Business

Akeem ReachnaijaMay 25, 2019
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A team of the Abuja Entertainment industry, led by stakeholders in the industry have paid a special courtesy visit to Dr. Babatunde Fowler, the Director General of Federal Inland Revenue Service, to congratulate and appreciate his significant and historic impacts in the revenue generating structure in Nigeria.

The courtesy visit to Dr. Fowler was at the FIRS Headquarters in Abuja, during an exposure of “I Believe in One Nigeria” Initiative yesterday. The meeting had the presence of Entertainment CEOs, including Amb. Kingsley Amafibe of “Peace Achievers award/ Miss Ambassador for Peace”, King Fajag of “Democracy heroes awards/ Face Of Democracy Nigeria”, MC Tagwaye of “Throne of Lafta With MC Tagwaye”, Koboko Master of “Sportekallyfunny”, Mallam Yankee of “Yankee Entertainment / Nite Of A Thousand Laugh”, Onome Da Saint of “Laff It Off With Onome Da Saint”, Ambassador Wahala of “Kill Corruption concert/ Abuja Mega Concert”, Shortcut Of “Leave Comedy For Shortcut”, MC Bob of “MC Bob The Magnificent”, “Ghana Must Go of Vintage With Ghana Must Go”, Actor Uzee Usman of “Taurarin Zamani /movie Production” and few others.

During the entertainment stakeholders’ meeting with Dr. Fowler, he was presented a Certificate of Appreciation for his outstanding performance and a Certificate of Achievement for an all time 2018 record of 5.3 Trillion naira revenue generation. As it remains uniquely apparent amongst other revenue generating Institutions in Nigeria.

He was recognised for his revolutionary impacts in tax administration in Nigeria, and Since his appointment into office Dr. Fowler has continued to support several surviving sectors through the social responsibility capacity of FIRS. In specialty, the entertainment industry has remained a key beneficiary of the social responsibility of FIRS, which is evident in the visibility of FIRS in prominent events in Nigeria.

However, Entertainment Stakeholders, confirmed that Dr. Fowler has maintained a path of significant records and achievements for Nigeria through his result-oriented initiatives as the FIRS CHAIRMAN. Regardless of the prevailing economic challenges since 2015, when Dr. Fowler was appointed, the agency has recorded up-move the revenue it generated. In 2016, it generated 3.3 trillion naira, in 2017, 4.03 trillion naira and against every record in the history of Nigeria, the agency generated 5.320 trillion naira in 2018, with a benchmark of 8trillion naira in 2019.

The resident entertainers also maintained that the entertainment industry is guided and united, stressing that it will continue to ensure that all zones in the industry are reached-out to.


Akeem ReachnaijaMay 25, 2019
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The operatives of the anti-graft agency were said to have stormed the MTN’s office in Lagos, where it met with top key officials of the company and demanded some documents relating to its listing at the NSE.

While the reason for the raid could not be ascertained at the time of reporting, Brand Spur, sources say members of the agency stormed the telco’s head office, stopping all activities for alleged fraudulent financial activities pertaining to the company’s recent listing on the Nigerian Stock Exchange (NSE).

“I believe the EFCC was informed that MTN was manipulating figures and also, maybe because of fraud pertaining to the company’s listing,” the source said.

Brand Spur reached out to the telco’s Public Relations Officer, Funso Aina, who neither denied nor admitted that the company was raided, but said: “We will send out a statement to that effect very soon”.

Big players in the Nigerian capital market also think that if MTN shares continue to climb the way it is rising they stand the risk of being dethroned from their vantage positions as the market leaders.

They are believed to be interested in the stories making the rounds that the scarcity of the MTN shares is a function of manipulation.

No official of the EFCC and MTN was prepared to be put on record on the matter.

MTN Nigeria was listed at a total of 20, 354,513,050 at N90 per share on May 16, after the company had completed all the necessary steps required by the NSE for listing which led to the approval.

On the day of the listing, MTN Nigeria was reported to have emerged as the second largest company on the nation’s bourse after Dangote Cement with a market capitalisation of N1.83 trillion.

In spite of its first day bullish outing, the shares of MTN Nigeria recorded its first price loss on the Nigerian Stock Exchange (NSE) on Friday after its listing on May 16.

The stock dipped N9 to close at N140 per share following profit taking.

The telecommunications company had listed 20.35 billion shares at N90 per share which recorded steady growth to hit N149 per share.

The market capitalisation shed N263 billion or 1.90 per cent to close at N13.601 trillion compared with N13.864 trillion recorded on Thursday.


Akeem ReachnaijaMay 25, 2019
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Leading Pan-African Bank, United Bank for Africa (UBA) PLC in partnership with leading global payments and technology company, Mastercard recently announced lucky winners of the all expense paid trips to the Semi-Finals and Finals of the 2019 UEFA Champions League. The winners (all UBA Mastercard holders) and their plus ones graced the semi finals in Liverpool & Amsterdam earlier this month.

Africa’s Global Bank, UBA stated its commitment to reward and pamper loyal customers, who will be treated to a priceless and unforgettable experience inclusive of flights, visas, 5-star accommodation and tickets to watch the semi-finals & final match of the UEFA Champions League as well an opportunity to enjoy so much more with MasterCard Platinum Access through the UBA-Mastercard Loyal Customer Reward.

“As we celebrate our 70 years of Banking and excellence, this is our way of rewarding customers for their continued patronage to the UBA brand. There will be many more this year as we want to continue to appreciate all our customers…” the Group Head, Marketing, UBA Plc., Mrs. Dupe Olusola said.

She added, “The UEFA Champions League is the most sought-after trophy in club football competition, and one of the most followed sporting spectacles in the world. To this end, we decided to partner MasterCard and UEFA in bringing the most iconic and cherished moments in the history of football to our esteemed and loyal customers who are the reason we are so successful.

We realize that, a lot of our customers love football and we feel giving them this treasured experience while they are pampered in far-away Spain is the way to go. These are the moments that make football such a passionate sport and we want to share these moments and experiences with our loyal customers across Nigeria and Africa,”

Open to all existing and new UBA Platinum MasterCard holders, 12 winners from Nigeria and 11 other African countries will share the enthralling experience of watching the finals live with a loved one as well as enjoy the great ambience of host cities of the Semi-Finals or Finals (Madrid). The participating countries are Benin, Cameroon, Chad, Congo Brazzaville, Gabon, Ghana, Liberia, Sierra Leone, Tanzania, Uganda, Zambia.


Akeem ReachnaijaMay 23, 2019
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Controversial Actress, Tonto Dikeh, becomes ZIKEL COSMETICS brand ambassador and the first Nigerian to paid N100m endorsement deal per annum.

Tonto Dikeh shared the news on her Instagram page, she wrote: “KING TONTO joins the ZIKEL COSMETICS family as its Brand Ambassador and the first Nigerian to be paid a whopping sum of N100,000,000 per annum as endorsements for a makeup brand in Africa! Legally endorsed and managed by Manifield Solicitors”


Akeem ReachnaijaMay 23, 2019
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The Federal High Court, Awka Division on May 20th, 2019 refused to grant GTB’s prayers for orders staying or suspending the execution embarked by Innoson Nigeria Ltd; and to further set aside the Orders made by the court on 27th March 2019 granting Innoson Nigeria Ltd leave to enforce the judgment, issue processes for enforcing the judgment and levying execution- the Writ of Fifa against Guaranty Trust Bank.

Recall that the Federal High Court, Awka Division on March 27th, 2019 granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by the Court of Appeal in the judgment of 6th February 2014 and by the Supreme Court in its judgment of 27th February 2019.

As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its desperate motion on notice seeking orders staying or suspending the execution embarked by Innoson Nigeria Ltd and also seeking orders setting aside the exparte Orders made by the Court granting Innoson leave to enforce the judgment and to issue the processes of executing same.

The court further held that the order it made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgment and issue processes of execution of the judgment are valid; and also that all the steps taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of 1st April 2019 are not granted.

However, the court stayed further proceedings- proceedings relating to contempt against GTB, its MD – Segun Agbaje, Chairman- Mrs Osaretin Demuren and Secretary – Mr Erhi Obebeduo- to enable the Supreme Court hear GTB’s newly filed motion at the Supreme Court in respect of the matter.

Subsequently, the matter was adjourned to 17th October 2019 for hearing of the pending applications – the contempt application.

It will be recalled that through a motion on notice dated April 24th 2019, Innoson Nigeria Ltd asked the court to commit GTB and its MD – Segun Agbaje, Chairman- Mrs Osaretin Demuren and Secretary – Mr Erhi Obebeduo for contempt of court for its acts of thuggery, extreme hooliganism and outright lawlessness in breaking into all the properties of GTB which have been distressed and seized by the Court bailiffs/sheriffs while executing a writ of fifa issued by the Court, undistressed them and as well released them from attachments and seizures.

Cornel Osigwe
Head of Corporate Communications
Innoson Group


Akeem ReachnaijaMay 22, 2019
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UK-based chip designer ARM has told staff it must suspend business with Huawei, according to internal documents obtained by the BBC.

ARM instructed employees to halt “all active contracts, support entitlements, and any pending engagements” with Huawei and its subsidiaries to comply with a recent US trade clampdown.

ARM’s designs form the basis of most mobile device processors worldwide.

In a company memo, it said its designs contained “US origin technology”.

As a consequence, it believes it is affected by the Trump administration’s ban.

One analyst described the move, if it became long-term, as an “insurmountable” blow to Huawei’s business.

He said it would greatly affect the firm’s ability to develop its own chips, many of which are currently built with ARM’s underlying technology, for which it pays a licence.

Cambridge-headquartered ARM had been described as the UK’s largest tech firm until its takeover by a Japanese fund. It employs 6,000 workers and lists eight offices in the US.

In a statement it said it was “complying with all of the latest regulations set forth by the US government”, but declined to comment further.


Akeem ReachnaijaMay 21, 2019
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President Muhammadu Buhari would soon be at Alex Ekwueme Federal University Ndufu-Alike Ikwo (AE-FUNAI) in Ebonyi State to commission a 1 megawatt solar power plant built in the university by the Federal government.

Also to be commissioned by the president is eight-kilometre lighting along the internal roads and pathways in the university executed alongside the solar power plant .

This was disclosed by the Minister of Power, Works, and Housing, Babatunde Fashola, during the inspection of the project being implemented by the Rural Electrification Agency which is nearing completion.

Fashola said: “We are few weeks to the closure and I am sure when this is done, the president will be here to switch it on.

“This is a 1 megawatt solar plant for the university. It also comes with eight-kilometres of lighting. As you heard from project head, they have installed here 3,500 solar panels. So, we are in the last phase of the implementation.

“We have also heard that over 9,000 people have also been employed since the project started. Students have also been involved.

“What this means is that the policies we have inaugurated since the privatisation on power policy are beginning to take foothold and it’s important that Nigerians understand especially when we talk in terms of what we offer on the next level,” he added.

The minister said that the initiative was one of the policy interventions of the Federal government to help, especially people in the rural communities have access to power.

He said that it was one of the projects birthed with the president’s approval of the rural electrifications strategic plan, noting that the project which is one of the first nine which the government would finish this year, was targeted at electrifying 37 universities across the country.

Fashola said that the solar power plants would be maintained by the students of the respective universities who would be trained at the projects sites.

“This is a policy now targeting education to make sure that all Federal universities, to start with, have their own power plants and involve students in the process of developing. Part of their learning also is that they can maintain and even do better things when they leave school.

“There will be a sense of continuity of policy. One of the things we have embedded in the programme from the beginning is to involve the students. So, the maintenance of this plant will be by the students of the university.

“There will be a teaching and training facility delivered with other aids. Each university model has a training site with it to involve students. So as you graduate, a new team of students take over and we will institutionalise that policy within each university.

The minister also revealed that there was a policy to energise the markets, saying that the interventions at Ariaria International Market, Sabon Gari, Sura and other markets across the country with more to come were part of the policy.

 


Akeem ReachnaijaMay 21, 2019
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Microsoft Corporation visited the Nigerian Investment Promotion Commission (NIPC) on Friday, May 18, to discuss their plans for Nigeria. The Microsoft delegation was led by the Executive Vice-President of Gaming, Phil Spencer and was received by the Executive Secretary/CEO of NIPC, Ms Yewande Sadiku.

They also visited the Vice President, Prof Yemi Osinbajo.

They returned to Lagos for the launch of the Africa Development Centre, the 7th to be established. Earlier this week, the company opened an Africa Development Centre in Nairobi. The establishment of the Centres demonstrates the company’s long-term interest in creating global centres for software development and engineering on the continent.

The company plans to spend more than $100 million over five years and hire 100 engineers by the end of the year, and 500 by 2024. A mixed reality team of 10 has already been hired in Lagos.