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‘It’s Suicidal ’, Labour Rejects FG’s Plans To Slash Salaries

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5 years ago

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Agency Report

The Organised Labour has condemned and rejected the plan by the Federal Government to slash the salaries of workers in the country.

The President of the Nigeria Labour Congress, Ayuba Wabba, who said this in a statement on Wednesday in Abuja, noted that the plan was tantamount to a “mass suicide” wish, for Nigerian workers.

Waba said that NLC was shocked at a statement credited to the Minister of Finance, Mrs Zainab Ahmed, on the plan to reduce the high cost of governance by cutting down on the workers’ salaries.

”The minister also allegedly directed the National Salaries, Incomes and Wages Commission (NSIWC), to immediately review the salaries of civil servants as well as the number of federal agencies in the country.

”It is almost unthinkable that the government would be contemplating to unilaterally slash the salaries of Nigerian workers at this time,” he said.

Wabba added that, “the question to ask is which salary is the government planning to slash? It certainly cannot be the meager national minimum wage of N30, 000, which right now cannot even buy a bag of rice”.

He expressed the belief that the proposed slash in salaries was certainly not targeted at the minimum wage and consequential adjustment in salaries that some state governors were still dragging their feet to pay.

According to him, it is in public knowledge that the multiple devaluations of the Naira in a short time, and the prevailing high inflation rate in Nigeria, have knocked out the salaries earned by Nigerian workers across the board.

”Nigerian workers are only surviving by hair’s breadth. Indeed, Nigerian workers are miracles strutting on two legs.

”It is, therefore, extremely horrendous for a minister of the Federal Republic of Nigeria to pronounce salary slash for Nigerian workers currently.

”This call for salary slash by Mrs Zainab Ahmed is tantamount to a “mass suicide” wish, for Nigerian workers,” he said.

While opposing the move, he demanded an immediate retraction and apology by the Minister of  Finance.

The NLC president, however, said that if there was any salary that needed serious slashing, “it is the humongous remuneration and allowances pocketed by political office holders in Nigeria, who do extraordinarily little but collect so much.

”Workers generate surplus value and revenue for the government.

”We do not constitute any unnecessary cost or burden to governance. It is also important to make the point that salaries are products of contracts governed by laws. They cannot be unilaterally adjusted.”

He said that many countries of the world were increasing the salaries of their workforce and extending social security coverage for their citizens.

According to him, many are providing all forms of palliatives to help their people through the terrible socio-economic dislocations occasioned by the COVID-19 pandemic.

Waba said that it would be completely strange for the Nigerian government to be thinking of a salary slash.

“This move is not only at great odds with global best responses to the COVID-19 pandemic but also in violation of relevant ILO Conventions and Declarations on Wages and Decent Work.

“We urge the government as a social partner to quickly respond to the demands by Labour for an upward review of salaries of all Nigerian workers.

“Nigerian workers have shown sufficient understanding with the government through the tough patches of the pandemic.

“Now, Nigerian workers demand reciprocity of our understanding. Nigerian workers demand an increase in their remunerations and allowances,” he said.

NAN

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Business

NAICOM Partners UNDP To Scale Insurance Innovation, Climate Risk Resilience

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2 days ago

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April 16, 2026

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The Commissioner for Insurance, Mr. Olusegun Omosehin, received a delegation from the United Nations Development Programme (UNDP) on a courtesy visit to the National Insurance Commission (NAICOM), aimed at deepening collaboration and setting strategic priorities to expand insurance access, enhance market stability, and scale climate and disaster risk solutions across Nigeria.

Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, expressed appreciation for the Commission’s leadership and reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector. He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment.

The UNDP delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.

In his response, the Commissioner for Insurance welcomed the UNDP team and expressed gratitude for their sustained support to the Nigerian insurance industry. He outlined five strategic pillars underpinning NAICOM’s reform agenda and reiterated the Commission’s commitment to a transparent recapitalization process, fostering innovation, and creating an enabling environment to significantly enhance insurance penetration in Nigeria.

The Commissioner noted that the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.

He further explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions. To support operators, NAICOM has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.

The Commissioner also affirmed NAICOM’s commitment to institutionalizing Environmental, Social, and Governance (ESG) principles and sustainable insurance practices through the development of an in house NAICOM ESG Framework, building on prior diagnostic work and toolkits developed in collaboration with partners such as FSD Africa and UNDP.

Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.
The meeting further explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).

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NIA To Honour Past Governing Council Members

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2 days ago

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April 16, 2026

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The Nigerian Insurers Association (NIA) has announced plans to honour its past governing council members and director general, in recognition of their invaluable contributions to the growth and development of the association.

This initiative underscores the association’s deep appreciation for the visionary leadership, dedication, and selfless service of those who have steered the affairs of the NIA over the years. Their efforts have laid a solid
foundation for the association’s achievements and strengthened its role as the collective voice of the insurance industry.

The event is scheduled to take place on April 30 in Lagos, under the theme, “Service as the Cornerstone of Leadership and Institutional Legacy.”

Speaking on the significance of the initiative, the Chairman of the NIA, Mr. Kunle Ahmed, noted that honouring past governing council members and director generals is not only a mark of respect, but also a way of preserving the association’s rich legacy.

He said that their guidance and commitment have been instrumental in shaping policies, fostering industry collaboration, and promoting public confidence in insurance as a tool for national development.

Ahmed emphasised that the structures laid down by the past leaders, the values they upheld, and the sacrifices they made continue to resonate in the association’s present achievements.

He said: “Institutions are built over time, but their true strength lies in the people who devote themselves in service.

“This event is our way of pausing to honour those whose leadership and sacrifices created the pathway we now walk. Their legacy is not confined to history—it lives on in every milestone we celebrate today.”

The NIA Chairman further stated that by celebrating the association’s past leaders, the NIA preserves its history, reinforces its values, and set a clear benchmark for future leadership.

According to him, the progress the association enjoy today is firmly anchored in the foresight and dedication of its past leaders.

“Without question, they remain the bedrock of the NIA’s enduring relevance and success, he said.”

The ceremony will bring together industry stakeholders, regulators, and partners to celebrate these distinguished leaders and reaffirm the Association’s commitment to excellence, innovation, and sustainable growth.

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Business

Heirs Insurance Partners United Capital On Self-care, Wealth Event

Published

3 days ago

on

April 15, 2026

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Heirs Insurance Group and United Capital Plc, recently hosted the Yoga and Money Meet Up, an exclusive wellness and financial empowerment event for ambitious women.
The event, which held in Lagos, offered a curated experience combining guided yoga and stress management sessions with expert-led conversations on insurance, investment and asset protection. The event reinforced Heirs Insurance Group’s and United Capital’s commitment to making financial wellness relevant and accessible to Nigerian women.
Speaking on the initiative, Ifesinachi Okoli-Okpagu, Chief Marketing Officer at Heirs Insurance Group, underscored the strong link between insurance and wellness. “Self-care is not just about indulgence; it is about making deliberate choices that safeguard one’s physical, mental, and financial well-being – and insurance is fundamental to that. For many women juggling careers, businesses, and family, this event addresses a significant pain-point: how we protect our assets while still juggling life”.
She introduced HerMotor insurance plan, designed for ambitious women who need more than just insurance. The unique product offers comprehensive motor coverage against accidents, fire, theft, and other unforeseen incidents that cause loss to the policyholder’s car. An added benefit is the 24/7 emergency roadside assistance for female car owners during car breakdowns arising from accidents or mechanical faults. The first-of-its-kind solution in the industry is delivered in partnership with AA Rescue, and includes a robust reward programme, where customers can access discounts from spas, wellness programmes, and more.
Dr. Odiri Oginni, Managing Director, United Capital Asset Management, added that the collaboration reflects a shared commitment to women’s empowerment. “Empowerment is at the core of what we do, and co-creating on an initiative that directly addresses the financial realities facing Nigerian women further emphasises this. We recognise that financial independence and personal wellness are deeply interconnected, and by creating opportunities that bring both together, we are reinforcing our commitment to empowering women to confidently pursue and achieve their dreams. This vision informed the creation of our Wealth for Women Fund, which provides women with a secure and accessible avenue to invest smartly and build long-term financial security.”
The Yoga and Money Meet Up reflects a joint vision to empower Nigerian women through financial education and protection.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.
United Capital Plc is a leading Pan-African financial and investment services group providing bespoke, value-added solutions to governments, corporations, and individuals across Africa. With operations in Nigeria, Ghana, and Côte d’Ivoire, and a growing pan-African footprint, the Group leverages technology, specialist expertise, and retail-led platforms such as InvestNow to deliver cutting-edge financial solutions. United Capital has been recognised by the Financial Times as one of Africa’s fastest-growing companies for three consecutive years.

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