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SEC Nigeria, Ghana Sign Renewed MOU to Strengthen Cooperation in Market Regulation

The Securities And Exchange Commission (SEC) Nigeria and Ghana have signed a renewed Memorandum of Understanding (MoU) to strengthen the existing cooperation between their capital markets, and to also foster harmonization of African securities markets.

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Securities and Exchange Commission

The Securities And Exchange Commission (SEC) Nigeria and Ghana have signed a renewed Memorandum of Understanding (MoU) to strengthen the existing cooperation between their capital markets, and to also foster harmonization of African securities markets.

A statement by the director-general of the SEC Nigeria, Lamido Yuguda explained that the revised Memorandum of Understanding (MoU) would encourage market integration and provide better opportunities for the economic prosperity of the countries.

He further stated that the move would enhance global competitiveness and would also enhance the efficiency and transparency of the capital markets in both countries.

In his words, ”The enduring relationship between our two jurisdictions is more amplified by the fact that Ghana and Nigeria have the largest markets in the West Africa sub-region.

”It will only be good that we use the advantage of our size and peculiarities to explore viable areas of cooperation.

”This is even as we continue to work with other stakeholders to integrate our markets and provide greater opportunities for our economic prosperity.”

Also commenting on the renewed MoU, the director-general of SEC Ghana, Daniel Tetteh, stated that both commissions were ready to work together and develop the potential of the capital market.

He disclosed that this Cooperation would be achieved by examining issues and exploring ways to resolve them for the capital markets to work better. 

In his words, “This is a good framework that will benefit both countries and the sub-region. If you want to go far, it is better to go along with others and that is why we always have discussions on cooperation in the capital market.

“We had an MoU in 2003 which centered on collaboration and leveraging the potential of the capital markets in the sub-region. We are better off when we pull together to attain the potential of our capital markets.

“Some progress has been made in the past but we are not yet where we want to be, we could do more. Ghana and Nigeria can push forward in ways that will bring about the mutual benefits of leveraging the capital market. We need to have our markets open to each other so that we can achieve more and then attain one big capital market”.

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Business

NIN Now Compulsory For Business Registration – FG

National Identification Number (NIN) is now compulsory for business registration

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National-eID-card

The federal government has announced that National Identification Number (NIN) will now be compulsory for any sort of business registration.

This was disclosed by the registrar of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar.

The registrar who spoke in Abuja during the monthly reform seminar organised by the Bureau of Public Service Reform said “If you don’t have a NIN, it means you can’t register your company”. 

While justifying the adoption of NIN, he noted that unlike other means of identification, NIN has an improved security measure that can not be easily compromised. 

Alhaji Abubakar used the occasion to highlight some of the reforms which the Corporate Affairs Commission has introduced to enhance service delivery to Nigerians.

According to the registrar, the commission has introduced several measures that have reduced the period of company registration to 24 hours.  

“As such, we register an average of 2,000 companies every week,” he said. 

However, the registrar was quick to add that registered companies should not shy away from filing their tax returns. 

“But it’s not just enough to register, you have to file your returns,” he added.

In addition, the CAC boss stated that the commission has added new types of registration which include limited partnerships (LP) and limited liability partnerships (LLP). 

He noted that both LP and LLP give entrepreneurs and law firms additional options of ownership while making registration. 

The registrar disclosed that CAC had to rebuild its registration portal to enable registration from anywhere in the world. 

“Similarly, with the coming of the Act, the CAC registration portal was completely rebuilt to allow companies to transact on it from anywhere,” he said.

He noted that the passage and subsequent presidential assent to the CAMA 2020 has changed the modus operandi of the commission. 

Investors King could recall that the amended Companies and Allied Matters Acts 2020 which repeals CAMA Act 1990 introduced a number of changes to promote the ease of doing business in Nigeria.  

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Dangote Sugar Refinery to Create 300,000 Jobs

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Aliko Dangote - Investors King

Africa’s richest man, Aliko Dangote has disclosed that his sugar refinery located in Adamawa State will soon commence recruitment and it is expected to create 300,000 jobs in both, direct and indirect jobs.

Investors King could recall that Aliko Dangote earlier announced that the Dangote Sugar Refinery Plc will significantly scale up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master Plan.

Speaking at an event in Adamawa, Dangote noted that his sugar factory will expand its capacity from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd and to 15,000 tcd. 

He added that the company will double its scholarship and empowerment schemes in its host communities.

“We are thus committing over $700 million to our investment in the Backward Integration Programme to enable us to put in place needed infrastructure for the eventual commencement of full-scale production,” he said. 

Just like his cement and oil factories, Dangote Sugar Refinery will be one of the largest in Africa with the potential to create about 300,000 jobs both directly and indirectly. 

“(Upon full-scale operation) the factory will be able to create about 300,000 jobs, direct and indirect, with positive multiplier effects on the economy nationwide,” he noted. 

Investors King understands that at the completion of Dangote oil refinery situated in the Lekki part of Lagos State, it would be one of the largest in the world in single production with a capacity of 600,000 barrels of oil per day. 

Similarly, his cement factory located in Obajana, Kogi State is the largest in Africa.

Speaking at the event, the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, described the Dangote Sugar Refinery as the biggest contributor to the development of the sugar development effort of the Federal Government.

Otunba Niyi Adebayo also appreciates Aliko Dangote for his massive support towards the host community through Corporate Social Responsibility (CRS).

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Air Peace Receives Two Aircraft Ahead of Yuletide Season

With the two new aircraft which are the Airbus a320, Airpeace now has 10 aircraft in its fleet.

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The leading Nigerian domestic air company, Air Peace has acquired two additional aircraft to boost operations ahead of the yuletide season. With the two new aircraft which are the Airbus a320, Airpeace now has 10 aircraft in its fleet.

According to a statement that was released by the airline today, the two new aircraft arrived at the Murtala Muhammed International Airport, Lagos, on Friday night. 

The spokesperson of Air Peace, Stanley Olisa noted that with the two aircraft, Air Peace will be able to boost both domestic and regional operations especially as the festive period draws near.

“Air Peace is committed to reducing the air travel burden of Nigerians, and these new airplanes are a testament to this commitment,” he said.

Investors King earlier reported that the demand for air travel has increased significantly which has caused air tickets to increase by more than 100 percent. 

A check on the air ticket on Airpeace from Abuja to Lagos shows an average of N75,000 while a near-date booking is as high as N150,000. 

This is almost the same for other domestic airlines, especially Dana Air and Maxair.

The reasons for the rise in demand are linked to the increase in passengers ahead of the festive period and the demand by politicians and their supporters who traveled interstates for political campaigns. 

Air Peace spokesperson, Olisa added that the airline will resume its services along the Yola, Uyo, and Monrovia routes. 

“We (will) restart Yola, Uyo, and Monrovia services and support our new connections as well as increased frequencies on specific routes,” Olisa stated.

Olisa disclosed that the two aircraft have 162-seater each, with 12 business class seats and 150 economy seats.

He quickly added that the company will acquire more aircraft as it is set for expansion. 

“More aircraft are coming, and this includes those on maintenance and a brand new Embraer 195-E2 jet,” he concluded. 

Currently, Air Peace travels along two 19 domestic routes, six regional and two international destinations.

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