Farmcrowdy Gets United Nations’ Recognition

By Adedapo Adesanya President Bola Tinubu on Monday asked South African companies to consider investing in the Nigerian solid minerals development sector, promising them a conducive environment. Mr Tinubu made this call when he held talks with his South African counterpart, Mr Cyril Ramaphosa, in New York City ahead of the United Nations General Assembly (UNGA). According to a statement by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, the Nigerian leader advanced his economic development diplomatic drive for investment attraction during the engagement. He told Mr Ramaphosa that, “South African mining industries have a

By Adedapo Adesanya President Bola Tinubu has approved the establishment of a presidential committee headed by the former governor of Kano State, Mr Abdullahi Ganduje, to reform Nigeria’s livestock industry and provide long-term solutions to recurring clashes between herders and farmers in the country. The President announced the establishment of the committee on Thursday in Abuja, following the submission of a report from the National Conference on Livestock Reforms and Mitigation of Associated Conflicts in Nigeria. The President explained that the committee is expected to collaborate with the Federal Ministry of Agriculture and Food Security and propose recommendations aimed at

By Adedapo Adesanya The Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, is not heading to the exit door despite speculations amid continued organisational changes to the management of the state oil company. In a statement on Monday night, it was stated that in “addition to the recent exit of three Executive Vice Presidents, other Management Staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023.” What this means is that the exit is happening downward since three Executive Vice Presidents were changed over the

By Aduragbemi Omiyale An artificial intelligence-powered feature, Dream Screen for Shorts, designed to redefine how creators use YouTube, has been unveiled by the video streaming platform. The feature was introduced by the tech giant on Thursday alongside others at the Made On YouTube event. It was created to allow YouTube creators to reach more viewers. According to the firm, Dream Screen allows creators to add AI-generated video or image backgrounds to their Shorts simply by typing an idea into a prompt. With Dream Screen, creators will be able to generate new, fantastic settings for their Shorts that are only limited

By Modupe Gbadeyanka Lafarge Africa Plc has hinted that it will approach its shareholders in June to get their approval to raise about N140 billion from the capital market. This move comes after the cement firm declared a full-year pre-tax loss of N22.82 billion in 2016 against N29.29 billion profit it made a year earlier. However, in the first quarter of 2017, the company returned to profit, declared a pre-tax profit of N5.2 billion. Lafarge Africa said it would raise the N140 billion in fresh equity and convert some loans into shares as part of a planned rights issue. The

By Adedapo Adesanya New data show that after one of the most challenging years for the industry in 2022, the global crypto market is showing signs of double-digit recovery which will see users growth and global transaction value significantly increase in 2023. According to data presented by BitcoinCasinos.com, cryptocurrencies and tokenized equity are expected to account for $42.7 billion worth of transactions in 2023, or almost 25 per cent more than a year ago, while more than 36 million new crypto users are projected in 2023, making it almost 294 million worldwide. The double-digit growth expected is coming on the

By Modupe Gbadeyanka On Tuesday, the Central Bank of Nigeria (CBN) released the sum of $210 million to traders in the foreign exchange market. This intervention was to strengthen the local currency against the major foreign currencies being traded at the forex market. Spokesman of the apex bank, Mr Isaac Okorafor, who confirmed the release of the $210 million yesterday, disclosed that $100 million was given to authorised dealers in the wholesale segment of the market, while those in the Small and Medium Scale Enterprises (SMEs) and invisibles segments received $55 million each. According to Mr Okorafor, steps taken so

By Modupe Gbadeyanka Indigenous energy company, Forte Oil Plc, has officially changed its name to Ardova Plc after obtaining an approval from the Corporate Affairs Commission (CAC). A statement issued by the company on Tuesday disclosed that the name change was effected following the authorisation of CAC, an agency of federal government saddled with the responsibility of registering organisations in the country. According to Forte Oil, which was formerly owned by billionaire businessman, Mr Femi Otedola, it has now been issued with a new certificate of incorporation to reflect its new identity. “This is to notify the general public and

By Modupe Gbadeyanka The need to expand the country’s tax net and generate more revenue for the government has forced the Federal Inland Revenue Service (FIRS) to design a scheme for the collection and remittance of value-added tax (VAT). Nigeria charges 7.5 per cent as VAT on goods and services, but one challenge it has faced before now is the collection of these earnings from the informal sector. To make the collection and remittance seamless, FIRS has partnered with the Market Traders Association of Nigeria (MATAN). The tax body said MATAN has a membership of well over 40 million traders

By Aduragbemi Omiyale As part of efforts to raise more funds for the provision of critical infrastructure in the country, the federal government recently introduced the capital gains tax. This was embedded in the 2021 Finance Act and it required the payment of capital gains tax on transactions worth over N100 million. The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, applauded this initiative of the government but warned that it could discourage investors, especially the high net-worth individuals (HNIs) and institutional investors, who carried out such heavy deals. Mr Popoola, who spoke a few months ago

By Modupe Gbadeyanka The third Capital Market Committee (CMC) meeting of the Securities and Exchange Commission (SEC) for 2019 has been fixed for Thursday, November 21, in Lagos. A notice from the commission said invited stakeholders would precisely gather for the meeting at the Harbour Point, 4 Wilmot Point Road, Off Ahmadu Bello Way, Victoria Island, Lagos. The next, which is Friday, November 22, 2019, the acting Director-General of SEC, Ms Mary Uduk, will address members of the media on outcome of deliberations at the meeting. According to the statement released by the agency, attendance to both events is strictly

By Dipo Olowookere The British Standard Institute (BSI) Group has awarded the prestigious ISO/IEC 20000-1:2011 certification to Nigerian lender, Diamond Bank Plc. The ISO 20000:2011 certification for Service Management System (SMS) is the world’s highest standards of information technology service delivery. It demonstrates Diamond Bank’s commitment to a world-class, customer-focused service culture and environment. The certification was awarded to the bank after a rigorous process and systems audit by qualified BSI auditors. It is a seal of approval that Diamond Bank’s network architecture, software design, security policies, procedures and protective practices conform to global security standards in data and financial