NIMC workers embark on strike, allege exposure to COVID-19 – Newstrends
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NIMC workers embark on strike, allege exposure to COVID-19

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Registration of National Identity Number has been put on hold as workers of the National Identity Management Commission embark on indefinite strike over what they call undue exposure to coronavirus and sundry welfare issues.

The notice for the strike action is contained in a statement signed by President of the Association of Senior Civil Servants of Nigeria, NIMC branch, Lucky Michael, and its Secretary, Odia Victor.

The notice was issued after a meeting convened on Wednesday January 6 by the association to discuss the state of the exposure of staff members to COVID-19 and the salary structure and its representation in the annual appropriation and irregularities in the conduct of promotion exercise amongst other welfare matters.

The workers also decided to go on strike to demand for better welfare package from the government, more allowances for the registration of NIN, which they viewed as an extra duty.

They decried the lack of protective kits at their offices, which left them exposed to contracting the coronavirus disease while attending to a huge crowd of applicants daily.

The association’s statement read in part, “Consequent upon the congress of the above-mentioned association that took place on January 6, 2020, the unit executive directs all members of grade level 12 and below in the head office and state offices to report to their respective duty posts tomorrow January 7, 2020, and do nothing.

“All members at the local government offices and special centres are advised to stay away from their various centres as a task force and implementation committee would be on parade to ensure total compliance to the directive.”

Some of the workers who spoke on the strike on condition of anonymity accused the government of toying with their safety.

They expressed concern over lack of personal protective equipment at the office as they noted that they could get infected with COVID-19 while attending to thousands of residents daily.

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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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