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Only 10.9% Workers Have Retirement Savings Account

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  • Only 10.9% Workers Have Retirement Savings Account

The National Bureau of Statistics, NBS, yesterday, revealed that only 10.93 percent of Nigeria’s total working population have retirement savings account, RSA, as at end of second quarter of 2017, Q2’17. This implies that more than 89 percent of Nigeria’s workforce is without pension accounts. NBS, however, noted in its latest report that the assessment was based on available data, noting that data for Q2’17 will be updated as soon as it is available.

The report stated: “The retirement savings account, RSA, membership distribution data for Q2 2017 reflected that 7,589,936 workers are registered under the pension scheme compared to 7,493,590 registered workers in Q1 2017 out of a total working population of 69,470,901 recorded as at Q4 2016. This represents 10.93 percent of the total working population.

Subsistence Agriculture

“This is not surprising given the largely informal structure of the Nigerian labour force with about 50 percent of the current workforce engaged in subsistence agriculture and informal trading. Micro businesses for example account for over 90 percent of total Micro, Small and Medium Scale Enterprises in Nigeria.”

NBS further noted that RSA membership is dominated by the private sector. It stated: “The Federal level had 1,898,199 registered RSA members under the national pension scheme as at Q2 2017 of which 1,384,579 or 72.94 percent were male and 513,620 or 27.06 percent were female compared to 1,889,143 registered RSA members of which 1,378,382 or 72.96 percent were male and 510,761 or 27.04 percent were female in Q1 2017. This may indicate that there are a lot more male employees in the Federal public service than female.

“At the State (including local government) level, 1,537,138 State public workers are registered under the national pension scheme with 863,605 or 56.18 percent male and 673,533 or 43.82 percent female as at Q2 2017 compared to 1,525,748 registered public workers of which 858,365 or 56.26% were male and 667,383 or 43.74 percent were female in Q1 2017. This may indicate that the Federal Public Service is larger than that of all 36 States combined and similar to the Federal service, men dominate with respect to number of employees.

“Private firms had 4,154,599 registered RSA members under the pension scheme as at Q1 2017 of which 3,143,703 or 75.67 percent were male and 1,010,896 or 24.33 percent were female compared to 4,078,699 registered RSA members of which 3,091,288 or 75.79 percent were male and 987,411 or 24.21 percent were female in Q1 2017.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

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Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

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IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery

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Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

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Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month

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Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

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