Business
Buhari approves free business name registration for 250,000 SMEs
President Buhari has approved free business name registration with the CAC for 250,000 businesses across the nation.
President Muhamadu Buhari has approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the nation.
This was announced on Tuesday evening by the Media aide to the President, Bashir Ahmad.
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Pres. @MBuhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406.
The free registration commences today, visit https://t.co/XTVTfPewMD for details. pic.twitter.com/eF2YcYaJAE
— Bashir Ahmad (@BashirAhmaad) October 27, 2020
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“President Buhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406,” he tweeted.
“The free registration commences today, visit cac.gov.ng for details” he added.
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What you should know
This comes after Nairametrics reported earlier this month that the CAC had announced it would begin registering companies within 48 hours, approve names the same day, and ensure 5-day completion for other post-incorporation services not available electronically.
READ: Where to invest your N5m to N500m safely and securely
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Bottomline
Since the end of the #EndSARS protests, the Federal Government has been working on packages that are perceived as necessary for addressing the issues of large youth unemployment, which is viewed as a catalyst for the massive turnout during the protests.
READ: CAC to reduce business registration period to 6 hours
READ: Nigerians indifferent to lower CAC registration fee
The National Economic Council (NEC) has set up a committee to meet the needs and demands of Nigerian youths behind the #EndSARS protests. The head of the Committee is Vice President Yemi Osinbajo, with one of the frameworks being “A social security framework for the youths and Nigerians to deal with the problem of unemployment and poverty in the country.”
The free business registration coming this period will help businesses that can’t afford the registration fee to get their business registered and timely.
Business
N117 billion approved by FG for road rehabilitation
Babatunde Fashola has disclosed that the FG has approved the sum of over N117 billion for road rehabilitation across the country.
Business
$1.3 billion Malabu oil field sale was perfect – Dan Etete
Nigeria’s former Petroleum Minister has said that the sale of the $1.3 billion Malabu oil field to Shell and Eni in 2021 was legally perfect.
Dan Etete, former Nigerian Minister of Petroleum has said that the $1.3 billion sales of Malabu oil field to Shell and Eni in 2021 was legally perfect, with zero traces of corruption in the deal.
He disclosed this on Wednesday through his lawyer, Antonio Secci, in a Milan Court, investigating the cases of bribery and corruption related to the deal, as reported by Reuters.
In Wednesday’s hearing, Dan Etete’s lawyers called for the former Nigerian Minister to be acquitted of corruption charges related to the deal.
Reuters disclosed that 13 other people are involved in the corruption case including CEO of Eni, Claudio Descalzi.
The accused pleaded non-guilty and said that the proceeds of the deal were paid into accounts owned by the Nigerian Government.
The ex-Shell executives also accused in the case will have a hearing on the 9th of December.
What you should know
Multinational oil companies, Eni and Shell, paid $1.3 billion in 2011 to acquire OPL 245 offshore field.
The payment was to a company called Malabu, which was owned by Nigeria’s former Oil Minister, Dan Etete.
However, Italian prosecutors claim that most of the payments were kickbacks to Nigerian government officials. Italian prosecutors also claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with Dan Etete keeping half.
Nigeria’s Minister of Justice, Justice Abubakar Malami, reported in July that the Dutch and Swiss governments were expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria.
Multinational Petroleum oil and gas giant, Royal Dutch Shell, announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.
in June, the Federal Government tracked down and grounded a luxury private jet, owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal.
Nairametrics reported that the Federal Government, on Wednesday, September 9, 2020, asked a court in Milan to order Royal Dutch Shell and Eni to pay the sum of $1.092 billion as an immediate advance payment for damages in the Malabu oil scandal.
Business
Nigeria is the 14th largest producer of tomatoes in the world, second in Africa – NIHORT
NIHORT has said that Nigeria is the world’s 14th largest producer of tomatoes, finishing second in the continent.
The Executive Director of the National Horticultural Research Institute (NIHORT), Dr. Abayomi Olaniyan has said that Nigeria is the world’s 14th largest producer of tomatoes, finishing second in the continent.
According to the News Agency of Nigeria, Dr. Olaniyan disclosed this during the inauguration of a one-week empowerment and training programme for 150 youths and women farmers on Telfairia (Ugwu vegetable) production and tomato value chain in Kwale, Ndokwa West Local Government Area of Delta State.
Despite producing 2.3 million metric tonnes of tomato annually, current national demand is estimated to be slightly higher at 3 million metric tonnes annually
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What they are saying
Commenting on the subject matter, Dr. Olaniyan who was represented by the Director of research at the institute, Dr. Ephraim Nwanguma stated that: “Tomato is a profitable horticultural crop that provides income to farmers and agents involved in its production and marketing.
“Nigeria is the 14th largest producer of tomato in the world, second in Africa, but it is the 13th largest importer of tomato paste in the world and third in Africa.
READ: CBN launches Private Sector-led Accelerated Agriculture Development Scheme
“Nigeria currently produces 2.3 million metric tonnes against 1.8 million metric tonnes produced two years ago while the national demand is three million metric tonnes.
“Also, there is a high prospect in production of telfairia and marketing within and outside Nigeria.”
READ: NASCON’s Unimpressive Revenue Impairs Bottom-Line Performance
What you should know
- The recent production capacity of 2.3 million metric tonnes indicates an increase of 27.8%, from the corresponding figure recorded in 2018.
- Despite being one of the largest producers of tomatoes in the world, Nigeria is also one of the world’s net importers of tomato paste, placing 13th globally and 3rd in Africa.
- This fact was corroborated in a research by the Global Alliance for Improved Nutrition titled ‘’Landscape analysis of dried tomato production and market in Nigeria’’, which stated that over 45% of fresh tomato produced in Nigeria is lost due to poor handling practices and other logistics issues
READ: Fear among tomato farmers as Dangote Farms suspends seedlings distribution
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Gab
October 28, 2020 at 1:16 pm
How can I register please and it is still on?
Gbuzue okeu
October 28, 2020 at 6:07 pm
All this is fallacy. What will that do to the economy of the nation. How come Kano is to have more numbers that Lagos. This government is a joker
Kinkade
October 29, 2020 at 8:53 am
Do you read at all. Lagos has 9k plus kano has 8k plus. Ethnicity is the real problem and you are the problem.
OYELEKE MAKINDE NOAH
October 30, 2020 at 8:05 am
You people believe every Nigerian can avoid #5000 for registration,and you wish to eradicate poverty in this country Nigeria.
Kelly
October 29, 2020 at 11:34 am
It is little wonder why Nigerians tend to doubt government interest in her citizens. The aggregators contact for this registration are either switch off not reachable, busy or they simply refuse to pick the call. One even picked and cut off the call after a second. I kept calling and the person refused to pick the call.
I tried calling other aggregators in other states just to see if the response is the same and guess what, it was the same. What a shame
Owolabi
October 29, 2020 at 12:51 pm
How can i register pls i need it pls pls
Owolabi folake Ololade
October 29, 2020 at 12:53 pm
Please i need it how can i do the registration please pls
Anonymous
October 29, 2020 at 2:20 pm
I need more explanation
Lucky
October 29, 2020 at 7:13 pm
Do I hear free registration of business name? according to CAC registration portal which I logged in the steps are as follows:2k charge for stap duty,650 naira for availablity and name Search, 5k for certificate booking.please let me know or understand how it is free registration.
Jayne
October 29, 2020 at 2:36 pm
Same thing happened when I tried to call their numbers. It’s so annoying. A lot of things are promised and declared by the government but implementation is where the story hangs. What a big shame indeed!
Kingsley Idahosa osas
October 31, 2020 at 12:02 am
I will like this idea because I have been trying to register my business name kingso art I am a sign writer & a artist
Samson
October 29, 2020 at 9:09 pm
This method is so bad ,why contacting on resonable aggregator. The phonewas ringing and ringing without receiving too bad.
Anonymous
October 29, 2020 at 11:37 pm
Guy this registration no be free Its still Sam thing you gats pay
David
October 31, 2020 at 9:47 am
Please i need the link for the Registration Ebonyi state.