The Corporate Affairs Commission (CAC) has warned Point of Sale (POS) operators in the Fintech sector and threatened to shut down those who fail to register their businesses.

In a statement on Friday,the CAC noted that the 60-day deadline for registration, which expired on September 5, 2024, has not been met by many operators.

Commending those who have taken steps to register, the CAC said that non-compliance will not be tolerated.

The commission urged operators to comply immediately to avoid penalties, warning that enforcement is imminent.

The statement reads, “The Corporate Affairs Commission wishes to remind the general public particularly Fintech operators also known as Point of Sale (POS) operators, that the 60 days deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.

“The commission notes inadequate compliance with the directive for formalization when viewed from the background of the large number of POS operators in the country. Those that have taken steps to formalize in line with commission’s directive are commended for their positive attitudes.

“Recalcitrant operators have refused to adhere to the advice ice for formalization due possibly, to engagements in unwholesome activities or for some reasons best known to them.

“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal consequences.”

Mohammed Shosanya

The Niger Delta Development Commission, NDDC, has cautioned Nigerians against the fraudulent activities of scammers claiming to represent the NDDC Youth Internship Scheme.

Seledi Thompson-Wakama
Director, Corporate Affairs,NDDC, gave the caution in a statement on Friday.

The registration for this scheme closed on August 31, 2024,she said in the statement made available to Premium News.

She said:”We received reports that several persons have been getting unsolicited messages stating that they have been selected for the NDDC Internship Scheme, accompanied by requests for personal information and an acceptance fee.

“The NDDC does not require any fees or payments for the placement of qualified youths in its internship programme. We want to clarify that the NDDC is not associated with this fraudulent selection process. Official communications from us will always come from our verified websites and social media accounts.

“If you receive a message similar to the one described, we urge you to disregard the fraudulent message and report it to the appropriate authorities. Your safety and privacy are our priority.

“For legitimate inquiries about our empowerment programmes, please contact us directly through our official channels. We also encourage beneficiaries of our programmes to verify facts on the NDDC’s official website”

Mohammed Shosanya

Agusto & Co. has upgraded the Rating assigned to Odu’a Investment company Limited (OICL) from “A” to “A+”.

The assigned Rating was based on the assessment of the financial condition of OICL as a standalone entity.

The Rating report reflects the Company’s good operating cash flow, diversified revenue sources and a funding structure currently built on internal funding sources and joint venture partnerships.

OICL has operations across various sectors of the Nigeria economy and the potential for increase in earnings through its portfolio rebalancing efforts and growth initiatives.

Speaking on the rating, the elated Group Chairman, Otunba Bimbo Ashiru said that “OICL will not rest on its oars but continue to walk the talk to be a world class conglomerate for the benefits of the owner States and other stakeholders. We are committed to improving the productivity of the businesses we operate while delivering significant social economic impact and sustainable return”

The Group Managing Director, Mr Abdulrahman Yinusa, appreciated the commitment and support of the Board, Management and staff for the incremental growth and consistent development in the right direction towards OICL’s world class conglomerate aspirations.

The Agusto & Co Rating upgrade does not only underscore the company’s financial strength and operational excellence, it further sets a new performance benchmark in the industry.

Meanwhile,the charity arm of Odu’a Investment Company Limited, Odua Investment Foundation (OIF), has trained no fewer than One hundred and Six (106) Government College Ibadan (GCI) students in Coding and Programming languages.

The project,which was named Digital Education for Innovation and Economic Development, (DEFINED), was inaugurated on October 27, 2023, at the Lagos Airport Hotel and was aimed at training students across the six states in the South West zone.

The epoch event was well attended by representative from all the south western states of Nigeria in attendance, the project, ably directed by Professor Seun Kolade of Sheffield Business School, Sheffield Hallam University aims at empowering Yoruba youths for the digital age.

The first endeavour under the (DEFINED) Project,according to one of the OIF Project officers, Adeyinka Babalola, is the Byte Busters after school coding club which has been launched in 3 different schools in the six Southwest states.

In Oyo State, the Byte Busters Coding Club was launched at Government College Ibadan, enrolling 106 students who had undergone a two weeks intensive hands-on summer training in writing coding and programming languages.

Speaking in her address, the Acting Executive Secretary, Odua Investment Foundation, Mrs Abiola Ajayi note d that the (DEFINED) Project was designed to contribute to the development of digital skills among yoruba youths through thr creation of after school coding clubs, among other intervention.

Mrs Abiola saluted the students encouraged them to keep learning because their resilience, creativity and curiosity will shape the next generation of technological advancements.

In his address, Oyo State Honourable Commissioner for Education, Science and Technology, Prof. Salihu Adelabu said the DEFINED Project is a laudable one and which the Governor, Engr. Seyi Makinde fully endorsed.

He emphasized that the goal of the DEFINED Project is to ensure that students have ample opportunities to play around computers in order to bring up technological innovation that can equate to economical development. He advised the students to put their minds at what they are being taught and to keep doing it in order to get better by the day.

Speaking to newsmen on the essence of the project, the Project officer for the DEFINED Project, Mr Temilorun Okediji posited that the project is aimed at promoting digital literacy across the six Southwestern State and that the Byte Busters Coding Club which is an initiative of the DEFINED Project, at demystifying the myth that coding is difficult. This has led to public schools students being taught how to build computer programmes and how to write codes.

He said that apart from Government College, Ibadan, the DEFINED Project has been launched in St. Bernadine’s Girls Grammar School, Oyo and Kishi Community Grammar School, Kishi.

He further explained that the Byte Busters Coding Club is a permanent club in any school the DEFINED Project is launched and the club will ensure that a four years curriculum is drawn which will allow the students to continue learning even as they move up in their academic classes.

He also expressed the readiness of the project to also train and promote digital literacy among the teachers too while giving the assurance that the Byte Busters Coding Club would be established in all the 137 local governments in the southwest.

Mohammed Shosanya

The Executive Secretary of the Human and Environmental Development Agenda, HEDA Resource Centre, Sulaimon Arigbabu, has implored the Attorney General of Nigeria to
act on the order of the Supreme Court, that the IOC should pay Nigeria the amount of over $50 billion between 2004 and 2019, when they ought to have revoked the profit-sharing formula on oil revenues.

Besides,human rights activist and lawyer, Femi Falana, SAN has said that illegal mining activities are also fuelling terrorism, because the terrorists also make a lot of money from mining to buy weapons.

The duo spoke on Wednesday during the First International Anti-corruption and Climate Change Conference with the theme; “National Stakeholders’ Engagement for Transparency and Accountability in Addressing Climate Change, Energy Transition, and Oil Licensing for Sustainable Development.” organized by HEDA Resource Centre in collaboration with Hawkmoth and supported by the MacArthur Foundation in Abuja.

The HEDA chief,who said he will write formally to the current Attorney General, lamented that Africa continues to suffer illicit financial flow.

He added:”We talked about monies that have been owed to Nigeria, over $50 billion by international oil companies, that the Supreme Court of Nigeria have actually ordered that the former Attorney General should retrieve, but nothing was done. So from this, our organization will be writing to the current Attorney General to act on that order of the Supreme Court, that the IOC should pay Nigeria the amount of over $50 billion between 2004 and 2019, when they ought to have revoked the profit-sharing formula on oil revenues.

“Corruption is a big issue. Monies are looted, recovered, and relooted.
I think also a major takeaway from today’s conversation is that the biggest argument by African governments, which is practical, is that there’s going to be a transition.

” We need a huge investment, we need a whole lot of money. And the response by most African countries, of course we’re in Nigeria, is that we have done more investments in oil extraction, in hydrocarbon extraction.
And it’s not good for the planet, we know that, but these are existential issues for us. So the counter-argument we are putting on the table is that resources actually exist outside of the hydrocarbon investment to help bring development fast, to help Africa transit in terms of our energy requirement for now and the future”.

He noted that contracted procurement in Nigeria and most Africa countries is about the most expensive in the world.

“So we are saying the African leaders need to look into what we can mobilize finances without necessarily investing, because the reality is that whether we like it or not, the world is going to eventually have to transit away from fossil fuel.”

According to Falana,; “Gold is taken out of the country. It is estimated that about $9 billion worth of gold is smuggled out of Nigeria yearly. Not by ordinary people, but by highly placed criminal elements, who even sometimes use private jets and helicopters.

“The government doesn’t listen to advice. My suggestion is that organizations like HEDA and other progressive civil society organizations, including the labor unions, will have to mobilize Nigerians to challenge those who are destroying the environment, including the government. We must now be able to challenge those who are felling trees and taking them to Europe and America.

“We must be able to challenge some traditional rulers who support illegal mining activities. We must now mobilize Nigerians to reject the companies, including oil companies, that are polluting the environment. That’s the way to go.”

Mohammed Shosanya

The Trade Union Congress of Nigeria,TUC has implored the Federal Government to reverse the recent hike in petrol and electricity costs in the country.

President of the union,Comrade Festus Osifo,conveyed this in a statement made available to Premium News on Wednesday.

He maintained that the sudden hike in fuel and electricity costs will only exacerbate these challenges,leading to further hardship and potential social unrest.

He emphasized the need for the government to promote policies that will strengthens the naira and take decisive steps to alleviate the suffering of Nigerians.

According to him,thegovernment must act swiftly to restore confidence and prevent further deterioration in the living conditions of its citizens.

He added:”The Trade Union Congress of Nigeria remains committed to defending the rights and interests of Nigerian workers and will continue to advocate for policies that promote social justice, fair wages, and a decent work environment”.

Lamenting the increase in fuel price,Osifo said the sudden hike, implemented without consultation with critical stakeholders, represents a blatant disregard for the welfare of the Nigerian people, particularly the working class who bear the brunt of such decisions.

He added:”The disturbing news of the increase in PMS pump price all over the country has sent a wave of apprehension and depression across the length and breathe of the nation. This is in the wake of an already existing unprecedented hardship upon citizens.

“In addition, we are deeply troubled by the further hike in electricity tariffs to 250%, a service that is essential for the survival of the poorest in our society. The timing and magnitude of these increases, in the absence of any meaningful social security measures, demonstrate a lack of empathy and understanding of the challenges faced by ordinary Nigerians.

“Why does it have to be the common Nigerians bearing all the pains of high cost of living while those in power enjoy increased allocation and affluence?

“The government has not made any concerted efforts to reduce the cost of governance or personal effects, nor have they focused on directing resources or effecting policies that would strengthen the naira and improve the standard of living of our citizens.

“The Congress has long posited several strategies that should be activated towards improving the strength of the Naira and give value to every kobo spent by Nigerians as this is one of the root causes of all the economic woes we face as a country today. Yet much hasn’t been done about these recommendations.

“Congress stands with the working people of Nigeria who are struggling under the weight of rising inflation, a high cost of living, and a deficient work environment that fails to provide the basic standards of decency and dignity. The sudden hike in fuel and electricity costs will only exacerbate these challenges, leading to further hardship and potential social unrest”

Mohammed Shosanya

The Nigerian Bar Association (NBA) has offered free legal representation to #EndBadGovernance protesters with court cases in the country.

President of the NBA,Afam Osigwe,annoynced announced this on his X handle on Wednesday,and ordered NBA branches to monitor the legal proceedings against protesters across the country.

He said, “I have directed the branches of the Nigerian Bar Association to monitor the trials of the #EndBadGovernance protesters.Additionally, I have launched a pro bono support initiative for protesters who lack legal representation.

“The Nigerian Bar Association Citizens’ Liberties Committee (NBA-CLC) has been tasked with liaising closely with the chairmen and human rights committees of NBA branches in regions where protesters are currently being prosecuted. This ensures that no defendant suffers injustice”.

He said,the NBA legal team will continue to monitor court proceedings to ensure that trials are conducted with strict adherence to due process, safeguarding the legal rights of all defendants.

He added that,the Nigerian Bar Association legal teams are in courts and will continue to monitor proceedings to ensure that the rule of law is upheld, the human rights of defendants are protected, and justice is served.

Mohammed Shosanya

Ogun State Governor, Prince Dapo Abiodun said the commencement of fuel production by the Dangote refinery will strengthen the nation’s economy by eliminating constant shortages and conserving foreign exchange.

Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited have been formalized.

Prince Abiodun, in a statement on Tuesday signed by his Chief Press Secretary, Lekan Adeniran, said that with the refinery coming on stream, one of the most significant challenges faced by Nigeria for more than three decades—reliance on fuel importation—will be solved.

According to the statement, with the Warri and Port Harcourt refineries also being prepared to begin production, Nigerians will heave a sigh of relief from constant fuel shortages while the economy will also receive a boost.

Prince Abiodun commended Alhaji Aliko Dangote for his determination in seeing through the multi-billion dollar projects against all odds.

He said: “This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent. The establishment of this refinery represents a pivotal shift in the energy landscape of the region, showcasing the power of vision, resilience, and unwavering commitment to economic development.

“The Dangote refinery is poised to be a game-changer in the production of petrol, addressing one of the most pressing challenges faced by Nigeria: reliance on imported fuel. This dependency has not only strained our foreign exchange reserves but has also hindered our potential for self-sufficiency.

“By producing petrol locally, the refinery will drastically reduce the outflow of foreign currency, thereby strengthening our economy. This move aligns perfectly with the President Bola Tinubu-led administration’s efforts to achieve economic diversification and reduce reliance on oil exports alone.

“Moreover, the economic impact of the refinery extends beyond just fuel production. It is expected to generate thousands of jobs, both directly and indirectly, thus contributing to the reduction of unemployment rates. The ripple effect of this employment generation will invigorate local economies, stimulate growth in ancillary industries, and enhance the livelihoods of countless families across Nigeria.

“In addition to bolstering local employment and economic activity, the refinery’s operations are expected to enhance energy security in Nigeria. With the capacity to produce a substantial volume of petrol, the country will be better equipped to meet its energy needs, reducing the volatility associated with fuel shortages and price fluctuations.

“This stability will inevitably create a more favourable environment for businesses and attract foreign investments, further boosting economic growth.”

Mohammed Shosanya

The Federal Government through the Inspector General of Police, Monday, arraigned ten members of the #endbadgovernance# protesters before a Federal High Court in Abuja.

The accused persons were alleged to have committed offence of treason during the 10-day nationwide protests.

All the accused persons denied the charges when read to them.

They are; Michael Tobiloba Adaramoye, Adeyemi Abiodun Abayomi, Suleiman Yakubu, Comrade Opaluwa Eleojo Simon, Angel Love Innocent, Buhari Lawal, Mosiu Sadiq, Bashir Bello Nurudeen Khamis and Abduldalam Zubair.

Counsel for the IGP, Simon Lough, (SAN), prayed the trial judge, Emeka Nwite to remand the accused persons in prison pending their trial.

The oral applications for bail of the defendants moved separately by Abubakar Marshall, and Deji Adeyanju, were rejected by the court.

The Police lawyer, Simon Lough vehemently objected to the bail applications, considering the gravity of the alleged offences.

He cited mutiny aimed at changing democratic government by force through incitement and involvement of a British national against the Nigerian nation.

Justice Nwite ordered that the defendants be remanded at Kuje prison in Abuja and Suleja prison in Niger State and adjourned ruling in their bail applications till September 11.

He ordered that the nine male defendants are to remain in Kuje prison while the only female defendant said to be pregnant, Angel Love Innocent, was ordered to be taken to Suleja prison.

Justice Nwite said he needed time to consult the retinue of authorities cited by lawyers to the defendants to back up their bail applications.

The accused were charged for attempting to overthrow the administration of President Bola Tinubu bewteen August 1st to 4th, this year.

The alleged treason charge was contrary to sections 96, 410 and 413 of the Penal Code.

In the charge, the Inspector General of Police (IGP), claimed the accused persons broke into the Abacha Army Barracks and openly called on the military to take over the constitutional government of President Tinubu.

Also, the IGP alleged that the suspects attempted to force their way into Also Rock during which they allegedly burnt down police station and injured some police officers.

Police also told the court that a 70- year old British citizen, Andrew Martin Wynne, now at large was largely responsible for instigating mutiny against the Nigerian government.

Besides,they were accused of inciting the Nigerian public against the government and destroyed several public properties comprising Police station, High Court complex and National Communication Commission (NCC) facilities.

Mohammed Shosanya

The Federal Competition and Consumer Protection Commission (FCCPC),says it would focus attention on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.

A statement issued by Ondaje Ijagwu,Director, Special Duties & Strategic Communication, explained that the Commission would not intervene in the regulation of prices of goods and services in the markets.

Ijagwu said: “Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.”

He said FCCPC appreciated the feedback provided by the Organised Private Sector and other interested parties regarding the recent directive to businesses to cease price gouging, price fixing, and other exploitative practices.

Claring airs on the position of the Commission, the statement said,
“Price gouging is an unfair practice that takes advantage of crises or economic hardships to inflate prices arbitrarily, while price fixing occurs when competitors or market associations, without their own products, collude to set prices.

“At the FCCPC, our mandate is to safeguard consumers from unfair and deceptive practices and to ensure robust competition across all sectors.

“We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities. We have never considered, nor will we ever consider, intervening in the market to regulate prices.

“Any claims to the contrary are baseless and unfounded. Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.

“We recognise the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal. These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer.

“The Commission’s proposed actions in the retail sector are targeted and evidence-based, responding to specific instances where consumers are vulnerable to such exploitation.

“Discoveries made during our market surveillance and a recent disclosure by Abdul Samad Rabiu, Chairman of BUA Cement, underscore the critical need for our oversight.

“Mr. Rabiu revealed that despite BUA Cement’s effort to sell cement at a fair price of N3,500 per bag, their plan was undermined by dealers who inflated prices to as much as N7,000 to N8,000 per bag.

“This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing. Such practices make it difficult for ethical businesses to thrive.”

Ijagwu noted that while promotion of competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.

“The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.

“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace.

“The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness, transparency, and accountability. When businesses, as illustrated by the cement sector case, engage in practices that harm consumers, the FCCPC will take decisive action.

“We will continue to work collaboratively with all stakeholders; businesses, consumer groups, and other government agencies, to address both the immediate and remote causes of exploitative pricing.

“Our approach combines enforcement with cooperation, aiming to protect consumers and maintain a healthy competitive environment.

“We have granted a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.

“The FCCPC stands firm in its commitment to enforcing the Federal Competition and Consumer Protection Act (FCCPA) 2018.

“We will continue to monitor the marketplace and take action against any business practices that violate the law.

“Consumers and businesses alike can trust that we will remain vigilant in upholding the principles of fair competition and consumer protection,” the statement assured.