Business
Five bad habits that could land you in debt
Being in debt is stressful, can get embarrassing and poses a huge threat to an individual’s financial freedom. Crucial debt can even affect a person’s goal as it must be factored in their every plan.
If you’ve ever had to pay off a debt, even a little, you may relate to the descriptions in the preceding paragraphs.
If you’d like to enjoy a debt-free life then doing away with the habits listed in this article will help you achieve that.
Impulse Spending
Do you go shopping for a specific item but then end up overbuying items out of your initial list? Yes, that happens to a lot of us. But this does not break the bank.
However, it is the habit of spending impulsively which can ruin a person’s finances.
Sometimes, impulse spending can be the rush of excitement you may feel to buy an item or splurge. Oftentimes, we tend to regret having spent on impulse.
Living Without A Budget
Yeah, budgets aren’t just fancy lists to outline your expenses, they’re also important in maintaining financial standards.
By living within a budget, you’ll be sure to avoid sudden expenses which could overtime, welcome debt.
Having No Savings
Savings is a lifestyle habit which encourages a debt-free life.
Whether it’s an emergency fund, short-term, long-term, or a retirement fund, keeping money aside for future purpose is a way to secure future plans.
Identify the kind of savings which works for you and consult with a financial institution or expert to put you through the required procedure.
Living Above Your Means
Unlike the picture you may have in mind of a person living large, living above one’s means is when a person has more than enough income for the basics but the person indulges in eating out, vacations, and overspending on clothes and cars at the expense of future needs such as having adequate retirement savings.
So cut down unnecessary expenses which your income cannot afford and instead try living below your income.
Eating Out All The Time
One of the ways people land into debt is by eating out all the time.
While this may seem unlikely, it really is true. The pricing of food might not seem to take up so much but multiply the money spent on eating out in bulk, and you’d be blown away by how much of your money goes into that.
By cooking and eating homemade food, you’re in a better position to plan a budget around your feeding without breaking the bank. Oh, and nutrition experts said eating homemade food is a healthier option.
Written by Honest Micah
Business
UK government announces 45,000 seasonal worker visas for 2025
In a bid to address labour shortages in its agricultural and poultry sectors, the UK government has announced plans to issue 45,000 Seasonal Worker visas in 2025.
This initiative aims to support the nation’s food production by ensuring sufficient workforce availability during peak demand periods.
The visa allocation includes 43,000 slots for horticultural roles, encompassing tasks like fruit picking, vegetable harvesting, and flower cultivation, while 2,000 visas are designated for poultry sector positions focused on processing tasks between October and December.
The Seasonal Worker visa scheme is intended to provide a temporary labour force for essential roles in food production.
To be eligible for these visas, applicants must be at least 18 years old, have a valid sponsorship from a licensed UK employer, and meet health and safety standards for their respective roles.
Applicants are also required to provide evidence of adequate funds for their stay and must secure health insurance coverage.
Visa holders must return home once their employment period ends and cannot convert their visa type while in the UK.
Application Process and Sector-Specific Roles
The Seasonal Worker visa covers various tasks within the horticulture and poultry industries. In horticulture, seasonal workers perform duties such as planting, pruning, weeding, harvesting, and packing. Poultry workers, in contrast, handle responsibilities including bird care, egg collection, and processing.
Candidates interested in these roles must first obtain a sponsorship certificate from a licensed UK employer. Once sponsored, applicants can complete their visa application through the UK’s online immigration portal. Applications for poultry roles close by November 15 each year, while horticulture applications are accepted year-round.
Balancing Seasonal Labor with Technological Advancements
In addition to expanding the Seasonal Worker visa program, the UK government is investing in technological solutions to reduce its reliance on seasonal labor. Planned investments include automation, such as robotic harvesters, to improve agricultural efficiency and sustainability.
The government has pledged up to £50 million to support innovations in agriculture, including robotics and automation technologies.
This extension of the Seasonal Worker visa scheme, renewed in May 2024 for an additional five years, will be in effect until 2029. The extended timeline aims to give businesses the opportunity to gradually adopt technology-based solutions, ultimately creating a more sustainable workforce model in the UK’s agricultural sector.
Business
NDIC to begin sale of Heritage Bank assets December 4
The Nigeria Deposit Insurance Corporation (NDIC) says the sale of Heritage Bank assets will begin on December 4, 2024.
In a statement on Sunday, Bashir Nuhu, NDIC’s director of communication and public affairs, said the commission has started the process to sell off landed properties belonging to the defunct bank.
Nuhu said the exercise conforms to the corporation’s statutory powers as the liquidator of failed banks in the country.
He said interested bidders should submit bids at designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.
“In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank, the Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the sale of landed properties of the defunct bank,” the statement reads.
“The exercise is pursuant to the Corporation’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023.
“The sale of assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday 4th December, 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants.
“In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.”
‘CORPORATE BODIES, PRIVATE INDIVIDUALS ELIGIBLE TO BID’
Nuhu said corporate bodies and private individuals interested in the bidding are eligible to participate without prejudice, assuring that the auction will be open and competitive to all bidders.
He added that bidders will be allowed to inspect the properties and chattels across all locations prior to disposal.
“For full details check our website, social media platforms and Newspapers,” Nuhu said.
On June 3, the Central Bank of Nigeria (CBN) revoked the licence of Heritage Bank Plc with immediate effect.
The regulator, in a statement, said the revocation was necessary due to the bank’s inability to improve its financial performance, a situation which constitutes a threat to financial stability.
Following the revocation, the NDIC announced the commencement of verification and payment to depositors.
At a media briefing on June 5, Bello Hassan, NDIC’s managing director, promised to settle insured customers within one week, adding that the total bank deposits at Heritage Bank stood at N650 billion while its loan portfolio was above N700 billion.
Hassan said the bank’s total depositors are 2.3 million, with 99 percent of them having total balances of less than N5 million.
On June 13, the NDIC announced the national listing of the bank’s assets for sale, including 48 properties and various chattels such as vehicles, office equipment, plant and machinery located in 62 locations nationwide.
Business
Akwa-Ibom government to pay extra one-month salary in December
Akwa Ibom State government has announced its readiness to pay an extra one-month salary to workers in its employ in the month of December, popularly known as Eno-Mber.
It could be recalled that the current administration started the payment of Eno-Mber last December in its commitment to the welfare of workers.
The state governor, Pastor Umo Eno who announced this during a church service at the Eternity Mission International Church on Sunday, advised those constantly agitating for disruption in the smooth and seamless relationship that has existed between the State Government and the Organized Labour to have a rethink.
He reiterated that the payment of the N80,000 minimum wage to all public servants would commence shortly after completion of the ongoing proper verification exercise.
These were contained in a statement signed by Chief Secretary to the Governor, Mr Ekerete Udoh and made available to newsmen yesterday in Uyo.
His words, “I am aware that quite a number of our Civil Servants have relocated within Nigeria while others have gone abroad. We have to be sure that those receiving payments are real Civil Servants.
“My watchword since assuming office has been transparency and honesty in service deliverables and we have to ensure that we carry this through this verification exercise, which would soon be completed.
“Since we came in, we have paid critical attention to the needs and the welfare of civil servants in this State. To date, we have paid N35billion in gratuities to retired state, local government workers and primary school teachers in the State “
According to the statement, the governor during the last Public Service Week, had announced a bonus of N1.1billion naira to all public servants in the State, which was promptly paid.
It disclosed that apart from prompt payment of salary, pension and gratuities as mentioned above, Eno had also released and ensured prompt payment of Wage award for 3months to cushion the effect of high cost of living occasioned by fuel subsidy removal.
“He is also committed to investing in Affordable Housing Scheme for Workers. Last September, 150 homes at the Grace Estate were given to Civil Servants from grade levels 1-8 free of charge through raffle draw.
“He had also given approval for the conduct of all Service Examinations in preparation for 2024 promotions as well as the release of 2023 promotion and an increase of pension to workers who retired before 2012.
“Equally striking in the Governor’s dedication to the welfare of workers, was the approval given for release of outstanding 7.5 per cent contributory pension to contributors as well as the appointment of 22 new Permanent Secretaries”, the statement added.
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