…As NLC demands new minimum wage of N615,000, urges FG to act

…Sanwo-Olu backs Lagos workers’ demand for wage increase, reaffirms commitment to citizens’ welfare

…Ogun to meet with Labour leaders over new minimum wage — Abiodun

…Better welfare awaits Osun workers — Adeleke’s SA, Durojaye assures

…I’ll continue to take your welfare as priority — Aiyedatiwa assures Ondo workers on May Day

By Our Correspondents

In an address to Nigerian workers on May 1st, 2024, President Bola Tinubu brought a message of hope and relief, declaring that their days of worrying are finally over.

Speaking as the Special Guest of Honour at the 2024 Workers Day celebration on Wednesday President Tinubu hinted at his administration’s willingness to introduce a national living wage, a move that could revolutionize the lives of millions of workers across the country.

He said, “The committee’s mandate was to provide counsel and suggest a national minimum wage that aligns with our current economic conditions. Since then, the committee, in collaboration with labour leaders, has been diligently working towards proposing a new National Minimum Wage.

“Unfortunately, despite concerted efforts, the committee was unable to reach a consensus at its last meeting. This shall be resolved soon and I assure you that your days of worrying are over. Indeed, this government is open to the committee’s suggestion of not just a minimum wage but a living wage.”

Noting that he assumed office at a time Nigeria, like many other nations, were grappling with what he described as “daunting socio-political and developmental challenges,” President Tinubu maintained that his government has been “resolute in confronting these obstacles head-on.”

“The scourge of criminality, from banditry to kidnapping and the farmer-herder crises, alongside terrorism, continues to afflict our nation despite the tireless efforts of our armed forces. We are aware of the toll this takes on our economy. I assure you: we are fully committed to tackling these security challenges,” he added.

…NLC demands new minimum wage of N615,000, urges FG to act

However, the Nigeria Labour Congress (NLC) has called on the federal government to declare a new minimum wage of N615,000, citing the need for a living wage that reflects the current economic realities in the country.

President of the NLC, Joe Ajaero, made the demand on Wednesday in his speech to mark the 2024 Workers Day celebration at the Eagles Square, Abuja

The labour unions said the current minimum wage of N30,000, signed by former President Muhammadu Buhari, can no longer cater for the wellbeing of an average Nigerian worker.

Ajaero said, “We want to remind you that the process of fixing the new Minimum wage is still continuing. We have placed our demand of N615,000 before our social partners, while we await their offer.”

The labour leaders also appealed to President Tinubu against scrapping the Pension Transitional Arrangement Directorate (PTAD) which was established in August 2013 in compliance with the Pension Reform Act (PRA) of 2004.

Ajaero noted that “ PTAD has been doing a good job for pensioners” and therefore, should be left as it is.

However, The Federal Government said the new minimum wage will take off on May 1, 2024.

The Minister of State for Labour, Nkeiruka Onyejeocha, disclosed this in her address during the Workers’ Day celebration, at the Eagles Square, on Wednesday.

Onyejeocha, who regretted that the new Minimum Wage was yet to take off, stated that workers will enjoy arrears from May 1, whenever it is signed into law.

She noted that although the Tripartite Committee On National Minimum Wage is yet to conclude its negotiations, workers will not lose anything as the new minimum wage will take effect from May 1, 2024.

She however stated that wide consultations were ongoing to ensure that the document is out together as soon as possible.

…Sanwo-Olu backs Lagos workers’ demand for wage increase, reaffirms commitment to citizens’ welfare

Meanwhile, the Lagos State Governor, Babajide Sanwo-Olu, has declared his support for the demand by Nigerian workers for a wage increase, reiterating his administration’s dedication to prioritising the welfare and prosperity of citizens.

He made this declaration during the May Day celebration held at the Mobolaji Johnson Arena, Onikan, Lagos Island, on Wednesday.

Governor Sanwo-Olu praised the contributions of workers to the state’s economy and acknowledged the challenges they face, including the current economic difficulties.

He reassured them that his administration remains committed to improving their well-being and promoting their welfare.

In his words,”There is no gainsaying that this year’s workers day is being celebrated amidst economic challenges which are as a result of the difficult but yet inevitable policies taken by the government to rescue the economy and set it on the path of sustainable growth.

“The economic downturn has brought about disruptions that have affected lives and livelihoods. Yet, in the face of these challenges trials, you have exhibited remarkable resilience, adaptability, and courage.

“You have been the backbone of our response efforts, ensuring that essential services remain uninterrupted and that our state stands strong.

“This year’s theme, ‘People First,’ resonates deeply with our administration’s philosophy which is underpinned by our firm belief in prioritizing the welfare of our people.

“Through various measures, policies and initiatives, we have demonstrated that the interest and welfare of the people comes first and remains the ultimate goal of all our actions.

“Our response actions are geared towards mitigating the impact of these trying times and offer support to both our workers and citizens alike.”

…Ogun to meet with Labour leaders over new minimum wage — Abiodun

Also, Ogun State Governor Prince Dapo Abiodun said that his administration will do all in its power to come up with a decision on the new minimum wage.

The governor said a meeting with labour leaders in the state would be held with a view to arriving at a decision that is favourable to both the government and the workers.

The governor, who made this known during the year 2024 Worker’s Day celebration and rally, tagged: ‘People First,’ also added that his administration has paid a total of N128.3 billion as pensions and gratuities to both local and state government retirees in the state.

“On minimum wage, your ever responsive administration has done a lot of work, which is aimed at arriving at a position that we can sustain in line with our inclusive style of governance.

“We will soon be calling a meeting with the organized labour leaders to finalize the Ogun State Government Minimum decision,” he said.

…Better welfare awaits Osun workers — Adeleke’s SA, Durojaye assures

The Special Adviser to the Osun Governor on Cooperatives and Empowerment, Hon. Durojaye Isaac, has assured Osun workers that the state government would work collaboratively with Labour Unions in the state for better working conditions.

The Special Adviser gave the assurance on Wednesday while congratulating the workers as they commemorate the 2024 May Day. Durojaye extolled the sterling qualities that stood out the Osun workers, saying, “An Osun worker is noted for his patriotism, hard work, resilience, and dedication to duty.

“I am happy to be associated with the Osun worker in the last more than 10 years and I can attest to the fact that everywhere you go, the Osun worker’s spirit resonates profoundly.”

…I’ll continue to take your welfare as priority — Aiyedatiwa assures Ondo workers on May Day

In a related development, Lucky Aiyedatiwa, Governor of Ondo state has said his administration would continue to promote industrial peace and operate an open and transparent governance, with the welfare of workers as a major priority of his administration.

Aiyedatiwa, who stated this on Wednesday while addressing workers during the celebration of the 2024 Worker’s Day at the Gani Fawehinmi Freedom Arcade, Akure, emphasised the importance of the event amidst preparations for the upcoming gubernatorial election in the state.

Reflecting on the state’s record of industrial peace, the governor said the modest achievements of his administration could not have been possible without the commitment and dedication of workers.

…Seyi Makinde assures workers his administration will not delay in implementing new minimum wage

Gov. Seyi Makinde of Oyo State has assured workers that his administration will not delay in implementing the new minimum wage.

Makinde gave the assurance on Wednesday in his address at the 2024 May Day celebrations, held at Lekan Salami Sports Complex, Ibadan.

The Governor, who was represented by his deputy, Mr Bayo Lawal, said notwithstanding the new minimum wage, his government will not fail in its promise of ensuring payment of salaries and pensions on or before 25th of every month.

…Gov. Fubara assures Rivers workers of sustained salary increase

Rivers State Governor, Sir Siminalayi Fubara, has assured the people of implementing the salary increase recently approved by the Federal Government for workers in the State as soon as the parameters are made available.

Governor Fubara gave the assurance Wednesday at the Yakubu Gowon Stadium, Port Harcourt, where activities to commemorate the 2024 International Workers Day, with the theme: ‘People First,’ took place.

The Governor stated how concerned his administration is about the poor state of the nation’s economy, with the attendant rising inflation, which he said has impacted adversely on the purchasing power and well-being of the average workers and their families.

We have been able to turn the fortune of the state workers around — Gov. Obaseki

 The Edo State Governor, Mr Godwin Obaseki, said he has recruited over 5,000 workers into the state civil service since the inception of his administration in the past seven and half years.

He disclosed this yesterday, while delivering his good will message to the workers in the state to mark the May Day celebration.

Mr. Obaseki said he has been able to turn the fortune of the state and its workers around by keeping to his electioneering promises.

“One of the things I promised in 2016 that I was going to build our institution for governance and today, we can proudly say that workers have had means to achieve the modest institutional reform which we have now achieved in Edo State.

“With your support, we have been able to recruit over 5,000 new workers into the Edo State service based on merit and no longer on favouritism as it used to be.

“Now, you don’t have to know anybody to get work in the government in Edo, you just need to know something.

“You can celebrate that we now have the best public service training academy in West Africa. And this academy, John Odigie Oyegun Public Service Academy (JOOSPA) has trained over 10,000 workers who participated enthusiastically in our training.”

…Accuses Obi of inciting Igbos against Tinubu

The Minister of Works, Dave Umahi, has stated that the Federal Government included illegal occupants in the payment of claims for properties affected by the Lagos- Calabar coastal road project.

Umahi made this known while arguing that there was no inhumanity meted to Landmark noting that the matter should be buried because he was actively involved.

Speaking on Wednesday during an event to compensate the property owners affected by the Lagos- Calabar coastal road, Unahi said, “There’s is no inhumanity meted to Landmark, that matters should be buried because I was there. And so we fought everything possible. Even some people donated property to save his two big infrastructures. That’s appreciation. But some people have taken sides along with him to play politics.”

The 700-kilometre coastal highway has been enmeshed in controversy following the demolition of Landmark Beach Resort, valued at $200 million, to create a right of way for the project which is estimated to cost the federal government N15 trillion.

After the demolition, a visibly worried Paul Onwuanibe, the Group CEO of Landmark, said that about 70 percent of the beach was destroyed by the government bulldozer, describing the action as “insensitive.”

“What is left of these businesses are the rubbles you can see (in video clips he captured while the demolition was going on). Those are people’s investments and means of livelihood reduced to mere rubbles; so many jobs have been lost and many Nigerian families are in for it,” Onwuanibe said.

On his part, Obi slammed President Bola Tinubu’s administration for going on with the controversial Lagos-Calabar coastal highway project in defiance of public outcry.

The presidential candidate expressed displeasure that the government is embarking on a job-losing project at a time of rampant unemployment.

Obi said it was not too late to discontinue the Lagos-Calabar highway project, adding that urgent necessities are nationwide security, poverty eradication, healthcare, and education, especially for the poor and underprivileged.

He had also described the reported demolition of businesses and residences in the designated right of way for the project as insensitive and heart-wrenching, lamenting that livelihoods were being wiped away, lifetime investments wasted, and jobs disappearing as a result of the demolition.

In a post on his X handle on Tuesday, the former Anambra State governor said, “The outcry against this project has been overwhelming due to the current situation in the country. However, reports as of yesterday indicate that demolition of businesses and residences in the designated right of way for the project has commenced from the Lagos end.

“The sight of this insensitive demolition is heart-wrenching. Livelihoods are being wiped away, lifetime investments are being wasted, and jobs are disappearing as bulldozers roar through. The homes of the elderly are being overturned by the power of bulldozers.

“This hasty flag-off defies the widespread outcry by the public, especially business and property owners directly affected by the project. Nobody knows the outcry that will accompany this project as it progresses towards poor rural landscapes.

“Thousands of jobs are about to be lost, with investments above $200 million at risk. Over 100,000 jobs in the leisure and hospitality sector face imminent extinction, along with 80 small businesses and their 4000 mostly youth employees.”

The Minister however accused Obi of going around to condemn people, thereby bringing judgment upon himself.

He said: “It brings to some of the comments made by my brother, his Excellency Mr Peter Obi, I am not supposed to comment about it because some people have already done the work. And I know what Arise Television brought courtesy of Channels Television, they were bringing similar scenarios when His Excellency Peter Obi was the governor. He made a statement saying ‘Any infrastructure that stands in the way of the road must go. And there would be no compensation paid.’ That’s what he said.

“But look at me, by the human face of the renewed hope agenda administration, we are even paying for people who are illegally staying on the coastal line, and don’t have valid infrastructure and valid documents. That is mercy, that’s mercy… You know some people darken counsel without knowledge. You know there’s the devil in the details.

“When you condemn people, you bring judgment upon yourself. And that is what he (Obi) has done. And I think he’s inciting some of the south east people that are not well informed. He is inciting them. And gets them into trouble. And he doesn’t go to fight for them. Wisdom is a defence. And I want our people to have wisdom because I am involved.”

For the year ended December 31, 2023, FCMB Group Plc grew deposits, loans, assets under management, revenue and earnings and improved its environmental, social, and corporate governance scorecard.

The Group recorded a profit before tax of ¦ 104.4 billion, a 186 percent year-on-year (YoY) increase compared to N36.6 billion in 2022 and earnings growth across its business segments: Banking Group 212.6 percent, Consumer Finance 67.3 percent, Investment Management 40 percent, and Investment Banking 89.7 percent.

FCMB Group, which proposed a dividend of 50 kobo per share for its shareholders, contributed to food security and import substitution in Nigeria by increasing lending to the agricultural sector by 38.4 percent from N147.4 billion in 2022 to N204.3 billion in 2023.

In addition, the Bank supported over 300,000 smallholder farmers, 56 percent of whom were women in agriculture, in rural communities to support the sector.

Over $280 million of funding from DFI’s and donor agencies was raised during the year to support the attainment of sustainable development goals in critical sectors of the economy.

Leveraging its core banking business, the Group facilitated over $700 million and $100 million in export and remittance flows into Nigeria, respectively, as at December 2023.

In safeguarding the environment, it switched six additional branches of its retail and commercial banking subsidiary (First City Monument Bank Limited) from grid/diesel generators to solar power last year, taking the number of branches running on renewable energy to 160, which represents 78 percent of total branches.

 In addition, the Bank secured funding of up to N13 billion from local development finance institutions for on-lending to customers requiring solar energy solutions to further support its commitment to driving renewable energy.

FCMB’s customer base grew by 15.6 percent YoY from 10.9 million to 12.5 million for the period ended December 2023, whilst users of its mobile app that offers lending, wealth and payment solutions grew by 31 percent YoY to 3.4 million. Similarly, the Bank’s agency banking network grew to over 164,000 agents.

With an enlarged customer base, an expanded distribution platform, and the use of artificial intelligence to automate and optimise loan underwriting processes, the Group successfully disbursed over 1.5 million loans worth N100.8 billion to individuals, N14.4 billion to micro-enterprises and N177.9 billion to SMEs during the period.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said, “We continue to leverage our unique Group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve.

 “This strategy is enabling us to deliver robust performance in spite of the challenging domestic and global environment. Barring unforeseen circumstances, we believe this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”

The results across market fundamentals also showed gross revenue of N516.4 billion for the period ended December 2023, an 82.5 percent growth from N283 billion for the same period the prior year.

Net interest income grew by 44.8 percent from N122 billion in 2022 to N176.6 billion in 2023. Customer confidence in FCMB remained strong, as deposits rose by 58.5 percent YoY from N1.94 trillion to N3.08 trillion, just as loans and advances grew by 54 percent from N1.20 trillion to N1.84 trillion. The Group’s total assets increased by 48.3 percent from N2.98 trillion to N4.42 trillion at the end of December 2023.

FCMB Group’s Assets Under Management increased by 29.6 percent last year from N783.7 billion to N1.02 trillion. The value of investment banking transactions consummated by the Group rose to N945.3 billion for the period ended December 2023, compared to N857.1 billion in the same period the prior year.

FCMB Group, a financial services holding company headquartered in Lagos, Nigeria, and listed on the Nigerian Exchange Group (NGX), has strategic interests in companies serving over 12.5 million customers across five key platforms: banking, consumer finance, investment management, investment banking, and financial technology.

The Group and its subsidiaries are building an ecosystem that promotes inclusive and sustainable growth in their communities, primarily in Africa, its diaspora, and the United Kingdom, by connecting people, capital, and markets.