The naira gained 4.8% against the US dollar, its biggest increase in two months, after Nigeria’s debut domestic dollar bond sale. The currency closed at 1,558 naira per dollar, the strongest level since August 21.

Nigeria’s naira recorded its highest gain in nearly two months, appreciating by 4.8% against the US dollar following the successful sale of the country’s first-ever domestic dollar bond.

According to Bloomberg, the currency surged to 1,558 naira per dollar on Wednesday, marking its strongest level against the dollar since August 21.

Also read: Naira misses IMF exchange rate listing for June

This leap represents the naira’s largest jump since July 22. The boost in value came after Nigeria’s domestic dollar bond attracted $900 million in subscriptions, part of a $2 billion bond programme registered with the Securities and Exchange Commission.

Wale Edun, Nigeria’s Minister of Finance, revealed that the $500 million bond, with a five-year maturity and a 9.75% coupon, is just the first tranche of the programme.

The structure allows the government to absorb additional subscriptions up to the full $2 billion limit.

Edun further stated that the bond’s proceeds will be used for key sectors of the economy, as authorised by President Bola Tinubu.

The bond issuance drew interest from a wide range of investors, both local and in the diaspora, as well as institutional investors.

The bond’s success and high demand have improved investor sentiment, which contributed to the naira’s recent strength.

Analysts believe this could mark a turning point for the currency as it stabilises amid ongoing economic reforms.

Nigerian telecom engineers have accused Huawei of labor law violations, citing poor working conditions, stagnant salaries, and lack of welfare benefits. The engineers have called for an investigation into Huawei’s practices.

Nigerian telecom engineers have launched a social media protest accusing Huawei of violating labor laws and exploiting workers.

The engineers claim that they face poor working conditions, stagnant salaries, and lack of essential welfare benefits.

Also read: Nigerian varsity students win grand prize at Huawei Global ICT competition

The protest featured placards with messages such as “MTN/Airtel, stop using Huawei to enslave us” and “No pension scheme, poor HMO, no to work threat.”

The key grievances include:

Stagnant Salaries:  Engineers reported receiving less than $100 per month despite working 24 hours a day, seven days a week without annual leave.

Lack of Operational Tools:  Workers complained about the absence of essential tools like vehicles and laptops.

No Pension Scheme:  There is no pension provision for the engineers.

Poor Healthcare:  The lack of adequate healthcare and personal protective equipment (PPE) was highlighted.

Inadequate Risk Allowances:  Rigorous tasks are performed without proper risk allowances or compensation.

The protest has also brought to light the neglect of operational data and phone call credits, which are critical for the engineers’ daily tasks.

Despite attempts to obtain a response from Huawei, MTN, and Airtel, there has been no official statement from the companies.

The engineers have called on Nigeria’s Ministry of Labour to investigate the issue and ensure that workers’ rights are upheld.

Nigerian telecom engineers accuse Huawei of labour violations pic.twitter.com/Bbpq2SMCsG

— Otunba Victor (@freelanews) September 12, 2024

The Benue Government defends sealing Oracle Business Limited, owned by Samuel Ortom, citing N130 million tax debt accumulated over five years, not political reasons.

The Benue Government has clarified its decision to seal Oracle Business Limited and its subsidiaries, owned by former governor Samuel Ortom, was due to an outstanding tax debt of over N130 million accrued over five years.

Acting Executive Chairman of the Benue State Board of Internal Revenue, Sunday Odagba, refuted claims that the action was politically motivated due to Ortom’s differences with his successor.

Also read: Tax now highest revenue source to federation – FG

Odagba explained that the sealing of Oracle Business Limited was part of a broader effort to recover unpaid taxes from corporate entities owing the state government.

He dismissed allegations from the company’s management that their tax liability had been reduced to N38 million, which they claimed to have paid.

According to Odagba, Oracle Business Limited has not paid taxes for five years, and the company failed to respond to multiple invitations for tax reconciliation.

The Benue Government’s action underscores its commitment to enforcing tax compliance and recovering debts from corporate entities within the state.