Workers’expectations in 2018, by Wabba By ‘Tope Fasua To workers, the outgoing year is tough. Many lost their jobs; some were not paid salaries. On another front, the continued fall of the naira and the rise in inflation, among others, made life difficult for them. However, labour is optimistic that 2018 will be better, writes TOBA AGBOOLA. To organised labour, the
President Ayuba Wabba, in this interview, listed workers’expectations in 2018. He said they expected the government to tackle unemployment, unpaid salaries and pension and introduce a new minimum wage.
outgoing year has been very challenging. The economy, was troubled and the citizenry, workers particularly, feet the pains. The workers are, however, optimistic that the incoming year will be better. Nigeria Labour Congress (NLC)
the sector would witness robust labour activities aimed at improving workers’welfare Wabba said the congress would recommit itself to leading the oppressed. In doing this, he said, the NLC leadership will conduct itself responsibly.
The congress, he said, would liaise with her allies to engage the government and other critical stakeholders. Wabba asked for the support of workers and the masses for a better Nigeria.
to some developments in the polity, which tested their resilience. Job creation Following the thousands of jobs lost last year, Wabba said the workers expected the government to invest in job creation initiatives in the new year.
He said the outgoing year was eventful and challenging for workers due
The NLC chief pledged that
Wabba said: “Crisis of unemployment in the new......
Withholding tax: EFCC recovers N27.7b from six banks - Page 8
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DECEMBER 29, 2017
VOL 05
FINANCIAL WATCH Bringing all your financial & business news
CBN’s interventions to keep naira stable in 2018- Page 5 By Ezekiel Enejeta The naira will be stable next year as the Central Bank of Nigeria (CBN) continues its regular dollar injections into the foreign exchange market, traders said. The naira has been hovering at 360 to a dollar for investors, around the same level as in the parallel market. On the official market, it has been quoted at 306.05, a level at which the CBN has been intervening.
Retail Secondary Market Intervention Sales (SMIS), wholesale spot and forwards auction segments, agricultural, airlines, petroleum products and raw materials and machinery sectors among others.
The dollar injections were made to enable stakeholders in these segments secure enough forex for their operations, and in the process boost naira’s stability.
Series of dollar injections into the economy totaling about $8 billion since February have helped the CBN to achieve long-term naira stability and curb volatility in the foreign exchange (forex) market.
Noteworthy, the gap between official and black market rates started to shrink since February 20, when the CBN resumed dollar interventions in key segments of the economy.
The CBN has in the last nine months, sustained its weekly dollar interventions in the forex market, a large part of it go into the interbank market, bureau de change (BDCs),
In line with its intervention policy, the CBN had recently injected $287.89 into the SMIS. . ...Continue on Page 5
FirstBank plans youth mentoring with Awosika By Princewill Ekwujuru FirstBank of Nigeria Limited has announced it is convening a Youth Mentoring Session, themed “Building a Financially Literate Tribe”. The event which will be hosted by its Chairman, Mrs. Ibukun Awosika, is being organised to drive a culture of financial literacy among the youth and create a consciousness of financial efficiency in their daily activities; in business, entrepreneurship, career and personal lives. The mentoring session which is scheduled for today at 10am at the Harbour Point, Wilmot Point Road, Victoria Island, Lagos would convene about 1,000 youths to equip them with the
knowledge of money management, entrepreneurship skills, and financial independence, thereby securing their future and placing them on the path to financial freedom and productivity. Awosika would be speaking at the event along with the Managing Director, dkbMarkets, Remi Banjoko as well as Founder and Chief Executive Officer of Bestman Games Ltd, Nimi Akinkugbe. They would share practical experiences on the art and finesse of money growth, investments and entrepreneurship with participants to build a financially literate tribe that would sustain the culture of financial literacy amongst their friends, class mates, and associates.
NNPC owes Petrol marketers N800b By Cynthia Adigwe The Nigerian National Petroleum Corporation, NNPC is owing the Depot and Petroleum Products Marketers Association (DAPPMA) N600billion. Executive Secretary of the association, Mr Olufemi Adewole, revealed in a statement on Thursday, but the assurance of members readiness to help the NNPC give Nigerians regular supply of petrol. Adewole said that apart from the N600 billion the NNPC owed DAPPMA members, it also owes the marketers another N200billion, making its indebtedness N800 billion. “Marketers have continued to sacrifice to keep the country wet with fuel, despite over N600 billion debts owed our members and over N800 billion owed marketers as a whole,’’ Adewole said. He said that in spite of the unsettled debts, members of the association were still distributing petrol to every part of the country.
According to him, the essence of our initial ‘Press Release’ is to throw light on salient issues surrounding the shortfall in current petrol supply which is solely being handled by NNPC. “It was not an attempt to join issues with PPMC/NNPC with which we are partners. “NNPC’s view about our press release stating our side of the story and seeking to defend marketers for the very first time against the unwarranted accusations of hoarding and profiteering is rather unfortunate. “It is an undisputable fact that DAPPMA members have paid for petrol supply (with bank funds) for over one month, the value of which is in excess of N90 billion, yet PPMC/NNPC has no cargo to allocate to them. “We again reject any attempt to blame marketers for the shortfall in supply, as it is not our making since NNPC has been the sole importer since October 2017. NNPC also accused DAPPMA of owing N26.7 billion on
‘Union Bank is transforming and in good position’ By Fisayo Soyombo Union Bank celebrated its 100th anniversary this year. If there were doubts about the bank achieving the objectives of its Transformation Agenda, they have been cleared, going by the resounding success recorded since the transformation journey began. The Bank’s Transformation Director, Joe Mbulu, in this chat with Group Business Editor SIMEON EBULU, says it all. Transformation Director is a new
nomenclature in Nigeria’s banking sector. What is it meant to achieve for the bank and its customers? The Transformation Director is responsible for driving the transformation of an organization, in this case Union Bank. So the task is clear; it is about translating the bank’s strategic goals into actionable initiatives, setting up a transformation governance structure to ensure success, communication and engagement around the
transformation initiatives and ultimately delivering results. We have seen elaborate modernization in your branches across the country. How impactful has this been?
In his words, “The machines are not centers of new business. We have also managed our spaces better for greater efficiency in line with the current, more technologically focused needs of our customers.
It has been very impactful as measured by improved business indicators as well as feedback from our customers, stakeholders and even our competitors. We have not just modernized our branches but have used the opportunity to relocate to
For example, we have Smarter Banking Centers in some universities and higher institutions of learning and other busy hubs. At these centers, customers are able to perform all banking services electronically and have the
opportunity to engage our Contact Centre for assistance via video conferencing when necessary. In unveiling these new branches and locations across the country, we have developed a high number of new business relationships as well as deepening of existing relationships. This has been aided by the parallel launch of our innovative targeted savings products such as UnionKorrect and UnionGoal.
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