Category: Business and Economy

  • SON warns Nigerians against fairly used, stuff-in tyres

    SON warns Nigerians against fairly used, stuff-in tyres

    The Standards Organisation of Nigeria (SON) has warned Nigerians to avoid purchasing fairly used, expired and stuffed-in tyres to safeguard their lives and property.

    Mr Bola Fashina, Special Assistant to SON Director-General gave the warning on Monday in Abuja in an interview with the News Agency of Nigeria (NAN).

    Fashina said that in an attempt to circumvent procedures or short-change the nation, some unscrupulous importers stuff up to Five or Six new tyres into One while importing them into the country.

    According to him, in the course of doing that they are endangering lives of Nigerians because the tyres are forced into one another, and the process of removing them destroys or makes the tyres substandard.

    He noted that importers indulged in such to maximise gains but put people’s lives at risk “because once they were removed and put in the market, consumers could hardly detect until they were put on the road.

    “The whole idea is to bring in five containers of tyres inside one container in order to pay duty for only one container instead of paying for six.

    “Those are the kinds of new tyres that you see on vehicles that explode. They are new, but you see them peeling off on motion, those are the kind of challenges we face.

    “The fact that they are new does not mean that they are good tyres because they have been stuffed and unstuffed,’’ he said.

    Fashina further said that tyres particularly, are one of those life threatening products that SON had an arrangement with the Nigeria Customs Service to be notified once being imported into the country.

    “Our attention is being called to it and once they are stuffed, there is no two ways about it, we seize them out-rightly and not only that we prosecute those responsible for that,’’ he added.

    On fairly used tyres, Fashina said that they were termed contraband and not imported or allowed to enter into the country.

    “We do not check used tyres at the point of entry because there is no standard to judge them and since they are contraband they are not supposed to come into the country.

    “A lot of times when you see used tyres in the country, they have either been brought in through smuggling or as wrong declaration to get into the country.

    “But beyond that, used tyres are also generated within Nigeria,’’ he added.

    Fashina, however, advised owners of vehicles not to drop their tyres to any vulcanisers, whenever they were due for disposal.

    “You should try and cut them otherwise they will recycle those tyres, clean them up and resell them as new tyres and they are dangerous to all, especially road users.

    “Tyres are classified as life endangering products and we have arrangement with the customs to assist us to ensure that they are checked by us,’’ he said.

    He added that because tyres were not being produced in Nigeria, it had a registration procedure to ensure traceability.

    He said that the procedure is aimed at actually registering importers of tyres in Nigeria to trace every brand that was imported to put a check and ensure required standard.

    According to Fashina, in Nigeria the life span of tyre is actually five years from the date of its manufacture, but the expiry date does not totally talk about its life span, rather the usage and storage are considered.

    Fashina warned that a new tyre should not be stored with chemical items like patrol or diesel in the same place because there will be a reaction which could affect the tyre’s quality.

    “It is not only the fact that the tyre is new, it has to be properly stored where it is being sold to retain its quality.

    “Expired tyre kills, Nigerians should look well before purchasing them. A new tyre whether used or unused expires after four years,’’ he warned.

    Furthermore, he warned consumers to check the tyre’s Date of Manufacture (DOT) before buying and add four years to the last two digits which represented the date of manufacturing to get the expiring date. (NAN)

  • Zamfara unveils empowerment scheme for 1, 000 SMEs

    Zamfara unveils empowerment scheme for 1, 000 SMEs

    Zamfara State Government says it has initiated empowerment programme to support 1, 000 Small Medium Scale Enterprises (SMEs) and petty traders under its Social Intervention Programme (Z-SIP).
    Mubarak Muradun, Secretary of the Z-SIP programme, made the disclosure while reviewing progress of the programme on Monday in Gusau.
    Maradun said that arrangement has been concluded to commence disbursement of N10 million to 1, 000 traders and SMEs. adding that Gov. Bello Matawalle had already approved the project expected to commence soon.
    “Each of the 1, 000 beneficiaries will received N10, 000 monthly under the programme.
    “The gesture aims at supporting small scale traders in the state to enhance their businesses.
    “This is inline with efforts of the present administration in the state to reduce poverty and unemployment among people of the the state,” he.
    He urged the beneficiaries to ensure effective utilisation of the monies to achieve the desired goals. (NAN)

  • Covid-19:Abia commences production of masks, protective medical kits – Hart

    Covid-19:Abia commences production of masks, protective medical kits – Hart

    Abia Government said it has started production of certified quality standard protective medical kits and masks to carter for the needs of Nigerians and bridge the scarcity of imported ones.

    Mr Sam Hart, the Director-General, Abia State Marketing and Quality Management Agency, disclosed this in an interview with the News Agency of Nigeria (NAN) in Aba on Saturday.

    He said that Gov. Okezie Ikpeazu initiated the project to ensure Abia people were not exploited during this period but were protected from the ravaging COVID-19 infections.

    “The governor does not want Abia people to be exploited and that was part of the reason he gave this challenge to Aba tailors to start producing these kits.

    “Apart from meeting national demand, he is also interested in meeting local demand so that the people of Abia can have these masks and kits available.

    “That is why he provided support for the tailors, held a meeting with them, and released initial funds for them to start production even before orders started coming.

    “That is the foresight that moved us to where we are today that everybody is now coming to pick them up; we have more than enough and they are available everywhere”, Hart said.

    The DG said that buyers could get the products at pharmacies, chemist shops, supermarkets and other places.

    He said that his agency was handling the distribution of the products on wholesale basis by buying up available products from the producers to ensure they get money to continue production.

    Hart said that the state sourced the raw materials used locally and abroad, stressing that the state has the capacity to meet any quantity demanded across Nigeria.

    “On the specifications required, we have also gotten medical practitioners to look at what we do.

    “They have looked at it, told us what to do which we also implemented and they have certified it.

    “Orders are coming from Kaduna, Lagos and Enugu and other states and for our production capacity, it depends on the orders we get.

    “As we get more orders, we upscale production through involvement of more hands,” he said.(NAN)

  • CIBN holds virtual AGM, elects Olugbemi 21st President

    CIBN holds virtual AGM, elects Olugbemi 21st President

    The Chartered Institute of Bankers of Nigeria (CIBN) has elected Prof. Bayo Olugbemi as the 21st President of the institute, alongside other officers whose tenure would run from 2020 to 2022.

    The announcement of Olugbemi’s emergence, along with other elected officers, was one of the highlights of the institute’s virtual Annual General Meeting on Saturday, where it reviewed the 2019 financial and operational reports.

    The meeting which was coordinated and chaired by the Dr Uche Olowu, who Olugbemi will succeed as president, had members participating from across the world.

    Speaking on the 2019 operations, Olowu informed members that the institute had made noteworthy improvement as a reference point in the country and across the globe.

    He said that all the CIBN subsidiaries from the Centre for Financial Studies to the Press were maintaining winning ways and would continue to experience improved performance.

    In the area of capacity building, he said the Institute had reviewed the syllabus of flagship Associate of Chartered Institute of Bankers (ACIB) qualification in conjunction with a top consulting firm (PwC).

    According to him, this is in a bid to keep the ACIB qualification relevant and ensure that the contents meet with global standard.

    He said that the electronic library which consisted electronic books, journals and other resources provided round-the-clock information and had been acquired by the CIBN Library for easy access to its users.

    Olowu said that a former president of the Institute, Dr Olusegun Aina, had been re-elected as a Chairman of the Global Education Standard Board.

    He also said the Institute had expanded its examination centres to Liberia, bringing the number of foreign examination outposts to five, with one in Katsina state, Nigeria.

    In the area of collaboration, Olowu said that the Bankers’ Committee had approved Ethics Certification for staff of banks.

    He said that 87,000 bank staff had registered on the e-learning platform, and a sizeable number had completed the certification programme.

    Members commended Olowu for his two-year leadership (2018-2020).

    At the event, the National Treasurer of the institute, Prof. Deji Olanrewaju, gave the financial highlights of the Institute in 2019.

    He listed some of the following key developments; 7.1% increase in Net Operating Surplus of the Institute from N539million (2018) to N577million (2019).

    Similarly, there was 5.8% increase in total income from 1.47 billion (2018) to N1.55 billion (2019) and 6.9% increase in IGR from N1.16 billion (2018) to N1.24 billion (2019).

    Also, Mr Mark Ariemuduigho of Baker Tilly International Nigeria, external auditors of the institute, gave reports for 2019 financials and stated that the financial position of the CIBN was in agreement with the book of accounts.

    The Chairman of the CIBN Audit Committee, Mr Babatunde Oduwaye, affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices.(NAN)

  • Lockdown: Access Bank launches app to ensure seamless transactions

    Lockdown: Access Bank launches app to ensure seamless transactions

    Access Bank Plc has launched a new mobile banking application tagged “AccessMore” to ensure easy access to funds and seamless transactions by customers, amid COVID-19 lockdown.

    Mr Herbert Wigwe, the bank’s Chief Executive Officer, said this in a statement in Lagos on Saturday.

    Wigwe described AccessMore as an innovative mobile application that offers a ‘more than banking’ experience.

    He said the app, built on cutting-edge technology, offers tailored and personalised services, ease of use and excellent customer experience.

    “In a period like this, when we need to be more present and relevant in the lives of our customers than ever, we have risen to the challenge to ensure our customers have access to their funds.”

    With the app, he said customers can carry out transactions while keeping safe at home.

    “To deliver on our promise to continually give our customers ‘more’, we have worked with first class tech experts to build the AccessMore mobile app to suit our customers’ lifestyle and meet their financial needs.

    “As we mark our first anniversary post-merger with erstwhile Diamond Bank, this new addition to our array of solutions is also in line with our promise to adopt the best of both institutions.

    “The AccessMore mobile app does not only deliver the best combination of both mobile apps, it accommodates the unique needs of existing users, delivering the best mobile banking experience on a world class platform,’’ Wigwe said.

    The statement also quotes Mr Victor Etuokwu, the bank’s Executive Director, Retail Banking, as saying that customers could download the new AccessMore mobile app from their Android play-store or IOS app store.

    “This month marks the one-year anniversary of our expanded institution and we are using this opportunity to reward our loyal customers, who believed in us and stood by us throughout the integration period.

    “From April to December 2020, we will be rewarding customers who complete 10 transactions, using either our USSD service *901# or any of our mobile apps (old Access Mobile, old Diamond mobile or the new AccessMore app) per month.

    “So, the more a customer transacts in multiples of 10, the higher his/her chances of winning a new car in the quarterly draw,’’ Etuokwu was quoted as saying.

    Access Bank, with about 40 million customers and more than 600 branches nationwide, offers a range of products and services tailored to suit needs and lifestyles of its customers across multiple segments. (NAN)

  • COVID-19 lockdown: EKEDC donates food items worth N26.6m to LASG

    COVID-19 lockdown: EKEDC donates food items worth N26.6m to LASG

    Eko Electricity Distribution Company (EKEDC) on Friday donated food items worth N26.6 million to the Lagos State Government to support relief efforts to citizens during the ongoing COVID-19 lockdown.
    The food items, presented by Mr Adeoye Fadeyibi, Managing Director, EKEDC, were received on behalf of the government by the Commissioner for Agriculture, Mr Gbolahan Lawal.
    The items include 3,000 bags of 5kg rice, 3, 000 bags of 5kg beans, 3, 000 bags of 5kg garri, 3, 000 cartons of tomato paste, 3, 000 cartons of groundnut oil and 2, 000 cartons of noodles.

    Fadeyibi thanked the Lagos State Governor, Mr Babajide Sanwo-Olu and his team for their commendable and rapid response in handling the COVID-19 situation.
    According to him, a large majority of individuals who earn a living from their daily activities have been having hard times, and the economy is slowing down due to the state-wide lockdown.

    Fadeyibi said: ” EKEDC will not stand aside and watch, as this virus ravages our city and threatens our fellow citizens and our way of life.

    “That is why our board and management has approved a budget of N150 million towards assisting the government during this crisis.
    “The approved budget will be used to provide relief items for the low income earners and less privileged.
    “It will also be used to invest in infrastructure to deliver consistent electricity to isolation centers within our coverage area.”
    He urged the Private Sector to support the government by lending a helping hand to communities in Lagos State during the critical period.
    “We continue to pray and hope that all the factors in play in Lagos state and across Nigeria result in our country being less vulnerable and more fortunate than others have been, as we battle this pandemic.
    “We all are required to be conscious of and practice social distancing as we continue maintaining high standards of hygiene, sanitary conditions and safety in order to beat and survive this COVID-19 pandemic.”
    Responding, Lawal commended EKEDC for the gesture and called on other corporate entities to emulate the DisCo by supporting the government’s relief efforts.
    Lawal assured the donors that the items would be utilised judiciously to ensure that they bring succour to the people of the state, especially those worst hit by the lockdown.
    He also debunked the claim that only members of the ruling party were benefiting from the relief support.
    The commissioner said that items were being distributed through Community Development Associations, councillors, religious bodies and traditional rulers.
    “So, Lagosians should just be calm. They should stay at home and maintain social distancing guidelines to help us contain this pandemic.
    ” We are targeting 200, 000 at the first instance, of which we will be able to complete 100, 000 households by Saturday.
    “We are also restrategising on the model of distribution and we are calling for more support because we want to be distributing house by house.
    “We don’t know how long this lockdown will be, but we want to assure Lagosians that a lot of people are supporting us and they should bear with the government because it is for the good of everybody,” he said.(NAN)

  • FIRS collects N1.123trn revenue in first quarter

    FIRS collects N1.123trn revenue in first quarter

    The Federal Inland Revenue Service (FIRS) says it has collected N1.123 trillion revenue in the First Quarter (Q1) of 2020.

    The FIRS made this known in a statement issued by Mr Abdullahi Ismaila, Director, Communications and Liaison Department of the service in Abuja on Thursday.

    He said the service recorded seven per cent increase in its collection target for the first quarter of 2020 in spite the global economic challenge owing to COVID-19 pandemic.

    Ismaila stated that there was unprecedented increment in the first quarter 2020 when compared to the same period in the last fiscal year, 2019’s first quarter.

    “A comparative analysis of the two periods shows that the FIRS collected N1.123 trillion in the first quarter of 2020, N1.046 trillion for the first quarter in 2019.

    “A massive 568 per cent increase in Capital Gains Tax from N96.408 million in Q1 2019 to N643.935 million in Q1 2020 which gave the Service’s revenue its biggest lift.

    “No doubt as a direct result of blockage of leaks in that revenue flow by the wide-ranging reforms inaugurated at the FIRS by its newly appointed Executive Chairman, Mr Muhammad Nami, immediately he assumed office in December 2019,” he said.

    He noted that similarly, the service recorded 522 per cent increase in collection from the NITDEF to bag N690.532 million in Q1 2020, compared to N111.037 million in Q1 2019.

    The director recalled that since he took the mantle of leadership at the FIRS, Nami has instituted a regime of policy reforms anchored on deployment of Information Communication Technology (ICT) to block tax leakages and motivated members of staff by restoring a number of their statutory roles hitherto outsourced to private consultants.

    “Also within the period under review, Gas Income Tax increased by 286 per cent in Q1 2020, which amounted to N11.491 billion compared to N2.9 billion raked in in Q12020.
    “Similarly, Company Income Tax (CIT) collected in Q1 2020 jumped by 135 per cent to N95.733 billion corresponding figure of N40.696 billion recorded in Q1 2019.
    “Stamp Duty collection in Q1 2020 is N4.602 billion, which represents 36 per cent increase to the Q1 2019 figure of N3.386 billion

    “In the education sector, the FIRS recorded 81 per cent increase in its collection of Education Tax, which is N13.102 billion in Q1 2020 compared to N7.229 billion in Q1 2019.

    “Both Nigeria Customs Service and Non-Import VAT also increased by 11 per cent in Q1 2020 N63.296 billion and N261.245 billion, respectively, from the Q1 2019 figures of N57.008 billion and N236.030 billion in that order”.

    He added that moving forward the on-going reforms and deployment of more ICT platforms at the FIRS would take its root in Q2, while the service expected a brighter outlook in revenue collections. (NAN)

  • Nigeria bourse posts 0.10% growth, amid Dangote Cement gain

    Nigeria bourse posts 0.10% growth, amid Dangote Cement gain

    The Nigerian equities market closed Thursday trading on upward trend, appreciating by 0.10 per cent, amid Dangote Cement gain.

    Specifically, the All-Share Index (ASI) inched by 20.66 points or 0.10 per cent to close at 21,121.20 against 21,100.54 on Wednesday.

    Similarly, the market capitalisation rose by N11 billion or 0.10 per cent to close at N11.007 trillion compared with N10.996 trillion on Wednesday.

    The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flour Mills, Glaxo SmithKline, Livestock Feeds and Union Diagnostic.

    Market analysts attributed the market performance to cautious trading by investors due to Coronavirus pandemic across the globe which may force the world into another round of recession.

    They noted that Nigerian investors were not left out with the crude oil currently selling below the Federal Government’s revised budget benchmark of $30 per barrel.

    A breakdown of the price movement chart shows that Dangote Cement led the gainers’ pack in percentage terms, gaining 9.93 per cent to close at N128.40 per share.

    Livestock Feeds followed with a gain 9.38 per cent to close at 70k, while Glaxo SmithKline appreciated by 9.09 per cent to close at N4.80 per share.

    Flour Mills improved by 5.48 per cent to close at N20.20, while Union Diagnostic appreciated by four per cent to close at 26k per share.

    On the other hand, Nigerian Breweries led the losers’ chart in percentage terms, declining by 9.27 per cent, to close at N24.80 per share.

    Honeywell trailed 8.16 per cent to close at 90k, while International Breweries lost 6.54 to close at N5 per share.

    MTN Nigeria shed 5.69 per cent to close at N92.80, while FBN Holdings depreciated by 5.13 per cent to close at N3.70 per share.

    Also, the total volume of shares traded increased by 65.38 per cent as investors bought and sold 255.59 million shares worth N2.86 billion traded in 4,418 deals.

    This was in contrast with 154.55 million shares valued at N1.76 billion exchanged in 3,415 deals on Wednesday.

    Transactions in the shares of Zenith Bank topped the activity chart with 100.83 million shares worth N1.11 billion.

    Guaranty Trust Bank followed with 34.18 million shares valued at N595.98 million, while FBN Holdings sold 28.96 million shares worth N109.24 million.

    Transcorp accounted for 13.43 million shares valued at N8.09 million, while United Bank for Africa transacted 13.38 million shares worth N65.63 million. (NAN)

  • COVID-19: Nigeria private sector coalition raises N15.3bn so far

    COVID-19: Nigeria private sector coalition raises N15.3bn so far

    The Nigeria Private Sector Coalition Against COVID-19 (CACOVID) has so far realised about N15.325 billion as contributions to tackle coronavirus in the country.

    This was made known in a document released to News Agency of Nigeria (NAN) by Mr Isaac Okorafor, Central Bank of Nigeria’s (CBN) Director, Corporate Communications Department in Abuja on Wednesday.

    The document showed that the money raised as at April 1, had CBN and Aliko Dangote as the highest contributors of two billion naira each.

    It also revealed that Abdul Samad Rabiu (BUA Sugar Refinery), Segun Agbaje (GTB), Tony Elumelu (UBA), Oba Otudeko (First Bank), Jim Ovia (Zenith Bank), Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated one billion naira each to the relief fund.

    It also disclosed that Deji Adeleke of Pacific Holding Ltd made N500 million donation.

    According to the document, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills donated N250 million each and Multichoice Nigeria Limited contributed N200 million

    The coalition said other contributors who gave N100 million are FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank, and Keystone Bank.
    It stated that Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd donated N50 million each, while Ahmadu Mahmoud gave N20 million and Handy Capital Ltd donated five million naira.

    It noted that the coalition was full of appreciation to the good spirited and generous individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector.
    It, however, urged more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic, stressing that Nigeria could overcome the scourge with all hands on deck. (NAN)

  • BoI records N39.33bn profit in 2019, raises $1.11 bn to boost operations

    BoI records N39.33bn profit in 2019, raises $1.11 bn to boost operations

    The Bank of Industry (BoI) says it recorded a profit before tax of N39.33 billion for the financial year ended Dec. 31, 2019.
    The bank said the profit represented a growth of 7.2 per cent when compared with ₦36.66 billion achieved in the corresponding period of 2018.
    The Managing Director of BoI, Mr Olukayode Pitan, in a statement on Wednesday in Lagos, said that the performance reflects a strong balance sheet and sustained business growth in line with both regulatory requirements and global best practices.
    “It also indicates a strong alignment with the strategic objectives of the Federal Government, especially in the areas of industrial growth and job creation.
    “The group’s total equity as at year ended 2019 was ₦293.09 billion showing a 13.4 per cent increase over 2018 position of ₦258.24 billion,” he said.
    Pitan said that the increase in profitability was as a result of improvement in the bank’s loan book, as well as the efficient management of the group’s assets and liabilities.
    According to him, in spite of the slow start in the first quarter of the year due to the 2019 general elections, loans and advances grew by 16.7 per cent from ₦634.11 billion in 2018 to ₦740.03 billion in 2019.
    He said that Interest Income and Interest Expense increased by 20 per cent and 54 per cent on a year-on-year basis respectively, due to increase in loan book as well as the impact of borrowings.
    Besides, Pitan said that BoI in the year under review disbursed ₦234 billion to 10,145 enterprises across the country, thus reduced the country’s unemployment rate, as it created one million direct and indirect jobs.
    Pitan noted that disbursement to the Micro, Small and Medium Enterprises (MSME) segment increased from ₦33.9 billion in 2018 to ₦53 billion in 2019, representing a 56.3 per cent year-on-year growth.
    He said that the bank also consolidated its role as the managing partner of one of Federal Government’s Social Investment Programmes, Government Enterprise and Empowerment Programme (GEEP).
    According to him, ₦8.2 billion was disbursed to beneficiaries in 2019, bringing the total disbursed fund since inception of the programme to ₦36.9 billion, to 2.3 million beneficiaries nationwide.
    “In light of this outstanding performance, GEEP was recognised by the Desmond Tutu Fellowship for its role in driving financial inclusion.
    “The programme also won the African Development Bank’s African Bankers’ Award as the most impactful Financial Inclusion programme in Africa,” he said.
    Pitan added that during the year, the bank initiated discussions with its international strategic partners towards raising funds to boost its operations, noting that the transaction was concluded in March 2020.
    According to him, €1 billion (approximately $1.11 billion) was raised through a Syndicated Guaranteed Senior Loan Facility from 24 international financial institutions.
    Pitan said that the success of the transaction would enable BoI to catalyse domestic production, job creation, enhance local industry competitiveness, and attract domestic and foreign investments.
    He added that the fund would integrate local industries into domestic, regional and global value chains, grow export earnings and positively impact the overall economic development of the country. (NAN)