KICNEWS

Category: Business

  • CAC attending to over 15,000 applications daily for its fintech regularisation program

    CAC attending to over 15,000 applications daily for its fintech regularisation program

     

    The Corporate Affairs Commission (CAC) has stated that it is treating no less than 15,000 applications daily, including on weekends, for its fintech regularisation program.

    The commission stated in a public notice on ease of doing business while disregarding misleading claims made in the media about its services with respect to name search availability. It noted that the reports were false and aimed at discrediting the image of the organisation.

    On its effort to regularise the fintech and agent banking industry, the commission stated that its approving officers are treating each application based on its merit.  

    It stated, “The General Public may recall that in line with the provisions of Section 863(1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013, the Commission commenced the regularisation of all Fintechs in the country.” 

    “In view of the set deadline for the regularisation of the Fintechs, the Commission is unprecedentedly treating no less than 15,000 applications per day (weekends inclusive), and its hardworking approving officers are working assiduously to treat applications based on their merits.” 

     

  • Moniepoint, Opay, Palmpay, Others Set to Block PoS Operators’ Accounts as CAC Deadline Nears

    Moniepoint, Opay, Palmpay, Others Set to Block PoS Operators’ Accounts as CAC Deadline Nears

    Palmpay sends message to customers With a few days left to the deadline,

    Palmpay, one of the fintech companies, has instructed POS operators in its network to comply with the directives. According to Umuteme Enakeno, head of marketing and communication at PalmPay, failure to comply will result in accounts being frozen after the deadline. Read more: https://www.legit.ng/business-economy/1599409-palmpay-fintech-set-block-pos-operators-accounts

    CAC’s POS registration directive Legit.ng earlier reported that the Central Bank of Nigeria, in a memo issued on April 30, 2024, directed all non-individuals on the agent banking authorisation to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

     

    The directive made it mandatory for PoS terminals, whether agents, merchants, or individuals, to register with CAC before the commencement of business. Following up on the CBN announcement, CAC released a statement titled ‘‘Enforcement of Compliance with CBN Directive on Registration Before Onboarding” demanding that banks ensure registration on or before July 7, 2024. Part of the statement reads: “The Registrar-General therefore enjoined the banks to ensure maximum compliance with the requirements of the law to ensure economic growth

  • FG, Ogun offer grants to over 17,000 MSMEs

    FG, Ogun offer grants to over 17,000 MSMEs

    FG, Ogun offer grants to over 17,000 MSMEs

    The Federal Government and the Ogun State Government have given grants to more than 17,000 Micro, Small and Medium Enterprises and traders in the state.

     

    According to a statement from the Ogun State Government on Sunday, Vice President Kashim Shettima announced this during the second Expanded National Micro, Small and Medium Enterprises Business Clinic, which was held in the state recently.

     

    The Office of the Vice President in collaboration with the Ogun State Government organised the MSMEs clinic in Abeokuta.

     

    The Office of the Vice President in collaboration with the Ogun State Government organised the MSMEs clinic in Abeokuta.

    Speaking at the event, Shettima said that 200 entrepreneurs at the Modern Adire Shared Facility would each get a grant of N100,000 each and an exemption from paying rent for one year.

    He also added that each exhibitor at the Expanded National MSMEs Business Clinics would get N150,000 grant to further boost their businesses.

    The consolidated efforts serve as a facilitator which would lead to a robust environment for our MSMEs to grow. Ogun State has been impressive with its roles in improving the lots of MSMEs,” he said.

    In his address, The Ogun State Governor, Dapo Abiodun, disclosed that the state government, given the present economic condition, would support small businesses with a N2bn conditional grant, through which 10,000 MSMEs would be empowered with N100,000 in grants each.

    He added that 2,000 SMEs would each get a N500,000 grant to aid their businesses.

    Abiodun added that as part of his administration’s first phase of intervention, the informal sector would also benefit as 5,000 market women, who would each get N50,000 to boost their trading activities and students would also benefit from the government cash grant.

    He revealed that the state in its drive to harness the benefits of the African Continental Free Trade Agreement, would through its SME Industrial Land Administration Scheme establish a 1,000-hectare SME industrial park.

    The governor said that the park would be available to small business owners at lower market rates, with benefits such as Certificates of Occupancy and other incentives, including rebates on taxes and land use charges.

    In his response, the President of Organised Private Sector Network and  Association of Small Business Owners of Nigeria, Dr Femi Egbesola, lauded the Federal and Ogun State Governments for the grants, describing it as timely help, which would ultimately enhance businesses and result in improved revenue generation for the government in the long run.

  • Grant’s Whisky gets new ambassadors

    Grant’s Whisky gets new ambassadors

    Blended Scotch whisky brand, Grant’s, has recruited three music groups as its new brand ambassadors as part of its Crew Nights campaign.

     

    Grant’s Whisky unveiled its brand ambassadors, including the musical band Alternate Sound, and two duos consisting of Maze and Mxtreme, and Handi and Wanni at the company’s Ledrop Nigeria Corporate Office in Lekki, Lagos, on Wednesday.

     

    In a statement, the Scotch whisky brand described the brand ambassadors as embodying the spirit of excellence, togetherness and creating memorable experien

     

    In a statement, the Scotch whisky brand described the brand ambassadors as embodying the spirit of excellence, togetherness and creating memorable experiences.

     

    “The new brand ambassadors are not only celebrated in their respective fields but are also passionate whisky enthusiasts, making them ideal advocates for the brand,” it stated.

     

    Grant’s Whisky said it chose Alternate Sound, a musical band known for using advanced technology to deliver high-quality live band experience and regarded for their work with stellar dossiers of artists on both local and international stages.

     

    According to the brand, the two musical duos, Maze and Mxtreme, who make electronic music, are known for performing as disc jockeys and Wanni and Handi, a disc jockey act of twin sisters known for their energetic performances.

    Grants noted that it looked forward to working with its new ambassadors on its Grant’s Crew Nights campaign, which it referred to as “an initiative promoting the spirit of togetherness and fostering communal experiences”.

     

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  • Flutterwave, EFCC Partnership: A Game-changer In Africa’s Fight Against Cybercrime

    Flutterwave, EFCC Partnership: A Game-changer In Africa’s Fight Against Cybercrime

     

    In an era where digital transactions have become the lifeblood of global commerce, the recent partnership between Flutterwave, Africa’s leading payments technology company, and Nigeria’s Economic and Financial Crimes Commission (EFCC) marks a watershed moment in the continent’s fight against cybercrime.

    This collaboration, formalised through a Memorandum of Understanding on June 14, 2024, is not just another corporate social responsibility initiative; it’s a bold statement of intent that could reshape the landscape of financial security in Africa.

    The centrepiece of this partnership – a state-of-the-art Cybercrime Research Center – is poised to become a beacon of hope in a region long plagued by the spectre of internet fraud. By bringing together the technological prowess of Flutterwave and the legal authority of the EFCC, this initiative represents a potent fusion of private sector innovation and public sector mandate.

     

    At first glance, the partnership might seem like an unlikely alliance. Flutterwave, a darling of Africa’s burgeoning tech scene, joining forces with a government agency often viewed with scepticism.
    However, this collaboration could be exactly what’s needed to turn the tide against cybercrime in Africa.
    The timing of this partnership could not be more critical. As Africa rapidly digitalises, with millions of new internet users coming online each year, the continent has become a prime target for cybercriminals.

    The COVID-19 pandemic has only accelerated this trend, pushing more transactions online and creating new vulnerabilities for fraudsters to exploit.

     

     

     

     

  • Goodnews!: Facebook Content Creators In Nigeria Now Eligible For Monetisation

    Goodnews!: Facebook Content Creators In Nigeria Now Eligible For Monetisation

     

    Content creators in Nigeria can now earn money from ad revenue as Meta has made good its promise of making the country eligible for monetisation. (more…)

  • Banks, Others Sell Naira for New Rate as Dollar Supply Increases by $110m in 24 Hours

    Banks, Others Sell Naira for New Rate as Dollar Supply Increases by $110m in 24 Hours

    The naira closed at N1,510/dollar on Thursday, almost unchanged from the N1,507/dollar the previous day

    Data shows that dollar supply increased in the official window by N110 million compared to the previous day

    According to the CBN, total foreign exchange inflow in the country has increased in recent times amid several policy reforms

    According to official data from FMDQ securities, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the amount represents a 0.15% decline compared to the closing rate of N1,507.83 on Wednesday, 26.

    The Nigerian economy received approximately $5.95 billion in funding from the World Bank and Afreximbank in a single month, June 2024.

     

    Another source of inflow is foreign direct investment (FDI), which refers to investments made in domestic firms by foreign corporations through things like factory setup, real estate purchases, and ownership holdings in local businesses. International exchange inflows can also come from grants, remittances, international aid, and portfolio investment.

    Cardoso reported that compared to the inflows recorded in the prior quarters, the foreign exchange inflows for the first quarter of 2024 are almost 50% greater. 

     

     

  • Flutterwave Sacks Workers After Hackers Divert N11 Billion From Company Account

    Flutterwave Sacks Workers After Hackers Divert N11 Billion From Company Account

     

    Flutterwave, a startup in payment technology, has let go of twenty-four workers, or 3% of its personnel The company’s CEO said the move is part of its strategy to realign and capitalise on opportunities in its core business segments He added that the affected employees will receive some benefits depending on the nation in which they are employed 

    Flutterwave’s CEO, Olugbega Agboola, announced this in a statement released on Monday 

    He added that the company is committed to doing more with its expanding remittance sector, “Send app.” He also mentioned that the company has made a data-driven decision to reallocate resources to its core business, enterprise payments.

     

    Agboola said: “Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce,” Flutterwave said. “These Wavers are some of the most hardworking people you’d meet. We put in the work and I can confidently say that at Flutterwave, we have a competent workforce where everyone actively contributes.

    But once the data and the busines is pointing us to a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us.”

    Affected workers to get benefits Agboola further said an average of three months gross salary, depending on the country where the employee is based, will be paid.

    He added: “We will also be monetising your unutilised accrued leave days. You will continue to have free access to our professional training platform for 12 months after your transitioning.”

     

    “We will be providing you with free outplacement service for 3 months. For Wavers with stock options, we will support you with an additional vesting period of 6 months. “You will have 3 months of free healthcare. You will continue to have access to our mental health and career coaches for 3 months post transitioning.”

     

    The CEO announced that there will be a review of compensation for all remaining staff. This comprises a new performance-based bonus structure linked to individual and team performance criteria, as well as a wage-based increase for the majority of employees that is in line with the market.

  • Fire Incident In Our Plant Minor, Contained, Says Dangote Refinery

    There was a minor fire outbreak on Wednesday, affecting Effluent Treatment Plant (ETP) section of the Dangote Petroleum Refinery.

    The management of the refinery has however described the incident as minor, saying the inferno was swiftly contained.

    Spokesperson of Dangote Industries Limited, Anthony Chiejina, who disclosed this in a brief statement made avaiulable to newsmen on Wednesday allayed the fears of the people, saying there was no cause for alarm.

    “We have swiftly contained a minor fire incident at our Effluent Treatment Plant (ETP), today Wednesday 26th of June.

    “There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to all our staff on duty.”

     

     

  • Capital Market: New SEC Chair Unveils Plans To Address Challenges, Boost Investor Confidence

    Capital Market: New SEC Chair Unveils Plans To Address Challenges, Boost Investor Confidence

    Capital Market: New SEC Chair Unveils Plans To Address Challenges, Boost Investor Confidence

    The newly appointed Chairman of the Securities and Exchange Commission (SEC), Alhaji Mairiga Aliyu Katuka, has shared his vision and strategic plans for addressing the prevailing issues within the regulatory agency and enhancing investor confidence in the Nigerian capital market.

    In a recent chat with select journalists, Katuka acknowledged the longstanding challenges faced by the SEC, particularly concerning staff welfare.

    “Before this new administration came on board, there were issues of staff not getting promotions for a long time and not having their salaries reviewed for over 10 years. The lack of promotion has been particularly disturbing,” he noted.

    Addressing the concerns, Katuka emphasised the importance of human resources in achieving SEC’s goals and assured that the team was already working on strategic plans to revitalise the capital market.

    Reiterating that building investor confidence was a top priority for the new administration, Katuka stated, “The capital market requires investor confidence, and we will do everything possible to ensure its success. Building investor confidence means ensuring that the market is transparent, dynamic, and fair, so investors can invest without fear.” He highlighted the need for credibility and integrity in the market and mentioned plans to engage stakeholders to support strategic initiatives.

    One significant focus area was increasing public awareness about the SEC’s activities. Katuka pointed out that many Nigerians, including the elite, were hesitant to invest due to a lack of understanding of the capital market. To address this, he said the SEC planned to launch engaging sensitisation programs and involve the press to educate potential investors about the market’s benefits.

    Katuka also emphasised the role of technology in modernising the SEC operations, stating, “We plan to make our IT robust to accommodate our goals.” With the SEC chairman’s 20 years of experience, the administration was confident in establishing a reliable market that both investors and stakeholders can trust.

    Katuka ended by addressing the SEC staff issue, reassuring them of efforts to improve their working conditions and boost their morale. He urged all Nigerians to support the SEC’s initiatives to ensure the success of the capital market. With these strategic plans in place, the new SEC administration aims to resolve existing issues, enhance market transparency, and foster a culture of informed investment across Nigeria.

    Born on February 15, 1961, in Keffi, present-day Nasarawa State, Alhaji Mairiga Aliyu Katuka obtained a Higher National Diploma in Accounting from Federal Polytechnic, Bida, in 1985, followed by a Master’s degree in Business Administration from Ahmadu Bello University in 2007. He holds numerous professional qualifications and certifications and is a Fellow of the Certified National Accountants of Nigeria (FCNA) and a member of the Nigeria Institute of Management (MNIM) and the Chartered Institute of Forensic and Certified Fraud Investigators of Nigeria (CCrFA).