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Group Lauds FG over Directive on Apapa Gridlock

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  • Group Lauds FG over Directive on Apapa Gridlock

The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has applauded the federal government’s recent directive that trucks should vacate the access roads leading to the port.

Speaking at the 22nd Governing Council meeting in Lagos, the Vice Chairman of CRFFN, Henry Njoku, said if the government had acted long time ago, it would have gotten a lasting solution to the infamous gridlock which had over the years defiled solutions.

He said the gridlock had not only affected operations of their members but has also crippled other businesses within the port over the years.

Njoku, said the ultimatum was achievable stressing that, “It is better to take action than not to take at all. We are happy that the President has given the directive and I believe the order is achievable.

“The problem is that we have laws but people don’t obey it. But with this present order, if fully implemented, it will work. The order will ease not just our operations but other ports users and operators.

“There must be solution. We can’t continue like this. People are suffering going to Apapa. The truck operators must find a place to keep their trucks so that the order could work.

“For you to get a truck to carry your goods from Apapa we are paying N300, 000 to N400, 000 locally whereas we used to pay N50, 000 to N60, 000 in the past.

“The importers will transfer the cost back to individuals who are buying the goods. So it is important that we know that whatever we do we come back to us,” he said.

On his part, the Chairman of the Council, Abubakar Tsanni, faulted claims that the council has been inactive since the new governing council was inaugurated.

He said the council had been working towards addressing operational challenges faced by practitioners even as he hinted of plans to commence collection of Practitioners Operating Fee (POF) in no distance time.

Tsanni, also denied allegations of financial misappropriation levelled against the council by the founder of the National Association of Government Approved Freight Forwarders (NAGAFF), Dr. Boniface Aniebonam.

According to him, “Collection of POF will start very soon and the council is doing its best to make sure we address both operational and internal issues within the associations.

“There is nothing like financial misappropriation in the council. I believe they (NAGAFF) have withdrawn their statement because they realise there is nothing like that. There members are here and I believe they are in the best position to say.”

He said with the gazetting of the POF by the Federal Executive Council (FEC), agents would now have the opportunity to get commission and percentage from their declaration.

Registrar of the Council, Samuel Nwakohu informed the board members of plans to mark his 100 days in office as means of engaging stakeholders and showcasing the achievements and potentials of the council.

He said his team was already reaching out to stakeholders including the media to reassure them of the renewed enthusiasm by his team to deliver on the mandate of the council to regulate and control activities of freight forwarding associations in the country.

In terms of capacity building, Nwakohu said it was expected to have all freight forwarders duly registered and seen to have acquired the FIATA Diploma in freight forwarding and Supply Chain Management by 2021 or stand the chance to be de- registered.

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 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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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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