₦airaland Forum

Tier-One Lender United Bank for Africa (UBA) saw its average interest rate charged on loans to customers rise to 28.5% per annum in the third quarter (Q3), of 2022, according to data from its financial statement analysed by MoneyCentral.

As the Central Bank of Nigeria (CBN) embarked on aggressive interest rate hikes to temper inflation, Tier-One banks have been quick to pass that along to borrowers.

UBA earned N217.78 billion as interest income from outstanding loans of N3.049 trillion in Q3, equivalent to an average of 7.1% for the quarter or 28.5% per annum.

This included term loans and overdrafts, the data showed.

That was up 16.4% from the N187.05 billion it earned from interest it charged on loans in Q3, 2021.

While customers were charged high interest rates by UBA of 28.5% on loans, the bank paid as little as 5.6% on average for its N7.028 trillion worth of deposits from customers, used to create the loans in the first place.

That made savers with the bank to earn way below the inflation rate of 21.09%.

With high inflation and high cost of borrowing Nigerian firms are largely unable to expand and grow job openings, leading to sluggish growth and high unemployment for what is still Africa’s largest economy.

“I had my goods stuck at the ports for more than 6-months earlier this year accumulating demurrage. My bank charged me close to 30% for the loans I used to partly finance the business. Once I cleared them I was unable to recoup my investment after paying the high interest on the loan plus customs,” a Lagos based dealer in heavy industrial machinery told MoneyCentral.

The major candidates running to be Nigeria’s President in 2023, have all fingered high interest rates as an economic challenge.

According to Atiku Abubakar of the People’s Democratic Party (PDP):

“Within the first 100 days in office, I will create an Economic Stimulus Fund with an initial investment capacity of approximately US$10 billion to prioritize support to MSMEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth.”

Asiwaju Bola Ahmed Tinubu the Presidential candidate of the APC in his manifesto promised to help manufacturers to:

“Create, and invent more of the goods and services we require. Nigeria shall be known as a nation of creators, not just of consumers.”

Peter Obi of the Labor Party (LP) in his manifesto released over the weekend says:

“We will prioritize the development of MSMEs through a boutique of incentives which include new structures, new capital access, new legislation to support small business growth and strategic centres of excellence for small businesses such as Enterprise Hubs, Business Incubators and MSME Industrial clusters across all the geopolitical zones.”

It remains to be seen if their policies can bring down high bank interest rates for the benefit of SME’s and industry.

https://moneycentral.com.ng/exclusive/article/high-interest-rates-uba-charged-28-5-for-loans-in-q3-as-customers-groan/

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Yes. It seems there is a regulatory grey zone regarding these exchanges in Nigeria and even overseas.

The Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) has appealed against the assault of AAX staff by angry Nigerians, following the suspension of Crypto withdrawals by the exchange, on November 12, which is sparking panic among Nigerian crypto investors exposed to the exchange.

“We appeal to and discourage any dissatisfied or angry user or investor from harassing or victimizing the AAX Country Manager (Nigeria), other local staff members, and AAX ambassadors nationwide. These persons are also facing the same situation as disgruntled users and investors are. At the time of writing this notice, we are aware that communication between these persons and AAX headquarters has been equally strained at this time. We therefore appeal for understanding and patience from all Nigerian AAX users,” SIBAN said in its statement.

Crypto exchange AAX which stands for Atom Asset Exchange, said on Nov 12 that it had suspended activity, citing a scheduled upgrade that had been delayed by turbulent markets.

“Withdrawals have been suspended to avoid fraud and exploitation,” the company said. “AAX will continue our best efforts to resume regular operations for all users within 7-10 days to ensure the utmost accuracy.”

The company, which launched in 2019 as the first crypto user of the London Stock Exchange Group’s (LSEG) matching technology, said it had no financial exposure to FTX or its affiliates.

It stores a “substantial amount” of its assets in cold wallets and doesn’t lend out user funds to venture activities, it said.

However Cryptocurrency investors in AAX are searching for senior executives of the exchange in Hong Kong after its decision last month to halt withdrawals triggered a backlash among users, the FT reported today.

The search, conducted by thousands of users through multiple Telegram messaging groups, underscores the increasing desperation of investors in the unregulated industry.

According to AAX users, the exchange has since failed to process customer withdrawals, and staff told the Financial Times they had been disconnected from the company’s email systems.

The Hong Kong Monetary Authority, the city’s financial regulator, said the exchange did not fall under its purview, while the Securities and Futures Commission said it did not comment on individual cases. AAX is not one of the SFC’s few licensed virtual asset trading platforms.

Hong Kong is a crypto hub, housing offices of several groups, including Sam Bankman-Fried’s FTX exchange and his crypto trading company Alameda.

AAX vice-president Ben Caselin said on Twitter he resigned on November 28, citing a loss of trust in management. Caselin, one of the AAX executives users are searching for to recover their funds, told the FT he was unable to help.

After withdrawals were paused, AAX users set up Telegram groups to exchange information and posted leaked pictures of senior executives’ personal identity documents to try and establish their whereabouts.

“I started to notice there was something suspicious behind all this, so I did my own investigation,” said Mike Ong, a Singaporean financial executive who is part of the groups.

“In that period when they said they were doing maintenance, a lot of core management started to delete their online presence.”

SIBAN says AAX was registered in Nigeria as a corporate member of SiBAN (Global Digital Asset Exchange category) in April 2022 as AAX Atom Asset Exchange, a private company limited by shares, with address at Trident Chambers, PO 1388, Victoria, Mahe, Seychelles.

It has been over 10 days since the system upgrade announced by AAX on 12 November 2022.

“This has understandably caused serious suspicions, panic, and distrust amongst AAX users, particularly Nigerian users, the industry at large, and the general members of the public,” SIBAN said in its statement.

“Consequently, for many AAX users and the members of the public, the prolonged AAX
system upgrade till the time of writing this notice significantly raises more questions
than answers. And AAX, contrary to its promise to maintain a daily update of the
situation, has so far neglected or failed to maintain the trust and confidence of its
users.”

Read FULL SIBAN Letter Here https://siban.org.ng/wp-content/uploads/2022/11/Public-Notice_-AAX-Exchanges-Prolonged-Suspension-of-Withdrawals-User-Protection-and-Investor-Safety-in-the-Nigerian-Crypto-Market-signed-1.pdf

https://moneycentral.com.ng/exclusive/article/aax-executives-disappear-as-suspension-of-crypto-withdrawals-spark-panic-in-nigeria/

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Ecobank Transnational Incorporated (ETI), customer deposits saw a major drop in the nine-months period to September 2022, threatening to weigh on credit growth for the Tier-One lender.

Ecobank posted a 3.5% drop in customer deposits equivalent to N297.65 billion (compared to December 2021 levels), as it reported third-quarter earnings this week.

MoneyCentral data showed Ecobank was the only one out of the six biggest banks to post a drop in deposits in their third-quarter results.

Ecobank deposits from customers fell to N8.062 trillion in September 2022, compared to N8.360 trillion in December 2021.

By comparison, Zenith Bank grew its customer deposits to N8.042 trillion in September 2022, from N6.472 trillion in December 2021, (a 24.2% growth).

Access Holdings grew its customer deposits to N8.189 trillion in September 2022, from N6.954 trillion in December 2021, (a 17.7% growth).

FBN Holdings grew its customer deposits to N6.60 trillion in September 2022, from N5.849 trillion in December 2021, (a 12.8% growth).

United Bank for Africa (UBA) grew its customer deposits to N7.028 trillion in September 2022, from N6.369 trillion in December 2021, (a 10.3% growth).

Finally, of the big six, Guaranty Trust Holding Company (GTCO), grew its customer deposits to N4.257 trillion in September 2022, from N4.012 trillion in December 2021. (a 6.1 % growth).

Analysts tell MoneyCentral that Ecobank would face deeper issues if its unable to mobilize deposits like other banks.

“If a bank doesn’t have enough deposits, slower loan growth might result, or the bank might have to take on debt to meet loan demand which would be far costlier to service than the interest paid on deposits,” one analyst said.

This is already showing up in their operations as Ecobank’s loan and advances to customers fell marginally to N4.030 trillion in the September 2022 period, from N4.061 trillion in December 2021.

[url]https://moneycentral.com.ng/exclusive/article/ecobank-falling-customer-deposits-may-signal-deeper-issues/
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https://moneycentral.com.ng/wp-content/uploads/2022/09/Jeremy-Awori-Ecobank.png
Jeremy Awori Group Chief Executive Officer .ETI

Tradepunter2:
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Banks like attract higher deposits are likely to :

1. Have more branches, wider spread, more channels like ATMs

2. Have a stronger capital base and enjoy customer confidence. In essence, customers are literally voting with their money.

Domino’s Pizza has newly introduced jollof rice and roasted chicken as part of its menu for its Nigerian market.

Announcing the development via its Instagram page on Tuesday, Domino’s Nigeria stated that each pack of jollof rice would come with a roasted chicken.

The jollof rice and chicken would be sold at the starting rate of N1200 per pack.

This would be the first time that the leading pizzaiolo would be accommodating the provision of a meal since it was set up in Nigeria in 2012.

Amid the prevailing socio-economic hardship under the President Muhammadu Buhari regime, food providers are innovating ways to keep their businesses afloat.

Earlier in April, Chicken Republic introduced a package consisting of rice and egg with sauce at a pocket friendly price, helping millions of Nigerians to have access to food with just N500.

See some reactions below:

https://moneycentral.com.ng/markets/article/nigerians-react-as-dominos-pizza-adds-jollof-rice-to-its-menu/

https://moneycentral.com.ng/wp-content/uploads/2022/11/Dominos-Jollof-Rice.png

MoneyCentral has compiled the list of Top 10 Nigerian banks by customer deposits based on the third quarter, 2022 results as glimpsed from the stock exchange and our findings are interesting.

The biggest banks in Nigeria by total deposits are:

Access Bank Plc with N10.25 trillion.

The next biggest are:

Zenith Bank, N8.04 trillion
United Bank for Africa (UBA), N7.81 trillion
First Bank Holdings, N7.61 trillion
Guaranty Trust Holding Company (GTCO), N4.39 trillion.

Leading the next tier are:

Fidelity Bank, N2.29 trillion,
Stanbic IBTC, N1.65 trillion,
Union Bank N1.53 trillion,
Sterling Bank N1.30 trillion,
Wema Bank N1.07 trillion.

The biggest lenders in Africa’s most populous nation collectively grew total deposits by 15.08 percent to N44.86 trillion in September 2022 from N38.98 trillion the previous year.

Top 10 Nigerian Banks attribute the growth in deposit to an excellent execution of retail strategy in the face of challenging operating environment, but they face stiff competition from Fintechs who are gradually cannibalizing on sales.

Revenues from Nigeria’s financial technology (fintech) sector are expected to grow by 12 per cent per year until 2025 backed by an influx of funding and increasingly supportive regulatory frameworks, according to a report published by McKinsey & Company.

The notable increase in deposits is amid a reduction in industry non-performing-loans (NPLs) as the results of stress test by the central banks shows resilience of lenders’ solvency and liquidity ratios in response to severe macroeconomic shocks.

“Banks must remain vigilant to proactively manage probable macro risks to the financial systems,’’ said Aishah Ahmad, deputy governor, financial systems stability directorate.

https://moneycentral.com.ng/quick-take/article/top-10-nigerian-banks-by-customer-deposits-september-2022/

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Aminu Umar-Sadiq, MD/CEO of the NSIA


Employees of the Nigeria Sovereign Investment Authority (NSIA), who manage Nigeria’s sovereign wealth fund (SWF) on average earned N46.6 million ($104,000) per annum in 2021, even as efficiency fell.

The NSIA boosted its staff strength by 21% to 57 people last year, while operating income per staff fell by 25% to N2.58 billion compared to 2020 levels, according to MoneyCentral calculations.

Income per employee is an efficiency ratio that measures the operating income of an organization divided by its current number of employees.

Staff costs as a percentage of operating income rose to 1.8% (from 1.3% in 2020), while they made up 53% of total operating expenses.

NSIA’s Return on average equity (ROAE), fell to 17.7% (24.7% in 2020), Return on average assets (ROAA) fell to 13.6% (21.3% in 2020), while return on average earning assets dropped to 33.2% (60.1% in 2020).

Nigeria’s sovereign wealth fund (SWF) also under performed global peers in 2021 as its total comprehensive income fell by 8% to N146.9 billion, despite it being a year of rally in global equities, leading to outperformance by other SWFs.

Total comprehensive income for the Nigeria Sovereign Investment Authority or NSIA which manages Nigeria’s SWF was affected by a slide in interest income, gains on financial assets and net foreign exchange gains, compared to the year ago period, data seen by MoneyCentral shows.

An increase in costs such as investment management and custodian fees as well as depreciation and amortization costs also affected the bottom-line.

By comparison, Norway’s SWF returned 14.5% in 2021, driven by positive equity and real estate returns, Norges Bank said in March.

Aminu Umar-Sadiq, was appointed as the new MD/CEO of the NSIA in October, after the expiration of the tenure of the erstwhile MD, Mr. Uche Orji, whose tenure expired on the 30th of September, 2022 after serving two five-year terms, following his appointment on 2nd October, 2012.

https://moneycentral.com.ng/exclusive/article/nsia-employees-salary-rose-to-n46-6m-per-annum-as-efficiency-fell/

Zenith Bank Plc, Access Bank Plc, and Guaranty Trust Holding Company (GTCO) are among the top-10 Nigerian Banks by Profit in the third quarter (Q3) of 2022 as sector players benefit from the aggressive rate hikes by the central bank.

The nine months financial statement of companies glimpsed from the Nigerian Exchange Limited according to data gathered by MoneyCentral, shows :

1.Zenith Bank posted a net income of N174.33 billion.

2. Access Bank, N137 billion

3. GTCO, N130.48 billion

4. United Bank for Africa or UBA, N116.04 billion

5. FirstBank Holdings, N91.28 billion

6. Stanbic IBTC, N55.18 billion

7. Fidelity Bank, N34.95 billion

8. Union Bank, N18 billion

9. Sterling Bank, N13.40 billion

10. Wema Bank N8.17 billion

It appears the Russia and Ukraine war and a rally in crude oil prices that are forcing central banks to hike interest rates to tame rising inflation is a boon for lenders whose earnings are improving even amid a stock sell-off as investors are wary of uncertainties surrounding the 2023 elections and a myriad of challenges.

When interest rates are higher, banks make more money, by taking advantage of the difference between the interest banks pay to customers and the interest the bank can earn on loans and by investing.

The Monetary Policy Committee of the central bank has raised the Monetary Policy Rate (MPR) by 100bps to 16.50% from 15.50% while keeping other parameters constant- Cash Reserve Ratio (CRR) at 32.50% and Liquidity ratio at 30.00%.

The largest banks in Africa’s largest economy collectively grew net income by 18.81 percent to N778.74 billion in September 2022 from N655.05 billion as at September 2021.

Their combined interest income was up by 29.19 percent to N2.42 trillion in September 2022 from N1.87 trillion as at September 2021.

https://moneycentral.com.ng/wp-content/uploads/2020/08/Nigerian-banks-edited-new.png

https://moneycentral.com.ng/exclusive/article/zenith-access-gtco-are-nigerias-biggest-banks-by-profit-in-q3-2022/

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The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that President Muhammadu Buhari will unveil the new re-designed Naira notes tomorrow November 23, 2022.

Emefiele announced this at the press briefing following the Monetary Policy Committee (MPC) meeting in Abuja.

In a bid to curb the rise in currency circulation outside bank vaults, the CBN with approval from President Buhari has announced a redesign of the N200, N500, N1000 currency.

He also said that existing Naira notes would cease to be regarded as legal tender by January 31, 2023.

https://moneycentral.com.ng/exclusive/article/buhari-to-unveil-new-naira-notes-on-wednesday-emefiele/

Ojoma Yusuf, Yola

A diploma holder from the Adamawa State Polytechnic, Yola, Muhammed Auwal Abubakar, was on Monday, remanded in prison custody for dressing as a lady in order to dupe men.

Muhammed the impersonator who is a Diploma holder in Business Management Education, was remanded in prison custody by the Chief Magistrate Court Girei presided by Martina Gregory.

https://moneycentral.com.ng/wp-content/uploads/2022/11/Adamawa-Man.png


The defendant who gave his female name as Fadi, pleaded guilty after he was arraigned before the court by the Prosecutor, Inspector Wamkai Ngapuro.

Muhammed who hails from Tashan Sani in Yola South LGA, told the court that he is diploma holder, and that he dresses like a woman and follows ladies in order to exploit men of insatiable taste. It was gathered learnt that during their outings, the ladies usually give him between N500 to N1,500 depending on the money they realise on that day from their victims.

It was further gathered that anytime gullible men wanted to take her (him) out, the ladies who go out together with her (him) will lie to them that she is experiencing her menstrual circle.

He was apprehended on Saturday the 16th November, 2022 at Girei market while buying an erring where he was sighted by a man who suspected that he must be a male and not female.

The man was said to have raised an alarm which led to the arrest of the defendant who eventually confessed to the offence during interrogation.

After the defendant’s plea, the prosecutor, Inspector Wamkai, applied that he should be tried summarily under section 351 of the Administration of Criminal Justice Law.

Having pleaded guilty to the offence which according to the prosecution contravened section 269 of the penal code law, 2018, the defendant was remanded in prison until 5th December, 2022.

When asked what he has been doing with money he obtains from the duped. He told newsmen that he usually spends the money on getting food to eat and also getting cosmetics to look good.

https://moneycentral.com.ng/moneycentral-north/article/man-poses-as-lady-to-dupe-men-in-adamawa/

Qatar has been accused of bribing Ecuador players to lose their FIFA World Cup 2022 opener, scheduled for Sunday in Al Khor.

The FIFA World Cup 2022 is finally here, with hosts Qatar set to face Ecuador in the opener on Sunday, at the Al Bayt Stadium in Al Khor.

The hosts have had to get past countless controversies to reach this point. Some of the accusations revolve around Qatar paying bribes to win their World Cup bid and also allegations of human rights abuse for their migrant workers.

Now the Arab country finds itself caught in another fresh scandal, just a day before their World Cup opener.

According to Amjad Taha, an expert in strategic political affairs and regional director of the British center in Saudi Arabia, Qatar allegedly bribed eight Ecuadorian players 7.4 million dollars to lose the opener.

He stated that his sources were insiders from the Qatar and Ecuador camps, and also urged the world to fight FIFA corruption.

Taking to Twitter, he tweeted: Exclusive: Qatar bribed eight Ecuadorian players $7.4 million to lose the opener(1-0 ⚽️ 2nd half). Five Qatari and #Ecadour insiders confirmed this. We hope it's false. We hope sharing this will affect the outcome. The world should oppose FIFA corruption.

Since the allegation, neither Qatar nor FIFA has revealed a statement. The country also found themselves in controversy after banning beer in stadiums.

https://moneycentral.com.ng/sport/article/scandal-erupts-in-world-cup-as-qatar-accused-of-bribing-ecuador-players-7-4-million-to-lose-opener/

Former US President Donald Trump’s Twitter account has been reinstated on the platform.

The account, which Twitter banned following the January 6, 2021, attack on the Capitol, was restored after Twitter CEO and new owner Elon Musk posted a poll on Twitter on Friday night asking the platform’s users if Trump should be reinstated.

“The people have spoken. Trump will be reinstated,” Musk tweeted Saturday night. “Vox Populi, Vox Dei,” Latin for “the voice of the people is the voice of God.”

The final poll results on Saturday night showed 51.8% in favor and 48.2% opposed. The poll included 15 million votes.

The much-anticipated decision from the new owner sets the stage for the former president’s return to the social media platform where he was previously its most influential, if controversial user.

With almost 90 million followers, his tweets often moved the markets, set the news cycle and drove the agenda in Washington.

Trump has previously said he would remain on his platform, Truth Social, instead of rejoining Twitter, but a change in his approach could hold major political implications.

The former president announced this month that he will seek the Republican presidential nomination in 2024, aiming to become only the second commander in chief ever elected to two nonconsecutive terms.

Asked on Saturday what he thought of Musk purchasing Twitter and his own future on the platform, Trump praised Musk but questioned whether the site would survive its current crises.

“They have a lot of problems,” Trump said in Las Vegas at the Republican Jewish Coalition meeting. “You see what’s going on. It may make it, it may not make it.”

Still, Trump said...

https://moneycentral.com.ng/markets/article/elon-musk-restores-donald-trumps-twitter-account/

Petrol prices in Ghana are on a tear, reaching multi-year highs of $1.282 per lite, equivalent to N910 per litre in Nigerian Naira. Nigerian petrol prices are relatively cheaper, selling at N175 per litre in Lagos.

The Chamber of Petroleum Consumers Ghana (COPEC), has predicted that the prices of petroleum products could see another increase in the next pricing window, which commences on November 16, 2022.

According to COPEC, the depreciation of the Ghana cedi, coupled with other international market developments and forces, will be a major contributory factor for the upward review of prices.

Currently, petrol and diesel are selling at GH¢18 and GH¢23.49 per litre respectively at various pumps across the country, with commercial drivers and the general public lamenting the impact on the general cost of living.

Earlier in November, over 1,000 protesters marched through Ghana’s capital Accra , calling for the resignation of President Nana Akufo-Addo amid an economic crisis that has hammered the cedi currency and seen fuel and food costs spiral to record levels.

The president sought to reassure Ghanaians that the authorities would get the country’s finances back on track after consumer inflation topped 37% in September, a 21-year peak despite aggressive policy tightening.

Nigeria’s Dangote Refinery, which should come on stream next year could help lower fuel costs...

https://moneycentral.com.ng/exclusive/article/ghana-petrol-prices-hit-n910-per-litre/

Nigerian banks have issued updates about changes regarding foreign exchange (FX) requests by Nigerian students wishing to study abroad.

Going forward, a minimum of 60 days is required in processing school fees, following the submission of Form A documents at the branch. This is subject to a maximum of $15,000 per semester, with a limit of 2 semesters per session.

Application for Upkeep requires a minimum of 60 days for processing, and is subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester (limited to 2 semesters per session).

Evidence of payment of school fees for the current session will be required.

“Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch, exactly 14 days before your proposed travel date. Sales are limited to two quarters a year,” banks said.

Applications for Form A (School fees, Student Upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) Platform. This must be in line with Regulatory Requirements.

Requests will be processed and disbursed subject to the availability of FX.

https://moneycentral.com.ng/exclusive/article/students-limited-to-15000-per-semester-have-60-days-to-process-school-fees-cbn/

England’s 26-strong World Cup squad has been announced today as Gareth Southgate revealed who made the cut. So far, a number of teams have announced their squads, including Brazil, Germany and France.

With their Group B opener coming just 11 days after the squad is named, at a tournament that has been unceremoniously wedged into the middle of the season, the England manager has sprung a few surprises.

Full England squad
Goalkeepers: Jordan Pickford ( Everton ), Nick Pope (Newcastle), Aaron Ramsdale ( Arsenal)

Defenders: Harry Maguire (Man Utd), John Stones (Man City), Kyle Walker (Man City), Luke Shaw (Man Utd), Kieran Trippier (Newcastle), Trent Alexander-Arnold ( Liverpool) , Eric Dier ( Tottenham ), Conor Coady (Everton), Ben White (Arsenal)

Midfielders: Declan Rice (West Ham ), Jude Bellingham (Borussia Dortmund), Jordan Henderson (Liverpool), Mason Mount ( Chelsea ), Kalvin Phillips (Man City), James Maddison ( Leicester ), Conor Gallagher (Chelsea)

Attackers: Harry Kane (Tottenham), Phil Foden (Man City), Raheem Sterling (Chelsea), Marcus Rashford (Man Utd), Bukayo Saka (Arsenal), Jack Grealish (Man City), Callum Wilson (Newcastle)

Marcus Rashford has not kicked a ball for England since missing his spot-kick at the Euro 2020 final but a recent resurgence in form under Erik ten Hag has seen him force his way back in.

James Maddison’s fine form at Leicester has led to clamour for the attacking midfielder to be selected, while striker Callum Wilson has caught the eye at Newcastle and each of them have done enough to earn a place.

Elsewhere, a few have already been told that they ...

https://moneycentral.com.ng/sport/article/england-world-cup-squad-gareth-southgate-names-official-26-man-side-for-qatar/

Nurses across the UK will strike this winter for the first time in the history of their 106-year-old trade union.

As the Royal College of Nursing revealed on Wednesday, members at the majority of National Health Service employers have supported the industrial action “in their fight for fair pay and safe staffing.”

“Industrial action is expected to begin before the end of this year, with more detailed plans and timelines announced shortly,” the trade union said.

The walkout will not affect emergency services or intensive care units but is expected to impact routine medical appointments.

The nurses are campaigning for a pay rise of 5% above retail inflation, which exceeds 12% amid a cost-of-living and energy crisis that has been exacerbated by sanctions on Russia and the decrease in Russian energy supplies to Europe.

According to an estimate by The Guardian, the average annual salary for nurses of £35,680 ($40,600) in real terms is £3,000 ($3,400) less than a decade ago, due to inflation.

Health Secretary Steve Barclay expressed his disappointment over the planned strike. He took to Twitter to offer a reminder that the government has given “over one million NHS workers a pay rise of at least £1,400 ($1,600) this year on top of a 3% rise last year.”

“But union demands for a 17.6% pay settlement are around three times what millions of people outside the public sector will typically receive and simply aren’t reasonable or affordable,” Barclay emphasized.

Education Secretary Gillian Keegan, who was criticized earlier this year for sporting a £10,000 ($11,400) Rolex watch, added fuel to the bitter dispute.

Commenting on reports that some nurses are being forced to use food banks, Keegan told Sky News that such a thing normally happens when something breaks down, “either a relationship or boiler or anything.” She added that she doesn’t see “any point” in a strike by nurses.

Unions responded furiously to these remarks.

https://moneycentral.com.ng/markets/article/uk-nurses-announce-first-national-strike-in-history/