The Corporate Affairs Commission (CAC) has called on businesses in Nigeria to utilize its Administrative Proceedings Committee (APC) for resolving corporate disputes instead of resorting to lengthy and costly court battles. In a statement issued on Friday, the commission emphasized that the APC offers a faster and more cost-effective alternative for handling disagreements related to company registration, directorship issues, shareholding conflicts, and other corporate governance matters. By opting for this mechanism, businesses can avoid prolonged litigation that often disrupts operations and delays critical decisions. The CAC noted that the administrative proceedings align with global best practices, ensuring a fair and…
Author: Temitope N.
The National Identity Management Commission (NIMC) has granted approval to FIC Professionals Network Plc to participate in the Identity for Development (ID4D) Ecosystem Enrolment Service, a World Bank-supported initiative aimed at expanding Nigeria’s national identity system. With this approval, FIC will assist in the National Identification Number (NIN) enrolment process, helping to increase coverage and accessibility, especially in underserved areas. The move aligns with the federal government’s goal of ensuring every Nigerian is registered in the national identity database, which is now a requirement for key services, including banking, telecommunications, and government programs. According to NIMC, the collaboration with FIC…
Stanbic IBTC Capital has emerged as the lead arranger for Presco Plc’s N82.9 billion bond issuance, a move aimed at strengthening the company’s financial position and funding its expansion plans. The bond issuance, conducted under Presco’s Debt Issuance Programme, highlights growing investor confidence in Nigeria’s agricultural sector. According to Presco, a leading player in the palm oil industry, the funds raised will be used to enhance production capacity, invest in new plantations, and improve processing facilities. The company’s leadership emphasized that the bond issuance aligns with its long-term strategy of increasing local palm oil production to reduce reliance on imports.…
A technology firm has unveiled an innovative solution aimed at eliminating gas flaring in Nigeria’s oil and gas sector. The new technology, designed to capture and convert flared gas into usable energy, is expected to help oil companies comply with environmental regulations while maximizing the economic potential of natural gas. According to the firm’s executives, the system utilizes advanced gas processing techniques to trap and repurpose excess gas that would otherwise be burned off during oil extraction. This breakthrough is in line with Nigeria’s commitment to reducing carbon emissions and meeting its climate targets. Gas flaring has long been a…
Nigeria’s Gross Domestic Product (GDP) per capita has declined to $835, according to the latest report from the International Monetary Fund (IMF). The drop highlights growing economic challenges in Africa’s largest economy, with inflation, currency depreciation, and sluggish growth taking a toll on living standards. The decline in GDP per capita—a key measure of economic output per person—suggests that despite Nigeria’s overall economic size, individual wealth and purchasing power are shrinking. Experts attribute this to factors such as the weakening naira, rising cost of living, and slow economic diversification beyond oil. High inflation, currently affecting food prices and essential goods,…
Nigerians may face another round of price hikes as the Nigerian Ports Authority (NPA) plans to implement a 15% tariff increase on port-related charges. The move, which is aimed at boosting revenue and improving port infrastructure, has raised concerns among importers, exporters, and other industry stakeholders. According to sources within the NPA, the tariff adjustment is necessary to keep up with rising operational costs and to fund ongoing port modernization projects. However, businesses fear that the increase will further strain the economy, as higher port charges often translate to increased costs for imported goods, logistics, and overall consumer prices. Freight…
The Nigerian National Petroleum Company Limited (NNPC) and its joint venture partner, First Exploration & Petroleum Development Company, have significantly cut gas flaring by 96% in the Anyala (OML 83) and Madu (OML 85) oil fields. This milestone aligns with Nigeria’s commitment to reducing environmental pollution and maximizing gas utilization. According to NNPC’s spokesperson, the reduction was achieved through the deployment of advanced gas processing technologies and infrastructure upgrades in the fields. The initiative is part of the federal government’s broader strategy to end routine gas flaring and transition towards cleaner energy sources. The move not only addresses environmental concerns…
Exporters in Nigeria have reported losses amounting to $10 million due to disruptions in export activities over a five-day period. The setbacks, attributed to port congestion, bureaucratic bottlenecks, and logistics challenges, have intensified concerns over the ease of doing business in the country’s export sector. According to industry stakeholders, delays at major ports, including Apapa and Tin Can Island, have resulted in perishable goods getting spoiled and shipments missing their deadlines. Many exporters have faced increased demurrage costs, further eroding their profits. The Nigerian Export Promotion Council (NEPC) has expressed concerns over these recurrent challenges, stressing the need for streamlined…
Google, Microsoft, and other major technology companies are gearing up for a massive $320 billion investment in artificial intelligence (AI) over the coming years. This unprecedented spending spree highlights the growing competition in AI innovation, as companies race to dominate the industry with cutting-edge advancements. The investment is expected to cover a wide range of AI developments, including cloud computing infrastructure, machine learning models, and generative AI tools. Microsoft, which has already deepened its partnership with OpenAI, is expanding its AI-driven services, while Google continues to enhance its Gemini AI models to rival ChatGPT. Other key players, including Amazon, Meta,…
The Oyo/Osun Area Command of the Nigeria Customs Service (NCS) has announced a revenue collection of N82 billion for the 2024 fiscal year. This marks a significant contribution to the nation’s economy, reinforcing the agency’s commitment to trade facilitation and revenue generation. According to the Area Controller, the revenue was generated through import duties, excise duties, and other statutory charges. The command also intensified efforts to curb smuggling activities along its borders, ensuring that illicit trade does not undermine government revenue. The Customs leadership attributed the achievement to improved operational strategies, enhanced compliance measures, and collaboration with relevant stakeholders.…