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Labour Pickets MTN Over Anti-workers Policies

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  • Labour Pickets MTN Over Anti-workers Policies

The organised labour yesterday picketed MTN Lagos office and did same simultaneously across the country. It said it is in protest against the telco’s alleged anti-workers policies.

Nigeria’s largest carrier was accused of casualising workers, non-unionisation of workers and homophobic behaviour to the Nigerian workers aside other anti-labour practices.

The labour group, including the Nigeria Labour Congress (NLC) to the Maritime Workers Union of Nigeria (MWUN), the National Union of Postal and Telecommunications Employees (NUPTE),Lagos zone, the Nigeria Union of Local Government Employees (NULGE) and the National Union of Road Transport Workers (NURTW), said picketing MTN was in accprdance with the country’s labour laws.

National President of NLC, Ayuba Wabba who led the campaign, said 80 per cent of workers in the telco are casual despite its being the biggest telecoms firm in Africa.

Wabba said MTN is the worst employer of labour as it has violated all labour laws in the country. “No right to associate, no right to have union, social protection denied workers as it hires and fires almost after three months and after series of letters written to them which they disregard,we have no choice but to protest,” he said.

He said the protest will not stop until workers exploitation by the firm stops because casualisation of workers can’t be tolerated in South Africa, Ghana and other countries where MTN operates despite.

“We have engaged them severally in the past and if you can remember,we picketed them in Abuja on October 7 which was the decent work day and after meetings held,they still went ahead to do what they used to do. They are capitalist,not ready for dialogue as workers are treated as slaves,without benefit of employment.

“No respect for our laws and since they don’t respect our laws,they don’t deserve to be respected and we will continue to challenge them until decency of workers is achieved.

“We must say no to the exploitation of the country by them through their illegal charges and non declaration of tax where they are milking the country dry,”he said.

But MTN has denied any wrong doing. It lamented the attack and destruction of property that followed the action.

Its Corporate Relations Executive, Tobechukwu Okigbo, said: “Today’s violence and the needless destruction of property is deeply saddening. As always our primary concern is the safety and well-being of our employees, some of whom were attacked by supposed NLC operatives and have sustained injuries.

“We do not prevent our employees from associating amongst themselves as they deem fit and owe our employees the obligation to ensure they are not compelled to join associations. MTN supports the freedom of association as enshrined in the Nigerian Constitution.

“All workers have rights that should be protected. We work hard to not only ensure that this is done but also to ensure that our company is a Great Place to Work. We will continue to champion our peoples’ rights, whether they are part of a union or not and work hard to minimise disruptions in service to our customers.”

Also, the umbrella body of telcos, the Association of Licensed Telecoms Companies of Nigeria (ALTON), called for caution. It warned against further vandalism of telecoms infrastructure as that would compromise national security.

Its Chairman, Gbenga Adebayo said: “Damage to any telecom facilities will lead to the disruption of critical national security and economic services which will expose innocent citizens to great danger.

“Attempts have been made to disrupt the network operations of some of our members through the shut down and vandalisation of critical network facilities. The implication of such disruption will lead to severe poor quality of services with attendant national security implications and far reaching implications on other services that are dependent on the telecommunications industry.

“We hereby strongly request government and its law enforcement agencies to intervene expeditiously, otherwise we will advise our members to consider preventive shut down in order to avoid further damage to network facilities.

“We trust parties will respect each other’s constitutional rights in the interest of our nation Nigeria.”

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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Madica Empowers African Startups with $200,000 Investments Each

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Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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Meta’s Revenue Woes Shake Tech Industry Confidence

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The tech industry faced a wave of uncertainty as Meta Platforms Inc., formerly known as Facebook, delivered a disappointing earnings report that sent shockwaves through the market and dented investor confidence.

Meta’s forecast of weaker-than-expected sales for the current quarter, coupled with plans for higher capital expenditures, rattled investors who were eagerly anticipating robust results.

Shares of Meta plummeted by as much as 19% in after-hours trading to trigger a cascade effect across the tech sector.

The tech-heavy Nasdaq 100 Index experienced a decline of up to 1%, reflecting broader concerns about the health of the industry.

Analysts and investors alike expressed dismay at Meta’s inability to meet revenue expectations, citing uncertainties surrounding the company’s adoption and monetization of artificial intelligence (AI) technologies.

Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors, highlighted the disappointment on the revenue front, overshadowing any optimism about AI adoption.

Questions lingered regarding the efficacy of AI investments and their potential benefits to users, leading to increased skepticism among stakeholders.

The repercussions of Meta’s earnings miss extended beyond its own stock, impacting other tech giants slated to report earnings in the coming days.

Alphabet Inc., Amazon.com Inc., and social media companies like Snap Inc. and Pinterest Inc. all witnessed notable declines, signaling a broader sentiment shift within the industry.

The fallout from Meta’s revenue woes reverberated across the tech landscape, affecting chipmakers, server manufacturers, and software firms. Nvidia Corp., Micron Technology Inc., and International Business Machines Corp. were among the companies affected, as investor concerns over AI investment and revenue growth cast a shadow over the sector’s outlook.

As the tech industry grapples with Meta’s disappointing results, stakeholders are left to ponder the implications for future investments and strategic decisions.

The episode serves as a stark reminder of the inherent volatility and uncertainty within the tech sector, underscoring the importance of diligent risk management and strategic foresight in navigating turbulent markets.

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TikTok Vows Legal Battle Amid Threat of US Ban

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As the specter of a US ban looms large over TikTok, the popular social media platform has declared its intention to wage a legal battle against potential legislation that could force its Chinese-owned parent company, ByteDance Ltd., to divest its ownership stake in the app.

In what amounts to a fight for its very existence in one of its most crucial markets, TikTok is gearing up for a high-stakes showdown in the courts.

The alarm bells were sounded within TikTok’s ranks as Michael Beckerman, the company’s head of public policy for the Americas, issued a rallying cry to its US staff.

In a memo obtained by Bloomberg News, Beckerman characterized the proposed legislation as an “unprecedented deal” brokered between Republican Speaker and President Biden, signaling TikTok’s readiness to challenge it legally once signed into law.

“This is an unprecedented deal worked out between the Republican Speaker and President Biden,” Beckerman stated in the memo. “At the stage that the bill is signed, we will move to the courts for a legal challenge.”

The urgency of TikTok’s response stems from recent developments in the US Congress, where lawmakers have fast-tracked legislation mandating ByteDance’s divestment from TikTok.

The bill, intricately linked to a vital aid package for Ukraine and Israel, has garnered significant bipartisan support and is expected to swiftly pass through the Senate before landing on President Biden’s desk.

Beckerman minced no words in his critique of the proposed legislation, labeling it a “clear violation” of TikTok users’ First Amendment rights and warning of “devastating consequences” for the millions of small businesses that rely on the platform for their livelihoods.

TikTok’s defiant stance reflects the gravity of the situation facing the tech giant, which has spent years grappling with concerns from US officials regarding potential national security risks associated with its Chinese ownership.

Despite extensive lobbying efforts led by TikTok CEO Shou Chew to allay these fears, the company now finds itself at a critical juncture, where legal action appears to be its last line of defense.

ByteDance, TikTok’s Beijing-based parent company, has also signaled its intent to challenge any US ban in court, signaling a united front in the face of mounting pressure.

However, navigating the legal landscape will not be without its challenges, as ByteDance must contend with both US legislative measures and potential obstacles posed by the Chinese government, which has reiterated its opposition to a forced sale of TikTok.

As TikTok prepares to embark on what promises to be a protracted legal battle, the outcome remains uncertain.

For the millions of users and businesses that call TikTok home, the stakes have never been higher, as the platform fights to preserve its presence in the fiercely competitive landscape of social media.

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