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Access to profiles of companies shareholders will be free henceforth — CAC

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Access to profiles of companies shareholders will be free henceforth — CAC

The Corporate Affairs Commission (CAC) will henceforth make public profiles of owners of companies.

The Registrar-General of CAC, Alhaji Garba Abubakar, made this known at the commission’s International Peer Learning Workshop on the use of Beneficial Ownership Information Register.

He said the register when unveiled, will be open to the public where everyone can view records of shareholders of companies online free of charge.

He said that the initiative was aimed at supporting anti-corruption efforts in Nigeria and the world.

“The essence of getting the beneficial ownership information is to support the anti-corruption initiative of the government.

“Companies are the vehicles being used for corruption, illicit financial flow and for terrorism financing.

“When our investigating agencies are doing their investigation, they will be able to track those responsible for some of these illegal activities,’’ he said.

While emphasising that innocent people do not have anything to worry about the initiative, Abubakar said that companies are required to disclose the persons that own the companies from the point of incorporation.

“In the past, the law allows one to incorporate companies using corporate arrangement that makes it impossible to know the ultimate beneficiaries of these companies

“The concept of separate legal personality has changed, they are now required to disclose the natural persons that own these companies from the point of incorporation and when there is any change.

“So, this information is for use by investigation agencies, the media, civil society and the whole essence is to ensure transparency and make this information available.

“If we have information to the contrary as to what is actually disclosed in the register then we can escalate

“The register is supposed to support the anti-corruption initiative of the government and it is a global requirement,’’ Abubakar said.

Also speaking, Dr Orji Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) described the initiative as apt in the fight against corruption.

People will like to know who owns what. So, because you are aware when you are registering a company you are now ready to provide those information.

“And when you provide those information it puts you on your toes to obey the laws, observe the business ethics and be transparent and be accountable especially in payment of taxes and observance of public entity.

“Because we know that the owners of the company are known, if anything goes wrong it will not be a problem to track them.

“But when you own a company and people don’t know who you are, you can use that office to perpetrate all kinds of crime knowing that you cannot be found.

“When you know that your profile is well documented then you are most likely to comply with public ethics,’’ Orji said. 

FG launches portal for senior citizens 

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FG launches portal for senior citizens 

The Federal Government has unveiled a web portal to engage older citizens nationwide.

The Director-General, National Senior Citizens Centre (NSCC), Dr Emem Omokaro, who made this known in Abuja said the portal is known as the Continuing Engagement Bureau (CEB).

Omokaro said the platform was created to collect data on retired civil servants and professionals among others in other to link them with agencies of government or organizations that may need their wealth of experience.

“It is specially to sensitise and motivate both the senior citizens, private sector and the public to embrace the opportunities this initiative offers for job creation partnerships and labour market access,’’ Omokaro said.

She said the programme essentially targets senior citizens, who are retired professionals.

”This will also include experts and practitioners in diverse fields, who still carry the torch and passion for their skills, competencies and net worth to serve their communities.

“It also has provisions for older farmers and artisans both rural and urban, who would be encouraged to register on the portal cooperatives and be connected with opportunities for productive activities and markets,’’ she said.

According to the director-general, the NSCC is particularly excited because the CEB programme is designed to enable senior citizens with diverse intrinsic capacities to continue to participate in what they have reason to value.

She said the programme would not only strengthen senior citizens access to labour market but would also provide platform for interactions, life-long learning opportunities, especially in ICT, while supplementing income and reducing poverty, redundancy and loneliness among senior citizens.

A consultant with NSCC, Dr Emeka Okengwu, who described the event as one of the flagship programmes of the centre, said it was primed towards creating a platform that would be used in capturing, aggregating, engaging and utilising the skills, talents and resources of retirees.

Okengwu said the platform would also be used to connect them to opportunities to utilise their experience and skills for their continued valuable and meaningful contributions to society through volunteering or paid employment.

Kano Assembly passes Child Right Protection Bill

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Kano Assembly passes Child Right Protection Bill

Kano State House of Assembly, on Wednesday, passed the State Child Protection Bill.

The bill was passed after extensive deliberations by the committee of the whole house during the plenary, presided over by Deputy Speaker, Alhaji Kabiru Dashi (APC-Kiru) in Kano, according to a report by the News Agency of Nigeria (NAN).

After deliberations, the lawmakers approved the bill’s third reading by the Clerk, Alhaji Garba Gezawa.

Shortly after passage of the bill, the Deputy Majority Leader, Alhaji Dahiru Zarewa (APC-Rogo) said it was considered and passed after undergoing various legislative processes.

He said that the passage of the bill was due to the lawmakers’ commitment to child growth and development in the state.

“As representatives of the people, we are responsible for providing laws for good governance in the state,” he said.

Zarewa commended the members for engaging relevant stakeholders who contributed to the bill.
According to him, the bill, when signed into law, will improve education and look into the activities of orphanage centres and the issue of child abuse.

The assembly also commended development partners for their support toward the successful passage of the bill.

Similarly, the house passed the Kano State Roads Fund Bill, 2023.

Also speaking, the deputy speaker said that the bill was aimed at supporting the State Rural Access Roads Agency (KARARA).

He further said that it would also help in sourcing funds for the construction of rural access roads.

“The agency, when established, will facilitate and improve the socio-economic wellbeing of the people, especially the rural populace engaging in agricultural activities,” Dashi said.

Representatives of Girls’ Education Partnership, Federation of Muslim Women Association of Nigeria (FOMWAN), NAPTIP and National Agency for Child Protection, who spoke after the passage of the bill, commended the lawmakers for their efforts.

They, however, appealed to the governor to sign the bill into law.

Senate passes bill to compensate victims of EndSARS for 2nd reading

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Senate passes bill to compensate victims of EndSARS for 2nd reading

The Senate on Wednesday passed for second reading, a bill seeking to compensate victims of EndSARS protest.

The bill entitled, A Bill for an Act to Amend the National Emergency Management Agency (NEMA) Act, was sponsored by Sen. Bassey, Gershom (PDP Cross-River ).

Bassey in his lead debate, said the bill sought to provide for the establishment of the EndSARS Victims Compensation Fund.

Bassey said: “distinguished colleagues, you may recall that as a result of the EndSARS nationwide protests in October 2020.

“Judicial panels of inquiry were constituted to address the demands of protesters and compensation for verified victims of the EndSARS protest.

“The findings of the judicial panels of inquiry and the Senate Joint Committee on EndSARS revealed the killing of protesters, destruction of private and public properties by rampaging hoodlums, who seized and took over the protest, destroyed and looted valuable assets.

“However distinguished colleagues the implementation of the recommendation of all the panels and committees regarding compensation has been very discouraging.”

According to him, the victims have been left to continually groan under the pains of injury inflicted by hoodlums during the EndSARS protest.

He said the eventual establishment of the fund and implementation of the recommendation of the judicial panel of inquiry and Senate Joint Committee on EndSARS would certainly bring succour to the victims of the 2020 Endsars nationwide protest.

“Mr. President, distinguished colleagues, it is my prayer that you support this amendment bill that seeks to bring hope to the victims of the 2020 EndSARS protest,” he said.

President of Senate, Ahmed Lawan thereafter referred the bill to the Committee on Special Duties for further legislative input and report back to plenary in one week.

2023 Election: Lagos tribunal dismisses petitions against Sanwo-Olu

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2023 Election: Lagos tribunal dismisses petitions against Sanwo-Olu

Lagos State Governorship Election Petition Tribunal on Wednesday dismissed two petitions filed against re-elected Gov. Babajide Sanwo-Olu and his deputy, Dr Obafemi  Hamzat.

The three-man tribunal headed by Justice Arum Ashom dismissed petitions filed by Allied Peoples Movement (APM) and All People’s Party (APP) following their withdrawal by the parties.

“The sum effect of what the petitioners said is that the petitions are withdrawn. The respondents have filed an affidavit of non-collision and did not object,” Ashom said.

Counsel to the two parties, Messrs Henry Bello and Francis Ese, respectively,  had told the tribunal that their clients decided to withdraw the petitions.

The other members of the tribunal are Justice Mikail Abdullahi and Justice Igho  Braimoh.

The other respondents to the two petitions are Independent National Electoral Commission (INEC) and All Progressives Congress (APC).

APM counsel, Bello, had informed the tribunal that the motion for withdrawal was predicated on four grounds and supported by two affidavits sworn to by the party’s National Chairman, Mr Yusuf Dantalle.

“Our candidate has lost interest in the petition and has proceeded to congratulate the second respondent,” Bello said.

Counsel to APP, Ese, also told the tribunal that he had the directive of the Chairman of the party, Chief Okey Nwosu, to withdraw the petition against the governor-elect.

 INEC  counsel, Mr John Baiyeshe (SAN), did not oppose the motions.

Baiyeshe urged  the tribunal to  dismiss the petitions.

 Counsel to Sanwo-Olu and Hamzat, Mr Ayuba Kawu, and APC counsel, Mr Abiodun Owonikoko, also did not oppose the motions.

They also urged that  the petitions should be dismissed.

CBN increases baseline lending rate to 18.5%

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CBN increases baseline lending rate to 18.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 18.5 per cent from 18 per cent.

The CBN Governor, Mr Godwin Emefiele, made this known on Wednesday in Abuja, after presenting the communique from the 291st meeting of the MPC.

The MPR is the baseline interest rate in an economy, on which every other interest rate used within an economy is built.

The committee had raised the MPR from 17.5 per cent to 18 per cent at its last meeting in March.

According to Emefiele, the 11 MPC members at the meeting were faced with the dilemma of whether to hold or to hike the policy rates to offset the moderate increase in headline inflation.

“Considering the option of a hold-policy, the committee reiterated the empirical counterfactual evidence and believe that the rate hikes have indeed helped moderate continued rising inflation.

“In addition, the evidence revealed that the rate hikes also helped moderate growth in new credit and reduced a pent-up aggregate demand, which had continued to heighten inflationary pressure.

“Members were unanimous in their conclusion that the current policy stance is, indeed, impacting targeted parameters and yielding the expected outcome, albeit, somewhat slowly, ” he said.

Emefiele said that the MPC members were also convinced that the current uptrend in inflationary pressure was driven by a combination of both demand and supply side issues.

“The MPC observed the continued risk to price development driven primarily by expectation of rising energy and food prices, unabating security challenges in food producing areas, as well as persisting exchange rate pressure.

“The committee, thus, felt it expedient to continue to address the demand side issues falling within the ambit of its policy tools,” he said.

According to him, the balance of argument thus leaned significantly in favour of a further hike, albeit less aggressively, considering the adverse impact of rising inflation on real income.

“The MPC considered that the current policy stance is moderating the rising inflation, and sustaining the stance would consolidate the gains made so far,” he said.

The CBN governor said that tightening would also support efforts toward moderating the demand-pool inflation as cost of funds increased.

“Members, therefore, resolved by unanimous decision to raise the MPR moderately.

“10 members voted to raise the MPR by 50 basis points and one member, by 25 basis. All members voted to hold all other parameters constant.

“Members voted to raise MPR to 18.5 per cent; to retain the Assymetric Corridor of +100/-700 basis points around the MPR, retain the Cash Reserve Ratio (CRR) of 32.5 per cent and retain the Liquidity Ratio of 30 per cent,” he said.

Alleged Forgery: Court threatens bench warrant against Fani-Kayode over non-appearance

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Alleged Forgery: Court threatens bench warrant against Fani-Kayode over non-appearance

An Ikeja Special Offences Court on Wednesday threatened to issue a bench warrant for arrest of a former Minister of Aviation, Chief Femi Fani-Kayode, for failure to appear for his trial.

Justice Olubumni Abike-Fadipe frowned at constant non-appearance of the defendant for the trial.

Fani-Kayode is standing trial on a 12-count charge bordering on use of false documents, use of fabricated evidence, procuring  execution of documents by false pretences, and fabrication of evidence.

He, however,  pleaded not guilty to the charge on arraignment on December 17, 2021.

The judge noted that Fani-Kayode appeared last for the trial on November 4, 2022.

Abike-Fadipe cited excuses that the defendant had given for non-appearance.

She consequently threatened to issue a bench warrant against him if he failed to show up at the next adjourned date.

The judge also showed displeasure at lack of diligent prosecution of the case.

She said that the Economic and Financial Crimes Commission (EFCC) prosecuting the case could withdraw it if it would not prosecute it diligently.

She  adjourned the case until Nov. 7 for  continuation of trial.

The defendant was alleged to have forged medical reports which he tendered before Justice Daniel Osiagor of a Federal High Court sitting in Ikoyi, Lagos, where he is being prosecuted by  EFCC for an alleged N4.9 billion fraud.

His counsel, Mr Wale Balogun, had on Feb. 20, informed the court of the absence of the defendant due to health reasons and issues he had with the Department of State Services (DSS) and police.

“We regret to announce to your lordship that the defendant is not in court due to health reasons, and due to a running battle he has with both the DSS and the police,” he  said.

Balogun had prayed the court to adjourn the case, promising to make the defendant available at Wednesday’s proceedings.

However, when the case was called on Wednesday, Mr Chinozo Eze, who represented Balogun,  told the court that Fani-Kayode was not in court due to health issues.

“The absence of the defendant in court is due to health issues,” Eze said.

Eze further informed the court that a medical report and a letter seeking the leave of the court to vacate the adjourned date had been submitted to the court.

 EFCC counsel,  Mrs Zinat Atiku, confirmed the receipt of the said letter.

Mother allegedly kills her child with herbicide in Benue

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Mother allegedly kills her child with herbicide in Benue

Police in Benue arraigned a 21-year-old mother, Nguse Nyita, before a Makurdi Magistrate’s Court on Wednesday for allegedly feeding her one-year-old child with herbicide causing her death.

Police prosecutor, Insp Samuel Itodo, told the court that Nguse of Agam Community in Logo Local Government Area of Benue thereby committed culpable homicide.

He said the police received the crime report on May 16, and the accused was promptly arrested, and she voluntarily confessed to the crime during interrogation.

He added that Nguse offence’s offence contravened the penal code of Benue 2004.

The presiding magistrate, Mrs Ajuma Igama, did not take the plea of the accused for want of jurisdiction and adjourned the matter to June 21 for further mention.

Russia not interested in halting Ukraine war – Kremlin spokesman

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Russia not interested in halting Ukraine war – Kremlin spokesman

The Kremlin is not interested in halting the conflict with Ukraine, spokesman Dmitry Peskov said on Wednesday, while officials in the Russian border region of Belgorod continue to report of attacks.

Russia will continue its “special military operation” until the end, until it has asserted its interests and achieved its goals – either in the course of the fighting or through “other available means,” Peskov was quoted as saying on Wednesday by state news agency TASS, using the preferred term by Moscow to describe the war against the neighbouring country it launched 15 months ago.

According to Peskov, there are currently no indications of the possibility of a peaceful solution to the conflict.

Negotiations with Kiev are impossible because the Ukrainian leadership itself has “forbidden negotiations of any kind with Russia,” the Kremlin spokesman said.

Ukrainian President Volodymyr Zelensky has made the withdrawal of Russian troops from occupied Ukrainian territories a precondition for peace talks.

Russian President Vladimir Putin, meanwhile, spoke of “increasing instability in the world” in light of the war he ordered last year, in a video message addressing a security conference in Moscow.

Putin held the West responsible for the development, saying Western powers were trying to maintain global dominance at the expense of other countries.

The Kremlin leader once again accused the Western states, which are helping Ukraine to defend itself against the Russian invasion by supplying weapons, of “neo-colonialism.”

Meanwhile, the Russian region of Belgorod on the border with Ukraine has been attacked with a “large number” of drones, according to authorities.

Cars, residential buildings and administrative buildings were damaged in the city of Belgorod itself and in other places in the region, Governor Vyacheslav Gladkov said on Wednesday.

Most of the drones had been destroyed by anti-aircraft fire, he added.

The western Russian border region has been rocked by attacks for months. Moscow holds Ukrainian saboteurs responsible, saying they have been attacking the area with grenade launchers and artillery.

Dozens of “representatives of Ukrainian military units” had been fighting in the area since Monday, according to Russian reports.

On Tuesday, Russian authorities lifted the temporary state of alert and declared the “anti-terrorist operation” over, with the Russian Defence Ministry saying it had “eliminated” more than 70 Ukrainian terrorists.

Two volunteer corps of Russian citizens fighting for the Ukrainian side in the war have claimed responsibility for Monday’s attacks, while Kiev has denied any involvement.

Gladkov said there are no new injured following the latest attacks, but nine people wounded in Monday’s strikes were still being treated in hospital.

He earlier also spoke of one dead.

According to the New York Times, at least three armoured U.S. military vehicles were apparently used in the attack on Belgorod.

Two of these vehicles, known as “MRAP” (Mine-Resistant Ambush Protected), were confiscated by the Russians, the newspaper reported on Tuesday after analyzing photos and videos published on Telegram and elsewhere.

It is unclear how the pro-Ukrainian attackers came into possession of these vehicles and how they ended up in Russian hands after the attack on Monday.

According to the NYT, the US had provided the Ukrainian military with several hundred of these vehicles.

According to video footage, they have been used on various fronts in Ukraine so far.

Meanwhile, the British Ministry of Defence (MoD) reported that the number of Russian deserters in the war against Ukraine has recently increased significantly.

Between January and May, Russian military courts dealt with a total of 1,053 cases of desertion, the MoD announced on Wednesday on Twitter, citing research by independent Russian journalists.

That was more than in the whole of 2022, it said, adding that court records indicated that most deserters were given suspended sentences so they could be deployed again in the war.

“Russia’s military has struggled to enforce discipline in its ranks throughout its operations in Ukraine, but its issues have highly likely worsened following the forced mobilisation of reservists since October 2022,” the ministry said in its daily intelligence update on the Ukraine war.

The head of Russian private Wagner Group of mercenary forces, Yevgeny Prigozhin, has reiterated his criticism of the warfare against Ukraine and warned of defeat.

“We have to prepare for a very difficult war,” he told pro-Kremlin political expert Konstantin Dolgov, who published a video of the interview with Prigozhin on Tuesday night.

In order for Russia not to lose, it must declare a state of war and switch the economy to the production of munitions, Prigozhin said.

“We should initiate new mobilisations,” the confidant of Kremlin leader Vladimir Putin said. Everyone should work only for war, he added.

Abdulrazaq elected NGF Chairman, Makinde as Vice-Chairman

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Abdulrazaq elected NGF Chairman, Makinde as Vice-Chairman

Governor Abdulrahman Abdulrazaq of Kwara state has emerged as the new Chairman of the Nigeria Governors’ Forum(NGF).

This is contained in a statement by the outgoing NGF Chairman and Gov. Aminu Tambuwal of Sokoto State on Wednesday in Abuja.

Tambuwal said that Governor Seyi Makinde of Oyo State had also emerged as the Vice-Chairman of the forum, saying that the new leaders were chosen by consensus at the 7th emergency meeting of the NGF on Tuesday in Abuja.

“Members were briefed by the chairman of the forum that the Minister of Finance has granted the request of the forum to immediately stop further deductions from the accounts of states.

“This to meet local government councils London Paris Club obligations and the monies so far deducted be paid back to the states,’’ he said.

He added that forum members expressed satisfaction with the success of the just concluded NGF induction for new and returning governors from May 14 to May 19.

“Members committed to sustained collaboration among the states through enhanced peer review, learning at the sub-national level and deepening the relationship with the Federal Government and other institutions,’’ he said.

Effective tips for first-time entrepreneurs

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Effective tips for first-time entrepreneurs

With the rising inflation and loss of money value in Nigeria, many Nigerians, even corporate workers, now actively or passively venture into entrepreneurship.

In case you are currently one, here are some business tips for first-time entrepreneurs:

1. Do your research

Before starting any business, it’s important to research and understand the industry you’re getting into.

This includes understanding the market, your competition, and the legal and regulatory requirements.

2. Create a business plan

A business plan is a roadmap for your business. It should include your goals, strategies, and how you plan to achieve them.

3. Get funding

Unless you’re lucky enough to have the resources to start your business on your own, you’ll need to find funding. There are a number of ways to get funding, including loans, grants, and crowdfunding.

4. Build a team

No one can build a successful business alone. You’ll need to build a team of talented and dedicated people who share your vision.

5. Market your business

Once you have your product or service ready, you need to let people know about it. This means marketing and advertising your business.

6. Provide excellent customer service

In today’s competitive marketplace, excellent customer service is essential for success. Make sure you go above and beyond to meet the needs of your customers.

7. Be patient and persistent

Starting a business is hard work. There will be setbacks and challenges along the way. But if you’re patient and persistent, you can overcome them and achieve your goals.

Here are some additional tips that may be helpful for first-time entrepreneurs:

  • Don’t be afraid to ask for help: There are a lot of resources available to help entrepreneurs, including government agencies, business organizations, and online forums.
  • Don’t give up: Starting a business is a lot of work, but it’s also incredibly rewarding. Don’t give up on your dreams if you’re passionate about your business.

Top 20 most expensive wristwatches and their prices [2023 List]

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Top 20 most expensive wristwatches and their prices [2023 List]

Wristwatches complement our outfit but some goes a step further, they scream wealth and luxury.

Some of these wristwatches are manufactured as limited editions and may be auctioned after some years for prices way higher than what their purchase price.

Here are 20 of the most expensive wristwatches in the world:

1. Patek Philippe Grandmaster Chime Ref. 6300A-010 – $31.19 million

2. Patek Philippe Henry Graves Supercomplication – $23.98 million

3. Rolex “Paul Newman” Daytona Ref. 6239 – $17.8 million

4. Patek Philippe Stainless Steel Ref. 1518 – $11.1 million

5. Patek Philippe “Prince Mohammed Tewfik A.H.” Ref. 1518 – $9.5 million

6. Patek Philippe Gobbi Milan “Heures Universelles” Ref. 2523 – $8.97 million

7. Patek Philippe Two Crown Worldtime Ref. 2499 – $8.5 million

8. Patek Philippe Stainless Steel Ref. 1463 – $7.5 million

9. Patek Philippe Yellow Gold Calibre 89 – $6 million

10. Rolex Daytona Gold “Unicorn” Ref. 6265 – $6 million

11. Patek Philippe Stainless Steel Ref. 1579 – $5.5 million

12. Patek Philippe Platinum World Time Ref. 2499 – $5.4 million

13. Patek Philippe Yellow Gold Calibre 175 – $5 million

14. Patek Philippe Stainless Steel Ref. 1513 – $4.8 million

15. Patek Philippe Stainless Steel Ref. 1450 – $4.7 million

16. Patek Philippe Stainless Steel Ref. 1518 – $4.6 million

17. Patek Philippe Stainless Steel Ref. 1519 – $4.5 million

18. Patek Philippe Stainless Steel Ref. 1575 – $4.3 million

19. Patek Philippe Stainless Steel Ref. 1463 – $4.2 million

20. Patek Philippe Stainless Steel Ref. 1591 – $4 million

Disclaimer

The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.

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