business

Ogun State Launches Full Implementation of Contributory Pension Scheme

Published

2 months ago

July 20, 2025

Ogun State Implements Contributory Pension Scheme to End Workers’ Strike

Ogun State Governor, Dapo Abiodun, has announced the full implementation of the Contributory Pension Scheme (CPS), a major step toward resolving the ongoing workers’ strike that has paralyzed public services across the state.

Governor Abiodun made the announcement on Thursday, July 18, 2025, during a meeting with labour leaders at the Governor’s Office in Oke-Mosan, Abeokuta. He revealed that the CPS officially took effect on July 2, marking a significant policy shift aimed at restoring workers’ confidence in the state’s commitment to their welfare.

“This is more than a policy change—it is a clear demonstration of our resolve to ensure workers receive what is rightfully theirs,” the governor stated.

To address the backlog of pension liabilities, the state government unveiled a comprehensive 10-year repayment plan, divided into two tranches of five years each. The plan, which is expected to be completed by 2035, will be backed by legislation to guarantee its continuity beyond the current administration.

In addition to pension reforms, Governor Abiodun approved the long-awaited implementation of staff promotions for 2023 and 2024. Workers promoted in 2023 will begin receiving salary adjustments from September 2025, while those promoted in 2024 will see their new pay reflected by December 2025—three months ahead of the original schedule.

The governor’s announcement comes in direct response to the indefinite strike declared by the Ogun State chapter of the Nigeria Labour Congress (NLC). The strike was triggered by allegations of the government’s failure to remit pension deductions, implement the national minimum wage, and address other unresolved issues affecting workers’ welfare.

Earlier in the week, NLC Ogun State Chairman, Comrade Demola Hammed-Benco, directed all civil and public servants to withdraw their services, citing the government’s non-compliance with the CPS as mandated by the Ogun State Pension Reform Law of 2008, amended in 2013.

Governor Abiodun described the strike as “unnecessary and avoidable,” emphasizing that the issues could have been addressed through dialogue. “Industrial action was not needed when open conversation could have resolved our differences,” he said, calling on labour leaders to embrace negotiation in future engagements.

Despite the tension, the governor struck a conciliatory tone, expressing appreciation for the unions’ cooperation and their contributions to maintaining Ogun State’s reputation as an investor-friendly environment. He assured stakeholders that structural mechanisms were already in place to ensure a smooth rollout of the CPS and long-term financial security for retirees.

Labour leaders present at the meeting—Comrade Hammed-Benco (NLC), Comrade Hakeem Lasisi (TUC), and Comrade Isa Olude (Joint Negotiating Council)—welcomed the governor’s decisions and commended his willingness to engage with workers’ concerns.

They apologized for the inconvenience caused by the strike, clarifying that the industrial action was not intended to disrupt the state’s operations, but to defend workers’ rights. The union leaders pledged continued collaboration with the government and reaffirmed their commitment to strengthening Ogun State’s position as a key industrial hub in Nigeria.

With the state government taking decisive action on pensions and promotions, both sides appear to have reached a critical turning point, laying the groundwork for renewed cooperation and lasting industrial harmony.

business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

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Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
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WhatsApp: +234 8153507382
Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.