NEWS
FG May Penalize PoS Reps For Price-fixing
According to a statement made by the Federal Competition and Consumer Protection Commission, it is looking into attempts at price fixing by Point of Sales agents and will punish them if found guilty.
The PoS agents operating under the auspices of the Lagos Chapter of the Association of Mobile Money and Bank Agents in Nigeria recently announced plans to raise their transaction fees.
PoS agents already have revised price lists across the state, and according to the Public Relations Officer for the Lagos Chapter, Stephen Adeoye, they are trying to form a task force to implement the modifications.
He said, “To enforce this new price list is easy because we have a good relationship with the Lagos State Command, Police Force, and all the DPOs in the area. Very soon a task force will be set up in each zone so that they will work along with it.”
However, the FCCPC in a statement, signed by its Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, on Wednesday noted that price fixing is against the law and distorts the market, prevents innovation and efficiency, and impacts consumers negatively.
It said, “The Federal Competition & Consumer Protection Act (2018) recognises indeed encourages the prerogative of businesses to organise in and as trade associations for acceptable purposes, such as ensuring and enforcing applicable standards and best practices, as well as a measure of self-regulation within the profession or trade.
“However, the same FCCPA copiously and extensively limits the scope and extent of such collaboration, particularly to exclude coordination with respect to scope or supply of services and price of services.
“The FCCPA expressly prohibits any price-fixing or agreement among undertakings (whether bilaterally or multilaterally) or by undertakings acting in consensus on the platform, or under the aegis of an association to fix prices, coordinate supply or any other commercially sensitive factors that can limit or substantially prevent competition; or otherwise distort the market.”
The commission stated that the FCCPA provides stiff penalties for cartels or any similar coordinated or collusive conduct among competitors, even at association levels. It said it is ready to enforce the law to its fullest extent.
It advised AMMBAN to desist from any attempt to fix its prices.
It added, “To the extent that any combination of undertakings, including AMMBAN indeed met, agreed or decided to impose uniform or coordinated fees/tariffs for services this announcement should serve to ensure such undertakings cease and desist from that arrangement or similar discussions/conduct.”
The Minister for Youth Development, Ayodele Olawande, has disclosed that the Federal Government will soon issue a directive mandating all government agencies and parastatals to accept corps members posted to them under the National Youth Service Corps (NYSC) scheme.
Speaking at a press conference in Abuja on Monday, Olawande addressed concerns over the rejection of corps members despite the government’s recent decision to lift restrictions on their deployment to private sector organizations.
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He said, “Let them post them first, then we would tackle the rejection. In part of the memo we sent to the NYSC, we clearly stated that there is no barrier. Before now, there was a barrier that corps members could not be posted to certain places.
“Banks come and take them now. If you don’t have experience in banking, how do you want to know that you are good at accounting or whatever? This is also part of how you should learn whatever you studied.”
Olawande revealed that the ministry plans to submit a memo to President Bola Tinubu, requesting an executive order to compel all government agencies and parastatals to accept corps members assigned to them.
“It is a process; we can’t do everything at once. The one in our capacity, we have thrown it out. So, on the barrier, we are also waiting. I know about that too. We will work, and that is why teamwork is good,” the minister added.
Biztellers reports that the Federal Government on November 19, 2024, lifted a longstanding restriction that limited corps members’ postings to public sector institutions.
This policy change now permits the deployment of corps members to private organizations, including banks and oil companies, to broaden their professional exposure.
Olawande also addressed concerns about the delay in implementing the new N77,000 monthly allowance for corps members. While confirming the increase, he assured that the process is nearing completion.
“It is a process. When the government increases so and so, it will follow a process. We are in the process; very soon they will see it. It is not rocket science.
“It has been increased; nobody is saying it has not been increased. But the implementation is in process. And very soon, we are at the tip of it, it is going to start, and we will implement it perfectly,” he stated.
The minister’s remarks come as the government intensifies efforts to address challenges within the NYSC program and enhance the overall experience of corps members, ensuring their contributions to both public and private sectors are maximized.
The National Bureau of Statistics (NBS) has announced a significant drop in Nigeria’s unemployment rate, which fell to 4.3% in the second quarter of 2024, down from 5.3% in the first quarter.
The data was revealed in the Nigeria Labour Force Survey (NLFS) report for Q2 2024, released on Monday.
The report highlighted improvements across several labor market indicators.
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The labor force participation rate among the working-age population rose to 79.5% in Q2 2024, compared to 77.3% in Q1.
Similarly, the employment-to-population ratio climbed to 76.1%, an increase of 2.9 percentage points from the 73.2% recorded in the first quarter.
On a year-on-year basis, however, the employment-to-population ratio saw a slight decline from 77.1% in Q2 2023.
The NBS also noted a reduction in the combined unemployment and time-related underemployment rate, which fell to 13% in Q2 2024 from 15.3% in Q1.
Urban vs. Rural Unemployment
A closer look at the data revealed disparities in urban and rural unemployment rates.
The unemployment rate in urban areas was 5.2% in Q2 2024, nearly double the 2.8% recorded in rural areas.
Youth and Education Employment Metrics
The youth unemployment rate (ages 15-24) stood at 6.5% in Q2 2024, while unemployment among individuals with secondary education was slightly higher at 7.6%.
The report also showed that 12.5% of youth were not in education, employment, or training (NEET), with a higher proportion of females than males in this category.
Informal Sector Employment
Informal employment remained dominant in the Nigerian labor market, accounting for 93% of jobs. Additionally, 3.7% of the working-age population was engaged in subsistence agriculture.
Time-Related Underemployment Declines
The time-related underemployment rate dropped to 9.2% in Q2 2024 from 10.6% in the previous quarter, marking continued progress in addressing labor underutilization.
Nigeria’s former Senate President, Abubakar Saraki has eulogised his political ally, Nigeria’s former Vice President, Atiku Abubakar, who attained 78 years on Monday.
The former governor of Kwara State took to his verified handle on micro-blogging site, X, on Monday to laud the political strides of the Adamawa born political stalwart.
In his view, Atiku is “a compassionate servant of the people whose lifelong dedication to the nation’s progress and unity has earned him the admiration of Nigerians across the globe”.
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Saraki wrote, “His Excellency, Alhaji @Atiku Abubakar, stands as a compassionate servant of the people whose lifelong dedication to the nation’s progress and unity has earned him the admiration of Nigerians across the globe.
“As he marks his 78th birthday today, my family and I join all Nigerians in extending our warmest wishes for a very happy birthday. We pray that Almighty Allah (SWT) continues to bless him with good health, strength, and wisdom to sustain his invaluable service to our nation. Ameen.”
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