Fidelity Bank Lay-Off Over 200 Staff Amidst High Unemployment Rate

Brand Spur
-
0
Fidelity Bank Lay-Off Over 200 Staff Amidst High Unemployment Rate

Fidelity Bank under the leadership of Nneka Onyeali-Ikpe has reportedly sacked over 200 staff amidst the economic crisis rocking the country.

Brand Spur Nigeria learnt that the sacked Fidelity Bank staff received their disengagement letters with N200,000 (regardless of years of service) as compensation after attending regional training.

According to the email sent to each of the laid-off employees, they were required to attend a training on the designated date and at a location based on their workplace’s region.

Workers from the South West gathered in Lagos for regional training, while others gathered in Abuja and Kano.

“None of us had any idea what the training was going to be about. We went since it was from the bank, and we were taught how to be POS operators. I took the course at the Lagos Chamber of Commerce in Ikeja.” one of the retrenched employees simply identified as Tola said.

After the training, Akeem Odion, Head of Operation, Fidelity Union Securities Ltd (FUSL), addressed the participants and informed them that they no longer worked for the bank. He vowed that the bank would compensate them in some way, but he had no idea how much.

Another of the fired employees identified as Patricia claimed she had to travel while pregnant, experiencing the agony only to arrive at training and be told verbally that they had been fired.

“As indicated in the correspondence, people from various branches attended the training. I traveled to Lagos from Ado-Ekiti with a three-month pregnancy, only to be informed that I had lost my job during the training. Why didn’t they just send an e-mail instead? We could have saved a lot of time and effort if we had just sent the mail directly,” she explained.

After the verbal announcement, they received emails advising them of their disengagement a few days later. The email, however, left a sour taste in the mouths of the employees because it said that they would be paid an ex-gratia rather than severance pay, as many of them expected.

“Rather than telling us we had been fired, they organized a workshop to educate us how to become independent POS operators who could still produce money for the bank even if we were fired,” Idowu says (not real name said).

“We know we won’t be able to work for Fidelity indefinitely, but all we want is to be paid what we’re owed.

However, some of the aggrieved staff argued that they had dedicated a significant portion of his life to the bank and, as a result, deserved a fair severance payout rather than an ex-gratia payment.

Tola said he began working at the Nnkea Onyeali-Ikpe-led Fidelity Union Securities Ltd (FUSL) in 2007 as a staff member with an Ordinary National Diploma (OND).

He and many other note counters were promised that if they sought and submitted their Higher National Diploma (HND) or undergraduate degrees, they would be promoted to full staff.

Tola isn’t the only FUSL employee that has spent that much time with the company.

The retrenched employees’ efforts to ensure that they receive a fair remuneration that is commensurate with their contributions to the bank have been fruitless.

According to reports, this isn’t the first time Fidelity Bank will break employee’s hearts, something like this, Prior to the tenure of Nneka Onyeali-Ikpe as MD/CEO, drivers were in a similar situation in 2017, they protested and argued.

In 2017, roughly 50 dismissed drivers blocked the Fidelity Bank’s headquarters on a Monday morning because their severance payouts had not been paid.

The bank’s drivers also staged a protest in 2018 over non-payment of their entitlements.

When approached, FSL’s Head of Operations, Akeem Odion, stated he couldn’t respond over the phone. He invited the reporter to his office for answers to the reporter’s inquiries.

Sheikh Muhammed, Secretary of the National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE), a Nigeria Labour Congress (NLC) affiliate group, said on Friday that the organization had been informed of the ongoing dispute and was trying to resolve it.

“I received the report and directed them to gather all of the issues so that we may begin a conversation with management. Sheikh stated, “We are working on it.”

Nokia, Indosat Mega Media Bring Smart Wi-Fi To Indonesia

Brand Spur
-
0
Nokia, Indosat Mega Media Bring Smart Wi-Fi To Indonesia

Nokia has announced that Indosat Mega Media (IndosatM2), a subsidiary of Indosat, is using the Nokia WiFi mesh solution to provide an improved broadband experience to its home and enterprise customers across the country. 

The solution, including Nokia WiFi Beacon devices, allows IndosatM2 to provide comprehensive coverage throughout the premises. 

As IndosatM2’s preferred partner, Nokia provides a Wi–Fi mesh solution, enabling IndosatM2 to offer broadband services under the brand name GiGAmaze. Nokia has also set up a Customer Experience Center at IndosatM2’s office to demonstrate the differentiated experience powered by its Wi–Fi mesh solution. 

Nokia’s Wi–Fi mesh technology provides seamless and consistent coverage in all corners of the home or office, thus ensuring improved range and speed compared with a traditional router. 

IndosatM2’s subscribers are able to easily install and manage their Wi–Fi connection through a mobile application. The Nokia WiFi mesh solution comes with the in-built capability to opt for the Wi–Fi channel with the best speed and least interference, providing an ultra-high-speed and low latency customer experience which allows IndosatM2’s subscribers to enjoy applications that require reliable and high-speed broadband without interruption.  

Edi Riyanto, Chief Executive Officer, Indosat Mega Media, said: “There is a growing dependency on broadband after the outbreak of the COVID-19 pandemic last year. With Nokia’s field-proven Wi–Fi mesh solution, we are able to offer reliable and consistent indoor coverage, thus enabling our subscribers to leverage best-in-class broadband to carry out their professional and personal tasks without disruption.” 

KP Goh, Head of Indonesia at Nokia, said: “Our industry-leading Nokia WiFi Beacon is a whole-home mesh solution, helping service providers across the world to offer seamless and reliable broadband coverage to their subscribers. The end-user can easily manage the device through the mobile app and the mesh solution ensures a world-class network performance. We are delighted to partner with Indosat Mega Media to provide our field-proven Nokia WiFi Beacon devices to its customers.”

Nigeria’s Economy Getting Stronger — Minister

Brand Spur
-
0
Nigeria’s Economy Getting Stronger — Minister

Otunba Adeniyi Adebayo, Minister of Industry, Trade, and Investment, on Tuesday, declared that Nigeria’s economy was coming back strongly with foreign investors making a commitment to invest in the country.

Adebayo spoke at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Diplomatic Luncheon in Abuja.

According to a statement by his media aide, Ifedayo Sayo, Adebayo said Nigeria was open for business and that the country’s investment climate was continually improving.
The minister said although 2020 was challenging for all economies, Nigeria was coming back strong.

He noted that in the first half of the year investment announcements were at $10.1 billion, an increase of 100 per cent from 2020.

“Investors from Europe, China, Morocco, and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affect our nation,” the minister said.

He said the Federal Government recognised the importance of attracting and retaining patient investment into the economy, adding that this accounted for the ministry’s commitment to the strategic relationship that existed with the chamber.

Primate Ayodele Issues Serious Warning On State Of Nigerian Economy From July 2021-Brand Spur Nigeria
Primate Ayodele Issues Serious Warning On State Of Nigerian Economy From July 2021-Brand Spur Nigeria

“I would like to reiterate my ministry’s commitment to the strategic relationship that exists with the chamber and to continue working with the leadership towards our collective objectives.

“This is even more germane with the implementation of the Africa Continental Free Trade Agreement (AfCFTA).

“AfCFTA will enhance Africa’s capacity to unlock growth and create jobs by building our industrial capacity, enlarging our productivity and making us more competitive globally.

“NACCIMA is pivotal in ensuring Nigerian businesses remain competitive in this new environment,” he said.

The minister said the improved ranking of Nigeria on ease of doing business by the World Bank was a result of the efforts government was making to create an enabling environment for foreign direct investment.

He listed some of the efforts as Executive Order 001, a directive that promotes transparency and efficiency in business environment and Revised Nigeria’s Bilateral Investment Treaty (BIT) model to include specific provisions for investment facilitation and actualisation.

Adebayo noted that investors’ rights were now balanced with obligations to ensure that Nigeria attracted Responsible, Inclusive, Balanced and Sustainable (RIBS) investments.
He said an online investment guide called “iGuide Nigeria” was also launched to provide investors with real-time information on the processes and basic costs of setting up and doing business in Nigeria.

The minister said the government developed a compendium of the Investment Incentives in Nigeria, and also launched the Book of States, a document that showcases the comparative advantages and key investment opportunities in each of Nigeria’s states.

He commended NACCIMA for putting the event together even as he encouraged it to remain committed to building a sustainable trade infrastructure within and across Africa for the benefit of the Nigerian business community.

JAMB Cancels National Cut-Off Mark For 2021 UTME

Brand Spur
-
0
JAMB Cancels National Cut-Off Mark For 2021 UTME

The Joint Admissions and Matriculation Board (JAMB) has canceled the national cut-off mark.

JAMB said it would now be left for Nigeria’s tertiary institutions to determine its admission benchmark.

This decision was made on Tuesday at the 2021 policy meeting presided over by the Minister of Education, Malam Adamu Adamu.

The Registrar of JAMB Prof. Is-haq Oloyede, who spoke during the forum said some universities such as the University of Maiduguri proposed 150, Usman Dan Fodio University Sokoto proposed 140, Pan Atlantic University proposed 210, University of Lagos 200, Lagos State University190, Covenant University 190, and Bayero University Kano, 180.

According to the stakeholders, the 2021 admissions will be conducted only through JAMB CAPS and no institution is allowed to admit candidates without uploading their details onto the portal.

FIFA Publishes Report On Ten Years Of International Transfers

Brand Spur
-
0
FIFA Publishes Report On Ten Years Of International Transfers

USD 48.5 billion spent on transfer fees over the past decade; 200 FIFA member associations involved in international transfers; Top 30 clubs in terms of transfer fee spend are European

FIFA has published a report on international transfers in the men’s game during the 2011‑2020 period, the most comprehensive review of transfers across the globe ever produced.

The report confirms that transfer market activity increased steadily over the past decade. From 11,890 transfers conducted in 2011 to a peak of 18,079 in 2019, a total of 133,225 international transfers and loans of professional players took place, while USD 48.5 billion was spent on transfer fees during the period.

200 FIFA member associations involved

The transfers involved 66,789 players and 8,264 clubs across 200 FIFA member associations, thus underlining football’s role in the global economy. Brazilian nationals moving to foreign clubs topped the list with 15,128 transfers, followed by Argentinian (7,444), British (5,523), French (5,027) and Colombian footballers (4,287).

European clubs lead transfer fee spend

During the last decade, the number of clubs conducting international transfers grew by more than 30%, from 3,167 in 2011 to a peak of 4,139 in 2019. The list of top 30 clubs in terms of transfer fee spend was made up solely of European clubs: England (12 clubs), Spain and Italy (five each), Germany (three), France and Portugal (two each), and Russia (one).

Those 30 clubs alone spent a total of USD 22.8 billion on transfer fees, representing 47% of the global total over the decade.

Increased agents’ commissions

As identified by FIFA in its ongoing reform of the transfer system (https://fifa.fans/3BoNksK), the report also confirms a sharp decline in solidarity contributions, with the 2020 amount (USD 38.5 million) mirroring that of 2011 (USD 38.0 million).

This trend reinforces the need for the FIFA Clearing House, which FIFA expects to help enforce training compensation and solidarity payments up to an amount of approximately USD 300 million per year.

The decline in training compensation payments is in stark contrast to the amount of commissions paid to agents, which increased from USD 131.1 million in 2011 to USD 640.5 million in 2019. A total of USD 3.5 billion was paid for agents’ commissions in international transfers over the course of the decade.

The report on ten years of international transfers is available here and on legal.FIFA.com

IsDB Institute’s Global Forum: ‘Islamic Finance Has An Essential Role In Post-COVID-19 Economic Recovery’

Brand Spur
-
0
IsDB Institute’s Global Forum: ‘Islamic Finance Has An Essential Role In Post-COVID-19 Economic Recovery’

Islamic finance has an essential role in helping countries mobilize resources to fund economic recovery and fight extreme poverty following the damage caused by the COVID-19 pandemic.

This was among the key conclusions of the 15th IsDB Global Forum on Islamic Finance, held virtually on 28 August 2021.

The IsDB Institute (IsDBI) organized the forum under the theme, “The Role of Islamic Finance in Post-COVID19 Economic Recovery of IsDB MCs”, as part of the side events of the 2021 IsDB Group Annual Meeting. The forum brought together senior development practitioners and private sector experts from the Republic of Uzbekistan, Pakistan, Mauritania, IsDB Group, the World Bank, and the Asian Development Bank.

In his speech at the opening of the forum, H.E. Dr. Muhammad Al Jasser, Islamic Development Bank (IsDB) President and Chairman of the IsDB Group, noted that the COVID-19 pandemic has exacerbated poverty and stalled human development, adding that countries and development partners must come together to identify strategies for achieving a sustainable recovery.

“Human development is a crucial goal of IsDB to maintain and promote human dignity in its Member Countries. Achieving this goal starts with reducing all forms of poverty, particularly in health and education, which are essential for building human capital,” Dr. Al Jasser said.

Underlining the significance of infrastructure investments for developing economies, H.E. Dr. Al Jasser stated that the growing Islamic finance industry could serve as an essential source of finance for infrastructure development in developing countries and emerging markets.

“We welcome the joint World Bank–IsDB effort to develop the Islamic Finance for Infrastructure PPP Projects reference Guide, which aims to shed light on the essential aspects of Islamic finance related to infrastructure public-private partnerships,” he added.

Earlier, Acting Director-General of the IsDB Institute, Dr. Sami Al-Suwailem, in his welcome remarks, thanked H.E. Dr. Al Jasser and the participants of the forum. He added that “the forum this year aimed to integrate the principles of Islamic finance with the search for solutions for economic challenges facing the IsDB Member Countries.”

Two keynote speeches were delivered by Dr. Bambang Susantono, Vice President at the Asian Development Bank, and Mr. Imad Fakhoury, Global Director, Infrastructure Finance, PPP and Guarantees (IPG) Group, World Bank.

Dr. Susantono spoke on how Islamic finance can help fill the financing gap required to kickstart the economic recovery post-COVID-19, while Mr. Fakhoury focused on promoting public-private partnerships for infrastructure financing in the wake of the COVID-19 crisis.

Following the keynote speeches, two panel sessions were held. The first session highlighted the extent of multidimensional poverty in IsDB Member Countries and the adverse impacts of COVID-19.

The panel discussants were Mr. Norkulov Ilkhom, First Deputy Minister of Economic Development and Poverty Reduction, Uzbekistan; Dr. Sabina Alkire, Director, Oxford Poverty, and Human Development Initiative; Ms. Matilda Dimovska, UNDP Resident Representative in Uzbekistan; Mr. El Yass Ould Didi, Director of Demographic and Social Statistics, Office of National Statistics, Mauritania; and Mr. Khemais El-Gazzah, Senior Advisor to the Director-General of the Islamic Solidarity Fund for Development (ISFD).

The second panel discussed Islamic finance public-private partnerships as a tool to mobilize resources to support the economic recovery efforts. The panelists were Ms. Fatouma Toure Ibrahima, Practice Manager, PPP Group Infrastructure Finance, PPPs and Guarantees (IPG) Group, World Bank; Mr. Nadir Nuritdinov, Deputy Director of Uzbekistan PPP Development Agency; Mr. Sohail Kashif, Chief Financial Officer, Foundation Wind Energy Limited, Pakistan; and Mr. Hassan Idris, Senior Legal Counsel, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Is Long-Term Crypto Investment Worth it?

Brand Spur
-
0
Is Long-Term Crypto Investment Worth it?

Long-term investing entails putting money into the market and earning interest or selling when the price rises. Long-term investors should have a clear understanding of what they are undertaking. Long-term crypto investment, often known as HODLing, refers to investing in cryptocurrency for more than a year. 

Any investment choice that is not based on a systematic method may become obsolete.

Long Term Investments

The phrase “long term” relates to the duration that an asset is kept. A long-term asset might be kept for as little as one year or as much as 30 years or more. People are regularly advised to “invest for the long term,” yet assessing whether or not an investment is long term is very subjective. Meanwhile, long-term investing is a trading strategy that attempts to benefit by keeping an asset for more than three years.

“HODL” is a misspelt form of “hold” in the cryptocurrency market, and it became a joke after being posted on the Bitcointalk Forum in 2013. In the context of the cryptocurrency market, HODL generally refers to the buy-and-hold investing strategy. Some investors sarcastically take it as “hold on for dear life.”

Ways to Invest in The Cryptocurrency Market

  • HODL

“I AM HODLing,” a drunken, semi-coherent, typo-filled diatribe about his terrible trading abilities and resolve to keep his bitcoin, was posted by GameKyuubi. The message rapidly became a popular meme, with memes from 300 and Braveheart serving as the initial inspiration. He then admitted to having drunk some whiskey and briefly pondered the spelling of whisk(e)y.

Bitcoin’s long-term volatility defies logic: the price increased by 52,000% from 2011 to 2013, then dropped by more than 80% the following year. HODL is a cryptocurrency investing strategy that avoids trading based on short-term price movements. The reasoning is similar to GameKyuubi’s: inexperienced traders fail to predict the market and lose money or gain less than they would by just holding onto their currency.

Cryptocurrency enthusiasts HODL, which means to wash their hands of volatility and forecasting. HODLing assists individuals in combating two frequent harmful tendencies: FOMO (fear of missing out), which can lead to overbuying, and sell low or FUD (fear, uncertainty, and doubt). The latter is also referred to as SODLing. They believe that cryptocurrencies will eventually replace fiat currencies and serve as the foundation for all future economic institutions. As a result, they regard the currency exchange rate as meaningless.

  • Active Trading

Active trading is the practice of purchasing and selling assets for a rapid profit based on market fluctuations in the near term. The goal is to just maintain the post for a limited time. Day traders that make tens or hundreds of deals each day are trading very aggressively. Many people consider a swing trader who opens and closes positions every few days to be an active trader.

 Active traders specialise in high-volume equities, foreign currency trading, futures, and options, allowing them to enter and exit positions easily. Limit orders can be used by an active trader to catch a good price. They may also employ stop orders to limit their losses if the price goes against them.

Three Types of Active Traders

  1. Day trading is the practice of purchasing and selling a security on the same trading day, generally in an attempt to capitalise on a specific event that is predicted to impact the stock’s price.
  2. Scalping is the use of a high volume of transactions to profit from price discrepancies in the very short term.
  3. Swing trading entails holding positions for a few days to a few weeks.

Want to check out which cryptocurrencies are in the bear market? Sign up and start trading here!

Is Long-Term Investment Ideal During Bear Markets?

Buying the dip is acquiring a crypto asset when its price has decreased with the expectation that it will rise in value. This chance arises from studying the price chart over a lengthy period and seeing when it suddenly collapses to a significantly low price. The success of purchasing a dip is determined by the cryptocurrency’s potential for future growth. Investors that purchased the dip and HODLed are now profiting in the triple digits.

Closing Notes

It is to be noted that this article is in no way financial advice, rather just a suggestion to those who are lamenting over long term crypto investments. Investors are advised to research diligently and choose which strategy works for them as there are plenty of strategies to choose from. One’s strategy may not necessarily work another so it is important to choose from the available options.

World Passes Threshold of 4.5 mn Covid Deaths By AFP

Brand Spur
-
0
World Passes Threshold of 4.5 mn Covid Deaths By AFP

The world has passed the grim threshold of 4.5 million Covid-19 deaths, according to an AFP tally on Monday, as the virulent Delta variant wreaks havoc globally.

Since the outbreak emerged in China in December 2019, the virus has killed a total of 4,500,620 people, the tally of official sources revealed.

Some 10,000 deaths are reported every day in the world, a much lower figure than the highs of January when an average of 14,800 people were being killed daily.

But the figure is much higher than at the start of July when some 7,800 daily deaths were registered.

With an average of 1,290 deaths per day over the past week, the United States has once again become the country with the most new fatalities in the world.

Back in January, it had registered as many as 3,380 deaths per day, a figure that had dropped to just 200 by early summer.

But it is now facing a wave of the virulent Delta variant, which has spread to the vast majority of countries around the world since it was identified in India in April.

The pandemic has already claimed more deaths in 2021 than in 2020, with more than 2.6 million fatalities officially reported since January against just under 1.9 million over the whole of last year.

Countries around the world are hoping the vaccines will ease the spread of the virus, but there are huge disparities between rich and poor nations.

Just seven doses were administered per 100 people in Africa, against 99 in Europe and 111 in the United States.

The vaccines are also thought to be less effective against the Delta variant.

According to a study published last week by US health authorities, the efficacy of the Pfizer/BioNTech and Moderna jabs against infection has dropped from 91 to 66 percent since the strain became dominant in the United States.

The vaccines remain very effective in preventing severe forms of illness, however.

PenCom Set Date To Commence Enrollment, Online Verification For Retirees

Brand Spur
-
0
PenCom Set Date To Commence Enrollment, Online Verification For Retirees

The National Pension Commission (PenCom) is set to commence online verification and enrollment for its 2021 retirees and prospective retirees of Federal Government Treasury-Funded Ministries, Departments, and Agencies (MDAs).

Brand Spur Nigeria learnt this is coming after the development of an online application automation programme by the commission for the annual pre-retirement verification and enrollment for all its retirees.

According to NAN, this disclosure is contained in a statement issued by the Head, Corporate Communications of PenCom, Mr Peter Aghahowa, and made available to newsmen on Monday in Abuja.

Aghahowa in his statement said that the application would take effect from September 1, 2021.

He pointed out that those eligible for the exercise are employees of federal government treasury-funded MDAs who retired between January and August.

He however noted that employees of the federal government treasury-funded MDAs who were due to retire from September and those who missed the enrolment exercise in previous years would also be included.

Aghahowa listed the two options for the enrollment exercise to include: self-assisted through pension desk officers or Pension Fund Administrators (PFAs)-assisted.

He also said that the affected retirees must complete their verification and enrollment with their respective PFAs on or before Oct. 29.

It can be recalled that earlier in August, PenCom, announced through a circular that it has created an online program that will automate the Annual Pre-Retirement Verification and Enrolment exercise. Prospective retirees of Treasury-funded Federal Government MDAs can register, verify, and enrol in the application.

The Commission said that it will conduct a pilot run of the online enrolment program from August 2 to August 20, 2021, with chosen MDAs in the six geopolitical zones and the Federal Capital Territory (FCT) to test-run the application with real-time data as a precursor to its full deployment.

20 Players Arrive Super Eagles Camp Ahead Of World Cup

Brand Spur
-
0
20 Players Arrive Super Eagles Camp Ahead Of World Cup

20 players have arrived at the Super Eagles camp ahead of their World Cup qualifiers against Liberia and Cape Verde in the coming days.

The team, being led by coach Gernot Rohr, are getting ready to begin their campaign for a ticket to the 2022 FIFA World Cup in Qatar.

The players and staff are being camped at the Eko Hotel and Suites in Victoria Island, Lagos, with more players expected to join the pack.

The Eagles will have their first official training on Tuesday at the Teslim Balogun Stadium, Lagos.

Nigeria will play the Lone Stars at the Teslim Balogun Stadium, Lagos on Friday, before facing the Blue Sharks of Cape Verde four days later at the Estádio Municipal Adérito Sena, Mindelo.

The players now in camp include:

Goalkeepers
Maduka Okoye, Francis Uzoho, John Noble

Defenders
William Troost-Ekong, Jamilu Coliins, Chidozie Awaziem, Valentine Ozorwanfor, Shehu Abdullahi

Midfielders
Wilfred Ndidi, Oghenekaro Etebo, Marcus Abraham, Samson Tijani, Alex Iwobi, Anayo Iwuala

Forwards
Kelechi Iheanacho, Terem Moffi, Peter Olayinka, Ahmed Musa, Samuel Kalu, Moses Simon

1...1,8151,8161,817...3,983Page 1,816 of 3,983