Business
Bank Retrenchments: Banker Lauds FG’s Intervention …As Labour Issues Ultimatum

A banker, Mr. Endurance
Ukiwe, has applauded the Federal Government for its directions to banks to suspend further retrenchment of its staff.
Ukiwe, a branch Manager of one of the banks in the state, who opted to plead anonymity stated that it was not in the interest of the nation’s already battered economy to populate the already over populated labour market.
He said, “times are hard even for the paid employee how much less the unemployed. Retrenchment at this time would cause more hardships and increase crime”.
Ukiwe, who spoke exclusively to The Tide said, the Federal Government did the right thing directing that further retrenchments be suspended and used the chance to appeal to employers to have sympathy for their employees.
In a related development, the Minister of Labour and Employment, Sen. Chris Ngige, has expressed displeasure over the position taken by the Nigeria Employers Consultative Association (NECA), on account of the FG’s directive to banks to stay action on further retrenchments.
A statement issued by the Ministry’s Deputy Director of Press, Mr. Samuel Olowokere, in Abuja, Tuesday, indicates that the Minister was reacting to comments credited to the Director-General, NECA, Mr. Olusegun Oshinowo, as saying that the FG has no basis to direct banks to stay action on the ongoing retrenchment exercise.
Ngige described the comments as, “borne out of self-service and unpatnotism”, stating that NECA should have waited for the outcome of the reconciliatory and stakeholders summit, scheduled to hold beginning of next month.
According to Ngige, “government has been intervening and shall continue to save banks and other industries in times of distress without allowing the free market rules to solely rule”, saying that any action that sought to undermine government’s efforts would be resisted.
He explained, “we wish to state clearly, once more, that the intention of government, rather than being punitive on these financial institutions, is aimed at following statutory procedures.
Meanwhile, Nigeria’s organised labour, Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), have given 21 days to the six major banks that recently carried out a massive sack of their workers to recall them or face picketing.
Leaders of the two labour centres, Mr. Ayuba Wabba (NLC) and Mr. Bobboi Kaigama (TUC) issued this ultimatum in Abuja on Wednesday shortly they arrived from the 105th held in Geneva.
According to the ultimatum, the unions leaders vowed to cripple operations in the banking sector over the ongoing mass sack of workers unless the workers are called back by the respective banks.
The Federal Government through the Minister of Labour and Employment, Sen. Chris Ngige has recently threatened that Federal Government will withdraw the licenses of the affected banks that flaunted the Federal Government directive to halt the exercise.
Tonye Nria-Dappa
Business
USTR Criticises Nigeria’s Import Ban On Agriculture, Others
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
Business
Expert Seeks Cooperative-Driven Investments In Agriculture
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
Business
NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
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