Connect with us

Economy

FG Shifts Deadline for 50% Discount for Business Name Registration

Published

on

business registration in Nigeria

Federal Government has directed the Corporate Affairs Commission (CAC) to extend by three months, the 50 percent discount given to MSMEs for the registration of their businesses.

Vice President, Mr Yemi Osinbajo, who gave this directive at the first quarter MSMEs stakeholder meeting held at the Presidential Villa, explained that the extension was spurred by the successes recorded in the earlier window.

In October 2018, CAC announced the reduction of the cost of business name registration from N10,000 to N5,000 to help to bring as many MSMEs to formalize their businesses. The exercise was earlier extended till March 31, 2019 before this recent extension

At the recent meeting, Mr Osinbajo also directed the Standard Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC) to speedily harmonise issues relating to overlapping responsibilities for product registration.

In the same vein, he directed relevant government agencies to speedily come up with better funding strategies for small businesses in the country.

“Having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs, we need to address this issue as quickly as possible,” the Vice President said.

He said relevant agencies of government must ensure that loan beneficiaries were equipped with the necessary skills and knowledge to better manage their businesses.

Mr Osinbajo urged regulators in the MSMEs sector to leverage technology to help build capacity for owners of small enterprises as well as broaden the impact of their interventions.

Continuing, the Vice President solicited the support of the relevant agencies for the Shared Facilities project for MSMEs which has already commenced in locations across the country.

Earlier, a presentation on the National MSMEs Clinics indicated that the clinics have been held in 23 states of the federation while One-Stop-Shops have been established in seven cities and shared facilities built in Oyo and Bauchi states.

The report also indicated that business registration increased from 54,000 to 163,000 within six months of introducing the special window for subsidized registration costs.

In his remark, Managing Director of the Bank of Industry (BOI), Mr Kayode Pitan, emphasized the need for MSMEs to establish a company to de-risk BOI loans to MSMEs.

He said the organization was working in partnership with the Development Bank of Nigeria to enhance access to finance for MSMEs by providing a guarantee for commercial banks.

The meeting was attended by the Special Adviser to the President on Economic Matters, Ambassador Adeyemi Dipeolu, and heads of relevant agencies in the MSMEs sector including the BOI, Federal Inland Revenue Service, NEXIM Bank, Small and Medium Enterprises Development Agency of Nigeria, Development Bank of Nigeria, Nigerian Export Promotion Council, Bank of Agriculture, Standards Organisation of Nigeria, and NAFDAC.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Continue Reading
Click to comment

Leave a Reply

Economy

Unlisted Securities Investors Gain N10bn in One Week 

Published

on

NASD Unlisted Securities Index

By Adedapo Adesanya

The 25th week of trading at the National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange ended on a positive note last Friday.

In the five-day trading week, investors saw an expansion in their investment portfolios by 0.5 per cent or N10 billion as the market capitalisation closed at N1.011 trillion compared with the preceding week’s N1.010 trillion as the NASD Unlisted Securities Index (NSI) increased by 3.86 points to 768.27 points from 764.41 points.

Business Post reports that three stocks on the bourse contributed to the gains reported by unlisted securities investors last week as they overpowered the losses printed by two equities.

Niger Delta Exploration and Production Plc appreciated in the week by 10 per cent to close at N198.00 per share in contrast to the preceding week’s N180 per share, Citi Trust Plc grew by 9.6 per cent to N6.85 per unit from N6.25 per unit, while Central Securities Clearing System (CSCS) Plc appreciated by 2.5 per cent to N14.80 per share from N14.44 per share.

Conversely, NASD Plc lost 8.7 per cent to settle at N13.68 per unit compared with the previous N15.00 per unit, while Nipco Plc depreciated by 5.2 per cent to N58.85 per share from N62.10 per share.

There was a 352.8 per cent increase in the total value of transactions in the week to N324.4 million from N69.9 million, while the volume of trades went down by 57.0 per cent to 6.0 million units from 2.6 million units just as the number of deals decreased by 8.1 per cent to 57 trades from 62 trades of the previous week.

At the close of the week, VFD Group Plc was the most traded security by volume with 1.2 million units, CSCS Plc traded 703,377 units, NASD Plc exchanged 350,935 units, CitiTrust Holdings Plc traded 214,800 units, while NDEP Plc sold 65,300 units.

In terms of the value of trades in the week, VFD Group Plc also topped with N293.5 million, NDEP Plc recorded N12.5 million, CSCS Plc traded N10.4 million, NASD Plc posted N5.3 million, while CSCS Plc had N1.5 million.

On a year-to-date basis, investors have transacted 3.2 billion units worth N21.3 billion in 1,428 deals, with the year-to-date gain at 3.4 per cent.

Continue Reading

Economy

Trading in Greif Nigeria Shares Halted for Smooth Winding up Process

Published

on

Greif Nigeria

By Dipo Olowookere

Holders of Greif Nigeria Plc shares have been prevented from trading the security on the floor of the Nigerian Exchange (NGX) Limited for now.

The embargo on the trading of the company’s stocks was placed on Monday, June 20, 2022, to ensure the process of winding up the organisation goes seamlessly.

Greif Nigeria, formerly known as Van Leer Containers Nigeria Plc, is in the business of making steel drums in the country. It also manufactures plastic containers and sheet metal products.

The company, which is a subsidiary of Greif International Holding BV, also offers services for steel punching and aluminium welding.

But lately, things have not been going on smoothly and it is in the process of winding up.

At its Annual General Meeting (AGM) held on January 31, 2022, the shareholders of the firm authorised the board to begin the voluntary winding up of the company.

In accordance with Section 622 of the Companies and Allied Matters Act (CAMA) 2020 which states that a voluntary winding-up shall be deemed to commence at the time of the passing of the resolution for voluntary winding-up, the NGX Regulation (NGX RegCo) Limited, has notified “all trading license holders and the investing public that it has suspended trading in the shares of Greif Nigeria Plc effective on Monday, June 20, 2022, to ensure a smooth winding-up process.”

In a notice filed last week, the agency explained that this action was also in line with Section 624 of CAMA 2020 which provides that a transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding-up, shall be void.

Business Post reports that Greif Nigeria, which uses the ticker Vanleer on the NGX trading platform, has shares outstanding of 42.640 million units and a market capitalisation of N232.4 million as it last traded at N5.45 per unit.

Continue Reading

Economy

Stock Prices of CWG, 55 Others Shed Weight in One Week

Published

on

CWG Logo

By Dipo Olowookere

Transactions on the floor of the Nigerian Exchange (NGX) Limited last week closed bearish with a week-on-week decline of 0.14 per cent, with the All-Share Index (ASI) and the market capitalisation closing at 51,705.61 points and N27.875 trillion respectively.

Similarly, all other indices finished lower with the exception of the CG, premium, banking, pension, NGX Afr bank value, energy and lotus indices, which appreciated by 0.86 per cent, 1.50 per cent, 0.33 per cent, 0.40 per cent, 0.16 per cent, 0.32 per cent and 0.55 per cent respectively, while the Asem and growth indices closed flat.

In the week, 16 equities gained points compared with the 13 equities of the previous week, while 56 stocks shed weight in contrast to the 51 stocks of the preceding week, with 84 shares closing flat as against the 92 shares of the earlier week.

Data from the exchange showed that CWG was the worst-performing stock as it fell by 14.89 per cent to 80 kobo, RT Briscoe dropped 14.29 per cent to 48 kobo, GlaxoSmithKline depreciated by 13.28 per cent to N6.10, John Holt lost 11.27 per cent to 63 kobo, while Academy Press went down by 10.00 per cent to N1.17.

On the flip side, NAHCO finished the five-day trading week as the best-performing stock as it gained 10.53 per cent to settle at N8.40, Champion Breweries appreciated by 10.00 per cent to N3.74, MRS Oil Nigeria rose by 9.80 per cent to N16.25, FBN Holdings improved by 8.76 per cent to N10.55, while Royal Exchange climbed higher by 6.59 per cent to 97 kobo.

Last week, investors bought and sold 1.121 billion shares worth N13.703 billion in 22,350 deals versus the 940.892 million shares valued at N11.494 billion transacted a week earlier in 20,077 deals.

FCMB, UBA and Oando accounted for 407.770 million shares worth N2.009 billion in 2,181 deals, contributing 36.39 per cent and 14.66 per cent to the total trading volume and value respectively.

A further breakdown showed that financial stocks led the activity chart with the sale of 806.824 million equities worth N6.075 billion in 11,071 deals, accounting for 71.99 per cent and 44.33 per cent of the total equity turnover volume and value respectively.

Energy shares recorded a turnover of 95.031 million units valued at N1.449 billion in 1,849 deals, while conglomerates goods equities traded 66.716 million units valued at N169.517 million in 733 deals.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: