My Blog

Category: Business

  • I left N129bn In FIRS Coffers – Nami

    The immediate past Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has insisted that he did not approve the sum of N11 billion after taking his pre-retirement leave as has been alleged by the Cable Newspaper.

    In a statement he personally signed, Nami said that the entire story was sensationally written with mischief that took the ordinary events of his work out of context with the intent to tarnish his hard-earned reputation.  

    The immediate past FIRS boss stressed that after his exit as FIRS Executive Chairman, he did not make any approvals as has been claimed by the newspaper. 

    Nami insisted that he met only N1.4 billion in the purse of the FIRS when he assumed office and left the sum of N129 billion in the purse of the Service when he handed over to the new Chairman, Zacch Adedeji recently.

    “Fundamentally, it is important to note that no payment was made by the Service after the announcement of my pre-retirement leave as claimed by this story. An approval for payment in the Service is one step of a journey to payment. It is the custom that when a new Executive Chairman resumes office, he would review, validate and make final authorisation before any payments can be made. 

    “It is important to note for the record that all decisions reached and extant liabilities/ commitments of the Service during my stay in office are contained in the handover notes I made available to my successor, Mr. Zacch Adedeji. He is fully briefed on everything. For clarity, the items listed in the Cable Newspaper Report were part of the N16 billion outstanding commitments contained in our handover note. 

    “The N5 billion paid to the Joint Tax Board was paid to fund the activities of the Presidential Committee on Tax and Fiscal Policy Reforms two months before I left office. It was paid after we received a letter to that effect from the office of Mr. President signed by Zacch Adedeji himself. 

    “The report maliciously attempts to portray a picture that I hurriedly left the country on September 16th after these so-called “suspicious approvals” were made. Again, nothing can be further from the truth. If I traveled out of the country on the 16th of September, how then did I attend the handover ceremony with Mr. Zacch on the afternoon of Monday 18th September 2023? That handover ceremony was covered by the media, and can be cross-checked. 

    “It is disappointing to see the Cable, a revered online newspaper attempt to sensationalise events that took place in the ordinary course of work in office, making them seem as if they were done in bad faith. 

    “I want to categorically state that every decision I made within the time of my stay in office was within the ambit of the law and within the lawful powers I exercised then as Executive Chairman,” he explained.

  • Bears Continue To Dominate As Equity Market Sheds N112bn

    Bears continued to dominate the domestic equity market as investors’ weather depleted by N112 billion as sell off in the shares of companies in the financial services sector impacted on the market.

    Market capitalisation of listed equities declined by 0.31 per cent to N36.367 trillion from N36.479 trillion reported the previous day.

    The NGX benchmark index declined by 203.54 basis points to 66448.63 points from 66,652.17 points traded the previous day.

    The trading result showed that RTBriscoe led gainers table with 9.76 per cent to N0.45 per unit, CWG followed with a gain of 9.72 per cent to close at N7.90 per share, Betaglass gained 9.55 per cent to close at N56.20 per unit, Veritas Kapital gained 8.33 per cent to close at N0.26 per unit, Cornerstone Insurance added 7.88 per cent to close at N1.76 per share.

    On the contrary, Vitafoam Nigeria Plc topped losers chart in percentage terms, shedding 9.92 per cent to close at N22.25 per unit FTNCocoa trailed with a loss of 9.88 per cent to close at N1.55 per share, Oando Plc down by 9.84 per cent to close at N8.70 per unit, JohnHolt dipped by 9.39 per cent to N1.64 per share,United Capital declined by 7.20 per cent to close at N16.10 per unit.

    Volume of trades for the day declined also by 90.191 million, representing 24.78 per cent as Investors traded 273.798 million shares valued at N3.412 billion in 6826 deals against 363.989 million shares worth N4.529 billion in 7018 deals.
    AccessCorp led market activities with 45.877 million shares valued at N710.626 million, Zenith Bank followed with 21.116 million shares cost N657.222 million, Unity Bank traded 19.835 million shares cost N192.391 million, United Bank for Africa exchanged 17.294 million shares cost N279.315 million, Transnational Corporation of Nigeria exchanged 15.728 million shares worth  N93.924 million.

  • EFCC Sensitises Gold Merchants In Zamfara Against Money Laundering

    The Economic and Financial Crimes Commission (EFCC) has sensitised gold merchants in Zamfara on their obligations as provided under the Money Laundering (Prohibition and Prevention) Act, 2022.

    The sensitisation was conducted in Gusau for members of Zamfara Gold Buyers and Sellers Cooperative Union by the EFCC’s Special Control Unit Against Money Laundering (SCUML).

    According to EFCC Spokesperson, Wilson Uwujaren, in a statement on Thursday in Abuja, the sensitisation campaign is a routine industry assessment initiative meant to encourage the gold merchants to register, file report of their activities and shun money laundering.

    “It was undertaken to remind gold merchants in the state of their reporting obligations to SCUML.

    “Also, to remind them of the registration processes and punishment applicable for the flouting of rules and regulations as provided by the Money Laundering (Prohibition and Prevention) Act, 2022,” he said.

    He quoted the Head of SCUML in the Zone, Assistant Commander of the EFCC, Ahmadu Bello as stressing the importance of registration for the merchants.

    “Registration and compliance with requirements of SCUML as provided for in the Money Laundering (Prohibition and Prevention) Act, 2022 is non-negotiable amongst Designated Non-Financial Businesses and Professions.

    “SCUML will ensure that those that do not comply are presented before appropriate quarters for infringement,” Bello said.

    He further told the operators that SCUML was not out to punish them but to sanitise the sector and insulate it from money laundering.

    He therefore charged them to ensure that they register and obtain SCUML certificate, which is free, and render the required reports as at when due.

    The chairman of the cooperative, Mr Usman-Muazu Maishanu, assured that the members would comply with SCUML’s rules and regulations, including the registration and filing of reports electronically.

    He urged members that are yet to register, to do so in order to be on the wrong side of the law.

  • Google Opens N75m Hustle Academy Fund For Nigerian SMBs

    Google on Thursday called for applications for the Hustle Academy SMB Fund, a N75 million equity-free fund dedicated to the Nigerian Small and Medium Businesses (SMBs).

    Head, Brand and Reputation, Sub Saharan Africa, Google, Mojolaoluwa Aderemi-Makinde, said in a statement, that the initiative would offer N5,000,000 to 15 Nigerian small business owners.

    Aderemi-Makinde said that this initiative cemented Google’s unwavering commitment to cultivating entrepreneurial growth in Nigeria.

    She said that SMBs formed the backbone of Nigeria’s economy but consistently grapple with challenges, notably the perennial obstacle of securing vital funding.

    Aderemi-Makinde said that according to the World Bank, African SMBs faced a staggering finance gap of $330 billion.

    She said that additionally, only 25 per cent of SMBs in Africa had access to bank loans, a percentage that sharply contrasted the 50 per cent observed in developed economies.

    ‘’Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy.

    ‘’We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians,’’ she said.

    According to her, Google’s Hustle Academy, introduced in 2022, provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses.

    Aderemi-Makinde said that it was in order to raise the necessary capital to take their businesses to the next level.

    She said that since its inception, the programme had graduated over 4,000 SMBs in Nigeria, with a notable 74 per cent  from the first-year reporting marked business growth.

    According to her, the fund earmarks a N75 million pool exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding.

    She said that this commitment was further enriched with tailored mentorship, ensuring these businesses were primed for success.

    Also speaking, Product Marketing Manager and the Hustle Academy Programme Lead at Google, Sinmisola Nojimu-Yusuf, said that the Hustle Academy Fund provided SMBs with the resources and support they needed to succeed.

    Nojimu-Yusuf said: ”Wth equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive.”

    She said that Google  was committed to supporting the Nigerian entrepreneurial ecosystem, and the fund was a key part of that commitment.

    According  to her, to be eligible for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan.

    She said that SMBs should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy.

    According to her, previous participation in the Hustle Academy programme is an added advantage.

    Nojimu-Yusuf said that applications for the fund would open on Tuesday and close on October 12th.

    She said that detailed insights into the fund and application procedures are on ‘google/hustleacademyfund’.

    Google’s mission is to organise the world’s information, make it universally accessible and useful. 

  • QNET Trains 750 Youths In Financial Literacy

    In a significant partnership, QNET, the e-commerce giant, has joined forces with Transblue Nigeria Ltd. to empower more than 750 young individuals through financial literacy training in the second phase of its corporate social responsibility initiative known as FinGreen.

    During the graduation ceremony of the 25 FinGreen Ambassadors in Lagos, Mr. Akeem Ajisafe, the Managing Director of Transblue Nigeria Ltd., highlighted the success of this initiative. These ambassadors underwent interactive workshops and a train-the-trainer approach, equipping them with the skills needed to educate over 750 youths in essential financial principles using a peer-to-peer teaching model.

    Ajisafe praised the support provided by Financial Literacy for All (FLFA), the program’s content and training partner, which developed all the training materials and conducted the Training of Trainers (ToT) workshop for the 25 alumni. Additionally, the implementation partner, Consumer Advocacy and Empowerment Foundation (CADEF), played a crucial role in recruiting, assessing, and monitoring the participants’ progress to ensure they achieved their learning goals.

    Ajisafe stressed the growing demand for job opportunities among Nigerian youths to stimulate economic growth. He emphasized that a significant portion of the Nigerian population faces financial challenges and has limited avenues for income generation. Through FinGreen, the mission is to impart a comprehensive understanding of how financial literacy profoundly impacts lives, empowering those who receive training to educate others.

    The ambitious goal is to train over six thousand youths using the train-the-trainer approach. The program will also recognize and motivate participants with awards and gifts, with the top three FinGreen Alumni receiving financial rewards of N1,000,000, N750,000, and N500,000, respectively.

    Mr. Laja Shoniran, the Executive Director of Financial Literacy For All (FLFA), emphasized the importance of financial literacy in making informed financial decisions and preventing costly mistakes. He noted that programs like FinGreen would encourage financial prudence and provide practical insights into budgeting, savings, investment, and entrepreneurship.

    Prof. Chiso Ndukwe-Okafor, the Executive Director of Consumer Advocacy and Empowerment Foundation (CADEF), described the program as an incredible opportunity for participants to not only learn about financial literacy but also reorganize their thought processes, accumulate wealth, and leave a positive legacy in their communities.

    The graduation ceremony saw Temitope Adesemowo recognized as the overall best performer, with Olayinka Olanrewaju and Chikwere Nwosu securing the second and third prizes, respectively, for their exceptional performance during peer-to-peer training.

  • Manufacturers Unsold Inventories Hits N272bn In 6 months –MAN

    The Manufacturers Association of Nigeria (MAN) says weakened purchasing power of Nigerians in the first half of 2023 pushed up the inventory of unsold finished products to N271.96 billion.

    MAN in its half year report on ‘Half Yearly Review of the Economy (January – June 2023) said the figure is N48.88 billion representing a 45.4 per cent growth compared to N187.08 billion recorded during the same period in 2022.

    MAN’s Director General Segun Ajayi-Kadir, noted that the decline in the purchasing power of Nigerians is due to diminishing real household income as a result of inflationary pressures.

    The National Bureau of Statistics in its inflation report for August stated that headline inflation jumped to 25.80 per cent. The figure is 1.72% points higher than the 24.08% reported in July. Analysts say the scarcity of the naira and the petrol subsidy removal further aggravated the situation.

    “Consequently, both businesses and foreign investors are growing increasingly cautious about committing capital, thereby impeding economic growth and the prospects for recovery.

    “The collective impact of these factors is an upsurge in inflationary pressures, which inflates production costs, diminishes consumers’ purchasing power, and exerts a significant influence on manufacturers,” remarked Ajayi-Kadir.

  • NIMASA Is Best Federal MDA In Digital Transformation -Presidency

    The Presidency has declared the Nigerian Maritime Administration and Safety Agency NIMASA as the best Federal Government Agency in Digital Transformation.

    The Director General of the Bureau of Public Service Reforms (BPSR), who conveyed the Presidential award to NIMASA Management, also said NIMASA DG, Dr Bashir Jamoh has been nominated for the distinguished GovTech Trailblazers award for providing exemplary leadership.

    The BPSR also announced the awards were as a result of a nationwide nomination and online voting process initiated by the Bureau, as well as a detailed analysis of performance of all government MDAs at the national level.

    The award presentation is scheduled to take place in the nation’s federal capital in October this year.

    Jamoh expressed pleasure and assured of the Agency’s commitment to full operational digitalization.

    “This award is a pleasant surprise. We weren’t expecting it. We were just doing our job. This award will spur us to accelerate our quest to fully digitalize all NIMASA operations.”

    Public sector reform consists of deliberate changes to the structures and processes of public sector organizations with the objective of getting them to run better.

  • Transcorp Hotels Secures NGX Free Float Compliance

    Transcorp Hotels Secures NGX Free Float Compliance

     *Sustains impressive market performance

    Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has achieved full compliance with the Nigerian Exchange’s (NGX) free float requirement for companies listed on its Main Board through free-float market capitalisation.

    This comes following months of sustained impressive market performance that saw the company’s market capitalisation rise to more than N470 billion.

    Transcorp Hotels Plc, a hospitality subsidiary of Transnational Corporation Plc (Transcorp), is one of Africa’s leading hospitality companies, committed to redefining hospitality standards

    Free float refers to the shares of a company that can be publicly traded and are not restricted. 

    According to the NGX, companies listed on its Main Board, where its top stocks are listed, are required to have 20 percent issued and fully paid share capital or have a N20 billion market capitalisation on its publicly traded shares. 

    Transcorp Hotels Plc had in June achieved compliance with the NGX’s requirement as it experienced significant growth in its market capitalisation due to its excellent financial performance and operational efficiency. However, the Exchange monitored the Company’s free float compliance status for a period of three (3) months starting from Friday, 30 June 2023 to Friday, 22 September 2023 in line with its practice of monitoring a company’s free float.

    “We further note that Transcorp’s free float currently stands at 12.78% with a value (market capitalization) of N58, 788,278,971.52 as at 21 September 2023,” a notice by the Exchange stated.

    Chairman, Transcorp Hotels Plc Emmanuel Nnorom expressed enthusiasm regarding the achievement, stating that “Maintaining compliance with NGX’s free float requirement is a testament to Transcorp Hotels Plc resilience and strategic positioning in the market. We are committed to upholding the highest standards of transparency and corporate governance, factors that underpin our success.”

    He also added that the impressive performance of the company over the years has built market confidence, seeing the share price grow by more than 500 percent over the past year.

    The Company had in the first half of 2023 grown profit by 49 percent year-on-year, reaching N3.53 billion compared to N2.37 billion in H1 2022. Revenue also soared to N18.98 billion from N14.99 billion recorded during the same period of the previous year, showcasing a remarkable growth of over 27 percent.

    The NGX has now removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) beside Transcorp Hotels Plc name on its platform, reflecting the company’s unwavering dedication to post-listing obligations and its resolve to continually exceed industry benchmarks.

    The company remains steadfast in its pursuit of excellence, with a focus on delivering exceptional value to shareholders and other stakeholders alike. The company’s strong financial foundation and sustainable growth trajectory position it favourably in the competitive landscape of the hospitality sector.

  • NDIC Trains 350 Law Enforcement Agents, Legal Practitioners

    About 350 law enforcement agents and legal practitioners have so far been trained by the Nigeria Deposit Insurance Corporation (NDIC), from the second quarter of 2023 till date.

    The corporation on its X (Twitter) handle, said the training ranged from capacity building for 307 in-house and external auditors.

    The NDIC said the training also included capacity building for law enforcement agencies with 64 participants and five participants for the Alternative Dispute Resolution (ADR) training.

    The corporation said the training was to improve collaboration and knowledge in Deposit Insurance laws and practice.

    It also said that it was to improve collaboration with relevant stakeholders and performance of employees.

    “NDIC is committed to promoting financial awareness and education in the country. Financial literacy is essential for smart money decisions,” the corporation said.

  • Again, Local Equities Suffer Setback, Shed N126bn

    Transactions on the floor of Nigerian Exchange on Tuesday sustained a declining profile, shedding N126 billion following the depreciation in the share prices of Oando Plc, Conoil Plc, Flour Mills Nigeria Plc, Zenith Bank, FTNCocoa, among others.
    The decline in the share price of 22 companies impacted negatively on market capitalisation of listed equities forcing it to decline by 0.34 per cent to N36.479 trillion from N36.605 trillion reported on Monday.

    The NGX All Share Index also depreciated by 230.47 basis points to 66652.17 points from 66882.64 points recorded the previous day.

    An analysis of the investment showed that Chi Plc and Cornerstone Insurance led gainers table during the day in percentage terms, 10 per cent each to close at N1.10 and N1.65 per share respectively. UPDC REIT followed with a gain of 9.86 per cent to close at N3.90 per share, Betaglass added 9.85 per cent to close at N51.30 per share while Courtvellle Business Solutions increased by 9.09 per cent to close at N0.60 per unit.

    On the contrary, Conoil Plc topped losers’ chart for the day shedding 9.99 per cent to close at N80.20 per unit, FTNCocoa trailed with a drop of 9.95 per cent to close at N1.72 per share, Oando Plc dipped by 9.81 per cent to close at N9.65 per unit, Berger Paint sheds 8.63 per cent to close at N11.65 Kobo, Lasaco Insurance down by 8.43 per cent to N1.85 per share.

    Volume of transactions declined by 44.205 million representing 0.83 per cent as investors traded 363.989 million shares worth N4.529 billion in 7018 deals against 408.194 million shares valued at N5.442 billion exchanged hands the previous day in 7707 deals.

    Transaction in the shares of AccessCorp led market activities with 49.712 million shares valued at N784.914 million, Transnational Corporation of Nigeria followed with account of 48.531 million shares cost N291.182 million, United Bank for Africa traded 45.716 million shares valued at N787.373 million, Zenith Bank exchanged 21.575 million shares cost N681.594 million, FTNCocoa exchanged 15.801 million shares valued at N28.120 million.