Millions of mobiles telecommunication subscribers using the Zain Network especially in Lagos, Ogun and Oyo states may soon run into difficulties as guards providing 24 hours security service to the company’s masts at various locations in the mentioned states are threatening to disrupt services in protest against the nonpayment of their salaries.
No few than 60 of the guards representing their colleagues numbering up to 1000 had gone on protest match to Indepeco Limited located at the Lekki area of Lagos last week to demand the immediate payment of their salary arrears.
It took the intervention of a detachment armed policemen from Maroko police station, Lekki-Lagos to avert what could have resulted in a serious breach-of-the- peace in the area as the company’s management closed its gates against the protesting workers.
The security guards were said to have been employed by one of the private security firms in Lagos (name withhold) and contracted to Indepco Limited; an engineering service provider to Zain Nigeria.
The Tide learnt that Indepco had secured the security service contract from Zain but chose to outsource some since security is not its core service.
Furthermore, this medium gathered that few months into the contract of providing services by the security outfit, Indepreco was said to terminated the contract and engage another private security outfit to take over the business during which most of the guards reportedly remained on the job as the staff of the new outfit that took over.
In competing the fees for the services as rendered by the first security company, Indepco allegedly excluded payment for the cost of providing security services for the most sites in Ogun and Oyo States, reportedly on the ground that there was no written agreement to that effect inspite the fact that the same engineering service company had provided the company with a comprehensive list of most locations both in Lagos and Oyo with an instruction to guard the sites.
The last week protest in front of Indepco’s Lekki office had lasted for several hours before the arrival of the police and there was no management staff of the company to speak with them neither was there any official to speak with newsmen who monitored the protest.
The company’s gate was under-lock-and key while some staff believed to be senior officials of the company watched the protesting guards from the floor of their office complex.
Some of the protesting workers, who spoke with journalists, said that they were forced to match to Indepco office since the company which employed them had not paid its service fees for months from which they ought to have earned their salaries.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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