Business
Sahara, Seplat, Tingo listed among five firms with workers-friendly practices
Sahara, Seplat, Tingo listed among five firms with workers-friendly practices
In the pursuit of a worker-friendly environment, Nigeria has seen recognition from the Presidential Enabling Business Environment Council (PEBEC), which ranked the Nigerian Content Development and Monitoring Board, Standards Organisation of Nigeria, and the Nigerian Agricultural Quarantine Service as top-performing agencies in compliance with the 2022 Executive Order one.
Aligned with the United Nations Sustainable Development Goals (SDGs), specifically Goal 8, which emphasizes sustained, inclusive, and sustainable economic growth, productive employment, and decent work for all, organizations play a crucial role in achieving these targets.
The International Labour Organization (ILO) defines decent work as “productive work for women and men in conditions of freedom, equity, security, and human dignity.”
Focusing on Nigeria, where long-term organizational growth can positively impact the nation’s economy and the African region, it is vital to spotlight private indigenous organizations excelling in creating a secure and stable environment for their workers.
These companies also prioritize transparency, accessibility of information, good governance, cultural values, skill development, labor practices, and economic opportunities for their employees.
Sahara Group:
As an energy and infrastructure company committed to sustainability, Sahara Group stands out for its secure work environment, run by highly skilled young professionals.
Operating across continents with over 5,000 unique professionals, Sahara Group embodies stability, transparency, and accessibility, ensuring fair pay and infrastructure that supports decent work.
Kreston Pedabo:
Founded in 1998 and recently rebranded as Kreston Pedabo, this organization has earned trust locally and internationally. With 10 partners and 150 staff across three locations in Nigeria, the firm specializes in various services, including audit, assurance, tax compliance, advisory, financial advisory, risk management, and management consulting. Kreston Pedabo is recognized for being a trusted, highly professional, and easily accessible company with a commitment to corporate governance, transparency, integrity, infrastructure, and security.
Tingo Group:
With a young and smart Nigerian workforce, Tingo Group, a global Fintech and Agri-Fintech conglomerate, exemplifies gender equality, good remuneration, safe working conditions, and a futuristic organizational approach. Driven by technology, Tingo Group prioritizes a decent work environment, infrastructure, and various sustainable goals, led by strong corporate governance and a robust organizational culture.
MainOne Cable:
Highlighted as a leading giant in the Nigerian telecommunications industry, MainOne Cable, in alignment with sustainable development goals, emphasizes gender equality and remains a top choice for accessibility, decent work, secure environment, good corporate governance, and transparency.
Seplat Energy:
A leading energy supplier, Seplat Energy has been instrumental in driving Nigeria’s energy transition. Listed on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE), Seplat Energy has consistently demonstrated excellence in access, corporate governance, infrastructure, decent work environment, transparency, and sustainability, earning the ‘Excellence in Energy Leadership Company of the Year 2023’ award.
These five Nigerian companies not only contribute to the nation’s economic growth but also prioritize the well-being and development of their workforce, embodying the principles of decent work as defined by the ILO and contributing to the realization of the UN SDGs.
-Thisday
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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