National Union of Food, Beverage and Tobacco Employees, (NUFBTE) has threatened to shut down the entire food and beverage sector, over alleged unfair labour practices by some employers in the industry.
President of the Union, Comrade Lateef Oyelekan, in his address during the union’s National Executive Meeting (NEC) in Asaba, lamented the anti-labour practices by management of International Distillers Plc, Ota, Ogun State, saying that the action of the company could trigger industrial arrest, which may degenerate into closure of the entire industry.
Comrade Oyelekan in his address made available to The Tide called on the employers association to call the company and others like it to order in a bid to avert major industrial unrest in the sector.
“We have some labour friendly employers who have in policies and practices, not only given some levels of motivation to our members, but also, full support to the union continues to grow from strength to strength”, he said.
Oyelekan continued that “some of the employers since the past one year that we set up the Solidarity Infinite Venture, have given full support to the venture by ensuring that their products are not in short supply”.
Ironically, he said, there is no gain saying the fact that there are anti-workers employers in the sector who do not wish the workers well, who are not better than the slave masters of old and who we are also publicly declaring the worst employers in the food and beverage sector.
“One of them is the Intercontinental Distillers Plc, Ota, Ogun State. The management of the company is number one workers’ enemy in the sector. We want to use this medium to sound a note of warning to the management and others like it to turn a new leaf and embrace positive industrial relations.
“We are also using this avenue to call on the employers’ federation to call this company and others like it to order because we will not hesitate to shut down the entire sector because of their anti-workers posture.
Oyelekan used this medium to urge President Goodluck Jonathan to provide conducive environment for industries to thrive, noting that many industries closed shop while others are struggling to remain afloat.
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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