A Lagos High Court yesterday adjourned the suit filed by one of Nigeria’s brewing giants, Guinness Nigeria Plc against the National Agency for Food and Drugs Administration and Control (NAFDAC) till February 8, 2016 to enable parties meet for amicable resolution of the dispute.
Justice Wasiu Animahun adjourned the suit following submissions of counsel that a meeting is ongoing to resolve the matter out of court.
NAFDAC had imposed N1 billion fine on Guinness “as administrative charges for various clandestine violations of NAFDAC rules, regulations and enactments over a long period of time.”
The agency had in a letter addressed to the Managing Director of Guinness, Peter Ndegwa, by the Head, Investigation and Enforcement of NAFDAC, Kingsley Ejiofor, requested the payment of the N1billion as administrative charges for infractions such as the destruction activities carried out by the company without the authorisation and supervision of the agency.
The agency also accused Guinness of revalidating expired products without authorisation and supervision by NAFDAC, as well as failing to secure the gate of its warehouse as the raw materials used in the production of beer and non-alcoholic beverages by the firm were permanently opened to intrusion and exposure to the elements and rodents, which “invariably affect the integrity of the raw materials.”
Guinness was also alleged to maintain poor documentation record and not complying with conditions contained in the certificate of validation of the revalidated malt extract, which required the storage of the items in cool and dry place and elimination of exposure to sunlight.
Dissatisfied with the N1 billion fine, Guinness approached the court asking it to restrain NAFDAC and the Attorney-General of the Federation from enforcing the sanction pending the determination of the suit.
When the suit came up yesterday for mention, counsel to Guinness Plc, Mr. Olasupo Shasore (SAN), told the court that representatives of Guinness and that of NAFDAC are meeting on the sanction imposed on the company, adding that he was hopeful the matter could be resolved.
Addressing the court, NAFDAC’s lawyer, Mr. O M Abutu, acknowledged that parties met last Monday but that he was not privy to what actually transpired at the meeting.
He said: “I confirm that the applicant (Guinness) met with the agency yesterday, but I was not part of the meeting and I have not been briefed about the outcome of the meeting’’
Abutu urged the court to adjourn the matter to enable the Agency reply to the originating process filed by Guinness and for possible out of court settlement of the matter.
In his submission, counsel to the Attorney General of the Federation, Mr. T Mokuolu, said he had no objection if parties decide to resolve the issue out of court.
Guinness Plc had in its originating motion prayed the court for an order restraining NAFDAC and AGF from imposing any sanction on it other than as recorgnised by law and the constitution.
The company also asked the court for a perpetual injunction restraining the respondents from imposing/or continuing to impose any sanction whatsoever on it.
The applicant is also asking for a declaration that NAFDAC refused to grant it an opportunity to be heard in relation to the allegation.
The company urged the court to declare the fine imposed by NAFDAC violated it right to fair hearing as guaranteed under section 36(1) of the Constitution.
Justice Animahun had in a ruling delivered on December 14 restrained NAFDAC from enforcing the N1 billion fine pending the hearing and determination of the suit.
The matter has been adjourned till February 8 for mention.
Akinwumi Adesina Lauds Dangote Commitment to Africa’s Growth After Visiting Dangote Refinery
The President of the African Development Bank Group, AKinwumi Adesina has lauded Aliko Dangote’s dedication to Africa’s growth.
Akinwumi, who was on a visit to Dangote Refinery with his wife, said the $16 billion investment is the largest single-train refinery in the world. He described the petrochemical industrial site as a game-changer for Nigeria and the entire Africa.
“I was delighted to visit Dangote’s incredible world-class refinery and petrochemical plant with my wife Grace, with @AlikoDangote and @realFemiOtedola. The power of vision. Whenever the two billionaires get together they do great things! Nigeria is proud of them,” Mr. Akinwumi stated via his official Twitter handle @akin_adesina.
“I was very impressed with Dangote’s refinery and petrochemical industrial zone. A $16 billion investment. The largest single-train refinery in the world. It shows Africa’s power to industrialise. A game-changer for Nigeria & Africa. Well done @AlikoDangote! I am proud of you.”
On Monday, Investors King reported that Dangote Refinery has perfected plans to start processing as much as 540,000 barrels of oil per day in the third quarter of 2022.
The refinery has a processing capacity of 650,000 barrels per day. However, it is kick-starting operations with 540,000 barrels per day while the Refinery is expected to generate 400MW, an equivalent of Ibadan Electric Distribution Company (IBEDC).
FG Has Empowered 4million Businesses With N150bn in Five Years– Osinbajo
The Federal Government of Nigeria, in the last five years, has disbursed N150 billion to boost four million businesses across the country.
The business empowerment was done through the federal government schemes set up for micro, small and medium enterprises (MSMEs), Vice-president Yemi Osinbajo says.
Osinbajo stated this on Monday, in a statement issued by his Spokesperson, Laolu Akande while delivering his keynote speech at the Bank of Industry (BOI) ‘Aid for Productivity Report’ launch.
He noted that the support for the MSMEs sector amounts to 50% of Nigeria’s GDP and 76% of the country’s labour force.
The vice-president pointed out that the sector attained success due to the diligence and commitment of Nigerians which he described as ‘the Nigerian can-do spirit and the entrepreneurial DNA we carry.’
Impressed with the results derived, Osinbajo commended the youths who took advantage of the MSMEs schemes to grow their business.
“This is a shining case study of what President Muhammadu Buhari strongly believes– that Nigerians will solve Nigeria’s problems.
“This is an example of what we can achieve when we unleash the best of our people, especially our young, on the toughest of our challenges and give them the free-hand to deliver results.
“What might also not be obvious is the sheer scale of impact that has been achieved with these programmes, as over four million Micro, Small and Medium Enterprises have been direct beneficiaries of the over N150 billion deployed in the past five years,” he said.
Disclosing the statistics of the beneficiaries, Osinbajo said 57% of the businesses are owned by Nigerians below 35 years, and 60% of the beneficiaries are women.
He added that the team of Nigerian professionals solidly backing the work are youths with an average age of 28 years.
Osinbajo, who had earlier visited Kaduna and conversed with a Tradermoni scheme beneficiary during its launch in the state, expressed satisfaction on the impact of the scheme.
He said the beneficiary, Jafar Abubakar who sells ginger and garlic was one of the 5,000 traders who got ₦10,000 to improve his business.
“This is perhaps for me one of the most satisfying things about the way our social intervention schemes are deployed. That there is a platform that can process applications from potential beneficiaries, payout credits or other benefits, and maintain auditable records seamlessly. It is those people and infrastructure that make this happen that we are celebrating today.”
The vice president hinted that the idea was birthed 6 years ago with the aim of building systems that will serve the population fairly and justly, bringing credibility to government programmes.
He, however, mentioned that one of the hindrances encountered was directly reaching the people, to capture and digitize their bio-data as well as get their benefits across to them directly in a transparent way.
Osinbajo lauded the infrastructure and transparency behind the BOI Growth schemes.
He also commended Toyin Adeniji, executive director of BOI and Uzoma Nwagba, the chief operating officer; the co-authors of the ‘Aid for Productivity’ report presented at the launch.
SEC Gives Dangote Cement Waiver to File AFS Within 60 Days of Year-End
Dangote Cement Plc has received approval from the Securities and Exchange Commission (SEC) not to file its fourth-quarter unaudited returns within thirty days of its period end.
The company disclosed in a statement signed by Edward Imoedemhe, Deputy Company Secretary.
However, the company must file its annual audited financial statements within sixty days of its year-end.
Dangote Cement, therefore, announced that it will file its Audited Financial Statements for the period ended December 31, 2021, on or before February 28, 2022.
The statement reads “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end.
“In view of this, DCP will file its Audited Financial Statements for the year ended December 31 2021, on or before February 28 2022.”
News3 weeks ago
Npower Payment: NASIMS Commence Npower Batch C October Payment, Removes November Payroll Status
Technology4 weeks ago
World Mobile, Altaeros Partner to Launch Aerostat Balloons to Connect the Unconnected in Africa
Cryptocurrency4 weeks ago
Shiba Inu Burn Update: 351.1 Million Shiba Inu Coin Destroyed In 24 Hours
News3 weeks ago
Npower Payment: Network Instability Affected 3-Month Payment to Trainees – NASIMS
Cryptocurrency2 weeks ago
Non-fungible Tokens: Sales of NFTs Hit $25 Billion in 2021
Appointments3 weeks ago
First Bank Appoints Three New Bosses
Cryptocurrency4 weeks ago
Fintech CEO: Regulators Finally See Urgency in Commonsense Rulebook for Crypto
Finance2 weeks ago
Visa Partners ConsenSys To Test Central Bank Digital Currencies With Cards, Wallets