Top 5 Stories Of The Day | NUP Demand for Renegotiation of Minimum Wage Due to Increase in Petrol Price

• NUP demand for renegotiation of minimum wage due to increase in petrol price
• Coca-Cola is set to invest $1 billion in Nigeria within five years
• Dangote officials kick against importation of fuel by oil marketers
• PZ Cussons set to sell Nigerian subsidiaries
• Governor of Edo State declares public holiday over upcoming Edo State election

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

NUP demand for renegotiation of minimum wage due to increase in petrol price

The Nigerian Union of Pensioners (NUP) of the South West Zone has called for a review of the amount of the earlier approved minimum wage (₦70,000), claiming that it is no longer sufficient for anyone to survive on that, citing the increase in petrol price over the past weeks.

The pensioners held a zonal meeting in Ado Ekiti, where they all requested a review of the minimum wage, demanding that it be increased from ₦70,000 to ₦250,000 due to the recent economic developments.

The Publicity Secretary of the South-West NUP, Dr Olusegun Abatan, also warned that the payment of local government autonomy should in no way affect the payment of pensions to council pensioners/retired primary school teachers and salaries of local government workers/primary school teachers.

Coca-Cola is set to invest $1 billion in Nigeria within five years

Intercontinental company Coca-Cola Hellenic Bottling Company has announced its plan to invest about $1 billion in Nigeria within five years.

The announcement was made during a meeting of John Murphy, the CFO and President of Coca-Cola, and Segun Apata, the Nigerian Bottling Company Chairman.

John Murphy stated that Nigeria alone generated about ₦320 billion annually for the company through almost 300,000 customers, making for ₦90 billion in revenue for the Nigerian government.

Dangote officials kick against importation of fuel by oil marketers

Dangote officials have raised their voices against the continuous importation of fuel by oil marketers in Nigeria due to Dangote’s petrol price hike.

According to reports, major oil marketers have purchased about 141 million litres of oil coming to Nigeria through oil vessels. Though Dangote Refinery calls its oil good quality, oil marketers seem to be boycotting it because of its expensive price.

Despite being made locally, oil made from Dangote’s Lekki-based refinery costs more than imported oil, and Dangote’s officials have called the imported oil of lesser quality compared to theirs.

PZ Cussons set to sell Nigerian subsidiaries 

Multinational company PZ Cussons has put out a sale of its African subsidiaries to any interested buyers.

The parent company of PZ Cussons Nigeria claimed that it was aiming for either a partial or total sale to remedy the company’s losses due to the foreign exchange market.

“The period was marked by a 70% devaluation of the Nigerian naira, which has had significant implications on our reported financials. We have worked hard to mitigate this impact on the group while continuing to serve Nigerian consumers facing unprecedented inflation and economic difficulties,” the company published.

Governor of Edo State declares public holiday over upcoming Edo State election

The Edo State government has announced that Friday, 20 September, will be a public holiday to allow residents to travel to their respective towns and local government areas to vote in the upcoming election.

The government has ensured that there will be maximum security provided throughout the state to avoid any violent action disrupting the election, so people are advised to go to their ballot locations to enable them to vote.