Business

Telecom workers begin strike for improve Working Conditions

Published

2 years ago

September 10, 2024

OCHEFA

398 Views

About 800 workers from the Private Telecommunications and Communications Senior Staff Association have embarked on strike, threatening to cripple services nationwide.

The union, largely contract staff, warned of massive disruptions to telecom operations if its demands were not met, as this would leave millions of subscribers to face a potential communication blackout.

The strike began on Monday and the union’s demands include, among other things, reinstatement of some of its sacked workers, recognition of the union, improved working conditions, and remittance of membership dues.

“The strike has become inevitable because of the prevalent precarious working conditions our members are enduring in the sector, the refusal of the employers to recognise and respect the constitutional right of these workers to freely associate with the union, and the unjust sack of three members of the union,” it stated in its seven-day strike notice.

The union’s Secretary-General, Okonu Abdullahi, said that the association’s 800 workers play a significant role in managing critical infrastructure like base stations for infrastructure companies such as IHS, Huawei, etc.

“The implications of the strike will be massive because we have told all our members not to respond to any service outage from our employers. The fact remains that there are outages every day, and if our engineers do not respond to those outages, subscribers in those areas will be affected,” he said.

He said members of the union include field maintenance engineers, transmission engineers, customer service engineers, fibre engineers, and other critical staff working for telecom service companies.
The culpable companies include among others, Huawei Technologies Nigeria Limited, Tylium Nigeria Limited, Specific Tools & Techniques, CPNL (Chinese Pacific Networks Limited) and CITCC (China International Telecommunications Construction Corporation), JUSPARTNER.

Business

Naira Exchange Rates Wednesday, August 12

Published

10 hours ago

August 12, 2026

OCHEFA

11 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.7

8EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN ₦1350.00 ₦1370.00

GBP / NGN ₦1803.95 ₦1871.77

EUR / NGN ₦1537.93 ₦1601.81

ZAR / NGN ₦82.28 ₦86.99

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,364.90

GREAT BRITISH POUND (GBP) ₦1,842.61

EURO (EUR) ₦1,575..50

SWISS FRANC (CHF) ₦1,684.02

JAPANESE YEN (JPN) ₦8.57

CHINESE YUAN (CNY) ₦202.34

WEST AFRICAN CFA (XOF) ₦2. 40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60

SOUTH AFRICAN RAND (ZAR) ₦84.31

Business

Naira Exchange Rates Tuesday, August 11

Published

1 day ago

August 11, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,423 Sell ₦1,428

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,600 Sell ₦1,620

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦190 Sell ₦205

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

Central African CFA Buy ₦2,150 Sell 2,250

Australian Dollar Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.78

EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN₦1350.00 ₦1370.00

GBP / NGN ₦1800.68 ₦1868.46

EUR / NGN ₦1539.16 ₦1603.07

ZAR / NGN ₦82.44 ₦87.16

Official CBN Exchange Rates

US Dollar (USD) ₦1,360. 14

Great British Pound (GBP) ₦1,838.50

EURO (EUR) ₦1,571. 10

Swiss Franc (CHF) ₦1,680.85

Japanese Yen (JPN) ₦8.56

Chinese Yuan (CNY) ₦201.61

West African CFA (XOF) ₦2. 40

West African Union Account (WAUA) ₦1,864.27

Saudi Riyal (SAR) ₦362.22

South African Rand (ZAR) ₦84.07

Business

NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

6 days ago

August 6, 2026

OCHEFA

62 Views

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay