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June 4, 2024 NLC: ‘Strike to Continue Until Tuesday Review Meeting’
IFMNEWS

NLC: ‘Strike to Continue Until Tuesday Review Meeting’

The Nigeria Labour Congress (NLC) has announced that the nationwide strike, which began on Monday, will continue pending the outcome of a meeting with its organs scheduled for Tuesday.

"Until we hear from our organs at our meeting scheduled for today, 4th June, we are still on strike," the labour union posted on its X handle early Tuesday.

This statement came shortly after the Federal Government held a meeting with labour unions, including the Trade Union Congress (TUC), at the office of the Secretary to the Government of the Federation (SGF), to resolve the strike.

Despite thorough deliberations, the NLC stated that the federal government agreed to a minimum wage higher than N60,000. "As a result, the tripartite committee will meet daily for the next week to finalize an agreeable national minimum wage," the NLC's statement read.

The NLC confirmed it would be meeting with its organs today and assured that no worker would face repercussions due to the industrial action. The statement was signed by NLC President Joe Ajaero and TUC President Festus Osifo.

The strike has significantly disrupted operations across various sectors, including businesses, airports, schools, banks, and especially public institutions.

June 3, 2024 Heritage Bank: Reps Assure Depositors’ Funds Are Safe, Urges Calmness
IFMNEWS

Heritage Bank: Reps Assure Depositors’ Funds Are Safe, Urges Calmness

The House of Representatives has assured depositors of the safety of their funds and urged all depositors and stakeholders of Heritage Bank to remain calm, affirming that their interests are well protected. This follows the recent revocation of Heritage Bank's license by the Central Bank of Nigeria (CBN) and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as liquidators.

The House emphasized the importance of effective public communication from both the CBN and NDIC to alleviate public fears and maintain trust in Nigeria’s financial system during this period. House spokesperson Akin Rotimi, in a statement from Abuja, reiterated the priority to safeguard depositors' interests and ensure financial stability.

Rotimi stated, “The House of Representatives acknowledges the recent actions taken by the CBN and NDIC. We assure the public, particularly depositors and stakeholders of Heritage Bank, that we are committed to our oversight role to ensure this development does not adversely impact Nigerians. Relevant House Committees on Banking Regulations and Insurance will diligently examine the situation and the steps taken by the NDIC."

The statement further highlighted the House's commitment to engaging with CBN, NDIC, and other stakeholders to ensure a transparent and orderly resolution process. Chairman of the House Committee on Banking Regulations, Rep. Mohammed Bello El-Rufai, emphasized that the Committee will monitor the liquidation process to protect depositors' rights with transparency and accountability.

Additionally, Rep. Ahmed Usman Jaha, Chairman of the House Committee on Insurance and Actuarial Matters, assured that the NDIC would execute its mandate effectively to protect depositors’ funds and maintain confidence in the financial sector. He reiterated that under the NDIC Act and the Banks and Other Financial Institutions Act (BOFIA), depositors’ funds are insured and protected.

June 3, 2024 Federal Government Invites Labour For Emergency Meeting On Tuesday
IFMNEWS

Federal Government Invites Labour For Emergency Meeting On Tuesday

To halt the ongoing strike by Organized Labour, the Federal Government, through the National Salaries, Wages and Income Commission, has invited the leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) for discussions. However, it remains uncertain whether the Labour leaders will attend the meeting.

Reports indicate that several unions have shut down their workplaces in compliance with the directive from the two labour unions to commence an indefinite nationwide strike. On Friday, Organized Labour announced the strike in response to the Federal Government's refusal to raise the proposed minimum wage above N60,000.

According to NLC President Joe Ajaero, the strike is set to begin at midnight on Sunday, June 2, 2024. In a joint statement, Ajaero and TUC counterpart Festus Osifo expressed deep concerns and disappointment over the government's failure to finalize and enact a new National Minimum Wage Act. They also demanded the reversal of the recent electricity tariff increase to N65/kWh.

The unions had previously given the government a deadline of May 31, 2024, to conclude negotiations on the new minimum wage. Talks broke down on Tuesday after both sides presented their offers, with the government raising its initial proposal from N57,000 to N60,000. This offer was rejected by Labour during the meeting. Labour, in turn, lowered their demand from N497,000 to N494,000 by reducing their previous proposal by N3,000.

June 3, 2024 Strike Will Increase Hardship, N494,000 Minimum Wage Unrealistic, Says Labour Party
IFMNEWS

Strike Will Increase Hardship, N494,000 Minimum Wage Unrealistic, Says Labour Party

The Labour Party in Nigeria has urged workers’ unions to renegotiate with the government on a new minimum wage rather than embarking on an industrial action. Speaking in an interview with the News Agency of Nigeria on Monday in Lagos, the National Publicity Secretary of the Labour Party, Obiora Ifoh, emphasised that a strike is not the solution, as it would exacerbate existing hardships.

Ifoh stated, “Our immediate reaction is that organized labour should not throw Nigerians into more hardship. Nigerians are already grappling with a lot of challenges, and we do not need to make the situation worse. The demand for a ₦494,000 minimum wage is unrealistic. It cannot be sustained as it would mean diverting all of Nigeria’s funds to pay civil servants.”

He urged the labour unions to keep negotiating with the Federal Government to reach a mutually acceptable figure. “Negotiations should continue until a better agreement is reached. Asking Nigerian workers to stay at home will impact everything, including the cost of living, which Nigerians cannot bear at this time. Negotiation is not a one-off process. If the Federal Government is unwilling to go above ₦60,000, organized labour should work with what is available while continuing to negotiate. We recognize that this government is still finding its footing,” he added.

READ ALSO: Labour Rejects Government’s New N60,000 Minimum Wage Proposal, Demands N494,000

Ifoh stressed that the party opposes actions that could further increase hardship. His comments come in response to the nationwide strike declared by organized labour over demands for a new minimum wage. Despite previous pleas from the Federal Government, the strike began on Monday following a series of failed negotiations between the Nigeria Labour Congress, the Trade Union Congress of Nigeria, and government representatives.

On May 28, labour representatives walked out of a Tripartite Committee meeting on minimum wage after the government increased its offer from ₦57,000 to ₦60,000. Initially, the government and the Organized Private Sector proposed ₦48,000, then ₦54,000, and later ₦57,000, all of which were rejected by labour. The organized labour had initially proposed ₦615,000 as the new minimum wage but later reduced it to ₦497,000 and then to ₦494,000 to reflect the current rising cost of living.

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