Category Archive : Business

You’re Barred From Sacking Your Staff Without Our Permission – CBN Tells Banks

The Central Bank of Nigeria CBN has issued a warning to all commercial banks in the country to stop laying of Staff due to the Covid-19 pandemic. The bankers committee held a special meeting of 2nd May, 2020 where the decision was reached.

The Apex bank gave the directive after Access Bank announced the sack of 75% of its staff on the basis of economic challenges the bank is facing as the Coronavirus gains ground in Nigeria.

In a directive signed by Isaac Okorafor, Director corporate communications of the CBN, the Apex bank made it clear that any commercial bank intending to sack their staff must get the approval of the CBN before that can happen.

The directive is a step in the right direction to curb the unemployment rate of Nigerians in this trying times.

Photos! Don Jazzy Unveils His Mavin Headquarters Worth Billions Of Naira

Nigeria’s famous music producer and entrepreneur Michael Collins aka Don Jazzy has revealed the Twin Mansions of Mavin Studio Headquarters believed to cost billions of naira. The building which is aesthetically decorated in black exterior is located at Ajeose Adeogun, Victoria Island Lagos.

Don Jazzy in one of the offices in the building

The Mavin CEO who has been in the top spot of Nigerian Music industry for more than a decade, has produced stars like Dbanj, Tiwa Savage and recently the young talent Rema.

The Twin Mansions

Congratulations to the Mavin Boss!

Nigerian Man Invents New Type Of Tricycles

A Nigerian Security systems analyst and entrepreneur Mr Oluwaseun Oyegbola has invented tricycles with doors and covers, fitted with cooling fan to keep the passengers cool while in the ride.

Mr Oyegbola

Mr Oyegbola said his invention is to encourage the adoption of tricycle hailing services and also bring a new dimension to the use of tricycles in Nigeria.

Speaking on why he used cooling fans instead of air conditioners, Mr Oluwaseun said that the engine capacity of tricycles are too small to handle the power of air conditioners and any attempt to use more powerful engines will increase the cost of the tricycles.

The tricycles are notably more convenient for commuters than the regular open tricycles. He pegged the price for one unit at N950k, while attractive discounts will be given on purchasing 10 units and above.

My Oyegbola has called for investors to buy into the project.

Government Seals First Bank For Owing N200m Tax

A First Bank of Nigeria branch located at Calabar road, Calabar, the Cross River State capital has today been sealed off by the Cross River State Internal Revenue Service for tax debts.

The order which was a motion Ex-parte filed on the 25th day of September, 2019 by the Cross River Internal Revenue service on behalf of the Cross River Government held that the bank owed a sum of N211,094,450 being debt for the period of 2005-2010 for pay-as-you-earn deductions, business premises, development levies, withholding tax (excluding interest) and liabilities.

Below is the court order and seal at the bank premises:

There Are Rich Opportunities To Make Money in Nigeria – Senator George Akume

Senator Akume

Former Senator of the Federal Republic and now Minister of Special Duties and Intergovernmental Affairs, Senator George Akume, has said that there exist a lot of rich opportunities to make money in Nigeria, irrespective of the bad reports being circulated about Nigeria.

The minister who lauded the current administration for working so hard to reposition Nigeria and end insecurity, blamed the PDP for destroying the country’s economy, turning a blind eye to insecurity and looting funds meant to provide electricity, in its 16 years rule.

He spoke passionately, “When people talk so much about this government negatively, I believe they have a sinister motive and purpose. Sincerely, they are no angels in government but there is a big difference between what was and what is.

The system was bad when this government came on board in 2015. And at the time we came virtually all sectors of the economy had broken down; (there were) serious security breaches.

You can testify that a lot has been done by this government in that area to stem the tide of insecurity. When I was in the Senate, I happened to be a member of the committee on defence; we visited the North East and virtually everything was bad.

I knew what was going on in the North East. Frankly, about half of that place was taken over by Boko Haram. Today, Boko Haram has been seriously degraded. .

Of course, they strike from time to time which is normal even in Iraq, Egypt and so on. Boko Haram can never ever operate with impunity. What the military is doing is now is a mopping up of pressure. .

Banditry, robbery, and kidnappings are pains of democratic transition. The offences against these vices are very strong.

When you are outside the country and you hear people talk about Nigeria, you will think it is a place where life is nasty, brutish, and short – where you cannot do business. But when you get into the country, look at the rich opportunities that the country offer. The fact is that those who are doing business here also smile to the bank.”