Category: Business

CAC shines as FG launches jobs initiative in Gombe

Emporium Reporters

The Federal Government has launched the Outsource to Nigeria Initiative OTNI/Commissioning of the Business Outsourcing Centre (BPO) in Gombe State. The ceremony which was performed by the Vice President, Kashim Shettima was also attended by the Registrar-General and CEO of the CAC, Hussaini Ishaq Magaji amongst other important dignitaries. The project, which is an initiative of the Gombe State Government under the leadership of Governor Inuwa Yahaya, aims at creating 2,000 jobs. CAC News reports that the Commission was actively involved in actualizing the initiative held at the ICC Gombe/Hajiya…

JUST IN: CBN revokes licences of over 4,000 BDCs

Emporium Reporters

In it’s effort to curb the activities of unscrupulous Bureaux De Change operators, the Central Bank of Nigeria (CBN), has announced the revocation of the operating licences of 4,173 BDCs in the country.   This was disclosed in statement signed by Acting Director, Corporate Communications of CBN, Mrs Sidi Ali Hakama, on Friday.   The apex bank said the action is an exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BoFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux.  …

JUST IN: FG slams $10 billion fine on Binance

Emporium Reporters

President Bola Ahmed Tinubu-led administration has slammed no fewer than a $10 billion fine on Binance amid a crackdown on the crypto exchange platform in desperate moves to salvage the value of the nation’s local currency.     President Tinubu’s Special Adviser on information and strategy, Bayo Onanuga made this known on Friday morning in an interview with the BBC.   “Binance is fixing enhance rate for Nigeria and it’s illegal. The Central Bank of Nigeria (CBN) is the only authority that can fix the exchange rate in the country.…

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…