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Nigeria Faces Serious Revenue Challenges, Says Ahmed

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Internal revenue
  • Nigeria Faces Serious Revenue Challenges, Says Ahmed

The newly appointed supervising Minister of Finance, Mrs. Zainab Ahmed, Monday revealed that Nigeria was facing serious revenue challenges.

She, however, promised that the ministry would do everything possible to shore up the revenue base of the country.

Ahmed was directed to oversee the Ministry of Finance by President Muhammadu Buhari after the resignation of former Minister of Finance, Mrs. Kemi Adeosun, on Friday.

While officially resuming for duties yesterday at the Ministry of Finance, she promised to work diligently to ensure that the country attains greater economic stability.

She said, “We have very serious revenue challenges and it is up to us to make sure we shore up the revenue base of the country.

“The president has a lot of confidence that we can do this if we work together. You are working for the president and at the end of the day; you’re working for the benefit of the citizens.”

The minister expressed her readiness to ensure harmonious working relationship with the permanent secretary and management of the ministry, whom she described as highly skilled.

She charged the management staff of the ministry to do all within their power to justify the confidence of the president in their ability to achieve a much needed economic turnaround in the country.

The minister, who arrived the ministry at exactly 9.27a.m., was ushered in with the familiar labour song, “Solidarity forever,” by leaders of the in-house labour union.

The unionists expressed their desire to cooperate with her while in the ministry.

Ahmed, who acknowledged their song, said, “We will work together.”

She was immediately escorted inside the building by the Permanent Secretary, Dr. Mahmud Isa-Dutse, and other directors.

At a meeting with staff shortly after, the minister told them that the country was currently undergoing a period of financial challenges.

She said, “I will work very well with you and especially the permanent secretary to ensure that we do all we can to ensure that President Buhari succeeds in his endeavours.”

Commending the staff for being core professionals, she said, “We know that you have been doing well but we will push ourselves to do more.”

Earlier in his welcome remarks, the permanent secretary had told the minister, “We have been operating as a team,” adding, “We are also ready to give the support to whoever comes as minister.”

He promised, “We will make sure that you succeed in the task that the president has assigned to you.”

Until the sudden resignation of the former finance minister over alleged certificate forgery, Ahmed was the Minister of State for Budget and National Planning.

She is a Fellow of the Association of National Accountants of Nigeria (ANAN), a member of the Nigerian Institute of Taxation and the Nigerian Institute of Management (NIM).

Until she joined the federal cabinet in 2015, she was the Executive Secretary of the Nigeria Extractive Industry Transparency Initiative (NEITI).

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Africa’s Richest Man, Aliko Dangote Ready to Sell Refinery to Nigerian Government

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Dangote refinery

Aliko Dangote, Africa’s wealthiest entrepreneur, has announced his willingness to sell his multibillion-dollar oil refinery to Nigeria’s state-owned energy company, NNPC Limited.

This decision comes amid a growing dispute with key partners and regulatory authorities.

The $19 billion refinery, which began operations last year, is a significant development for Nigeria, aiming to reduce the country’s reliance on imported fuel.

However, challenges in sourcing crude and ongoing disputes have hindered its full potential.

Dangote expressed frustration over allegations of monopolistic practices, stating that these accusations are unfounded.

“If they want to label me a monopolist, I am ready to let NNPC take over. It’s in the best interest of the country,” he said in a recent interview.

The refinery has faced difficulties with supply agreements, particularly with international crude producers demanding high premiums.

NNPC, initially a supportive partner, has delivered only a fraction of the crude needed since last year. This has forced Dangote to seek alternative suppliers from countries like Brazil and the US.

Despite the challenges, Dangote remains committed to contributing to Nigeria’s economy. “I’ve always believed in investing at home.

This refinery can resolve our fuel crisis,” he stated, urging other wealthy Nigerians to invest domestically rather than abroad.

Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority accused Dangote’s refinery of producing substandard diesel.

In response, Dangote invited regulators and lawmakers to verify the quality of his products, which he claims surpass imported alternatives in purity.

Amidst these challenges, Dangote has halted plans to enter Nigeria’s steel industry, citing concerns over monopoly accusations.

“We need to focus on what’s best for the economy,” he explained, emphasizing the importance of fair competition and innovation.

As Nigeria navigates these complex issues, the potential sale of Dangote’s refinery to NNPC could reshape the nation’s energy landscape and secure its energy independence.

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Dangote Shelves Steel Project to Prevent Monopoly Allegations

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Aliko Dangote - Investors King

Aliko Dangote, chairman of Dangote Industries Limited, announced the company’s decision to halt plans to enter Nigeria’s steel industry.

The decision comes just two months after the conglomerate had initially unveiled its intentions to invest in the sector as part of efforts to expand the economy.

Addressing journalists at his refinery in Lagos, Dangote explained that the board’s decision was driven by concerns over potential accusations of creating a monopoly.

“We have decided against pursuing the steel business to avoid being labeled a monopoly,” Dangote stated.

He explained that the company’s operations focus on adding value by transforming local raw materials into finished products.

The industrialist dismissed claims that his group enjoys monopolistic advantages, pointing out that their business practices have always fostered a competitive environment.

“When we entered the cement market, Lafarge was the only player, yet no one accused them of being a monopoly,” he stated.

Dangote further encouraged other Nigerian investors to explore opportunities in the steel industry, suggesting that there are ample resources and space for new entrants.

“There are many Nigerians with the financial capacity to invest. They should seize this opportunity to contribute to our nation’s growth,” he urged.

The billionaire’s call to action extended to Nigerians living abroad, inviting them to invest in their homeland.

“Bring your resources back from Dubai and other parts of the world and invest in Nigeria,” he said, reinforcing his commitment to seeing the country’s economy thrive through diverse contributions.

This decision marks a strategic shift for Dangote Industries, focusing on dispelling monopoly myths and promoting a collaborative business landscape.

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Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

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Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

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