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Protest: Lagos State Commercial Drivers Commence Seven Days Strike

Lagos State, the most populated city in Africa is at risk of an economic slowdown as Lagos State commercial drivers announced the commencement of a seven days strike.

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Lagos State, the most populated city in Africa is at risk of an economic slowdown as Lagos State commercial drivers announced the commencement of a seven days strike.

This was disclosed by the national leader of the Joint drivers’ Welfare Association of Nigeria (JDWAN), Akintade S. Abiodun.

The notice indicated that Lagos State commercial bus driver under the umbrella of JDWAN expressed intent to go on a seven days strike over the excessive extortions and unjust harassment they have been facing at the hands of the garages and parks management in Lagos State.

The statement partly read, “As commercial drivers in Lagos State under the umbrella of JDWAN, we are left with no choice than to embark on seven days of protest and boycott of services over multiple and excessive extortions by the management of parks and garages in the state.

“We have notified members of the public and the Lagos State Government over multiple and excessive extortions by the motor parks and garages management.

The statement disclosed that excessive extortion and illegal ticketing affect not only the cost of transportation but also the cost of goods and services and eventually the cost of living. The members of JDWAN said they lost most of their income to Motor Park ticketing and when they refuse to comply, they get arrested.

“The cost of transportation affects the cost of goods and services and consequently the cost of living, which has spiraled astronomically in Lagos State as a result of the effect of motor parks’ excessive and illegal ticketing and tolling at almost every bus stop.

“We have been sentenced to extortion and violent harassment by the state transport agencies – Lagos State motor parks and garages management and Lagos State caretaker committee.

“On a daily basis, we lose half of our income to the motor park boys. We pay exorbitant charges in the garages and at every bus stop where we drop off passengers, whether we pick up passengers or not, we pay morning, afternoon, and night. Some routes have 25 bus stops which also serve as illegal tax collection avenues.”

The association in its statement said they are refusing all unfair treatment, kicking against illegal payment of tickets to park thugs at every bus stop, while demanding the Lagos State Government to put an end to the harassment from law enforcement agencies immediately.

“All illegal money paid after we leave the garages and parks should be abolished immediately. Harassment of law enforcement agencies & intimidation with guns, cutlass, and broken bottles by LASTMA, task force, and RRS must end immediately. They collaborate and hire thugs to attack and extort us every day without violating any law.

“We demand that the Lagos State government provide official bus stops in each community to avoid incessant arrests and stress for commuters who complain of having to trek several kilometers back to their bus stops.”

The association warned that failure to adhere to their demands by the Lagos State Government would result in a full-blown protest and total boycott as this seven days strike is just a warning.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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