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Showing posts with label Be Self Employed. Show all posts
Showing posts with label Be Self Employed. Show all posts

GTB Vs Innoson: Supreme Court Rules In Favour Of GTB In N2.4bn Debt

 The Supreme Court has ruled in favour of Guaranty Trust Bank after it reversed its earlier decision which dismissed an appeal by GTB against a N2.4bn judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal in Ibadan, Oyo State.


A senior official of GTB, who confirmed this to The PUNCH on Sunday, said, “Yes, the Supreme court ruled in favour of GTbank on Friday.”


A judgment delivered on Friday by a five-member panel, led by Justice Olukayode Ariwoola, held unanimously that the Supreme Court erred when, in a ruling on February 27, 2019, it erroneously dismissed the appeal marked: SC/694/2014 filed by GTB.


In the lead judgment, written by Justice Tijani Abubakar, but read on Friday by Justice Abdu Aboki, the court held that it was misled by its Registry, which failed to promptly bring to the notice of the panel that it sat on the case on February 27, 2019, and that GTB had already filed its appellant’s brief of argument.


The judgment was on an application by GTB seeking the re-listing of the appeal on the grounds that it was wrongly dismissed.


The Supreme Court said the panel that sat on the case on February 27, 2019, being notified of the existence of the appellant’s brief of argument, would not have given the ruling which dismissed GTB’s appeal on grounds of lack of diligent prosecution.


Relying on Order 8 Rules 16 of the Supreme Court’s Rules, Justice Abubakar, in the lead judgment, held that the apex court has the power to set aside its decision in certain circumstances, like any other court.


He added that such circumstances include where there is any reason to do so, such as where any of the parties obtained judgment by fraud, default or deceit; where such a decision is a nullity or where it is obvious that the court was misled into giving a decision.


Justice Tijani held that the circumstances of the GTB case fall into the category of the rare cases where the Supreme Court could amend or alter its own order on the grounds that the said order or judgment did not present what it intended to record.


“I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant.


“It will be unjust to visit the sin of the court’s Registry on an innocent, vigilant, proactive and diligent litigant.


“It is obvious from the material before us, that there were errors committed by the Registry of this court, having failed to bring to the notice of the panel of Justices that sat in chambers on the 27th February 2019 that the appellant had indeed filed its brief of argument.


“This is a case deserving of positive consideration by this court.


“Having gone through all the materials in this application, therefore, I am satisfied that the appellant/applicant’s brief of argument was filed before the order of this court made on the 27th of February 2019 dismissing the applicant’s appeal.


“The order dismissing the appeal was therefore made in error. It ought not to have been made if all materials were disclosed. The application is, therefore, meritorious and hereby succeeds,” Justice Abubakar said.


He proceeded to set aside the court’s ruling of February 27, 2019, dismissing GTB’s appeal and ordered that the appeal marked 694/2014 “be relisted to constitute an integral part of the business of the court until its hearing and determination on the merit.”


Other members of the panel – Justices Ariwoola, John Okoro, Helen Ogunwumiju, Aboki – agreed with the lead judgment.





I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

 I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)


Nigerian socialite and businessman, Obi Iyiegbu aka Obi Cubana has reacted to the allegation linking him to Asian drug barons, IGBERETV reports.


Obi Cubana, on Thursday, January 13, 2022 visited the headquarters of the National Drug Law Enforcement Agency (NDLEA) and spent about four hours. He arrived the NDLEA premises at about 9am based on invitation for clarifications over reports of suspicious payments made into his account by three convicted drug dealers from Malaysia, Nigeria and India. He allowed to go home at about 1.30pm.


In an Instagram live session with Daddy Freeze, Obi Cubana said he was Innocent of the allegation. He said the allegation made him feel so low because he had made a covenant with his God never to be involved in illicit drug trafficking.


See video below.



Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion

 BUA Foods Plc, one of the closely held businesses of Nigerian billionaire industrialist Abdul Samad Rabiu, completed the listing of its shares on the Nigerian Exchange on Wed., Jan. 5, after it received the requisite approvals from the regulatory authorities.



Consequently, the net worth of Rabiu, the majority owner of one of Africa’s fastest-growing cement makers, BUA Cement, rose by nearly $1.9 billion to $7.2 billion thanks to the valuation of BUA Foods.
His current net worth eclipsed the $6.6-billion wealth valuation of Nigerian telecom mogul Mike Adenuga.



The consolidated food business is an operating unit of BUA Group, a well-diversified manufacturing conglomerate founded by Rabiu in 1988. The listing of 18 billion shares at N40 ($0.0968) each gave the food-processing firm an implied valuation of N720 billion ($1.74 billion).



As of press time, Jan. 6, shares in BUA Foods were worth N44 ($0.1065), 10-percent higher than their implied price. At the current price, the market capitalization of the consolidated food business increased to N792 billion ($1.92 billion).



The value bump caused Rabiu’s fortune to increase from $5.3 billion to $7.2 billion.
His net-worth valuation includes the market value of his 92-percent stake in his cement business, which is valued at $5.3 billion.


The addition of his new business makes him Nigeria’s second-richest man ahead of Mike Adenuga, the founder of Globacom, Nigeria’s third-largest telecom company.



Upon the listing of BUA Foods’ shares, the newly formed entity became the largest consumer goods company by market capitalization after Nestle Nigeria Plc, the Nigerian subsidiary of the Switzerland-based consumer goods giant, Nestle S.A.
The successful listing of its shares comes nearly a month after BUA Group spun off its five food businesses, including BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta and BUA Rice Limited.



The group confirmed that the merging of its food businesses into a newly consolidated food company known as BUA Foods will help the conglomerate maintain its leadership status in the agribusiness and food-processing sectors.
While speaking about his food business, Rabiu noted that listing the shares would help people realize the true value chain of the business and assist in dealing with Nigeria’s food crisis.
“A lot of people do not know the size of this business, that is why we decided to merge all the food businesses into one entity.


Now that we have done that, people will understand and appreciate the business,” he said.




BUA Foods Plc Receives Approval To List On The Nigerian Exchange

 BUA Foods Plc (“BUA Foods” or the “Company”) is pleased to announce that it has received approval to list on the Main Board of The Nigerian Exchange (“NGX”).


BUA Foods has satisfied the listing requirements of The Exchange and obtained relevant regulatory approvals, as a result, BUA Foods is now listed in the consumer goods sector of the Exchange, with the ticker “BUAFOODS”. A total of 18,000,000,000 (eighteen billion) shares were admitted to trading, representing the total issued share capital of the Company.


The listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange.


Commenting on the listing, Abdul Samad Rabiu, CON, Chairman of BUA Group said “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”


We appreciate the continued support of our stakeholders – financial advisers, stock brokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”


The Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, also stated, “the listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that’s highly committed to nourishing lives with all our product offerings. The listing resonates with our commitment to sustainable growth as we nourish and enrich the lives of consumers by delivering high quality products at competitive prices. This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead.”


For over three decades, the company has maintained an unbroken streak of year-on-year growth, establishing ultra-modern production facility across multiple locations. BUA Foods remains a consistent leading player in the Food and FMCG industry with strong reputation for exceeding customers and consumers expectations with high-quality products.


BUA Foods also continues to invest in modern technology for efficient food production, innovating and expanding with strategic partners across the value chain. The company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.




Binnaparlour Red-Carpet Night 2nd Edition Tagged Night of Glamour- 25th December 2021 Accra Ghana

 The stage is set for the 2nd Edition of Binnaparlour  Red-carpet ; Tagged Night of Glamour.


Venue Manhean Accra Ghana


Binnaparlour Red Carpet is an Annual Event that helps in promoting Africa Art, music, food and Culture. 

This is the 2nd Edition of the Red Carpet that will be featuring Top Artists, Comedian and Dancers.


It will be fun having you around on that day, Don't miss it.!!!


 Date is 25th December 2021

Binnaparlour Red carpet 2021


Publisher Obinna Pascal Amajuoyi


UAE Lifts Ban On Passengers Travelling From Nigeria

 The United Arab Emirates (UAE) has reversed the ban earlier placed on foreign airlines from accepting passengers from Nigeria and Congo which took effect on Monday, December 13, Daily Sun has learned.


Citing the increasing number of Covid-19 positive cases, foreign airlines flying into Dubai had ceased accepting passengers from Nigeria and Congo.


Although no foreign airline gave an official statement on the reason for the development or if initial directive came from the UAE government as a retaliatory measure against Nigeria for withdrawing the frequencies given to Emirates airline, an email seen by Daily Sun which emanated from Ethiopian Airline on Monday, December 13, with the subject: Dubai Travel Restriction Update and reference No. PSA12/068/2021, read: “Due to an increasing number of COVID positive passengers at destination, it is decided to suspend accepting passengers to UAE from Nigeria and Congo DRC only. This is effective December 13, 2021. Please ensure 100 per cent compliance.”


A reliable source within Ethiopian Airline confirmed to Daily Sun that passengers from Nigeria that had booked tickets to travel to Dubai on December 13 and had boarded the plane were offloaded. “The excuse from Dubai was that they had gotten 37 positive covid cases, so they had to take measures to restrict movement. But not long after the directive to bar passengers was issued, they reversed themselves and are now accepting passengers from Nigeria,” the source said.


There are reasons to believe that the diplomatic row between the government of Nigeria and the UAE over allocation of frequencies for Emirates airline and Nigeria’s Air Peace was responsible for the initial decision to bar passengers from Nigeria. For over eight months, the government of Nigeria and UAE have been engulfed in a tit-for-tat over Covid-19 regulations and most recently, the allocation of frequencies and slots to Emirates and Air Peace.


After Nigeria lifted COVID-19 restrictions were lifted, the UAE imposed very strict travel guidelines which were in contrast with the FG’s guidelines. The Minister of Aviation, Hadi Sirika then imposed restrictions on Emirates from flying into Nigeria. After eight months, the restrictions were lifted and Air Peace resumed flying to Sharjah, while Emirates resumed flying in and out of Nigeria.


But last week, the Nigerian Civil Aviation Authority (NCAA) withdrew the approval granted to Emirates by the Ministry of Aviation following the refusal of the General Civil Aviation Authority (GCAA) of the UAE to grant equal rights to Air Peace fly to Dubai via Sharjah. The withdrawal of approval took effect on December 12, 2021.


The UAE’s Minister of Economy, Abdulla Bin Touq Al Marri, who is also the head of the country’s GCAA, wrote a letter to Sirika, protesting the withdrawal of Emirate’s frequencies while insisting that Air Peace has been treated fairly.


But Sirika, in leaked audio, described the letter as ‘insulting’ and said that at the inception of this administration, the FG granted Emirates Airlines the approval for 21 flights weekly, 14 to Lagos and seven to Abuja but the UAE refused to grant Nigeria’s Air Peace three weekly frequencies to Sharjah, which the airline requested for, rather, it approved only one frequency weekly. He said the GCAA had attributed its refusal to grant three frequencies to Air Peace to inadequate slots in Sharjah airport. He said even though both countries are losing revenue as a result of the row, the Nigerian Government would continue to protect Nigerian businesses.


A few days ago, however, Emirates discontinued its operations in Nigeria indefinitely and currently, other foreign airlines have stopped accepting Nigerian passengers travelling to the UAE.


Reacting to the row, the President of the Aircraft Owner and Pilots Association of Nigeria, Alex Nwuba, said the Bilateral Aviation Safety Agreement (BASA) between Nigeria and the UAE has to be renegotiated to protect domestic airlines. Speaking on Arise TV on Monday, he said most often, BASA, which is an agreement that provides for civil aviation certifications to be shared between two countries, gives more advantage to other countries instead of giving equal advantage to the signatories.


“If you look at what economies operate, which is a balance of trade, we are at a disadvantage because Emirates can come 21 times, while Air Peace can only go there once. Twenty-one times a week times 365 days, means that Emirates carries about 450,000 passengers and at a typical fare, we are talking about half a billion-dollar trade to the UAE. But the UAE says Nigeria will only be granted one frequency. First of all, we have a flawed bilateral agreement which has led to the opportunity for a disadvantaged economy and so, we have to go back to the bargaining table and sort out the frequency and slots. Nigeria doesn’t operate a slot system like the UAE and the UK and this is where the imbalance occurs,” Nwubua said.



Lebanon Becomes First Arab Country To Legalize Cannabis

 The Lebanese parliament voted to legalize the cultivation of cannabis for medical and industrial use making Lebanon the first Arab country to do so.


The law regarding the infamous plant, which has a great variety of uses such as pharmaceutical, wellness and textile products, passed last April.


The conversation toward legitimizing the farming of cannabis was growing for years in the Mediterranean country, but was pushed in the forefront recently, because of the current economic crisis.


Lebanon suffers from the worst financial and economic disaster in its history, which some officials believe cannabis can help relieve.


Alain Aoun, a senior MP in the Free Patriotic Movement told Reuters “we have moral and social reservations but today there is the need to help the economy by any means”.


According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow to $63.5 billion by 2024.

The market is witnessing an expansional growth mainly due to the legalization and decriminalization of cannabis products worldwide.


Lebanon is the third-largest supplier of cannabis resin, also known as “hashish”, after Morocco and Afghanistan, according to the UN. The plant, which is known to be farmed illegally in the country’s Bekaa Valley, represents a clear opportunity for profit by exporting the crop internationally in an attempt to revitalize the country’s already crippled economy.


Yet, despite all the benefits of economic potential the pro-cannabis law officials have boasted, many expressed their concerns, linked mainly to the lack of confidence in the state’s ability to impose the necessary measures to restrict the legislation to medical ends. There is also the issue of rampant corruption in Lebanon.


Many of the reluctant to give full endorsement to the law fear that any benefit from the legislation will be limited to a small number of people, instead of seeing a trickle down effect from the hashish revenues to the entire population.


In addition, the new law did not decriminalize consumption of the plant or reduce sentences, with all recreational production and use remaining illegal.


Between 3,000 and 4,000 people are arrested for drug crimes each year in Lebanon, the vast majority for the consumption of hashish, according to statistics from the Central Drug Enforcement Office.




Innocent Chukwuma, chairman, Innoson Group, says he is waiting to take over the assets of Guaranty Trust Bank (GTB) due to “non-payment of his N32 billion”

 Innocent Chukwuma, chairman, Innoson Group, says he is waiting to take over the assets of Guaranty Trust Bank (GTB) due to “non-payment of his N32 billion”.


Chukwuma, in an interview with journalists on Tuesday, said the money owed him by the bank would soon surpass their capacity.


Innoson and GTB have had a business dispute leading to a prolonged legal battle.


Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.


In July, Innoson had asked a federal high court in Lagos to set aside an order permitting GTB to restructure to a holding company.


But the bank completed the restructuring — GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).


The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Olutayo Aderinokun, late MD of GTB.


“I was GTBANK’s best customer in the south-east when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year,” Chukuma said.


“They started fighting about tribe. I am not certain about this but I think the reason he (GTB) is fighting is because of tribe. I don’t know exactly what his problem is.


“But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.


“He was going to my account and taking money anyhow. I discovered it, took him to court and won. Up till now, he hasn’t paid and we have gone up to supreme court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”


The CEO explained that he would no longer “disturb” the bank to pay the debt.


According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.


“The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” Chukuma said.


“That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.


“I will run it better than them. If they cannot pay me, I have no choice but to take over the management.”




Hustle and Bustle, a club owned by Obinna Iyiegbu, businessman popularly known as Obi Cubana, has been shut indefinitely.

 Hustle and Bustle, a club owned by Obinna Iyiegbu, businessman popularly known as Obi Cubana, has been shut indefinitely.


The management of the club shut down the fun spot after a clubber was electrocuted.


The incident was said to have happened on Sunday.


Confirming the tragic incident, the club said it had suspended activities “till further notice”.


“We are closed till further notice. This is due to the loss of our esteemed client. We are deeply saddened by this situation and need time to heal from it,” the statement read.


“Our prayer are with the families of the lost soul. May her soul Rest In Peace. We sympathize with the family on this unbearable loss. Kindly bear with us as we pass through this storm.”


       


Sani Dangote, the vice president of the Dangote Group and brother to Aliko Dangote, is dead.

Sani Dangote, the vice president of the Dangote Group and brother to Aliko Dangote, is dead.


 Mr Dangote died in the United States Sunday after a protracted illness, Binnabook Magazine learnt.


Relatively less popular than his billionaire brother, Mr Dangote had investments in manufacturing, agriculture, banking and oil services.


He sat on the boards of several companies including Dangote Cement, Dangote Sugar, Dangote Agro Sacks, Dangote Refinery, Petrochemical and Fertiliser company.


He was better known for his role as the Chairman of Dansa Holdings, a subsidiary of the Dangote Group that produces beverages.


He also owned Dansa Foods Limited, Dansa Energy, Sagas Energy Limited, Bulk Pack Services Limited, Dansa Agro Allied Limited, and Dangote Farms Limited.


He was a member of several Chambers of Commerce, a Fellow of the Chartered Institute of Shipping of Nigeria.



         


Payhippo Raises $3 Million In Seed Funding To Extend Quick Loans To SMEs

 Nigeria’s lending startup Payhippo has raised $3 million in a seed round, funding the company plans to use in sourcing the talent needed to optimize its technology as it ramps up effort to extend speedy credit to more small and medium-sized enterprises (SMEs) in the West African country.


The round was led by an array of angel investors, including Ham Serunjogi and Maijid Moujaled, the co-founders of the African cross-border payments company Chipper Cash; Olugbenga Agboola of the San-Francisco based payments firm Flutterwave; Bolaji Balogun, the CEO of investment banking firm Chapel Hill Denham; and Hakeem Belo-Osagie, the founder of Metis Capital Partners.


This is the largest amount Payhippo has raised to date after receiving $1 million in pre-seed funding earlier this year.


The company’s co-founder and chief operations officer, Chioma Okotcha, said they are looking to hire more engineers and data scientists.


“We capture our data from the loans we issue, and more talent in the team would allow us to optimize our technology to serve our customers better,” she said.


Payhippo says it disburses short-term loans in less than three hours, a record that remains unmatched by traditional banking institutions in the country, which often require borrowers to meet stringent conditions, like regular account activity and the maintenance of minimum operating balances. A bank loan application also requires a visit to physical branches and extensive paperwork.


“We really focus on keeping this under three hours, and making sure that businesses can get the money they need when they need it. Ours is also a product that works for the SMEs in terms of a flexible repayment structure,” Okotcha said.


SMEs are the force behind Nigeria’s economy accounting for 96% of businesses and 84% of employment in the country. However, a lack of access to credit continues to hinder their growth and limit their contribution to the country’s GDP, according to a study about bank loans and SMEs in Nigeria, published by the Ilorin Journal of Human Resource Management.


It is this financing gap that Payhippo was designed to bridge since it was founded in August 2019.


“We had seen that traditional banks and lenders wouldn’t loan small businesses mainly because there were no credit scores, or the collateral requirements were too high. We decided to come into the market and create an instant financing option, where we create a credit score that allows small businesses to get the liquidity they need to buy inventory for business continuity,” Okotcha told TechCrunch.


“We use data from historical records that borrowers have built with us, but we also check their banking history to see the actual performance of their businesses,” said Okotcha.


Payhippo applies its own credit scoring formula that uses different SME data to determine the value of loans to give out. The loans are disbursed through mobile phones. The average loan disbursed by Payhippo is about $1,300, with the minimum loan being about $200.


The startup, which is part of the 2021 Y Combinator summer cohort, was founded by Okotcha, Zach Bijesse, now the chief executive officer, and Uche Nnadi, the chief technical officer.


Payhippo says it is banking on its fast turnaround time for loan applications to grow its customer base within Nigeria before venturing to other countries. The company says it has so far disbursed about 5,000 loans since inception, valued at $1 million and with a repayment rate of 97%, earning them $64,000 in revenues. It added that the demand for credit is high, fueling its current 25% month-on-month growth.


Going forward, the company targets to tap the credit needs of the nearly 40 million SMEs in Nigeria to grow its business.


“We know that just 1% of the Nigerian market is about 40,000 businesses, and we want to be in a position where we disburse 40,000 loans in a day,” she said.


Payhippo is one among many digital lenders in Nigeria offering short-term loans to SMEs. Others include Carbon and FairMoney. Last year, FairMoney disbursed a total loan volume of $93 million, representing a 128 percentage point increase from 2019. Carbon also disclosed in an earlier interview that it had hit 659,000 customers last year and had disbursed $63 million in loans, an increase of 9.1 percentage points from the 2019 financial year.






Vice President, Yemi Osinbajo has charged Nigerian youths to quit complaining about the country’s challenges. He, instead, urged them to move on.

 The Vice President said the youths must build the future they desire by focusing on what is right.



Vice President, Yemi Osinbajo has charged Nigerian youths to quit complaining about the country’s challenges. He, instead, urged them to move on.


He gave the charge on Monday during the National Youth Conference marking the 2021 African Youth Day in Abuja.


“The future will be what we make of it. Reject the temptation to inherit the biases and prejudice of your parents. Seize your opportunities to contribute your own quota to Nigeria.


“Seek the path of self-actualisation. Let the Nigerian dream be at the heart of what you do. Quit complaining. Move on. No matter what, move on!” he said.


The Vice President said the youths must build the future they desire by focusing on what is right.



Vice President, Yemi Osinbajo has charged Nigerian youths to quit complaining about the country’s challenges. He, instead, urged them to move on.


He gave the charge on Monday during the National Youth Conference marking the 2021 African Youth Day in Abuja.


“The future will be what we make of it. Reject the temptation to inherit the biases and prejudice of your parents. Seize your opportunities to contribute your own quota to Nigeria.


“Seek the path of self-actualisation. Let the Nigerian dream be at the heart of what you do. Quit complaining. Move on. No matter what, move on!” he said.


The Vice President said the youths must build the future they desire by focusing on what is right.



According to him, building a nation is an inter-generational endeavour that requires the input of all, hence the need for youths to be innovative.


“Youth is the golden age of man. Remember, progress is not made by looking back. You are at the most developed time in the history of the world.


“The future will be defined by your innovation. The new Nigeria you seek is defined by a progressive spirit and not prejudices,” Osinbajo added.


On the agitation for leadership, he said Nigerian youths should explore the right channels in communicating their grievances rather than resort to destruction and violence.


Osinbajo admitted that there is a growing tension between the youths and the government. The VP, who admitted that it is normal for people to feel disenchanted towards their leaders, however, noted that such disenchantment must be expressed and resolved peacefully.


He assured them that the government is striving to provide a favourable environment for the youths to thrive in their chosen endeavours.


The signing of the Not-Too-Young-To-Run Bill into law by President Muhammadu Buhari three years ago is an indication of this administration’s willingness to carry the youth along in governance, he added.




CBN Releases Guidelines For Enaira

 Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download.


CBN said the applications has received more than 5,000 downloads within hours of the launch.


This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from Oct. 25.


After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.


The eNaira speedwallet app meant for individuals had, as at 4.pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.


According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.


The guideline revealed that there would be different wallets for different stakeholders.


“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.


It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.


“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.


“The eNaira branch subwallet shall be funded from the treasury eNaira wallet.


“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end users to transact on the eNaira platform.”


To ensure security of funds, the enaira is expected to have two-factor authentication and other measures.

Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number, was set at N20,00 with a balance limit of N120,000.


Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.


Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.


According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.


“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.


“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” the statement reads in part.




CBN To Takeover Heritage Bank Over $32 Million Debt

 Information reaching Brand Spur Nigeria has it that there is panic among shareholders, board, and management of Heritage Bank, as the House of Representatives threatened to authorize the Central Bank of Nigeria (CBN) for the takeover of the financial institution.


The lower chamber of Nigeria’s bicameral National Assembly made this threat amidst Heritage Bank’s ineptitude to pay the federal government what it was owing.


According to the Reps’ ad hoc committee on the assessment and status of all recovered loots (movable and Immovable assets) from 2002 to 2020 by agencies of the Federal Government for effective efficient management and utilization, Heritage Bank’s about $32 million debt to the federal government, which is more than its entire share capital.


Issuing the threat, the Chairman of the committee, Adejoro Adeogun, at an investigative hearing in Abuja, maintained that the financial institution cannot be owing more than its share capital.


His words: “If Heritage Bank is owing Nigeria more than its share capital, we will not hesitate to ask the National Assembly to write to CBN to take over Heritage Bank.


“They cannot be owing more than their share capital, sit on it and feel too big to respond to invitations from the National Assembly. Clark, you have to write them, give them till Wednesday next week. That is the last time we are going to give them.”


While the takeover of Heritage Bank might not lead to loss of jobs and customers’ deposits, Brand Spur Nigeria highlights below how the financial institution came into being:


IEI Investments Ltd acquired Societe Generale Bank of Nigeria (SGBN), which was licensed by the CBN after meeting all its requirements. This acquisition happened after the bank failed to meet the apex bank’s new capital requirements of N25 billion or $155 million for a national bank.


IEI Investments’ acquisition led to the birth of Heritage Bank, which later returned100% of existing SGBN account holders’ money which was frozen at the bank’s closure by CBN

Femi Otedola takes over First Bank as largest shareholder with N30bn

 From having a humongous loan portfolio of N192 billion in 2012 via his then Zenon Petroleum and Gas Ltd which was eventually passed on to the Asset Management Company of Nigeria, billionaire businessman, Femi Otedola has today taken over First Bank of Nigeria Plc with his recent acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.


What this invariably means is that being the largest shareholder, he holds the highest voting shares and can dictate the direction of the bank through his voting power.


In 2019 when he divested his 75% direct and indirect shareholding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum, many wondered why he made such a decision especially because of the lucrative nature of the oil and gas sector.


They became all the more curious as to what his next move would be. He didn’t keep them guessing too long as he soon announced that he wanted to explore and maximize business opportunities in refining and petrochemicals.


Even though he also had investments in the real estate and financial sector, Otedola singled out First Bank for the single reason that there wasn’t exactly one man calling the shots there, unlike in other new generation banks.


He wasted no time in taking advantage of the leadership crisis that rocked First Bank not too long ago that the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.


Otedola made his moves and today, he is the better for it.





Nigeria: Cross River ramps up chicken processing at 24000 birds per day factory as ultramodern poultry begins evacuation of birds

 Cross River ramps up chicken processing at 24000 birds per day factory as ultramodern poultry begins evacuation of birds


Poultry production and protein intake in Cross River in particular and Nigeria in general recently received a major boost as the ultra-modern Cross River state Poultry Farm Limited began the evacuation of birds from the facility to the Cross River Chicken Processing factory.


Situated at Odukpani, an outskirt of Calabar, the Poultry farm and the chicken processing factory both have installed capacity of 24000 birds per day.


The factory and the poultry are part of agro-based industries established by the administration of Governor Ben Ayade to create an economy for the state as well as jobs for the youth.


According to the Special Adviser to the Governor on Media and Publicity, Mr Christian Ita, Calachika which has been ready since last December suffered from inadequate supply of birds prompting the governor to speed up completion of the Poultry Farm.


"We are happy and excited that we are on the verge of producing chicken for commercial consumption. 


So, these are good times. Some persons who thought that this was all a mirage can now see that it is real. The birds are available and as such Calachika will be producing daily near it’s installed capacity.”


Production Manager of Calachika Chicken processing factory, Mr. Zia Ul Haq Abbasy, said the birds are of good quality and expressed confidence that "very soon, our chicken will be all over the Nigerian market. As you can see the birds we have here are of good quality.”


"The factory has an installed capacity of 24000 birds per day and based on my experience in 20 years of poultry processing, I don't find anything lacking in this system that Governor Ayade has installed here", Ziah, a Pakistani, further said.


The factory, he disclosed, was ready to get all the certification needed for export of its products as it has the capacity to expand to 60000 birds per day.













The Nigeria Labour Congress has lamented the impact of inflation on the N30, 000 national minimum wage.

 The Nigeria Labour Congress has lamented the impact of inflation on the N30, 000 national minimum wage.


NLC President, Aliyu Wabba, noted that the wage, passed into law in 2019 by the President, Major General Muhammadu Buhari (retd.), had been reduced to nothing by inflation.


Wabba spoke during the 2021 Decent Work Round-Table discussion, to mark 2021 World Day for Decent Work with the theme: ‘The Effect of the COVID-19 Pandemic on Health, Employment, Income and Gender Equality.’


He urged the Federal Government to adopt a National Employment Plan that will engender decent work in the country.


The NLC President said, “Today we know that the 30,000 minimum wage has been reduced to virtually nothing due to external effects of inflation in our system.”


Wabba said that the national employment plan was imperative in addressing the issue of peace and stability in the country.


We also need jobs respect fundamental labour status, we need jobs that are sustainable. We need jobs that respect maximum working hours and jobs that can provide a decent minimum wage,” he submitted, adding that 70 per cent of Nigerians had their livelihood in the informal sector.


The NLC President also said casualisation of labour was a challenge and that seeking for employment has become perverse.


Wabba said, “I must use this opportunity to call on our government at all levels to adopt a national employment plan and I think decent employment which is a recipe to addressing the issue of peace and stability. Because youths can certainly be a tool to the hands of the people who are manipulative and this can be very dangerous to the society.


“As a country, unemployment must come to the centre stage in our recovery for COVID-plan.”



The Central Bank of Nigeria Postpones Launch Of digital currency, eNaira.

 The Central Bank of Nigeria on Thursday announcedthe postponement of the planned unveiling of the digital currency, eNaira.


The launch was initially scheduled for October 1, but was postponed due to other activities lined up to commemorate the country’s 61st Independence Anniversary.


The apex bank’s Director of Communications, Osita Nwasinobi, explained in a statement that the CBN took the decision to postpone the launch, which had been initially planned to coincide with the Independence anniversary, in deference to the mood of national rededication to the collective dream of One Nigeria.


The statement was titled, “CBN defers eNaira launch to mark Independence Anniversary”


It read in part, “Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency, known as eNaira, the Spokesman of the Central bank of Nigeria, Mr. Osita Nwanisobi, says the planned unveiling on October 1, 2021 has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.”


While assuring that there was no cause for alarm, Nwasinobi said the CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.


Reiterating the benefits of the eNaira, he stressed that Nigerians would be able to carry out peer-to-peer transfer to another person’s eNaira wallet as well as pay for goods and services at selected merchants.


He added that the eNaira would also help reduce the use of cash and ensure stability of the Nigerian economy.


On the readiness of banks and other financial institutions in the financial ecosystem for the launch of the eNaira, he reiterated that the digital currency was a journey.


He explained that not all banks customers were expected to commence transaction on the day of the launch.


The CBN Spokesperson, however, assured that financial institutions in Nigeria remained key actors and were a critical part of the Central Bank Digital Currency.


Nwanisobi also noted that the CBN was mindful of concerns expressed about the eNaira, being among the first CBDCs in the world.


According to him, the Bank had put a structure in place to promptly address any issue that might arise from the pilot implementation of the eNaira.


Vodafone Ghana to provide over 50 SMEs with free websites and Business Support

 Vodafone Ghana is supporting over 50 Small and Medium-sized Enterprises (SMEs) with free premium-grade websites in the month of September.

In addition, enterprises will be provided with digital channels to make their services more accessible to a wider audience, ultimately accelerating customers and revenue.


In a release issued by the company on Tuesday, it said the move was to provide holistic support to SMEs nationwide and empower businesses to leverage on technology to deliver modern offerings to boost their businesses during the SME month celebration.


The Director of Vodafone Business, Mrs Tawa Bolarin said explained that every year, her outfit dedicates a month to recognise, appreciate, reward and engage with our esteemed business customers who are uniquely positioned to be the backbone of the Ghanaian economy.


“In the spirit of partnering together, we have designed propositions, which will enable growth for the businesses of our customers through a series of initiatives,” she added.


Vodafone Ghana is supporting over 50 Small and Medium-sized Enterprises (SMEs) with free premium-grade websites in the month of September.


In addition, enterprises will be provided with digital channels to make their services more accessible to a wider audience, ultimately accelerating customers and revenue.


 In a release issued by the company on Tuesday, it said the move was to provide holistic support to SMEs nationwide and empower businesses to leverage on technology to deliver modern offerings to boost their businesses during the SME month celebration.


The Director of Vodafone Business, Mrs Tawa Bolarin said explained that every year, her outfit dedicates a month to recognise, appreciate, reward and engage with our esteemed business customers who are uniquely positioned to be the backbone of the Ghanaian economy.


“In the spirit of partnering together, we have designed propositions, which will enable growth for the businesses of our customers through a series of initiatives,” she added.


She said some local companies will be assisted with free registration to enable smaller businesses improve their professional image and qualify for even bigger opportunities adding that some businesses will enjoy 50 per cent savings on their Vodafone bill, making them more profitable this month.


"Vodafone Business will offer sponsored training programmes for some selected business owners. Simply tell us the skills you want to develop, which will accelerate your growth and profitability, and we will arrange this for you.


“Also, we plan to embark on a paid advertising plan for selected businesses to promote their products and services, which will further expand their reach and customer base," Mrs Bolarin said.


She added that throughout the month of September, Vodafone Business will reward customers who use any of its services, including mobile, voice, data, fixed and dedicated broadband, as well as Your Business on Line, a website solution; Red Trader, an inventory manager; and Red Cloud, Vodafone's cloud services.


          Vodafone Ghana stems GHc7.2m revenue loss with SIM box fraud bust



Peoples Democratic Party (PDP) demand the immediate resignation and prosecution of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

 The Peoples Democratic Party (PDP) on Thursday demanded the immediate resignation and prosecution of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, going by allegations by the All Progressives Congress (APC) that he superintended over massive looting of funds in the apex bank.


The party made the call in a statement by Kola Ologbondiyan, its National Publicity Secretary, on Thursday.


It called on the Economic and Financial Crimes Commission (EFCC) to immediately invite Emefiele for questioning over allegations by the National Secretary of the illegal APC National Caretaker Committee, Senator John Akpan Udoedehe, that the CBN governor supervised the pillaging of the nation’s vaults under his watch.


He said Nigerians were shocked when Udoedehe on Channels TV programme “Politics Today” of Wednesday, September 15, 2021, revealed that the CBN governor supervised the stealing of money in the apex bank, a development for which he must be investigated by the EFCC and if found wanting, prosecuted.


He added that PDP has waited a week for Udoedehe to recant on his statement or for Emefiele to repudiate the APC National Secretary.


“Our party insists that beyond Akpan Udoedehe’s allegation, the tenure of Emefiele as CBN governor under the APC administration has witnessed colossal failures of monetary and fiscal policies, requiring him to vacate the office and hand himself over for investigation.


“It is instructive to note that when Emefiele took office as CBN Governor in 2014 the naira exchanged for N164 to a dollar. Today, in the hands of Emefiele and the APC, the naira has tumbled to near N600 to a dollar, putting the nation’s economy on its knees.


“Painfully, under the leadership of Emefiele, the CBN has failed in its core mandate of managing the economy and took a dive into propaganda, with claims that do not reflect the harsh economic reality on the ground,” the statement read.


The PDP therefore urged the EFCC not to “allow this revelation to be swept under the carpet as it borders on serious economic sabotage which sanctions are clearly spelt out under our laws.”


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