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September 19, 2024 Private Employers Paying Below ₦70,000 Risk Imprisonment – FG
IFMNEWS

Private Employers Paying Below ₦70,000 Risk Imprisonment – FG

The Federal Government has urged private sector recruitment agencies to comply with the ₦70,000 minimum wage requirement, warning that non-compliance will not be tolerated. The FG emphasized that this wage adjustment is necessary to reflect the current economic realities and affirmed that no Nigerian worker, whether in the public or private sector, should be paid below this threshold.

Alhaji Ismaila Abubakar, the Permanent Secretary of the Federal Ministry of Labour and Employment, made this statement during the 13th Annual General Meeting of the Employers Association for Private Employment Agencies of Nigeria (EAPEAN) in Ikeja, Lagos. Represented by the ministry's Director of Employment and Wages, John Nyamali, Abubakar stated, "The minimum wage is now enshrined in law, and any employer paying less than ₦70,000 is committing a punishable offense."

He urged private employment agencies to ensure that any contracts with their clients reflect the minimum wage requirement, stressing that workers should receive at least ₦70,000 after deductions. He added, "Failure to comply with the law on the minimum wage can result in imprisonment, and the Federal Government is committed to enforcing this."

EAPEAN President, Dr. Olufemi Ogunlowo, called on the government and the Nigeria Labour Congress (NLC) to clarify whether the ₦70,000 minimum wage is based on net or gross income, urging that any ambiguities in the policy be addressed. He reassured that EAPEAN is committed to providing decent jobs and preventing exploitation of workers.

"We are a law-abiding organization and are dedicated to implementing the minimum wage," Ogunlowo said. "However, the government must specify whether the ₦70,000 is net or gross, and the NLC should resolve these ambiguities."

During the event, Funmilayo Sessi, Chairperson of the Lagos State NLC, noted that the economic hardship in Nigeria has significantly reduced the value of workers' earnings, making the ₦70,000 wage crucial. She called on private employers to ensure the immediate implementation of the new wage once consequential adjustments are finalized.

"The N70,000 is insufficient given the current economic situation," Sessi remarked. "Once adjustments are made, private employment agencies must comply with the new minimum wage. The NLC in Lagos will enforce this strictly, and EAPEAN should avoid any confrontation over it."

September 19, 2024 CBN Lowers Cybersecurity Levy to 0.005% on Electronic Transactions
IFMNEWS

CBN Lowers Cybersecurity Levy to 0.005% on Electronic Transactions

The Central Bank of Nigeria (CBN) has reduced the cybersecurity levy on electronic transactions from 0.5% to 0.005% in its fiscal guidelines for 2024-2025. This adjustment follows widespread opposition to the initial levy introduced earlier in the year, which faced resistance from the Nigeria Labour Congress, Trade Union Congress, and bank customers.

According to the CBN, "the mandatory levy of 0.005% on all electronic transactions by banks and other financial institutions will continue to be enforced, in line with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015." The levy, introduced under the 2015 Act and amended in 2024, is intended to support the National Cybersecurity Fund, which is overseen by the Office of the National Security Adviser.

The 0.005% fee will apply to electronic transactions carried out by commercial banks, merchant banks, non-interest banks, and payment service banks. However, certain transactions are exempt, including wage payments, loan disbursements and repayments, transfers between accounts belonging to the same client or bank, intra-bank transfers, cheque settlements, Letters of Credit, and transactions between banks and the CBN.

Earlier in May, President Bola Tinubu ordered a suspension and review of the levy following protests, and the House of Representatives demanded its immediate withdrawal. Despite the pushback, the CBN has decided to proceed with the levy at the revised rate, incorporating it into its monetary and exchange policies for the upcoming fiscal years.

September 19, 2024 Yahaya Bello Still Wanted, Not in Custody — EFCC
IFMNEWS

Yahaya Bello Still Wanted, Not in Custody — EFCC

The Economic and Financial Crimes Commission (EFCC) has clarified that former Kogi State Governor, Yahaya Bello, is not in its custody despite media reports to the contrary. In a statement on Wednesday, EFCC spokesperson Dele Oyewale confirmed that Bello remains wanted for alleged money laundering involving ₦80.2 billion.

"Reports claiming that Mr. Yahaya Bello is in the EFCC's holding facility are false. The Commission states that Bello is not in custody and remains wanted, with an active warrant for his arrest," Oyewale emphasized.

This statement contradicts claims made by Bello's media office. Ohiare Michael, Director of Yahaya Bello’s Media Office, had earlier issued a statement asserting that the former governor had honored the EFCC's invitation after consulting with his family, legal team, and political allies.

Michael later reiterated that Bello had visited the EFCC but was asked to leave without interrogation. He added that Bello was accompanied to the EFCC office by his successor, Usman Ododo, the current governor of Kogi State.

"We stress the former governor’s respect for the rule of law and his pursuit of due process in ensuring his fundamental rights are upheld," Michael's statement read. "Although no interrogation took place, HE Alhaji Yahaya Bello has since left the EFCC office, accompanied by Governor Ahmed Usman Ododo."

In April, the EFCC declared Bello wanted over allegations of financial crimes amounting to ₦80.2 billion. The anti-graft agency had previously attempted to arrest him at his residence in Wuse, Abuja, but Bello was reportedly whisked away by his successor, Ododo.

Despite several court sessions and adjournments, the former governor has yet to appear before the trial judge. Bello served as Kogi State governor from January 27, 2016, to January 27, 2024, before handing over to Ododo, his fellow All Progressives Congress (APC) member.

READ ALSO: EFCC Attempts to Arrest Yahaya Bello at Kogi Governor’s Lodge

September 19, 2024 EFCC Attempts to Arrest Yahaya Bello at Kogi Governor’s Lodge
IFMNEWS

EFCC Attempts to Arrest Yahaya Bello at Kogi Governor’s Lodge

On Wednesday night, officials of the Economic and Financial Crimes Commission (EFCC) attempted to arrest Yahaya Bello, the former governor of Kogi State, at the Kogi State Governor’s Lodge in the Asokoro District of the Federal Capital Territory. However, the arrest attempt was met with resistance from security operatives at the lodge, leading to gunfire during the confrontation.

The area has since been cordoned off, with movements restricted to EFCC operatives and other security agencies stationed there. Unconfirmed reports suggest that Bello has left the lodge with the current Kogi State governor, Ahmed Ododo. Normalcy appears to have returned following the incident.

This development adds to the series of events involving Yahaya Bello, who has been on the EFCC's wanted list for allegedly laundering ₦80.2 billion. Despite being declared wanted, a statement from Bello's media office, led by Ohiare Michael, claimed that the former governor had honored an EFCC invitation after consultations with his family, legal team, and political allies.

However, EFCC spokesman Dele Oyewale refuted this, stating that Bello was not in the commission’s custody and remains wanted for the ₦80.2 billion money laundering charges. In response, Michael released another statement, insisting that Bello had visited the EFCC office but was told to leave without interrogation. He added that Bello was accompanied by his successor, Governor Usman Ododo.

Bello has been charged by the EFCC on a 19-count indictment related to money laundering of ₦80 billion. Despite multiple invitations for questioning and court summons, he has consistently refused to appear. His case has been adjourned by Justice Emeka Nwite of the Federal High Court, Abuja, to September 25.

READ ALSO: Yahaya Bello Honors EFCC Invitation — Media Aide

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