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Tag: firms

  • Firms sign MoU on agric tech expo in Osun

    A conglomerate, SIFAX Group of Companies, has signed a Memorandum of Understanding (MoU) with Fesco Agalu Nigeria Enterprises Limited to organise the maiden International Agricultural Exhibition and Conference in Osogbo, the Osun State capital.

    Called Agrictech Nigeria Osun 2018, the event will be Nigeria’s first and largest exhibition and conference on agriculture, farm machineries, dairy, poultry, water technology, livestock equipment, agriculture processing technologies and environmental control.

    Both firms signed the MoU last weekend at the office of the Osun State Commissioner for Agriculture and Food Security in Osogbo.

    The commissioner, Olakunle Ige, as well as the Coordinating Director of the ministry, Dr Olubukola Aluko; the Special Adviser to the Governor on Agriculture, Remi Kolapo and other top directors in the ministry attended the signing ceremony.

    The General Manager, Legal Services, Mr. Tunji Olusinde and the Corporate Affairs Manager, Mr Muyiwa Akande, represented SIFAX Group at the ceremony.

    Fesco Agalu’s Executive Director, Mr Yahaya Majeed, led the company’s team.

    Ige said the state government was excited that the international exhibition and conference was taking shape with the signing of the MoU.

    The commissioner added that Osun State would provide an enabling environment for the success of the event.

    Olusinde said the company’s policy to support agriculture as the country is diversifying from oil informed the company’s sponsorship of the event.

    He hailed the Rauf Aregbesola administration for taking agriculture to greater heights since its inception.

    “We are in this to make Agritech Nigeria Osun 2018 a successful and world-class event,” Olusinde said.

    Yahaya hailed SIFAX Group for sponsoring the exhibition.

    He said Fesco Agalu noted that the company had the veritable platform to make Agritech Nigeria Osun 2018 a success.

     

     

     

     

     

     

  • Lagos to shut tax defaulting firms

    Lagos to shut tax defaulting firms

    Tax defaulting firms are to be shut down by the Lagos State Government from today Commissioner for Finance Akinyemi Ashade, said yesterday.

    He said some banks had failed to remit statutory taxes, including withholding taxes on banks’ interests for more than 10 years.

    Ashade said the government had resolved to resort to all lawful means to ensure compliance with statutory tax remittances.

    “Any company found to have evaded tax will not be spared.

    “It is in the interest of defaulting companies and their management to remit the statutory taxes to the state within the grace period to avoid embarrassment to them and their shareholders.

    “All law abiding corporate organisations are advised to adhere to this directive as the state government has given enough grace period for them to remit their taxes.

    “The government will on Monday, November 20, commence the process of shutting down the headquarters of corporate organisations, including banks that have failed to remit statutory taxes to government coffers,’’ Ashade said in a statement.

    He said prompt payment of taxes would enable the government to provide the necessary infrastructure and improve the standard of living of the people.

    “When people pay their taxes promptly, government is encouraged to do more. The administration of Akinwunmi Ambode has shown in the last two and half years that taxes paid are judiciously spent on projects that have impacted positively on the lives of residents,’’ the statement said.

    The News Agency of Nigeria (NAN) reports that the government had on November 7, lamented that only about 600,000 residents out of a population of over 22 million were up to date in terms of tax compliance.

    The government, therefore, directed all its revenue agencies to ensure prompt payment of taxes, including land use charges and also commence enforcement of payment by all tax defaulters with immediate effect.

    Read Also: Lagos goes after tax defaulters

  • Senate to publish names of firms in alleged N30tr scam

    Senate to publish names of firms in alleged N30tr scam

    The Senate says it is set to publish names of companies found culpable in investigation into alleged N30 trillion revenue scam in the import and export value chain.

    Chairman of the Joint Committee on Customs, Excise and Tariff and Marine Transport Senator Hope Uzodinma made this known in an interview with reporters yesterday.

    He said the committee had completed its first batch of investigation involving over 60 companies and would publish names of companies involved in various infractions leading to loss of government revenue.

    He said the committee was releasing the names because it had established culpability against the companies.

    Uzodinma added that the names to be published would contain details of how much of recoverable government revenue was with each of the companies.

    The lawmaker stressed that companies found to be involved in infractions bothering on money laundering and foreign exchange abuses would be referred to the Economic and Financial Crimes Commission (EFCC) for prosecution and recovery of the monies.

    He added that those bothering on smuggling and import infractions would be referred to the Nigeria Customs Service for recovery of such revenues and possibly blacklisting.

    Uzodinma said: “We got up to the point that even the companies themselves have seen that they are culpable and that is why we want to publish the names and hand them over to EFCC and Customs.

    “The reason for the delay in publishing the names all the while is to establish culpability against the companies.

    “Now through various reconciliations, it has been established and we are no longer in doubt, including the companies that are involved, that these things are in existence and that they are culpable.

    “We have presented the interim report which detailed how much we have recovered so far and the Senate approved it in plenary, while an extension was given to us to do the final reconciliation.”

  • Firms to trade at one kobo as NSE begins new pricing rules

    Firms to trade at one kobo as NSE begins new pricing rules

    The Nigerian Stock Exchange ( NSE ) is to begin the implementation of new pricing rules that will remove the stopgap that has supported stocks at their nominal value. The new rules will allow shares of quoted companies to trade for as low as one kobo.

    The new rules will effectively remove the current rule, which places minimum allowable price to trade for any stock at its nominal value, irrespective of the market forces.

    The new rules stipulate that “notwithstanding its par value, the price of every share listed on the Exchange shall be determined by the market, save that no share shall trade below a price floor of one Kobo per unit”.

    Par value is the nominal value of a share as stated in the Memorandum of Association of the company while price floor means the amount below which the price of one unit of a share shall not be permitted to trade, and the minimum amount which must be paid for a share in the event of a drop in the unit price of that share.

    Regulatory documents obtained at the weekend also indicated that the amendments to the pricing technology at the stock market will see a categorisation of quoted companies under three groups with different pricing rules.

    The tick size, the minimum price movement by which the price of a trading instrument can change, will also be lowered to as low as one kobo. Although all quoted companies shall continue to trade within the current pricing band of 10 per cent maximum allowable change per day.

    Under the new groupings and pricing rules, which shall take effect on Monday January 29, 2018, stocks under the first category, Group A, shall consist of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above at the time of listing on the Exchange.

    Read: Price of garri drops by 60% in Enugu

    The second category, Group B, shall consist of medium-priced equities that are priced at N5 per share or above, but less than N100 per share for at least four of the last six months, or new security listings that are priced at N5 per share or above but less than N100 per share at the time of listing on the Exchange.

    The third category, Group C, where majority of listed companies fall, shall consist of equities that are priced at one kobo per share or above, but below N5 per share for at least four of the last six months, or new security listings that are priced at one kobo per share or, but below N5 per share at the time of listing on the Exchange.

    The new rules expectedly link price movements and minimum quantity of equities traded that will change the published price of an equity security. Stocks under Group A shall have price change with minimum of 10,000 units; stocks under Group B shall have price movement with a minimum of 50,000 units while stocks under Group C shall have price change with minimum volume of 100,000 units.

    The tick size, which is the minimum price movement that any equity shall trade, shall also be linked to the groups. Group A will have a tick size of 10 kobo, Group B, five kobo while Group C will have a tick size of one kobo. This implies that the share price of each stock shall be allowed to move up or down in multiples of its tick size.

    The Nation’s check at the weekend indicated that there were only nine stocks under the “high-priced stocks” category of Group A. These include Dangote Cement Plc; Mobil Oil Nigeria Plc; Nestle Nigeria Plc; Nigerian Breweries Plc; SIM Capital Fund; Skye Shelter Fund; Nigerian Energy Sector Fund (NESF); Total Nigeria Plc and Seplat Petroleum Development Company Plc

    The Nation’s check also indicated that at least two-thirds of quoted companies fall under the Group C and about a quarter of quoted companies may drop below their nominal values upon the implementation of the new pricing rules.

    A large part of quoted companies have been stagnant at their nominal value for many years and have been on supply, a market euphemism for shares glut and sell pressure. Most of the stocks have been sustained by the current rule of a stopgap of nominal value.

    Market pundits said the new pricing rules will enhance the price discovery mechanism of the stock market, noting that the new rules are in tandem with the market’s principle of demand and supply as price-determinant at the stock market.

    Read Also: Malaysia 2018 palm oil output to rise by 2.5%

  • SON shuts four steel firms

    SON shuts four steel firms

    The Standards Organisation of Nigeria (SON) has shut four steel companies across the country for non-compliance with requirements of the Nigeria Industrial Standards (NIS 117) and global best practices.

    The agency also warned that any steel manufacturer caught circumventing quality assurance requirements would be prosecuted in line with the SON Act 14 of 2015.

    The Director General SON Osita Aboloma, gave the warning at a meeting with steel stakeholders in Lagos. He said non-compliance with quality and standards would not guarantee local and international patronage of made in Nigeria steel product. He said the four firms were among those the agency investigated and conducted integrity tests on recently.

  • Paris/London Club loan: Firms oppose temporary forfeiture of N1.4b

    Paris/London Club loan: Firms oppose temporary forfeiture of N1.4b

    Three firms have raised objections to the temporary forfeiture of N1.4bilion, being part of Paris/London Club loan, to the Federal Government.

    The Economic and Financial Crimes Commission (EFCC) said N1,442,384,857.84 was fraudulently obtained from the states through the Nigerian Governors Forum (NGF).

    Justice Mojisola Olatoregun of the Federal High Court in Lagos made the temporary forfeiture order on October 13 based on an ex-parte application filed by the EFCC through its lawyer Mr Ekene Iheanacho.

    The court directed the commission to advertise the order in a newspaper for any interested person to show cause as to why it should not be permanently forfeited within 14 days.

    Melrose General Services Limited, WASP Networks Limited and Thebe Wellness Services are the respondents.

    A firm, Linas International Limited and a lawyer Godwin Udemaduka have filed applications to be joined as interested parties.

    Melrose General Services has also filed an application contesting the forfeiture order.

    Its counsel Wole Akoni (SAN) said the firm will ask the court to set the order aside.

    Iheanacho prayed for an adjournment to enable him file replies to the fresh applications.

    EFCC’s investigator Usman Zakari stated in an affidavit that on May 26, last year, the NGF engaged GSCL Consulting and Bizplus Consulting Services Limited.

    He said the “GSCL Bizplus Consortium” was hired to verify, reconcile, and recover excess deductions on the loans from the accounts of states and local government areas (LGAs) between 1995 to 2002.

    The Consortium was said to have recovered $6, 483, 282, 424. 61, as the sum to be refunded to the states.

    Zakari said in line with the governors’ request, the Ministry of Finance, through the Central Bank of Nigeria (CBN), paid $86,546,526.65 and N19,439,225,871.11 (representing five percent of the approved initial Paris and London Club refund) into NGF’s GTBank Plc and Access Bank Plc accounts, purportedly to defray consultancy and incidental expenses.

    The N19, 439, 225, 871.11 was paid into the Access Bank account on December 8, 2016; on December 14, 2016, the NGF paid N4,389, 207, 099 .05 to the consortium as part of agreed consultancy fee, Zakari said.

    According to him, Melrose General Services, whose alter ego is Robert Mbonu, was never engaged by the NGF for any consultancy services in relation to the Paris and London Club loan refund.

    Zakari alleged that Melrose General Services allegedly recopied and misinterpreted the consortium’s work to the NGF for payment.

    He said the firm was paid N3.5 billion by the NGF on December 14, 2016.

    Zakari said between December 15, 2016 and January 20, 2017, Melrose General Services moved out about N2,277,615,142 from its account out of the N3.5billion, leaving a balance of N1,222,384,857.84, before EFCC intervened.

    The operative said N220million was voluntarily returned by the firm.

    He, therefore, urged the court to make an order for a temporary forfeiture of N1,222, 384, 857. 84 in Melrose General Services’ Access Bank account and the recovered N220 million.

    Justice Olatoregun adjourned until November 17 for hearing.

  • SANs, firms, others to get ESQ’s legal awards

    Over 1,000 participants including 100 law firms are expected at the 2017 ESQ Nigerian Legal Awards, the organisers have said.

    Awards convener and Chief Executive Officer (CEO) of Legal Blitz Ltd, publisher of ESQ Legal Practice magazine, Lere Fashola, said this year’s edition would stand out following the introduction of innovative features.

    Some of the innovations, Fashola noted, include a Senior Advocate of Nigeria (SAN) category which celebrates their contributions to the growth and development of the legal profession.

    He said: “This SANs category is based on an online poll conducted on the various social media platforms through www.surveymonkey.com.

    “We have also received various submissions from the National Law Student’s Essay Competition where Law Students across the various Faculties of Law all over the country were asked to write a 500 word essay on the SAN who inspire them to greatness.”

    The top three essay writers will get scholarships to attend ESQ legal trainings, cash prizes among others.

    Fashola explained that the event, billed for November 12 at the Landmark Event Centre, Oniru, Victoria Island, Lagos, will be preceded on November 10 by the Judges Conference hosted by the African Finance Corporation (AFC).

    The panel of judges comprises “Heads of African Practice Groups at United Kingdom-based law firms, CEOs, founding partners of national and multinational institutions, senior Nigerian lawyers, international consultants,” among others.

    It will be led by AFC Executive Director and Legal Adviser, Dr Adesegun Akin-Olugbade.

    Fashola identified northern Nigeria’s first lawyer, Alhaji AGF Abdulrazaq (SAN), former Chief Judge of Lagos  State  Justice  Ayotunde Philips and the Nigerian Bar Association President, A.B Mahmoud, among others to be honoured.

    “So far over 30 law firms have been shortlisted from among over 100 law firms that were earlier nominated for the award.

    “Among top contenders for the awards are Aluko & Oyebode, Templars, Sefton Fross LP,  Bloomfield LP,  Udo Udoma  and Bello Osagie, Ajumogobia and  Okeke, Olisa Agbakoba &  Co, SPA  Ajibade, Jackson Etti and Edu, & Co,” he told The Nation.

    Non-law firms in the race include MTN, Nigerian  Stock Exchange  (NSE), Total and Pandora.

    According to him, top personalities expected to bag awards include  Group CEO of United Capital Group, Mrs Toyin Sanni; outgoing company secretary of First Bank Holdings, Alhaji Tijani Borodo; Okey Wali SAN, George Etomi (SAN), among others.

    Lere  noted that the awards’ committee  has re-introduced the corporate counsel category, which looked at the role of lawyers, who  work internally in companies or organisations.

     

     

     

     

     

     

  • 33 Japanese firms for Lagos fair

    33 Japanese firms for Lagos fair

    Japan External Trade Organisation (JETRO), a Japanese government-related organisation that promotes mutual trade and investment between Japan and other nations, on Wednesday announced that the Japanese Pavilion at next week’s Lagos International Trade Fair 2017 will feature 33 Japanese brands.

    The 10-day Lagos International Trade Fair kicks off on Friday, November 3, 2017. And from the Japanese Pavilion, which is one of the biggest at the fair, the 33 Japanese firms will be showcasing their products and technologies to Nigerian businesses and individuals. It is JETRO’s fourth year of participation since 2014.

    Speaking at a press conference in Lagos, Trade Commissioner and Managing Director of JETRO Lagos, Taku Miyazaki, said many Japanese companies are keen to enter and expand their businesses in Africa’s biggest market, as Nigeria sees the sign of recovery from economic recession.

    The recession was responsible for the decline in trade between Japan and Nigeria. 2015 and 2016 saw decrease in both import and export. For instance, in 2016, Nigeria’s import from Japan decreased by 9.0 per cent to $326.1 million, while her export declined by 70.0 per cent to $849.6 million

    Although, Miyazaki attributed the decline to the continued lower gas price (for Japan’s import) and forex scarcity (Japan’s export), he said despite the decline, the number of Japanese affiliated companies in Nigeria increased by four in 2106.

    “This shows nothing has changed on the huge potential of Nigeria and how strongly Japanese companies are eager to tap into this lucrative market,” Miyazaki said.

    He listed Suntory Food and Beverage Nigeria as one of the four new Japanese companies, which will be bringing their locally produced soft drinks, ‘Lucozade’ and Ribena’ to the Japan Pavilion at the forthcoming trade fair.

    He also announced that Honda Manufacturing (Nigeria), which has a long history of manufacturing motorcycles in Nigeria since 1979, will use this year’s trade fair as the first appearance of their new motorbike model “Ace 110”.

    “Nigerians know our quality. But the challenge has always been comparatively higher price. So, we made our new model to be more affordable, which I would like many people to see at the trade fair”, he added.

    Other exhibitors include Canon Central and North Africa, Brother International, CFAO Yamaha Motor Nigeria, Suzuki Motor, Koncept Autocentre(partner of Isuzu Motors), Massilia Motors (partner of Mitsubishi Motors), Sims Nigeria (partner of Panasonic Marketing & Services Nigeria), and R.T. Briscoe Nigeria (distributors of Toyota’s trucks, forklift, etc.).

    The Trade Commissioner added that Small and Medium scale Enterprises (SMEs) producing high quality products and companies with new type of businesses will also be participating in the fair.

    He said, for instance, that Heiwa Foods Industry will be bringing their ‘Japanese Curry’ to Nigerians’ dinner tables, together with their Nigerian partner, Green Diamond.

    Miyazaki also said cookpad, a cooking recipe sharing social media, which is one of the most popular cooking websites among Japanese people, has launched its Nigerian page in March. They are eager to promote the brand at the trade fair to fascinate Nigerians.

    According to him, the activities of Japanese companies in Nigeria are contributing to Nigeruia’s economic development. “They create jobs, educate staff, transfer technology and share values of Japanese craftsmanship, which is the key agenda of the Federal Government and its Economic Recovery and Growth Plan (ERGP)”, Miyazaki said.A

  • Firms to revive moribund govt agro-businesses

    An agro-business firm, KADS Capital Group, has partnered with a South Africa-based company, PBS Trading Ltd, to revive ailing government-owned investments in agriculture.

    They also aim to create significant yields in the agro-business value chain in Africa.

    KADS Capital is currently in strategic negotiations with state governments and relevant ministries and agencies towards reviving moribund agricultural facilities.

    The firm’s Group Head, Mr Ken Ogiamien, said: “We are talking with the Lagos State overnment with respect to some of their facilities in Araga, Epe, and a processing plant in Ikorodu.

    “Our intention is to revive these facilities, bring them to full capacity and make them profitable for all parties concerned.”

    Ogiamien added that KADS Capital aims to take over declining facilities of other states and those belonging to Federal Government Agencies with a view to rejuvenating and returning them to their full capacity.

    He spoke at the end of a Trade Mission of South African companies to Nigeria.

    Ogiamien said the decision to partner with PBS Trading was to harness the potentials of both companies and combine advanced technology, international standards and quality control.

    Their partnership will also facilitate access to funding, skilled manpower and strategic alliances to ensure the production of world-class, value-added agricultural and table-ready brands for consumers in both countries and beyond.

    He said: “The value chain is such that the GDP of both economies would be significantly touched. Specifically, the relationship would increase employment opportunities for the youth, profoundly change their perception of agriculture and ensure scheduled offtake of agricultural produce from collaborating farmers.”

    He said one of the expected outcomes of venture is the elimination of smuggled poultry products through the Nigerian borders and meeting the needs of consumers through local production.

    According to Ogiamien, two subsidiaries of KADS Capital, namely KADS Livestock and Feeds and KADS Meat Mart, will be the initial beneficiaries of the partnership, which is expected to take off by the second quarter of 2018.

    Managing Director of PBS Trading, Mr. Donovan Franker, said Africa’s economic future accomplishments will depend on successful cross-trade ventures between African businesses and countries.

    He said: “Kads Capital has come across as very professional, very knowledgeable and it’s exactly the kind of businesses we’d like to get involved with.”

    Franker said the next stage of the partnership would involve signing a Memorandum of Understanding on areas in which they both can add value, right through the value chain and the food chain, from feed stock to food on the plate.

    On funding, he said: “My understanding is that serious businesses like Kads Group are prepared to put fund into this deal and we are prepared to put fund into this deal.

    “We’ve also got access to Trade Invest Africa, the development banks and the agriculture development banks that can assist us. It’s the depth and the width of our involvement that will determine the type of funding required.

    “This venture that we envisage to embark on with Kads Capital is going to create an opportunity to empower people and create employment,” Franker added.

     

  • ‘NOCs should transform into national energy firms’

    National Oil Companies (NOCs) across Africa have an enormous opportunity to secure a more sustainable future by transforming into National Energy Companies (NECs) escaping the economic trap of a lower oil prices and embracing the disruptive forces unleashed by climate change and a low carbon world, an analysis by PwC titled: The New Nation Builders: Creating the African National Oil Company (NOC) of the Future, has shown.

    The report obtained at the weekend said a new era of lower oil prices was challenging business models that have long relied largely on exploration and production of hydrocarbons, particularly ‘black gold’ oil.

    “This is likely to prompt African countries that have for decades depended on their NOC as a key source of revenue to rethink the “nation-building” role that their NOCs have played,” PwC said.

    The firm said, in turn, the sustainability of NOCs would depend on their ability to transform into NECs, responding to the demands placed on them by consumers, governments and non-governmental organisations (NGOs) to respond to climate change and a new energy future.

    “Globally, the energy sector is experiencing significant change and upheaval. Whether it is in oil & gas or utilities, we are witnessing tectonic shifts in strategies, business models and ways of working,” PwC Africa Advisory Oil & Gas Leader Chris Bredenhann said.

    “Whether we are talking about fledgling NOCs with limited hydrocarbon resources or established NOCs sitting on large reserves, all of these companies will need to work out how to seize the opportunities emerging from this disruption,” he added.

    The analysis looked at the challenges of disruption facing African NOCs, what it means for them and how they should position themselves for a sustainable future.

    “Not only do African NOCs have to navigate this disruption and tackle the challenges of uncertainty, as do their international oil company (IOC) counterparts, but given their sovereign importance as nation builders, they must also identify the future pathways to evolve,” Bredenhann said.

    PwC was emphatic that African countries that have for decades depended on their NOC as a key source of revenue will need to rethink business models and strategies to avoid being captive to a single energy source and to allow them to rebalance budgets.

    The firm however said in most cases, the new low oil price environment is likely to force many governments to consider what the most appropriate mandate should be for an NOC, adding that some projects may not continue as originally planned due to the lower oil price environment.