Connect with us

Business

SEC To Reduce Workforce and Cut Cost

Published

on

Securities and Exchange Commission

The Securities and Exchange Commission has said it is considering reducing its workforce to cut costs as revenue dwindled.

The apex regulator of the capital market said the cut would mostly affected senior members of staff.

The Director-General, SEC, Lamido Yuguda, disclosed this in Abuja on Tuesday while appearing before the House of Representatives’ Committee on Finance.

The committee has been inviting ministries, departments and agencies of the Federal Government to account for their revenue generation and remittances into the Federation Account.

Yuguda, who was represented by SEC’s Executive Commissioner for Corporate Services, Ibrahim Boyi, said the commission was determined to boost its revenue and reduce the cost of operation.

He said, “Unfortunately, almost 80 per cent of our cost is staff cost. So, we need to find a way of chopping off that cost and I think work is already going on. We are top heavy, almost 50 percent of our staff are from senior managers.

“So, that is the mandate I think we have taken as management and the board. And I am sure that in a matter of a few months, we will be able to come with a solution. But the idea really is to make the commission more sustainable and make sure that our revenue is going forward.”

Speaking on SEC’s revenue remittances, Yuguda said the commission had reconciled fully up to 2018.

He said, “You know, in 2020, there was a new directive by the Federal Government that whether you are a self-funding agency or not, 25 per cent of revenue that hits your TSA (Treasury Single Account) will be deducted and that has been going on.

“We are also going to factor that into our subsequent reconciliation with the Office of the Accountant General (of the Federation). Unfortunately, for SEC in 2019, 2020 and this year, we are likely to end up with some deficits because of the revenue shortfall.”

The Deputy Chairman, House Committee on Finance, Saidu Abdullahi, who presided over the hearing, directed SEC to reconcile its 2019 and 2020 accounts with the Office of the Accountant-General of the Federation and to explore ways of generating more revenue.

Continue Reading
Comments

Business

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

Published

on

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.

Continue Reading

Business

Dangote Shelves Steel Project to Prevent Monopoly Allegations

Published

on

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.

Continue Reading

Company News

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

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending