Research workers suspend strike

Workers in Nigeria’s research institutes, who have been on industrial action for about 90 days, have suspended the action.

In an agreement signed in Abuja on April 30 by the leadership of the Trade Unions constituting the Joint Research and Allied Institutions Sector Unions (JORAISU) and government, it was agreed that the nine weeks is to allow a committee raised by government resolve all the issues in disagreement.

The issues in contention include one year arrears of salaries between July 2009 July 2010; demand for 65 years retirement age for non-teaching staff in research institutes; establishment of coordinating commission for research institutions; funding of research institutes; earned allowances and skipping of salary grade level 10.

While speaking to The Guardian on the suspension of the industrial action, the General Secretary of the Non Academic Staff Union of Educational and Associated Institutions (NASU), Peter Adeyemi, said the unions suspended the action owing to the approval of President Goodluck Jonathan of the settlement of all the issues in disagreement.

He said: “We were convinced as union leaders that we went on this strike because there was nothing concrete on the table. But now that we have seen actually that Mr. President who has final authority over this matter has approved most of our agitations, we have no choice other than reconsider our position hence the decision to suspend the strike for nine weeks to allow government put every machinery in motion towards the realization of the approved items.

“Our suspending the strike for nine weeks would also allow government to fail again rather than allowing a situation where the public will see us as people who don’t want to work. Even though government asked for 12 weeks, we thought that nine weeks was enough for them to kick-start the process because we consider the fact that these are senior government officials who have competing things to do.”

Adeyemi stated that while the memo signed by the President points the way forward for the resolution of the disputed issues, the payment of one-year salary arrears was not approved.

He said the withholding of the President’s approval was informed by a counter-memo presented by the Salaries, Income Wages Commission, which held that the workers were not entitled to the arrears because their negotiations did not end as at the time negotiations with the unions in the universities ended.

He explained: “But we have consistently faulted this position. Apart from positing that it is out to prevent waste and preserve government resources, the commission also observed that paying us the arrears may trigger off agitations in the sub-sector, Mr. President had no choice but to take a second look at the scenario.

“They also argued that if we were paid, it would then mean that our life span of the agreement government had with us would have begun a year earlier than the negotiated date. This position must have indeed appealed to Mr. President. However, attractive as this may seems, Mr. President has raised a committee to look at the entire thing and report back.

“The membership of this committee which is headed by the Secretary to the Government of the Federation, includes the unions, Coordinating Minister of the Economy, Ministers of Education, Labour and Productivity, Science and Technology and Agriculture and Salaries, Income and Wages Commission.”

Though Adeyemi admitted that nine weeks was not enough to accomplish all things set out in the agreement, he submitted that the period is good enough to lay a foundation for their accomplishment if government finds the will.

His words: “We do not expect all the approved items to be implemented in nine weeks, but government can put in place steps that will kick-start the process. For example, there is a draft bill in the National assembly on the proposed coordinating body for research institutions in the country.

 “The executive arm of government can initiate an accelerated process in the Assembly that can culminate in conducting a public hearing on the bill. This will show us that something concrete has begun. Indeed, we know that some of the items may not be conclusively dealt with within the period but actions can be taken that will reassure us of government seriousness within the nine weeks.”

Apart from NASU, other unions involved in the dispute include Senior Staff Association of Universities, Teaching Hospitals, Research Institutes and Associated Institutions (SSAUTHRIAI) and Academic Staff Union of Research Institutions (ASURI).

As a result the suspension of the strike, workers in the research sector resumed work yesterday (Monday).

 It was also agreed that there shall be no victimization of any worker arising from any act during the strike period.

Illoh raises committee on performance monitoring

The Permanent Secretary in the Ministry of Labour and Productivity, Dr. Clement Illoh, has inaugurated a committee on monitoring and evaluation to track performance management, transparency, increased productivity as well as service delivery in the ministry.

While raising the committee, Illoh argued that the step was aimed at achieving the objective of job creation for the teeming unemployed Nigerian youths.

He added: “What cannot be monitored or measured is not worthwhile, therefore the need to build a system of monitoring in other to track along the level of performance as well as challenges and solution became very compelling and that is why the Monitoring and Evaluation (M&E) Committee is being inaugurated.”

Speaking further, the Permanent Secretary revealed that monitoring and evaluation committees in ministries are expected to provide information for accountability and monitoring framework to track the programmes and projects of Ministries, Departments and Agencies (MDAs).

“The purpose of monitoring and evaluation frame work in conducting government business today is to improve the availability, quality and dissemination of governance performance information for accountability and policy improvement, the M&E is a strategy developed to establish a system for tracking the progress and performance of MDA’s programmes and projects,” he explained.

Illoh added that the essence of monitoring and evaluation is not intended to punish workers, but to make sure that projects and programmes work out according to plan.

The permanent secretary urged members of the committee to see their appointment as an opportunity to contribute to national development.

In his remarks, the Director (M&E) National Planning Commission, Dr. Lawal Zakari, lauded the management of the Ministry of Labour and Productivity for their commitment to effective monitoring and evaluation framework, which is aimed at supporting the implementation of the transformation agenda of government and achieving the objective of job creation.

He stated: “You need a very strong political will in any organisation for M&E to succeed, and I am very glad that such type of leadership exist in the Federal Ministry of Labour and Productivity, otherwise what we are witnessing today would not have happened, thanks to the permanent secretary for his able leadership to ensure that we have effective monitoring and evaluation framework to support the implementation of the transformation agenda of the present administration and achieving the objective of job creation which is dear to Mr. President.”

The 17-man committee, which has the responsibility of tracking performance management in the ministry, has its members drawn from within the ministry and its agencies with Mr. Zacchaeus Atte, Director Planning Analysis Research and Statistic in the Ministry of Labour as chairman.

Foundation trains 365 women entrepreneurs

A UK based Foundation for Women; Cherie Blaire in partnership with the Youth for Technology Foundation has trained 365 women entrepreneurs in Aba, the commercial centre of Abia State.

The women were equipped with business skills and knowledge and the ability to use technologies appropriately to access critical information necessary to build and sustain their businesses.

One of the guest speakers, Emelike Ogbonnaya, of the department of Business Administration and Management, Abia State Polytechnic, spoke on ‘Business Planning: a sine qua non to successful entrepreneur.’

He noted that about 80 per cent of business failures today can be blamed on lack of planning. He called on government to play its part in providing the needed support for entrepreneurship to grow in Nigeria.

Another speaker, Ejem Agwu, also of the department of Banking and Finance, Abia State Polytechnic, articulated the various sources of funds for entrepreneurs in Nigeria, and identified funding as a major problem for entrepreneurs in developing nations.

Ngozi Okpala, a successful entrepreneur inspired the women by recounting how she grew from the valley to the top. She said believing in oneself, building self image and integrity should be primary when trying to build a business and not money as people think.

The program manager, Ezekiel Nworie, said the objective of the programme is to provide women entrepreneurs in Nigeria with broad based training to help them strengthen and grow their businesses and become more financially independent and self-reliant.

‘Self-empowerment, key to wealth creation’

Self empowerment in recent times has become a widely stressed tool for poverty alleviation and eradication.

This has called for the promotion of small and medium scale enterprises across the country by supporting indigenous entrepreneurs who will not only crave for profit maximization but also encourage the development of talents and entrepreneurship in Nigeria.

A recent media chat with the founder, Street Child Theatre and Catering Home Ms. Theresa Unuorakpor, revealed that the prospects of engaging in a SME should not be underestimated.

According to her, “Preparing assorted local, continental and intercontinental dishes alongside interior decorations are what she enjoys doing most.”

Ms Unuorakpor, who also disclosed her love for children, said she founded the enterprise as a means of raising funds for developing children’s talent through skills acquisition and training programmes.

Habits that can ruin your retirement

Some soon-to-be-retired baby boomers are great savers, and their "golden years" of retirement will be much more golden than those of their contemporaries who are very good at spending and borrowing yet do a lousy job of saving money.

But being a great saver isn't enough.

My longtime friend Henry (Bud) Hebeler recently wrote about the grim financial prospects awaiting millions of people who are still working. Bud listed three major forces that will reduce most people's retirement prosperity 20 years from now: our growing national debt, the aging of our population and the decline of our savings rate.

A man with impeccable credentials for looking at big-picture economic trends, Bud recalled our nation's 20 per cent national savings rate during World War II and our 9 per cent savings rate for four decades after the war. Alas, that rate dropped to about 1 per cent in 2005, and last year it was still under 4 per cent.

To overcome this cumulative shortfall, Nigeria as a nation would have to save 20 per cent for the next 20 years. Yet that is certainly not likely to happen in a society that's economically dependent on and psychologically addicted to petroleum goodies and abandoned it agriculture and other natural resources endowed.

Some people who are still working and accumulating assets will build better retirements for themselves by saving aggressively and fully using tax breaks such as 401(k) plans and RSAs.

Even if you save 20 per cent of your earnings, that won't be enough if you are a careless investor.

Here are seven destructive (or at least counterproductive) habits and decisions that can ruin your retirement dreams.

Speculating, even with a small part of your portfolio

Very few people who are opportune to work in a multinational company; even government establishments leave with more money than when they arrived. At least (if they are fully rational) they can regard their losses as expenses of entertainment. But believe me, it's neither fun nor entertaining to have to scrimp in retirement because you made foolish investments when you were working.

Taking too little risk

This may seem strange coming from someone who preaches risk control at every opportunity. Especially after the market meltdown of 2008, too many people think they can "be safe" with their money in cash and bond funds. Inflation is a silent but deadly enemy of retirement, and the only reliable way to fight it is to invest part of your portfolio in low-cost, diversified stock funds.

Owning too much company stock

Your employer may incentivize you to load up your 401(k) plan with company stock, but it's a poor idea. Company stock is the enemy of diversification. According to experts say, you'd have to make four or more times the return of the Standard & Poor’s 500 Index SPX +0.65 per cent   to justify the risk of putting your whole savings in just one stock.

Ignoring recurring fund expenses and the internal trading costs of portfolio turnover

These often-invisible expenses can eat up half your retirement savings, even if they "only" cut your return by a couple of percentage points. In my 2012 book, “First-Time Investor: Grow and Protect Your Money,” I show that if over a lifetime you earn 8% instead of 6%, you will have 2.6 times as much money to spend and leave to your heirs. If you do that by cutting your costs, you aren't taking any additional risk.

Following the ‘I-can't-take-it-anymore’ market-timing strategy

When you are buying and selling, decisions are driven by emotions, you'll sell at the wrong time (you can't stand to lose any more money, after you have already lost a lot) and buy at the wrong time (you can't stand to stay on the sidelines any more when everybody else seems to be making easy money). To get the positive long-term returns from your investments, you have to stay in the game even when things look bleak.

Investing in familiar, ‘safe’ asset classes

Investing in so-called “safe” asset classes like large-cap growth stocks while passing up the opportunity to invest in a handful of asset classes that, when used together, are likely to increase your return and reduce your risk. More than 50 years of evidence indicates that adding small-cap stocks, value stocks, international stocks and real estate stocks, can boost your equity returns by two percentage points — and sometimes more.

Following the siren song of Wall Street in order to beat the market

Highly motivated salespeople will go to great lengths to persuade you to shoot for amazing returns that they suggest will leave "ordinary investors" far behind. If you fall for their sales pitches, you're likely to own investments that saddle you with high expenses, high commissions, low returns and worst of all, a lack of liquidity that can tie up your money forever.

Fortunately, you don't have to fall into these traps. If you save as much as you can and always do your best to avoid these seven pitfalls, you can make your golden years truly more golden.