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Nigeria Maintains 169th Position in W’Bank ‘Ease of Doing Business’

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  • Nigeria Maintains 169th Position in W’Bank ‘Ease of Doing Business’

Nigeria maintained its 169th position in the latest World Bank’s ‘Ease of Doing Business’ ranking released yesterday.

Out of the 190 countries surveyed, the report titled: “Doing Business 2017: Equal Opportunity for All,” the World Bank Group’s annual report on the ease of doing business, showed that Nigeria only performed better countries such as Chad, Haiti, Angola, Libya, Eritrea, Somalia, Congo Democratic Republic, Yemen, Syrian Arab Republic, Myanmar, Djibouti, Guinnea-Bissau, Bangladesh and Congo Republic.

A breakdown of the report showed that in terms of ‘Starting a Business,’ Nigeria was ranked 138. Also in ‘Dealing With Construction Permit,’ the country was ranked 174; and in ‘Getting Electricity’ – 180.

Others included Registering Property – 182; Getting Credit -44; Protecting Minority Investors – 32; Paying Taxes – 182; Trading Across Borders- 181; Enforcing Contracts – 139 and Resolving Insolvency- 140.

According to the report, a record 137 economies around the world have adopted key reforms that make it easier to start and operate small and medium-sized businesses. The new report also found out that developing countries carried out more than 75 per cent of the 283 reforms in the past year, with Nigeria and other economies in Sub-Saharan Africa accounting for over one-quarter of all reforms.

In its global country rankings of business efficiency, Doing Business 2017 awarded its coveted top spot to New Zealand, Singapore ranks second, followed by Denmark; Hong Kong SAR, China; Republic of Korea; Norway; United Kingdom; United States; Sweden; and Former Yugoslav Republic of Macedonia.

The world’s top 10 improvers, based on reforms undertaken were Brunei Darussalam; Kazakhstan; Kenya; Belarus; Indonesia; Serbia; Georgia; Pakistan; United Arab Emirates (UAE); and Bahrain.

Sub-Saharan Africa economies stepped up the pace of reform activity, with 37 economies undertaking a total of 80 business reforms in the past year, an increase of 14 percent from the previous year. For the second consecutive year, Kenya was among the world’s top 10 improvers, while seven economies implemented four or more reforms each in the past year.

However, 13 economies in the region stipulate additional hurdles for women entrepreneurs.

The report cited research that demonstrated that better performance in ‘Doing Business’ was, on average, associated with lower levels of income inequality, thereby reducing poverty and boosting shared prosperity.

“Simple rules that are easy to follow are a sign that a government treats its citizens with respect. They yield direct economic benefits – more entrepreneurship; more market opportunities for women; more adherence to the rule of law,” World Bank Chief Economist and Senior Vice President, Paul Romer said.

“But we should also remember that being treated with respect is something that people value for its own sake and that a government that fails to treat its citizens this way will lose its ability to lead.”

“Doing Business data points to continued successes in the ease of doing business worldwide, as governments increasingly take up key business reforms. Starting a new business now takes an average of 21 days worldwide, compared with 46 days 10 years ago. Paying taxes in the Philippines involved 48 payments 10 years ago, compared to 28 now and in Rwanda, the time to register a property transfer has dropped from 370 days a decade ago to 12 days now.”

This year’s Doing Business added gender measures to three indicators – Starting a Business, Registering Property and Enforcing Contracts – finding disparities in 38 economies.

Of these, the report showed that 23 economies imposed more steps for married women than men to start a business. Sixteen limit women’s ability to own, use and transfer property. Doing Business finds that, in these economies, fewer women work in the private sector both as employers and employees.

 

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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ICPC Declares Buhari’s Son-In-Law, Two Others Wanted For $65M Fraud

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Tarry, Gimba, Bola Fraud- Investorsking

The Independent Corrupt Practices and other related offenses Commission (ICPC) has declared Gimba Kumo, a son-in-law of President Muhammadu Buhari, and two others wanted over alleged misappropriation of $65 million National Housing Funds.

Mr. Kumo, a former managing director of the Federal Mortgage Bank of Nigeria, had in 2016 married Fatima, the president’s daughter, in Daura, Katsina State.

The ICPC in its list of wanted persons declared Mr. Kumo wanted alongside Tarry Rufus and Bola Ogunsola over the alleged fraud.

In the notice signed by its spokesperson Azuka Ogugua, the ICPC urged the public to provide information about the whereabouts of the wanted persons.

“The persons whose pictures appear above, Mr. Tarry Rufus, Mr. Gimba Yau Kumo, and Mr. Bola Ogunsola, are hereby declared WANTED by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in connection with issues bordering on misappropriation of National Housing Funds and diversion of the sum of Sixty Five Million dollars ($65,000,000).

“Anyone who has useful information on their whereabouts should report to ICPC Headquarters Abuja, any of the ICPC State Offices, or the nearest police station” the notice read.

In April, the senate committee on public accounts had summoned Mr. Kumo to explain the alleged irregular award of N3 billion contract when he was still at the bank.

The committee issued the summons following a query raised in a 2015-2018 report by the office of the auditor-general of the federation (AuGF) against the FMBN.

According to the report, the contract was awarded in four phases and was overpaid to the tune of N3,045,391,531.97.

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Lagos State Moves to Completely Ban Okada, Keke, Introduces Minibuses

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The Lagos State Government on Monday announced plans to completely ban the use of motorcycles (okada) and tricycles (Keke) due to rising crime and lawlessness across the state.

The announcement was made after a stakeholders’ meeting held at the Adeyemi Bero Auditorium, Alausa Secretariat, Ikeja.

In the meeting attended by Governor Babajide Sanwo-Olu, the Speaker of the House of Assembly, Mudashiru Obasa; the Chief Judge, Kazeem Alogba; the Commissioner of Police, Hakeem Odumosu, traditional and religious leaders and members of the civil society, among others, the governor said the string of lawlessness daily witnessed from the confrontation between commercial motorcyclists and law enforcement agencies required urgent action.

Based on all that we have seen and experienced in the past couple of weeks, as well as the increasing threat posed by the activities of commercial motorcycle operators to the safety and security of lives, we will be announcing further changes to the parameters of motorcycle and tricycle operations in the state in the coming days. No society can make progress amid such a haughty display of lawlessness and criminality,” he added.

Sanwo-Olu said from next week, the state would be inaugurating the First and Last Mile buses next week, which would take the routes the motorcycles were plying.

The state Commissioner of Police, Odumosu, raised the alarm over rising security breaches from the menace of okada operations in the state.

He said between January and early this month, 320 commercial motorcycles were impounded in 218 cases of criminal incidents in which 78 suspects were detained and 480 ammunition recovered.

In the same period, the Lagos police boss said Okada accounted for 83 per cent of 385 cases of avoidable fatal vehicular accidents in Lagos.

At the end of the meeting, a 12-point resolution was reached, among which was a ban on Okada “as a means of transportation in the state.”

 

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2023 Voter’s Registration Will Be Online, Biometric To Be Captured Physically- INEC

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The Independent National Electoral Commission (INEC) yesterday unfolded plans to allow online filing during the continuous voter registration for the 2023 general election.

The National Commissioner and Chairman, Information and Voter Education Committee of INEC, Mr. Festus Okoye, however, said only the biometric would be captured physically by INEC officials.

But the commission suffered another setback yesterday as arsonists torched its office in Ohafia Local Government Area of Abia State.

Okoye, during a stakeholders’ meeting on expanding voter access to polling units in Kano yesterday, said: “On June 28, the voter registration exercise for those above 18 years and those who have not registered before will commence with two new innovations. Those versatile with computer can register online and only visit a registration centre to capture their biometrics.”

Okoye stated that the online registration would be introduced to reduce crowd at registration centres in line with COVID-19 protocols.

The commission called on citizens, especially those willing to contest elections, whose voter cards have been defaced, whose names were wrongly spelt or addresses and locations wrongly captured to present themselves for authentication or correction.

INEC also called for valid data of all those with disabilities or physical challenges to be captured during the continuous registration for proper projections ahead of the 2023 general election.

INEC also warned political parties and politicians who have started campaigning to desist from doing so.

Okoye said: “There is a ban on political campaigns which has not been lifted yet. And I find it necessary to draw your attention for you to understand the legal implication of violating this ban.

“I have listened to comments on radio stations, which are capable of heating the polity. Media organisations should avoid providing platforms for such comments. The media should try to curtail such tensions.

“Political parties, politicians and their supporters should understand there is a legal framework for campaigns and it has not commenced yet.”

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