The Central Bank of Nigeria (CBN) has charged finance houses to maximise opportunities offered in the revised guidelines to expand their scope of business and increase their contribution to economic growth. Deputy Governor, Financial Sector Surveillance, FSS, CBN, Mrs Aishah Ahmad, gave this charge in a keynote addressing at the biannual conference of Finance Houses…

The earlier meeting between Governor Akinwunmi Ambode of Lagos State and Labour Unions, to negotiate the new minimum wage for workers in the state was postponed  indefinitely. The meeting, between both parties, targeted at deliberating on the planned hike in minimum wage, had been scheduled to hold at the State House, Ikeja, but was postponed….

The International Monetary Fund, IMF, yesterday, asked the Federal Government to to take steps to address Nigeria’s rising debt service/revenue ratio. The IMF Senior Resident Representative in Nigeria, Mr. Amine Mati, who spoke at the public presentation of the 2018 “Regional Economic Outlook: Sub-Sahara Africa, Capital Flows and the Future of Work”, in Abuja, said: …

Former Vice President and the presidential candidate of the Peoples Democratic Party, Alhaji Atiku Abubakar, has directed the implementation of N33,000 minimum wage to all employees in his companies. The directive was issued to heads of business units of companies owned by the former vice president and was to take immediate effect. Muhammad El-Yakub, the Managing…

Against the backdrop of several complaints emanating from the banking public over services delivery and security in Nigeria’s nascent mobile banking environment, the Central Bank of Nigeria, CBN, is set to further improve the system. The apex bank has also indicated that its consumer protection department is inundated with petitions and complaints mainly from the…

In December 2017, President Buhari established a Tripartite Committee – comprising Labour Leaders, Federal and State Government representatives, to consider and recommend an appropriate increase on the present N18,000/month, National Minimum Wage, which became effective from 2011. Ultimately, however, by Oct. 2018, after protracted negotiations, over several months, there is still no agreement, because the…

Faced with the imminence of the return of Organised Labour to perhaps a protracted strike, the Federal Government last week threatened to enforce the “No work, no pay” policy if the Nigerian Labour Congress, NLC, calls for another work stoppage. The NLC had after the expiration of a 14-day ultimatum for the Federal Government to…

Between July and this month President Muhammadu issued two decrees aimed at further curbing corruption, money laundering and tax evasion: the first, Executive Order 6, and the other, Executive Order 008. An executive order is a decree issued by the executive without necessarily seeking approval of parliament or the judicature. Most constitutions do empower the…

The National Pension Commission (PenCom) said it recovered a total of N465.02 million as outstanding pension contributions from defaulting employers in the second quarter of 2018, Q2’18. The figure represents principal contribution of N335.7 million and penalty payment of N129.32 million. So far, the Commission said it had recovered N14.38 billion in outstanding pension contributions…

The Federal Government, through the Debt Management Office, DMO, has recorded a N26.92 billion or 30.5 percent short fall from its targeted proceeds of N115 billion bond auction, which was part of moves to finance the 2018 budget. DMO disclosed this, yesterday, stating that the federal government has raised N88.08 billion at its bond auction…

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