The Central Bank of Nigeria has established that farmers who fail to pay back loans gotten from the Anchor Borrowers’ Program will be arrested and locked up until they pay back the loans. This disclosure was made by the CBN Comptroller, Bauchi Branch, Saladu Idris, while speaking at the Secretariat of the Nigerian Union of Journalists (NUJ). The CBN official stated that even though a lot of farmers have remained, the loan defaulters were particularly amongst the rice farmers. Mr. Idris bemoaned the fact that some rice farmers who were part of the Anchor Borrowers Scheme had defaulted on their…
Author: Temitope N.
Muhammad Nami, the Executive Chairman of the Federal Inland Revenue Service(FIRS) has beckoned for a comprehensive aggregation of revenues generated at the national and sub-national levels in Nigeria. He said this on Monday at a symposium themed: “Taxation and challenges of external shocks; Lessons and policy options for Nigeria” which was organised by the FIRS in collaboration with Usman Danfodiyo University, Sokoto (UDUS). According to the News Agency of Nigeria, Mr Nami said the theme of the symposium is very timely and relevant as it puts into consideration policy options for addressing current and future challenges such as Covid-19. He…
The Nigerian Investment Promotional Council is to collaborate with the Israeli embassy to seek and explore all viable options that can attract, improve and position the country as a destination of choice for investors. This disclosure was made by the Acting Executive Secretary, NIPC, Mr. Emeka Offor, in a statement issued on Monday and seen by Nairametrics. He reiterated the Commission’s commitment in seeking and exploring all viable options that can attract, grow and position the country as an investment destination of choice to investors. He said, “Nigeria has the most startups in Africa and a dominant force in the…
The World Bank has established that Nigeria is not fully benefitting from the current oil boom. This was made known in the November 2021 edition of its Nigeria Development Update tagged, “Time for Business Unusual.” According to the World Bank, the Nigerian government’s fiscal position typically improves when oil prices rise, but this will not be the case in 2021. The report established that in contrast with past periods of high oil prices, two factors are preventing the government from fully benefitting from the current boom. They include, firstly, a drop in oil production and secondly, increasing cost of PMS…
Flutterwave, Africa’s leading payment technology company, has unveiled the launch of its new e-commerce service; Flutterwave Market – an extension of its Flutterwave Store service – that will bring together a collection of merchant stores in one place. Flutterwave Market brings e-commerce closer to the merchants and customers of a business. The new Flutterwave Market is designed to assist businesses in reaching new customers and as a result, increase sales and revenue. Customers will not only be able to purchase from several Flutterwave Store merchants, but they will also be able to buy a variety of products from across different…
Twitter CEO, Jack Dorsey has affirmed that he will step down from his executive position. This disclosure has since sent Twitter’s shares soaring by more than 11%. Dorsey is also the CEO of Square, his digital payment startup. Elliott Management, a Twitter shareholder, had planned to replace Dorsey as CEO in 2020 before reaching an agreement with the company’s management. Paul Singer, the founder of Elliott Management and a billionaire investor, had questioned whether Dorsey could oversee both public companies, pushing on him to step down as CEO of one of them. Jack Dorsey said, “I’ve decided to leave Twitter…
South Korea’s Financial Services Commission (FSC) earlier disclosed that nonfungible tokens (NFTs), will be taxed beginning from next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102) as of Jan. 1, 2022. The FSC’s vice chairman Doh Kyu-sang stipulated that only some NFTs would be categorized as virtual assets and therefore subject to “other income” taxes, referring to those used for investment or payment on a large scale. This announcement differs from the FSC stance last month, when they issued a public…
Leaf Investment & Realtors Limited has bought 15.83% shares in Oando Plc. This follows the purchase of 1,968,452,614 units of Oando Plc shares owned by Alhaji Dahiru Mangal. According to a press statement issued by Oando Plc and filed with the Nigerian Exchange Limited (NGX), Leaf Investment & Realtors Limited now holds about 15.83% of the total shareholdings in Oando Plc. The transaction was part of the truce Alhaji Dahiru Mangal had with Ocean and Oil Development Partners Ltd. while extending an olive branch, according to a source. This is coming after the Securities and Exchange Commission (SEC) had mandated…
German Biotechnology Company, BioNTech, which manufactures vaccines has commenced the development of a new Covid-19 vaccine that focuses on combating the Omicron variant. The vaccine manufacturer, which collaborates with US giant, Pfizer on Covid-19 vaccines, is reported to have said that it had initiated the development of an adapted vaccine for Omicron to allow it to move forward quickly. The vaccine is to serve as a precautionary measure while simultaneously carrying out investigation and research on the nature of the new Omicron variant of the Coronavirus. Scientists and health officials around the world are closely tracking Omicron, or B.1.1.529,…
Lack of financial support has been highlighted as major impediments to growth of small-scale businesses in Nigeria. Latest report by FATE Foundation on business performance in Nigeria, disclosed that limited access to finance, inadequate infrastructure, poor financial management and government policies, poor capacity and insecurity are leading collapse of many small scale businesses in the country. The report obtained by The Guardian, described entrepreneurship as “fairly strong” in Nigeria, and insisted that government must intensify efforts to improve the operating environment for young businesses by addressing core traditional and non-traditional issues. It stated: “Most businesses set up by…
The Federal Government through the office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, said a court has granted the FG’s request to label bandits groups as terrorist organisations. This was established in a statement by Dr Umar Jibrilu Gwandu, Special Assistant on Media and Public Relations, Office of the Attorney General of the Federation and Minister of Justice, on Friday. The Minister added that the court permission also approves the Federal Government’s determination to crush banditry. “Now that the court has granted the application filed by my office declaring bandit groups as terrorist…
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, establishedthat the apex bank would set up an International Financial Centre at the Eko Atlantic City by the second quarter of 2022, for investors seeking to invest in critical sectors of the economy. The Centre, which would serve as a gateway for funds and investments into Nigeria, will be driven by technology and payment system infrastructure. This disclosure was made by Emefiele while speaking at the 56th Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers Dinner, on Friday night, in Lagos. According to the News Agency of Nigeria,…
The Central Bank of Nigeria (CBN) presented six pioneer beneficiaries of the Tertiary Institutions Entrepreneurship Scheme (TIES) with N5 million cheques to help them grow their businesses, create jobs, and make meaningful impact to economic progress. Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, said the initiative was aimed at pushing students and graduates of Nigerian higher institutions away from white-collar occupations and toward entrepreneurship growth. According to Emefiele, the goal is to make Nigerian graduates become job creators rather than job seekers, as is the case in several other countries. The beneficiaries’ academic certificates would be held…
Chris Ogbechie, a Professor of Strategic Management and the Dean at Lagos Business School, Pan-Atlantic University has encouraged African youth to join the train of opportunities present in different sectors to enhance growth in the continent. The professor established this at the virtual 9th edition of the annual Africa Business Conference themed, ‘Africa as a lever for global growth; creating opportunities in emerging growth sectors’ monitored by Nairametrics. The event featured speakers across fields such as fintech, agriculture, real estate, fashion, retail and creative services as they explored the high growth and employment potential associated with these industries. Advising youths across the…
The Governor of Zamfara State, Bello Matawalle, has officially lifted ban on telecommunication services in the state. The state joins Kaduna State, which a few days ago, disclosed the restoration of telecommunication services in the state. This was disclosed by Matawalle while speaking at the state congress of All Progressives Congress (APC) in Gusau on Saturday. Matawalle said the Nigerian Communication Communication (NCC) would release all the networks by Monday adding that his administration was satisfied with the current security situation in the state. Matawalle said that banditry and kidnapping had been substantially suppressed within the period of the telecom…
The world has lost over $160 trillion dollars due to the economic gender gap and women functioning in underpaid roles. This is according to Sholape Akinpelu, Country Manager and CEO of HerVest while giving her speech at a Women in Tech organised digital conference themed, ‘Digitalizing Gender Equality for Brighter Economies’ Women in Tech in Nigeria is the fourth chapter for the global initiative in Africa having launched across other African countries such as Angola, Zambia and South Africa. The event marked the official launch of the Nigerian chapter of the leading global technology advocacy group for gender rights. Akinpelu…
The Federal Airports Authority of Nigeria (FAAN) disclosed that it has suspended some airport officials for allegedly extorting a passenger at Murtala Muhammed International Airport, Lagos. This is coming barely a few weeks after the Managing Director of FAAN, Capt. Rabiu Yadudu warned that the authority will apply stiffer sanctions against officials that engage in extortion at the country’s airports. This was made known in a statement signed by the General Manager of Corporate Affairs of FAAN, Mrs Henrietta Yakubu, on Saturday, November 27, 2021, in Lagos. According to the News Agency of Nigeria, Yakubu said the action was in…
Infinity Trust Mortgage Bank Plc has selected Mr Bukola Afriogun as the new Acting Chief Financial Officer (CFO) of the Bank, effective from 30th of October, 2021. The appointment is following the resignation of the former CFO of the bank – Mr Samson Agbaka, whose resignation became effective from 30th of October, 2021. The appointment was confirmed in a statement signed by the Company’s Secretary, Mrs Tolu Osho, and filed with the Nigerian Exchange Limited (NGX). Bukola Afriogun has over 15 years of cognate experience. He is a Chartered Accountant by training with hands-on experience in financial management and leadership.…
Sabi, Africa’s fastest-growing B2B marketplace has halted a $6 million bridge round to drive expansion. A bridge round is a small round of funding to tide a startup over until its next larger round of funding. The round was led by pan-African VC firm, CRE Ventures. This bridge round is coming a year after closing a $2 million seed round from CRE Ventures, Janngo Capital, Atlantica Ventures and Waarde Capital. Anu Adasolum, Rensource’s former COO, and Ademola Adesina, Rensource’s founder and CEO, founded the company in 2020. Sabi is working to solve the continent’s greatest GDP contributors’ access problem by…
The Council of Maritime Transport Union and Association (COMTUA) encouraged the Nigerian Ports Authority (NPA) to unbundle its E-call up System ( ETo), to help curb extortion in Nigeria’s ports. This was made known by the outgoing President of the association, Mr Thompson Olaleye, on Thursday during the maiden edition of the 2021 Delegate Convention of COMTUA, in Lagos, themed “Resolving the Challenges of Cargoes and Haulage Movements in Nigeria for Effective Domestication of the African Continental Free Trade Agreement (AfCFTA) and Promoting the Ease of Doing Business in the Continent.” According to the News Agency of Nigeria, Olaleye said…