Economy
CAC Reviews Company Registration Process
By Modupe Gbadeyanka
The Corporate Affairs Commission (CAC) has consolidated the forms required to incorporate a business in Nigeria, reducing the number from seven to one, according to the Special Adviser to the commission’s Registrar General, Mr Garba Abubakar.
“We now have just one form which has been deployed this week. It contains all the information you need to register and is available for download on the CAC website. This reduces the cost and time needed to register a business,” Mr Abubakar said on Friday at the Lagos Stakeholders Forum of the Enabling Business Environment Secretariat (EBES).
Mr Abubakar said the CAC would ensure that business owners are able to upload documents electronically as part of its deliverables in the 60-day National Action Plan on Ease of Doing Business in Nigeria.
The Lagos Stakeholders Forum was the second in two days by EBES, following Thursday’s forum in Kano.
According to the coordinator of EBES, Dr Jumoke Oduwole, the forums are designed to inform private stakeholders about government’s efforts to ease the business environment; share details on the Action Plan; and receive feedback to report back to the Presidential Enabling Business Environment Council (PEBEC).
She pointed out that an example of the feedback process at work was the unscheduled visit on Thursday by Acting President, Mr Yemi Osinbajo to the Murtala Mohammed International Airport, Lagos, based on EBES feedback.
“Our vision is a dramatic improvement in Nigeria’s business environment over the next three years to a top 100 ranking in the World Bank Doing Business Report, with increased cross-border trading, increased productivity across key economic sectors and an improved business environment that is attractive to both domestic and foreign investors,” she said.
The two forums in Kano and Lagos were well attended by government officials, heads of MDAs and private sector players who interrogated and interacted with officials, offered advice and aired grievances.
Speaking at the Lagos forum, the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said the renewed push to ease the business environment was due to the realisation that “every country that has gotten it right has enabled businesses. It is the most sustainable long term way.”
In Kano, Governor Abdullahi Ganduje was represented by his deputy, Professor Hafiz Abubakar, while in Lagos, Governor Akinwunmi Ambode was represented by the Commissioner of Physical Planning and Urban Development, Mr Wasiu Anifowoshe.
The state governments highlighted reform efforts in their states especially as regards getting construction permits and registering properties, which are under their purview.
“In Lagos, getting governor’s permit now takes less than 30 days. Quote me anywhere,” Mr Anifowoshe said.
Some other reform initiatives announced at the forums include the CAC upcoming reform that will allow business owners to get e-stamps for stamp duties without the need to visit the offices of the Federal Inland Revenue Service (FIRS).
On its part, the FIRS said Tax Identification Numbers (TIN) can now be gotten when registering businesses at the CAC without having to visit its offices.
Other facilitators at the event include Ms Yewande Sadiku, the Executive Secretary of the Nigerian Investment Promotion Council (NIPC) and Mrs Jameelah Ayedun, the MD of CR Services.
There were also officials from the Federal Inland Revenue Service (FIRS), Nigeria Electricity Regulatory Commission (NERC), Eko Distribution Company, the National Collateral Registry, Nigeria Ports Authority (NPA), Nigeria Customs Service (NCS), amongst others.
The Stakeholders Engagement Forums were anchored around the seven priority reform areas of EBES, namely, Starting a Business, Getting Credit, Trading Across Borders, Getting Electricity, Construction Permits, Paying Taxes and Registering Property.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
By Adedapo Adesanya
Crude oil prices went up on Wednesday after the European Union (EU) agreed to an additional round of sanctions threatening Russian oil flows that could tighten global crude supplies.
During the session, Brent crude futures jumped by $1.33 or 1.84 per cent to $73.52 a barrel and the US West Texas Intermediate (WTI) crude futures rose by $1.70 or 2.48 per cent to $70.29 per barrel.
EU ambassadors agreed on a 15th package of sanctions on Russia over its war against Ukraine, targeting its shadow tanker fleet and Chinese firms making drones for the country.
The sanctions would target vessels from third countries supporting Russia’s war in Ukraine and add more individuals and entities to the sanctions list. It will not be adopted until after foreign ministers approve the package on Monday.
The shadow fleet has aided Russia in bypassing the $60 per barrel price cap imposed by the G7 on Russian seaborne crude oil in 2022 and has helped keep Russian oil flowing.
Prices were supported by the Energy Information Administration (EIA) which reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds.
The crude oil inventory figure compares with a draw of 5.1 million barrels for the previous week that pushed prices higher for a while but the gains soon got erased by weak global demand growth prospects.
A day before the EIA, the American Petroleum Institute (API) had estimated inventory changes at a positive 499,000 barrels for the week to December 6.
Meanwhile, on Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount.
In its December report, the cartel expects 2024 global oil demand to rise by 1.61 million barrels per day, down from 1.82 million barrels per day last month.
OPEC also cut its 2025 growth estimate to 1.45 million barrels per day from 1.54 million barrels per day.
The 210,000 barrels per day cut in the 2024 figure is the largest of the five reductions OPEC has made in its monthly reports since August. In July, OPEC had expected world demand to rise by 2.25 million barrels per day.
Weak demand, particularly in top importer China, and non-OPEC+ supply growth were two factors behind the move.
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