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TCN Workers Vow to Resist Power Transmission Shutdown

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  • TCN Workers Vow to Resist Power Transmission Shutdown

Workers at the Transmission Company of Nigeria on Wednesday vowed to maintain stiff resistance against the move by the Trade Union Congress to shutdown the electricity transmission arm of the country’s power sector.

It was observed on Wednesday at the headquarters of the TCN in Abuja that employees of the transmission company had been on the alert since Monday after members of the TUC stormed the various offices of the TCN in many parts of the country to halt operations at the firms.

The Chairman, Senior Staff Association of Electricity and Allied Companies, TCN Branch, Abidemi Dairo, told our correspondent that although he and some other employees of TCN sustained injury during the picketing of their office by TUC members, workers at the transmission company would not be deterred in resisting plans to halt power transmission.

“Yes, I was injured when they (TUC) came to picket our headquarters as well as other stations on Monday. But what I want you to know is that we will continue to mount stiff resistance to such actions that aim to shutdown our operations,” he said.

The National President of TUC, Bobboi Kagama, had led members of the union to picket the transmission company in Abuja on Monday.

Kagama stated that the labour union decided to shut down the country’s transmission company because for some time now, workers of the firm had been subjected to inhumane treatment by their management.

He stated that despite the interventions of labour, the TCN management had continued to disregard the Nigerian workers at the firm, adding that the TUC would not accept such unwholesome acts against staff by the transmission company.

The TUC alleged that the Managing Director of TCN, Usman Mohammed, was an agent of foreign donors and on a mission to wind down the transmission company’s operation as a government-owned firm by planning to downgrade and reduce the number of regions of the company.

“He (Mohammed) started by seeking to compromise union leaders in the sector that have opposed his rascality and refused his offers,” Kagama stated.

He said it was on that note that the TUC directed its members to solidarise with the workers and ensure a total shutdown of electricity transmission across the federation through the picketing of TCN offices nationwide on Monday.

On Monday that the TUC asked Nigerians to look for alternative power source beginning from Tuesday, following the union’s plan to shut down the electricity transmission arm of the power sector.

But Dairo refuted the claims of the TUC president and stated that “all the allegations against TCN management, as made by the TUC, are false.”

He added, “It is unfortunate that the TUC president is being fed with wrong information about the happenings here in TCN and we have approached him several times to try and make him understand that there is no disharmony in the transmission company and, as such, there is no need to shut down the company.”

Also, the TCN described the protest and planned shutdown of its operations by the TUC as ill-motivated, stressing that it was wrong for the labour union to claim that there was industrial disharmony in the transmission company.

The General Manager, Public Affairs, TCN, Ndidi Mbah, told our correspondent that there was no iota of truth in the statement credited to the labour union that there was industrial unrest in the company.

The transmission company stated that “TUC was ill-informed by Chris Okonkwo, the current president of the Senior Staff Association of Electricity and Allied Companies, having lost the support of TCN staff in his bid to use the association to advance his selfish interest.”

It added, “TCN management believes that the TUC, unknown to the union, is being used by unpatriotic elements. The TUC, as a law-abiding organisation, is expected to find out why Okonkwo could not secure the support of TCN staff, the NUEE (National Union of Electricity Employees) or SSAEAC TCN Branch before accepting to lead the picketing of TCN.”

TCN stated that it was unfortunate that the union picketed the transmission company despite being served an order from the Industrial Court of Nigeria in suit No. NICN/ABJ/121/2019, which restrained the TUC “from picketing or any industrial action, or further industrial action against the claimant pending the hearing and determination of the Motion on Notice.”

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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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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