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Most ethnic minority finance workers suffer discrimination, finds UK report

finance workers

Most ethnic minority finance workers suffer discrimination, finds UK report

Two in three UK finance workers from black and minority ethnic backgrounds have suffered discrimination in the workplace, according to an industry survey revealing shortfalls in the City of London’s diversity agenda.

The findings from reboot. – a network of senior professionals drawn from some of the City’s biggest firms, including fund managers Legal & General and State Street – said the industry was failing to back up diversity pledges with concrete action.

According to the group’s Race to Equality report, which surveyed 800 employees from 440 companies with more than £1.4tn in annual revenue between them, 66% of BAME staff had experienced discrimination at work as a result of their background.

More than a quarter (28%) said discrimination was holding back their career, while nearly half (48%) felt their career progression was slower than for white colleagues.

Four in 10 (41%) thought their employers were failing to demonstrate a full commitment to creating an inclusive environment, while only half said they felt their leadership teams truly believed diversity was critical to the future success of the business.

It comes despite a growing number of City executives taking a public stance on the importance of diversity since the killing of George Floyd last year by a US police officer, which sparked a resurgence of the Black Lives Matter movement in the UK.

Jörg Ambrosius, the European chief executive of the US investment manager State Street, said: “There is more work for all of us, and the problems and challenges that remain will only be solved if we address them collectively. This must have everyone’s attention.”

Despite progress in recent years, few City firms track the ethnic diversity of their employees. However, a July report from the Financial Conduct Authority, the City watchdog, found that fewer than one in 10 management roles were held by black, asian or other ethnic minority staff.

While gender pay gap reporting has been a legal requirement for UK businesses with more than 250 employees since 2017, only 13 of the 100 largest UK-listed employers currently report their ethnicity pay gaps.

Justin Onuekwusi, head of retail multi-asset funds at Legal & General Investment Management, said finance industry bosses needed to listen more closely to their employees’ individual needs.

“They need to work to develop how they can support their career progression and ultimately create a more inclusive culture. This is something that is apparent across the entire sector – it is not restricted to one area of the financial services space – so there is no room for anyone to bury their heads,” he said.

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Business

Adopting CNG can reduce Nigeria’s inflation – FG

The Nigerian government has said that successfully adopting Compressed Natural Gas can reduce inflation, which soared to 33.69 per cent in April 2024.

The Programme Director of the Presidential Initiative on Compressed Natural Gas, Pi-CNG, Michael Oluwagbemi, disclosed this during a one-day South-South and South-East stakeholders’ engagement meeting in Port Harcourt, Rivers State.

He noted that Nigerians can realize between 40 to 50 per cent savings from petrol upon adopting CNG.

“It can reduce inflation. It is cheaper. You can realize between 40% and 50% savings from patrol. This is good for Nigeria, and it is safer.

“It is 18 times safer than petrol and diesel. It is cleaner and safer for the environment,” he said.

He added that Nigeria would save about $2.5 billion by converting every one million vehicles to CNG.

Recall that President Bola Ahmed Tinubu asked all federal government ministries, departments and agencies to procure CNG buses.

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Nigeria won’t need to import fuel by June — Dangote

Aliko Dangote, Chairman of the Dangote Group, announced that by next month, Nigeria will no longer need to import gasoline due to the operational plans of the Dangote Refinery.

Speaking as a panellist at the Africa CEO Forum Annual Summit in Kigali, Dangote highlighted that the refinery, which has already commenced supplying diesel and aviation fuel in Nigeria, has the capacity to fulfil the diesel and petrol needs of West Africa and the aviation fuel requirements for the entire African continent.

Dangote emphasised, “Right now, Nigeria has no cause to import anything apart from gasoline, and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.”

Highlighting how far the oil company has come, Dangote expressed how they are focused on ensuring that the continent will depend less on imports in the near future.

“We have enough gasoline to give to at least the entire West Africa, and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico,” he said.

“Today, our polypropylene and our polyethene will meet the entire demand of Africa, and we are doing base oil, which is like engine oil; we are doing linear benzyl, which is a raw material to produce detergent. We have 1.4 billion people in the population; nobody is producing that in Africa.

“So, all the raw materials for our detergents are imported. We are producing that raw material to make Africa self-sufficient.

“As I said, give us three or a maximum of four years, and Africa will not, I repeat, not import any more fertiliser from anywhere.

“We will make Africa self-sufficient in potash, phosphate, and urea; we are at three million metric tonnes, and in the next twenty months, we will be at six million metric tonnes of urea, which is the entire capacity of Egypt. We are getting there.”

Dangote recalled how his dream for further investment in Africa as well as ending fuel importation in Africa has culminated in what is now one of the biggest refineries in the world.

“For some of us, despite the boom of the capital market in the US—you know, Google, Microsoft, and the rest—we didn’t participate; we took all our money and invested in Africa.

“We had this dream just about five years ago, and we said we wanted to move from five billion dollars in revenue to thirty billion dollars in revenue, and we made it happen. It is possible and now we have made it happen and now we have finished our refinery.

“Our refinery is quite big; it is something that we believe that Africa needs. If you look at the whole continent, there are only two countries that don’t import petroleum products, which is a tragedy.

“They are only Algeria and Libya. The rest are all importers. So, we need to change and make sure that we don’t just go and produce raw materials; we should also produce finished products and create jobs.

Speaking further, the African richest man said, “One of the things we also need to know as Africans is that we produce raw materials and export them when you export raw materials and somebody now keeps importing things into your continent and dumping goods. what you are importing is poverty and exporting jobs. So, we have to change that narrative.”

“We just commissioned in February, and now we are producing jet fuel, diesel, and by next month, gasoline.

“What that would do is that we would be taking most of the African crude that is being produced and also be able to supply not only Nigeria because our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa, and also South Africa.

“We have 650,000 barrels per day, 1 million metric tonnes of polypropylene, and 590,000 metric tonnes of carbon black; those are the raw materials—ink, dyes and co.

“We are expanding more. This is the first phase and we are going out to the next phase, which will start early next year.”(tribune)

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Customs FX rate for import duties rises to N1,530/$

The foreign exchange (FX) rate for import duties has been adjusted by the Nigeria Customs Service (NCS) to N1,530 per dollar.

This was adopted on Friday, May 17, representing a 6.13 percent increase compared to the N1,441.58 adopted on May 6.

The NCS always adopts FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market

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