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Sobowale On Business

Labour unions in fantasyland over minimum wage

Aremu

No governor will dare say he will not pay. It is illegal and criminal for any governor not to pay and there is sanction in the Minimum Wage Act. If you do not pay, there are fines and if you do not pay the fine, you can be jailed – any employer, including the state governors —Issa Aremu, General Secretary, National Union of Textile, Garment and Tailoring Workers of Nigeria. PUNCH, November 26, 2019. Back page.

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Stockmarket, week

Before you jump from Treasury Bills to Stocks

HUNDREDS of thousands of Nigerian fools and angels were rushed out on the Treasury Bills market early this month. Most are still in shock regarding what to do with the funds that will be released to them any time soon. A few have acted hastily instead of pre-meditatively when they suddenly found funds they had invested for years in this safe haven on their laps without a clue about what to do with the bundle.

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Vision 2040: Another wasteful fraud coming

History does not repeat itself. Man does.” – Prof Barbara Tuchman, Harvard University. One can only hope it is a joke. Even if it is, Nigerians, like Queen Elizabeth I should tell the Buhari administration: “We are not amused.” If ever there were scams that have been foisted on Nigerians since the first honest attempt at visioning in 1992, visioning had been it.

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Pity the presidential economic advisory council.

Members of the Presidential Advisory Council, PEAC, have my sympathies despite my serious disagreements with two of the appointees in the past. At any rate, it is a new situation and their success or failure will have lasting impact on all of us alive today and million more unborn for years to come. If a reader sensing espirit de corps in my anxiety for their individual and collective reputations, let me quickly admit guilt. They are my colleagues – practitioners of what one jealous critic had called the “dismal science”. He was furious at the common pronouncements by economists – “on the one hand..and on the other hand….”. “Why can’t you fellows talk of just one hand”, he exploded. So, I start with our usual caveat when making tough recommendations to our principals.

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ASUU

Pity Nigerian labour and ASUU on minimum wage

The Nigerian Labour Congress, NLC, and Academic Staff Union of Universities, ASUU have my sympathies – even as they amuse me. When the President signed the new Minimum Wage Bill passed by the 8th National Assembly, NASS, into law during the last days of the assembly, he also ordered “immediate implementation”. NLC and ASUU officials were ecstatic. Soon, the gatemen and messengers will be receiving minimum of N30,000 per month and all will be well. I laughed. But, more than that, I told them that there would be no “immediate implementation” of the bill. It would require a few months and a lot of negotiations before anybody will lay their hands on the wage increase promised.“To be quite candid, if one was not aware that President Buhari did not take into account how the Nigerian Presidential system works, his orders would have been taken differently.“After Buhari made his unscheduled departure from office in August 1985, he went into political and social hibernation.

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