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Minimum Wage: Fayemi Decries “Tyranny Of Unfunded Mandate”, Wants FG ‘s Allocation Reduced

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Ekiti State Governor, Dr Kayode Fayemi, has stressed the need for the Federal Government to allocate more fund to the states in order to make them more responsible and responsive to the yearnings of the people.

Fayemi who expressed his displeasure on the present revenue sharing formula where the larger chunk is allocated to the Federal Government, leaving the federating states and local governments with low allocation, said approval of the new minimum wage by the Federal Government required that government make moves to increase states’ funding to enable them effectively take up the responsibility.

The Governor, who spoke on a Television/Radio network programme in Ado-Ekiti on Monday evening, however, assured workers that his colleagues in the Nigeria Governors’ Forum are committed to the payment of the new minimum wage as soon as the Federal Government releases the template.

He reiterated the need for government at all levels to diversify the economy and think of ways to generate more revenue to enable them effectively address the socio-economic challenges facing them.

“We have a bigger issue, which does not necessarily apply to workers, it’s about re-ordering the revenue allocation formula in the country, because you cannot continue to impose on states a tyranny of unfunded mandate. If you want us to take responsibility for certain things then it’s only fair that we are funded to take responsibility for them. So, right now, 52 percent of the Nigerian resources goes to the Federal Government; 26 percent to state governments; and 20 percent to local governments. We feel that this ought to be revisited and the allocation formula needs to be reviewed.

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“The ability of the Federal Government and the federation account to also respond to this would depend largely on the capacity of the Nigerian state to generate more resources, so everybody has a role to play in baking the pie if we want the pie to provide the resources that would be available to all Nigerians particularly workers”. Governor Fayemi said.

On the issue of minimum wage, Fayemi said “Governors were part of the negotiations, there is no uncertainty around government’s commitment. It’s been signed into law, so, governors definitely would honour the law as it is. The issue that needs to be addressed fundamentally by workers and employers is one clear issue, is a minimum wage review also a general wage review?

“What do I mean by that? Minimum wage apply to anyone earning anything less than N30,000 now. It should not apply to people who are earning above that. However, because the increase is going to have an implication on those who already earn above N30,000, there necessarily ought to be some adjustment to make provision for that shift, that is where the sticky point is. From what I gathered, Federal Government that is supposed to provide the template for the implementation of the minimum wage review has offered a general increase of, I think, 5 percent to workers that may not fall within the minimum wage category but who might be affected by the increase that the junior workers would benefit from.

“ I have reassured the union leaders in Ekiti that once we get the template, difficult as it might be for us, we are committed to honouring the minimum wage review that we have signed up to at the Governors’ Forum and I can assure you that my colleagues in the governors’ forum are also committed to doing this”.

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While assuring workers that his government would continue to ensure prompt payment of their salaries, the governor urged them to improve on their level of productivity to justify the huge resources government was expending on them

He further assured that his administration would fulfil its promise to pay all outstanding arrears owed by the immediate past administration within one year.

He said, “A labourer deserves his wage and that is why we’ve made it a duty to ensure that workers earn their salaries as at when due so that they can plan their lives, part of the problem that we met on ground when we came to office was that workers had not received their salaries in some cases for about ten months, so how do you plan your life if you don’t even know when your next salary is going to come, but that has become a thing of the past now.

“In the course of that period, we also said we would clear the outstanding arrears owed workers by the previous administration and we are on course to doing that. I gave a year of clearing arrears and we are working assiduously to ensure that we would clear the arrears We’ve made sure that workers earn their salaries every month since I came into office. But I don’t think this is extraordinary anyway, that is what it should be. I know Ekiti people are appreciative because this was a problem in the past, but really, if you work, you should be paid, it’s not something to praise the governor for frankly and I’m not being modest about it, I just think it’s a duty, it’s not a favour done to workers.

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“What they need to do in response is to ensure that the level of productivity increases so that Ekiti people can also feel the impact of the improvement in the regular payment of their salaries, to whom much is given, as they say much is expected”. He added.

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ELEVATION OF OLU-ADDE OF EKINRIN-ADDE ROYAL STOOL TO FIRST CLASS STATUS BY THE EXECUTIVE GOVERNOR OF KOGI STATE, HIS EXCELLENCY YAHAYA ADOZA BELLO: HEARTY APPRECIATION

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His Excellency, Alhaji Yahaya Adoza Bello, Kogi State Governor, Government House, Lokoja.

 

 

Through: The Honourable Commissioner for Local Government and Chieftaincy Affairs.

 

 

Your Excellency Sir,
With gratitude in our hearts and deep appreciation to your excellency,
we write to convey the eternal joy of the entire people of Ekinrin-Adde, home and in diaspora, for the great honour done to our community by your administration through the elevation of the stool of Olu-Adde of Ekinrin-Adde to the status of First Class in the Kogi State Traditional Council.

 

 

Our people and generations to come owe your excellency and your administration a great depth of gratitude for this unprecedented demonstration of goodwill and love. Whenever the history of Ekinrin-Adde is read, a special place of honour will always be reserved for you.You have really made us proud.

 

 

While wishing your Excellency’s administration continued success, we pray that God will take you from glory to higher glory in your future political aspirations and endeavors. we register our profound appreciation to your Excellency and your very dynamic and digital team of creative thinkers for this monumental elevation. You can always count on our support for your administration.

 

 

Elder Deinde .T. Komolafe (National General Secretary Ekinrin-Adde Community Development Association) on behalf of HRM Oba Anthony Bamigbaiye Idowu, AHEMAWORO 1, The Olu-adde of Ekinrin-Adde, The Olu-Adde in Council, the good people of Ekinrin-Adde Community Home and Abroad.

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First Bank:We’re Yet To Receive Notice Of Otedola’s Majority Shares

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First Bank

Following the report of the founder and chairman of the Geregu Energy Group, Femi Otedola, acquiring the majority shares of FIrst Bank, FBN Holdings (FBNH) Plc, the Company stated it is yet to receive notification to that effect.

 

 

According to the statement sent by FBNH to the investing public on the Nigerian Exchange (NGX) Limited signed by the company secretary, Seye Kosoko, the attention of FBNH had been drawn to media reports on October 22, 2020 purporting that a certain individual has acquired significant shareholding interest in the Company, therefore making him the majority shareholder in the Company.

 

 

 

The statement further said that “As a listed Company, the shares of FBNH are publicly traded and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated enrolment, which requires notification of significant shareholding by shareholders to the Company, where shares are held in different vehicles, further to which the Company will notify the regulators and the public as appropriate.

 

 

 

FBNH stated it is yet to receive any notification from the individual mentioned in the media report of such acquisitions, saying that FBNH will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the shareholders and the company’s registrars.

 

 

It was reported that Otedola has been acquiring the shares of the FBNH through a vehicle, Calvados Global Services Limited. It is also likely that there could be other vehicles associated with Otedola who may have also been mopping up shares. FBNH currently has 34.7 billion of its shares floating freely meaning it is held by diverse shareholders. This makes the shares easy to acquire on the stock exchange.

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Nairametrics said, “Otedola, through his proxies and investing vehicles, now owns over five per cent of the bank, setting himself up to be the single largest shareholder of the bank.

 

 

 

In the first half (H1) of the year ended June 30, 2021, FBNH reported a profit after tax of N38 billion up from N35 billion same period in 2020. Speaking on the H1 performance of the Company, the Group managing director, U.K. Eke said, “FBN Holdings delivered a resilient performance in the half year, reflective of our focus on strengthening the organisation in recent years.

 

 

 

“We remain committed to our strategic objective of driving further stability in performance, as well as delivering sustainable growth over the years to come. In line with our focus on revenue diversification, we continue to grow our non-interest income as we progressively become a more transaction-led institution and implement innovative and technological driven measures to improve overall efficiency.

 

 

 

“The macro and socio-economic conditions remain challenging given the COVID-19 pandemic and the low-interest rates environment. While these points negatively impacted overall revenue generation, we are confident that FBNH can navigate this challenging operating environment and keep delivering sustained innovative solutions that enrich customer experience as well as deepen financial inclusion.”

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 Omu Resort Takes Corporate Social Responsibility To New Level

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Nigeria’s foremost resort, Omu Resort has taken its commitment to Corporate Social Responsibility (CSR), to an all-new height.

The family recreational and educational center located in the rainforest of Bogije, Ibeju Lekki, Lagos State boasts a plethora of fun activities including a state-of-the-art freshwater Seaworld, Museum, Animal Kingdom, Green House, Wax Museum, and an array of amusement rides.

The management of Omu Resort recently took its CSR works to a new height when in collaboration with the Bogije Branch of the Dredgers Association of Nigeria (DAN), it kicked off a multi-million Naira rehabilitation of the Asiwaju Bola Tinubu Way.

Prior to now, Asiwaju Bola Tinubu Way was one of the worst in the community; however, it took a turn for the better years back when Omu Resort kick-started an annual intervention project of maintaining the road.

However, the road has now taken a whole new look with the Bogije Branch of DAN collaborating with Omu Resort leading to the massive rehabilitation currently going on.

Speaking on what motivated the current exhaustive rehabilitation of the road, the General Manager of Omu Resort, Moji Ibaze said: “We have constantly paid year-in-year-out to have the road maintained, we are aware of the fact that we had invested billions in our resort. There was just no point having such a tourist attraction in place with no accessible roads.

“We had made overtures to the Lagos State government, but they have not been forthcoming. This year, the road had been unmotorable, hence the decision to partner with the Bogije branch of the Dredgers Association of Nigeria and do a thorough overhaul of the road.

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“Needless to say that more work still needs to be done in the area of desilting and drainage flow.”

Reacting to the ongoing rehabilitation, Akeem Alade, a shop owner at Bogije market described the ongoing work on the road as a welcomed development. According to him, the road had been a pity sight, as traders at the Bogije Market are known to always empty their dirt into the drainage. When men are seen evacuating the waste, all they do is dump it by the roadside except on rare occasions when they cart them away, they hardly take the waste away, so they end up washing up into the drainage again when it rains. He noted that with the new look of the road; motorists and other road users would heavy a sigh of relief.

“This is a welcome development; you need to see what this road was like before this intervention. It has taken the duo of the resort and the association to bail us out of this situation and we really appreciate their effort.”

Bayo Adelaja while appreciating the efforts of those behind the road maintenance project wondered when it became the responsibility of associations and owners of businesses concerns to maintain roads, as he questioned the seemingly carefree attitude of the political representatives of the community.

“It is a shame that the politicians that we elected to represent us hardly think of our interest, the maintenance of this road is supposed to be the government’s business, but it has taken two private entities to solve a major challenge that dates back several years, what are the political representatives that we have at the federal, state and local government level doing, some of them even access this road?”

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Omu Resort has become notable for treating both local and international guests a unique experience of the wonders of nature.

Sighted on a serene landmass of approximately 22 hectares and boarded to the North by the imposing clear waters of Omu Creek, the resort offers menicus coaster, water slides, a speed boat ride among others.

Having expanded its water slides to include speed slides and with the arrival of the resort’s Giraffes, Elan and Zebras, Omu Resort is definitely the place to be.

 

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