Why Toxicity Seeped Into The National Minimum Wage Negotiations In Nigeria
The Oasis Reporters
June 3, 2024
According to one of Nigeria’s best known bankers, money manager and entrepreneur, Atedo Peterside, “the Nigerian minimum wage negotiations were going to be unnecessarily difficult because FG “poisoned” the atmosphere for responsible negotiations by approving a reckless N90bn Hajj Subsidy, Luxury SUVs for Legislators etc thereby creating the false impression that FG was rich”.
He also applauds the Kenyan president, William Ruto as a leader who knows the importance of leveling up with his people. This is why they usually flow with him because of his reasonable honesty.
Watch William Ruto’s video, explaining how he bought a plane for the government with which to travel with.
Before he tells Kenyans to tighten their belts, he leads first by example.
This is what Peterside said in 2020:
“There is a popular misconception that Nigerian youths have a short attention span. In reality, they simply switch off once they detect the first lie. If you want to have a chance of retaining their attention, the first rule is: Do not tell lies”.
Let me bring in Atedo Peterside again, a man whose banking career culminated into setting up IBTC (Investment Banking and Trust Company), when the ceiling above his adroit handling of his banking career stopped and forced him to step aside because as a southerner, he had no right to rise beyond AGM/DGM level at the former NAL Merchant Bank.
He was lucky that Babangida happened and opened up the banking sector for young people to set up their own banks. This gave rise to his own IBTC, Zenith Bank, founded by Jim Ovia and many other banks that are today, making Nigeria proud, nationally and internationally.
And oh, by the way, Atedo Peterside later merged with Chartered Bank and Stanbic Bank that is today, IBTC Stanbic Bank This was under the mergers and acquisitions window of that era. Never mind where there were mergers or outright acquisitions. Nigerian banking was the better for it.
Here’s what he says about the Kenyan president:
““Love him or loathe him, Williams Ruto shows in this video that he understands the importance of leading Kenyans (by example) in terms of belt-tightening and eliminating wasteful spending”.
This is unlike the case we often find ourselves in Nigeria. Most Nigerian politicians believe that it is their bonafide right to be pampered while in office and even when they leave office. And the pamper-for-life must include their family members. Beyond politics, many of them seem to be economically paralyzed. Therefore their gluttony while in office inhibits development of the nation. One reason for the despondency and seeming anger every.
Meanwhile, in checking their records in office, you’d be shocked that nothing hardly ever worked while they were there. One reason some less endowed African countries would have reasonable electricity, 24/7 as they mock Nigeria in the dark despite being an oil and gas producer.
https://x.com/StatiSense/status/1797608309299495213
Follow the link to know what the minimum wage is like in other countries.
MINIMUM WAGE OF TOP OIL PRODUCING AFRICAN COUNTRIES IN NAIRA
1 Gabon: 376,500
2 Equatorial Guinea: ₦323,878
3 Libya: ₦313,440
4 Algeria: ₦226,400
5 Tunisia: ₦199,573
6 Egypt: ₦194,700
7 Ivory Coast: ₦188,250
8 Chad: ₦150,587
9 Cameroon: ₦105,106
10 DR Congo: ₦94,947
11 Angola: ₦58,569
12 Ghana: ₦38,768
13 Nigeria: ₦30,000
14 Sudan: ₦7,590
$1/₦1,483 — 04/3 June 3rd, 2024
Greg Abolo
gregabolo@gmail.com
