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Southwest N794,000, Southeast N540,000: Nigerian Labor Unions Propose New Minimum Wage Brackets

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The Nigeria Labour Congress (NLC) has escalated its campaign for a substantial raise in the national minimum wage, with a fervent demand of N794,000 for workers in the Southwest geopolitical zone.

This resolute call was made by Funmi Sessi, the chairperson of the Lagos State chapter of the NLC, as part of the union’s unwavering dedication to improving the livelihoods of Nigerian workers.

“The national minimum wage is an issue that directly affects the livelihood of Nigerian workers. The minimum wage is the baseline level of income that workers are expected to earn and has far-reaching implications for economic growth, inequality, and social welfare,” she said.

Sessi was speaking at a public hearing of the Tripartite Committee on National Minimum Wage in Ikeja, Lagos, where she accentuated the unanimous consensus among South West union members regarding the demand. She asserted that the current minimum wage inadequately supports a decent standard of living, labeling it a “starvation wage.”

Sessi stressed the need for a wage level that corresponds with economic realities and secures the well-being of workers.

She noted that the proposed minimum wage encompasses various essential expenses, encompassing food, housing, and other basic needs, providing a detailed breakdown, illustrating how escalating food prices necessitate a significant wage increase.

“On the issue of food, with the recent increase in the cost of food items, each person will have to spend about N1,000 on breakfast, lunch, and dinner because a scoop of cooked rice is now N400. So if we have to eat two scoops of rice with a small piece of meat, which is now N200, that’s about N1,000.

“For breakfast, lunch, and dinner, if we had a total of these for each member of a family of six, that is about N3,000 per day. This is N3,000 multiplied by six and by 30 days, making about N540,000 for feeding. This is what we are asking the Federal Government.

“On housing and rent, we are asking for N200,000 per month, which amounts to about N2.4m less N100,000 for N2.5m when you want to rent decent housing within Lagos metropolis and likewise other states in the southwest region. After the removal of the subsidy, it’s like the landlord association held a meeting to increase house rent across the region. We are asking for N200,000 per month for housing,” she said.

Nevertheless, the proposal encounters resistance from certain quarters, including from Osun State Governor Ademola Adeleke, who stressed the importance of realistic and sustainable minimum wage negotiations at the state level. Adeleke highlighted the diverse financial capacities of states and urged for flexibility in setting wages based on each state’s resources.

Meanwhile, during the Southeast zonal hearing organized by the Tripartite Committee on National Minimum Wage on Thursday in Enugu, the Southeast chapter of the NLC and the Trade Union Congress (TUC) advanced their proposals, with NLC proposing N540,000 and TUC advocating for N447,000 as the new minimum wage for workers in the region. Fabian Nwigbo, the chairman of the NLC in Enugu, noted the erosion of the 2019 minimum wage value due to inflation, emphasizing the need for a wage increase reflective of current economic realities.

Nwigbo provided a comprehensive breakdown of the proposed wage, considering various expenses such as food, healthcare, education, and clothing.

“For us, we want to propose based on the prices of commodities in Nigeria. In 2019 when we had N30,000 minimum wage, a paint bucket of garri was N280, rice and beans were about N450 each while fuel was N145. This has continued to subsist till today where a liter of fuel is now N750 to N800 depending on the location.

“In the current state, a paint bucket of rice costs over N4000, and garri N2,500. Two two-bedroom flats in Enugu that used to be N250,000-N300,000 are now over N650,000 in the suburbs, and in the city, they stand at N1.2 million yearly.

“Everything is moving up except the salary paid to civil servants. We are praying the leadership of this country to consider the pains and sufferings of the Nigeria workers and citizens and give us something that is close to what we can use to survive,” he appealed.

Nwigbo stated that compared to the minimum wages in West African countries, Nigerian workers are the least paid, harping on the need for periodic wage reviews, and urged swift implementation across all states to alleviate workers’ hardships.

Echoing similar sentiments, Ben Asogwa, chairman of the TUC in Enugu, aligned with the NLC’s proposal, stressing the urgency of wage increments and the repercussions for non-compliant governors.

Expressing disappointment over the absence of representatives from civil societies and the Nigeria Union of Pensioners, Tommy Etim, chairman of the event and deputy national president of TUC, highlighted the significance of broader stakeholder involvement in wage deliberations.

The demand for wage increments extends beyond the South West and South East regions, with proposals from other geopolitical zones reaching similar heights. For instance, the South-South region seeks N850,000, North West proposes N485,000, and the Federal Capital Territory (FCT) suggests N709,000 as the new minimum wage.

As Nigeria’s economic realities bite harder, the well-being of Nigerian workers depends so much on these negotiations. Their outcome will significantly impact the lives of millions of workers across the country, shaping the economic future of the Nigerian labor market.

SEC Nigeria to Conduct Nationwide Investor Clinics to Tackle Unclaimed Dividends

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SEC Nigeria

In a move aimed at addressing investor concerns and bolstering participation in the capital market, the Securities and Exchange Commission (SEC) has unveiled plans to host a series of investor clinics across various regions of Nigeria throughout 2024.

This initiative comes in the wake of a highly successful three-day investor clinic held recently in Yobe State, organized jointly by the SEC and the Gombe State Investment and Property Development Company.

The forthcoming clinics are designed to address critical issues surrounding unclaimed dividends and related matters. Danladi Mohammed, head of the SEC’s Zonal Office in Kano, noted the significance of these clinics in educating investors about the advantages of e-dividend registration, the dematerialization of share certificates, and the direct cash settlement system.

According to Mohammed, the clinics aim to empower investors with the knowledge necessary to effectively manage their investments and mitigate the substantial levels of unclaimed dividends, which reportedly amounted to N190 billion as of August 2023.

A statement from the SEC emphasized the importance of the initiative as a key step towards reducing the prevalence of unclaimed dividends, particularly in regions where investor awareness and participation may be lacking. The Capital Market Development Master Plan 2015–2025 underscores the vital role of such initiatives in ensuring that investors can rightfully claim their dues.

“According to the Director General [Lamido Yuguda], the core mandate of the Commission is to regulate and develop the capital market of Nigeria to be at par with its counterparts in other jurisdictions in all ramifications and the Commission is not resting on its oars to achieving and sustaining that mission. The Commission will embark on a series of investor clinics in 2024 in all the regions of the federation to provide the platforms for investors to reap the benefits of investing in the Capital Market,” the statement said.

Yuguda reaffirmed the Commission’s commitment to regulating and developing Nigeria’s capital market to meet international standards. He stressed the significance of investor engagement and outlined various strategies and measures in place to address the escalating issue of unclaimed dividends.

Recent developments have further highlighted the SEC’s dedication to enhancing the capital market’s contribution to national development. With President Bola Tinubu assuming office, the SEC has reiterated the market’s preparedness to support infrastructure development.

Yuguda expressed confidence in the Nigerian Capital Market’s capacity to facilitate capital mobilization through both domestic savings and foreign capital inflows, positioning it as a critical facilitator of the nation’s infrastructure objectives.

The upcoming series of investor clinics slated for 2024 are expected to offer tangible solutions to investors. By directly addressing the issue of unclaimed dividends, these clinics aim to restore investor trust and stimulate greater participation in the market.

The SEC’s nationwide investor clinics are designed to tackle longstanding challenges within the capital market. By educating investors and providing practical solutions, these initiatives seek not only to reduce unclaimed dividends but also to invigorate broader market participation, ultimately contributing to the overall development of the Nigerian economy.

Does Elon Musk Deserve Equity in Profit-making OpenAI?

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If you gave someone money to start a non-profit and that person later converts the organization into a for-profit one. Even if you agree on that conversion, do you expect that organization to give you equity in that for-profit firm? And if that is the case, what would be the fair equity percentage? Yes, would it be based at the time the money was given or what the company is worth now?

As Elon Musk and OpenAI battle, I can tell you where Musk is going: OpenAI for-profit business, convert my original donation to equity, and send me my share certificate. Musk does not need to win any case for that to be the final outcome when we remember that kids who attended Mark Zuckerberg’s university dorm meeting as he envisioned Facebook were settled for contributing to Facebook even though they did not drop out with Mark, to build it. Yes, that Musk played along for the non-profit to for-profit transmutation does not mean his original donation should not give him equity.

If you see it differently, please let me know why you think Musk does not deserve a fair share of this profit-making OpenAI. Lawyers in the house, please help…

In March 2024, Elon Musk, a co-founder of OpenAI, sued the company and its CEO, Sam Altman. Musk’s lawsuit claims that OpenAI has breached their founding agreement to develop AI for the benefit of humanity by partnering with Microsoft and stopping much of its internal research. Musk also claims that OpenAI has become a “closed-source de facto subsidiary” of Microsoft that is focused on making money instead of benefitting humanity.

In his lawsuit, Musk says he invested millions in the AI lab on “false promises” that it would be nonprofit and open-source. He also claims that the arrangement goes against a founding agreement and 2015 certification of incorporation that OpenAI established with Musk.

OpenAI has responded to Musk’s lawsuit by releasing his emails and firing back at all the claims. OpenAI says that Musk wanted a majority of the equity, initial board control and to be chief executive of OpenAI.

Debacles between Elon Musk and OpenAI have taken a new turn

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OpenAI, the artificial intelligence research organization co-founded by Elon Musk, has revealed some details about its early history and relationship with the billionaire entrepreneur. In a blog post published on Thursday, OpenAI said that Musk had proposed to become the CEO of the company and merge it with his electric car maker Tesla in 2017, but the idea was rejected by the board of directors.

The relationship between Elon Musk and OpenAI, the research organization he co-founded in 2015, has been fraught with debacles and controversies. In this blog post, we will examine some of the major events that have strained the ties between the visionary entrepreneur and the ambitious non-profit.

According to OpenAI, Musk made the offer after he stepped down from the board of directors in February 2017, citing potential conflicts of interest with his other ventures. He remained a donor and adviser to the organization, which was launched in 2015 with the goal of creating and ensuring the safe and beneficial use of artificial general intelligence (AGI), a hypothetical form of AI that can perform any intellectual task that humans can.

OpenAI said that Musk’s proposal was motivated by his vision of creating a “neural lace”, a brain-computer interface that would allow humans to communicate with and control machines. He believed that OpenAI could help him achieve this goal faster and more ethically than other AI companies.

He also thought that merging OpenAI with Tesla would create synergies and economies of scale, as both entities were working on similar problems such as computer vision, natural language processing, and reinforcement learning.

However, the board of directors of OpenAI, which included prominent figures such as LinkedIn co-founder Reid Hoffman, Y Combinator president Sam Altman, and MIT professor Max Tegmark, decided to decline Musk’s offer.

They argued that OpenAI’s mission of creating and sharing AGI for the common good was incompatible with Tesla’s for-profit business model and competitive strategy. They also feared that Musk’s involvement as CEO would expose OpenAI to more regulatory and public scrutiny, as well as potential conflicts with his other ventures such as SpaceX and Neuralink.

One of the first signs of trouble came in 2018, when Musk announced that he was leaving the board of OpenAI, citing a potential conflict of interest with his other ventures, such as Tesla and Neuralink. He remained a donor and advisor, but his influence on the direction and vision of OpenAI was diminished.

Another source of tension was the development of GPT-3, the massive language model that can generate coherent and diverse texts on almost any topic. Musk had been vocal about his concerns over the dangers of artificial intelligence, especially superintelligent systems that could surpass human capabilities and goals. He warned that OpenAI should be careful not to create something that could harm humanity or be misused by malicious actors.

However, OpenAI seemed to have a different view on how to handle GPT-3 and its successors. In 2019, it announced that it would form a for-profit entity, OpenAI LP, to raise funds and commercialize its technology, while still maintaining a non-profit parent company. This move was criticized by some as a betrayal of its original mission to ensure that AI is aligned with human values and widely accessible.

In 2020, OpenAI released an API for accessing GPT-3 and its variants, allowing selected developers and researchers to build applications using the powerful model. However, it also imposed strict terms and conditions on how the API could be used, reserving the right to terminate or suspend access for any reason. Moreover, it decided not to open-source the code or data of GPT-3, citing safety and ethical issues.

OpenAI said that it shared this information to provide more transparency and context about its origins and evolution. It also said that it maintained a cordial and collaborative relationship with Musk, who continued to support its work and vision. It added that it respected Musk’s views and contributions to the field of AI, even when they differed from its own.

Bitcoin Price Rebounds After Massive Long Liquidation Since Last Year

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The price of the leading crypto asset, Bitcoin has retraced back to the upside, after a massive short liquidation across the crypto market.

In a report from the derivative market data provider CoinGlass, Bitcoin witnessed its largest long liquidation event since last year. The statistics showed that over 24 hours, the total liquidations amounted to $1.16 billion, with long position liquidations accounting for $880.35 million and short positions for $278.15 million.

Meanwhile, a top crypto analyst who caught last year’s crypto breakout believes Bitcoin has entered uncharted waters and that big pullbacks are opportunities for long-term holders.

According to Coin Metrics, Bitcoin was last higher by 7.9% at $67.283.54, while Ethereum soared more than 13% to $3,872.56, its highest level since January 2021.

On Tuesday, Bitcoin reached a new high, its first since November 2021, at $69173. It had been pushing higher for weeks up 55% over the past month and tumbled shortly around the $66k price after notching the new high.

This digital asset has no doubt hit a new milestone of adoption after the US SEC approved the launch of ETFs in the traditional market. This led to a massive inflow of ETFs from investors, which has greatly contributed to the Bitcoin price rally from Late January.

From a swing low of $38555, the BTC price surged to its current trading price of $66298, accounting for 72% growth in six weeks. Currently, the Bitcoin market cap stands at $1.3 Trillion projecting an intraday loss of 1.27%.

The Bitcoin price is expected to ride a pre-halving rally, as it may face near-term resistances at $69000, followed by $72000.

With the 4th BTC halving scheduled for April 2024, investors are anticipating a protracted bull run in the coming months. This might be the biggest rally Bitcoin has seen, and there is room for the token to surge much higher, according to the co-founder of stablecoin Tether, William Quigley.

According to Quigley, he noted that if history is any guide, the token could surged massively by 350% higher from where it stands.  

“I’m not predicting this, I’m just saying if you apply historical patterns, it would suggest bitcoin being in excess of $300,000 at the peak of this next bull market,” he said in a CNBC interview.

Also, serial entrepreneur and author of “Rich Dad Poor Dad”, Robert Kiyosaki, has predicted the price of Bitcoin to surge by $300k this year.

He wrote on his X handle,

“BITCOIN  on fire. The biggest mistake you can make is to procrastinate. Important to start, even if only for $500. Next stop $300,000 per BC in 2024”.

Although the unpredictable nature of crypto assets makes it difficult to forecast, however, Bitcoin halvings have historically culminated in a bullish surge for the coin.