Commerce articles

Innoson boss speaks on move by the police to get him arrested

Innoson boss speaks on move by the police to get him arrested

The founder of Innoson Nigeria Limited, Innocent Chukwuma, has denied there was a bench warrant application at the Lagos Division of the Federal High Court instituted by the Nigerian government seeking his arrest. The government had applied for a bench warrant for the arrest of Mr. Chukwuma and his company, as well as Charles Chukwu

Osinbajo signs new laws to allow you use freezer, generator as collateral for bank loan

Acting President Yemi Osinbajo has signed two new laws that would help facilitate access to more affordable credit facilities for businesses in the country. In a statement on Tuesday, Laolu Akande, Osinbajo’s spokesman, listed the acts to include the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit

Reps pass bill prescribing 10-year jail term/N10m for violators of consumer rights

As part of efforts to ease the Nigerian business environment for investors and grow the economy, the House of Representatives has passed a Bill that seeks to, among other things, establish the Competition and Consumer Protection Tribunal to promote healthy business competition and strengthen consumer rights, The Nigerian Television Authority. The House adopted the recommendation

Second hand clothes worth N20m burnt

Over N20 million worth of goods has been destroyed by fire at second hand cloth market in Gusau, Zamfara state. The incident occurred late Tuesday. Twelve shops, housing second hand clothes and other valuables belonging to the traders were affected. One of the victims, Alhaji Adamu Maigwanjo who spoke to NAN on behalf of others

2017 Budget threatened as Senate lays MTEF aside over incompleteness

Hope of the 2017 budget being passed on time dimmed with the Senate casting aside the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP). The MTEF/FSP lays the foundation for the budget and the law requires that it be passed by the National Assembly before the budget is passed. This is regardless of the fact that

Adeosun lied! Video shows Nigeria’s Finance Minister dismissed recession as ‘a word’

Finance Minister, Kemi Adeosun, indeed said Nigeria’s current economic recession is just “a word”, PREMIUM TIMES can confirm today, two days after the minister denied making such statement. The confirmation, based on video evidence, counters Mrs. Adeosun’s denial on Thursday, after the comment became controversial, with many condemning it as insensitive to the sufferings of

How FG caused economic recession-Emir Sanusi

The Emir of Kano, Muhammadu Sanusi, on August 24, warned President Muhammadu Buhari to avoid repeating the mistakes made by former President Goodluck Jonathan so his administration does not end up in infamy like that of his predecessor. The former governor of the Central Bank of Nigeria also warned the government against continuing to blame

FACT CHECK: Amaechi lied, no recession under Jonathan, 7,000MW under PMB, false

Rotimi Amaechi, minister of transportation and former governor of Rivers state, made false claims about Nigeria generating 7,000MW of electricity under President Muhammadu Buhari, TheCable can confirm. In an interview with Osasu Igbinedion, after the launch of the Kaduna-Abuja railway line, Amaechi said Nigeria was generating 7,000MW of electricity before the resumption of militant activities

Naira depreciates further

The Naira on Wednesday depreciated further at the parallel market, exchanging for N322 to the dollar. The naira lost N1 from the N321 it traded on Monday. Also the naira traded at N465 and N365 against the Pound Sterling and the Euro respectively from the N467 and N365 it exchanged on Monday. Meanwhile, the naira

ANAN to Assist FG on zero based budgeting

The Association of National Accountants of Nigeria (ANAN) has promised to provide technical knowledge to staff of Ministry of Budget and National Planning on Zero Based Budgeting (ZBB) Concept adopted in the 2016 budget. The promise was made when members of the association led by its President and Chairman of Council, Anthony Chukuemeka Nzom, FCNA,

Economic crisis: Guinness profit down by 83%

Guinness Nigeria Plc says its nine-month profit has fallen by 83 percent from N5.2 billion in March 2015 to N864 million in March 2016. Nigeria’s second-largest brewer also experienced a revenue drop of 18 percent from N84.75 billion to N69.6 billion. Just after the announcement of the three-quarter results, Guinness Nigeria shares fell by N1.84

Exhibitors count losses as rainstorm destroys Delta trade fair complex

A rainstorm late Sunday disrupted the 2014 Delta State Trade Fair, Osubi, near Warri, resulting in the loss of goods worth several millions of naira by the exhibitors who had already pitched their tents and displayed their products. Many exhibitors who were already on ground with their goods before the downpour were counting their losses

Insurance can transform Nigerian economy – Oteh

Director General of the Securities and Exchange Commission (SEC) Arunma Oteh has said that a focus on insurance can transform the Nigerian economy. Oteh, who spoke during a television programme, “Eye on Nigeria’s Capital Market” on CNBC Africa, monitored in Abuja, said the insurance sector had often been instrumental to the growth of several economies

Apo traders protest non-release of land documents, besiege managing agency’s offices

Apparently out of frustration, some businessmen and artisans under the aegis of Apo Trades Association on Tuesday, staged a protest march to the Abuja Metropolitan Management Council (AMMC) offices at Wuse, Zone 6, Abuja, demanding the release of land documents for a new site said to have been approved for them at Wasa District for