Category Archives: Business

BREAKING: We’ll use your deposit in other banks to settle your loan when you default – CBN

The Central Bank of Nigeria (CBN) and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks.

Addressing journalists after the Bankers Committee meeting on Monday, Aishah Ahmad,  CBN’s deputy governor, financial services system, said the directive is to encourage banks to increase lending.

More to follow…

Chinese firm to pay N100m illegal importation

A Kano High court sitting at Audu Bako Secretariat has ordered a Chinese firm, Changyi Yuanxiang, to pay N100 million as compensation for indulging in illegal importation of 19 containers with impersonated trade mark.

The court presided over by Justice Ibrahim Musa Muhammad Karaye in a judgment delivered on 31th July, 2019 held that the Chinese firm indulged in unlawful use of the name of Rab textiles limited for the importation of the containers exposing Rab textile limited to tax liability.

The plaintiff, Rab textiles limited represented by Rabiu Abdullahi Ibrahim, told the court that the Chinese firm had abusively use the name for the importation of the goods without the written consent of the plaintiff.

He urged the court to restrain the defendant from further importation of goods using the company’s name without consent.

In his judgment, Justice Ibrahim Musa Muhammad Karaye ordered Changyi Yuanxiang to pay N100m as compensation to the plaintiff, for the unlawful and unauthorised use of the name Rab textiles limited.

The court also ordered the sum of N10 million should be paid to the plaintiff for the physiological trauma suffered by the plaintiff.

Justice Karaye asked the defendant to forfeit the sum of N10million for the upset of solicitors fees, it further ordered the compensatory payment of 10 percent interest rate from the date of the delivery of judgment.

Further, the court instructed Changyi Yuanxiang to refrain from engaging in any business transactions using the name Rab textiles limited.

‘By 2100, Lagos Will Be The Largest City In The World’ Mercer

Global consulting firm, Mercer , has projected that Lagos will be the largest city in the world by the year 2100 with a population of over 88 million residents.

A statement quoted the company ’ s Head of Strategy and Geographic Expansion, Pearl Siffel , as saying this during the launch of a new study in partnership with a human resources and management consulting firm , EZ 37 Solutions.

The study , titled, ‘ People first : Driving growth in emerging megacities , ’ was launched in Lagos , and it examined the needs of workers in the 15 fastest growing cities across four key factors which were human , health , money and work.

Siffel explained that the city of Lagos was important for such a study because it remained the most populous city in Africa , adding that the study would not have been completed without Lagos .

According to her , there were more babies born in Nigeria than in Europe .

Siffel said , “ Findings reveals that 42 per cent of workers are very comfortable with overall satisfaction with life . 93 per cent of workers say that access to employer- subsidised health and wellness programmes is important to them.

“ What organisations and the cities need to do is to focus more on those needs and the people ’ s skills will be a competitive advantage to organisations while technology will drive the process . ”

Mercer ’ s Principal Consultant, Deon de Swardt , explained that organisations needed to take the study and understand it properly to know what employees were looking for so that they could develop the people’ s strategy.

SEC Bars Wale Tinubu For Holding Director Of Any Public Company For Five Years

The Securities and Exchange Commission (SEC) has barred Wale Tinubu, chief executive officer of Oando Plc, from being a director in (any) public company for the next five years.

The company’s deputy CEO has also been barred while board members found guilty of various infractions have been directed to resign.

In a statement made available to TheCable on Friday, the commission said an extraordinary general meeting should be convened before July 1 to appoint new directors.

SEC had given Deloitte the go-ahead to carry out a forensic audit after Dahiru Mangal, a shareholder, accused the company of declaring false profits and insider trading.

“Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges),” the statement read.

“Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.”

The company is also expected to pay an undisclosed monetary penalty while board members are expected to refund improperly disbursed remuneration.

In addition, the SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).

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