Just a quick, quick snack!
From the proposed ₦615,000 minimum wage to predictions on the royal visit, catch everything in this email.
Good morning, Big Brains. It’s Margaret, aka Biggest Brains, again! So quick confession: I’ve been feeling smarter since I started writing The Big Daily. I know something extra about everything and nothing catches me off-guard. I’m genuinely curious to know if you’ve been feeling the same way. Fill out this form to let me know. Anyway, enjoy the quick rundown of the biggest stories of the day.
Word count: ~700
Reading time: ~ 2 mins
Let’s get into today’s edition:
Nigerian Civil Servants Receive Salary Increase From Government
Labour President Insists on ₦615,000 Minimum Wage
FCMB Seeks Green Light From Shareholders to Raise ₦150 Billion.
Chowdeck Secures $2.5 Million in Seed Funding
Experts Predict that Prince Harry and Meghan may ‘break Major Royal Protocol’ in Nigeria
The Big Deal
Nigerian Civil Servants Receive Salary Increase From Government
The Nigerian government has approved a pay increase for civil servants on Consolidated Salary Structures. The pay raise ranges from 25% to 35% to help workers cope with the rising cost of living. This increase includes police and military officers and will be retroactive to January.
Civil servants in the tertiary education and health sectors already received their raises, including those on the Consolidated University Academic Salary Structure (CONUASS) and Consolidated Tertiary Institutions Salary Structure (CONTISS).
According to Reuters, the lowest-paid government employee will now earn $324 (₦453,311.64) a year. Let the church say amen?
Labour President insists on ₦615,000 Minimum Wage
We may be making it out of the trenches and we have the Nigerian Labour Congress President to thank for it. He called the 25%-35% salary increase for civil servants mischievous because there's still no news about the new minimum wage, even though the former minimum wage expired on April 18. He mentioned that the current minimum wage of ₦30,000 isn't realistic anymore considering the state of the economy and the labor union is proposing that the minimum wage should be increased to ₦615,000 for civil servants.
FCMB Seeks Green Light From Shareholders to Raise ₦150 Billion.
First City Monument Bank (FCMB) is gearing up to ask its shareholders for approval to raise ₦150 billion in new capital by selling stocks or bonds. This financial boost will help the bank meet new requirements set by the Central Bank.
FCMB, like other tier 2 banks such as Access Holdings, Stanbic IBTC, First Bank, United Bank for Africa (UBA), and Guaranty Trust Holding Company (GTCO), has set its sights on reaching a target of ₦200 billion in capital. In a statement on the Nigerian Exchange yesterday, the bank revealed it will explore various options for raising the funds, including offering shares to investors in the Nigerian and international markets.
Chowdeck Secures $2.5 Million in Seed Funding
Nigerian food delivery startup, Chowdeck, has received $2.5 million in seed funding to improve its operations and expand to more cities across the country.
The company stated that the funding round includes backing from investors like YCombinator, Goodwater Capital, FounderX Ventures, Hoaq Fund, Levare Ventures, True Culture Funds, and Haleakala Ventures.
Since launching in October 2021 after the COVID-19 lockdown in Lagos, this investment will allow Chowdeck to expand to more cities in Nigeria.
Experts Predict that Prince Harry and Meghan may ‘break major Royal protocol’ in Nigeria
Word on the street is that Prince Harry and Meghan Markle might be involved in some not-so-royal actions during their upcoming trip to Nigeria. Sources hint that the couple might break major royal protocol, showcasing a more relaxed, down-to-earth glimpse into their lives while in the country.
This royal duo is known for their unconventional ways, so it's no surprise that they're expected to shake things up a bit during their visit.
The Big Picks
How to Improve Productivity on Lazy Days: You’ll probably have a lazy day today (because according to the good people of X, yesterday felt like a Saturday) but I found this cool article that can teach you how to get stuff done no matter how unmotivated you are. I hope it helps!
Wahala: If you want to do something fun during your lunch break, you should read Wahala. The title sounds like drama and the plot gives drama. It’s a story of female friendship following three Nigerian women trying to figure out this life thing.
All the Editions of TBD You Missed: Play catch-up the smart way. We hope you revisit all the editions of The Big Daily you’ve missed.
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