Buhari laments impacts of unnecessary squabbles in his government

President Muhammadu Buhari on Monday inaugurated the Executive, Legislative, Party Consultative Committee, to check unhealthy internal squabbles between the Executive, Legislature and the ruling All Progressive Congress, APC, which he said is causing his government to lose patronage The Executive, Legislative, Party Consultative Committee, is expected to henceforth provide a…

Edo Modular Refinery to earn $125m per annum from naptha export, reset state’s economy

Chairman of Edo Refinery and Petrochemical Company Limited (ERPC), Michael Osime, says the Edo Modular Refinery being developed by ERPC with support from the Edo State government will earn about $125m foreign exchange from the exportation of naptha, one of the major products from the facility. Osime, who disclosed this…

Dangote Cement targets N50bn as Series 17, 18 Commercial Paper issuance opens

The Series 17 and 18 Commercial Paper issuance (CP) under the Dangote Cement Plc N150billion CP Issuance Programme is now open and scheduled to close on Thursday September 3, 2020. Dangote Cement Plc targets N50billion from the CP issuance to fund short-term working capital requirements and for general corporate purposes.…

Cititrust wins Africa most innovative loan, investment brand of the year

Cititrust Financial Services Limited (CFS Limited), a subsidiary of CFS Group Plc, has been adjudged and presented an award as the best Africa most innovative loan/ investment brand of the year. CFS Limited emerged tops in the category following the report of the editorial board of the African Brands Magazine…

The Companies and Allied Matters Act 2020 – what you need to know Part 5 – Share Capital

The Companies and Allied Matters Act (Chapter C20) Laws of the Federation of Nigeria 2004 (“CAMA 1990”) was initially made law in Nigeria in 1990 as a decree of the military government. It was modelled on the English Companies Act 1985. For Thirty years, there were no significant amendments to…

Ekiti 2022: Minister of Industry refutes governorship ambition rumour

The Minister of Industry, Trade and Investment, Adeniyi Adebayo has refuted speculations dragging him to contest for the 2022 Ekiti State governorship election. Adebayo, who first governed Ekiti State between 1999 and 2003, made this known on Monday in a statement signed by his Special Assistant on Media, Julius Toba-Jegede.…

Meet Abraham Ojes, entrepreneur digitising Nigeria’s supply chain

Abraham Ojes, co-founder of Saya, is on a mission to revamp the Nigerian supply chain for informal retailers across the country. Abraham, who co-founded the business with Mcleroy Ibe, has created a platform that connects resellers (those who resell what they buy) directly to small FMCGs. “The Saya platform provides…

Supreme Court affirms Bello’s election as Kogi governor

The Supreme Court has finally laid to rest the legal tussle that characterised Kogi State governorship election of November 16, 2019. The apex court on Monday affirmed the election of Bello as Kogi State governor and dismissed the appeal of the candidate of the People’s Democratic Party (PDP), Musa Wada,…

Franco-Nigerian Chamber appoints Usman Mohammed as new president

Franco-Nigerian Chamber of Commerce and Industry (FNCCI) has announced the appointment of Usman Mohammed as its new president The announcement was disclosed at the 35th Annual General Meeting of the Chamber which took place virtually on August 28, 2020. Eric Jeanneau, the outgoing President in his remarks welcomed the new…

CAMA 2020 and the noise from the beer parlour

Earlier in the month, the President Buhari administration signed the revised Companies and Allied Matters Act (CAMA) into law. This is the first major update of our company laws since 1990 and it creates provisions that provide additional clarity while also reducing the burden of regulatory compliance. For full disclosure,…