The Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigerian Navy have inaugurated a Committee to establish ways in which the synergy between both organs of government can be channeled into creating a welcoming environment for investment in the Blue Economy.
The Flag Officer Commanding (FOC West), Rear Admiral Mustapha Hassan, who inaugurated the 8-Man Committee charged them to come up with policies to create a welcoming maritime environment for investment in the Nigerian Blue Economy.
Membership of the 8-Man Committee includes on the Navy side, Rear Admiral Mustapha Hassan, FOC, Western Naval Command; Cdre K.O. Oguntuga, Commander NNS Beecroft; Cdre N.S. Kaman, COO Western Naval Command and Capt. A. U. Tijani.
The Committee members representing NIMASA namely, Director Deep Blue Project, Chief Otonye Obom; Head Shipping Development, Kurahson Inuwa; Head, ISPS, Isa Mudi; and Deputy Director, Cabotage Services, Aisha Usman Dangote.
You will recall that the Agency’s Director General, Dr. Bashir Jamoh OFR, during a visit by a delegation from the Nigerian Navy to the Agency’s headquarters in Lagos recently, had announced the constitution of an 8-Man committee, comprising four each from the Navy and NIMASA.
The Commission, in collaboration with the Financial Literacy Technical Committee (FLTC), has joined the rest of the world from Monday 20th – Friday 24th November, 2023 to celebrate the 7th edition of the World Investor Week (WIW) promoted by the International Organization of Securities Commissions (IOSCO).
World Investor Week is a global initiative of the International Organisation of Securities Commissions (IOSCO) established to raise financial literacy among the general public.
The week-long campaign for this year focuses on the theme, investor Resilience, Crypto Assets, and Sustainable Finance which the IOSCO Board has given top priority, considering the prevailing global market conditions.
Among the activities lined up to commemorate the Week is a webinar titled “Crypto Assets in the Context of Investor Education and Protection” which will be hosted by the Commission, in collaboration with some stakeholders. The webinar will feature experts sharing insights on crypto assets, investor protection, and public policy implications while examining the potential pitfalls for Nigeria.
According to SEC, the global financial sector is increasingly embracing environmental sustainability. Retail investors, therefore, are opting to invest in ways that benefit the environment and this trend is expected to gain more momentum in the future.
The extensive discussions surrounding the advantages, challenges, and regulatory recommendations associated with sustainable investments have contributed to this shift.
The SEC plays a crucial role in enhancing resilience in the Nigerian capital market while promoting investor education, enforcing protective regulations against fraud, and encouraging responsible investment practices.
The investing public with inquiries may wish to contact the Commission via email at email@example.com or phone: +23494621100
The Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC), Dr. Aminu Maida has said that quality of service in the telecommunications sector is non-negotiable as he called for industry collaboration to make this a reality.
Maida, who spoke in Lagos at an interactive session with chief executive officers in the industry on Thursday, assured of collaborations within the industry and commitment to transparency in the telecom ecosystem.
He told the industry chieftains to appreciate that they have a very important role to play in an industry to consolidate on the achievements already recorded in the sector, which is an enabler of Nigeria’s digital economy.
Speaking as his confirmation as the substantive chief executive officer of the Commission was taking place at the Senate Chambers, Maida noted that the expectations of telecom consumers are very high.
“People actually expect telecom services to work. I don’t think they really appreciate what it takes to deliver these services. So, it has come to a stage they just see telecom service as utility like water and electricity. Like a social service, it needs to work. We need to really come together in the industry and deliver value to the customer,” he said.
He also spoke about compliance to industry regulations and standards. “When it comes to compliance, this is an area where we are going to be placing a lot more focus, and things are going to be a lot more urgent. I am not going to be asking for compliance after the fact. That is going to be a very key area of focus for me.
“So, we owe it to ourselves to benchmark ourselves against the best, not against other sectors. We have to just take ourselves as setting the benchmark for every person else. So, let people compare and say we have to be as good as telecom.”
On broadband, Maida said the Commission has a very short time to do so much. “A lot has been done with the Infrastructure Company (InfraCo) licensing. We just have to re-imagine, look at it again, and see whether that is the right approach and re-imagine how we approach it. We now need to start getting into the states, and perhaps we might need to sit down and see how we can do that differently. Again, on the broadband issue, we need to increase the investment,” he said.
The new NCC boss said that he considered operating entities as a very crucial segment of the national telecom development, hence his desire to hear directly from industry CEOs about the issues, challenges, and opportunities.
“We also have to be clear that this is not just a conversation about you representing your shareholders. This is a conversation about Nigeria. This is a conversation about moving Nigeria forward. So, your shareholders are one part of your stakeholders, but Nigerians are also another critical, in fact, your most important stakeholders. So, this conversation is going to be about you having your shareholders, but you also have Nigerians to whom you will have to deliver services,” he said.
The CEOs, who expressed delight at the consultative approach of the EVC, promised to work closely in support of Maida’s mandate.
President of the Association of Telecommunications Companies of Nigeria (ATCON), Tony Emoekpere, said the industry is reassured by the steps that Maida has taken in convening the interactive session. “We are really encouraged that your first action is to meet with us here at this interactive session. What you have done to invite us here to hear what we have to say is the right step,” he said.
Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo, commended the interactive session for providing a platform for discussing the issues in the industry. He said the approach of the new boss of the NCC is very promising.
The Lagos State Internal Revenue Service (LIRS) has announced the immediate deployment of an upgraded process for the collection of Hotel Occupancy and Restaurants Consumption Tax (HORCT) in Lagos State.
The Executive Chairman of the LIRS; Ayodele Subair, in a public notice directed at members of the public, operators and owners of hotels, event centres, restaurants, bars, and other related facilities in Lagos State said the new collection process called the Eco Fiscal System (EFS) is an automated invoicing solution, designed to revolutionize the collection of consumption taxes in Lagos State.
He stated that the EFS evolution is in furtherance of LIRS’ commitment to building convenience into the payment of taxes and easing compliance with tax laws.
“This technological advancement marks a significant leap in our continuous efforts to enhance revenue collection, streamline processes, and improve efficiency in tax administration. It simplifies compliance and improves accuracy”.
Traditionally, HORCT collection has been a tedious task for operators in the past, the manual process often led to errors, penalties and increased costs. However, with LIRS’ cutting-edge software, businesses can now automate and digitize their invoicing and collection processes. Built with operators in this sector in mind, EFS offers real-time online consumption tax billing, collection monitoring, and instant issuance of receipts with a unique invoice number. It also reduces compliance costs, facilitates easy administration and reconciliation for HORCT collections, and fosters transparency.
Mr. Subair affirmed that by adopting the EFS, businesses can ensure accurate calculations, eliminating risk of mistakes associated with manual data entry. The system automatically applies relevant tax rates, saving businesses valuable time and resources. He added that the software provides secure and efficient record-keeping, simplifying audits and minimizing compliance risks.
“Our goal is to empower businesses with innovative solutions that enhance their operational efficiency and minimize compliance challenges. Businesses can focus on their core operations, leaving the complex task of tax compliance to our reliable and automated system.”
He enjoined all operators in the hospitality sector to adopt the Eco Fiscal System (EFS), emphasizing that operations on the system become effective IMMEDIATELY as Failure to comply is a contravention of the provisions in Sections 7(1), 8 and 9 of the Hotel Occupancy and Restaurant Consumption Fiscalization Regulation 2017 which attracts penalties as stipulated in Sections 11(2) of the HORC Law 2009.
Subair reiterated that EFS is compatible with various e-commerce platforms and can seamlessly integrate with existing accounting systems, ensuring a smooth implementation process. He promised that LIRS officials would be visiting establishments in the hospitality industry, to integrate the software with existing systems and provide necessary assistance for a seamless transition to the EFS platform.
“For further enquiries, taxpayers are encouraged to visit the LIRS website: www.lirs.gov.ng or call the customer service hotline on 0700 2255 5477”.
Sterling Bank, Nigeria’s leading commercial bank, is proud to announce its continued partnership with the Book Buzz Foundation for the 11th edition of the Ake Arts and Books Festival, taking place from November 22nd to 24th, 2023, in Ikeja, Lagos. This collaboration reaffirms Sterling Bank’s unwavering commitment to enriching lives and investing in the communities it serves. The bank firmly believes that its prosperity is intertwined with the thriving of the community it operates in.
Maurice Igugu, Chief Marketing Officer of Sterling Bank, highlighted the bank’s ongoing commitment to five key sectors of the economy under its HEARTS strategy: Health, Education, Agriculture, Renewable Energy, and Transportation. “Through strategic investments in education,” said Mr. Igugu, “we aim to empower communities with knowledge, equipping them to combat poverty and elevate their standards of living.”
The Ake Festival, founded by director Lola Shoneyin, plays a vital role in nurturing the creativity of young individuals and enabling them to flourish. Sterling Bank remains steadfast in its support of the festival as part of its continued efforts to promote creativity and community growth.
The 2023 edition of the festival adopts the theme of “Blood Ties,” exploring concepts of family, love, relationships, loss, and togetherness. This theme reflects the festival’s commitment to inclusivity and promoting a diverse range of voices and perspectives.
Lola Shoneyin expressed her gratitude for the partnership with Sterling Bank and Luminate, organizations aligned with the festival’s goal of celebrating and promoting creativity while facilitating discussions that empower the youth. She also introduced a notable addition to this year’s festival, The Africa Rights Forum, which aims to train agents and editors in sub-Saharan Africa to navigate the global rights market and enable African publishers to establish a presence in the global marketplace.
Visitors to the festival can look forward to stimulating panel discussions covering a diverse range of topics and featuring some of Africa’s finest thinkers. “This year,” said Shoneyin, “we have eight incredible panel discussions with some of Africa’s brightest minds. Everyone leaves Aké Festival feeling enriched.”
Beyond panel discussions, the festival will showcase in-depth interviews with a diverse array of writers from Africa and beyond, delving into the themes they explore, their memorable characters, and the magical worlds they create for readers
Polaris Bank, Nigeria’s Leading Digital Retail Bank, in partnership with Eventful Limited will host the 2023 season end edition of The Fashion Souk 9.0 scheduled to hold at the Harbour Point, Victoria Island, Lagos on Saturday, December 2nd and Sunday, December 3rd.
The Fashion Souk is Nigeria’s premier marketplace where smart Small and Medium-sized Enterprises (SMEs) in the fashion industry gather to display and market their diverse goods and services to a large audience.
With its extensive collection of fashion-related SMEs, The Fashion Souk stands as the largest congregation of such businesses in Nigeria to date. The event will primarily focus on four thriving industries: manufacturers, leather, retailers, and jewelry & accessories.
Over 140 established SMEs in Nigeria’s fashion industry, leather, and jewelry/accessories sectors, spanning across manufacturers, retailers, and dealers, will participate in The Fashion Souk 9.0. This incredible platform provides these businesses with an unparalleled opportunity to exhibit their creativity, product lines, and unique offerings to a discerning audience.
The Fashion Souk promises to be a memorable event that showcases the rich diversity, talent, and innovation within Nigeria’s fashion industry where attendees and shoppers can expect an immersive experience, with an array of unique products, inspiring fashion shows, and networking opportunities with industry experts.
In line with its SME focus and commitment, Polaris Bank has partnered and supported businesses in critical sectors of the Nigerian economy including; health, education, manufacturing, agriculture, export, and others. The Bank has advanced credits to these sectors for acquisition of medical equipment, machines, distribution, and logistics of medical products; laboratory equipment, stationaries, furniture, classrooms, school bus; working capital for businesses, expansion, etc.
BusinessDay in a November 2022 article valued Sub-Saharan fashion market at $31billion, with Nigeria accounting for 15 percent to the total regional market; while Statista put the value of the global fashion industry in 2022 at $1.53trillion, with revenue forecast to increase in 2023, to more than $1.7trillion.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the Nigeria’s Best MSME Bank of the Year because of its ability to use technology to enable bottom-up support to the MSME sector.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the Nigeria’s MSME Bank of the Year because of its ability to use technology to enable bottom-up support to the MSME sector.
As a digital-forward Bank, Polaris Bank is dedicated to forging a customer-focused future through innovative partnerships that reshape both businesses and communities.
Five winners emerged in the grand finale of the 2023 edition of Sterling’s Agriculture Summit Africa. This year’s edition, which featured a pitch competition called AgroPitch, saw Green Republic Farms Limited crowned the top agroprenuer, walking away with five million naira in grants and an agribusiness entrepreneurship training program from the Lagos Business School. This year’s summit was sponsored by Sterling Bank, Leadway Assurance, Thrive Agric and Noor Takaful,
Green Republic Farms Limited, a youth and women-led enterprise emerged the overall winner and got N5 million cash prize, and a scholarship to attend the Agribusiness Management Programme of the Lagos Business School (LBS) which provides participants with the individual insight, coaching strategies and leadership skills needed to achieve better decisions and results for their companies.
The remaining agribusinesses which emerged as winners are Eden-Acres Integrated Farm, Duketrah Fisheries, Kernelinc Resources Limited, and OG Capital.
Speaking at this year’s ASA, themed Empowering Innovation: A confluence of Capital, Vision and Agribusiness Enterprise, Group Head for Agriculture & Solid Minerals Finance at Sterling Bank, Dr. Olusola Obikanye, said that this year’s summit has shown that there is huge and yet-to-be-realized potential for innovation in the nation’s agribusiness sector.
Dr. Obikanye continued by saying that “The quality of submissions and presentations have shown a clear path towards investment opportunity for the private sector to fund exponential growth in the sector towards achieving a stable and sustainable food economy for the country, while delivering value to operators and investors alike.”
Also in attendance were the Honorable Commissioners of Agriculture for Plateau and Ekiti states, Samson Bugama and Ebenezer Boluwade, who enjoined entrepreneurs in agribusiness to take risks and turn around the fortunes of the sector and help it achieve its potential.
Conceived by Sterling Bank and now in its sixth year, this year’s Agriculture Summit Africa represents a historic milestone in the summit’s history, which stands as a prominent platform for showcasing promising agro-innovators, aligning with the bank’s unwavering commitment to shaping the forefront of agricultural excellence both within Africa and beyond.
Renowned for its now famous HEART of Sterling strategy; which focuses investments in the Health, Education, Agriculture, Renewable Energy and Transportation; its irreverent brand voice and enviable talent management practices, Sterling has been awarded the Most Innovative Bank of The Year for by BusinessDay, been named the Overall Best Place To Work In Nigeria by the Great Place To Work Institute, and has featured on the prestigious top 100 fastest growing companies in Africa, as published by the globally recognized Financial Times, all in 2023.
The Capital Market Correspondents Association of Nigeria (CAMCAN) has concluded plans to hold its 2023 annual workshop, a strategic forum to articulate issues that can move the Nigerian capital market and economy forward.
The workshop, scheduled to hold on December 2 and 3, 2023 at Orchid Hotels, Ajah, Lagos, is being organised by the association as part of its efforts to contribute to the development of the country’s capital market and economy.
This year’s workshop is coming at a period when all hands must be on deck to address the challenges facing the economy and the capital market in particular.
This year, experts, regulators, and other stakeholders will gather to discuss the theme: ‘Leveraging Capital Market in Financing the National Development Plan.’
Development planning in Nigeria over the years has been constrained by the failure of the Nigerian leadership to properly envision true development plan and proper utilisation of the capital market in economic development.
The association, in a statement, said the theme was predicated on the compelling need to properly execute the National Development Plan, with the capital market as the hub of medium-and long-term sources of finance.
According to CAMCAN, national development is the highest priority of the government and to achieve this government must unlock all constraints to ensure that economic growth is enhanced, inclusive and sustainable over the plan period and beyond to generate employment and reduce poverty.
The role of the government will go beyond the normal provision of the enabling environment to include the qualitative participation in vital sectors of the economy that will open opportunities for the private sector to be a major engine of growth.
Nigeria’s National Development Plan was formulated against the backdrop of several subsisting development challenges in the country and the need to tackle them within the framework of medium- and long-term plans.
These challenges include low and fragile economic growth, insecurity, weak institutions, insufficient public service delivery, notable infrastructure deficits, climate change and weak social indicators.
The plan seeks to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment, improve on social indicators and living conditions, implement climate change mitigation, adaptation and resilience strategies, amongst others.
Specifically, the plan introduced in 2021 aims to generate 21 million full-time jobs and lift 35 million people out of poverty by 2025; thus setting the stage for achieving the government’s commitment of lifting 100 million Nigerians out of poverty in 10 years.
The country can achieve these targets through high quality economic growth and a more inclusive economy, leveraging its young workforce, and enhancing implementation capacity at national and subnational levels.
With effective implementation, Nigeria will progress significantly on the path of unlocking its potential in all sectors of the economy for a sustainable, holistic and inclusive national development.
CAMCAN noted that for government to achieve this, it is crucial to leverage the potential of the capital market, saying that capital market is a critical pillar to long term fund mobilisation needed for capital formation to fast track economic growth and development.
“The short-term funding profile of the money market makes it unsuitable for project infrastructure investment hence the capital market, which creates an enabling environment for the generation of long-term financing and active private sector participation in infrastructure development,” it added.
The Guest Speaker, Uchenna Uwaleke, a Financial Economist and Professor of Capital Market at the Nasarawa State University, Keffi, will bring to fore ways government can use the capital market in implementing the National Development Plan.
The workshop will feature a panel of discussion from regulatory organisations and operators in the capital market, who will discuss and bring more perspectives to the guest speaker’s presentation.
The workshop will be declared open by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who will be the Special Guest of Honour, while the Chief Executive Officer of the Nigerian Exchange (NGX) Limited, Mr Timi Popoola and CEO of FMDQ Plc, Mr Bola Onadele, will be the guests of honour.
BUA Group, the Platinum sponsor, would be leading other sponsors to the workshop including: Fidelity Bank Plc, United Bank for Africa, VFD Group, FMDQ Group, NGX Limited, Ardova Plc, Seplat Energy and Zenith Bank, among others.
The Director General/ Chief Executive of the Standards Organisation of Nigeria(SON), Dr. Ifeanyi Chukwunonso Okeke met with the Chairman and Management PANA Holdings Group at the SON Corporate Headquarters, Abuja.
The meeting was an avenue for the Management of PANA Holdings Groups to discuss their activities which include flow control, flow measurement, pipeline surveillance/leak detection and most importantly to introduce their new venture, Afriksnus.
Mr. Maxfield McKinnon, COO, of GN Tobacco, Sweden described how they’ve granted Afriksnus the exclusive rights to distribute Snus products. GN Tobacco is a reputable manufacturer of Snus products with unparalleled expertise and services. Snus is a moist, finely ground, smokeless tobacco product originating from a variant of dry snuff in the early 18th century used by placing it between the upper lip and gum.
Pointing out the uniqueness and advantages of the product, Mr. McKinnon stated that Snus is not burned and no smoke is inhaled (non-combustible tobacco product) hence, some terrible effects of smoking are not present.
Similarly, he explained that for people battling addiction to smoking, it serves as a medium of relieving the airways of carbon monoxide, reducing the urge to smoke and the risk of lung cancer.
Mr. Daere Akobo, Chairman, PANA Holdings Groups emphasized the need for SON’s involvement and partnership in the certification process.
In closing, Dr. Okeke commended the Chairman, PANA Holdings Groups for the expository session and for coming up with an innovative alternative to reduce the use of cigarettes thereby raising life expectancy in Africa.
Dr. Okeke assured that SON, as the apex standard body in Nigeria and a business enabler, is ready to provide the necessary support and partnership required to kick-start the project effectively to achieve the desired results as regards quality assurance.
Federal Inland Revenue Service (FIRS) Ag Executive Chairman Zacchus Adedeji, the Chairman Nigerians in Diaspora in Russia (UNIDO) Uwem – Edimo Sampson, the Director General of the Manufacturers Association of Nigeria (MAN) Mr Segun Ajayi – Kadiri, the Director General of the Nigerian Association of Chambers Association of Commerce, Industry, Mines and Agriculture (NACCIMA) Dr Sola Obadimu, the former Ag Director General of Federal Institute of Industrial Research Oshodi (FIIRO), Dr Chima Igwe and a host of other distinguished speakers have agreed to attend the 2023 CICAN Workshop and Award ceremony set to hold on Tuesday, November 21st, 2023, with the theme, “Effects of Federal Tax Reform on Economy” billed to take place in the prestigious Radisson Blu Hotel, GRA, Ikeja, Lagos.
This fact is contained in a CICAN media statement signed by the association National Chairman Charles Okonji and made available to the media recently in Lagos.
The statement said the executive chairman of FIRS Mr. Adedeji is billed to deliver the keynote address at the occasion.
The statement added that the FIRS boss has promised to use the occasion to throw more light on the effects the reforms will have on the country’s economy and the positive effects on the local businesses.
The statement added that, the attendance of the agency boss on the confab sets to attract who – is – who in the country’s business sector inform the decision to grace the occasion.
The Director General of the Manufacturers Association of Nigeria (MAN) Mr Segun Ajayi – Kadiri will also speak on the ” Effects of the reforms on the local manufacturing sector”.
The statement added that the CICAN hosts for decades Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Director General Dr Sola Obadimu will speak on the effects on the country’s commerce, and trading sector and how his chamber’s members have been affected since the tax policy reform took off at the inception of the current federal government’s administration.
The statement also added that apart from Zacchus Adedeji, Segun Ajayi – Kadiri and Dr Sola Obadimu other distinguished guest speakers who have confirmed their attendance include the former Acting Director General of the Federal Institute of Industrial Research Oshodi (FIIRO), Dr Chima Igwe will speaks on the effects of Research and Development ( R& D) on the economy while Mr Uwem – Edimo Sampson who is the Chairman of Nigerians in Dispora ( NIDO) Russia will share the experience of Nigerians doing genuine business in Russia.
The statement noted that the opportunity the workshop offers is to educate the media and Nigerians alike to better understand the new tax policy trust.
The statement added that CICAN on a yearly basis assemble manufacturers and other captains of industry to brainstorm and find solutions to challenges confronting sectors in the Industry, Trade, Investment (FMITI) and the Small and Medium Enterprises ( SMEs) sectors .
CICAN has membership drawn from the electronic, print and online platform across the nation, with over 60 members.
The statement thanked the association’s partners and sponsors for their yearly sponsorship and other partnership that have assisted the media beat association to have consistently stage it’s yearly workshop in the last 15 years
The statement concluded that CICAN in it’s tradition hope to use the occasion to reward and celebrate some few Nigerians who have standout in their various organizations in the outgoing year.