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Heineken Unveils Stylish 45cl Bottle

Mohammed Shosanya
Heineken, the world’s most international beer, has introduced its newly designed 45cl bottle at an exclusive press conference in Awka.

The new 45cl bottle, uniquely tailored to meet the desires of Nigeria’s younger demographic, particularly Millennials and Gen Z consumers, is designed with a sleek and stylish aesthetic.

This bottle offers just the right amount of beer—striking the perfect balance for those who want a drink that’s neither too little nor too much.

Azuka Ijenebe, Brand Manager, Heineken, Nigerian Breweries Plc., said, “The launch of our 45cl bottle is an exciting development for us. We understand that today’s younger consumers value both style and practicality, and this new bottle is designed to meet those needs. It’s not just about the look; it’s about offering a size that fits seamlessly into their lifestyle—something stylish and just the right amount for a satisfying experience.”

Maria Shadeko, Portfolio Manager, Premium Brands, Nigerian Breweries Plc, added: “We are thrilled to introduce the Heineken 45cl bottle to the Nigerian market. This new size is a perfect match for the younger generation who appreciate a product that is modern and convenient. We believe that this bottle will not only appeal to their sense of style but also provide them with the ideal amount of beer—meeting them right in the middle. It’s another way we’re raising the bar and ensuring that Heineken continues to lead in both taste and innovation.”

admin by — September 10, 2024 in Brands&Marketing 0
Untitled

Mohammed Shosanya

The Nigeria Customs Service boss, (CGC) Bashir Adewale Adeniyi MFR says Customs Area 11 Command Onne Rivers state has intercepted 12 foorty foot containers of unwholesome goods illegally imported into the county with Duty paid value of over N31 Billion.

Speaking at a press briefing at the government warehouse area of the Command, Adeniyi who said that these merchants of death were trying to undermine the trade facilitation posture of his administration vowed that the Onne customs command under the leadership of Comptroller Mohammed Babandede, his officers and men were ever ready to beat them in their games.

“Our emphasis has been to promote initiatives that speak to trade facilitation and economic development. It is a matter of regret that criminal elements in the international supply chain are exploiting our pro – trade stance to commit atrocities bothering on National Security breaches ” Adeniyi said.

He added” the attempt to test our will through the importation of dangerous cargo through this port has necessitated the declaration of a state of emergency in Onne Port.”” “Coming on the heel of a seizure of a huge cache of arms couple of months ago, it is disheartening that perpetrators have not backed down on their illegal acts.”

He reiterated that recent intelligence and seizures have revealed a disturbing trend at Onne Port which according to him is increasingly being used as a destination for dangerous and illicit cargo importation.

He insisted that the scale and nature of these illegal importations posed a significant threat to the national security and the health of her citizens.

Unveiling the seized goods he said “today, we are here to showcase yet another series of significant seizures made by the diligent officers of the Area 11 Command.” “On display are twelve (12) containers of illicit goods intercepted through a combination of intelligence gathering, inter-agency collaboration, and meticulous physical examination.”

He added:” Seizures on Display: One (1) x 40-feet container: Containing 4,800 pairs of military/paramilitary camouflage rain boots and 67,320 pairs of various rubber footwear, with a Duty Paid Value (DPV) of ₦923,040,000. Three (3) x 40-feet containers: Containing 562,600 bottles of 100ml cough syrup with codeine and 3,150 pieces of chilly cutters, with a DPV of ₦4,716,573,846. Three (3) x 40-feet containers: Containing 380,000 bottles of 100ml cough syrup with codeine, 24,480,000 tablets of Royal Tramadol Hydrochloride, 5,350,000 tablets of Tapentadol and Carisoprodol, and other items, with a DPV of ₦17,432,506,000. Five (5) x 40-feet containers: Containing 892,400 bottles of 100ml cough syrup with codeine, 1,300,000 tablets of 50mg Really Extra Diclofenac, 7,250,000 tablets of 5mg Trodol Benzhexol, and other items, with a DPV of ₦8,128,568,295.90.”

He further stated that:” these interceptions bring the total Duty Paid Value of the 12 seized containers to a staggering ₦31,200,688,142.”

Noting that the operation was not only a testament to the Area 11 Command’s vigilance but also the effectiveness of its intelligence network and the critical partnerships that the Command maintained with other security agencies.

On the dangers such goods would pose to the nation at large, the comptroller General of Customs said he was calling on all patriotic citizens to assist the Nigeria Customs Service as according to him, the issue was not that of Customs alone but the generality of the people as any information shared with the Customs would help prevent what he described as a potential catastrophe.

“I want to emphasize that this is not just a Customs issue – it is a national security concern that affects every Nigerian. We are therefore calling on all patriotic citizens to assist us in this crucial endeavor. We need your help in providing intelligence regarding those behind these nefarious acts and their intentions. Your information, no matter how small, could be the key to preventing a potential catastrophe. Therefore, effective immediately, we are implementing emergency protocols at Onne Port. For the next three months, we will be conducting thorough examinations of all suspected containers. If the owners do not come forward for examination, we will open these containers to verify their contents. This is a temporary but necessary measure to clean up the port and restore its integrity” he maintained.

He assured legitimate traders that such a measure was not to disrupt their businesses but to create a more secure business environment for their businesses to thrive.

He said:“I want to assure the business community and legitimate importers that this measure is not aimed at disrupting lawful trade. Our goal is to create a safer, more secure environment for genuine business activities to thrive. We will work to ensure that lawful shipments are processed as quickly and efficiently as possible during this period.”

But to the unrepentant traders he added “to those who may be tempted to continue these illegal activities, let me be clear: the Nigeria Customs Service, in collaboration with other security agencies, will bring the full weight of the law upon anyone found complicit in these crimes against our nation.”

“I would like to express my deep appreciation to the officers of the Port Harcourt Area 2 Command for their relentless efforts in safeguarding our nation. Your dedication to duty and your commitment to the fight against smuggling are commendable, and I want to assure you that your efforts do not go unnoticed even as he noted that “these seizures were made in strict compliance with customs laws, particularly concerning concealment, false declaration, and the importation of prohibited items.”

“The illegal pharmaceuticals, including cough syrup and tramadol, will be handed over to the National Drug Law Enforcement Agency (NDLEA) in accordance with our Memorandum of Understanding, while the other items will be dealt with as per the legal frameworks governing our activities.”

“As we move forward, I want to reiterate our commitment to continuing this momentum. The Nigeria Customs Service, under my leadership, will leave no stone unturned in our mission to protect the health and safety of Nigerians. We will strengthen our intelligence networks, enhance our inter-agency collaborations, and ensure that those who seek to harm our nation face the full weight of the law.”

He said:” I want to assure all Nigerians that the Nigeria Customs Service will continue to be a formidable force in the fight against smuggling and the illegal importation of harmful goods. We will remain steadfast in our duties to ensure that our nation remains a safe place for all to thrive.”

admin by — September 7, 2024 in Business 0
Petrol Price Hike:More SMEs Will Close Shop-MAN

Mohammed Shosanya

The Manufacturers Association of Nigeria (MAN) says the recent petrol price hike will force Small and medium-sized enterprises (SMEs) to close shop if they are unable to pass on the additional costs to consumers.

Businesses may need to adjust their pricing strategies, which could lead to reduced profit margins if consumer demand weakens on account of the increase in price from ₦568 per litre to ₦855 per litre,the association said.

According to MAN’s Director- General, Segun Ajayi-Kadir, the poor state of the nation’s refineries, which are not producing petroleum products, and the sharp decline in the value of the Naira, will further exacerbate the situation.

The association predicts that the increase in petrol price will lead to higher transportation costs, increased prices of goods and services, and reduced disposable income for consumers.

This will result in reduced demand for non-essential goods and services, affecting businesses across various sectors.

The situation may also lead to a rise in inflation figures, impacting household budgets and deepening the already lackluster performance of the manufacturing sector.

The association warns that the increased costs will add to production input and logistics costs, leading to higher prices and reduced consumer demand.

This may result in unplanned inventory rising, reduction in capacity utilization, and negatively impacted manufacturing performance.

The association urges policymakers to consider the potential consequences of the petrol price hike and explore measures to mitigate its impacts on the economy and the manufacturing sector.

admin by — September 5, 2024 in Business 0
US Didn’t Ban Nigerian Airlines-NCAA

Mohammed Shosanya

The Nigeria Civil Aviation Authority (NCAA) has reacted to the purported ban on Nigerian airlines by the United States, saying the report was misconceived and not true representation of the situation.

Capt. Chris Najomo, the Acting Director General Civil Aviation, said in a statement issued in Abuja on Monday to address the misconception surrounding the alleged ban.

He explained that the delisting of Nigeria from the Category One status by the U.S. Federal Aviation Administration (FAA) has nothing to do with any safety or security deficiency in Nigeria’s oversight system.

According to him,Nigeria attained Category One status in August 2010, which allowed Nigerian airlines to operate Nigerian-registered aircraft and dry-leased foreign-registered aircraft into the United States, in line with the existing Bilateral Air Services Agreement (BASA).

However, with effect from September 2022, the U.S. FAA de-listed Category One countries that had no indigenous operator providing service to the U.S. or carrying the airline code of a U.S. operator within a 2-year period.

The NCAA clarified that Nigerian operators can still operate into the U.S. using an aircraft wet-leased from a country with a current Category One status.

The NCAA also emphasized that it continues to adhere strictly to international safety and security standards and respects the sovereignty of States, including the United States of America, as enshrined in Article One of the Convention on International Civil Aviation.

The statement further noted that the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, has been actively working to empower local operators to access the dry-lease market around the world, which included a visit to AIRBUS in France earlier this year and the signing of an MOU with BOEING in Seattle, Washington.

The Minister has also made efforts to ensure Nigeria’s full compliance with the Cape Town Convention, which will bring back the confidence of international lessors in the Nigerian aviation market.

The NCAA expressed confidence that with these steps taken by the Minister, it is only a matter of time before Nigeria not only regains but can also sustain its U.S. Category One status.

“The attention of the Nigeria Civil Aviation Authority (NCAA) has once again been drawn to a publication about the purported ban on Nigerian airlines by United States.

“Due to the wrong impression such news could create, it has become expedient that we put this report in its proper perspective.

“To operate into the United States of America, Nigeria like most countries must satisfactorily pass the International Aviation Safety Assessment (IASA) Programme and attain Category 1 status.

“Upon attaining this status, Nigerian airlines would be permitted to operate Nigerian registered aircraft and dry-leased foreign registered aircraft into the United States, in line with the existing Bilateral Air Services Agreement (BASA).

“The first time Nigeria attained Category One Status was in August 2010. The U.S.Federal Aviation Administration (FAA) conducted another safety assessment on Nigeria in 2014. A further safety assessment was conducted on Nigeria in 2017,after which Nigeria retained her Category One status.

“However, with effect from September, 2022, the U.S. Federal Aviation Administration (FAA) de-listed Category One countries who, after a 2-year period,had no indigenous operator provide service to the U.S. or carrying the airline code of a U.S operator. Also removed from the Category One list were countries who the FAA was not providing technical assistance to based on identified areas of non-compliance to international standards for safety oversight.

“No Nigerian operator has provided service into the United States using a Nigerian registered aircraft within the 2-year period preceding September, 2022 so it was expected that Nigeria would be de-listed as were other countries who fell within this category.Nigeria was,therefore,de-listed since 2022 and was duly informed of this action in 2022. 

“It is important to clarify here that the de-listing of Nigeria has absolutely nothing to do with any safety or security deficiency in our oversight system. Nigeria has undergone comprehensive ICAO Safety and Security Audits and recorded no Significant Safety Concern (SSC) or Significant Security Concern (SSeC)respectively.

“It is furthermore necessary to add that a NVigerian operator can still operate into the U.S. using an aircraft wet-leased from a country who has a current Category One status.

“The NCAA continues to adhere strictly to international safety and security standards and respects the sovereignty of States, including the United States of America, as enshrined in Article One of the Convention on International Civil Aviation. This provision gives States complete and exclusive sovereignty over the airspace above their territories.

“Furthermore, it is in full realisation of this situation that has since prompted the Honourable Minister of Aviation and Aerospace Development, Olorogun Festus Keyamo, SAN, to embark on an aggressive international campaign to empower our local operators to access the dry-lease market around the world which culminated in the visit to AIRBUS in France earlier this year and the MOU signed with BOEING in Seattle, Washington just last week.

“The Honourable Minister has also done a lot of work to make Nigeria comply fully with the Cape Town Convention which will bring back the confidence of international lessors in the Nigerian aviation market. We are confident that with these steps of the Honourable Minister, it is only a matter of time that Nigeria, not only regains, but can sustain its U.S. Category One status” reads the statement in part.

admin by — September 3, 2024 in Aviation 0
Navy Seeks Special Court For Maritime Crimes

Mohammed Shosanya

Chief of Naval Staff, Vice Admiral Emmanuel Ogalla,has called for the establishment of special courts dedicated to maritime crimes to ensure effective and efficient justice delivery in the country.

He said,doing so will result in better outcomes for law enforcement, improve data collection and analysis which are crucial for policy and legislative formulation in combating maritime crimes, for the development of the blue economy.

He stated this on Friday while presenting the 3rd Distinguished personality lecture at Institute for Peace and Strategic Studies (IPSS), University of Ibadan on the lecture “Role of the Nigerian Navy in Combatting Maritime Crimes for enhanced Blue Economy in Nigeria”

He lamented that limited community support makes maritime criminals emboldened, knowing that they may not be reported or caught in Nigeria.

He noted that the evolving “dynamics of maritime crimes could negatively affect the prospects, hence the need for pragmatic solutions to address the threats”

Listing non-diligent prosecution of maritime crimes as one of the challenges facing the navy in combating maritime crimes, Vice Admiral Ogalla stated that “the Nigerian Navy and other law enforcement agencies have made commendable efforts in arrest and prosecution of maritime offenders.

“However, inadequacies such as prolonged trial periods are being exploited by criminals. This has led to protracted litigation and several abandoned vessels across Nigerian Navy Bases. Between 2015 to date, 250 vessels arrested were handed over to prosecuting agencies, yet only 82 have been successfully prosecuted, leaving a balance of 168 still in Nigerian Navy custody In the last six years.

“The Nigerian Navy has lost a significant number of cases for non-diligent prosecution of maritime suspects by these prosecuting agencies. Likewise, over N450 million for legal services are provided for these private lawyers at the expense of essential infrastructure for the service to combat the maritime crimes.

“These waterways provide vital access to 28 of Nigeria’s 36 states and connect 6 neighbouring countries. Nigeria’s maritime domain also has the most fertile hydrocarbon provinces in the world, underscoring its strategic importance”.

In his welcome address, the Vice Chancellor, University of Ibadan Professor Kayode Adebowale represented by the Deputy Vice Chancellor Administration, Professor Peter Olapegba,stated that “a secure maritime domain is essential for the protection of our territorial integrity, the safeguarding of our economic interests, and the well-being of the millions of Nigerians who depend on the sea for their livelihoods.

“As strategic hub for knowledge creation and re-creation in cognate areas of peace, security and humanitarian studies, we are particularly concerned about the rise in maritime threats, including, oil theft, illegal fishing, trafficking of drugs and weapons and piracy in particular. These illicit activities not only undermine our national security but also command potential to stifle economic growth and development along our coasts”

The Director, Institute for Peace and Strategic Studies, Professor Ruth Adio-Moses,maintained that the significance of “maritime security cannot be overstated, especially for a nation like ours blessed with a vast coastline and abundant maritime resources adding that the Chief of the Naval Staff was invited as part of the ongoing town-gown synergy towards proffering solutions to the myriads of problems facing the maritime space.”

admin by — August 31, 2024 in Business 0
Access Holdings Donates To Bethesda Child Support Agency

Mohammed Shosanya

Access Holdings Plc has donated buses to Bethesda Child Support Agency,in order to empower vulnerable children through education. As part of its longstanding partnership with Bethesda Child Support Agency,

The Human Resources and Executive Office team of Access Holdings Plc,acquired and formally handed over two coaster buses to the organisation during a ceremony held recently at Access Towers in Victoria Island, Lagos, a statement said.

This donation marks an important moment in Access Holdings’ mission to provide quality education to 1,000 underprivileged children across Nigeria—a mission that has been at the heart of its corporate social responsibility (CSR) efforts for over a decade.

According to the statement,the new buses are set to play a crucial role in Bethesda’s operations, enabling the safe and efficient transportation of children to and from school, thus removing one of the significant barriers to education for these young minds.

The team of about 20 employees has in the last couple of years channelled resources generated mainly from personal funds under its CSR program to support Bethesda’s comprehensive services, which include education, healthcare, and essential support for underserved children.

This partnership,the statement said,exemplifies how individuals, groups and corporate initiatives can extend beyond philanthropy, directly impacting lives and fostering community development.

Speaking at the handover event, Victor Willie, Head of Government & Stakeholder Relations at Access Holdings PLC, emphasised the transformative potential of this partnership: “This collaboration with Bethesda is more than just a philanthropic gesture; it’s about creating tangible opportunities and breaking the cycle of poverty for vulnerable children. The buses we’ve donated will help Bethesda reach more children, ensuring they have access to the education that is fundamental to their growth and the future of our nation.”

With millions of Nigerian children still out of school, Access Holdings’ initiatives address a critical need by eliminating obstacles to education. For many of these children, gaining access to education is not merely about learning; it represents a lifeline that can protect them from exploitation and abuse while offering a pathway out of poverty.

By addressing transportation challenges, Access Holdings is actively contributing to the creation of a brighter, more equitable future for these children and their communities.

Pastor (Mrs.) Nkoyo Rapu, founder of Bethesda Child Support Agency, expressed deep gratitude during the event, noting the profound impact of Access Holdings’ continued support:

She said:“Access Holdings has been a dedicated partner in our mission for over ten years. This latest donation of buses will change the lives of countless children who otherwise would have had no access to education. Their support underscores the power of collective responsibility and demonstrates what can be achieved when organisations truly commit to community upliftment. Together, we are unlocking doors of opportunity for those who need it most.”

Access Holdings remains steadfast in its dedication to driving initiatives focused on education, human capital development, and community empowerment.

Through enduring partnerships and impactful programs, the organisation continues to work towards building a more just and inclusive society, where every child has the opportunity to realise their full potential.

This partnership with Bethesda Child Support Agency highlights Access Holdings’ belief in the fundamental importance of education as a cornerstone for capacity building, nation-building, and sustainable community development.

admin by — August 31, 2024 in Banking&Finance 0
FG Moves To Revitalise 1,091 Tourist Sites

Mohammed Shosanya

The Federal Government,says 1,091 tourist sites in the country are currently undergoing revitalisation in line with its Renewed Hope Agenda for Nigerians.

Ms. Lola Ade -John, Minister of Tourism,stated this at a pre-summit webinar in preparation for the 30th Nigerian Economic Summit (NES#30), organised by the Tourism and Hospitality Industries Thematic Group (THITG) of the Tourism, Hospitality, Entertainment, Creatives, Culture, and Sports Industries Policy Commission (THECCSPC) of the Nigerian Economic Summit Group (NESG).

She emphasized the import of domestic tourism to Nigeria’s future.

She noted that these notable sites include Obudu, Ogbunike, Osun-Osogbo Grove, Kajuru Castle, and Yankari Games Reserve, which are improving in terms of historic architecture, wildlife conservation, and ecotourism efforts.

She said that the shifting of attention by the Federal Government to domestic tourism, would provide significant job opportunities for rural communities.

According to her, in 2022, the tourism sector contributed 17.3 billion Naira to Nigeria’s Gross Domestic Product(GDP), compared to 7.5% of GDP in France.

She further stated that Nigeria also hosts 814 festivals across 774 locations, offering rich cultural experiences.

She underscored the need for investment in domestic tourism to revitalise communities, spur entrepreneurship, and generate revenue, noting that the sector currently supports 1.9 million jobs but has significant growth potential.

Speaking,Mr. Udeme Ufot, Co-Chair of THECCSPC of NESG, emphasised that several factors have led Nigerians to favour domestic travel over international options since the COVID-19 pandemic.

Ufot noted that safety and familiarity are key, as domestic destinations are perceived as safer due to better knowledge of local health and safety protocols.

He stated that reduced international mobility due to travel restrictions and global conflicts have made local destinations more accessible and convenient, noting that economic considerations also play a role; including the pandemic and political instability which have affected livelihoods, making domestic travel a more affordable option.

Ufot expressed optimism that the event would generate actionable recommendations to foster inclusive growth, potentially altering trade patterns, attracting investment and enhancing border stability across the continent.

At the panelists session, Mr. Folorunsho Coker, Director General of the Nigerian Tourism Development Corporation (NTDC), spoke on the importance of public-private partnerships (PPP), community involvement, and sustainable funding models for promoting domestic tourism.

He noted that domestic tourism is six times the size of international tourism and is essential for addressing employment issues.

Mr. Obi Asika, Director General of the National Council for Arts and Culture (NCAC), discussed the role of media, arts, and culture in developing domestic tourism.

He highlighted the need for collaboration between the public and private sectors to bridge capacity gaps and the importance of story-telling in attracting tourists.

Ms. Sade Hughes, Managing Director of MIXTA Hospitality Limited, emphasised the impact of innovative real estate and distinctive tourism experiences in revitalising domestic tourism.

She emphasized the need for government investment in infrastructure and urged Nigerians to support local brands.

Ms. Bolaji Mustapha, President of the Nigeria Association of Tour Operators (NATOP), stressed the need for government support in policy and infrastructure to develop Nigeria’s tourism sector.

Ms. Adenike Macaulay, Chief Executive Officer of Wakanow, pointed out that the interconnection between music, art, and tourism and the importance of clearly defining tourism attractions to stimulate the economy.

Ms. Omoyemi Akerele, Founder and Chief Executive Officer of Lagos Fashion Week and Style House Files, shared how they have redefined Nigeria’s tourism through fashion and enhanced Lagos nightlife, using fashion week as a tool for ecotourism.

admin by — August 31, 2024 in Business 0
2 Cryptocurrency Firms Get SEC’s Approval To Commence Operation

Mohammed Shosanya

The Securities and Exchange Commission has granted two Digital Assets Exchanges “Approval-in-Principle” to commence operation under the Accelerated Regulatory Incubation Program, ARIP.

The companies granted approval are Busha Digital Limited, Quidax Technologies Limited.

The development is in furtherance of SEC’s commitment to enabling innovation that would deepen the capital market while guaranteeing the protection of investors,

In a statement in Abuja Thursday, the Commission said the cohort comprises of two (2) Digital Asset Exchanges, four (4) Digital asset Offering Platforms and one (1) Digital Asset Custodian.

The SEC said: “Busha operates a digital exchange that facilitates the buying and selling of crypto assets with fiat currency. It enables individuals and businesses in Nigeria and other developing economies to access basic digital asset investment services. Busha’s customers use the mobile and web applications to buy, sell, store, send, receive, trade and invest and make payments in cryptocurrencies.

“Quidax Technologies Limited operates a cryptocurrency trading platform in Nigeria. The platform leverages blockchain technology to list and trade already issued crypto tokens (assets).

“Services are provided via a proprietary blockchain owned and controlled by Quidax. The exchange platform is both web and mobile enabled for ease of access and use.

“Quidax also utilizes digital wallet to enable its users store, receive and transact in variety of cryptocurrencies”.

Besides,five firms have been admitted to test their models and technology under the SEC’s Regulatory Incubation Program, RI. They are Trovotech Ltd, Wrapped CBDC Ltd, HousingExhange.NG Ltd, Dream City Capital and Blockvault Custodian Limited.

The SEC recently introduced the ARIP to strategically on-board firms which had commenced operations prior to the release of the Rules on Virtual Asset Service Providers in May 2022. Conversely, the RI Program was created to assess the business models of Digital Assets firms and test innovative products, services and technology in a real-time market environment under close supervision by the SEC.

According to the Commission, “Specifically, the current cohort of the ARIP and the RI Program is characterized by the increased use of distributed ledger technology [“DLT”] in creating and trading crypto assets The outcome of the process would inform further policy development in this space. Tests would be conducted on a short-term and small-scale basis and the SEC would continue to work with the participating firms to agree on testing parameters as well as robust consumer safeguards.

“The referenced Approvals-in-Principle are a precursor to the grant of full registration by the SEC and are meant to ensure that appropriate protection and transparency is in place in respect of each product or service”.

The SEC further stated that: “It is noteworthy that the above firms are not the only entities that have applied to ARIP and the RI Program. Other applications received are being assessed and would be granted Approval-in-Principle on a case-by-case basis as they meet all SEC requirements.

“The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorized to carry out the business of crypto trading in any form in Nigeria. In this regard, the ARIP and RI remain the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian Capital market”.

The Commission advised the public to refrain from dealing with illegal operators who have not applied to and received the SEC’s approval under the ARIP or the RI Program.

“Intending investors are also reminded to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to so do” The SEC added.

admin by — August 30, 2024 in Business 0
87 Microfinance Banks Face Liquidation

Mohammed Shosanya

The Nigerian Deposit Insurance Corporation (NDIC) is making moves to approach a Federal High Court to grant the order to dissolve 87 microfinance banks and primary mortgage banks in the county.

This will happen at the expiration of its notice released on August 23, 2024,the Corporation disclosed this in a statement titled “Notice of intention to terminate liquidation activities” .

“NOTICE is hereby given to the General Public that the Nigeria Deposit Insurance Corporation (NDIC), in its capacity as the Liquidator of the under-listed closed Microfinance Banks and Primary Mortgage Institutions, in accordance with the provisions of its enabling law and other relevant laws, will at the expiration of thirty (30) days from the date of this publication present an application to the Federal High Court to obtain dissolution orders of the closed banks and to release/discharge Corporation as Liquidator of the banks”,the statement read.

The reasons for its actions include the fact that the affected banks were either not located or embarked on self-liquidation.

According to the banking type, 62 of the affected financial institutions are microfinance banks while 25 are primary mortgage banks. 80 of these institutions had their licences revoked because they were not located. The balance, 8, embarked on self-revocation.

16 of the affected banks are located in Abuja, the Federal Capital Territory (FCT) while 51 are local in Lagos State, the nation’s commercial capital, according to the NDIC list.

NDIC said,Rivers State has five affected microfinance banks, Kogi State three, and two each in Bayelsa and Delta states. The two affected microfinance banks in Edo State are Cubic Microfinance Bank and Lofty Height Microfinance Bank. Akwa Ibom, Kwara, Ondo, Osun and Oyo states have one affected bank each.

admin by — August 30, 2024 in Business 0
NCC Links 153m NINs To SIMs,Sets Deadline For Final Compliance

Mohammed Shosanya

The Nigerian Communications Commission (NCC) has directed all Mobile Network Operators (MNOs) to complete the mandatory verification and linkage of SIMs to NINs by September 14, 2024.

The commission said with effective from September 15, 2024, the Commission expects that no SIM operating in Nigeria will be without a valid NIN.

Mr.Reuben Muoka, Director, Public Affairs in NCC,disclosed this in a statement on Wednesday.

The agency urged all members of the public who have not yet completed their NIN-SIM linkage, or who have faced issues due to verification mismatches, to visit their service providers promptly to update their details before the deadline.

“Alternatively, the approved self-service portals are available for this purpose.

“The NCC also reminds the public that the sale and purchase of pre-registered SIMs are criminal offences punishable by imprisonment and fines. We encourage citizens to report any such activities to the Commission via our toll-free line (622) or through our social media platforms,” Muoka said.

The NCC also announced significant progress in the Federal Government’s 2020 policy to link all Subscriber Identification Modules (SIMs) to National Identity Numbers (NINs).

He disclosed that till date, over 153 million SIMs have been successfully linked to a NIN, reflecting an impressive compliance rate of 96 per cent, a substantial increase from 69.7 per cent in January 2024.

The statement said: “As we approach the final phase of this critical process, the NCC seeks the continued cooperation of all Nigerians to achieve 100 per cent compliance.

“The complete linkage of all SIM cards to NINs is essential for enhancing the trust and security of our digital economy.

“By verifying all mobile users, this policy strengthens confidence in digital transactions, reduces the risk of fraud and cybercrime, and supports greater participation in e-commerce, digital banking, and mobile money services.

“This, in turn, promotes financial inclusion and drives economic growth.Through collaboration with the Office of the National Security Adviser (ONSA) and the National Identity Management Commission (NIMC), the NCC has uncovered alarming cases where individuals possessed an unusually high number of SIM cards—some exceeding 100,000.

“The Commission also remains committed to working with security agencies and other stakeholders to crack down on the sale of pre-registered SIMs, thereby safeguarding national security and ensuring the integrity of mobile numbers in Nigeria.

“The Commission thanks the general public for its continued cooperation as we work together to strengthen Nigeria’s digital ecosystem.”

admin by — August 29, 2024 in Business 0