Category: Business

BREAKING: CBN begins sale of dollars to BDCs

Emporium Reporters

The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country.   This was disclosed in a memo issued on Tuesday and signed by Hassan Mahmud, the director of Trade and Exchange Department at the apex bank.   This move marked a pivotal shift from the stance taken more than two years ago by the then CBN Governor, Godwin Emefiele, who stopped forex sales to BDC operators in a bid to stabilize the forex market.   The circular titled,…

SERVICE DELIVERY: CAC to sustain partnership with NBA-SBL

Emporium Reporters

The Corporate Affairs Commission has expressed its readiness to continue to partner with stakeholders in order to improve its operations. The Registrar-General/CEO of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, stated this while receiving the Nigerian Bar Association Section on Business Law, NBA-SBL, led by Chairman of the Governing Board, Dr. Adeoye Adefulu, on a courtesy call to his office. Hussaini Ishaq Magaji, who acknowledged the contributions of the NBA-SBL towards shaping his decisions and the overall progress of the Commission, said his doors remain open for meaningful…

Kudimata seeks partnership with CAC to register 30,000 businesses owned by Corps Members

Emporium Reporters

The CAC has assured that it will collaborate with a nongovernmental organisation, Kudimata, to register 30 thousand businesses owned by Corps Members. The Registrar-General/CEO CAC, Hussaini Ishaq Magaji, revealed this on Tuesday 13th February,2024 while receiving Mrs. Kathleen Erhimu, the founder of Kudimata Nig Ltd.,who was on a courtesy call to the Commission. Hussaini Ishaq Magaji described the development as a huge boost to his dream of registering 20 million businesses in 2024. Speaking on her mission to the CAC, the founder, Kudimata, said the over-two-year-old firm is in partnership…

CAC partners Opay to formalise 300,000 Unregistered businesses

Emporium Reporters

In its continued bid to drive compliance and achieve President Bola Ahmed Tinubu’s dream of creating 50 million jobs, the Corporate Affairs Commission has announced plans to formalise 300,000 businesses in the country. The Registrar-General/CEO of the CAC, Hussaini Ishaq Magaji, revealed on Tuesday during a meeting with the management of Opay Services Ltd. Magaji recalled that last week the CAC recorded a similar milestone for bringing on board two million businesses through Moniepoint. The CAC boss, who stressed that operating businesses without registration was criminal under the provisions of…

CBN must walk the Talk of its monetary reforms – Pol Eco Analytics

Emporium Reporters

Nigerian Think Tank and Research Organization, Pol Eco Analytics have urged the Governor of the Central Bank of Nigeria (CBN), Dr Yemi Cardoso to follow through with it’s latest monetary reforms policy, as against previous efforts that were abandoned half way.   In a press statement made available to Emporium Reporters over the weekend in Abuja, the group under the aegis of Pol Eco Analytics, a Nigerian-based Think Tank and Economic Research Organisation, said that was the option to address the naira crisis in the country.   In the signed…

JOB CREATION : CAC unveils registration of two million businesses

Emporium Reporters

President Bola Ahmed Tinubu’s target of 50 million jobs for Nigerian youths has received a boost as the Corporate Affairs Commission (CAC) unveiled the registration of two million businesses. This was revealed by the Registrar-General and CEO of the CAC, Hussaini Ishaq Magaji, SAN, at a ground-breaking ceremony in Abuja. The event held at the Bank of Industry (BOI), chaired by the Minister of Industry, Trade, and Investment, Dr. Doris Nkiruka Uzoka-Anite, is being facilitated by Moniepont. Hussaini Magaji said the registration of the new business was part of the…

Why naira redesign policy failed’

Emporium Reporters

The naira redesign policy failed because of the absence of certain critical measures required to ensure smooth implementation of the policy framework, Ebele Monye, a research analyst in the Carnegie Africa Program, United States has said.   Monye who attempted a prognosis of the problem of the naira redesign policy in a position paper titled, Why Nigeria’s Controversial Naira Redesign Policy Hasn’t Met Its Objectives and published recently in the journal of the Carnegie Endowment for International Peace.   The Washington, DC, based body provides analysis on key topics and…

Finance Minister visits CAC,lauds Registrar-General achievements within 100 Days in Office

Emporium Reporters

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has applauded the Registrar General, Corporate Affairs Commission (CAC) Hussaini Ishaq Magaji for taking the Commission to the next level. He commended the Registrar General for launching online premium services for same day registration, same day update application, same day status report application, same day search, from 24hours incorporation he met on assumption of office 100 days ago. The Minister who was at CAC on Friday to show support and encouragement, admonished the Commission to imbibe artificial…

CAC, JTB strengthen collaboration to enhance robust Tax Administration

Emporium Reporters

Corporate Affairs Commission (CAC) and the Joint Tax Board (JTB) have agreed to strengthen their collaboration in order to achieve seamless tax administration. This was disclosed today during a visit to the CAC Registrar-General/CEO, Hussaini Ishaq Magaji, SAN by the Executive Secretary, JTB, Mr. Olusegun Philip Adesokan. The Registrar-General said the visit would afford the two agencies the opportunity to strengthen their existing collaboration on several areas, among which is the API exchange to enhance seamless Tax Identification Number (TIN) generation. The CAC boss therefore thanked the Executive Secretary, JTB,…

CBN to relocate headquarters from Abuja to Lagos

Emporium Reporters

The Central Bank of Nigeria (CBN) is set to relocate some of its departments from Abuja to Lagos State. According to an internal memo, the departments affected include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection; Payment System Management, and Financial Policy Regulations NewsBand gathered that the decision is designed to decongest the apex bank’s head office. Though, some staff members of the apex bank this medium learnt, have reportedly rejected the transfer, claiming that it is motivated by sectional bias. An official of the CBN who doesn’t want to…