Ghana’s cocoa marketing board, COCOBOD has recorded a profit of 2.3 billion Ghana cedis ($150 million) in the 2022/2023 planting season. According to reports from the Ghanaian auditor general, the profit posted in the planting season marks the end of a six-year losing streak. The profit was occasioned by the restructuring of cocoa bills worth about 7.9 billion Ghana Cedis ($511 million) in 2023. In 2023, COCOBOD initiated a debt securities exchange program aimed at restructuring its cocoa bills. As part of this initiative, the board extended an invitation to holders of its short-term debt securities, known as Cocoa Bills,…
Author: Temitope N.
KuCoin, a leading cryptocurrency exchange in Nigeria, announced it would resume a 7.5% Value Added Tax (VAT) on all crypto transactions starting July 8, 2024. The decision, communicated to registered users via email, has sparked significant backlash within the Nigerian crypto community. The reintroduction of the VAT is seen as a move by Nigeria’s Federal Inland Revenue Service (FIRS) to intensify its oversight and regulation of the country’s burgeoning crypto industry. This has raised concerns among crypto enthusiasts who question the rationale behind taxing an industry that has previously been subject to stringent government policies. Historical Context and Current Policies…
U.S. Consul-General, Will Stevens has announced that the United States will increase its investment in Nigeria’s diaspora-led sectors. Stevens stated that the U.S. government has expressed a willingness to invest more in Nigeria’s tech and education sectors to foster mutual development for both countries. He made this announcement during a visit led by President Biden’s Advisory Council on African Diaspora Engagement Team (PAC-ADE) held at the Vibranium Valley Tech City in Ikeja, Lagos. Stevens explained that to better understand the African market, the U.S. government sent the PAC-ADE team to strengthen economic, technology, cultural, and educational ties in Nigeria. The diaspora…
The Lagos State government has dismissed claims about implementing a monthly environmental sanitation exercise and movement restrictions starting in July. In a statement on Wednesday, Adekunle Adeshina, Director of Public Affairs for the Commissioner of Environment, Tokunbo Wahab, said the report is false and that the state has no plans to introduce such measures. According to the statement, Wahab said the viral news is the work of mischief makers intent on confusing residents. He urged all residents to disregard the false information and continue their lawful activities, emphasizing that there will be no movement restrictions on the last Saturday of…
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has said it is partnering with the Nigeria Postal Service (NIPOST) to bring down the cost of logistics for SMEs in the country. The Director General of SMEDAN, Mr. Charles Odii, disclosed this via a post on his X handle after a meeting with the Postmaster General and CEO of NIPOST, Mrs. Tola Odeyemi. According to Odii, the cost of logistics has been a major challenge for many SMEs in Nigeria as the costs of goods delivery, in some cases, are higher than the costs of the goods. He said…
The African Group has requested World Trade Organization (WTO) chief Ngozi Okonjo-Iweala to run for a second term as head of the global trade watchdog, according to a document released on Friday as reported by Reuters. A document sent by Chad stated the need to advance outcomes achieved under her tenure before the next major ministerial meeting, which will be hosted by Cameroon. It stated, “The African Group is of the view that it would be in the best interest of the Organization if the process of reappointment were to start early.” Some WTO delegates have privately speculated that Okonjo-Iweala may…
Gender parity for women in the workplace could take five generations or 134 years to achieve worldwide as a result of ongoing signs of post-pandemic recovery in economies and labour markets. This was reported by the World Economic Forum based on its Global Gender Gap Report 2024. According to calculations by the World Bank Chief Economist, Indermit Gill women can greatly boost the struggling global economy by increasing global gross domestic product by 20%; but noted that this can happen only when policies are accelerated and other reforms to remove the many barriers to their progress are made. He stated this at the launch…
The Hollywood action-packed adventure “Bad Boys: Ride or Die” is edging closer to N400 million in box office ticket sales. According to Filmoneng, a West African movie distribution company, the film has grossed N360 million in the Nigerian box office since its release on June 7. Last week, it was the most-watched movie in Nigeria, maintaining a three-week streak at the top of the box office after four weeks in cinemas. The Nigerian box office reports that “Bad Boys: Ride or Die” is the highest-grossing Hollywood movie in Nigeria, as stated by Film One Entertainment. In its first 11 days, the…
Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, announced that the state government has disbursed approximately N25 billion in grants and single-digit loans to Small and Medium Enterprises (SMEs) through the Lagos State Employment Trust Fund (LSETF) over the past six years to boost productivity and economic growth. He disclosed this on Thursday at the 2024 Business Day Newspaper CEO Forum held at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos, according to a statement on the Lagos State Government’s website. The Governor, represented by Deputy Governor Dr. Kadri Obafemi Hamzat, stated that the grants and loans have empowered entrepreneurs to…
President Bola Tinubu’s appointment of Ms. Omolola Bridget Oloworaran as the new Director-General of the National Pension Commission (PenCom), does not align with the relevant laws that founded the pension industry. This is according to comments from lawyers who spoke exclusively to Nairametrics and suggested that the appointee may not have met the minimum required to be the head of the PENCOM commission. Ajuri Ngelale, Special Adviser to the President, announced on Saturday that Ms. Oloworaran is “a finance and banking expert with many years of experience”. She will succeed Aisha Dahir-Umar. While the appointment is subject to the confirmation…
The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has ordered an immediate suspension of the proposed enforcement of the e-CMR, initially scheduled to commence on July 29, 2024. This directive comes barely 24 hours after the Nigeria Police Force (NPF) had given vehicle owners until July 29 to register for the digitalized Central Motor Registry (e-CMR), which costs N5,375 per vehicle. The announcement was made in a statement by ACP Olumuyiwa Adejobi, Force Public Relations Officer, on behalf of the Inspector-General of Police at Force Headquarters, Abuja. The statement reveals that the suspension aims to provide ample opportunity for mass…
Over the last few months, the news of Anant Ambani, the youngest son of Reliance Industries chairman Mukesh Ambani, marrying Radhika Merchant, daughter of Viren A. Merchant, has been nearly impossible to miss. The grand wedding celebrations took place from July 12 to 14 at Mumbai’s Jio World Convention Center, captivating the nation with its opulence and the attendance of numerous celebrities and prominent figures. The wedding rituals, which included the couple exchanging garlands and walking around the sacred fire, began on Friday and continued past midnight. A lavish wedding party In the aftermath of the lavish celebration, reports have…
Tuition fees for international Bachelor’s and Master’s degree students in two universities in Switzerland will now increase threefold This was announced by the Swiss Federal Council and is set to be implemented starting in the fall semester of 2025. The universities which will implement these fee increments are the Federal Institutes of Technology in Zurich and Lausanne (ETH Zurich and EPFL). The InfostrideNews learns that currently, both Swiss and international students pay CHF 730 (€749.42) per semester at ETH Zurich and EPFL. In some Swiss universities, fees already differ for local and international students. For instance, at the University of St.…
The Federal Government has secured an agreement with the United Arab Emirates (UAE), permitting Nigerian passport holders to obtain visas for travel to the UAE starting today, July 15, 2024. Minister of Information and National Orientation, Mohammed Idris, announced on his official X (formerly Twitter) handle on Monday that the UAE has lifted the visa ban on Nigerian passport holders. The Minister stated that this resumption of travel follows successful talks and extensive negotiations between the UAE and Nigeria, resulting in updated controls and conditions for obtaining a UAE visa. “Following successful talks and extensive, mutually beneficial negotiations between the…
The Joe Biden administration has announced new steps to speed up employment-based nonimmigrant visas for US college graduates with job offers. This move aims to help the US economy and keep skilled workers, which is part of efforts to make immigration processes easier and attract top talent to the US. The administration intends to simplify current procedures to expedite the issuance of these visas to recent graduates. The US Department of State will issue new guidelines by July 18, detailing when consular officers should recommend that the Department of Homeland Security (DHS) grant a waiver of ineligibility. These waivers are crucial for…
Nollywood’s latest release, “What About Us,” has made a significant impact at the Nigerian box office, grossing N24.6 million in its first three days. Premiering on July 12, 2024, the film marks the executive producer debut for Emmanuel Iren, the lead Pastor of Celebration Church International. According to Filmoneng, the movie’s distribution company, “What About Us” is the highest-grossing film during the weekend of July 12-14, 2024. While Emmanuel Iren serves as the executive producer and is credited with the story, the screenplay was penned by Ife Olujuyigbe and the film was directed by Kayode Kasum. Bisola Badejo and Tochukwu…
The Nigeria Customs Service (NCS) generated N1.02 trillion at its Apapa Area Command in the first half of the year marking an increase of 143% compared to the same period last year. This was disclosed by the Customs Area Controller, Apapa Command, Babatunde Olomu, during a news conference in Lagos on Monday. He noted that this figure represents a 143% increase compared to the N421.38 billion generated in the same period in 2023. He noted that the command generated the amount despite a sharp reduction in trade volume. Olomu emphasized that the agency’s efforts to promote and facilitate trade are…
The Ford Foundation has revealed that for 2024, it earmarked $6.5 million to enable the Independent Corrupt Practices and Other Related Offences Commission(ICPC), Non-Governmental Organizations (NGOs) and others, prevent gender-based violence(GBV) including sexual harassment in Nigerian tertiary institutions, schools and workplace. Dabesaki Mac-Ikemenjima, Ford Foundation’s senior Program Officer, disclosed this in an exclusive interview with Nairametrics on Tuesday. He made the disclosure on the sidelines of the National Stakeholder Engagement on Sexual Harassment Prevention in Tertiary Institutions, organized by the ICPC and Gender Mobile Initiative. Ford Foundation’s support against GBV in Nigeria Mac-Ikemenjima, in an exclusive interview with Nairametrics, said…
On May 30, 2024, the Financial Reporting Council of Nigeria (FRCN) unveiled the SME Corporate Governance Guidelines 2023 (“The Guidelines”), a significant milestone aimed at bolstering the governance framework for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Given that MSMEs constitute 96% of all businesses in Nigeria, account for 84% of national employment, and represent 48% of Nigeria’s GDP, the Guidelines are poised to make a substantial impact on the country’s economic landscape. This review delves into the key provisions within the Guidelines, examining their implications and offering practical steps for Nigerian SMEs to implement them. The Objectives and…
The Supreme Court of Nigeria has ruled that the 774 local government areas (LGAs) be given full financial autonomy across the federation. A seven-man panel of Supreme Court Justices led by Justice Garba Lawal delivered the ruling on Thursday, July 11, 2024. The apex court initially heard the suit between the federal and state governments on the autonomy of local governments on June 13 and reserved its judgment. The suit, marked SC/CV/343/2024, was filed by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), and sought full autonomy and direct fund allocation to the 774 local…