Business

How long will it take to incorporate a company in Nigeria? It will now be done within 24 – 48 hrs and other trending business stories

The Enabling Business Environment Secretariat (EBES) that’s been set up to improve business in Nigeria, yesterday evening announced that business incorporation in Nigeria will now be done within 24 – 48 hours. This is very exciting news as they detailed what had been done alongside the CAC to achieve this. In a series of tweets posted on their twitter account, they made the details known. Please find the tweets below:

It remains to be seen how well this new system works but we congratulate EBES and CAC on this initiative and hope this brings more development and prosperity to our country.

The Nigerian Bottling Company have said Fanta, Sprite are okay for consumption!

Social media was set ablaze when there were posts about coca-cola products not being safe for human consumption:

Then a Lagos High Court ordered the National Agency for Food and Drug Administration and Control (NAFDAC) to henceforth mandate the Nigeria Bottling Company (NBC) Plc to include on all bottles of Fanta and Sprite soft drinks manufactured by the company a written warning that the content of the said bottles of soft drinks cannot be taken with Vitamin C as same becomes poisonous if taken with vitamin C.

Thisday reports that, In an amended statement of claim filed before the court by a Lagos lawyer Abiodun Onidare, on behalf of the claimants, it was alleged that sometimes in March, 2007 Fijabi Adebo Holdings Company purchased from NBC large quantities of Coca-Cola, Fanta Orange, Sprite, Fanta Lemon, Fanta Pineapple and Soda Water for export to the United Kingdom for retail purposes and supply to their customers in UK.

When the consignment of the soft drinks arrived in the UK, fundamental health related matters were raised on the contents and composition of the Fanta and Sprite products by the UK health authorities, specifically the Stockport Metropolitan Borough Council’s Trading Standard Department of Environment and Economy Directorate.
The findings of the from UK were also corroborated by the Coca-Cola European Union and products were found to have excessive levels of “Sunset Yellow and benzoic acid” which are unsafe for human consumption.

Due to the irregularities and harmful content of the soft drinks which can cause cancer to the consumer, the claimants could not sell the Fanta and Sprite products resulting in appreciable losses, as they were certified unsuitable for consumption and were seized and destroyed by the UK health authorities.

However, the Nigerian Bottling Company Limited (NBC) has allayed public fears on the safety of benzoic and ascorbic acids as ingredients in soft drinks.

In an excerpt of the statement in the Vanguard it says, ‘The wrong perception emanating from the media reports that our Fanta and Sprite beverages which are fully compliant with all national and international food quality and safety standards are unsafe, simply because their levels of Benzoic acid were not within the UK standards, is not only unfounded but also undermines the entire food and beverage industry in Nigeria which is regulated by the same ingredient levels approved by NAFDAC and other regulatory bodies for the country.’

Nigerians on Twitter, no having it from Coca Cola though:

The 2017 Africa CEO Forum Awards set to hold on 20 and 21 March, 2017 in Geneva.

The Award Categories and nominated persons and companies are:

CEO of the Year
• Abdulsamad Rabiu, CEO, BUA Group
• Issad Rebrab, Chairman, Cevital
• Mohammed Dewji, CEO, MeTL
• Naguib Sawiris, Chairman, OTMT Investments
• Said Salim Awadh Bakhresa, CEO, Bakhresa Group
• Strive Masiyiwa, CEO, Econet

Young CEO of the Year
• Anta Babacar Ngom Bathily, MD, Sedima
• Basil El-Baz, CEO, Carbon Holdings
• Darshan Chandaria, CEO, Chandaria Industries
• James Mworia, CEO, Centum Investments
• Mohamed Ben Ouda, MD, SNTL
• Lamia Tazi, MD, Sothema

Young CEO of the Year
• Anta Babacar Ngom Bathily, DG, Sedima
• Basil El-Baz, PDG, Carbon Holdings
• Darshan Chandaria, PDG, Chandaria Industries
• James Mworia, PDG, Centum Investments
• Mohamed Ben Ouda, DG, SNTL
• Lamia Tazi, DG, Sothema

African Company of the Year
• CIEL Group
• ECONET
• Elsewedy Electric
• Label’Vie
• MTN
• OCP Group

African Bank of the Year
• Attijariwafa Bank
• Banque Centrale Populaire
• Ecobank
• Mauritius Commercial Bank
• Standard Bank Group
•. United Bank For Africa

Private Equity Investor of the Year
• Actis
• Afrinvest
• Development Partners International LLP
• Helios Investment Partners
• Leapfrog Investments
• The Abraaj Group

International Corporation of the Year
• Allianz
• Coca-Cola
• Mota-Engil
• Orange
• Siemens
• Vitol

Uncertainty over Shell renewing Oil Blocks in 2019

Shell has in the past few years, divested its holdings on the back of difficulties encountered while operating in this region, including the vandalization of oil infrastructure, oil theft and insecurity. It has divested its interests in at least 8 onshore Oil Mining Leases (OMLs), from 2010 to date, marking a gradual shift away from difficult places like Nigerian onshore oil and in line with its global strategy of optimizing capital and getting back to growth.

FG slashes fertiliser price by half

President Muhammadu Buhari has approved the payment of the outstanding N22bn that is meant for dealers of agricultural inputs, popularly known as agro-dealers, in order to ensure the seamless distribution of fertilisers at an approved rate of N5,500 for 50kg.

Earlier this year, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, announced that the Federal Government was working out measures that would lead to the crash in the price of fertiliser by 50 per cent.