Category: Business

BREAKING: NNPC secures N2.3trn loan to stabilise Naira against Dollar

Emporium Reporters

The Nigerian National Petroleum Corporation (NNPC) Limited has secured a N2.3trn ($3 billion) crude repayment loan to support the naira and stabilise the foreign exchange market. NNPC in a terse statement on Wednesday, August 16, 2023, said the loan was secured from the AFRIEXIM bank headquarters in Cairo, Egypt. The statement reads; “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan. “The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide…

BREAKING: FG files 20 fresh charges against former bank chief, Emefiele ….seeks to withdraw Lagos case

Emporium Reporters

There could not be end in sight in the war between president Bola Tinubu-led administration and former Central Bank of Nigeria—CBN, Godwin Emefiele as the former on Tuesday applied to withdraw the “illegal possession of firearms” case it filed against the embattled bank chief at the Federal High Court sitting in Lagos. Mohammed Bakodo Abubakar, Director of Public Prosecutions (DPP) at the Federal Ministry of Justice told Justice Nicholas Oweibo that the application followed the result of further investigations. He made his application orally. But defence counsel Joseph Daudu (SAN)…

CAC secures nomination for International Award …. as BOR sensitization ends in major cities

Emporium Reporters

The Corporate Affairs Commission (CAC) has successfully completed the first leg of stakeholder sensitization on the use of the Beneficial Ownership Register (BOR). The journey to building Africa’s first BOR began seven years ago with Nigeria making a commitment to the world during the 2016 London Anti-Corruption Summit. At the Summit, Nigeria pledged, among other things, to open a publicly available beneficial ownership register of corporate entities. The CAMA 2020 heralded a new beginning as work on the BOR began in earnest, scaling through extensive development and testing in line…

CAC to deregister 100,000 coys over failure to file annual returns

Emporium Reporters

The Corporate Affairs Commission, CAC, says it will strike off one hundred thousand companies that have failed to file annual returns in the last ten years. The Registrar-General of the CAC, Garba Abubakar, in a statement, said this while speaking at a Training Workshop on the Use of the Beneficial Ownership Register, BOR, in Lagos. Mr Abubakar, however, said that the Commission would soon send notices of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA,2020. He explained that the…

Pol Eco Analytics calls on CBN to rethink interest rate hike

Emporium Reporters

Pol Eco Analytics, a Nigerian based independent think tank and research organization has called on the Central Bank of Nigeria ( CBN) to rethink its monetary policy over the years, favour increasing interest rate as a measure to fight inflation in the economy. While Pol Eco Analytics acknowledged the fact that interest rate was one out of other monetary instruments available to cushion inflation. However, this monetary instruments has now become the only weapon CBN deployed in the name of fighting inflation. Pol Eco Analytics said”For the record, since middle…

CAC unveils Service Charter

Emporium Reporters

By ABUBAKAR YUSUF.     The Corporate Affairs Commission CAC is determined to reduce it’s service hours from 24hrs to 6hrs daily going forward across the country.   This was disclosed by the Registrar General, Corporate Affairs Commission CAC, Alhaji Garba Abubakar during the launch of it’s service charter held at the Reitz Continental Hotel , Abuja on Wednesday.   The CAC helmsman who promised to abide by the operation of the new service charter promised to do anything humanly possible to achieve the basic requirements.   He reassured Nigerians…

JUST IN: CAC to Sanction 100,0000 Companies.

Emporium Reporters

By ABUBAKAR YUSUF.   The Corporate Affairs Commission CAC will between now and end of July blacklist and close down initial 100, O00 companies that had defied it’s regulations forthwith. The exercise which is going to be a continuous exercise will be sustained to instill sanity into the operations of entities. The Registrar General, Corporate Affairs Commission CAC, Alhaji Garba Abubakar made this disclosure during the one day training workshop for relevant agencies in Abuja on Wednesday on Beneficial Ownership Register (BOR). “Already , the first one hundred thousand defaulting…

17TH NBA-SBL INT’L CONFERENCE: NBA lauds CAC exceptional performance

Emporium Reporters

The Nigerian Bar Association Section on Business Law (NBA-SBL) has commended the active and impactful participation of the Corporate Affairs Commission in its just concluded 17th Annual International Business Law Conference held in Lagos. The conference with the theme “The Nigerian Business Landscape: Priorities for Law, Policy, and Regulation” took place from Wednesday, July 5th, to Friday, July 7th, 2023. The NBA-SBL Chairman of the Governing Board, Dr. Adeoye Adefulu, stated this while speaking to reporters in Lagos shortly after visiting the Regulatory clinic set up by the association. Adeoye…

FG reopens Seme border for vehicle importation

Emporium Reporters

The Nigerian government has approved the re-opening of the Seme border for the importation of vehicles.   Director of Road Transport in the Ministry of Transportation, Ibrahim Musa, yesterday, disclosed this on Wednesday, June 21, 2023, at the Economic Community of West African States, ECOWAS, meeting organised between officials of Nigeria and Benin Republic.   According to him, the development followed complaints by freight forwarders operating at the Seme border.   He said: “I was here with the former Minister of State for Transportation when the freight forwarders pleaded that…

DIGITIZATION: Ministry seeks collaboration with CAC

Emporium Reporters

The feats and successes recorded by the Corporate Affairs Commission in the digitization of its operations have continued to receive both local and international applause as well as a series of requests for collaboration.   The Industrial Inspectorate Department IN the Federal Ministry of Industry, Trade, and Investment (MITI), has also joined the ranks of those applauding the Alhaji Garba Abubakar-led CAC and desirous of partnering with it to also migrate from manual to electronic processes with a view to improving its services.   The Director (Industrial Inspectorate Department), Anietie…