Connect with us

Economy

NLC set to shutdown CAC Operations from Wednesday

Published

on

NLC


The Nigeria Labour Congress (NLC) have resolved to mobilize the strength of the Nigeria workforce to picket the National Headquarters of the Corporate Affairs Commission (CAC) at the expiration of 14 days ultimatum’ effective from Wednesday, February 24-26, 2021.

According to communiqué signed by Comrade Ayuba Waba NLC President, Comrade Emmanuel Ugboaja General Secretary and made available to Aluta News in Abuja on Sunday

They Apex body of the Nigeria Labour Unions has berated the management of CAC for an attempt to kill unionism in the establishment through punitive transfer of trade Union executive,withholding of workers salaries and refusal to remit statutory deductions.

ALSO READ:


The NLC also frowned at the anti-labour practices by Alhaji Garba Abubakar Registrar General of the CAC
Recalled that the National body of AUPCTRE led by Comrade Benjamin Anthony had made frantic effort to dialogue with CAC management but failed

The CAC RG has ignored every avenue of dialogue and peaceful resolution provided by AUPCTRE which eventually led to the Apex body taking over the dispute with the hope of having amicable resolution’ but also yielded no result because the CAC RG continue to remain adamant and firm with his alleged tyrannical agenda!!

According to Aluta news, the branch Union, among other issues, accused CAC management of unilaterally restricting staff vacancies against the recommendations of the committee on the commission’s oganogram, and particularly expressed disgust at the “unjustified barring of certain categories of staff from writing promotion examination”.

It also accused management of stopping all staff loans, hasty, draconian and unilateral decision making leadership style, and denial of 2019 promotion arrears to deserving workers.

It also accused management of stopping salaries of workers even before queries were issued, at the peak of COVID-19 pandemic.

Instead of addressing the Union grievances the Registrar General CAC transferred all the 25 executive and members of the Union to a new station.

Showdown

Sensitization, mobilization currently ongoing in all branches of AUPCTRE and others affiliates of NLC toward ensuring a successful picketing of CAC National Headquarters.



Comments
Please follow and like us:
Advertisement
2 Comments

2 Comments

  1. Pingback: Domak group offers June Wisse Secondary School Scholarship, NAPS partners with Domak – Domak Shelter

  2. Pingback: man arrested for allegedly killing his side chick - GistFlash

Leave a Reply

Economy

BREAKING!! No COVID-19 Vaccine, No Salary — Government Tells Civil Servants

Published

on

The Togo government said that #COVID19 vaccines are not needed, but warns civil servants that if they do not get the vaccine, they will lose their jobs.

“Togo government says #COVID19 vaccines are not mandatory but tells civil servants that they will not receive their salary if they do not get the vaccine.”

Comments
Please follow and like us:
Continue Reading

Economy

Twitter makes Ghana its headquarters in Africa, Nigerians React

Published

on

Twitter makes Ghana its headquarters in Africa, Nigerians React

Twitter announced today that the company is now in Africa, with its headquarters in Ghana.

“Twitter is now present on the continent. Thank you Ghana and @NakufoAddo,” Twitter CEO, Jack Dorsey tweeted today, April 12.

Abubakar Suleiman, the CEO of Sterling Bank, has weighed in on the conversation about Twitter making Ghana its headquarters in African.

Nigerians reacted to the fact that Ghana, and not Nigeria, was chosen to be the headquarters.

Then Suleiman tweeted: “First you tell the world Nigeria is a zoo.. Then you hear @TwitterSF has chosen @GhanaPresidency as their WA headquarters & you are wondering why.

ALSO READ;

“If you can’t sell yourself, nobody will buy you. Nigeria remains the heartbeat of Africa, our current struggles notwithstanding.”

Bank CEO, Abubakar Suleiman blames Nigerians who bad-mouth the country for Twitter’s decision to make Ghana its headquarters in Africa

See Nigerians Reactions Below;

A number of his followers took to the comments to disagree with him and he doubled down, writing: “I think everyone sells. And we should showcase the good things in our country even as we critic the shortcomings..”

 

Comments

Please follow and like us:
Continue Reading

Economy

CBN crashes liquidity mop-up activities, raises treasury bills

Published

on

CBN reduces liquidity mop up activities through Treasury bills

The Central Bank of Nigeria (CBN) drastically reduced its liquidity mop up activities through treasury bills by 81 percent, year-on-year, y/y, to N793 billion in the first quarter of the year (Q1’21).

The apex bank, among other things, controls money supply (liquidity) in the economy by issuing or purchasing secondary market treasury bills, also known as Open Market Operations (OMO) when it wants to reduce money supply, while it injects liquidity by purchasing OMO treasury bills.

The CBN reduced the amounts of OMO bills offered by 80 per cent, y/y, to N858 billion in Q1’21, from N4.26 trillion in Q1’2020.  Similarly, the amount of bills sold fell by 81 per cent, y/y, to N793 billion in Q1’21  from N4.44 trillion in Q1’2020.  In the same vein, the amount of OMO TBs demanded by the banks and FPIs  (public subscription)  fell by 41 per cent, y/y, to N3.13 trillion in Q1’21 from N5.31 trillion in Q1’2020.

Further analysis of OMO TBs sold in Q1’21 showed that the CBN offered N103 billion worth of 91-Days bills but sold N85 billion while the public subscription stood at N248.6 billion.

Meanwhile the apex bank raised yields (interest rate) on the  OMO TBs apparently to increase the attractiveness of the bills to foreign portfolio investors, FPIs, and enhance foreign exchange inflow.  Financial Vanguard analysis showed that average yield (stop rate) for  OMO bills rose  by 4.55 percentage points to 8.53 per cent at the end of March from 3.98 per cent at the end of December last year.

The CBN raised the stop rate for 91-Days OMO bills by 5.3 percentage points to 7.0 per cent in  March from 1.61 per cent in December. It also raised the stop rate for  182-Days OMO bills by 4.05 percentage points to 8.5 per cent in March from 4.45 per cent in December. Similarly, the stop rate for  365-Days bills rose by 4.2 percentage points to 10.1 per cent in March from 5.9 per cent in December.

These were in sharp contrast to the downward trend recorded last year  when average yield on OMO TBs crashed by 8.13 percentage points as the CBN slashed stop rate for  91-Days, 182-Days, 365-Days OMO bills respectively  by 9.87 percentage points, 7.15 percentage points and 7.36 percentage points respectively from 11.48 per cent, 11.6 per cent and 13.26 per cent at the beginning of the year.

While citing this reversal in the yields on OMO TBs and other fixed income instruments as a factor behind the negative performance of the Nigeria Stock Exchange, NSE, in Q1’21, analysts at United Capital Plc,  projected that the upward trend in yields on fixed income instruments will persist in Q2’21. They said:

“Like we noted, the bearish sentiment in the equity market has been stoked by fast-paced reversal in the yield environment. The peak of the reversal appears to be distant even though the pace of increase at recent auctions (Bonds & T-bills) seems to have slowed. We expect upward pressure on yields to garner pace later in Q2-2020 depending on the outcome of the May MPC meeting as well as data from economic recovery.”

Comments

Please follow and like us:
Continue Reading

Let’s keep you updated

Advertisement

Instagram

Recent Tweets

Trending

error

We know you enjoy our storylines. Please spread the word to your friends :)

%d bloggers like this:
Enable Notifications    OK No thanks