BUSINESS WRAP: Breeze through major business highlights during the last 7 days

Hello, it’s Sunday again. And, here is another serving of Business Wrap, a featured post highlighting some of the major events that unfolded during the week ended 28^th of September, 2019.

Headlines:

• FG woos PenCom on infrastructural development.
• World Bank ranks Nigeria one of the most improved countries in Ease of Doing Business.
• Aviation minister reiterates govt’s plans to make air travel preferred transport mode in Nigeria.
• CBN sanctions UBA, GT, Access, Fidelity banks for money laundering, others.

Summary:

Vice-President Yemi Osinbajo had, on Friday, said the Federal Government was in discussions with the National Pension Commission for operators of the Contributory Pension Scheme to provide more funds for infrastructural development in the country. Also, confirmed reports by PenCom revealed that the total pension assets under the CPS, as of July ending, stood at N9.36tn. Read more here.

The federal republic of Nigeria, courtesy of its recent improvements by operationalising a new electronic platform that integrates the tax authority and the Corporate Affairs Commission (CAC), has been ranked as one of the top 20 countries that improved in carrying out reforms in the Ease of Doing Business.

This development is according to the World Bank report on the top 20 reformers as released by the institution on Friday. Among the top 20 list, only Nigeria, Togo, Zimbabwe, Djibouti and Kenya made it on the continent. Follow the story via link.

The Minister of Aviation,  Senator Hadi Sirika, had, on Friday, said the Federal Government was working to ensure that air travel is the preferred mode of transportation in Nigeria. According to the minister, the liberalisation of Nigeria’s airspace had led to an annual traffic growth of eight per cent, adding that the Federal Government planned to make Nigeria the hub of West African sub-region. Here is the full report.

Read also: BUSINESS WRAP: Breeze through major business highlights during the last 7 days

Four major banks in the country have incurred the wrath of the Central Bank of Nigeria (CBN) and the Financial Reporting Council of Nigeria, as they have been slammed with sanctions. Report, gathered said that the apex bank sanctioned the banks for failure to comply with its Know-Your-Customers guidelines and the anti-money laundering requirements. Find out more.

Meanwhile, on our editorial Business Review segment;

On Monday, the CBN’s new withdrawal and lodgment percentage policy was considered, analysing the significance and implications of the policy.

Going by the expensive nature of maintaining the currency by the apex bank and understanding the need to tag along on the cashless ambition of the world; the usage of alternative means, to exchange of money upon business transactions like the use of POS bank transfers, mobile money and USSD or QR codes, was enumerated. Read the detailed review here.

On Thursday, special interest was drawn to some Nigerian companies that are breaking into the global scene, featuring a review of each company’s profile since inception and outstanding potential in the future, given its market strength and operational drive.

From Energy to Logistics, Banking, Fashion, Telecoms and the Manufacturing sector; Nigerian companies have shown, despite economic challenges in the troubled most populous black nation, that they are capable of scaling and competing with their foreign counterparts.

In the review, you will also discover how the Nigerian GIG Logistics company is making goods delivery from the U.S. and Ghana now possible as it recently thrust its foot, expanding, into those regions. The exclusive report is available here. 

Lastly, on Friday, an explainer was published to educate SMEs on how to access CBN’s N200 billion loan facility that can be in the form of Working Capital, Term Loans for refurbishment/equipment upgrade/expansion, overdrafts, etc. In the review, it was revealed that the CBN introduced this facility in a bid to further stimulate the economy and patch up financial holes defacing the fabrics of the nose-diving economy.

It is in this effort that the CBN has intervened with the Small and Medium Enterprises Credit Guarantee Scheme (SMECGS), dedicating N200 billion to the cause. Interested SMEs can follow link to read up the review to stand a chance to benefit from the scheme.

Thank you for joining us for the last Business Wrap in September. Until next month when another edition of Business Wrap shall come your way again, be among the first to read news as they break by regularly checking our website. 

By Ridwan Adelaja…

 

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now