News

Tinubu: Nigerian Workers Poorer Than Before, Oshiomole Laments

Published

8 months ago

October 30, 2024

Editor

The Senator representing Edo North, Adams Oshiomhole, stated on Wednesday that Nigerian workers today are significantly poorer than previous generations.

Oshiomhole stated this during a lecture for members of the Executive Intelligence Management Course 17 at the National Institute of Security Studies in Abuja.

He noted that the widely discussed N70,000 minimum wage is equivalent to just $42 when converted to dollars, a sharp decline compared to the past.

He said, “When the minimum wage in Nigeria was established under President Shagari, around 1981, it was about N125, which was equivalent to around $160 a month. Today, despite a 100% increase achieved by labour last year, the current exchange rate reduces this N70,000 to just $42.

“So, if you divide N70,000 by N1,650, it gives you $42. This shows that working people are much, much poorer now than we were many years ago. This income devaluation affects the quality of life and everything else.”

Oshiomhole stressed that the government and wealthier states should pay more than the current minimum wage.

Reflecting on his time as President of the Nigeria Labour Congress, he recalled pushing for Lagos State to raise its minimum wage beyond N5,000.

He said, “A serious employer should not be paying the minimum wage; they should pay more. Major employers, like the civil service, should not pay just the minimum wage. I expect the Federal Government will, over time, adjust its minimum wage.

“When I was NLC President, we agreed that oil-producing states, like Delta, Bayelsa, Rivers, Akwa Ibom, and Lagos, which have significant revenue, should pay no less than N7,000—the same as the federal rate.

“Interestingly, when we pursued this, the current President was then Governor of Lagos State. He showed me all the books and said he couldn’t afford it, but I had to push him. We organised strikes to make sure that all necessary funds were used for salaries, even if it meant sacrificing other projects.

“My job then was not to sympathise with the employers; it was to ensure workers got their due.”

Oshiomhole also called for the expansion of minimum wage laws to cover domestic staff and other employees through amendments.

He stated, “If you look at the law in Nigeria, which I hope we can amend soon, although the federal government and states have agreed on a N70,000 minimum wage, some employers still pay less, as the law only applies to enterprises with around 25-50 employees.

“But in today’s economy, a small ICT company with only 10 staff can still generate significant turnover, so the old employee number criteria are outdated.”

He added that wages in other countries, such as in California, USA, may be driving the “Japa syndrome” (emigration of Nigerian workers). According to him, an unskilled worker could earn as much as $2,560 a month in California.

He explained, “If you check, the minimum wage in California is $16 an hour. Working eight hours a day amounts to $128 daily. Over a month of 20 working days, this totals $2,560 for unskilled labour, a vast difference compared to Nigerian wages.”

Expressing hope for the country’s future despite current hardships, he urged the government to carefully consider policy decisions.

He said, “We are going through challenging times, but as the saying goes, tough times don’t last; tough people do. Nigerians are tough, and this time will pass. Prosperity will return if we make the right policy choices and preserve past gains.”

News

SEC Bans CEOs From Becoming Chairmen Without 3-year Break

Published

45 minutes 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

4 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

4 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.