Aviation workers threaten one-week shutdown of Kaduna airport from Sunday – Newstrends
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Aviation workers threaten one-week shutdown of Kaduna airport from Sunday

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Aviation workers have threatened to withdraw their services at the Kaduna airport from Sunday, May 16 to Friday, May 21.
The workers in a statement on Saturday said their action was in support of the Kaduna State chapter of the Nigeria Labour Congress (NLC) over “anti-labour practices perpetrated against public servants in Kaduna State”
The statement was jointly signed by Ocheme Aba, general secretary of the National Union Of Air Transport Employees (NUATE); Rasaq Saidu, general secretary of the Association Of Nigeria Aviation Professionals (ANANP); and Umoh Ofonime, deputy general secretary of the National Association Of Aircraft Pilots And Engineers (NAAPE).
NLC had said that over 20,000 state workers had not received their April salaries, adding that due process was not followed in the recent disengagement of over 4,000 workers from the local government service, state universal basic education board and primary healthcare agency.
The statement read in part, “As you are all aware, the Nigerian Labour Congress (NLC) has declared strike action against the Kaduna State Government over numerous anti-labour practices perpetrated against the public servants of Kaduna state.
“Our unions, being affiliates of the NLC, are part of the decision and are in support of the action against the Kaduna State Government In this regard, our participation on the planned shutdown of Kaduna State is hereby affirmed.
“Accordingly, all aviation workers at the Kaduna Airport are hereby directed to withdraw all services at the airport with effect from midnight of Sunday the 16th of May 2021 to midnight of Friday the 21st of May 2021.
“The effect shall be the total grounding of operations of the Airport within the stipulated period. By this notice, members of the public are advised to make alternative travel plans within the period.”

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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