News

Why Igbo Apprenticeship Is World’s ‘Largest Business Incubator System’ – Don

Published

9 months ago

September 1, 2023

Editor

A Professor of Marketing at the Lagos Business School in Pan-Atlantic University, Lagos State, Ogechi Adeola, has explained why the Igbo apprenticeship is the largest business incubator system in the world.

Adeola, who is the Head of the Department Marketing, Operations and Information Systems at the LBS, while speaking at the 15th Inaugural Lecture of the institution titled, “Decolonising Africa’s Business Practices: Pro-Indigenous Marketing Pathways To A Paradigm Shift”, monitored by The PUNCH on Friday, said Igbo apprentices are groomed at a very young age to be great businessmen and women.

She leveraged her research on a couple of books she had authored and co-authored including ‘Indigenous African Enterprise’ and ‘Igba boi’ which she said gave an insight into the Igbo apprentice system commonly referred to as ′Igba-Odibo/Igba-Boi/Imu-Ahia/Imu-Oru′ is a framework of formal and informal indentured agreements between parties that ultimately facilitate burgeoning entrepreneurial communities within the Igbo people.

“The system has three major types namely, Igba-boi also known as Igba Odibo (become an apprentice); Imu Oru also known as Imu Oruaka (learn a craft) and Imu Ahia (learn a trade).

“All types are geared towards the transfer of knowledge or entrepreneurial skills but they differ in approach.

“Unlike the Igba-boi/Igba Odibo where a mentee will be tutored for free for a period of pre-agreed years, in the Imu Oru/Imu Oruaka and Imu Ahia types, tutorship is paid for by the mentee or mentee’s parents/sponsors.

The professor cited an understudy done by an American journalist, Robert Neuwirth, in a 2017 TedTalk presentation that described the Igbo people’s ‘Igba Boi’ scheme as “the largest business incubator platform in the world”.

She said Neuwirth looked at the Alaba International Market, where 10,000 merchants do business for over $4bn a year, and identified the sharing principle behind it.

She spoke further about what ignited her deep interest in Africa referencing it to The Economist’s ‘Hopeless Continent’ article in 2000 that declared the new millennium as one that has “brought more disaster than hope to Africa”.

She also shared her journey towards reshaping the ‘wrong’ characterisation in the article and others including Time’s tripartite – Agony of Africa, The Hopeless Continent and Aids in Africa published in 1992, 2000 and 2001 respectively while writing against them all to protect the Africa of her dream at a very tender age.

However, Adeola said she was pleased to read The Economist publication of December 3, 2011, titled, Africa Rising’ appraising African ethos saying, “I could see the sun. Africa now has a real chance of following in the footsteps of Asia. So, from a hopeless continent to a rising one.”

The academic pleaded with youths leaving the country to put Africa in the spotlight by marketing the continent as a sellable point to the world.

Among those in attendance at the event were the institution’s Vice Chancellor, Prof Enase Okonedo; Registrar, Mr Kingsley Ukaoha; Dean of Media and Communication, Dr Ikechukwu Obiaya; Associate Dean of LBS, Prof Olayinka David-West; Dean of Science and Technology, Dr Darlington Ahano; husband, siblings of the lecturer and other well-wishers.
PUNCH

News

UBTH Gives Ultimatum To Owners Unclaimed Corpses

Published

18 mins ago

May 21, 2024

Editor

Management of the University of Benin Teaching Hospital (UBTH) has given six weeks ultimatum to owners of the unclaimed corpses lying fallow and abandoned in its mortuary facility to come and move them out or face a mass burial.

The warning was contained in the hospital’s circular.

The management also said that the corpses, include both infants that have been in the mortuary since January 2023 and adults that have been there from April 2021 and December 2022.

“This is to inform the general public that the Management of the University of Benin Teaching Hospital, UBTH has concluded plans to dispose off all unclaimed Corpses that have been in the Hospital’s mortuary, which has been a home to several Corpses “for a very long time.

“Any unclaimed Corpse(s) at the expiration of six weeks period shall be disposed off through mass burial or any other manner considered appropriate”,the notice partly reads.

News

JUST IN: Labour Rejects FG’s N54,000 New Minimum Wage Offer, Talks Adjourned

Published

50 mins ago

May 21, 2024

Editor

Meeting on the ongoing negotiations on new minimum wage has been adjourned till Wednesday after the organised labour rejected the new N54,000 minimum wage proposal by the Federal Government, a highly reliable source who attended the meeting told our correspondent on Wednesday.

According to The PUNCH the Federal Government had upped its offer from its earlier proposed N48,000 to N54,000.

Tuesday’s meeting came as a result of the walkout staged by members of the organised labour following the proposal of N48,000 as minimum wage by the Federal Government during last week’s meeting.

During that meeting, the OPS had also proposed N54,000 while labour insisted on its N615,000 living wage demand.

The PUNCH correspondent who spoke to sources who attended the follow-up meeting on Tuesday learnt that the Federal Government upped its offer from N48,000 to N54,000.

“Well, during the meeting, the government increased its offer from N48,000 to N54,000. However, labour rejected that offer and the meeting has been adjourned till Wednesday,” a source who asked not to be named said.

When asked if the government’s side was showing any sign of seriousness, the labour leader said, “No seriousness at all. Even state governors did not show up. Those who represented them, like Bauchi and Niger states, did not have the mandates to speak on their behalf.

“As regards the private sector, we did not get to them before the meeting was adjourned but we hope they also increase their initial offer.”

Organised labour on Monday reiterated its May 31, 2024 deadline for the implementation of the new minimum wage.

The National President of the Nigeria Labour Congress, Joe Ajaero, insisted on N615,000 minimum wage, arguing that the amount was arrived at after an analysis of the current economic situation and the needs of an average Nigerian family of six.

He blamed the government and the OPS for the breakdown in negotiation, saying, “Despite earnest efforts to reach an equitable agreement, the less than reasonable action of the Government and the Organised Private Sector has led to a breakdown in negotiations.”

In a statement released at the end of the jointly held NEC meeting by the NLC and TUC which was signed by Joe Ajaero, NLC president and Festus Osifo, TUC president, the unions said they acknowledge the ongoing negotiations between the NLC/TUC, the Organised Private Sector and the Federal Government regarding the new national minimum wage.

While appreciating what they described as the efforts made thus far, the NLC and TUC emphasized the urgency of reaching a fair and equitable agreement that reflects the true value of Nigerian workers’ contributions to the nation’s development and the current crisis of survival facing Nigerians as a result of government’s policies.

They also affirmed commitment to ensuring that the interests and welfare of workers are adequately protected in the negotiation process.

President Bola Tinubu through Vice President Kashim Shettima, on January 30, 2024, inaugurated the 37-member Tripartite Committee on Minimum Wage to come up with a new minimum wage ahead of the expiration of the current N30,000 wage on April 18.

With its membership cutting across federal and state governments, the private sector and organised labour, the panel is to recommend a new national minimum wage for the country.

During the inauguration of the panel, Shettima urged the members to “speedily” arrive at a resolution and submit their reports early.

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

In furtherance of its assignment, a zonal public hearing was held simultaneously on March 7 in Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja.

The NLC and the TUC in different states proposed various figures as a living wage, referencing the current economic crunch and the high costs of living.

In their different proposals on the minimum wage, the NLC members in the South-West states demanded N794,000 as the TUC suggested N447,000.

At the North-Central zonal hearing in Abuja, the workers demanded N709,000 as the new national minimum wage, while their counterparts in the South-South clamoured for N850,000.

In the North-West, N485,000 was proposed, while the South-East stakeholders demanded N540,000 minimum wage.

But organised labour settled for N615,000 as a living wage.

News

JUST IN: CBN Raises Interest Rate To 26.25%

Published

3 hours ago

May 21, 2024

Editor

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent.

This was disclosed by the Governor of the CBN who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja.

At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.

The MPC has maintained a hawkish stance since it resumed meetings this year in a bid to tackle Nigeria’s persistent inflation.

As of April, Nigeria’s inflation rate had risen to 33.69 per cent.

A number of analysts have projected a rate hike while some suggested that the apex bank may consider a hold stance as the growth rate of inflation moderated month-on-month.

Details later…