Business

FG will sack workers, reduce agencies, says finance minister

Published

4 years ago

January 5, 2022

The Federal Government has announced plans to reduce its agencies and lay off some of its workers.

Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Wednesday, saying that reducing the size of government had become imperative given the huge amount being spent on recurrent expenditure annually.
According to the minister, some federal workers would lose their jobs when agencies are merged.
Ahmed indicated that the FG’s mode of reducing the workforce would not entirely be in line with the Stephen Oronsaye report but based on a committee recommendation.
According to her, the government is working on an “exit package” to be paid to those that will be affected.
The minister said, “There is a special committee led by the Secretary to the Government of the Federation (SGF) that is working on the review of agencies with the view to collapsing them partly using the Oransanye report.
“At the end of it what we want to do is to reduce the size of government and also to reduce the size of personnel cost and part of it will be designing the exit packages that are realistic”.
The reason for the planned merger of agencies, the finance minister, said is because “we are revenue-challenged”
However, the labour unions have called for caution over the plan to reduce the workforce because of dwindling revenue.
The unions asked the FG to ensure that those who would be affected by the downsising be paid their full entitlements.
Presidents of two federal workers’ unions who spoke with The Nation correspondent are Comrade Lawrence Amaechi, President, Nigeria Civil Service Union and President, Association of Senior Civil Servants of Nigeria, Dr Tommy Okon.
In a separate interview, Amaechi said his union would monitor the implementation of the White Paper of the Oronsaye Committee report.
He said, “Before they implement, they will put us in their committee and if we are satisfied that Mr A must go where is his cheque?
“If at the time of implementation we are satisfied that Mr A must go we will ask where is his cheque? Is it complete? Give it to him and he will go and better his life.
“The Oronsaye committee white paper has long been gazetted. At this point, we cannot stop it. It is just to follow the implementation; how it will not affect our workers badly.
“When the implementation starts we will know how to fight it.”
On his part, President, ASCSN, Dr Okon, said the union’s position on the planned retrenchment would be made public after meeting its organs.
“We have to meet as a Congress and take a decision that will be all encompassing. I cannot speak on the position yet until we meet. Once we meet then we will make our position known” Okon said.

Related Topics:Featured federal workers Finance minister

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Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Published

2 days ago

April 3, 2026

Trends Admin

L-R: Deputy Managing Director, Rilwan Oshinusi; Non-Executive Director, Biodun Dosunmu; Betridge; Managing Director, Adeyemo Shobo; Non-Executive Director, Oluwatobiloba Lawal; Fola Tinubu, during a signing ceremony on rights issue of N18.47bn.

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Lasaco Assurance Plc has unveiled a ₦18.47 billion rights issue, announcing plans to offer 9,236,321,546 ordinary shares as part of efforts to reinforce its capital base and drive future growth.

The announcement was made during a signing ceremony held at the company’s head office in Lagos, following approvals from the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC).

Lasaco Assurance Plc

Prior to this development, the company had secured shareholder backing at an extra general meeting, where investors approved the move to raise fresh capital through a rights issue.

Under the terms of the offer, shares are priced at ₦2.00 per share, with each share having a nominal value of 50 kobo. The rights issue is structured on the basis of five new shares for every six existing shares held by shareholders.

According to details released by the insurer, eligibility is limited to shareholders whose names appeared on the company’s register as of the close of business on February 20, 2026. The acceptance list opened on April 2, 2026, and will close on April 24, 2026.

Auto

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Published

2 days ago

April 2, 2026

Trends Admin

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Rising fuel prices in Nigeria are accelerating interest in electric vehicles (EVs) as households, transport operators, and businesses seek cost-effective alternatives to petrol- and diesel-powered cars. Experts say the spike in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a futuristic idea into a practical solution for everyday commuting and commercial use.

At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners. Rising fuel costs are prompting many Nigerians to see EVs as a survival strategy rather than a luxury option.

Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, explained that the removal of fuel subsidies has widened the cost gap between petrol-powered vehicles and EVs. Charging an EV for a 200-kilometre journey costs around ₦4,500, compared to roughly ₦22,500 for petrol vehicles — a difference that offers a “strong economic incentive” influencing consumer choices. Ahmed added that the federal government is pursuing a balanced transition strategy supporting both compressed natural gas (CNG) and electric vehicles to encourage sustainable energy alternatives.

Financial solutions are helping Nigerians overcome the high upfront costs of EVs. Mohammed Abdul, Divisional Head at Alternative Bank, noted that lease-to-own, pay-as-you-go, and partnership schemes are making EVs accessible to drivers in the informal transport sector. These financing models allow gradual adoption while easing financial burdens.

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Business

Rite Foods, BJAN champion consumer safety at Ososa factory tour

Published

2 days ago

April 2, 2026

Trends Admin

Rite Foods, BJAN champion consumer safety at Ososa factory tour

By Daphne Uduneje

To commemorate World Consumer Rights Day 2026, the Brand Journalists’ Association of Nigeria (BJAN) partnered with Rite Foods Limited to host a high-level stakeholder engagement at the company’s ultra-modern manufacturing plant in Ososa, Ogun State.

Under the theme “Safe Products, Confident Consumers,” the event combined rigorous policy discourse with a firsthand look at the cutting-edge technology behind one of Nigeria’s leading indigenous brands.

The journey began at Rite Foods’ Lagos office, transitioning from the city’s urban bustle to the expansive, scenic greenery of the Ososa facility. For the journalists in attendance, the factory’s exterior—a sprawling, sophisticated complex—signalled a facility capable of competing on a global scale.

Inside, the hum of precision machinery served as the backdrop for the day’s discussions. Olufemi Ajileye, General Manager for Operations at Rite Foods, welcomed guests by emphasizing that safety is the bedrock of their market strategy.

Since breaking into the carbonated soft drink sector, Rite Foods has leveraged advanced technology and stringent quality controls—including international laboratory testing for water purity—to earn and maintain public trust.

Despite improvements in legislation, speakers noted a persistent gap in consumer awareness. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), described consumer confidence as the “oxygen of any market.”

To empower the public, she unveiled the CAFON Consumers Companion (3C), an AI-powered platform designed to educate Nigerians on their rights and provide a roadmap for dispute resolution.

“Consumers often feel powerless,” she noted, “but technology can bridge the gap between grievance and redress.”

The Regulatory Stance

The Federal Competition and Consumer Protection Commission (FCCPC) and NAFDAC reaffirmed their commitment to enforcement:

FCCPC: Executive Vice Chairman Tunji Bello (represented by Olubunmi Dorcas Otti) urged businesses to maintain transparency, noting that economic participation thrives only when safety is guaranteed.

NAFDAC: Director-General Mojisola Adeyeye (represented by Tinuola Akinnubi) reminded attendees that consumer rights are legally enforceable obligations, highlighting the importance of “technological traceability” in the modern market.

BJAN Chairman Daniel Obi emphasized that the association had sustained this initiative for over a decade because consumer protection is a collective burden.

“It is not the responsibility of regulators alone,” Obi stated. “Businesses, media, and civil society must work in harmony.”

The event concluded with a guided tour of the production floor. Journalists observed a seamless, automated “dance” of technology where drinks were corked, labeled, and packaged with surgical precision.

As the delegation departed Ososa, the takeaway was clear: building a “confident consumer” requires more than just marketing—it requires the transparency of the factory floor and the accountability of the boardroom.