Benue Investment and Property Company (BIPC) has announced its plan to construct an N800 million brewery in Makurd. Dr. Raymond Asemakaha, the Managing Director and Chief Executive Officer of BIPC, revealed this initiative following an inspection tour of the brewery, bakery, and water factory sites in Makurdi. The decision to venture into beer production stems from the observation that other beer firms rake in over N850 million in monthly sales within the state. Dr. Asemakaha emphasized the importance of retaining a large percentage of this revenue within Benue by establishing a high-quality local brand. He stated, “We resolved to float…
Author: Omolemi Eboisetale
The President of the Nigerian Community in Turkey, Prince Emre Magboh, has appealed to the Turkish Government to reconsider its stance on issuing resident permits to Africans. This plea comes amidst concerns about dwindling business activities and the promotion of Turkish goods in Africa due to recent permit denials and deportations. Addressing delegates at the Turkey Africa Exporter Platform (TURCAF) meeting in Istanbul, Prince Emre stated the crucial role that Africans with resident permits play in facilitating trade between Turkey and African nations. He emphasized that many Nigerians in Turkey are actively engaged in business, primarily centered around buying Turkish…
Socio-Economic Rights and Accountability Project (SERAP) has issued a stern ultimatum to the Federal Government, demanding the reversal of the 0.5 per cent cybersecurity levy recently imposed by the Central Bank of Nigeria (CBN). The NGO has set a 48-hour deadline for the government to comply, or face legal repercussions. In a statement released via its Twitter handle, @SERAPNigeria, the organization condemned what it deemed as an unjust imposition by the CBN. Referring to the directive as “grossly unlawful,” SERAP urged the government to withdraw the levy immediately. “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to…
Ahead of the November 2024 governorship election in Ondo State, leaders of the Peoples Democratic Party (PDP) in the South-West region gathered in Ibadan, the Oyo State capital, to strategize and assert their commitment to reclaiming Ondo State from the ruling All Progressives Congress (APC). The meeting, which was convened on Monday and attended by notable figures including Governor Seyi Makinde of Oyo State, former Governor of Osun State, Olagunsoye Oyinlola, former Governor of Ondo State, Olusegun Mimiko, former PDP governorship candidate in Ondo State, Eyitayo Jegede, and former Deputy National Chairman of the PDP, Olabode George, among others, served…
The Central Bank of Nigeria (CBN) has issued a directive compelling banks to impose a 0.5% cybersecurity levy on electronic transactions. Effective immediately, the implementation of this levy is set to commence within two weeks, as stated in a circular released by the CBN. This levy, in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, has been reinforced following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024. Under Section 44 (2)(a) of the Act, financial institutions are mandated to remit 0.5% of all electronic transaction values to the National Cybersecurity Fund, managed by the Office of…
The Chairman of the Federal Inland Revenue Service(FIRS), Zacch Adedeji, has stated the imperative for African nations to develop homegrown solutions to the continent’s fiscal obstacles. This call to action was raised during the African Tax Administration Forum (ATAF) council meeting held in Lagos, which was hosted by FIRS. ATAF, dedicated to bolstering tax systems across Africa through knowledge exchange and capacity development, garnered significant attention during the gathering. Adedeji, backed by the International Monetary Fund’s observations on the fiscal hurdles facing sub-Saharan Africa, stressed the urgency for local resource mobilization and the necessity for African-centric approaches to fiscal management.…
Trade relations between Nigeria and the United Kingdom have reached £7bn, British High Commissioner to Nigeria Richard Montgomery said on Sunday. In an interview with the News Agency of Nigeria (NAN) in Abuja, Montgomery announced that the two nations have signed a new agreement on enhanced trade and investment partnership. The agreement aims to boost cooperation in key sectors such as agriculture, creative industries, legal services, financial services, and education. The UK currently exports around £4bn worth of goods and services to Nigeria, while Nigeria’s exports to the UK stand at approximately £3bn. The British envoy said the new agreement…
Russian President Vladimir Putin has ordered the Russian military to conduct nuclear weapons drills near Ukraine, according to a statement from the defence ministry released on Monday. The announcement comes amidst heightened rhetoric from Putin regarding the potential for nuclear conflict. In a national address in February, Putin warned of the “real” risk of nuclear war, signaling a shift in Russia’s stance towards the use of nuclear weapons. The defence ministry stated that the drills would involve the navy and troops stationed in close proximity to Ukraine. Specifically, the exercises will focus on the preparation and deployment of non-strategic nuclear…
Chadians headed to the polls today amidst a backdrop of controversy and skepticism, as the nation’s election to choose its next president unfolds under the shadow of military rule. The election, purportedly aimed at transitioning away from military governance, has been marred by accusations of repression and manipulation. Incumbent leader Mahamat Idriss Deby, son of the late President Idriss Deby Itno, who ruled Chad for three decades, seeks to extend his family’s dominance in the country. His main challenger, Succes Masra, formerly Deby’s prime minister, faces criticism for his perceived alignment with the ruling junta. Critics argue that the electoral…
As economic challenges persist, contributors to Nigeria’s micro-pension scheme are increasingly resorting to contingency withdrawals, impacting the stability of their retirement savings. According to data from the National Pension Commission (PenCom), contingency withdrawals from micro pension funds surged by a staggering 245.2 per cent in 2023, reaching a total of N21.4 million compared to N6.2 million in the previous year. The number of contributors availing these withdrawals also rose by 68.4 per cent, reaching 64 individuals in 2023, up from 38 in 2022. The micro-pension plan (MPP), established by PenCom, aims to promote pension savings among low-income groups, particularly those…
The anticipated meeting between stakeholders in the blockchain industry and the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has been rescheduled. Originally slated for 10 am on Monday, the virtual session will now convene at 2:30 pm, according to an email sent to our correspondent by the Public Relations Officer of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Kue Paul. BICCoN, the facilitator of the event, expressed gratitude for the interest in attending the interactive session with Dr. Emomotimi John Agama, emphasizing its significance for the Nigerian blockchain sector. The email notification stated, “Please note…
The Federal Government, in collaboration with the 36 States, is set to embark on a comprehensive review of laws pertaining to the sentencing of individuals who attempt suicide. This was announced by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, during a recent engagement with a delegation from the Asido Foundation, a prominent non-governmental organization advocating for mental health reforms. In a statement released to the press on Sunday, Prince Fagbemi emphasized the need to reassess existing legislation surrounding suicide attempts, particularly in cases where offenders are deemed to be suffering from mental illness. “The…