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FIRS Board Dissolves Staff Union

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Federal Inland Revenue Service- Investorsking

The Board of the Federal Inland Revenue Service has dissolved the Nigeria Civil Service Union, FIRS Unit.

Mr. Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Monday.

Ahmad explained that the union whose executives were purportedly made up of the senior staff of FIRS was dissolved in an official announcement circulated to all staff.

“In line with Gazette No. 6 Vol 65 dated February 8, 1978, and National Industrial Court Judgement dated June 27, 1995, it is noted that the operations of Nigeria Civil Service Union (NCSU) FIRS Unit as it is constituted today in FIRS is considered illegal.

“There are no longer any junior staff cadre employees in the service. There is accordingly no legal or other bases whatsoever for the continued existence of a junior staff cadre union in FIRS as the cadre of staff it is deemed to cover does not exist within the organisation.

“A letter from Federal Ministry of Labour to the Head of Service of the Federation dated 19th February 2015 confirmed the above position in categorical terms.

“The statement further clarified that the right of workers to decide which union to belong is not absolute but must be exercised within the limits of Trade Unions Act CAP T14 LFN 2004.

“This position was confirmed in the Judgment of the National Industrial Court – NCSU vs ASCSN (2004) 1NLLR Part 3, 427.

“In the light of all the above, The FIRS Board at its Meeting No. 30 held on the 24th June, 2021 therefore directed that, in view of items 1 & 2 above, the activities of NCSU FIRS Unit in the Service are henceforth considered illegal.

“And the Union (NCSU FIRS Unit) is hereby proscribed with immediate effect” he explained.

The spokesperson said the management also assured staff that it was unreservedly willing to work and cooperate with the only legitimate representatives of staff.

He said the management however urged the Association of Senior Civil Servants of Nigeria to redouble its effort in executing the FIRS mandate of assessing, collecting and accounting for tax revenue for all levels of government as contained in the FIRS Establishment Act (2007).

(NAN)

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Total Nigeria Rebounds from 2020 COVID-19 Damages, Grows Profit by 1,601 Percent to N8.1 Billion in H1 2021

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Total Exploration - Investors King

Total Nigeria Plc, a subsidiary of Total, grew revenue by 42 percent from N106.705 billion recorded in the first half (H1) of 2020 to N151.333 billion in the first half of 2021.

In the company’s unaudited financial statements for the period, the cost of sales inched higher by 33.4 percent from N94.305 billion filed in the first half of 2020 to N124.83 billion in the period under review.

Total Nigeria’s gross profit appreciated by 105.7 percent to N25.504 billion in the first half of 2021, up from N12.400 billion in the corresponding period of 2020.

The company grew operating profit to N12.526 billion in the first half from -N716.812 million achieved in the first half of 2020 during the peak of COVID-19.

Profit before minimum tax jumped by 2,358 percent from -N523.898 million in H1 2020 to N11.779 billion in the period under review.

Total Nigeria paid N3.713 billion as income tax in the first half of 2021 to take the total profit after tax to N8.1 billion, a 1,601 percent increase from -N537.188 million posted in the corresponding period.

Shareholders’ funds expanded by 17 percent to N32.821 billion from N28.151 billion in H1 2020.

Total Nigeria’s share price grew by 49 percent during the period under review to N145.00 a share, up from N97.50 a unit in the first half of 2020.

Earnings per share jumped from -N1.58 in H1 2020 to N23 in H1 2021.

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CBN Approves BUA Sugar Refinery, Dangote Sugar Refinery and Golden Sugar Company to Import Sugar into Nigeria

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Sugar - Investors King

The Central Bank of Nigeria on Monday said it has approved BUA Sugar Refinery Limited, Dangote Sugar Refinery and Golden Sugar Company to import sugar into Nigeria given their commitment to ensuring the country is sugar sufficient through their backward integration.

This was contained in a statement signed by Dr. O.S Nnaji, Director Trade and Exchange Department, CBN.

The decision is in line with the Federal Government of Nigeria’s plan to encourage and incentivize sugar refining companies in their Backward Integration Program (BIP) for local sugar production.

This will allow the three companies to sustain production while simultaneously building their backward integration in the sector.

However, the apex bank said, “Authorised Dealers shall Not open Forms M or Access foreign exchange in the Nigerian foreign exchange market for any company including the three listed above for the importation of sugar without the prior and express approval of the Central Bank of Nigeria as the Bank is charged with the mandate of monitoring the implementation of the backward integration programs of all the companies.”

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JPMorgan On A Blockchain Hiring Spree

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JPMorgan - Investors King

JPMorgan is on a hiring spree for its blockchain unit, seeking to fill positions across audit, engineering and marketing, several LinkedIn postings reveal.

The bank — which has been active in the blockchain space for several years — announced in October 2020 that it would bring all of its blockchain-related products and services under a new business unit, dubbed Onyx. Those services including Liink, a blockchain network of hundreds of financial-services firms and corporations, as well as its Coin Systems business, as per its website.

As for the job ads, JPMorgan has plastered dozens of new postings on LinkedIn, including engineering-related roles. One role for a blockchain platform software engineer is looking for someone with a background in proof of stake, Ethereum, and bitcoin and would create a “forum for innovation with the blockchain technology community that drives thought leadership around the digital architecture roadmap and strategy.”

There’s also evidence the firm wants a stronger external presence for the blockchain work being worked on at the firm.

“This individual will drive the Liink marketing strategy by developing a thorough understanding of our strategic objectives, positioning, brand voice, and offerings so that you can create consistent and engaging content across multiple touchpoints,” the ad reads. The person hired would be tasked with creating marketing strategies that “spark engagement — both internally and externally.”

The bank added that they want the person to have a sense of humor that is a touch irreverent.

JPMorgan has already made quite a number of big-ticket marketing hires for Onyx. At the beginning of the year, Ariana Gianacopoulos — formerly VP of global commercial marketing at Conde Nast — joined the firm as a marketing director.

Ray Beharry — previously a marketing executive for IBM’s cloud services division — also joined at the beginning of the year as head of marketing at Onyx, as per his LinkedIn.

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