Business
Electricity Workers Picket PHED Offices
Business activities at the headquarters of the Port Harcourt Electricity Distribution Company (PHED) on Moscow Road, Port Harcourt, were disrupted Monday following a peaceful protest embarked upon by electricity workers under the aegis of the National Union of Electricity Employees (NUEE).
The protesting workers accused the company of anti-labour practices and frustrating efforts of the workers to unionise.
They condemned the distribution company for issuing estimated bills to consumers instead of adopting the universally accepted method of metering.
The protesters called for an end to the estimated billing method and anti-labour practices by the company and called on the government to intervene.
The electricity workers picketed all offices of PHED in the four states of Rivers, Akwa Ibom, Cross River and Bayelsa where it operates.
President of NUEE, Comrade Martin Uzoegwu, accused the company of failing to obey the recent rulings of the National Industrial Court (NIC).
Uzoegwu explained that the protest was as a result of PHED’s refusal to obey the ruling of the court.
He said: “PHED has been able to perpetrate anti-labour action, especially against its workers, and labour, as an organisation.”
The Tide reports that over seven aggrieved groups have protested against PHED barely a week ago. The groups are mainly consumers.
Chris Oluoh
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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