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FG Begins Process to Simplify Property Registration

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Buhari on arrival from London
  • FG Begins Process to Simplify Property Registration

The Presidential Enabling Business Environment Council says it has commenced reforms towards making property registration and construction permits easy in all states across the country.

PEBEC was set up in 2016 by President Muhammadu Buhari to address constraints to doing business and make the country a progressively easier place to start and grow a business.

The council, set up as inter-governmental and inter-ministerial, is chaired by the Vice-President, Prof. Yemi Osinbajo, and comprises 10 ministers, the Head of Civil Service of the Federation, the Governor of the Central Bank of Nigeria, representatives from Lagos and Kano State governments, the National Assembly and the private sector.

According to the council, since the initiative to improve the process of property registration in Lagos and Kano as pilot states commenced, a number of milestones including reduction in charges have been recorded.

In a statement, PEBEC said, “The reform initiatives, championed by PEBEC in conjunction with the Lagos State Government, include removing the Infrastructure Development Charge for two-floor warehouse construction permit applications; eliminating the requirement for a Certified True Copy of title documents in the construction permit application process and not requiring a Soil Investigation Report to be submitted in construction permit applications for non-marshy areas of Lagos State.”

According to the council, the IDC, a fee for construction permits, estimated at N6.5m, has reduced the overall cost of the construction permits application process from 26.3 per cent to 5.1 per cent while CTC has reduced the construction permits application process time as well as the associated cost of obtaining the CTC documents.

It explained that in Kano, it had collaborated with the Kano State Government through its Urban Planning and Development Authority to enable online application and payment process for construction permits and building plans; improving the water connection timeline to seven days from time of payment and reduced the cost of connection to one-third.

“Physical inspection before issuance of Certificate of Habitation has been cancelled; submission of application and payment for building plan approval at Kano Urban Planning and Development Authority can be done online and simultaneously.

Building plan approvals are now obtainable within 14 days while private professional firms now carry out inspections before, during, and after construction, eliminating the need for a final inspection by the Kano Urban Planning and Development Authority,” PEBEC said.

On property registration, the council stated that through the Kano State Bureau for Land Management and Kano State Geographic Information System, the issuance of Governor’s Consent had been delegated to the attorney-general to reduce time of getting approval to seven days from 30 days, while in Lagos also an online portal for payment of relevant fees in registering a property had been provided.

According to the council, in Lagos, provision has been made online to provide clarity on requirements and steps for registering property as well as relevant land information for registering properties such as fees and schedules.

The statement read in part, “The reform initiatives, championed by PEBEC in conjunction with the Lagos State Government, include updating information on land disputes and list of properties with pending court cases and accepting the National Identity Card as a means of identification that can be verified through the national identity database, among others.

“In Kano, information recorded by the Lands Bureau for properties and the Office of the State Surveyor-General for mapping are linked within a single database while the Lands Bureau and the OSSG office process and track client files based on a single unique file identification number.”

PEBEC stated that among other things, provision had been made to provide independent dispute resolution mechanisms to resolve land-related disputes while application for connection to the electricity grid in both states had been made possible online and could be done within 30 days.

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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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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