Companies

Minister: Nigerian government worried about rising unemployment rate

Minister of Interior, Ogbeni Rauf Aregbesola, has said the federal government is worried over the rising unemployment rate in the country. Speaking at the 2nd Shakeholders’ Meeting on Expatriate Quota Administration organized by the Citizenship and Business Department of the Ministry of Interior, the Minister said: “Anyone that is not worried about the unemployment rate in the country is not a patriot.” He lamented that the unemployment rate of 33 per cent released by the National Bureau of Statistics was indeed worrisome and a wake up call that something urgently needed to be done to keep Nigerians employed and drastically reduce the unemployment rate. The Minister, who called on all stakeholders at the meeting to ensure quality inputs were brought to the table that will lead to the produ...

CAC aims to register new company within three hours

The Corporate Affairs Commission (CAC) says it will be possible for companies in Nigeria to be registered within three hours, before the end of 2021. The commission tweeted this on Sunday via its verified Twitter handle. It said, Garba Abubakar, the commission’s registrar-general, gave this indication at a recent dinner in honour of the chairman, governing board, CAC and Nigeria’s Ambassador-designate to Spain, Ademola Seriki. The commission announced last December the upgrade of its online registration portal for business. It said the upgrade would include features that allow the automation of key services and processes in line with the federal government’s effort to Nigeria’s ease of doing business. Newsmen had reported how the new regulation protocol has left businesses in the country s...

Traffic in Suez Canal resumes after stranded ship refloated

Shipping traffic through Egypt’s Suez Canal resumed on Monday after a giant container ship which had been blocking the busy waterway for almost a week was refloated, the canal authority said. The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia. Live footage on a local television station showed the ship surrounded by tug boats moving slowly in the centre of the canal on Monday afternoon. The station, ExtraNews, said the ship was moving at a speed of 1.5 knots. “Admiral Osama Rabie, the Chairman of the Suez Canal Authority (SCA), announces the resumption of maritime traffic in the Suez Canal after the Authority successfully rescues and ...

Suez Canal Authority says stranded ship partially refloated

The stranded container ship that blocked the Suez Canal for nearly a week was almost fully re-floated on Monday and has restarted its engines, a shipping source with knowledge of the matter said, raising hopes the busy waterway will soon be reopened. The 400-metre (430-yard) long Ever Given has been straightened in the canal and will undergo initial inspections before being moved, two sources said. Video posted on social media appeared to show the ship’s stern had swung around, opening space in the canal. Other footage, which could not be immediately verified by Reuters, included cheering and ships’ horns sounding in celebration. Ship-tracking service VesselFinder has changed the ship’s status to under way on its website. The Ever Given became jammed diagonally across a southern section of...

Commodities trading: SEC issues new rules on warehousing, collateral management

File Photo In a bid to ensure a vibrant commodities trading ecosystem, which would in turn boost foreign exchange earnings for the country, the Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management, among others. According to the rules, every warehouse that stores commodities to be traded on a registered exchange shall apply to be registered by the SEC, while the commission shall maintain a register of all registered warehouses to be published on its website. The new rules also provide that any warehouse applying for registration shall submit proof of ownership or registered-lease deed or rent agreement, alongside a disclaimer from the owner of the warehouse/property providing waiver of ownership regarding commodities stored in such ...

Firms get N1 million fine for breaking sanitation law in Kano

The Kano State Environmental Mobile Court on Saturday ordered two factories to pay N1 million fine for violation of the monthly environmental sanitation exercise in the state. Newsmen report that the affected factories are GP Tank and JP Company. Chief Magistrate, Auwal Yusuf-Suleiman, gave the order during an inspection exercise at the Sharada Industrial Area in Kano metropolis. Yusuf-Suleiman said the factories were found guilty of operating within the stipulated hours of the sanitation exercise contrary to Sections 61 and 104 of the National Environmental Laws. He, therefore, ordered each of the factories to pay N500,000 fine. Dr Kabiru Ibrahim-Getso, the State Commissioner for Environment, while reacting to the fine said the affected companies were not among those exempted from partici...

Court declares SEC sanctions against Oando management null, void

Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...

US workers enticed with bonuses, time off to get coronavirus vaccine

As Covid-19 vaccination drives get into gear across the United States, some businesses are offering transportation, paid time off and bonuses of up to $500 to encourage workers to get the jab. Labor-intensive industries like slaughterhouses, supermarkets, and farms, whose workers are at higher risk of contracting the virus, have taken the lead, with several large grocery chains offering two to four hours of paid leave time for employees to get vaccinated. “Providing accommodations so employees can receive this critical vaccine is one more way we can support them and eliminate the need to choose between earning their wages and protecting their well-being,” Jason Hart, CEO of supermarket chain Aldi, said in January. Others have taken advantage of Centers for Disease Control and Prevention re...

Biafra group threatens violence, orders oil companies out of Bakassi peninsula

FIle Photo The militia wing of the Biafra Nations League (BNL) has issued a quit notice to companies operating under Nigeria in the Bakassi peninsula. The group alleged that Nigeria gets 60 percent of the oil in the region and uses the money to “sponsor” the Nigerian military against secessionist. A BNL commander alias ‘Aso Rock’ accused the federal government of “killing armless pro-Biafra supporters in Imo State and Rivers State”. The native of Bakassi stated that Nigeria no longer had rights over the area since its territorial ownership was ceded to Cameroon. “We have asked the oil companies paying tax to the Nigerian government to evacuate, no deadline was given as we can chase them away anytime. “They cannot be drilling our oil to be developing the north and sponsoring military operat...

Umahi urges women to maintain priorities as mothers

File Photo The wife of the governor of Ebonyi State, Rachael Umahi, has urged women faithful to maintain their priorities as mothers and stick to God’s word for a better family. Mrs Umahi made the call on Sunday at the 2021 Mother’s Day celebration at the Christ Embassy Church, Abakaliki. The governor’s wife encouraged the women to also remain committed in the faces of challenges and continue to dwell in the word of God for a better life as well. “We must be excellent women in action, pillars of blessings and develop ourselves with God’s word for development. “We must also learn to tell our husbands bitter truth base on the words of God for the well-being of family and society. “Live out dreams in you every day, train your children to love and share,” Umahi said. Speaking, the Pastor in ch...

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