Abuja Reports

Stakeholders Urge FG to Foster Business-Friendly Environment Amidst Industrial Decline

Published

9 months ago

June 20, 2024

Stakeholders have urged the federal government to create a conducive atmosphere for businesses to thrive and to establish and protect jobs. They argue that current government policies are counter-productive, attracting investors only to drive them away with inconsistent policies.

The stakeholders highlighted that President Bola Ahmed Tinubu’s efforts to establish an industrialized economy would be futile without first retaining existing companies. They also pointed out that the Naira’s value will continue to decline as long as Nigeria maintains an import-driven economy.

Comrade Jimoh Oyibo, President of the Food Beverage and Tobacco Senior Staff Association of Nigeria (FOBTOB), attributed the mass exit of firms to multiple taxation, unreliable electricity supply, and the high costs of diesel, fuel, and gas. “Over 325 people have lost their jobs within a few months,” Oyibo stated, calling for greater involvement of industry stakeholders in policy-making decisions.

The impact on employment has been severe. According to Comrade Gbenga Komolafe, General Secretary of the Federation of Informal Workers of Nigeria (FIWON), over 150,000 direct and indirect jobs were lost between July 2023 and February 2024, with more than 770 firms leaving the country. Komolafe linked the mass exodus to harsh business environments, including electricity issues and difficulties in restocking shops, particularly in the confectionery sector.

Komolafe also pointed to the significant loss of revenue due to the inability to sell finished products. This challenge is compounded by the lack of consumer purchasing power, multiple taxation, and transportation difficulties for finished goods, leading to the shutdown of many businesses.

The Nigeria Employers Consultative Association of Nigeria (NECA) has also appealed to the federal government to help workers retain their jobs. NECA’s Director General, Adeyemi-Smatt Oyerinde, lamented the exit or shutdown of hundreds of companies over the past three years. He noted that companies such as Jubilee Syringe Manufacturing (JSM), Proctor & Gamble, Unilever Nigeria Plc, PZ Nigeria Plc, GSK Nigeria Plc, Sanofi Pharmaceuticals, Bolt Food, Nampak, Microsoft, Jumia Food, Equinor (oil & gas), Mayor Biscuits Company Limited, and Greif Nigeria are among those affected. Many multinational companies have reported combined losses of over N1 trillion from unsold products.

Oyerinde emphasized the urgent need for the government to address these challenges to prevent further economic decline. “The current realities indicate a dire need for a more stable and supportive business environment,” he said. “Without such changes, the industrial sector will continue to suffer, leading to more job losses and economic instability.”

Abuja Reports

Reps Seek Funding for Abuja Traditional Rulers

Published

10 hours ago

March 25, 2025

Samson Adeyanju

By Ifeoluwa Odunayo

The House of Representatives has pledged to push for better funding and legal recognition for traditional rulers in the Federal Capital Territory (FCT).

Chairman of the House Committee on FCT Area Councils, Hon. Fredrick Agbedi, made this commitment during a meeting with the FCT Traditional Council in Abuja on Monday, March 24, 2025.

Agbedi praised the rulers for their role in maintaining peace, security, and cultural heritage, emphasizing that the committee would advocate for policy changes to ensure financial support.

He noted that lawmakers are considering a possible five percent allocation from Area Council funds to support the traditional institution.

He acknowledged that current laws do not provide direct funding for traditional rulers, but ongoing legislative efforts, including the Area Councils Administration Bill, could address this issue.

Speaking on behalf of the rulers, Alhaji Adamu Baba Yunusa lamented poor funding and the absence of a legal framework to support their operations.

Lawmakers also discussed the marginalization of FCT natives and the lack of proper resettlement plans, vowing to engage further in protecting the interests of traditional institutions in Abuja.

Abuja Reports

FCT Teachers Resume Strike Over Unpaid Minimum Wage

Published

10 hours ago

March 25, 2025

Samson Adeyanju

By Ifeoluwa Odunayo

Primary school teachers in the Federal Capital Territory (FCT) have resumed an indefinite strike over the non-implementation of the N70,000 minimum wage in their February salaries.

The Nigeria Union of Teachers (NUT), FCT chapter, announced the decision after an emergency meeting of its State Wing Standing Committee (SWSC) in Gwagwalada on Saturday, March 22.

The union expressed disappointment that Area Council Chairmen failed to honour their agreement to implement the new wage, which had led to the suspension of an earlier strike in February.

Teachers described the omission in their February salaries as disheartening.

NUT Chairman, Comrade Abdullahi Mohammed Shafas, stated that the union had called off its initial strike based on assurances that the wage increase would take effect in February. However, the failure to fulfill this promise left them with no choice but to resume the strike.

The teachers are demanding the immediate payment of the new minimum wage, arrears, and allowances, including a 40 percent peculiar allowance.

Parents have been advised to keep their children at home until further notice.

Abuja Reports

EFCC Arrests 133 Suspects in Abuja Over Alleged Ponzi Scheme

Published

14 hours ago

March 24, 2025

Samson Adeyanju

By Ifeoluwa Odunayo

The Economic and Financial Crimes Commission has arrested 133 individuals linked to an alleged Ponzi scheme operating under the name Q University, also known as Q Net, in Abuja.

The suspects were apprehended on Monday, March 24, 2025, at Compensation Layout in Gwagwalada, following credible intelligence.

According to investigators, the academy lured young Nigerians with promises of massive profits through a scheme branded “Special Training for New Generation Billionaires.”

Recruits were required to purchase forms titled “Independent Representative Application Form” and were encouraged with slogans like “I am a Champion” and “I am Unstoppable.”

The EFCC carried out the operation in collaboration with the 176 Guards Battalion of the Nigerian Army.

Items such as mobile phones, computers, and other electronic gadgets were seized from the suspects.

The anti graft agency confirmed that investigations are ongoing, and the suspects will be charged to court upon completion.