Economy - Abia ThinkTank News

Jun

2024

Labour’s N494,000 Minimum Wage Demand Unsustainable – FG

Columns/Opinions/Letters, Economy, FGN, Labour, News Flash

Labours’ N494,000 Minimum Wage Demand Unsustainable – FG The Minister of Information and National Orientation, Mohammed Idris, has said the sum of N494,000 national minimum wage being demanded by organized labour, which cumulatively amounts to the sum of N9.5 trillion bill, is capable of destabilizing the economy and jeopardizing the welfare of over 200 million Nigerians. Idris stated this at a news conference in Abuja in response to the threat by the organized labor to embark on strike if their demands were not met. He said the offer of N60,000 minimum wage by the Federal Government, which translates to a…

Jun

2024

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By Abia ThinkTank

First Bank Employee On The Run After Diverting N40 Billion

CBN/Commercial Banking, Crime, Economy, News Flash

First Bank Employee On The Run After Diverting ₦40 Billion First Bank of Nigeria has initiated legal proceedings to recover substantial sums of money allegedly embezzled by an employee. The bank, which boasts a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024, and subsequently obtained multiple court orders to freeze accounts linked to the stolen funds. According to Tech Cabal, the employee at the centre of the scandal, Tijani Muiz Adeyinka, was a manager on the electronic products team at First Bank’s head office in Iganmu, Lagos. Adeyinka, now a fugitive,…

Jun

2024

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By Abia ThinkTank

Fubara Cancel Jobs Approved By Wike, Orders Fresh Recruitment

Economy, News Flash, Politics, South South

Fubara Cancels Jobs Approved By Wike, Orders Fresh Recruitment Governor Siminalayi Fubara of Rivers State has cancelled Civil Service jobs approved by his predecessor, Nyesom Wike, ordering a fresh recruitment process. Speaking at an interactive session in Port Harcourt, on Friday, the governor said a more transparent process would commence soon. He said beneficiaries of the scheme which he phased out were smuggled in for political patronage. “On the 10,000 jobs, when we came on board, we already had details that were submitted to us from the 23 local government areas. You will agree with me that when we subjected…

May

2024

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By Abia ThinkTank

President Uyo Chambers Of Commerce Cries Out: Igbos Have Taken Over A’Ibom Economy – By Nsikan Ikpe

Economy, Business, News Flash, South East

President Uyo Chambers of Commerce Cries Out:Igbos Have Taken Over A’Ibom Economy By Nsikan Ikpe The president of Uyo Chambers of Commerce, Industries, Mines and Agriculture, Obong Ukpong Dan Umoh has expressed concern over the dominance of the Akwa Ibom economy by the Igbos, saying it is time indigenous business people in the state woke up to face the risk involved in business. Ukpong Dan Umoh who was speaking exclusively to The Southern Details at the secretariat of the Uyo Chambers of Commerce, recently, said commerce in Akwa Ibom State is completely dependent on the Igbos. “If we don’t buy…

May

2024

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By Abia ThinkTank

On The Wings Of Big Dreams – Being Gov Otti’s Speech At The Flag Off Of The Urban Renewal & Public Transportation Project

Abia State, Economy, Good Governance, News Flash, Transportation

On the Wings of Big Dreams BEING THE TEXT OF SPEECH DELIVERED BY GOVERNOR ALEX C. OTTI, OFR, AT THE FLAG-OFF OF THE ABIA URBAN RENEWAL & PUBLIC TRANSPORT PROJECT IN ABA ON TUESDAY, MAY 28, 2024 Protocols, Let me with great joy, welcome everyone who has joined us for the formal flag off of the first phase of the Abia Urban Renewal and Public Transport Project in Aba. Tomorrow (Wednesday, May 29, 2024) in Umuahia, we shall flag off the second phase. The combined infrastructure development and remodelling works shall proceed and run simultaneously in the two major urban…

May

2024

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By Abia ThinkTank

FG Begins Distribution Of Cooking Gas To One Million Homes

Economy, FGN, News Flash, Presidency

FG Begins Distribution Of Cooking Gas To One Million Homes The Bola Tinubu-led federal government has commenced the free distribution of filled cooking gas cylinders to rural women in the Federal Capital Territory (FCT), Abuja. The minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, flagged off the distribution exercise in Abuja on Tuesday, May 28. The Federal Ministry of Petroleum Resources is carrying the initiative under the Decade of Gas outreach programme. The project, Politics Nigeria understands, has a target of 250,000 households across the country annually over the next four years. The ministry distributed the cylinders to over…

May

2024

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By Abia ThinkTank

NLC Strike Looms As Minimum Wage Committee Meeting Postponed Indefinitely

Economy, Labour, News Flash

Strike Looms As Minimum Wage Committee Meeting Postponed Indefinitely The Tripartite committee on minimum wage has postponed its meeting “sine die”, sources familiar with the matter told our correspondent in Abuja on Tuesday. According to Merriam-Webster dictionary, sine die means a situation, “without any future date being designated (as for resumption): indefinitely.” Legal choices, a law website also describes sine die as a Latin word used when a law case has no fixed date for resumption. The Federal Government on Tuesday added a sum of N3,000 to its initially proposed N57,000 minimum wage making it the sum of N60,000 proposed…

May

2024

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By Abia ThinkTank

FG Plans Single-Digit Loan Scheme For Media Houses

FGN, CBN/Commercial Banking, Economy, News Flash

FG Plans Single-digit Loan For Media Houses Apparently concerned about the high cost of production inputs, the federal government plans to support interested media houses with single-digit loans to keep them in business. Minister of Information and National Orientation, Mohammed Idris, announced the intervention at the ministerial performance briefing to mark the first year of the Tinubu administration in office. He said the proposed loan for media establishments was being coordinated by the Bank of Industry, BOI.He said: “We are also creating an enabling environment for all players and stakeholders in the media and information ecosystem to thrive. “One highlight…

May

2024

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By Abia ThinkTank

Court Seizes $4.7m, N830m, Multi-billion Assets Linked To Emefiele (Full List)

CBN/Commercial Banking, Crime, Economy, News Flash

Court Seizes $4.7m, N830m, Multibillion Assets Linked To Emefiele (Full List) A Federal High Court sitting at Ikoyi, Lagos has ordered an interim forfeiture of the sums of $4,719,054 million USD, N830,875,611 million, and several properties linked to the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Yellim Bogoro made the order on Thursday, May 23, 2024 following an ex-parte argued by the Economic and Financial Crimes Commission (EFCC) counsel, Bilkisu Buhari and C.C Chineye. “I find merit in the application and same hereby granted as prayed. “The applicant should publish this order in any…

May

2024

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By Abia ThinkTank

Drama As Binnance Executive Gambaryan Slumps In Abuja Court

Crime, CBN/Commercial Banking, Economy, News Flash

Drama As Binance Executive Gambaryan Slumps In Abuja Court Thursday’s scheduled proceeding on the trial of the detained Binance executive, Tigran Gambaryan, at the Federal High Court Abuja quickly took a dramatic turn following the defendant’s collapse. Shortly after the matter was called upon by the court registrar for continuation of trial, the defendant did not step forward to the dock. He remained seated at the back as usual. Curious, the trial Judge, Justice Nwite, asked where the 2nd defendant (Gambaryan) was. One of the lawyers in the defence team, who sat beside Gambaryan, assisted him by the side while…