Business News Archives — Page 13 of 32 — Business Bells

Business Bells

Category: Business News

  • SME Clinic 2021: FirstBank Supports 5 SMEs With N500,000

    SME Clinic 2021: FirstBank Supports 5 SMEs With N500,000

     

    FirstBank of Nigeria has announced a N500,000 business grant to five Small and Medium Enterprises (SMEs), through its SMEConnect initiative aimed at boosting employment.

     

    Group Head, Retail Banking, Lagos Mainland 1, FirstBank, Mrs Oludolapo Adigun, listed the five beneficiary SMEs to include: Buyscrap Nigeria Enterprise; Arteasy Nigeria; Gris Business; Digital Solutions Network and Edatsu Technology Ltd.

     

    She said each of the SMEs was given a N100,000 grant to support their businesses after the SME clinic 2021, held in partnership with Techpoint Africa.

     

    Adigun explained that SMEConnect was one of the tools by which FirstBank delivers the capacity-building pillar of its value propositions to SMEs, with a focus on impacting SMEs in key areas that affect their business growth and development.

     

    “In recent years, FirstBank has embarked on the task of empowering SMEs, considering their immense value to the Nigerian economy.

     

    “We created SMEConnect to help drive this mission and we’re delighted to have partnered with Techpoint Africa for the SME clinic 2021.

     

    “The small business grant is the tip of the iceberg of what SMEs stand to benefit from the programme. We’re looking forward to future partnerships, Adigun said.

     

    Also speaking, Precious Mogoli, Director, SME Clinic by Techpoint, said SMEs were the lifeblood of any economy, and in Nigeria, current data had shown that SMEs made up to 96 per cent of businesses, contributing over half of the country’s Gross Domestic Product.

     

    She noted that COVID-19 was changing the way businesses operate globally, with more emphasis being placed on technology.

     

    “While technology startups have been able to handle this change, traditional enterprises have found it more difficult.

     

    “With this in mind, the SME Clinic by Techpoint creates a forum that teaches Nigerian SMEs grit, resilience, and how to scale their businesses with technology.

     

    “The SME Clinic by Techpoint tries to reach Nigerian SMEs through its newsletter, town halls/webinars, an annual flagship event.

     

    “It was a truly memorable moment and we hope to keep building a community of business owners who will use technology to impact the Nigerian economy,” Mogoli said.

     

    She explained that small business owners in a pandemic-ridden world must find ways to the new normal – social distance, remote work and technology, among others, to survive.

     

    “While few businesses have found ways to use these new and emerging tech tools to solve everyday problems and grow their businesses, several others still struggle to adapt,” she added.

     

    Participants at the 2021 SME Clinic, were taught how to sustain their businesses using technology, with trainings on bookkeeping and managing online business.

     

  • Customs Seeks Excise Duty On Non-Alcoholic Drinks, Says Soft Drinks Pose Harmful Effects to Humans

    Customs Seeks Excise Duty On Non-Alcoholic Drinks, Says Soft Drinks Pose Harmful Effects to Humans

     

    The Nigeria Customs Service (NCS) has called for the re-introduction of excise duty on all drinks produced in the country.

     

    Comptroller-General of the NCS, Hameed Ali disclosed this at an interactive session on the 2022-2024 Medium-Term Expenditure Framework (MTEF) organised by the House of Representatives Committee on Finance.

     

    This is not the first time government is proposing a collection of excise duty on soft drinks.

     

    In 2019, Minister of Finance, Zainan Ahmed had announced that the government may introduce excise duty on carbonated drinks.

     

    Excise duty is a levy placed on the manufacture of locally produced goods.

     

    Chairman of the committee, James Faleke had asked why NCS does not charge excise duty on non-alcoholic drinks.

     

    Responding, the comptroller-general said the NCS had made several submissions for alcoholic and non-alcoholic drinks to be taxed.

     

    He said both alcoholic and non-alcoholic drinks pose harmful effects to humans, adding that there is a 30 percent excise levy on alcoholic drinks.

     

    “On several cases, I have made submissions. Mr Chairman is aware that I have been on this battle that we should re-excise the companies that were de-excised in 2019,” he said.

     

    “What we have been fighting for is that if alcohol beverages and tobacco are injurious to our health that is why the government decided to tax them, the carbonated drinks are equally injurious to our health and they should be taxed.

     

    “I have sung this song for many years now, Coca-Cola is producing in this country and it is not being taxed. There is nowhere you go in the world that Coca-Cola is not paying tax to its host country, but Coca-Cola in this country is not paying anything because of the government unwillingness to re-excise those companies.

    “For us, we have been battling for it, and I hope that one day, we will start collecting.”

     

    The Committee chairman said the lawmakers may consider amending the Finance Act so that excise duty will be charged on both carbonated and non-carbonated drinks.

     

    “We will be considering, I am sure that the federal government will be coming up with the 2022 finance bill, there is a need for us to look at the possibility of charging excise duty on all drinks manufactured in this country, this on all drinks, carbonated and non-carbonated,” he said.

     

    “Carbonated is already part of the finance act, but companies cannot be operating and making huge profits. We are talking about excise – I am sure they are paying their income tax, but in terms of production tax, even non-alcoholic are injurious, if you drink too much you will just be consuming sugar.”

     

  • Access Bank Launches Awareness Campaign to Combat E-banking Fraud

    Access Bank Launches Awareness Campaign to Combat E-banking Fraud

    As part of its continued commitment to educate and protect customers from e-banking fraud, Africa’s largest retail bank, Access Bank Plc, has launched an awareness campaign aimed at sensitizing customers on measures they can take to protect themselves.

     

    The campaign, themed ‘Banks Don’t Ask’, focuses on three key activities that account for most fraud incidents in Nigeria, phishing, SIM card fraud, ATM fraud and POS fraud.

     

    From all indications, the rates of phishing, SIM card fraud, ATM fraud and POS fraud in the country has tripled in the past few years. Also, the sophistication with which these activities are carried out has evolved, resulting in unsuspecting customers being highly susceptible to these criminal activities.

     

    Victor Etuokwu, ED Retail Banking stated, “In the past few years, there has been a significant increase in the rate of internet-based and technology-perpetrated fraud.”

     

    He added: “We want to ensure that our customers are not only protected but are also aware of the tactics employed by fraudsters. Access Bank will never request for personal banking information such as your 16-digit card number, password, PIN, BVN, CVV or One-Time Password (OTP).

     

    “So, customers are also advised to never share this information with anyone even if they claim to be from the Bank.”.

     

    To report suspicious activities (phone calls, emails or text messages), customers can call Access Bank on 01- 2712005 or send a mail to contactcenter@accessbankplc.com.

     

    To prevent SIM card fraud in cases of lost or stolen devices, customers can simply dial *901*911# from any phone deactivate their USSD profile.

     

     

  • FG Inaugurates 1,667 ICT Centres, 455 Other Projects

    FG Inaugurates 1,667 ICT Centres, 455 Other Projects

     

    The Minister of Communications and Digital Economy, Dr Isa Pantami said the Ministry has inaugurated no fewer than 1,667 Information Communications Technology (ICT) centres across the country.

     

    He also said more than 455 other projects were ongoing in different parts of the country.

     

    Pantami disclosed this when he featured on a special interview session, Forum, organised by the News Agency of Nigeria (NAN) in Abuja.

     

    He said that the ministry had developed 16 policies within two years, geared toward supporting the digital economy sector in the country.

     

    He noted that there was no single state that a minimum of one class ICT park had not been established from the day he assumed office as a minister to date.

     

    According to him, the National ICT Park is under the ministry, it has its own role and National Digital Innovation and Entrepreneurship Centre (NDIEC) is a policy developed to support ICT infrastructure.

     

    “Part of the implementation of the Policy is largely by National Information Technology Development Agency (NITDA) and also it will provide office space for some of their activities.

     

    “I want to confirm to you that there is no single state from the date I became a minister to date that we have not established a minimum of one class ICT park.

     

    “I have already commissioned one in 2020 in Lagos State University.

     

    “We have already built an ICT park in Lagos University; this is one out of many.

     

    We have also provided the same intervention in the same zone in other institutions.

     

    “I personally commissioned the same ICT park in University of Port Harcourt. I travelled to Port Harcourt to commission it physically.”

     

    On the issue of training, the Minister said that the ministry and its agencies had so far trained a total number of 219,198 citizens.

     

    He explained that this was beside the training taking place at the 1,667 centres, adding that most of the training was advanced skills, not basic skills.

     

    “Within two years, we have trained 219, 198 citizens and most of them are advanced skills, not basic skills; in this, I have not included the training taking place at the 1,667 centres.

     

    “These are ICT centres and projects combined together.

     

    “The benefits of creating these ICT parks are many, we have job creation, providing digital skills and many more.”

     

  • CBN Directs Banks To Block 18 Companies’ Accounts

    CBN Directs Banks To Block 18 Companies’ Accounts

     

    The Central Bank of Nigeria, CBN, has directed banks to place a post-no-debit restriction on the bank accounts of 18 companies.

     

    This implies that all debit transactions, including Automated Teller Machines and cheques, on these accounts, have been blocked but can receive inflows.

     

    The directive was contained in a circular dated August 18 and signed by the Director of Banking Supervision, CBN, Haruna Mustapha, according to TheCable.

     

    The circular read in part, “You are hereby directed to place all accounts of the under-listed customers on Post-No-Debit restriction.”

     

    TheCable stated that the affected companies include “Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited and Urban Laundry.

     

    Others are, “Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.

     

    The report also notes that the apex bank did not provide any reason for the action in the circular.

     

    However, the affected accounts belong to bureaux de change, construction firms, investment companies, laundering services, and property companies.

     

    Meanwhile, the CBN has cautioned microfinance banks against performing certain non-permissible activities, which include wholesale backing and foreign exchange transactions.

     

    This was contained in a circular titled, ‘Circular to all microfinance banks,’ released on Friday by Ibrahim Tukur on behalf of CBN’s Financial Policy and Regulation Department.

     

    The circular read, “The Central Bank of Nigeria has observed the activities of some Microfinance Banks that have gone beyond the remit of their operating licence by engaging in non-permissible activities, especially wholesale backing, foreign exchange transactions and others.

     

    “Given the comparatively low capitalisation of MFBs, dealing in wholesale and/or foreign exchange transactions are a significant risk with dire consequences for financial system stability.

     

    “It has therefore become imperative to remind all MFBs to strictly comply with the extant Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria 2012.”

     

    The apex bank warned that it would continue to monitor developments in the MFB sector and apply stringent regulatory sanctions for violations of extant regulations, including revoking licences.

     

  • We’re Still in Charge of NICON, Other Assets of Jimoh Ibrahim, He Owes Govt N70bn –AMCON

    We’re Still in Charge of NICON, Other Assets of Jimoh Ibrahim, He Owes Govt N70bn –AMCON

     

    The Asset Management Corporation of Nigeria, AMCON has said that following a High Court order, it still remains in charge of assets belonging to a business mogul, Jimoh Ibrahim.

     

    A statement from the corporation on Thursday said Ibrahim’s current indebtedness to AMCON stood at nearly N70bn.

     

    The statement, signed by Head of Corporate Communications at AMCON, Jude Nwauzor, said Justice A. R. Mohammed of the Federal High Court Abuja Division had on Monday ordered AMCON, NICON Insurance Limited, Nigeria Reinsurance and Ibrahim to maintain the status-quo-ante until September 8, 2021, when the court would hear all pending applications on the matter.

     

    Nwauzor said the matter between Ibrahim and AMCON had been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Asset purchases from Union Bank in the early days of AMCON.

     

    The statement read, “AMCON and BPE, on July 21, received approval from the National Insurance Commission to constitute a new board and management of NICON Insurance Limited and Nigeria Re.

     

    “The change was to enhance the smooth running, efficient and effective management of the two firms previously owned by the recalcitrant debtor and businessman.

     

    “The reason for the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations, and the Bureau for Public Enterprises who worked in partnership with AMCON to bring the much-needed stability in the operation of the organisations.”

     

     

    AMCON said the reconstitution of the board and management team of the two insurance institutions in Nigeria was to ensure that the firms remained transparent and accountable.

     

    It said, “After the constitution of the boards, Jimoh Ibrahim belatedly approached the court to obtain an order seeking to stop AMCON from constituting the boards of the two insurance firms.

     

    “But when the case came up for hearing on Monday the 18th of August, the judge ruled that all parties maintain the status quo until September 8, which was agreed by both the counsel to Jimoh Ibrahim and co, C.I. Okpoko, SAN and counsel to AMCON, A.U. Mustapha, SAN.

     

    “The implication is that AMCON is still in charge of all assets of Jimoh Ibrahim and his companies including NICON Insurance Limited and Nigeria Reinsurance Corporation over their heavy indebtedness to AMCON following earlier court rulings, which gave AMCON the power to take over the assets ab-initio.”

     

  • Stakeholders Commend Nigerian Breweries on Plastic Recycling Project

    Stakeholders Commend Nigerian Breweries on Plastic Recycling Project

     

    Stakeholders drawn from the Nigerian environmental sector including its allied agencies have commended Nigerian Breweries Plc – Nigeria’s foremost brewing company for its commitment to ensuring and promoting a sustainable environment in Nigeria through its numerous initiatives.

     

    These opinions were expressed by all the stakeholders at the launch of NB Recycles Project held at the company’s head office in Iganmu, Lagos on Thursday, August 12, 2021. 

     

    Under this initiative, various collection points will be set up in all 9 brewery locations of Nigerian Breweries across the country (as well as the respective host communities) to encourage staff and members of the public to embrace the habit of recycling by returning all plastic bottles, aluminium cans, paper, cartons, nylon, and glass in exchange for monetary rewards.

     

    In Lagos, the company set up a collection point at its headquarters for staff, and also donated four recycling bins to the Ijora community in Lagos to promote community-led plastic recycling and combat plastic pollution in the area. The NB Recycles project is being executed in partnership with Wecyclers, a foremost waste recycler in Nigeria who will manage the collection, sorting, and recycling of all the plastic wastes brought in by employees and community members.

     

    In his keynote address, the Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi said the project restates the company’s commitment towards environmental sustainability, especially in the areas of Plastic recovery and Recycling.

     

    Praising the company for its contribution towards plastic recovery and recycling in Nigeria, the Lagos State Commissioner for Environment and Water Resources who was represented by Assistant Director, Lagos State Ministry of Environment and Water Resources, Babajide Adeoye appealed for more resources to be committed to keeping the environment safe.

     

    “In tackling this menace of plastic waste, there is need for a concerted effort between the government and industrial companies such as Nigerian Breweries. A recently concluded research shows that only 8% of plastic is recycled while the remaining 92% ends up in the environment, which is why initiative such as this is very important”, he said.

     

    In her remarks, Chief Scientist Officer, National Environmental Standards and Regulations Enforcement Agency (NESREA), Ezenwannyi Udechukwu said the initiative deserves commendation as it helps to bring into focus the need to collectively tackle the threats posed by plastic waste while partnering with communities to do so. “We appreciate what you have done for the Ijora community, we also want you to extend this gesture to other places where your consumers are”, she added.

     

    Speaking on behalf of the host community, the representative of His Royal Majesty, The Ojora of Ijora and Iganmu Kingdom, Prince Kunle Aromire expressed profound appreciation to the management of the company for their concern and commitment towards improving the welfare of the environment. 

     

    “On behalf of Kabiyesi, I want to appreciate Nigerian Breweries Plc for their support. We want to thank you for the job you are doing. We thank you for taking care of the welfare of our environment. Your presence in this community is not for business alone but you also care for the environment such that we now have a good environment to live in” Aromire added.

     

  • UBA Debuts With Another Innovation, As RED Radio Hits Airwaves Live 24/7

    UBA Debuts With Another Innovation, As RED Radio Hits Airwaves Live 24/7

     

    The United bank for Africa (UBA) is leading again through innovation as it launches a podcast, RED Radio, which is available 24/7.

     

    The dynamic and creative online radio channel, RED Radio now provides round the clock informative and entertaining content, bringing out the best of Africa.

     

    RED Radio www.itsredradio.com was berthed as part of the communication suite of UBA to provide real time content to listeners across the African continent and globally.

     

    UBA’s Group Head Corporate Communications, Bola Atta, explained that the platform is an affirmation of the leading role that UBA is playing in the innovative space on the African continent as the bank keeps seeking more ways to reach out to and galvanise people.

     

    She said, “RED Radio can be described as a meeting place. It is an avenue to discuss all kinds of issues that affect the youths on the continent, whether it be business related, health, relationships, sports, lifestyles.. anything. As we bring people together, we also entertain them with music from across the continent.’

     

    ‘It’s such a cool and diverse platform with shows in different languages to appeal to a wide section of listeners. I leave it on quietly on my ipad constantly, catching up with anything I have missed’ she added.

     

    Some of the flagship shows on RED Radio include the Barbershop Chronicles – a talk show featuring Shody, Sess, Alhaji Popping and Femisoro who discuss life matters from the perspective of men; Diary of an Africana follows the journey of a young African woman as she manoeuvres through various obstacles whilst she explores her true self; The Red Pill which brings you exciting news and music from the Congo and so much more.

     

    The shows are recorded in video format and are also available on REDTV. You can access the podcasts via www.itsredradio.com

     

  • Buhari Approves Steering Committee on Petroleum Industry Act

    Buhari Approves Steering Committee on Petroleum Industry Act

     

    President Muhamamdu Buhari has commenced implementation of the newly signed Petroleum Industry Act by approving a steering committee to oversee the process.

     

    A statement issued on Wednesday by the Special Adviser to the President on Media and Publicity, Femi Adesina, revealed that the steering committee will be headed by the Minister of State, Petroleum Resources, Timipre Sylva.

     

    Others in the committee are Permanent Secretary, Ministry of Petroleum Resources; Group Managing Director, NNPC; Executive Chairman, FIRS; Representative of the Ministry of Justice; Representative of the Ministry of Finance, Budget and National Planning; Senior Special Assistant to the President on Natural Resources; Barrister Olufemi Lijadu as External Legal Adviser; while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.

     

    According to the statement, “The primary responsibility of the steering committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform program, and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.

     

    “The committee has 12 months duration for the assignment, and periodic updates will be given to Mr President.”

     

  • Beer Sectoral Group Announces Appointment of Baker Magunda as Chairman 

    Beer Sectoral Group Announces Appointment of Baker Magunda as Chairman 

     

    The Beer Sectoral Group (BSG), a section of the Manufacturers Association of Nigeria (MAN), has announced the appointment of Baker Magunda as Chairman of the Group with effect from 1st August 2021. 

     

    Magunda replaces former BSG Chairman, Jordi Borrut Bel who has moved on from his position as Managing Director and Chief Executive Officer, Nigerian Breweries Plc, to take up new responsibilities within the Heineken Group. 

     

    The BSG is a trade association comprising beer manufacturers in Nigeria who are members of the Manufactures Association of Nigeria. Its membership includes Nigerian Breweries Plc, Guinness Nigeria Plc and International Breweries PLC. 

     

    Baker Magunda is the current Managing Director and Chief Executive Officer of Guinness Nigeria Plc.

     

    Prior to joining the Guinness Nigeria team, Baker was Managing Director of Diageo Ethiopia and the Indian Ocean Markets.

     

    He gained his first degree in Economics at Makerere University in Uganda and Makerere University Business School. He also attended IESE and Strathmore Business Schools for postgraduate studies in Business and Leadership. 

    Beer Sectoral Group Announces Appointment of Baker Magunda as Chairman 
    Baker Magunda

     

    He started his career in Sales and Marketing at Coca-Cola Sabco in 1991.

     

    He was made Head of Sales in 1996 before joining Diageo in 1999.

     

    At Diageo, he served in several marketing roles before becoming Managing Director for Diageo’s businesses in Uganda, Kenya, Cameroon.