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Corporate Organizations Makes Move To Enforce Compulsory Vaccination of Staff 

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Nigerian corporate organizations have taken the baton to enforce COVID-19 vaccination in the workplace and are ready to go tough on employees who are unwilling to get vaccinated.

One of the leading banks in Nigeria, Guaranty Trust Bank Holding plc (GTCO),  on Monday, gave staff an ultimatum till September ending to get vaccinated against the COVID-19 virus or face a pay cut and restriction from accessing the bank’s workplace.

The bank in an internal memo, dated September 13, warned that “starting October 2021, any staff that fails to comply will no longer be allowed into the bank’s premises and may be placed on half salary.”

The letter was directed at all staff from the operational risk management team.

The bank’s move marks a significant point in the growing trend of private companies mandating vaccination to keep the workplace environment safe.

Some oil and gas companies have also mandated staff members to get vaccinated or face lay-offs. In some other cases, staff members yet to get vaccinated are mandated to conduct COVID tests once a week.

Addax Petroleum, an oil and gas exploration firm, MTN Nigeria and a handful of others sourced vaccines for staff members and their families, but it remains unclear if they have mandated vaccination.

Enforcement of compulsory vaccination has been a subject of concern, raising questions on the degree of an employer’s power over the personal health choices of employees.

It has also stirred a moral debate on who is fair between those who have been vaccinated against the virus at work and those opting to stay unprotected, exposing vaccinated people to possible infections.

Many against vaccination mainly have their hesitancy built around distrust towards the vaccine’s effect on their health, thanks to misinformation led by false theories of harmful impact on the body.

Some continue to hinge their refusal of vaccination on the vaccines’ inability to stop the spread of infection even though scientific studies prove vaccines to reduce the severity of symptoms and the rate of hospitalisation.

Also, Nigerians keep questioning the rationale behind making vaccination mandatory when the country barely has enough vaccines available to fully vaccinate 3 percent of its population estimated at 206 million.

Analysts who spoke with BusinessDay said they saw it coming and expect the trend to grow further as companies try to navigate through the third wave of the pandemic and prevent a situation requiring a complete shutdown of operations.

“If you look at the history of vaccination in the world, to take polio, for example, it was like COVID-19 and was killing people until a vaccine was found and was made necessary for everyone. In the first one week of a baby’s life, they get PCG. There are some countries where you need evidence of vaccination against yellow fever to enter,” Olumide Balogun, chief executive, Box and Cedar, a human resource consulting.

According to Balogun, “you can have the right to resist anything. But if you want to work somewhere and they say you should be vaccinated then you can’t work there,”

Ayodeji Ebo, head, retail investment at Chapel Hill Denham, also affirmed that the adoption of mandatory vaccination would increase among companies, given the increased awareness around prevention.

“I think that based on the peculiarity of our situation, we don’t expect to see a significant spread of the virus. And we don’t expect to see implications in terms of businesses shutting down which would impact the economy,” he said.

The tussle between anti-vaccination and pro-vaccination drivers has also posed an influence on the position many Nigerians hold.

Just as in the United States, United Kingdom, France, Poland, and others, considerations on mandatory vaccination by the Federal Government and states such as Edo have met huge resistance.

In Nigeria, it is not yet clear where the train is headed.

More than 10 million vaccines have been supplied to Nigeria but less than half of those jabs have been administered.

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Computer Village Traders Demand Refunds as Lagos State Cancels Katangowa Project

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Traders at the renowned Computer Village in Lagos find themselves in a state of uncertainty following the abrupt termination of the multibillion-naira Katangowa project by the Lagos State Government.

The project, which was aimed at relocating the bustling tech market from its current site in Ikeja to the Agbado/Oke-Odo area of the state, has left traders in a state of limbo.

Despite the cancellation of the project reportedly occurring two years ago, traders claim they were not informed by either the government or the developers, Bridgeways Limited.

This lack of communication has left them in a precarious position, particularly concerning the substantial upfront payments made by some traders to the developers.

Chairman of the Computer Village Market Board, Chief Adebowale Soyebo, expressed dismay at the lack of communication from the authorities regarding the project’s termination.

He explained that neither the government nor the contractors had officially informed them of the decision, leaving traders in the dark about the fate of their investments.

Traders who had made payments to Bridgeways Limited now seek clarity on the refund process. The absence of official communication has compounded their concerns, with many uncertain about the fate of their investments.

While acknowledging the payments made by traders, Lagos State Governor’s Adviser on e-GIS and Urban Development, Dr. Olajide Babatunde, assured that the government would facilitate refunds.

He, however, said there is a need for proper identification and verification to ensure that affected traders receive their refunds accordingly.

The termination of the Katangowa project has reignited debates about the relocation of Computer Village.

Traders assert that the issue of relocation should not be raised until the new site is at least 70% completed, as per their agreement with the government.

The cancellation of the Katangowa project underscores the challenges associated with large-scale urban development projects and the importance of transparent communication between stakeholders to avoid such situations in the future.

As traders await further directives from the government, they remain hopeful for a resolution that safeguards their interests and ensures the continuity of one of Nigeria’s most prominent tech markets.

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Government Begins Disbursement of N200bn Support Fund to Manufacturers and Businesses

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The Ministry of Industry, Trade and Investment has initiated the disbursement of the long-awaited N200 billion Presidential Conditional Grant Scheme.

This is the beginning of a vital phase in the government’s strategy to provide financial assistance to manufacturers and businesses across Nigeria.

The scheme, which is being administered through the Bank of Industry (BOI), has been divided into three categories of funding, totaling N200 billion.

The disbursement process comes after an exhaustive selection process and verification of applicants to ensure transparency and accountability in the allocation of funds.

Doris Aniete, spokesperson for the Ministry of Industry, Trade and Investment, announced the progress in a statement posted on the trade minister’s official X (formerly Twitter) handle.

Aniete highlighted that verified beneficiaries have already started receiving their grants, signaling the beginning of the phased disbursement strategy.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” stated Aniete.

She further disclosed that by Friday, April 19, a substantial number of verified applicants are set to receive significant disbursements.

However, Aniete emphasized that disbursements are ongoing, and not all applicants will receive their grants immediately, assuring that all verified applicants will eventually receive their grants in subsequent phases.

The initiation of the disbursement process comes after more than eight months since President Bola Tinubu announced the grant for manufacturers and small businesses.

The scheme aims to mitigate the adverse effects of recent economic reforms and foster sustainable economic growth by empowering businesses with financial support.

President Tinubu had outlined the government’s commitment to strengthening the manufacturing sector and creating job opportunities through the disbursement of N200 billion over a specified period.

The funding is intended to provide credit to 75 enterprises, each able to access up to N1 billion at a low-interest rate of 9% per annum.

However, the implementation of the programme has faced challenges, including delays and criticisms regarding the registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed concerns over the slow pace of data collation and suggested that genuine businesses were being discouraged from accessing the loans.

Despite the hurdles, the commencement of the disbursement process signifies a significant step forward in the government’s efforts to provide vital support to manufacturers and businesses, potentially revitalizing economic activities and driving growth across various sectors.

As beneficiaries begin to receive their grants, the impact of this initiative on the nation’s economic landscape is eagerly anticipated.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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