Markets
SEC sets deadline for crowdfunding platforms registration
File Photo The Securities and Exchange Commission has directed all existing investment crowdfunding portals/digital commodities investment platforms to note the requirements and eligibility criteria for raising funds through and/or operating a Crowdfunding Portal and comply with the registration requirements or cease operations by the 30th of June, 2021. This was contained in a notice released by the Commission on Wednesday. According to the SEC, the rules governing Crowdfunding business in Nigeria came into effect on the 21st day of January, 2021, which was part of efforts by the Commission to ensure investor protection while encouraging innovation in the conduct of securities business. “In line with the transitional provisions of the Rules, all persons/entities operating an investment cr...
Rice millers protest ‘multiple taxation’ in Ebonyi
Rice millers in Abakaliki, Ebonyi State, have protested against what they claimed to be multiple taxation in the state’s mill market. The millers, who decried alleged extortions of traders by the management of the market, called on the state government to find a lasting solution to it. They appealed to the government to review its revenue policy and reduce the increased taxes. The protesters carried placards with different inscriptions such as, “Management should not take rice mill as their father’s business”, “We are tired of the multiple and high taxes”, “We need an elected chairman and not Caretaker Committee to move development forward in the mill.” Speaking with journalists in Abakaliki on Tuesday, Chukwuma Eniokoro, the chairman of millers in the market, said they embarked on the pea...
Kaduna paralysed as NLC begins warning strike
Activities in Kaduna State have been paralysed as the five-day warning strike directed by the Nigeria Labour Congress (NLC) over irregular sacking of civil servants began on Monday. Checks revealed that schools, banks and other business premises had been closed. The National Union of Banks, Insurance and Finance Institutions Employees had directed its members to withdraw banking and insurance services in Kaduna state from Monday 17. The Zonal State Secretary of the union, Mr Adamu Danladi explained that the directive followed the NLC’s warning strike in response to what he described as Gov. El-Rufai’s “anti-workers policies”. He said that the withdrawal of services would continue until otherwise directed by the congress. Also, while some schools were closed, others were open but only a few...
CBN governor vows to block maize importation
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele on Thursday vowed to resist importation of maize as Nigerians have the capacity and capability to grow the crop locally to meet consumption demand. On that note, he has urged youths across the country to embrace agriculture, declaring the bank’s readiness to support those ready to venture into it. Emefiele made the declaration in Katsina at the unveiling of the first maize pyramid and flag-off of the 2021 maize wet season farming under the CBN-Maize Association of Nigeria (MAAN) Anchor Borrowers’ Programme. He averred that Nigerian youths could leverage their talents, along with technological tools to improve farm productivity and delivery of agricultural produce to markets. While noting that agriculture offered significant benefi...
NGX records N419 billion growth in April
The market capitalisation of the Nigerian Stock (NGX) recorded a growth of N419 billion in April due to impressive first quarter results declared by some companies. Specifically, the market capitalisation which closed trading in March at N20.428tn rose by N419bn to close at N20.847tn in April. Similarly, the All-Share Index inched higher by 789.29 points to close at 39,834.42 in contrast with 39,045.13 recorded in March. Royal Exchange Assurance emerged the best performing stock for April in percentage terms, growing by 89.29 per cent to close at 58k per share against 28k recorded in March. Linkage trailed with 41.87 per cent to close at 85k in contrast with 60k posted in the comparative month. Speaking on the performance of the stock market, Mr Ambrose Omordion, the Chief Operating Office...
NTDC explores Lagos creative communities on Google Arts & Culture
The Nigerian Tourism Development Corporation (NTDC) has concluded plans to explore Lagos creative communities on Google Arts & Culture in five different ways. The project tagged; ‘Eko for Show’, is in partnership with Google Arts & Culture towards celebrating Lagos and its creative communities. The Director-General of NTDC, Mr Folorunsho Coker, who made the revelation in an interaction with the media, said that Lagos is one of Africa’s fastest-growing cities and that its creative scene is taking the world by storm. Coker noted that with over 25 million people, the city’s creative scene is fueled by a young generation of talented individuals and communities spanning music, art, photography, fashion, theatre, literature and food. The Nigerian Tourism Development Corporation, he said ...
CSCS reiterates commitment to deepening capital market
The Central Securities Clearing System (CSCS) has restatement its commitment in repositioning business to efficiently play a more active and leading role in deepening the Nigerian capital market growth. Also, CSCS grew its profit after tax by 41.4 per cent for the year ended December 31, 2020. The company results showed that amidst unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Group grew total income by 31.3 per cent year-on-year (YoY) to N12.09 billion. Profit after tax grew by 41.4 per cent to N6.93 billion, translating to N1.39 earnings per share. The group delivered 20.3 per cent return on average equity for the 2020 financial year, compared to 15.3 per cent in 2019 full year. The company’s total assets stood at N41.42 billion, as again...
Group advocates palliative for terrorism, banditry victims
A group under the auspices of Initiative for Conciliation and Right Protection has advocated for palliative for victims of terrorism and banditry to cushion the effect of the ugly trend. This is contained in a statement jointly signed by Mable Bremah, Godwin Ekoja and Halima Bukar, Assistant Secretary, PRO and Deputy Organising Secretary respectively in Birnin Kebbi on Saturday. It observed that victims of terrorism, banditry and oppressed deserved better treatment to enable such victims resettle and gradually recover from their trauma. The statement urged Nigerians irrespective of ethnic, religious and political affiliation to collectively join hands toward ending the insecurity bedevilling the country to pave way for a better Nigeria. It observed that Nigerians were living in an unpreced...
FCTA bans farming activities, illegal markets on airport expressway
The Federal Capital Territory Administration (FCTA) has banned farming activities, street trading and illegal motor parks on fringes of the Umar Musa Yar’adua Expressway, leading to Nnamdi Azikiwe International Airport. The FCT Minister, Malam Muhammad Bello, made this known when he led management team of the administration, political leaders and some traditional rulers to inspect various developments on the road axis on Friday in Abuja. Bello, who frowned at the bizarre conducts of residents constituting nuisance to the public, stated that no resident or organisation would be allowed to carry out any illegal activity on a major road leading into the nation’s capital city. He noted that while residents were encouraged to engage in legitimate economic activities to mitigate poverty and cont...
NNPC to partner Borno government to establish gas power plant
The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Alhaji Mele Kyari has said that the corporation will partner with Borno State Government to establish a Gas Power Plant following the vandalization of the national grid by insurgents which put the state almost three months into total blackout. Kyari who led a powerful delegation on a courtesy call on Governor Babagana Umara Zulum on Friday said, the Federal Government will not fold its arms and neglect the state which is been ravaged by insurgents, especially cut off from the national grid, as power is a source of income to the teaming people of the state. “We are here with my colleagues, the Head of Gas and Power Business, Engineer Yusuf Usman, Representatives of Greensville Liquefied Natural Gas (LNG), which is a...
Kano consumer council confiscates products worth N100 million
The Kano State Consumer Protection Council (KSCPC) says it has confiscated expired and counterfeit drugs and other products worth N100 million in the state. This is contained in a statement issued on Tuesday in Kano by Mr Musbahu Yakasai, the Public Relations Officer of the council. Yakasai quoted the acting Managing Director of the council, Alhaji Baffa Dan-Agundi, as saying that the products were confiscated following raids on some markets within Nano metropolis. The council’s boss said that officials organised raids on the Sabon Gari market and other markets within Kano metropolis between April 2 and April 5. “The confiscated products include drugs, lemon flavor and other consumables,” he said. Dan-Agundi said that the council would not relent in its effort towards curtailing the import...
Understanding the strength of small businesses
The number of small businesses keeps growing in the formal and informal sectors of the Nigerian economy, due to the role of small businesses as the live-wire of any economy and the backbone of major developed economies the world over. Though Nigeria rely majorly on oil and revenues derived from it, from context observation the economy is largely supported by small businesses covering almost all spheres of activities within the country, ranging from Nano, kiosk, and Micro businesses most importantly. A visible reference usually includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business center operators, restaurants, market women, and men in the various open markets, among others. and the formal operations such as the law firms, accounting firms, con...