Category: Business

Premier hotel shut down, staff laid off

Emporium Reporters

Premier Hotel, Ibadan has been shut down with the staff laid off, Nigerian Tribune reports.   The hotel, owned by Western Hotels Limited, a subsidiary of Odu’a Invest- ments Limited, has been shut down since Wednesday, December 28, 2022.   When the Nigerian Tribune visited the Mokola Hill premises of the hotel on Tuesday, it was deserted, except for private security guards, who directed visitors away from the premises, saying the hotel had been shut down.   When contacted, the Group Managing Director of Odu’a Investments Limited, Mr Adewale Raji,…

CAC deploys additional component on Company Registration Portal 

Emporium Reporters

By ABUBAKAR YUSUF       The Corporate Affairs Commission CAC has introduced an additional innovation on it’s Company Registration Portal (CRP) for ease of filing, surrender ,allotment, transfer, and transmission of shares. A statement released by the Management of the commission on Wednesday 21st of December, 2022 and issued by the Head Media, Rasheed Mahe stated that going forward customers and the general public can now take advantage of the additional component deployed on the Company’s Registration Portal (CRP) for filing of the following notices . The additional component…

CBN bows to pressure, review№²№ cash withdrawal limits 

Emporium Reporters

The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.     The development was contained in a letter addressed to banks on Wednesday, December 21, 2022.   The development comes two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.     The bank also reduced withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000…

Cashless Policy: Full implementation of policy with limit on cash withdrawals per week is now -CBN

Emporium Reporters

The Central Bank of Nigeria (CBN) on Friday clarified that based on information available to the Apex bank, the time for full implementation of the cashless policy with proposed limit on cash withdrawals per week is now. Indeed, as controversies continue to trail the planned policy of the Central Bank of Nigeria ( CBN) to limited cash withdrawal for individuals at N100,000 and Corporate Bodies N500, 000 per week, the bank has succeeded in convincing the Senate Committee on Banking, Insurance and other Financial Institutions of the need for it.…

CBN reduces cash withdrawals to N20k per day at POS, N100k per week from banks

Emporium Reporters

The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations regardless of their size.     This is according to a new memo to banks issued on Tuesday, December 6, 2022, signed by the Director of Banking Supervision, Haruna .B. Mustafa.   According to the memo, withdrawal at POS terminals has also been limited to N20,000 per day. The directive will take effect from January 9, 2023.   IMPORTANT: You can now Click “HERE” to receive News updates…

Niger Govt inaugurates State Ease Of Doing Business Council, State Saber Steering/Technical Committee

Emporium Reporters

The Niger State Government said it has attached a high premium to the development of the State’s economy, next to security.   The Secretary to the Niger State Government (SSG), Ahmed Ibrahim Matane made the disclosure shortly after inaugurating the Niger State Ease of Doing Business Environment Council and the Niger State Saber Steering/Technical Committee held at the Conference Hall of SSG’s Office.   The SSG explained that the Niger State Ease of Doing Business Environment Council and the Saber Steering/Technical Committee has been constituted to consolidate the achievement of…

Why I approved redesign of naira notes – Buhari 

Emporium Reporters

President Muhammadu Buhari on Wednesday in Abuja launched the new Naira bank notes, expressed delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.   Speaking at the launch of the new bank notes, which preceded the Federal Executive Council (FEC) meeting, the President explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦‎200, ₦‎500 and ₦‎1000 banknotes. According to the President, ‘‘the new Naira banknotes have been fortified with security features that make…

CAC introduces Electronic filing of Financial Statements

Emporium Reporters

The Corporate Affairs Commission (CAC) has recorded another milestone as it unveils an electronic filing system for the filing of financial statements by registered entities in continuation of its reform initiatives.   The Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, who stated this at the unveiling of the platform to customers and stakeholders in Abuja, said it would be available live from Monday, November 28, 2022.   A statement released by Head, Media, Rasheed Mahe said Garba Abubakar stated that the accounting software drew inspiration from…

JUST IN: CBN redesigns Naira

Emporium Reporters

The Central Bank of Nigeria has announced its decision to redesign the Naira.   The CBN Governor, Mr. Godwin Emefiele, who announced this at a press briefing in Abuja, said the exercise would affect the the highest denominations: 200, 500, 1000 notes.   He said that the action was taken in order to take control of the currency in circulation.   According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.       Details…

JUST IN: CBN sells Polaris bank for N50bn after rescuing it with N1.2trn

Emporium Reporters

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).   The deal secured the approval of the House of Representatives, who, on Wednesday, October 19, 2022, sanctioned the sale of Polaris Bank and affirmed that the acquisition followed laid down procedures and got the relevant presidential approval.   A statement issued by the Director, Corporate Communications Department…