Author: Akintayo Adams

Following regulatory approvals, Guinness Nigeria PLC has completed the sale of Diageo’s 58.02% shareholding to Tolaram, effective 30th September 2024. This transaction makes Tolaram the new majority shareholder while maintaining long-term licensing and royalty agreements for Guinness Nigeria to continue producing and selling the Guinness brand and other Diageo products locally. This marks a new chapter in Guinness Nigeria’s over 70-year history as a key player in Nigerian culture. Under Tolaram’s leadership, the company is expected to build on its legacy with iconic brands like Guinness, Malta Guinness, and Orijin, leveraging Tolaram’s experience in the region. As part of the…

The Federal Government of Nigeria, through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has introduced tax incentives aimed at bolstering deep offshore oil operations and gas production. These measures are outlined in the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024. According to Edun, this initiative seeks to position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments. L The incentives are part of a broader set of investment-driven policies initiated by President Bola Ahmed Tinubu, aligning with Policy Directives 40-42, which focus on enhancing the country’s…

The Federal Government of Nigeria has announced value-added tax (VAT) exemptions on several energy products, including diesel, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and electric vehicles, in an effort to reduce costs for consumers and promote energy security. This was revealed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in a statement issued on Wednesday. The VAT exemption is part of the newly introduced VAT Modification Order 2024, which seeks to lower the cost of living and support Nigeria’s transition to cleaner energy. The VAT exemptions will apply to a variety of…

Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), has publicly apologized for a statement he made in 2021, where he claimed that those who do not pay tithe would not make it to heaven. In his recent address, he expressed regret, stating, “I am going to be apologizing for saying, ‘If you don’t pay tithe, you might not make it to heaven.’ I’m sorry, that’s wrong, that’s not in the Bible.” He clarified that the Bible teaches, “Follow peace with all men, and holiness, without which no man shall see God,” emphasizing that salvation…

Obtaining NAFDAC registration and certification is essential for businesses in Nigeria involved in manufacturing, importing, exporting, or distributing consumable products such as food, drugs, cosmetics, chemicals, and medical devices. This certification ensures compliance with safety and quality standards set by the National Agency for Food and Drug Administration and Control (NAFDAC), safeguarding public health. Without NAFDAC approval, businesses face legal consequences, including fines, product confiscation, recalls, closures, or severe reputational harm. This certification is vital for maintaining consumer trust, ensuring market access, and promoting sustainable growth within the industry. Compliance with NAFDAC regulations is not only a legal requirement but…

Access Holdings has announced the completion of its merger with ARM Pensions Managers Limited, resulting in the formation of Access ARM Pensions Limited (AAPL), positioning the company among Nigeria’s largest pension fund administrators. The announcement was made on October 2, 2024, and shared via the NGX disclosure page, signed by Company Secretary Sunday Ekwochi. The merger was finalized after Access Golf Nigeria Limited, a major shareholder in Access Pensions Limited, received regulatory approvals to acquire a majority stake in ARM Pensions Managers. AAPL now manages nearly N3 trillion in assets and serves around 2 million retirement savings account holders. AAPL’s…

Mark Zuckerberg has surged to become the world’s second-richest person for the first time, surpassing Amazon founder Jeff Bezos, according to the Bloomberg Billionaires Index. As of Thursday, Zuckerberg’s net worth reached $206.2 billion, driven by the steady rise of Meta Platforms Inc. shares. This places him $1.1 billion ahead of Bezos and just behind Elon Musk, who remains the wealthiest person with a significant lead of nearly $50 billion. Zuckerberg’s resurgence comes as his bet on the metaverse, once seen as a potential misstep, begins to show results. Meta shares have jumped 23% following strong second-quarter sales and the…

The Academic Staff Union of Universities (ASUU) has raised alarm over the dire financial state of Nigerian universities, citing the “unbearable cost of electricity” as a major threat to their survival. ASUU President, Prof. Emmanuel Osodeke, expressed these concerns on Thursday during the opening of a two-day national conference held in Abuja. According to Osodeke, some universities face electricity bills ranging between ₦200 million to ₦300 million per month, while the federal government only allocates ₦15 million monthly for their total running costs, including electricity and other expenses. He criticized the stark disparity, pointing out that the government pays each…

Thursday, October 3, 2024 saw the Nigerian naira record a slight recovery, appreciating by 0.60% as dollar supply surged in the official market. Data from the FMDQ indicated that the naira closed at ₦1,659.26 per US dollar, compared to ₦1,669.15 on October 2, 2024. This follows a significant depreciation the previous day, when the naira had dropped by 8.25%, closing at ₦1,669.15 from ₦1,541 recorded at the end of September. The naira has faced ongoing volatility since falling below the ₦1,600 threshold in July, fluctuating between ₦1,500 and ₦1,600 in search of stability. On Thursday, FX turnover surged by 147.66%,…

The National Business and Technical Examinations Board (NABTEB) has revealed that out of the 67,751 candidates who sat for the 2024 In-School National Business Certificate (NBC) and National Technical Certificate (NTC) exams, 44,000 students achieved five credits or more, including in Mathematics and English Language. This represents 65.35% of the total candidates, according to NABTEB’s acting Registrar, Dr. Nnasia Ndareke Asanga, during the result release in Benin on Thursday. Furthermore, 62,235 candidates, or 92.42%, scored five credits or more with or without English and Mathematics. Dr. Asanga emphasized that a lack of funding, inadequate support, and the way industries and…