Tuesday, September 29, 2020
HealthPlus, Chicken Republic, others locked in ownership tussles with PE investors
Founders of Nigerian businesses who brought in private equity (PE) investors and venture capitalists (VCs) two to 10 years ago are locked in ownership tussles with their investors, with most of the cases now at the behest of lawyers and courts. The situation portends danger for foreign direct investment into Nigeria, but also exposes the… Read more
How electricity tariff dispute could worsen cash crunch in power sector
Nigerian Labour Congress (NLC) along with its affiliate groups has compelled the Federal Government to suspend the new electricity tariff increase that took effect September 1, calling for justification, but this could worsen the cash problems in the power sector. Power Generation Companies (GenCos) say their market invoice has not been settled for one year,… Read more
External reserves decline by $69.11m as naira remains stable
Nigeria’s foreign exchange reserves recorded its first weekly decline since last five weeks, falling by $69.11 million week-on-week to $35.75 billion as of September 25, 2020. This is in spite of gradual improvement in the price of crude oil to $42.23 per barrel from as low as $20 per barrel early this year, due to… Read more
Nigeria far from financial inclusion target – CBN Report
A report by the Central Bank of Nigeria and the Enhancing Financial Innovation & Access has said that Nigeria is far from achieving its financial inclusion target in 2020. The CBN disclosed this in the report titled ‘Assessment of women’s financial inclusion in Nigeria’ for December 2019 period which was released on Monday. Read more
NBS begins national economic census after 20 years
The National Bureau of Statistics will begin a national economic census across the country from October 12. It stated on Monday that it had been more than 20 years that the exercise was conducted in Nigeria. Statistician-General, NBS, Yemi Kale, who announced this at the Training of Trainers for the National Business Sample Census in Abuja said the census would last for two months. Read more
Shareholders approve PZ’s sale of land to WAMCO
Shareholders of PZ Cussons Nigeria Plc have unanimously approved the resolutions authorizing their directors to, on behalf of the company, execute the sale and transfer of a portion of land situated within its Ikorodu Industrial Estate where NUTRICIMA factory conducts its business operations to FrieslandCampina Wamco Nigeria Plc. Read more
FG to disburse N300m MSMEs Survival Fund to mark 60th anniversary
Government has concluded arrangements to share about N300million under the National Medium, Small and Micro Enterprises (MSMEs) Survival Funds scheme to about 333,000 artisans and transporters, as part of measures to commemorate Nigeria’s 60th Independence anniversary on October 1st. Read more
Experts want government to distil CAMA 2020 into articles, info-graphics
As the Companies and Allied Matter Act seeks to promote the ease of doing business in Nigeria, there is a need for the Corporate Affairs Commission (CAC), to distil the laws as articles, info-graphics for better understanding and use to businesses, experts have said. Read more
