• Tuesday, December 05, 2023
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Five things to know to start your Tuesday


NLC, FMBN clash over mgt of N238bn National Housing Fund

The Nigerian Labour Congress (NLC) and the Federal Mortgage Bank of Nigeria (FMBN) are at odds over the management of the contributory National Housing Fund (NHF).

The NHF, established by the NHF Act of 1992, mandates employers in both public and private sectors to make monthly contributions to provide affordable housing for Nigerians.

The NLC expressed dissatisfaction and threatened to withdraw from the fund, citing administrative issues and corruption concerns.

However, the FMBN defended its management, citing funding constraints and eligibility criteria.

The NLC insists on transparent access to the funds, emphasizing it belongs to Nigerian workers and should be easily accessible to them.

Read also: Palliative delay: “We have our plans if they fail to act”-NLC

Former Statistician-General criticizes new employment data, sparking controversy with NBS

Former Statistician-General of Nigeria, Dr. Yemi Kale, revealed that he resisted changing the country’s unemployment data-gathering method during his tenure.

This follows the recent release of new data by the National Bureau of Statistics (NBS) showing unemployment at 4.1 percent, down from 33 percent in Q4 2020.

Kale explained that setting one hour as the employment threshold did not make sense for meaningful income generation. He argued that the most crucial aspect of data is to provide policymakers with tools to understand and address problems.

The NBS contends that the new methodology aligns with international standards and reflects the evolving work landscape.

Banks, 18 others, fined N125m for late filings

Several banks and listed companies in Nigeria have been fined a total of N125 million for failing to submit their 2022 audited financial statements and Q1 2023 reports, as mandated by the Nigerian Exchange.

Among the penalized banks are Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated.

Numerous other companies, including John Holt, PZ Cussons, and Glaxo SmithKline Consumer Nigeria, also faced sanctions.

The Nigerian Exchange’s rules require companies to submit audited results within 90 days of the end of the period and interim reports within 30 days. Experts assert that such fines are essential for maintaining market integrity and timely information disclosure.

Trump DC trial set for March 2024, in thick of GOP presidential fight

Former President Donald Trump is set to face trial in March 2024 in one of four criminal cases, just ahead of “Super Tuesday” when many Republican primaries take place. U.S. Judge Tanya Chutkan scheduled the trial in Washington, dismissing Trump’s request for an April 2026 trial.

Trump faces trials on charges including concealing hush money payments in New York, retaining classified records in Florida, and efforts to overturn the 2020 election in Georgia.

He also faces civil trials. Despite legal challenges, Trump must navigate these trials while pursuing the Republican presidential nomination to challenge Democratic President Joe Biden in the November 2024 election.

IMF managing director to meet leaders in China, go to Indonesia, India

International Monetary Fund (IMF) Managing Director Kristalina Georgieva is embarking on a diplomatic tour that includes stops in China, Indonesia, and India.

Georgieva will begin her journey on August 30th, engaging in bilateral discussions with China’s senior leadership during her visit to Beijing. Following this, she will head to Jakarta to participate in a summit of leaders from the Association of Southeast Asian Nations (ASEAN).

Her itinerary concludes with attendance at the G20 meeting for heads of state and government in New Delhi.

These meetings come after the IMF raised its 2023 global growth estimates slightly, although concerns about persistent challenges remain.

The IMF’s forecast for China’s growth remains at 5.2 percent for 2023, with warnings about the real estate sector’s potential impact. Georgieva’s tour will span from August 30th to September 10th.