While Nigeria Delays, South Africa Increases Minimum Wage To N126,000

As Nigeria struggles with N30,000 minimum wage, its counterpart, South Africa has concluded plans to pay her workers N126,480 per month. This according to the South African President Cyril Ramaphosa, would take effect from January 1, 2019 and would benefit about six million workers that currently earn R3,700 (N97,495). 

 A report published two days ago revealed

that one South African Rand exchanges for N26.35. This according to the media means that South African workers would be earning N527 per hour: N4,216 per day and N126,480 per month.

Their Nigerian counterparts currently earn N75 per hour, which is N600 per day (at eight working hours per day) and N18,000 per month. Paid N30,000 as minimum wage, Nigerian workers would be earning N125 per hour or N1,000 per day, which amounts to N30,000 monthly. 

Compared, a Nigerian worker would be earning less than a quarter of what the South African takes home monthly.

FirstBank’s FirstGem Marks 2nd Anniversary, Promotes Female Independence

First Bank has marked the second anniversary of  its  FirstGem, a lifestyle product designed specifically for women to promote female independence and entrepreneurship. The anniversary celebration, which was themed “Building Sustainable Wealth”, was held in Lagos last week.

Since the launch of FirstGem in October 2016, a series of female empowerment initiatives, trainings and seminars have been organized across the country and in the UK to harness and financially mobilize the growing percentage of women in the country whilst empowering them through the nuggets of financial independence.

These empowerment sessions include; Oyo State Women Empowerment Programme; Southern States Governors Wives’ Forum; Benue State Women Empowerment Program; Mentoring Women to Posterity held at Enugu, Enugu State; OAU International Law Students Women Conference and the FirstGem in the UK. The bank has also supported over 8,000 women with finance to grow their businesses.

The speakers and plenary session discussants at the second anniversary event will include; Dr. Doyin Salami, Chief Executive Officer, Kainos Edge Consulting Limited; Aruma Oteh, Treasurer and Vice President of World Bank; Nimi Akinkugbe, Chief Executive Officer,    Bestman Games and author of A – Z of Personal Finance and Arese Ugwu, author of The Smart Money Woman, amongst other discussants. According to the bank’s Group Head, Products & Marketing Support, Mr. Abiodun Famuyiwa, “at FirstBank, we recognise that promoting female entrepreneurship and independence is key to economic development and building the economic viability of every home in the country”.

FIRSTGEM ANNIVERSARY: "Innovations, Service Delivery Hallmark of First Bank"

First Bank Nigeria Limited has attributed its success story to innovations and reinvention of products and services aimed at satisfying customers’ needs and aspirations. Dr Adesola Adeduntan, the bank’s Managing Director, stated this on the sidelines of the second anniversary of FirstGem, a female focused product in Lagos. “At First Bank , our purpose is to put our customers and stakeholders at the heart of our business. “For over 124 years of our existence, we have focused on providing excellent financial services to meet the needs of our esteemed customers. “We continue to improve on our products and also create new ones that suit their specific financial needs. 

“The reason why we have been successful is our ability to invent, reinvent and reinvent ourselves. “You can only be successful like that when you put your customer at the centre piece of all your actions. That is the secret of our success. “In designing our FirstGem product, we are very clear on the space we want to occupy,” he said. Adeduntan said that FirstGem had been designed on the path of what was discovered two, three years ago to fill the gap in ensuring women active participationin economic development. He said that not just a product but a complete life style support designed solely for women. Also speaking, Dr Doyin Salami, Lagos Business School, urged investors in the Nigerian stock market to not to panic about the forthcoimg elections, assuring them the market would rebound after the general elections. 

Salami said that Nigerians should stop dwelling on uncertainties surrounding 2019 elections, noting that election would come and go. Speaking on the topic “New frontiers for businesses in 2019”: Salami said that Nigerians should tap into sectors with huge activities instead of dwelling on 2019 elections. “Election is coming and it comes with uncertainties, there are over a 150 million Nigerians and I’m sure that their lives will continue after the election. 


“I’m optimistic of where we are , election will come and go and we hope we don’t fight aftermath of the election. Whoever wins will manage the economy,” Salami said. He said that the stock market which had gone down presently by about 15 per cent would rebound after the elections. Salami added that Treasury Bills would offer higher returns next year, noting that people with risk averse could invest in it. Salami said that Nigerians should look inwards and tap into opportunities provided by the fast-moving sectors with huge activities. According to him, the sectors are agriculture, manufacturing, telecommunications and ICT, healthcare and oil and gas. Salami said that experience and knowledge would help entrepreneurs to identity new frontiers for business in 2019. He noted that many businesses collapsed because of lack of understanding and wrong pricing. Also speaking, Ms Arunma Oteh, World Bank Vice President and Treasurer, identified Nigeria’s greatest challenge as extreme poverty, inequality, climate change, anti-globalization and high population, among others. 


Oteh said that Nigeria would not achieve sustainable growth without tackling these challenges with strong sense of urgency. She said that one way to tackle these problems was to broaden economic participation by closing the gender gap. Oteh said that globally, countries were losing $160 trillion in wealth because of differences in lifetime earnings between women and men. She said that “this amounts to an average of $23,620 for each person in the 141 countries studied by the World Bank Group”. Oteh noted that women were important for economic development and were the economic power house for society today. 

“Visa on Arrival Will Boost Inbound Tourism Revenue” ...Jumia MD

The managing director of Jumia's hotel and flight marketplace, Omolara Adagunodo has urged the federal government through the Nigerian Immigration Service to extend visa on arrival (VOA) to international tourists trooping into the country for leisure. 

Adagunodo who stated this at a recent tourism conference in Lagos said: "Foreign investors or business persons of international repute, executives of multinational companies and members of government delegations are all eligible to apply for Visa on Arrival but not international tourists who are coming to explore Nigeria's rich destinations and spend money.”

Adagunodo who commended the efforts of the federal government in making the visa application process seamless emphasised that from the numbers available to Jumia via the Jumia Hospitality Report 2018, there are tons of people who are willing to visit the country if the provision for visa on arrival can be extended to international tourists.

"We discovered that there was an increase in the number of international arrival in 2017. Unlike in 2016 where the country recorded a low influx of international tourists due to the security issues orchestrated by the terrorist group, Boko Haram in Northern Nigeria, the country welcomed 1.065 million international tourists, generating over N278 billion in revenue. According to forecast, Nigeria would have played host to 1.067 million foreigners by end of 2018.”

"These numbers simply show that there are so many people who are willing to visit Nigeria and we strongly believe that if the federal government's visa on arrival policy accommodates international tourists, these figures will be met and surpassed. It will not only boost tourism but also improve tourism's contribution to Nigeria's economy,” she added. 

It is noteworthy to add that countries like Ethiopia and Botswana recently announced that they will introduce visa on arrival at the point of entry. Botswana will offer tourist’ visa at the point of entry, effective 24th November 2018 while Ethiopia started issuing visa on arrival to all African travellers starting November 9, 2018.

Adagunodo emphasized that the introduction of the visa on arrival for international tourists will further help Nigeria meet the 2020 deadline set by the African Union for visa-free travel for African citizens within their own continent. 

Akwa Ibom Crisis: Gov. Udom, Storms Assembly, Chases Away 'Rebel' Lawmakers

The Akwa Ibom House of Assembly was again thrown into turmoil on Tuesday as a faction made up of five All Progressives Congress (APC) lawmakers clashed with those loyal to Onofiok Luke, the Speaker, at the assembly premises.

The APC lawmakers, Tuesday morning, made their way into the House chambers where they quickly held their ‘sitting’ and passed a “resolution” suspending 11 lawmakers.

The ‘sitting’ was presided over by Nse Ntuen (Essien Udim State Constituency).

The other four lawmakers were Gabriel Toby, Etim Ekpo/Ika; Otobong Ndem, Mkpat Enin; Victor Udofia, Ikono; and Idongesit Ituen, Itu.

They were yet to leave the assembly when the state governor, Udom Emmanuel, who belongs to the Peoples’ Democratic Party, arrived with police officers, officials of the State Security Service (SSS), and some youth loyal to the state government and the PDP to chase away the factional lawmakers.

Photos posted on Facebook showed some of the lawmakers fleeing for safety.

A car was reportedly set ablaze during the fracas.

“Let nobody, party think they can intimidate us in Akwa Ibom State,” the speaker, Mr Luke said during plenary, as he, alongside other lawmakers, took control of the assembly.

“The people of Akwa Ibom have shown solidarity as seen in what happened today. We will continue to stand with our governor. We will continue to make laws for our economic development of the state and for the betterment of the youth of the state,” the speaker said.

The House of Assembly, reacting to the latest development, passed a vote of confidence on Mr Luke.

The House called on security agencies to arrest the five lawmakers and a former sergeant-at-arms, Godwin Ukpong.

They also called for the redeployment of the new commissioner of police who is barely one week old in the state.

The Commissioner for Information in the state, Charles Udoh, said it was necessary for the governor to visit the assembly because of the crisis.

“The governor is the chief security officer of the Akwa Ibom State, so when there is a security threat, the governor has to physically supervise what’s going on there,” Mr Udoh said.

“The five dissident, sacked House members, aided by the police with thugs dressed in fake police and army uniform, had invaded the House of Assembly.

“The governor, being the chief security officer of Akwa Ibom state, has an obligation to be there.

“The governor’s presence helped to restore peace and calm at the assembly, especially when you consider the fact that the illegality perpetrated by the five sacked members of the House of Assembly, was aided and abetted by the Nigeria Police Force,” he said.

The five lawmakers, last week, defied the Constitution and announced the “removal” of Mr Luke after their seats were declared vacant for defecting from the PDP to the APC.

Inspiring Success Story of Wasiu Adeleke's Promo Agency 'Yomisil Global'

Entrepreneurship has to do with identifying gaps and business opportunities in one’s immediate environment and bringing together the necessary resources in an innovative way to fill those gaps, bearing the risks involved and in the process gaining personal rewards.

Information is a veritable source of entrepreneurship development, therefore entrepreneurs need to be regularly reminded of the basic functional areas regarding their enterprises so as to be up to date and be efficient and effective managers. It is on this note, I introduce to you Wasiu Adeleke, Chief Executive Officer of Yomisil Global, a promotional agency that centers its area of concentrations on sales, marketing of brands and products. Wasiu Adeleke has spent about 10 years in the promotion, sales and marketing of brands and products agency business in Nigeria, and he is still shining in the industry.

The dark skinned and bulky built sales and marketing guru started very early and he has carved a niche for himself as far as the profession is concerned, both in Nigeria and Africa at large.

Wasiu’s Yomisil Global has over the years prided itself as the most creative and vibrant promotional company, with enviable clients, likes Dorco Shaving Stick by Vine Morris Link Ltd; Ice Boss Energy Drink by Utecgreen; Flash Sardine and Laperia Margarine by MPI Supply Ltd; Popular Milk by Daily Beverages Nig. Ltd; (Red Sarsa Tin Tomatoes, Happy Fisher Tin Tomatoes, Happy Fisher Sardine); Vollereaux Champagne; Big Shock Energy Drink and Shocky Vodka Mix; and many more. The mogul, who is Alumni of Olivet Baptist High School Oyo and University of Ilorin, studied Agric Economics and Extension. He hails from Ila-Orangun, Osun state and married to Muibat Adeleke with three lovely kids.

Lagos Polytechnic Granted Radio License

The Lagos state polytechnic has acquired a license to operate a radio station.

The institution rector, Mr. Samuel Sogunro stated this in his address at the 40th-anniversary press conference.

He confirmed that the National Broadcasting Commission, NBC, granted the radio station license to the institution and it has been equipped by the state government for operation.

Sogunro also listed some recent landmark achievements that the institution has obtained patent rights for at least three machines developed in the Polytechnic by staff and students.

The machines are a fuel less electric power generating set, automatic car jack, and biogas energy system.

He added that the Polytechnic has adopted the international public sector accounting standards(IPSAS) and has also commenced the process of implementing enterprises resources planning (ERP) for a smooth operation of the institution.

"The academic board has approved the commence of General agriculture for all students. This is in effect to mobilise our students for realisation of mass production of agricultural produce, poultry and fish farming etc. This is to encourage food security and ensuring that we are able to produce well for our communities.

"The Polytechnic also recently acquired water space and two hectares of land for fish farming/culture in Agbowa, Lagos.

"It is also worthy of note, in a bid to ensure the security of lives and property, the Polytechnic is strengthening the surveillance by providing CCTV on campus".

The Rector stressed that the Polytechnic is developing human capital for the realization of transforming the Polytechnic into a Polytechnic University status.

"Recently, the Lagos State Government under the leadership  Mr. Akinwunmi Ambode FCA, significantly gave adequate funding to the Polytechnic towards the success of the 2018 accreditation of sixty-six programmes in the Polytechnic.

"The state government has promised to construct a befitting administration block for the institution, a high capacity auditorium, completion of the abandoned sports complex and funding of the Polytechnic drone project for security surveillance in Lagos state.

"As the matter of fact, the state government has engaged consultants and released funds for the drone project which is currently on going".

While commending the Polytechnic management, the Rector said that "I wish to put on record, the contributions of retired and serving staff for the various roles played in bringing the Polytechnic to the enviable status it holds in the education sector today.

"The Polytechnic management in its wisdom believes that it is paramount to honour employee who have contributed immensely towards the development of the Polytechnic. Staff member of different categories have been selected for long service/meritorious awards in appreciating their services."