Business News Archives — Page 10 of 32 — Business Bells

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Category: Business News

  • How Sam Afolabi’s Eatrich Farms Manipulated Employees To Collect Loans On His Behalf

    How Sam Afolabi’s Eatrich Farms Manipulated Employees To Collect Loans On His Behalf

    Eatrich Farms, an agrotech business, recently made news headlines, after the arrest of its six staff and investors.

     

    Revelations has it that the staff members and investors of the company were arrested for physical assault, a charge levelled against them by Bisi Dazuza, Eatrich Farms’ Group Managing Director, for daring to demand their almost N1 billion arrears.

     

    “When they came to my office yesterday, they beat me and I even had a seizure in the process,” Dazuza stated as she justified the reason she reported the case to the Police. “One of them threatened to kill me. After vandalising my property, they stole my money and laptop.”

     

    However, while controversies have continued to trail the ineptitude of Eatrich Fams to pay its staff and investors, Newsrand learnt how the company manipulated its employees to open accounts with Sterling Bank.

     

    The accounts which were mandated to be opened with Sterling Bank, according to our sources, was with the aim of using it to access loans.

     

    It was gathered that Eatrich Farms needed the loans in order to fund its businesses and the company’s leadership asked its staff to get the loans on behalf of it.

     

    “While I was working with Eatrich Firms, Sterling Bank came up with an agro project which was brought to us. In order to access this loan, Sam Afolabi said all employees should open accounts and request loans, after which we should submit all the details to one of the heads of departments.

     

    “But considering my smartness, it just didn’t make sense to me. How will I open a bank account and give you the details? To worsen the situation, he told us his company would access loans via our accounts and just give us stipends. I refused to do it because of the risks I sensed. I couldn’t think of paying another person’s loan. It was just nonsense to me, “former assistant operations manager of the company Ayeni Dolapo stated.

     

    Corroborating Dolapo’s claims, a middle-aged man who worked with Eatrich Farm’s founder as his personal photographer, said although he’s no longer with the company, his bank account with Sterling Bank was used to collect a loan facility.

     

    “One of the many issues am into with Eatrich Farms is the loan Afolabi used his staff members to apply for from Sterling Bank, and as I tell you this, there is N2.3 million in my account with the bank on behalf of the company.

     

    “I cannot access the money, and I have already written several mails to Sterling Bank to declare that I was no longer interested in whatever Afolabi wanted to use that money for. I honestly don’t want to recount the awful things the company had me done during my stay there,” he added.

     

     

  • JUST IN: Buhari Seeks National Assembly Approval For Fresh External Loans

    JUST IN: Buhari Seeks National Assembly Approval For Fresh External Loans

     

    President Muhammadu Buhari has requested the National Assembly to approve for it $4,054,476,863 and €710 million.

     

    Buhari is also seeking the nation’s legislature’s approval for grant components of $125 million in the 2018-2020 external rolling borrowing plan.

     

    This is contained in a letter addressed to both chambers of the National Assembly and read on the floor at the resumption of plenary by the presiding officers on Tuesday.

     

    Part of the letter read, “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the senate for the same to become effective.

     

    “The distinguished Senate President may recall that I submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.

     

    “However, in view of other emerging needs and to ensure that all critical projects approved by Federal Executive Council as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

     

    “The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”

     

    Details later…

     

     

  • Heritage Bank, Others Bankroll SCOA Handover of Trucks, Equipment Worth N15.5bn To Julius Berger

    Heritage Bank, Others Bankroll SCOA Handover of Trucks, Equipment Worth N15.5bn To Julius Berger

    Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider and seven other banks have provided a total of N15.5billion to assist SCOA Nigeria Plc for the importation and supply of MAN Platform Trucks and equipment to Julius Berger Nigeria for construction of 380km Abuja-Kaduna-Kano roads and many others across the country.

     

    Specifically, Heritage Bank availed SCOA Motors an Advance Payment Guarantee (APG) N4.64 billion for the project.

     

    Whilst, other banks – Zenith, Wema, UBA, Union, Unity, Coronation and Providus Banks complemented the global total sum.

     

    The sum total covers for 33 trucks and technological equipment.

     

     For the first phase during the ceremony, 16 of the trucks were handed over to Julius Berger and the second phase of delivering will be executed next month.

    Heritage Bank SCOA
    R-L: Mother Dan-Egwu, Regional Head, Lagos Mainland, Lagos Mainland Zone of Heritage Bank Plc; Henry Agbamu, Chairman of SCOA Nigeria Plc; MD of Julius Berger Nigeria Plc, represented by Ralph Brendicke and GMD/CEO of SCOA Nigeria Plc, Dr. Massad Boulos, during the Official Handover Ceremony of State-of-the-Art Man Trucks and Wirtgen Equipment to Julius Berger Nigeria Plc with Heritage Bank being one of the lead financiers, weekend in Lagos

    Commenting on the Official Handover Ceremony of State-of-the-Art Man Trucks and Wirtgen Equipment to Julius Berger Nigeria Plc, the MD/CEO of Heritage Bank Plc, Ifie Sekibo stated that the support efforts through project financing in the various sectors of the economy is one of the platforms that underscores our resolve and readiness to make a mark in the financial sector as a major pivot of socio-economic transformation of the country.

     

    The Regional Head, Lagos Mainland Zone of Heritage Bank, Mother Dan-Egwu, who represented Sekibo, said the bank partnered to support SCOA Nigeria Plc for its long and outstanding presence in the automobile market, by retaining the cutting edge in their line of business.

     

    Dan-Egwu disclosed that the Heritage Bank’s philosophy is to support businesses to grow in their discharge of duties; she was quoted as saying, “For us at Heritage Bank, our core business philosophy as a timeless wealth partner to our customers is captured in our mission to create, transfer and preserve wealth.”

     

    According to her, the bank’s field of engagement of support has so far been diversified, covering economic sectors such as Micro, Small and Medium Enterprises, agriculture, entertainment and arts, education, oil and gas, aviation and haulage as well as the public sector.

    Heritage Bank
    R-L: Ralph Brendicke, Representative of the MD of Julius Berger Nigeria Plc; Mother Dan-Egwu, Regional Head, Lagos Mainland, Lagos Mainland Zone of Heritage Bank Plc; Engr. Amresh Shrivastava, Deputy CEO of SCOA Nigeria Plc and Federal Republic of Germany’s Head of Mission in Lagos, H.E Ambassador Dr. Von Munchoe-Pohl, during the Official Handover Ceremony of State-of-the-Art Man Trucks and Wirtgen Equipment to Julius Berger Nigeria Plc with Heritage Bank being one of the lead financiers, weekend in Lagos

    Earlier in his address, the GMD/CEO of SCOA, Dr. Massad Boulos commended Heritage Bank and the other banks’ roles, as the transactions were made possible through their solid partnership.

     

    “I will also thank Heritage bank, their Directors, MD; Unity Bank and other senior bankers official & the entire team of banks, they’ve worked closely together with us on this project, same with Providus Bank, they all have worked together tirelessly for the success of this project,” he said.

     

    According to him, this partnership is like no other considering the parties involved especially SCOA Motors and Julius Berger in the official hand over of state of the art modern trucks for use on the road constructions’ equipment for the execution of the biggest and the most significant project in Nigeria; the Abuja/Kaduna/Kano express way.

     

    SCOA Motors Plc has been operating in the Nigeria Market since 1922. The company has over the years expanded from Automobiles to other lucrative ventures such as importation and assembling of Vehicles and Generating plants, Agriculture /Food processing.

     

  • Obiano Threatens To Seal Banks, Sanction Market Leaders Over IPOB’s Sit-at-home

    Obiano Threatens To Seal Banks, Sanction Market Leaders Over IPOB’s Sit-at-home

     

    The Anambra State Governor, Willie Obiano, has threatened to seal banks and punish market and motor-park leaders who will dare stay at home on Mondays or any day so declared by the Indigenous People of Biafra, IPOB.

     

    He directed banks, markets and motor parks in the state to be in operation on Monday.

     

    The governor, who said the sit-at-home compliance adversely affected the Gross Domestic Product and the general economy of the state, maintained that banks that failed to open on such days would be sealed for a week, adding that if such banks refused to open subsequently, they would be permanently closed.

     

    While addressing transport leaders at the Governor’s Lodge, Amawbia, on Sunday the governor cautioned against further adherence to the order which he said had become inimical to the state.

     

    He said, “I urged the commuters to feel free to ply their usual routes across the state on Monday, whether they ride or drive motorcycles, keke, shuttle, buses.

     

    “If markets don’t open, I will sack the leadership of the market. If the market and park leaders don’t comply, their leadership will be changed within two weeks.”

     

     

  • Return Unused Forex In Two Weeks, CBN Orders Travellers

    Return Unused Forex In Two Weeks, CBN Orders Travellers

     

    Travellers who buy foreign exchange from banks for travel purposes but fail to embark on the trip two weeks after their scheduled travel date must return the forex to the banks, the Central Bank of Nigeria has said.

     

    First Bank of Nigeria disclosed this in an email to its customers titled ‘Adherence to forex sale policy’.

     

    It said, “We have been directed by the Central Bank of Nigeria to inform all our customers that unethical practices to circumvent the new CBN policy on the sale of forex, such as the presentation of false travel documents, visas, and the cancellation of flight tickets after purchasing personal travel allowance and business travel allowance, will no longer be tolerated.

     

    “Defaulting customers who present fraudulent travel credentials or cancel their tickets and fail to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, will have their identities and bank verification numbers published.

     

    “We aim to implement this policy immediately as an organisation that is fully compliant with the Central Bank of Nigeria’s rules and regulations.

     

    “Our bank is committed to partnering with the CBN to ensure a transparent, efficient and stable FX Market that meets the needs of all legitimate users.”

     

  • Nigerians Can Now Travel Across 160 Countries Without VISA – Agency

    Nigerians Can Now Travel Across 160 Countries Without VISA – Agency

    Winnington Citizens & Partners, a visa processing and citizenship acquisition agency on Friday said Nigerians “can travel to as many as 160 countries across the World without Visa requirements.”

     

    Chief Executive Officer of the firm, Mrs Winnie Okoh in an interview with newsmen, said the firms had packages that could ensure such visa-free travels for Nigerians.

     

    She said that with only a “Strong Passport” Nigerians who wish to travel to Caribbean countries and parts of Europe would be provided with the opportunity.

     

    Okoh, who unveiled the various packages available, said the firm could provide the opportunity for Nigerians to acquire second citizenship with ease.

     

    She added that other opportunities available include business opportunities, education, and healthcare services in other countries.

     

    Okoh said the firm is partnering with five countries in the Caribbean to market their citizenship through investment for those who want to acquire second citizenship.

     

    “Business opportunities abound in the Caribbean. I have heard of many people that have missed business opportunities because they were not granted visas.

     

    “But with this passport, they could access the countries. Yours is just to buy a ticket and hop into the plane and avoid all the embassies problems.

     

    “If you want to go to school abroad we can help you get admission and package you in a legal way. This citizenship will give you access to good healthcare and good education for the children.

     

    “Once you get this passport, it passes from generation to generation. It does not terminate, except you are found wanting or found to be a criminal. With that passport, you can settle in the UK also and without visa,” she said.

     

    According to the CEO, the passport can easily and automatically be renewed when it expires.

     

    She said the company “is out to impact the lives of Nigerians positively by providing access to such travel opportunities” that would hitherto been hampered or delayed by visa requirement.

     

  • Bitcoin, Other Cryptocurrencies Pose Huge Danger to Global Economy -EFCC Boss

    Bitcoin, Other Cryptocurrencies Pose Huge Danger to Global Economy -EFCC Boss

     

    The Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said Bitcoin and other cryptocurrencies portend huge risks to the world economy.

     

    According to him, many criminals now play significant roles in crypto-currency markets, adding that virtual currencies had become their preferred medium of exchange.

     

    The EFCC chairman stated this  on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?’

     

    The event was organised by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom, a statement by the EFCC spokesman, Wilson Uwujaren, stated.

     

    Bawa was quoted as saying, “The developments in new technologies and the growth of cryptocurrencies portray a far greater danger to the world economy than ever before with many criminals playing significant roles in crypto-currency markets.

     

    “Criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoins and Ethereum as the most commonly used mediums for these exchanges.”

     

    He lamented that the sophistication and complexity that defines the dynamics of economic crime in the 21st Century continues to evolve, spurred by technological advancement in the global economy that has become borderless and transnational.

     

    This he said had “inevitably led to the prioritisation of law enforcement action on crimes that drive Illicit Financial Flows across the globe”

     

     

     

  • Toyota Nigeria Launches New Starlet Subcompact SUV

    Toyota Nigeria Launches New Starlet Subcompact SUV

    Toyota Nigeria Limited has launched the Toyota Starlet mini subcompact sport utility vehicle, SUV.

     

    The Managing Director, TNL, Kunke Adeojo, said the vehicle launch was the brainchild of a partnership between Toyota and Suzuki in 2019.

     

    Adeojo, who was represented by the General Manager, Corporate Services, Bunmi Onafowokan, at the launch in Lagos, said, “The Starlet is our response to the yearnings of our customers that have over the years demanded an entry vehicle.

    Toyota Nigeria Launches New Starlet Subcompact SUV

    “It’s an elegant vehicle imbued with the quality, durability, reliability and style that the Toyota brand stands for.

     

    “The vehicle, in its own right, is a compact mini SUV and it comes with 150,000km or a five-year warranty, whichever comes first.”

     

    According to him, there are three variants of the 1.4-litre engine to cater to the preferences and pockets of the target segment which are the entry grade, the middle grade and the high grade.

     

    Adeojo said, “In a few months’ time, we will commission our world-class certified service centre at Isolo. This facility has a body and paint section, a workshop and a parts section among other services available.

    Toyota

    “With all sense of responsibility, I wish to note that this centre is second to none in Nigeria when compared on the pedestal of equipment, highly trained manpower and exceptional service delivery.

     

    “Toyota Limited will not only continue to invest in the Nigerian automobile industry, but also align with the aspirations of the Nigerian government to revolutionise the local industry.”

     

    Adeojo expressed gratitude to customers who he said had sustained the company, promising them unrivalled service delivery and performance.

     

  • FG Opens Job Fellowship Application Portal For Graduates

    FG Opens Job Fellowship Application Portal For Graduates

     

    The federal government has opened the application portal for the Nigeria Jubilee fellow programme, a post–NYSC work placement programme for Nigerians.

     

    The portal was opened Monday to interested applicants and the process will run for six weeks, “between September 6 and October 20, 2021.”

     

    President Muhammadu Buhari launched the programme last Tuesday.

     

    The fellowship is a youth empowerment partnership initiative between the Federal Government of Nigeria and the United Nations Development Programme (UNDP).

     

    The programme seeks to connect talented graduates with local job opportunities that apply their expertise while equipping them with world-class practical knowledge and relevant skills.

     

    “The programme is expected to create new opportunities for 20,000 graduates annually while the beneficiaries will maximise the opportunities presented to them and also aims to equip Nigerians, with practical knowledge and relevant skills for 12 months, with or without job experience, thereby connecting them with local job opportunities,” Mr Buhari had said.

     

    It would also give three options for applicants upon completion of the fellowship, including retained with respective host organisations, entrepreneurship opportunities, and a platform to compete and access future jobs and employment opportunities.

     

    Criteria for application

    To be an eligible fellow, the applicant must be a Nigerian citizen and a fresh graduate (Bachelor’s Degree) from any discipline and graduate no earlier than 2017.

     

    Applicants must graduate with at least a Second Class Lower (2.2) and above and must be at most 30 years old.

     

    Applicants must not be currently engaged in any employment and would have completed the mandatory National Youth Service Corps (NYSC) or have a certificate of exemption.

     

    Other requirements are: applicants must demonstrate interest/commitment in the chosen career field and also demonstrate interest/commitment to contributing to Nigeria’s socio-economic development.

     

    They must also have excellent time management and a professional attitude and have good verbal and written communication skills.

    To register on NJFP, visit the official NJFP portal here.>>

  • AAAN Announces Date for 16th Edition of LAIF Awards, Calls For Entries

    AAAN Announces Date for 16th Edition of LAIF Awards, Calls For Entries

    The Association of Advertising Agencies of Nigeria (AAAN) has concluded arrangements to hold the 16th edition of the Lagos Advertising and Ideas Festival (LAIF) Awards.

     

     The event which will feature a live audience and virtual streaming is scheduled to hold on Saturday 27 November, 2021.

     

    Themed ‘We Made It’, the 2021 edition is a double entendre which speaks on the effects of Covid 19, how the industry has survived, and also celebrating the creative outputs and ideas of creatives across the spectrum including movies, music, art, as well as those that have broken new grounds with their ideas and creativity.

     

    According to AAAN: “If 2020 taught us anything, it’s that it’s the things that people make that get us through the tough times. This year, LAIF 2021 celebrates makers across the spectrum. From those who crafted creative campaigns that wowed us to those who made viral challenges that engaged us – we’re here to say stand up and be recognised. Welcome to LAIF 2021. You Made It!”

     

    Additionally, the marketing communications industry respected award has also introduced a new special Award— The Authentic African Story Award. This special category was endowed by Mr. Lanre Awokoya, Chairman, TBWA/ Concept in recognition of creative works that have portrayed indigenous stories in the most relatable way, as well as identify and celebrate authentic African stories that break the mould in brand building. The Award also comes with a cash reward.

     

    Speaking at a press conference held at the AAAN Secretariat, Chairman, LAIF Management Board, Mr. Lanre Adisa who announced the theme said: “This year, we will be celebrating ideas and creativity that not only gave us great marketing outcomes, but also changed and transformed how we engage and are entertained. LAIF Awards will extend its recognition to other creative sectors that have trail blazed through content creation and also transformed lives in our society”.

    LAIF

    L-R: Jenkins Alumona, Vice President, Association of Advertising Agencies Of Nigeria; Kemi Fabusoro, Director, Association of Advertising Agencies of Nigeria; Lanre Adisa, Chairman, LAIF Management Board and Temitope Jemerigbe, Publicity Secretary, Association of Advertising Agencies of Nigeria. At the press conference unveiling the 16th edition of the Lagos Advertising and Ideas festival (LAIF) Awards in Lagos recently

    Adisa also thanked the media for always projecting the activities of the association in such a way that many stakeholders have started noticing and appreciating the impact of AAAN in the country.

     

    “As we are seated here, you (media) are the most important stakeholders that we are having here today. Part of what you have done and you’ve been for us is the recognition that we got from the Lagos State government recently,” he submitted.

     

    Recall that the Lagos State Governor, Mr. Babajide Sanwo-Olu had during the Marketing Edge Brands and Advertising Awards of Excellence held recently pledged the support of his administration for the Lagos Advertising and Ideas Festival (LAIF) Awards.

     

    The governor said the state has fully identified with the marketing communications industry as he reiterated his reliance on the expertise of brand creators and communications consultants to achieve his goals of drawing the world’s attention to ‘Destination Lagos’.

     

    Sanwo-Olu said, “Let me assure you of our administration’s readiness to support the Lagos Advertising and Ideas Festival (LAIF) Awards. Since our name is involved, we will provide the support to make it greater than ever before. Let us begin to use the platform of LAIF and similar initiatives to draw the attention of the world to Destination Lagos.”

     

    In his remarks, the President of the Association, Mr. Steve Babaeko, represented by the Vice President, Mr. Jenkins Alumona, further emphasized the commitment of the Association to ensuring the highest standards in the entire process as well fulfilling a mission to drive inclusion of other creative sectors to grow and solidify our contribution to the economy in Nigeria and West Africa at large.

     

    According to the organisers, there will be over 30 jurors to judge the different categories which include the Film LAIF, Press LAIF, Digital and Mobile LAIF, Outdoor LAIF, Radio LAIF, Media LAIF, LAIF Effectiveness Category, Campaign Category, Promo and Direct Category, and LAIF Impact.

     

    All entries for the LAIF Awards 2021 must have been run between June 2020 and July 2021.

     

    Similar to the last edition, activities of the awards will be carried out on the online portal.

     

    Advertising agencies are to submit entries through this portal and jurors will be working remotely to judge each category through their profiles.

     

    The members of the jury will be representatives of the industry that will create a fair and balanced atmosphere for judging the LAIF entries.

     

    As part of the LAIF Awards activities, the LAIF Management Board will be organising a virtual seminar to share and discuss interesting topics in two sessions. The webinar will hold on Friday 18 November, 2021.

     

    This year, participation in the LAIF Awards will also be extended to agencies in Ghana with the hope of including other West African countries in the nearest future.