Uber, Bolt drivers want fares increased, threaten strike – Newstrends
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Uber, Bolt drivers want fares increased, threaten strike

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The e-cab operators, under the aegis of Professional E-hailing Drivers and Private Owners Association (PEDPA), have threatened to embark on an industrial action from Monday April 19 over low fares and condition of service.

National President of PEDPA, Idris Shonuga, who spoke at a news conference in Lagos, called for immediate upward review of e-cab fares to reflect the current economic reality in the country.

He also demanded adequate welfare package for drivers and compensation for the families of those that lost their lives or are permanently disabled in the line of duty.

He said over 95 per cent of e-hailing transactions were done through Uber and Bolt platforms.

Shonuga also said that more than 15 drivers had lost their lives, while some had been permanently disabled in accidents in the course of the service.

More than 20 others had also lost their lives through kidnapping or killed by ritualists without any compensation from the operators, the association said.

Shonuga said that the association was considering taking legal action to seek remedies against the e-hailing companies if their demands were not met.

He said that the companies had refused to review its pricing despite unprecedented increases in the price of fuel, vehicles spare parts, food items, and other essential commodities in the country.

“In a quest to work and harmoniously at resolving some issues, the association wrote several letters to the companies which were not attended to, showing nonchalant attitude towards our plight.

“Your companies have failed, refused and neglected to honour our request for a meeting to discuss issues beneficial to all e-hailing drivers in Nigeria.”

“Instead of fixing a new and reasonable fare in line with inflation, the companies have recklessly continued to maintain the low fare, thereby, impoverishing hard-working young Nigerians who are diligently and lawfully trying to make a decent living,” Shonuga said.

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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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