In Summary▪︎Global Banks N500bn▪︎National Banks N200bn ▪︎Regional Banks N50bn ▪︎All banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026 The Central Bank of Nigeria has announced the increase in the capital base of commercial banks with international authorisation to N500 billion…
” The $600 million Iron Ore Mining & Processing Facility owned by the African Natural Resources and Mines Limited (ANRML) in Kaduna state, is a significant stride in Nigeria’s mining sector.” This statement was made by Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite. “Alake Dele and I inspected the $600m ANRML investment in…
The Manufacturers Association of Nigeria(MAN) requested the Honourable Minister of Industry, Trade, and Investment, Mrs Doris Uzoka-Anite to intervene in the $2.4 billion forex forward contracts of manufacturing concerns allegedly declared invalid by the Central Bank of Nigeria (CBN). The request was made during a crucial meeting with the Minister on the unpaid $2.4 billion…
The Standards Organisation of Nigeria (SON) has warned importers of tyres against stuffing it before shipment They may look nice in the eyes, but we rely on scientific investigation and analysis ” The act of stuffing tyres into one another instead of bringing it in different containers renders the tyres dead on arrival into the…
By Industrial Times staff writer For some time now, some among our tenth Republic Ministers have been fanning the flames to return Nigeria to the era of importation of bagged cement to stabilise the rising cost in the markets. The drum beats for the importation of cement started throbbing in August 2023. THE FIRST THREAT FOR…
Dr Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise [CPPE] has condemned the recent remarks on the floor of the House of Representatives on cement price which portrayed cement manufacturers (Dangote, BUA and Lafarge) in very bad light. ” For an economy seeking to industrialise, attract investors and create jobs,…
The leadership of the Manufacturers Association of Nigeria (MAN) are on working visit to member companies in Edo and Delta State. The MAN leadership will also visit the Edo State Governor, His Excellency Godwin Obaseki, and His Royal Majesty, the Oba of Benin, Oba Ewuare II. In a statement,MAN said that the visit was ahead…
▪︎ The Acting Executive Vice-Chairman of FCCPC, Dr Adamu Abdullahi. The Federal Competition and Consumer Protection Commission (FCCPC) is warming up to dissolve market associations in the country, saying that they are behind the rising cost of food items nationwide. The Acting Executive Vice-Chairman of FCCPC, Dr Adamu Abdullahi, who gave this hint, said that…
Fan Milk PLC, a subsidiary of Danone Company, has signed a partnership agreement with Obasanjo Farms Nigeria Limited, to supply raw milk for its operations. Chief Olusegun Obasanjo, the Chairman of Obasanjo Farms Limited, signed on behalf of the Farms, while Mr Vikram Agarwal, Global Chief Operations Officer Danone, signed for Fan Milk PLC. In…
“Again, Mr Speaker, Unilever Ghana, which has for a very long time been producing its famous Lipton tea in Ghana, has stopped its tea production here. Unilever has relocated its tea production to Nigeria.” The Minority Leader in Parliament, Dr Cassiel Ato Forson, disclosed this, following President Akufo-Addo’s 2024 State of the Nation address presented…
