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CBN Tasks States to Set Up Bank of Industry

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The Central Bank of Nigeria (CBN) has advised states without a Bank of Industry to facilitate the establishment of one in order to speed up industrialisation and other economic development across the country.

The Assistant Director, Development Finance Department of CBN, Abuja, Mr. Babatunde Ogunleye made the call recently in Uyo, AkwaIbom State while responding to questions from newsmen.

He argued that such an institution with the primary mandate to finance the processing of raw materials and industrialisation of the nation is better positioned to help the micro, small and medium scale enterprises (SMEs) in the country.

Ogunleye expressed dismay that in some states without the establishment of the BoI, citizens are compelled to go extra miles like the nearest state to present proposal or seek assistance from the bank on the financing of projects.

The Assistant Director who was in the state for a public enlightenment of the residents of AkwaIbom on the activities of the CBN declared that, if there is BoI in a state “the speed of doing business will be fast and the cost of doing business will be low.”

“You can easily work to the next street where there is BoI, meet the manager, present your proposal and get consider instead of may be going to Calabar or any other nearer states, that is one of the big gains of having B0I,” he stressed.

“Another gain is that, the speed of doing business, especially those who are producing raw materials will quickly get their raw materials evacuated and get paid.

“The bank here will get funded because payment will get to all these banks, all these things will amount to improve and increase standard of living for citizen and government will make money quietly through tax revenue because if business and commerce move everybody is happy.” he added.

Ogunleye maintained that the organised private sector and associations are the right body to partner with government to ensure the BoI is established in their state.

The sensitisation workshop being organised in all the states of the federation was to enlighten members of the public on the activities of the CBN.

The three-day workshop with the theme “Promoting Financial Stability and Economic Development” was attended by farmers, cooperative societies, business entrepreneurs, industrialists, market women, bankers, civil servants and government across the state.

A Senior Manager and Director of Consumer Protection Department of CBN, Sani Bako Mohammed in his presentation, said customers have the right to information, choice, safety, redress, privacy and confidentiality and good service from any bank of choice.

He disclosed that the Consumer Protection Department of the CBN has prosecuted 8,044 complaints out of which 354 complaints were against commercial banks and other financial banks.

According to him, the CBN has successfully resolved complaints that involve about N35 billion explaining procedures to the audience on how to lodge complaint and follow-up.

A Director in the CBN of the Electronic Banking Payment System Department, Mr. B. I. C. Madunagu briefed the participants of the Clean Note Policy of the Bank and how to handle the naira.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020

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Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020

Companies in Nigeria have started embracing electronic payment platforms established to ease the tax payment process and facilitate accountability.

According to the National Bureau of Statistics (NBS), businesses operating in Nigeria paid the highest amount of taxes through electronic channels in five years in 2020.

The statistics office puts the total amount paid in Company Income Tax (CIT) through the electronic channels at N238.1 billion in 2020.

The amount represents 16.9 percent of the total CIT paid in 2020 as more businesses adopt safer online payment methods.

NBS noted that payments were done through E-transact, E-tax pay and Remita.

However, a further breakdown of the report showed taxes fell by 13.5 percent from N1.63 trillion in 2019 to 1.41 trillion in 2020 due to the lockdown that crippled business activities in the first half of the year.

Taxes paid by Nigerian owned companies declined by 2.78 percent from N813.17 billion in 2019 to N790.58 billion in 2020. While taxes paid by international companies declined from N615.52 billion achieved in 2019 to N388.77 billion in 2020.

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.

In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.

Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.

In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.

Mike Adenuga and Abdulsamad Rabio, the two Nigerians, came fifth and sixth with $6.3 billion and $5.5 billion net worth, respectively.Forbes Africa's billionaires list

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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