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Stock Exchange Slams N22.1m Fine on RT Briscoe
By Dipo Olowookere
An automobile company listed on the trading platform of the Nigerian Stock Exchange (NSE), R.T. Briscoe Nigeria Plc, has been slammed with a huge monetary fine.
A document sighted by Business Post over the weekend showed that the company was slapped with a sanction to the tune of N22.1 million.
It was gathered that the fine was placed on the firm for its failure to file its financial statements at the due time as required by the listing rules.
Recall that RT Briscoe and five other companies on the exchange were the first set to be suspended by the exchange this year. They were suspended on September 1, 2020.
For the auto firm, trading in its shares was paused by the NSE over its failure to submit its audited financial statements for the 2019 financial year and the results for the first and second quarters of 2020.
After the embargo on the trading of its equities, the organisation took an action by releasing them, which made the suspension to be lifted in compliance with the listing rules.
However, for not doing the needful at the appropriate time, the stock exchange has fined the company and this is expected to be paid from the purse of the organisation.
It was gathered that for filing its 2019 earnings late, the company has been asked to pay a fine of N8.3 million, while the late submission of its Q1 2020 results attracted N8.5 million and the late filing of the Q2 2020 accounts attracted N5.3 million.
Business Post reports that RT Briscoe has been going through a rough time lately.
In its 2019 results, its auditors, PKF Professional Services, warned that the company may be forced to wind down over its inability to meet its obligations because it is not generating enough funds.
According to PKF Professional Services, the group’s current liabilities exceeded its current assets by N14.8 billion versus N13.4 billion in 2018, while its total liabilities exceeded its total assets by N9.5 billion compared with N8.2 billion in 2018.
“Due to the losses incurred over the years, the shareholders’ fund has been totally eroded to the tune of N9.4 billion deficit as at December 31, 2019,” the note from the auditors said.
The auditors had further said the bank overdrafts of RT Briscoe as December 31, 2019, stood at N15 billion, representing 86 per cent of the total liabilities which is significant in the consolidated financial statements.
“The company has not been able to repay the bank overdraft and this has led to winding-up cases by the banks and other creditors.
“There are also issues on penalty charges by the banks. The significant, in relation to the inability to repay the borrowings which led to court litigations and also the going concern issues, make it a key audit matter,” the auditors said in the report.
It has been opined that the latest fine of N22.1 million of the NSE on the company may further compound the woes of RT Briscoe, according to an investor in the nation’s stock market.
“This is not good for the company, especially the shareholders’, who value have been eroded,” Mr Adegbite Salami, informed Business Post on Monday.
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Interswitch Digitises Nigeria’s Interstate Travel With Ticket Vending Platform
By Modupe Gbadeyanka
Nigeria’s interstate transport ecosystem has been digitalised by the introduction of a ticket vending platform by one of Africa’s leading integrated payments and digital commerce companies, Interswitch.
This comprehensive digital solution was designed to transform ticketing, streamline operations, and enhance service delivery.
At the core of the solution is a secure, token-based system that allows travellers to purchase digital tickets across multiple channels, including web, mobile, and dedicated point-of-sale (POS) devices deployed at transport terminals.
These tokens serve as verifiable digital vouchers, which are validated and redeemed at boarding points, significantly reducing inefficiencies associated with manual ticketing, cash handling, and fragmented sales processes.
It was developed as both an operational management system and a digital marketplace to allow transport operators, particularly small and medium-scale businesses, to digitise their end-to-end processes while connecting to a broader customer base through the Quickteller ecosystem.
With this innovation, operators can seamlessly create and manage routes, oversee terminal activities, track sales, and access real-time performance insights from a single, centralised platform.
It also introduces a marketplace experience that enables travellers to search, compare, and select transport options across multiple operators based on routes, schedules, and pricing. This not only simplifies journey planning but also promotes transparency and choice for commuters.
The platform also supports corporate and institutional users by enabling bulk token purchases, offering a flexible and efficient solution for organisations managing employee or group travel.
In addition, it delivers value to regulators and stakeholders within the transport ecosystem by providing access to structured data and actionable insights that can support oversight, licensing, and consumer protection efforts.
“Transportation remains a critical backbone of Nigeria’s economy, yet much of the sector still operates with fragmented systems and manual processes that limit efficiency and growth.
“With the Ticket Vending Platform, we are introducing a scalable digital infrastructure that empowers transport operators to modernise their operations, expand their reach, and deliver a more seamless experience to travellers.
“Beyond ticketing, this is about creating a connected ecosystem, one that brings together operators, commuters, and regulators on a unified platform, while driving transparency, efficiency, and long-term value across the industry,” the Managing Director for Industry Ecosystems at Interswitch, Ms Chinyere Don-Okhuofu, said.
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FRSC, Brewery Companies Renew Pact to Tackle Drink-Driving
The Federal Road Safety Corps (FRSC) has renewed a strategic partnership with major brewing companies in Nigeria to intensify efforts against drunk driving and improve road safety nationwide.
The renewed Memorandum of Understanding (MoU), signed with members of the Beer Sectoral Group (BSG), extends the collaboration for another five years, with both sides pledging to deepen public awareness, enforcement and community engagement.
FRSC Corps Marshal, Shehu Mohammed, said the partnership underscores the importance of synergy between government and the private sector in addressing road crashes, particularly those linked to alcohol consumption.
He stressed that saving lives on Nigerian roads requires sustained collaboration, adding that the corps would continue to work with industry players to promote responsible behaviour among motorists.
Speaking on behalf of the BSG, Managing Director of Nigerian Breweries Plc and Chairman BSG, Thibaut Boidin, said the renewal reflects the industry’s commitment to sustained collaboration with regulators. He cited previous joint campaigns, including the Don’t Drink and Drive Campaign, as impactful, adding that the next phase would focus on expanding reach and strengthening implementation.
Also speaking, the Managing Director of Guinness Nigeria, Girish Sharma, said the industry remains committed to supporting initiatives that promote safer roads. He noted that while alcoholic beverages are often blamed for road crashes, the real issue lies in irresponsible consumption, particularly drinking and driving.
“We are here to work with you and ensure that this programme grows bigger and delivers real impact. Saving lives is what matters most,” he said.
Similarly, the chief executive of International Breweries Plc, Mr Nicholas Kade, commended the FRSC for its dedication, describing the corps’ efforts as critical to making communities safer. He said the brewing industry would continue to support initiatives that promote responsible drinking and road safety.
The Executive Director of the Beer Sectoral Group, Ms Abiola Laseinde, described the renewal as a milestone in public-private collaboration.
She said the partnership had driven nationwide campaigns against drunk-driving, influenced behaviour and reached millions of Nigerians with road safety messages.
Ms Laseinde added that both parties would scale up interventions in the next five years to further reduce crashes and promote responsible alcohol consumption.
The FRSC and BSG’s partnership has been central to national campaigns discouraging drunk-driving, with stakeholders expressing optimism that the renewed agreement will deliver stronger outcomes.
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NRS Denies Introduction of New Vehicle Tax from July 1
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) refuted reports making the rounds on social media that the federal government plans to introduce a new tax on vehicles from July 1, 2026.
Mr Dare Adekambi, who serves as the Special Adviser to the NRS Chairman, Mr Zach Adedeji, and spokesperson for the organisation, said in a statement that the government was not planning to introduce the vehicle tax as claimed.
He described a viral infographic purporting the policy as false and misleading, urging members of the public to disregard it.
Mr Adekambi advised citizens to only rely on information from the NRS, urging them to follow the company its official handles on all social media platforms and its website for accurate information about tax and its activities.
In the infographic, motorists were directed to pay an unspecified vehicle tax rate online or at approved banks and agencies. The website listed as NRS’s was the old one, http://www.firs.gov.ng and not the new http://www.nrs.gov.ng created after it was rebranded.
“The NRS wishes to state categorically that the information did not emanate from the service or any government agency.
“Citizens are, therefore, advised to disregard the fabricated messages designed to mislead the public and instead rely on official government channels for information on government policies,” Mr Adekambi said in the statement.
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