Business

Group Pulls Out Of Bakers’ Strike

Published

2 years ago

July 21, 2022

Editor

Amidst the strike by the Premium Breadmakers Association of Nigeria over rising production costs of bread, the Supreme Bakers and Confectioners Association on Thursday said they would not partake in the action in the national interest.

The PBAN had in a statement by its President, Emmanuel Onuorah, announced plans to halt production with effect from Thursday.

According to him, bakery has become almost impossible as the incessant increases in the prices of baking materials and diesel have affected the industry negatively.

Onuorah said bakeries were running in losses and the situation was no longer sustainable.

But while acknowledging that the nation’s economy, just as those of other countries globally, was currently experiencing a slump, the SBCA said the development demanded belt-tightening for both corporate and private individuals.

The President of SBCA, Edmond Egbuji, said these in a statement titled, ‘Our stand On the bakery debacle in Nigeria’, obtained by The PUNCH in Abuja.

He said, “We the Supreme Bakers and Confectioners Association wish to make our position clear on the current state of affairs in the bakery industry in Nigeria.

“The nation’s economy, just as those of other countries globally, is currently experiencing a slump.
This calls for belt-tightening for both corporate and private individuals.

“It would be recalled that some bakers associations on July 13, 2022, embarked on two weeks warning strike claiming it was due to a hike in the prices of baking materials.

Assembly, decries harsh policies
“According to the statement, the group will embark on the strike if the Federal Government does not give the necessary attention to their demands.

“Baking of bread and other confectioneries like other private businesses are facing the same global economic challenges that are not necessarily peculiar to Nigeria.

“We are working together with the Federal Government and some of the manufacturers and importers of baking materials to see how to cushion the effects on our members and the public.

“Bread is one of the common foods for the common man so to forcefully withdraw it from him will be disastrous.

“We, therefore, recognise that taking up a confrontational stance against the industry’s regulatory bodies or the federal government is not the way to go about it at the moment.

“We would rather continue to engage them in dialogue to fashion out a workable solution that would bring succour to the millions of Nigerians that are going through hard times.

“Our resolve is not to worsen the plight of ordinary Nigerians by denying them access to bread, which is currently one of their staple foods.

“Our intention is not to embark on strike action but rather to sit at a roundtable and come to grips with how to ameliorate the present difficulty confronting us.

“It is the intention of Supreme Bakers and Confectioners Association to join hands with the government to achieve this. Nigerians deserve to have their burdens made lighter, not worse.”

Business

Naira Slumps, Exchanges At Over N1,500 Against Dollar

Published

3 days ago

May 13, 2024

Editor

The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

Business

CAC Opens Centre For Registration Of PoS Operators

Published

1 week ago

May 9, 2024

Editor

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

1 week ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.