Business Registration Now Possible In 24 Hours- CAC

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June 25, 2024

The ambassador for the Corporate Affairs Commission, Michael Nwabufo, said business registration can now be completed within 24 hours through the new special registration portal.

Speaking to newsmen in Lagos on Monday, he urged business owners to take advantage of the innovation and beat the July 7 deadline for mandatory business registration set by the CAC and the Central Bank of Nigeria.

According to Nwabufo, the portal enables businesses to register and receive documentation within a day.

“There is a crucial deadline for agents and fintech companies to register their businesses. Compliance is mandatory under new regulations aimed at enhancing transparency and accountability within the financial sector. The deadline ends on July 7.

“To facilitate this, the CAC has introduced a Special Registration Portal (SRP), a new system enabling businesses to complete their registration directly through their mobile banking apps. This innovation streamlines the process, making it quicker and more convenient for agents to comply with the regulatory requirements,” the CAC ambassador said.

He encouraged business owners to take advantage of the SRP immediately to ensure timely registration and avoid any potential penalties for non-compliance.

He added that business owners could access further information and the portal by visiting the official CAC website or consulting their banking app.

Emphasising the importance of business registration in Nigeria, Nwabufo stated that it fostered uniqueness and trust among entrepreneurs.

He mentioned that a partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria and the CAC aimed at registering over 5 million new businesses nationwide within a year.

Nwabufo thanked the Registrar-General of CAC, Hussaini Magaji, for his continuous efforts in ensuring the Nigerian business space is safe and secure.

He also commended Magaji for his unwavering support for SMEs.

“The CAC has been one of the top-performing government parastatals in the past year, scoring 53.36 per cent in the Efficiency Compliance Ranking, 65.12 per cent in Overall BFA Performance, and the highest score on the ReportGov.NG platform with 67.86 per cent, indicating full compliance,” he remarked.

Recalled that in May, the CAC and financial technology companies agreed to a two-month timeline to register their merchants and agent bankers, better known as PoS operators.

The commission, issuing a deadline of July 7, said the registration aligned with legal requirements and the directives of the CBN.

Nwabufo was appointed CAC ambassador after a closed-door meeting with Magaji on April 26 at CAC Headquarters in Abuja.

EU Plans €150bn Investment to Boost Intra-African Trade

By

Rhoda Onuzulike

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June 25, 2024

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The European Union Commission said it has concluded plans to invest €150bn in trade and transport infrastructure across West Africa with a special focus on the Lagos- Abidjan corridor.

According to the EU Commission, the initiative, which is part of its Global Gateway Initiative, aims to eliminate about 80 extortion checkpoints between the Benin Republic Border and Lagos State.

The Team Lead of the EU Delegation to Nigeria and ECOWAS, Celine Lhoste, disclosed this on Monday in Lagos during a tripartite meeting between the Nigerian Shippers’ Council, EU delegation and ECOWAS.

“There is an investment package of €150bn for Africa and West Africa is an important region where we are already investing a lot along the Lagos-Abidjan corridor,” she declared.

Lhoste highlighted the importance of Lagos ports to trade efficiency in the Lagos-Abidjan corridor.

She emphasised the EU’s commitment to supporting efforts to decongest Lagos ports and improve inland dry ports.

Lhoste expressed interest in facilitating coastal shipping between Cotonou and Lagos ports, which could significantly enhance trade between Nigeria and Benin.

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“We are looking at possible investments to facilitate trade and transport along the corridor and in Lagos. The investment package under the global gateway initiative seeks to use various funding sources, including private sector contributions and grants, to lower the cost of investments,” she stated.

According to Lhoste, the EU is also in discussions with the Port of Antwerp to explore using barges to ease congestion and improve connections between seaports and hinterlands in Nigeria.

The Transport Officer at the Directorate General International Partnership of the EU Commission, Jesus Gavilan, outlined the challenges along the Lagos-Abidjan corridor, such as the numerous checkpoints that hinder smooth transport between Benin and Nigeria.

“When you move from the Benin Border to Lagos, you can be stopped at least 20 times with 80 checkpoints. This is a big barrier for transport between the two countries,” Gavilan averred.

He noted that the EU was working on a one-stop border post between Benin and Nigeria to streamline the passage of goods.

Gavilan maintained that the border post had not been fully operational with a lot needed to be done for the smooth passage of goods.

He said the project which is in partnership with the French Development Agency and the European Investment Bank, is nearing its official launch.

Gavilan also emphasised the need for inland dry ports as a key element to decongest the seaports and improve exports abroad.

He explained, “EU would have a look into investing in infrastructure while partnering with the Nigerian Shippers’ Council.”

Earlier, the Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah, reiterated the council’s commitment to port efficiency and trade facilitation.

He also highlighted its role in setting tariffs and handling charges to reduce cargo abandonment and expedite ship turnaround times.

Akutah, represented by Executive Director of Human Resources, Ms Ada Okam, solicited the EU investment in the development of key transport infrastructures.

The Director of Special Duties at the NSC, Mustapha Zubairu, emphasised the need for a railway at the Lekki port to alleviate congestion caused by surrounding industrial activities.

He called for EU investment in that area and stressed the importance of uniform regulations within the regional corridor to facilitate seamless cargo movement.

Court Orders Seizure of Fed. Govt. Properties In UK

By

Rhoda Onuzulike

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June 25, 2024

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A Chinese investor has obtained the authority to enforce a $70 million investment treaty award against Nigeria, and as a result, two Nigerian properties situated in the United Kingdom are about to be taken over by the investor.

After attaching a £20 million debt related to the well-known P&ID case, Zhongshan Fucheng Industrial Investment was given final charge orders against two residential properties in the UK that were owned by the Nigerian government.

On June 14, Master Sullivan of the Commercial Court in London issued an order that the Chinese company obtained. The orders were related to two properties in Liverpool that were valued at a total of £1.7 million.

According to the judge, the order was premised on the fact that the properties have been converted to commercial use outside Nigeria’s diplomatic or consular activities in the UK, stressing that enforcement of the order should prevail.

The high-profile case was a gritty legal battle between Zhongshan represented before the court by Withers and barristers at 3VB, while Nigeria was represented by Squire Patton Boggs and a barrister at Atkin Chambers.

Sources said the underlying arbitration was in relation to a joint venture with Nigeria’s Ogun State to establish a free trade zone near Lagos in 2013. A Zhongshan subsidiary held a 60% stake in the project, but Ogun terminated its participation three years later.

In 2021, a London-seated UNCITRAL tribunal chaired by Lord Neuberger including Matthew Gearing KC and Rotimi Oguneso SAN said Nigeria was guilty of expropriation and other breaches of the China-Nigeria bilateral investment treaty and ordered the country to to pay US$55.6 million plus interest and costs.

Nigeria in the same year put a challenge against the award in the Commercial Court on jurisdictional grounds. Nigeria’s position was that the arbitration clause in the BIT was invalid. But in later development, Nigeria withdrew the challenge before a hearing on Zhongshan’s application for security and security for costs was about to take place.

Justice Cockerill in the same court granted Zhongshan an ex parte enforcement order in December 2021, but Nigeria did not file against this order within the 74-day deadline allowed by the law.

In July 2023, the Court of Appeal in London stopped Nigeria from bringing a late challenge to the enforcement order, stressing Cockerill’s provisional determination that state immunity did not apply had become final.

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The investor reportedly got interim charging orders in June and August last year over the two properties in Liverpool, which are owned by the Nigerian government.

Nigeria’s efforts to dismiss these charging orders failed as Master Sullivan in her judgement, held that the properties are leased to residential tenants and that no “consular activities are actually taking place on the premises.”

She also dismissed Nigeria’s arguments that it had not been properly served with the interim charging order applications under the State Immunity Act and that Zhongshan had failed to give full and frank disclosure when seeking them.

Master Sullivan also dismissed Nigeria’s objection about parties bringing multiple enforcement action, saying that parties are “entitled to bring as many types of enforcement action as they see fit to recover their debt.” She noted that Nigeria had yet to pay any of the award and that the value of the properties represented a “small proportion of it”.

Counsel to Nigeria, Timi Balogun of Squire Patton Boggs, said: “We respectfully disagree with the Master’s decision, which we believe somewhat brushes over complex public international law issues, including with respect to state immunity and the right of a foreign state’s High Commission to own and manage portfolios of fixed assets in England and Wales. We believe that such issues need to be weighed very carefully, and we intend to appeal this decision so that these complex and important issues can be considered by the higher courts.”

President Tinubu Calls For Balance Energy Transition

By

Rhoda Onuzulike

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June 25, 2024

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President Bola Ahmed Tinubu has called for a balanced energy transition that supports vulnerable communities across Nigeria, saying a just approach still requires substantial investments in the oil and gas sector.

According to him, this is to help the nation meet the energy demands and economic needs of its population.

The President made the call on Monday in Abuja when he received the Group Chief Executive of Standard Chartered Bank, Bill Winters.

Highlighting the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians, the Nigerian Leader said: ”We value your cooperation, friendship, and partnership. Substantially, we have oil and gas as our primary source of revenue today. As friends, we do not expect you to run away from investments in this sector. We face the prospect while prudently maximizing the present.

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”Green industry and energy, yes. We will surely catch up with that. To run a marathon, you need energy today. Nigeria holds the largest reserves of gas in Africa. We know we can make the best use of the great opportunities that exist in the sector. We do not want you to back away from fossil fuels.

”I have seen retractions and retreat positions by some players in the industry. But for any energy transition to succeed, people must live and live well.

”We must be able to meet our obligations to the vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.

”As we hold the largest reserves in gas on the continent, we do not want to go backward, we want to move forward, and we welcome a deepened partnership with your institution.”

President Tinubu in a statement endorsed on Monday by his spokesperson, Ajuri Ngelale highlighted strategic projects across different sectors embarked upon by his administration to stimulate economic growth. He reiterated his commitment to sustaining ongoing economic reforms and measures to stabilise the economy.

The Coordinating Minister of the Economy and Minister of Finance, Wale Edun described Standard Chartered Bank as a valued partner to Nigeria, providing finance for infrastructure, advice on ratings, and the prudent management of Nigeria’s Eurobond.

He disclosed that the Bank has indicated interest in financing key infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway, and Port Harcourt-Maiduguri rail line rehabilitation, as well as the provision of $3 billion in innovative financing for the NLNG dividend initiative.

”They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings. I am pleased to note that Moody’s has just completed our rating review and maintained Nigeria’s rating as a positive outlook, which is very encouraging,” the Minister said.

The Minister also said Moody’s positive outlook rating follows the recent announcement of the World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration’s economic reforms.

The delegation from Standard Chartered Bank included Chairman of Standard Chartered Bank Nigeria, Foluso Phillips, and the Chief Executive Officer of the Nigeria branch of the bank, Dalu Ajene.

Amusan Wins Fourth Straight National Women’s 100m Hurdles Title

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Emenike Agu

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June 19, 2024

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World record holder Tobi Amusan secured her fourth national title in the women’s 100m hurdles at the national trials on Monday, finishing with an impressive time of 12.78 seconds.

The 27-year-old sprinter dominated the race, with Adaobi Tabugbo coming in second at 13.33 seconds and Faith Osamuyi taking third place at 13.36 seconds.

Amusan, from Ogun State, thrilled the fans in Benin with her hurdling prowess as she successfully defended her national title. This victory serves as a promising warm-up for the Paris 2024 Olympics.

Crises Can Stop Eagles From 2026 World Cup – Ladipo

By

Emenike Agu

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June 19, 2024

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The pioneer President General of Nigeria Football Supporters Club, Raffia Ladipo, has warned that the country cannot afford to miss the 2026 FIFA World Cup and as such the Nigeria Football Federation (NFF) should put its house in order and end the ongoing feud in the Super Eagles.

Reacting to the recent outburst by Napoli striker Victor Osimhen as well as the purported resignation of coach Finidi George, Ladipo said the NFF cannot allow the war of words between the player and coach to rage on for the interest of Nigerian football.

“There was a disagreement between him and his players and NFF,” Ladipo said on SOUQ Sports Special. “As a coach, you are the father of the players and whatever that is happening should be seen as a crisis between a father and his child. However, I was told there was a meeting with the NFF and it was there the NFF tried to put things in the right perspective.

“I am yet to get the outcome of that meeting but we shouldn’t deceive ourselves. Nigerian football is in crisis. I have given my own advise by way of relating with the past and stating what should be done.

“We need to put our acts in order. Call the players and the coach and then let’s work for the progress of Nigerian football. Nigerians will not like to see our failure not to be part of the World Cup in two years’ time. We should not allow the same scenario that deprived us a place at the last World Cup to repeat itself.”

The Super Eagles are fifth out of six teams with just three points from four games in Group C. They are four points behind group leaders, Rwanda who have seven points. The same team they will face in March next year when the World Cup Qualifiers resume.

Usyk Considering Stepping Down To Cruiserweight After Fury Rematch

By

Emenike Agu

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June 19, 2024

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Undisputed heavyweight world champion Oleksandr Usyk said he may return to the cruiserweight division following his rematch with British heavyweight Tyson Fury later this year.

Usyk – now the WBA, WBC, IBF and WBO champion – defeated Fury by split decision in a thrilling contest at the Kingdom Arena in Riyadh to become undisputed heavyweight champion.

The Ukrainian was previously the undisputed cruiserweight champion before moving up to heavyweight in 2019.

“I think maybe after the rematch, I am going to go down in weight to cruiserweight. I want more cruiserweight,” Usyk said in an episode of the ‘3 Knockdown Rule’ podcast released on Wednesday.

“Maybe I can be undisputed for a second time in the cruiserweight division, it’s my plan. When I start to prepare for my training camp (as a heavyweight), I have to eat all the time. For me it’s hard, I don’t like it.”

Usyk, 37, is the first undisputed heavyweight champion since the end of Lennox Lewis’ reign in April 2000. He will face Fury in a rematch on Dec. 21 in Riyadh, Saudi Arabia.

NFF May Sanction Victor Osimhen Over Finidi George Outburst

By

Emenike Agu

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June 19, 2024

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The Nigeria Football Federation (NFF) is considering disciplinary action against Super Eagles striker Victor Osimhen for improper conduct following his verbal attack on former national team coach Finidi George.

This comes after Osimhen’s public outburst in response to reports that Finidi had questioned his commitment to the team.

NFF President Ibrahim Musa Gusau has spoken with Osimhen regarding his outburst, and Finidi has also tried to reach out to the player. However, Osimhen has yet to retract his statements or apologize.

A board member of the NFF explained to OwnGoal.Nigeria that the reports Osimhen reacted to were fake and misleading, and that Osimhen should have verified the information before responding.

“Already, the president of the NFF, Ibrahim Musa Gusau, has spoken with Osimhen over his outburst, and Finidi also reached out to him. The report he reacted to is fake and misleading; sadly, he didn’t confirm before reacting,” said the NFF board member.

The NFF is considering using Osimhen’s situation to set an example for the team, stressing that such behavior will not be tolerated.

“Osimhen is a role model, and the only way we can help the incoming coach stamp his authority is by using him to set an example. He crossed the line with his outburst, even when Finidi called him to explain. He still didn’t deem it fit to retract his statements. We won’t condone that, and after the Salah break, we will sit on the issue. I can tell you he won’t be in the team until he says sorry for his actions,” the board member concluded.

Nigeria’s Super Falcons Get New World Ranking

By

Emenike Agu

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June 19, 2024

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The Super Falcons remained static in the ranking, amassing same standing as it did on 15 March.

Nigeria’s Super Falcons are currently ranked 36th in the world and first in Africa, according to the latest FIFA/Coca Cola Women’s World rankings released on Friday.

Nearly three months have gone by since the rankings was last published, and no fewer than 154 international football matches have been played during that timeframe.

According to FIFA, the qualifying fixtures for the Women’s Olympic Football Tournament, Paris 2024 held in Africa, and the UEFA Women’s EURO 2025 qualifiers in Europe impacted on the rankings.

“These intense encounters in addition to a large number of friendly fixtures, resulted in several changes to the standings, including an adjustment to the top three”, the statement said.

The Super Falcons amassed 1616.03 points to remain in 36th position among the 205 women national teams ranked by FIFA.

Spain is top, reigning supreme for another edition, but the pressure is mounting. France surges into second place, overtaking a slipping England who now sits at third.

Big movers also include Montenegro (up 4 to 85th) and El Salvador (up 7 to 90th) making impressive strides within the top 100.

Belarus (up 2 to 55th) claims the biggest points gain (a whopping 31.91!), while North Macedonia (up a staggering 12 to 123rd) celebrates the most significant ranking jump after dominant wins.

Other than the Macedonians, five other national teams hit their highest-ever points totals: Spain, Zambia, Puerto Rico, El Salvador, and Congo DR.

In fact, Zambia (64th, up 1) has two reasons to celebrate, as they have also attained their best-ever placing in a table that is likely to change further in the next few months.

The Super Falcons remained static in the ranking, amassing the same number of points and getting the same standing on the log as it did on 15 March.

The team did not enjoy any upward movement in the global ranking despite overcoming Bayana Bayana of South Africa in April to clinch a place at this year’s Olympics game, returning to the fiesta for the first time since Beijing 2008.

At the 15 December 2023 ranking, the Super Falcons ramped up 1624 points to emerge the 34th best team in the world.

The Nigerian team’s all-time best ranking was on 29th August 2003, when it amassed 1740 points to place 23rd in the world.

The squad’s worst ranking came on 5 August 2022, when it got a lowly 1535 points to be emerge 46th globally.

Meanwhile, other African representatives, South Africa and Morocco are ranked 51 and 59 in the world, placing second and third in Africa respectively.

The next FIFA rankings will be published on Aug. 16.

Transfers: Dele-Bashiru, Ejuke Set For Big Summer Moves

By

Emenike Agu

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June 19, 2024

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As the transfer window opens, two promising Nigerian football players, Chidera Ejuke and Fisayo Dele-Bashiru, have secured moves from lower leagues to one of the top 5 European football leagues

Two Nigerian footballers, Chidera Ejuke and Fisayo Dele-Bashiru, are poised for significant transfers this summer.

According to reports from Fabrizio Romano, Dele-Bashiru is set to move from Turkey to Italy, while Ejuke has finalised his transfer to Sevilla in La Liga.

Ejuke, who has earned eight caps for the Super Eagles, has been on loan from CSKA Moscow to Belgian side Royal Antwerp. The 26-year-old winger/forward played 21 matches for Antwerp last season, contributing three goals and four assists.

Ejuke last played for the Eagles in September 2022. Sevilla’s official website announced the transfer, “Our first summer signing has arrived in the form of Nigerian international Chidera Ejuke.

“Born in Zaria, Ejuke is right-footed and has most recently been deployed on the left wing, although he has played in all attacking positions throughout his European career, which began in 2017 with Valerenga.”

The other major transfer involves new Super Eagles midfielder Fisayo Dele-Bashiru, who scored against South Africa in the last World Cup qualifiers.

The 23-year-old trained at the Manchester City Academy before moving to Sheffield Wednesday in 2021. In 2023, he joined Hatayspor on a free transfer but is now set for a lucrative move to Lazio in Italy.

Romano states, “Lazio are closing in on a deal to sign Fisayo Dele-Bashiru for a €7m fee. It’s now time for medicals and final steps. Hatayspor has given the green light for the Lazio target to leave, as reported by @resatcan_ozbdak.”

Dele-Bashiru played 39 times in all competitions last season, scoring nine goals and providing six assists.