NLC, TUC Announce Indefinite Strike Commencing October 3

*Urges Nigerian To Prepare and Stock Up Food The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) of Nigeria have jointly declared an indefinite strike set to commence on October 3. In anticipation of this labour action, both organizations are urging Nigerians to stock up on essential food supplies due to the expected shutdown of economic activities across the nation. President Joe Ajaero of NLC and President Festus Osifo of the TUC made this announcement following separate Emergency National Executive Council (NEC) meetings held in Abuja on Tuesday. The decision to initiate the indefinite strike was prompted by what they perceive as the government’s lack of sensitivity to the challenges faced by Nigerians, particularly regarding the removal of the petrol subsidy and a perceived lack of proactive measures to palliate the move.

Despite NLC strike, equity market gains N31bn

Transactions on the floor of Nigerian Exchange (NGX) on Tuesday sustained an upward trend appreciating by N31 billion as gain recorded in the shares of BUAfoods, Dangote Sugar, Oando and other boosted market activities. Market capitalisation of listed equities appreciated by 0.08 per cent to N37.400 trillion from N37.369 trillion reported the previous day. The NGX All Share Index also appreciated by 55.54 basis points to 68334.68 points from 68279.14 points traded on Monday. The NGX trading for the day showed that four companies recorded 10 per cent gain at the close of trading for the day Multiverse, Omatek, Betaglass Sunu Assurance led gainers table in percentage terms, increasing by 10 per cent each to close at N2.97 per share N0.55, N42.90 and N0.88 per unit respectively, Oando Plc followed with a gain 9.84 per cent to close at N6.70 per unit. On the contrary, NSLTech topped losers’ chart, dropping by 10 per cent to close at N0.27 per share, Chellaram Plc trailed with a loss of 9.80 per cent to close at N3.22 per share, Ikaje Hotel fell by 9.68 per cent to N2.80 per unit, JohnHolt fell by 9.03 per cent to close at N1.31 per shares Neimeth international Pharmaceutical down by 8.93 per cent to close at N1.53 per share. The volume of transaction declined by 287.828 million, representing 34.04 per cent as investors traded 557.852 million shares valued at N10.210 billion in 9818 deals against 845.680 million shares worth N13.037 billion in 11934 deals. Trading activities in the shares of United Bank for Africa led market activities with 63.322 million shares valued at N951.178 million, Oando Plc followed with account of 61.258 million shares cost N409.752 million, Fidelity Bank traded 58.141 million shares cost N486.483 million, AccessCorp traded 42.110 million shares worth N728.417 million while Transcorps exchanged 40.499 million shares valued at N272.158 million.

Banks to shutdown over planned NLC strike 

The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has directed its members to withdraw services on Tuesday, 5th September, and Wednesday, 6th September in compliance with the warning strike of the Nigeria Labour Congress (NLC). This was disclosed in a letter to all Zonal Council and Domestic Committee organs of the Union. The letter signed by General Secretary of the Union, Mohammed I. Sheikh and dated September 2 stated that “In line with the communique issued after the meeting of National Executive Council (NEC) of the Nigeria Labour Congress (NLC) held on Thursday, 31st August 2023, that all affiliates should direct all its members to commence two days withdrawal of services from Tuesday & Wednesday the 5th & 6th September 2023. “The directives are imperative to get the needed attention of the government and warn it off its newfound love of meddling in the internal affairs of unions rather than address the punishing economic circumstances we find ourselves in.“We hereby direct all our organs to comply with this directive by ensuring all our members stay off duty for the two days. Reports say the Trade Union Congress (TUC) has backed out of the proposed strike.