Senate applauds labour unions for accepting N70,000 minimum wage

Diket Plang, chairman of the Senate Committee on Labour and Productivity (APC/Plateau Central), has praised the organized labour unions for agreeing to the federal government’s proposed minimum wage of N70,000. In a statement to journalists in Jos on Sunday, Plang commended the unions for their patriotism and their constructive approach throughout the negotiation process. He noted the unions’ commitment to a peaceful resolution during discussions and the eventual agreement. Plang also highlighted his personal involvement in extensive discussions with the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC). He facilitated multiple meetings between the legislative branch and the trade unions to achieve a consensus on the matter. “I must thank them because they have a very patriotic approach to this issue. They were never violent at all. “Our relationship is like a family, where dependents and children ask the father for more resources. “The father, who loves the children, will look at them compassionately and explain his limitations. “The ability to agree on a particular amount was commendable and shows understanding within the family. “We must be careful to ensure that the federal, state, and local governments all pay the new minimum,” he said. Plang urged organised labour to meet the minimum wage requirements. “May we also bring policies that favour the private sector so they can thrive, be productive, and be in a position to meet the minimum wage for our workers,” he said. 

Grant Thornton Applauds Aba Integrated Power Plant For Boosting Industrialization

Grant Thornton Nigeria has congratulated the Abia state government and Geometric Power on the successful launch of the Aba Integrated Power Plant. This milestone marks a pivotal moment for industrial growth in Africa, especially in Aba, known as the “Taiwan of Africa.” The Aba Integrated Power Plant is a cutting-edge energy facility, including a 141 MW gas-fired power plant, a 27-kilometer gas pipeline, and a distribution utility. This autonomous system generates and distributes its power supply, boosting local industry. Led by Professor Bartholomew Nnaji and supported by Professor Ngozi Okonjo-Iweala, the project is hailed as a game-changer for Nigeria’s energy sector. Grant Thornton Nigeria’s CEO, Dr. Ngozi Ogwo, emphasized the importance of uninterrupted electricity for business growth and innovation. The plant’s 24-hour operation is expected to enhance productivity, attract investments, an

Market operators hail NGX’s N32.74m fine on Unity Bank, 7 others

Market operators have commended the Nigerian Exchange Limited (NGX) for the recent N32.74 million fine slammed on Unity Bank, Conoil and six other quoted companies for failure to file their unaudited financial statement after the regulatory due date.   The companies were sanctioned during the current year 2023 for their inability to meet the regulatory requirements during the first quarter of 2023. The companies include Presco Plc, Ardova Plc, Briclinks Africa Plc, Universal Insurance Plc, Unity Bank Plc, Conoil Oil Plc, FBNH Plc, and Caverton Offshore Support Plc. Also, Presco Plc was fined N9.4 million, Ardova, N7.2 million, and Universal Insurance Plc will pay N4.7 million as fine accounting for a cumulative fine of N21.3 million and represented 65.05 per cent of the total fines levied on defaulters. The Managing Director of Crane Securities Limited, Mr. Mike Eze, while reacting to the development said the action of NGX would boost investor confidence in the market because it is sending a signal for investors to get companies’ financial reports as at when due. He added that investors needed to make informed decisions before choosing which stock to buy and this can only be achieved if there is adherence to good corporate governance by the quoted companies. “It is not a new thing, and it does not come to us as a surprise. We have constantly written to the exchange and raised the issue at annual general meetings that there is a need to know the status of these companies to enable us to take investment positions,” he noted. Also, the President of Progressive Shareholders Association, Mr Boniface Okezie, said it was better for Nigerians to have a few companies that are ready to play by the rules than to have all the companies in the world that are not ready to satisfy post-listing requirements. Okezie said that penalizing companies for non-compliance with the rules of listing on NGX was a welcome development, as it will lead to more appropriate pricing of securities. “We must always abide by the rules, sanctions would make the companies sit up and post their results as and when due, thereby providing investors, analysts, and stockbrokers the platform to predict the real value of the companies”. The Exchange in its X-Compliance report explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies. “Financial information which is periodic disclosure and ongoing material events disclosure should be released to The Exchange promptly to enable it efficiently perform its function of maintaining an orderly market”.

Data Protection Act: Commission, stakeholders applaud Tinubu

The Nigeria Data Protection Commission (NDPC), formerly Nigeria Data Protection Bureau (NDPB), has commended President Bola Tinubu on the signing of the Nigeria Data Protection Act 2023. The Nigeria Data Protection Act, 2023, provides a legal framework for the protection of personal information and the practice of data protection in Nigeria. Dr Vincent Olatunji, the National Commissioner, NDPC, made the commendation at the NDPB’s Strategic Roadmap and Action Plan (SRAP) validation workshop on Wednesday in Abuja. The Bill was introduced to the Senate and House of Representatives for consideration and passage on Tuesday, April 4, 2023, via a letter from former President Muhammadu Buhari. Now an Act, the new law establishes the NDPC and replaced the NDPB established by Buhari in February 2022. Olatunji said: “I am happy to announce that data protection ecosystem is really growing. “The Nigeria Data Protection Bureau is now a Commission by law. Nigeria now has its Data Protection Act signed by President Bola Ahmed Tinubu on June 12.” He appreciated the efforts of the former administration of  Buhari who started the journey under the former Minister of Communications and Digital Economy, Prof. Isa Pantami. The national commissioner stressed the need for effective partnership and stakeholder engagement especially in the areas of awareness and sensitisation. “We need to work together as government, private sector, academia, civil society groups. “We agree that Nigeria is well positioned to move data protection ahead in Africa, the whole of Africa is waiting for us,” he said. He disclosed that over 500,000 job opportunities had been identified in the data protection and privacy ecosystem which was in line with one of the campaign points of the current administration to create one million jobs in the digital economy sector in 12 months. Olatunji, however, buttressed the need to bridge the huge gap that existed in the data protection ecosystem that had the capacity to create wealth and millions of jobs for Nigerians and promote the digital economy. Mr Williams Ojo, the Permanent Secretary of the Ministry of Communications and Digital Economy, reaffirmed the government’s commitment to fostering a culture of trust and accountability in the digital sphere. “We can create an ecosystem that protects the rights of individuals while fostering a vibrant and innovative digital economy. “Together, let us embark on this validation workshop with a shared vision, a vision of a Nigeria where personal data is treated with the utmost respect, where individuals have control over their own information, and where innovation thrives in an environment of trust,” he said. Mr Kashifu Inuwa, the Director-General of National Information Technology Development Agency (NITDA), said data was the currency of digital economy, urging the meeting to look at the key principles for data protection. “We need to prioritise freedom and rights of our citizens, promote transparency, accountability and foster an enabling environment for innovation and economic growth. “We can only create jobs when we are innovative and look at how we can create prosperity in our country,” he said. Dr Abdul-Hakeem Ajijola, the Chairman, Committee on the Action Plan, said the roadmap was intended to help identify some of the things needed to build the ecosystem. Ajijola emphasised the need for more awareness and sensitisation to build a robust, inclusive and viable data protection and privacy ecosystem.