

 

“When you go on strike, it will put the employers in double jeopardy, especially when we are not the protagonist and antagonists. And that remains our position.”

Oyerinde urged the government to do everything possible to avert the industrial crisis.

 

He said: “We are calling on the government to do all that is necessary to avoid the strike.

“But if the strike should happen, it will be counter-productive for both employers and the workers.”

Oyerinde said government should look at the payment of multiple taxes, VAT on diesel and petrol, creation of an enabling environment, and the forex challenge.

 

 


NLC Head of Information Benson Upah said the planned nationwide strike by the NLC was on track.

But the Director of Press and Public Relations, Federal Ministry of Labour, Olajide Oshundun, said the ministry was yet to receive any notice of strike from the NLC.

 

 

A member of the National Working Committee of the NLC said there was no need for a fresh notice as the communique issued at the end of the NEC meeting of the Congress on September 1, was enough for the government.

 

 

Upah said the government had “not done anything to suggest that it was committed to the promises it made.

 

 

 

”The government has not done anything which will suggest that it was committed to the promises it has made. Our plans remain on course unless something dramatic happens,” he added.


TUC awaits govt action on proposals

FEDERAL Government’s action on some of the proposals by the TUC to cushion the impacts of fuel subsidy removal is still being awaited, the union has said.

On September 4, Lalong asked for two weeks from the leadership of the TUC to communicate the proposals to President Tinubu and the Federal Executive Council (FEC).

The two-week window expires on Monday.

But international engagements in New Delhi, India and Abu Dhabi, United Arab Emirates (UAE) have kept the President busy since last week.

An official of the Labour and Employment Ministry told The Nation that Lalong has been unable to table the proposals by Labour before the appropriate authority.

It was further learnt that government representatives and Labour leaders have not met since the September 4 parley, which was shunned by the NLC.

The government called the meeting to avert the two-day warning strike called by the NLC.

The Federal Government promised to work on the TUC proposals.

The ministry official said: “No official discussion between government and Labour. But we are hoping that very soon the discussion will start again.

“You know the minister requested for two weeks for the President to come back. The minister will take the proposals by Labour to the President. There are demands on the president’s table.

“The president is already aware that there was a two-day warning strike by the NLC and there are discussions behind the scenes. I am sure the President will tell Nigerians what to expect.”

Some of the TUC proposals are the implementation of palliatives; wage awards; tax exemptions and allowances to public sector workers; modalities for the N70 billion for Small and Medium Enterprises (SMEs); the Road Transport Employers Association of Nigeria (RTEAN) and Nigeria Union of Road Transport Workers(NURTW) crisis, among others.

Osifo told The Nation that the congress was waiting for the outcome of the minister’s response.

 

 

 



The TUC letter dated September 8 reads: “I convey to you, compliments from the National Administrative Council (NAC) of the Trade Union Congress of Nigeria (TUC), especially the President, Comrade (Engr) Festus Osifo and wish to draw your attention to the above subject matter.

 

 

 

 


“This letter is a follow-up to the last meeting held in your office on the 2nd day of September 2023. You can recall that in the last meeting sir, we promised not to wait until the expiration of two weeks before reaching out but will bring any information that could further add value to your pending presentation before the Federal Executive Council (FEC) meeting presentation.

 

 

 


“We equally raised the issues of Taxation and the need for the government to grant tax waivers to employees that earn low income in public and private sectors as well as those in the informal sector.

 

 

 

 

“We highlighted the need for effective collaboration with the minister of Finance and the coordinating minister for the economy who has made some comments around these in the past.

 

 

 

“It is critical to resolve this urgently as we also implore your Excellency to bring the attention of the Taiwo Oyedele-led committee on taxation and fiscal reforms recently set up by the President to this.

 

 

 

“Honorable minister sir, another critical issue that should be reviewed is the collection of levies in dollars on petroleum products imported into the country by NIMASA and NPA.

 

 

“This act tends to lead to a further upward surge in the prices of PMS whenever the naira depreciates against the dollar as recently noticed during the floating of the naira.

 

 

“We hereby call on your office to liaise further with the above-mentioned reform committee or bring this to the attention of the FEC which could compel the two agencies to immediately start charging their levies and taxes in dollars.

“While we await your intervention, please accept the renewed assurances of our regards.”

Business

ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

ATMs empty as banks ration withdrawals

 

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

 

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

 

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NNPCL Makes New Leadership Appointments

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NNPCL Makes New Leadership Appointments

NNPCL Makes New Leadership Appointments

 

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

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Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

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How Prophet Kingsley Predicted The Rumble In Pastor Adeboye Led RCCG

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

 

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.

The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, which held in the capital city. While Adeboye did not explicitly name the Dangote Petroleum Refinery, his remarks echoed the ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.

The Dangote Refinery based in Ibeju-Lekki, Lagos is the only facility currently refining petrol in Nigeria, and Adeboye’s comments reflected the dispute between the refinery and oil marketers, who seek to continue importing fuel for personal gain.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result. He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption. He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

These marketers, the renowned pastor claimed, have formed alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recently, the Crude Oil Refineries Owners Association of Nigeria (CORAN) urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).

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