Ict/Telecom
Protesters Distrupt Services In Awka
Activities at the Nigeria Postal Service (NIPOST), Awka office, were last Monday disrupted following a protest by retirees of the organisation over the non-payment of their 43 months pension arrears.
The Tide reports that the protesters, numbering more than 100, arrived at the office at about 7 am to carry out the demonstration.
The protest, as we gathered, caused panic among NIPOST staff and subsequently, led to closure of work for the day. The leader of the group and former Head Postmaster of NIPOST in Awka, who retired in 1999, Mr Bernard Nze, explained that their current predicament and failure of NIPOST to pay them led to the protest. Nze said: “We are owed 43 months pension arrears.
“Few days ago, our union held a meeting with the Postmaster-General where he promised to pay two months out of 14 months pension of arrears he is owing us to enable us celebrate Christmas and New Year. “Unfortunately, the man was not ready to pay anything, in other words, he gave us no choice than to embark on this protest.”
According to him, some of our members have grown old and weak and cannot even take care of themselves let alone pay the school fees of their children and enjoy good meal.
Nze, who noted that their protest would continue until their demands were met, called on the Federal Government to come to their rescue.
He urged the Federal Government to desist from paying their pension through the services of insurance companies but through the Office of the Accountant General of the Federation. Nze, who said he was personally being owed not less than N400, 000 pension arrears, further pointed out that previous payments had been irregular and not harmonised.
“Some of our members last received their pension in 2010,” he added. One of the protesters, Mr Morris Eledo, who retired in 2006, said: “Today makes it six years that I retired without pension been paid to me.”
Another protester, who retired as Chief Supervisor in 1997, but simply identified himself as Mr Anaedo, said that their pension arrears were still being calculated under the old salary structure.
“There is no harmonisation in the payment of our arrears. I don’t know why they are treating us as if we are not Nigerians. “Federal Government should come and intervene and see if it is at par with what others are receiving,” he said.
A staff of NIPOST, who spoke on condition of anonymity, said the protesters arrived in the office at 6 am and noted that their activities had affected normal business activities of the agency.
“Customers were not allowed access into the premises while some staff, out of panic, had to run away.
In his remarks, the Chairman, National Union of Postal and Telecommunications Employee, Anambra Council, Mr Paul Muogonu, called on the Federal Government to intervene in the matter.
He said that the protesters were right in their approach, adding that “we are in solidarity of the protest.” “I believe that when they continue for the next three to four days, they will receive proper attention that will ensure the payment of their pension arrears,” Muogonu noted.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter