News

Femi Falana’s ASCAB Backs NLC’s Protest Against Naira Scarcity

Published

2 years ago

March 26, 2023

Editor

National Chairman, Alliance on Surviving Coving and Beyond (ASCAB) and human rights lawyer, Mr Femi Falana has thrown his weight behind the Nigerian Labour Congress (NLC) over planned industrial action against the naira scarcity caused by the Central Bank of Nigeria (CBN) naira redesign policy.

In a recent letter titled, ‘Solidarity with the NLC For Planned Action Over to the Cash Crisis’, addressed to Joe Ajaero, NLC President, Falana lamented that two million Point of Sales jobs (PoS) have crumbled because of the naira scarcity.

He, then, said ASCAB would give all its support to NLC to call for members nationwide to sit at home from Wednesday, as a protest to challenge CBN over the hardship it has brought on millions of Nigerians.

The statement read, “I am pleased to be able to send solidarity greetings from ASCAB to the Nigerian Labour Congress (NLC). These are for the decision to call for action by your members over the lingering cash crisis. We hope that this action will be implemented, as planned, and as soon as possible, as we cannot overemphasise the trauma that the cash restriction policy of the Central Bank of Nigeria (CBN) is causing, especially to poor families.

“We understand that many of the members of your member bodies have faced severe dally difficulties in finding cash to travel to work over the last two months. So calling for members of the public sector trade unions of NLC to stay at home is nothing less than necessary and practical advice.

“For people working in the informal economy the cash restrictions have been nothing less than catastrophic. The whole POS business sector, for example, that employed approaching two million people, has now been put out of business. Markets and other areas of the informal sector have also been extremely affected by the lack of cash. Millions of poor people are now Suffering a further significant cut in their merger incomes.

“This means that millions of people now go hungry on a daily basis, whilst 60% of the population were merely multi-dimensionally poor before the cash crisis started. Like the lock-down and the closure of the boarders in 2020, this is another devastation forced on the mass of poor people by the Government.

“Millions of members of the NLC member trade unions are now suffering a further reduction in their living standards that they can afford. Over the last four years, since the minimum wage should have been last increased, prices generally have a least doubled- or putting another way, workers can now only buy half of what they could in early 2019.

“This shows how important it is that the minimum wage is increased again, as soon as possible. In fact the International Labour Organisation (ILO) says that such minimum wages should be increased every year and this does in fact happen in most countries in this situation, it is catastrophic for most working familles that they have to struggle to find cash every day to travel to work, to buy food and to try and cope with the situation when any of their family falls ill, it is vitally important that the NLC has now called action over this issue and we hope that the promised action is carried through as soon as possible.

“The immediate prospects for working people do not look good. The president elect has promised that he will end the fuel subsidy in June. The National Bureau of Statistics recently said that the price of petrol has increased by over 50% in the last year. The price of diesel, now at well over N800 per litre, gives some indication of the likely impact of the end of the fuel subsidy. We hope that the NLC will take appropriate action to address this threat.

“ASCAB provides its full solidarity for the action promised by the NLC which if anything is over due. We look forward to being able to assist with the pickets of the CBN offices in every state and providing any support that we can for the planned stay at home action from next Wednesday, 29th March.

“We look forward to future co-operation between ASCAB and the NLC.”

News

SEC Bans CEOs From Becoming Chairmen Without 3-year Break

Published

10 hours ago

June 21, 2025

Editor

The Securities and Exchange Commission has issued a new directive prohibiting Chief Executive Officers and Executive Directors from immediately assuming the position of Board Chairman within the same company or group after leaving office.

A mandatory three-year “cool off period” has been introduced before such transitions can take place.

The directive is part of a wider effort to strengthen corporate governance and prevent the concentration of power in public companies and capital market operators deemed to be of significant public interest.

This was disclosed in a circular released by the Commission and signed by the management on Thursday on its website titled “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors.”

The SEC expressed concern over what it described as a “worrying trend of the transmutation/conversion of Independent Non-Executive Directors (INEDs) to Executive Directors, including to the position of the Chief Executive Officer.”

It warned that such practices undermine board independence.

The Circular reads,”This practice clearly erodes the neutrality of the transmuting INEDs, compromises their ability going forward to provide objective judgment and is generally antithetical to the principles which underpin independent directorship as outlined in both the National Code of Corporate Governance (NCCG) as well as the SEC Corporate Governance Guidelines (SCGG).”

As a result, the Commission has directed the immediate discontinuance of the conversion of INEDs into Executive Directors within the same company or group structure.

The new rules also introduce strict tenure limits. Directors in Capital Market Operators considered to be of significant public interest will now be limited to 10 consecutive years in the same company, and 12 years within the same group structure.

“A Chief Executive Officer or Executive Director who steps down after 10 or 12 consecutive years, as the case may be, cannot be appointed as Chairman until the expiration of a 3-year ‘cool off period’.

“The tenure of such former Chief Executive Officer and Executive Director as Chairman shall be for a maximum of 4 years and no more.”

The SEC said these changes are backed by its powers under Section 355(r)(iv) of the Investments and Securities Act (ISA) 2025, which authorises it to set governance standards for regulated entities.

“The foregoing directives take immediate effect and compliance is mandatory. Public Companies and Capital Market Operators are therefore required to take the directives into account in their board appointments and succession planning,” the statement added.

The Commission also clarified that years already served by current officeholders will count toward the newly established tenure caps.

News

We’ve Initiated Policies, Reforms For Sustainable Health Delivery System — Edo Deputy Gov

Published

13 hours ago

June 20, 2025

Editor

Deputy Governor of Edo State, Hon. Dennis Idahosa has
said that the Senator Monday Okpebholo-led administration has initiated policies and reforms that will ensure a sustainable healthcare delivery system.

Idahosa stated this while chairing the second meeting of the state taskforce on Primary Health Care (PHC), at the New Festival Hall, Government House in Benin.

According to statement by his Chief Press Secretary, Mr. Friday Aghedo, the meeting included the taskforce members, stakeholders, and developmental partners.

In his keynote address, the deputy governor called for societal vigilance and surveillance to help curtail the effects of the outbreak of Dengue Fever and Diphtheria.

He mentioned that the state was putting up concerted efforts at building a responsive and resilient PHC system.

He encouraged members of the taskforce to be solutions driven, as well as be an instrument of change in their quest to disseminate, enlighten and champion a result driven health process that benefits locals across the eighteen local government areas.

He noted that the plan was to make primary healthcare the most accessible form of healthcare in the state to aid better maternal and health outcomes.

Idahosa singled out and commended the Egor local government chairman, Hon. Kelvin Eguaekun, for his concerted effort to network and maintain cleanliness in his council area.

Idahosa informed the state government move to implement a reward system for local government chairmen who play critical roles in their domains by disseminating and implementing processes that showcase the benefits of a cleaner environment to drive down diseases.

Amongst chairmen who pledged to implement reached decisions at the stakeholders meeting included Hon. Haruna Mohammed of Owan East and Hon. Joy Ohonyor of Owan West.

News

What We’ve Done So Far To Curtail Ravaging Dengue Fever, Diphtheria – Edo Govt

Published

13 hours ago

June 20, 2025

Editor

Edo State government said measures have been put in place to combat the outbreak of Dengue Fever and Diphtheria.

The state Commissioner for Health, Dr. Cyril Oshiomhole, disclosed this during a meeting with the state deputy governor and taskforce on Primary Health Care (PHC), at the New Festival Hall, Government House in Benin

He said the government has made donations of medical supplies to the University of Benin Teaching Hospital (UBTH) as part of the intervention.

Oshiomhole listed the medical supplies to include hospital beds, mattresses, oxygen cylinders, intravenous fluids, and and erythromycin, among others.

Dr. Oshiomhole also mentioned that the state received support of twenty doses of Diphtheria antitoxins from Delta state government.

“We also want to commend the UBTH, the Nigerian Centre for Disease Control (NCDC), and development partners such as UNICEF, WHO for their collaborative efforts and provision of technical support to combat the disease.

“NCDC provided the state with diphtheria antitoxins and intravenous erythromycin and other logistics.

“In addition, NCDC team is presently on ground to do a verbal autopsy of some of the current victims of the Diphtheria outbreak,” he stated.

He noted that the state is also faced with dengue fever which has led to the emphasis on the need for a cleaner environment.

Oshiomhole also reminded on Lassa fever whose outbreak can be controlled to an extent through environmental cleanliness.

The commissioner explained the reactive vaccination for teens from ages 5-14 in schools based on the outbreak of Diphtheria in six council areas of the state.

He harped on the need for contact tracing in neighborhoods and schools in order to track and vaccinate high-risk people, front liners, and high-risk personalities in society.

Earlier, Executive Secretary, Edo State Primary Health Care Development Agency (EDSPHCDA), Dr. Coulsen Oisokhai, called for collaboration with civil society organizations and development partners to strengthen relationships.

Speaking on behalf of implementing partners, Dr. Nora Eyo of the WHO harped on vaccine hesitancy as a major challenge faced in Edo State.

She pointed out the prevalence of waste dumps in residential buildings in the state as a challenge to sound health.