AfCFTA: Exclusion from Rules of Origin Administration Angers Customs

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Adedapo Adesanya The federal government through the Ministry of Information and Culture will partner the World Health Organisation (WHO) to sensitise the public on measures aimed at tackling non-communicable diseases (NCDs) and tuberculosis. This was disclosed by the Minister of Information and Culture, Mr Lai Mohammed, when he received a delegate lead by WHO Coordinator for NCDs Primary Prevention, Mr Jean-Marie Dangou, who led a high level Joint United Nations Programming Mission on NCDs and Tuberculosis in Abuja on Monday. Mr Mohammed said the ministry is ready and willing to support WHO as part of its contribution to the

By Adedapo Adesanya The National Industrial Court has ordered the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to pay over N5.7 billion as terminal benefits to over 1,116 bank workers affected by the re-capitalisation exercise of 2006. The money is to be paid within three months from the date of judgment as failure to adhere to this will attract 10 per cent interest until liquidated. Justice Paul Bassi, at the court sitting in Lagos on Monday, made the order while delivering judgment in the case filed by the 1,116 claimants who had approached the court

By Modupe Gbadeyanka Former chairman of First Bank, Mrs Ibukun Awosika, has charged women at DLM Capital Group to always endeavour to support each other as this would be beneficial to them and the organisation. Mrs Awosika said this at a one-day seminar organised by the financial institution in commemoration of International Women’s Day 2022. She also tasked them to change the narrative of being stereotyped or limiting themselves because they are women or because society has compelled them to do. “Women need to continually be their own biggest fans and not tear each other down,” she said stated at

By Aduragbemi Omiyale Pension Fund Administrators (PFAs) operating in the country have been mandated to increase their Minimum Regulatory Capital (shareholders’ fund) requirements to N5 billion from N1 billion. This directive was given by the National Pension Commission (PenCom), the agency approved by the government to regulate the pension industry. The operators have one year to meet up or have their operational licences withdrawn. A circular from the agency said the PFAs have till April 2022 to recapitalise. PenCom explained that this exercise became necessary as a result of the 244 per cent growth in the value of pension assets

By Aduragbemi Omiyale The operations of Visa in the West African region will now be overseen by Mr Andrew Uaboi, a statement from the payments company has announced. The organisation explained that the appointment of Mr Uaboi is in line with its vision to continue to build a solid regional team by matching unique strengths and talents with critical business opportunities. In his new role, the appointee will be responsible for the development and implementation of Visa’s growth strategy in the region and will be part of the Sub-Saharan Africa leadership team at Visa. “Andrew’s appointment reflects the importance we

By Kenny Nwosu When we think about the impact that private credit and other forms of financing have on African companies, we tend to think about things like business growth and success. But private capital’s impact, in particular, has gone far beyond that. Utilized properly, it can have an incredibly powerful and positive effect on the lives and livelihoods of ordinary Africans. That’s true not only when it comes to things like job creation. Private credit in the right sectors can make it much easier for Africans to get to their jobs, seek healthcare, have permanent, affordable energy, and many

By Aduragbemi Omiyale The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has assured the federal government that the capital market would ensure it attracts investment in infrastructure to stimulate the economy. In an interview on Thursday, Mr Yuguda said the administration of President Bola Tinubu had shown the desire to jump-start the economy with his policy direction. He said the Nigerian capital market could be a viable tool to achieve infrastructure development, as it is an organised and specialised financial market that drives capital mobilisation through domestic savings and foreign capital inflows. According to him, the

By Dipo Olowookere Ten companies listed on the Nigerian Stock Exchange (NSE) have pledged to lend investors at the market a total of 20.8 million shares, with Guaranty Trust Bank (GTBank) Plc providing the highest chunk. In its securities lending and borrowing report for January 10, 2020, the NSE, which monitors the process, which is new to the Nigerian capital market, said GTBank pledged to lend a total of 8,439,000 units of its stocks to interested investors. Securities lending involves the transfer of shares to a borrower from the owner for a period of time and for a fee. At