President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.
The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.
Some of the innovations include:
“Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;
“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way; Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing ‘authorised share capital’ with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;
“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and
“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives,” said Buhari’s Special Adviser on Media and Publicity, Femi Adesina.
President Muhammadu Buhari presents APC flag to the party’s governorship candidate in Edo State, Pastor Osagie Ize-Iyamu. The presentation was witnessed by Chairman, APC Caretaker Committee, Gov. Mai Mala Buni of Yobe, Gov. Abdullahi Ganduje of Kano and Gov. Atiku Bagudu of Kebbi in State House on 6th Aug 2020
Credit: Femi Adesina
President Muhammadu Buhari on Friday received the flag bearer of the All Progressives Congress (APC) and contestant in the September 19 governorship election in Edo State, Osagie Eze-Iyamu.
The President’s Special Adviser on Media and Publicity, Femi Adesina, made this known in a statement on his Facebook page.
Adesina in the statement stated that President Buhari officially presented the APC flag to Eze-Iyamu as it is traditionally done before the party’s candidates go into polls.
The Edo gubernatorial candidate was accompanied to the State House by the APC caretaker committee Chairman and Yobe State Governor, Mai Mala Buni and Chairman of the APC National Campaign Council for Edo State Governorship Election, also Governor of Kano State, Dr Abdullahi Umar Ganduje.
However, the former APC National Chairman, Adams Oshiomhole, who is also a former Edo State governor, was absence at the meeting.
While making comments after the meeting, the Chairman, Caretaker Committee of the APC, Mai Mala Buni said President Buhari was impressed with the performance of the candidate who emerged through a transparent process.
Eze-iyamu, however dismissed as untrue, report that four members-elect of the Edo State House of Assembly had met in his house on Thursday with the aim to impeach the Speaker of the House and elect new one.
The governorship candidate added that it is not true that President Buhari did not want to see him.
The Chairman of the APC National Campaign Council for Edo State Governorship Election and Governor of Kano State, Dr Abdullahi Umar Ganduje, who also commented on the politics in Edo State, described Eze-Iyamu’s contender in the forthcoming election, Godwin Obaseki, as an incumbent Governor who had not only failed but remained a liability to the Peoples Democratic Party (PDP).
Ganduje said: “I can assure you that Governor Obaseki is a liability to the PDP. I can assure you that we are contesting against a governor who failed woefully”.
According to the Chairman of the Progressive Governors Forum (PGF) and Governor of Kebbi State, Atiku Bagudu, all APC governors are working to ensure victory for the party at the September 19 gubernatorial poll.
Bagudu describes as “laughable” suggestion that the party’s governors were not backing Pastor Ize-Iyamu, confirming that they were all involved in the campaign process.
Eze-Iyamu, had previously contested for the position of Governor in Edo State under the Peoples Democratic Party (PDP) and against incumbent Governor, Godwin Obaseki, who was a member of the APC until recently when he defected to join the PDP.
Governor Abiodun stated that the recommencement of the road was “in continuation of our drive to complete all projects abandoned by the immediate past administration.
“At the moment, engineers are working on the Afa River area, after comprehensive measures have been put in place to enable vehicles move with ease as work continues”, he said.
Emphasising the importance of the Agosasa-Odo Afa road to the entire road network in Ipokia Local Government Area and axis, Prince Abiodun said: “It is a major road that connects towns within the LGA.
“Its significance aside, taxpayers’ welfare is also of priority to this Government.”
Governor Abiodun however, pleaded with everyone affected by the development to be patient as work on the road is expected to temporarily alter daily activities in the area while engineers strive to complete the road.
File photo: President Buhari at the Council Chamber, State House, Abuja.
Nigeria’s President Muhammadu Buhari has directed the Federal Capital Territory (FCT) and state governments on enforcimg the use of face masks in public places across the country.
This was disclosed Thursday by the Chairman, Presidential Task Force (PTF) on COVID-19, Boss Mustapha, at the daily briefing of PTF in Abuja.
In his review of the activities PTF, Mustapha, said the president ordered that the current phase of the National Response to COVID-19 should be maintained for another four weeks, but allowing some modifications.
Mustapha stated that: “President Buhari also asked the PTF to partner with states and local governments to improve community sensitisation and engagement to step up response to the COVID-19 response.
“He also encouraged state governments to collaborate with local government authorities to intensify necessary measures such as contact tracing, grassroots mobilisation and risk communication.
“He also ordered that collaboration with other mandate groups at federal/state levels to harmonise the country’s COVID-19 response be strengthened on the short, medium and long-term basis,” he said.
Mustapha, who is also the Secretary to the Government of the Federation (SGF), warned against stigmatisation and skepticism among Nigerians in the fight against COVID-19.
“I wish to remind all Nigerians that this fight is for every one; everyone must take responsibility.
“Disbelief and skepticism will further complicate our situation; we should not stigmatise anyone infected. Our communities should own the response and educate our citizens,” he said.
A 2019 Joint Report on Multilateral Development Banks’ Climate Finance has disclosed that climate financing by seven of the world’s largest multilateral development banks (MDBs) now totalled $61.6 billion as at 2019, of which $41.5 billion (67 per cent) was in low- and middle-income economies.
The study expanded the scope of reporting for the first time to all countries with multilateral development bank operations, providing data on MDB climate finance commitments beyond those directed solely at developing and emerging economies, but with the focus remaining on low- and middle-income countries.
This year the report combined data from the African Development Bank, the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDB Group), the World Bank Group (WBG) and – for the first time – the Islamic Development Bank (IsDB), which joined the working group in October 2017.
In 2019, the Asian Infrastructure Investment Bank (AIIB) also joined MDB working groups, and its data was presented separately within the current report.
The 2019 report showed that $46.6 billion, or 76 per cent of total financing for the year, was devoted to climate change mitigation investments that aim to reduce harmful greenhouse gas emissions and slow down global warming. Of this, 59 per cent went to low- and middle-income economies.
The remaining $15 billion, or 24 per cent, was invested in adaptation efforts to help countries build resilience to the mounting impacts of climate change, including worsening droughts, extreme flooding and rising sea levels. Ninety-three percent of this finance was directed at low- and middle-income economies.
Additional climate funds channelled through MDBs, such as the Climate Investment Funds (CIF), the Global Environment Facility (GEF), Trust Fund, the Global Energy Efficiency and Renewable Energy Fund (GEEREF), the European Union’s funds for Climate Action, and the Green Climate Fund (GCF), which play an important role in boosting MDB climate financing.
In 2019, MDBs reported a further $102.7 billion in net climate co-finance – investments from the public and private sector – taking the total of climate activity financed in the year to $164.3 billion.
MDBs have reported on climate finance since 2011, based on a jointly developed methodology for climate finance tracking.
The 2019 edition of the Joint Report on MDBs’ Climate Finance was published in the midst of the novel Coronavirus (COVID-19) pandemic, which has caused significant social and economic disruption, temporarily reducing global carbon emissions to 2006 levels.
Speaking on this development, the Director of Climate Change and Green Growth at the African Development Bank, Anthony Nyong, noted: “Our investments that contribute to the goals of the Paris Agreement continue to grow. The climate finance provided by the bank increased from $3.2 in 2018 to $3.5 billion in 2019 – representing 35 per cent of total project approvals worth $10.2 billion.”
The largest climate finance investments were made in the energy, agriculture and transport sectors.
Importantly, the bank exceeded its target of achieving parity between adaptation and mitigation finance by allocating 55 per cent of its climate finance resources to adaptation and 45 per cent to mitigation, whereas globally more than 70 per cent of climate finance is allocated to mitigation. More global efforts are needed to build climate change resilience and adaptation in Africa.
“As African economies face the devastating impacts of the COVID-19 pandemic, slacking action or redirecting financial resources from climate change will further compound these impacts in a diverse and complex manner,” Nyong said.
Spokesman, People's Democratic Party (PDP), Kola Ologbodiyan
Peoples Democratic Party (PDP) has rejected the reviewed broadcast code being foisted by the All Progressives Congress (APC)-led government, describing it as another draconian measure to muzzle the media and suppress free speech in Nigeria.
The party alleged that APC and its government “adopted the reviewed code with its N5 million fine to intimidate the media and gag whistle blowers from further exposing the humongous corruption, abuse of office, violation of human rights as well as officials’ betrayal of trust and abuse of office in the Muhammadu Buhari administration.”
The opposition party further alleged that “the code is also a grand plot to suppress and muzzle Nigerians and the media from publicly opposing plots by the APC to mortgage the sovereignty of our dear nation to foreign interests as being witnessed in the anti-Nigeria clauses in the loan agreements with China.”
The Minister of Information and Culture, Lai Mohammed, had Tuesday unveiled the reviewed Nigeria Broadcasting Code which contains the antitrust provision aimed at boosting local content and encouraging the growth of the local industry, among other provisions.
In his remarks at the unveiling ceremony organised by the National Broadcasting Commission (NBC) in Lagos, the minister said the antitrust provision would boost local content and local industry due to laws prohibiting exclusive use of rights by broadcasters who intend to create monopolies and hold the entire market to themselves.
He added that the antitrust provision would also encourage open access to premium content.
”I must explain that this provision is not new to Nigeria Broadcasting. Exclusivity was disallowed at a certain time in the history of our broadcasting. I recall Multichoice sub-licensing EPL matches to other local operators in Nigeria. I recall HITV engaging several local operators on sub-licensing the EPL when they got the rights,” Mohammed said.
He explained that the revised code contains the law prohibiting backlog of advertising debts in order to promote sustainability for the station
owners and producers of content, as well as the law on registration of Web Broadcasting, which would grant the country the opportunity to regulate negative foreign broadcasts that could harm the nation.
“The provisions on responsibility of broadcast stations to devote airtime to national emergencies…obviously mandates terrestrial and Pay TV channels to make their services available to Nigerians at time of national emergencies – like the ongoing COVID-19 pandemic – for their education and enlightenment,” the minister noted.
He said the amended code also includes the provision raising the fine for hate speech from N500,000 to 5 million.
Mohammed clarified that the amendments were necessitated by a
Presidential directive, in the wake of the 2019 general elections, for an inquiry into the regulatory role of the NBC with a view to repositioning the regulator for optimum performance.
He said despite the attacks by some vested interests, who believed that their singular business interest was superior to national interest, over the provisions of the amended code, the Federal Government remained unperturbed,
“But, as it currently stands, the 6th edition and the amendments, which we are unveiling today, remain the regulations for broadcasting in Nigeria. Our intention remains the good of the country. We need to catalyse the growth of the local industry. We need to create jobs for our teeming creative youths. The opportunities must be created and we believe that effective regulatory interventions are a sure way of
attaining this. That’s why we will not waver,” the minister said.
But, PDP, in a statement on Thursday by its National Publicity Secretary, Kola Ologbondiyan, said: “The APC has been jittery over the stench of monumental corruption oozing out from its government as well as its anti-Nigeria activities, and now seeks to suppress public opinion and media reportage of their atrocities against our nation.”
PDP tasked Nigerians to note the alleged “APC administration rushed to review the broadcast codes and introduced draconian clauses at the height of public revelations and media reportage of its corruption and plots to mortgage our nation’s sovereignty to China.”
“The reviewed broadcast code therefore validates the stance by Nigerians that covering of corruption and the scheme to mortgage the sovereignty of our nation are official policies of the APC which has not denied that it is the headquarters of corruption.
“Our party however, wishes to inform the APC and its administration that the provisions of the 1999 Constitution and other laws guiding media practice, which guarantees a free press and freedom of opinion by Nigerians are clear and that no matter how much the truth is suppressed, it must always come to light.
“Moreover, the APC must know that we are in a democracy and that Nigerians cannot be suppressed from exercising their rights of speaking out in the face of injustice, corruption, abuse of trust in the APC administration, which President Buhari had also admitted,” PDP alleged.
The party charged Buhari “to direct the Ministry of Information and Culture to retrace its steps and stop all acts that further acerbate the ugly situation in our country under the APC corrupt and anti-people administration.”
Edo State Governor and Peoples Democratic Party (PDP) governorship candidate, Godwin Obaseki, has condemned the Thursday invasion of the state House of Assembly Complex by men of the Special Anti-Robbery Squad of the Nigeria Police.
This was coming as the Human Rights Writers Association of Nigeria (HURIWA) has also strongly flayed the invasion, saying the attempt by the police “to take over Edo State House of Assembly is unconstitutional and illegal.”
Obaseki, while speaking through his Special Adviser on Media and Communication Strategy, Crusoe Osagie, alleged that the invasion was part of the move by the All Progressives Congress (APC) to distract the PDP governorship candidate.
“APC is panic-stricken by the huge crowd of supporters in the campaign train of Governor Godwin Obaseki, candidate of the Peoples Democratic Party (PDP) in the forthcoming election, and resorted to the devilish plot to illegally hijack the legislature, inaugurate a parallel Assembly and possibly impeach the governor.
“To the glory of God, their plan failed. What APC has failed to understand is that in the hearts of millions of Edo people, Obaseki has become a movement, beyond a candidate that is seeking reelection.
“Edo people will resist anything short of a free, fair and credible election, come September 19.
“Only this morning, my attention was drawn to a post trending on social media in which a man, who just passed on, donated his house for Governor Obaseki’s reelection campaigns.
“The children of the late man said that their father left a will that the reelection campaign of the governor should be done in his house. I was moved by the gesture and this is another proof of the degree of affection Edo people have for Obaseki.
“Besides, leaders of APC already know that they stand no chance in the election and are working day and night to subvert the will of the people, and this morning’s stunt was one of such.
“We expect more shenanigans from APC, no matter how absurd, in the coming days, as we move closer to the September 19 date, when Edo people will reaffirm their confidence in Obaseki with their massive votes,” Osagie said.
In its reaction, HURIWA challenged the Inspector General of Police, Mohammed Adamu, to look into the matter in the spirit of the Nigerian constitution.
“The Nigeria constitution has articulated and stipulated what is called separation of powers as enshrined in sections 4, 5, and 6 of the Constitution of the Federal Republic of Nigeria of 1999 as amended.
“The Inspector General of Police should read those sections of the constitution to know that he has no powers to interfere in the affairs of the state legislature unless he is legally and duly invited by the properly constituted authority of the state legislature. If he was not invited by the speaker of Edo State House of Assembly and if the speculation is true that the police is there to destabilise Edo State House of Assembly then the action must stop immediately and all those police operatives that carried out the illegal operation must be arrested and prosecuted alongside the person, who authorised such an unmitigated illegality of monumental proportions which also is an attempted coup d’tat.
“If the IGP was the one that gave the illegal order then he should be arrested and prosecuted because he is not above the law. If, on the other hand, the presence of the police in Edo State House of Assembly is on the invitation from the Speaker it is ok, provided the police is properly invited by the properly constituted authority of Edo State House of Assembly. It must be the speaker of the House of Assembly.
“If it is the former Chairman of APC, Adams Oshiomhole, that invited the police, then it is illegal and he too should be arrested for attempted overthrow of a part of government, because it is a coup and treason for anybody to try to change any government through illegalities as adumbrated unambiguously by the Supreme law of Nigeria.
“Indeed, he, Adams Oshiomhole, the IGP and even Mr. President lacks the constitutional powers to remove the properly constituted hierarchy of the legislative chambers whether at the national or sub-national levels.
“Section 1 of the 1999 Constitution of Nigeria says clearly thus: ‘This Constitution is supreme and its provisions shall have binding force on the authorities and persons throughout the Federal Republic of Nigeria. The Federal Republic of Nigeria shall not be governed, nor shall any persons or group of persons take control of the government of Nigeria or any part thereof, except in accordance with the provisions of this Constitution.’
“We hereby without reservations, absolutely condemn as despicable, reprehensible and odious any attempt to destabilise Edo State House of Assembly and all those involved if confirmed, must be rounded up and prosecuted for treasonable felony.
“We warn all political actors in Edo State to play the game by the rules and allow peace to be sustained in Edo State and Nigeria as a whole. Let the good people of Edo State not sit by and allow their dear state to be destroyed by self-seeking dictators. Your land is your life. Protect it,” said HURIWA, in a statement jointly signed by its National Coordinator, Emmanuel Onwubiko and Director of National Media Affairs, Zainab Yusuf.
Newly Appointed Group Executive Director, Heirs Holdings, Dan Okeke, August 5, 2020.
A pan-African investment company, Heirs Holdings, has announced the appointment of Dan Okeke as the Group Executive Director with effect from August 1.
Okeke has had a distinguished three-decade career at the United Bank for Africa Plc (UBA), where he recently served as an Executive Director in charge of leading consumer, commercial and public-sector businesses.
As Group Executive Director, he would be responsible for business coordination and growth across Heirs Holdings’ portfolio.
A file photo of Founder/Chairman, Heirs Holdings, Tony Elumelu.
Driven by the Africapitalism philosophy of the group’s founder, Tony Elumelu, which positions the private sector as the catalyst of African growth and seeks both social and economic returns on investment, Heirs Holdings invests for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround accomplishment and operational excellence to companies within its investment portfolio.
Celebrating its 10th anniversary this year, Heirs Holdings has recorded consistent business success across its portfolio of investments.
Commenting on the appointment, Elumelu said: “As we continue to grow in scale and complexity, Dan’s appointment demonstrates our ongoing commitment to institutionalisation. We have always recognised the need to invest in human capital.
“This announcement is a clear demonstration of our intent and determination to create sustainable value in all our business operations.”
On his part, Okeke said he was delighted to take on the new challenge, adding that he was prepared to contribute towards the fulfillment of Heirs Holdings’ objective of improving lives and transforming the continent.
Heirs Holdings is a family-owned investment company committed to improving lives and transforming Africa. Its portfolio spans power, oil and gas, financial services, hospitality, real estate, and healthcare sectors, operating in 23 countries.
File Photo: First lady of Lagos State, Dr. Ibijoke Sanwo-Olu
Lagos State First Lady, Ibijoke Sanwo-Olu, has urged expectant and nursing mothers to embrace exclusive breastfeeding for at least the first six months after delivery, saying doing so would go a long way to improve child growth and development.
Sanwo-Olu’s wife, in a message to commemorate 2020 World Breastfeeding Week, said the importance of exclusive breastfeeding could not be over-emphasised, hence the need for mothers to embrace the practice to safeguard the health of their babies.
“As a mother and physician myself, I have a clear idea of the high impact of exclusive breastfeeding on maternal, newborn and child health and nutrition, hence the need for expectant and nursing mothers to be encouraged to embrace the practice to improve child growth and development.
File Photo of Lagos State First Lady, Dr. ibijoke Sanwo-Olu on a visit to a hospital in Lagos.File Photo of Lagos State First Lady, Dr. ibijoke Sanwo-Olu with a child, accompanied by the State’s Deputy Governor, Femi Hamzat.
“When observed for the first six months after birth, exclusive breastfeeding helps in no small measure to reduce morbidity in children. It helps to strengthen the immune system and protects against serious diseases such as respiratory infections, low growth, diarrhoea and pneumonia, among others,” she said.
The First Lady added that observing exclusive breastfeeding was equally beneficial to nursing mothers, as it helps mothers to burn extra calories and also lowers their risk of breast and ovarian cancer, as well as Osteoporosis, a medical condition in which the bones become fragile from loss of tissue.
“Without mincing words, there are several benefits inherent in strict adherence to the practice of exclusive breastfeeding for both children and mothers, and it is for this reason that I urge expectant and nursing mothers to embrace it to safeguard the health of their children,” the First Lady advised.
Sanwo-Olu’s wife maintained that the theme of this year’s celebration: “Support Breastfeeding for a Healthier Planet” could not have come at a better time than now, because it emphasises the need to keep babies healthy through breastfeeding.
“This has brought to the fore the need for all, especially relatives, colleagues and the community generally to make it a priority to support expectant and nursing mothers to observe exclusive breastfeeding for the recommended period.
“It is our collective responsibility to create the enabling environment for mothers to breastfeed optimally in the interest of the health of our children and mothers,” she explained.
The World Breastfeeding Week, which was inaugurated in 1991, is celebrated annually from August 1 to 7 in over 120 countries across the globe to promote breastfeeding as an effective practice to engender mother and child wellbeing.
NJ Ayuk, Executive Chairman at the African Energy Chamber
African Energy Chamber Wednesday announced the appointment of a seven-man member to its Investment Advisory Committee, the last body to serve on its Advisory Board for 2020 and 2021.
The chamber said the new Investment Committee would provide solutions towards financing Africa’s energy resurgence.
The members of the committee include: Global Head, Client Relations, Afreximbank, René Awambeng; Managing Director, EnergyInc Advisors and Senior Africa Advisor, IFU Danish Investment Fund, Rolake Akinkugbe-Filani; former Oil Executive and Energy Consultant, Abongwa Ndumu; Partner and Executive Director – Upstream, Cayo Energy LP, Robert Erlich; Vice President – Africa, ION, Folarin Lajumoke; Executive Chairman/Founder, Raise Africa Investments, Nosizwe Nokwe-Macamo; and CEO, Afara Solutions, Rachelle Yayi.
Members of the Investment Committee have been serving in their personal capacity and have gathered a wide range of expertise in finance, legal and consulting.
Beyond this, the members would play a key role in supporting the African Energy Chamber’s investment outreach initiatives.
“Our Investment Committee is central to the African Energy Chamber’s objective of providing a bridge between investors and the continent’s energy industry.
“Africa has limitless investment opportunities across energy sources and across value-chains, and there is a pressing need to communicate better with financiers and investors to increase investments in the continent.
“The African Energy Chamber has made it its mission to boost capital and technology inflow on the continent, from engaging with new capital providers interested in Africa to advising on the structuring of better and future deals,” said the Executive Chairman at the African Energy Chamber, NJ Ayuk.
With billions of dollars required every year to upgrade its energy infrastructure and fight energy poverty, the continent needs to successfully mobilise a wide variety of capital and financing.
In doing so, African energy markets should be engaging with a broader range of capital providers, from traditional lenders to global institutional investors and private equity firms to venture capitalists.
The energy resurgence of the continent following the novel Coronavirus (COVID-19) would require all stakeholders to come together and find new ways to structuring deals and raising capital for the benefits of local economies and jobs creation.
Landmark gas projects across Africa have managed to attract regional and global capital in recent months and years.
From Senegal to Mozambique and Equatorial Guinea, Africa has demonstrated its ability to attract funding. However, investment is still falling short of market needs.
While Nigeria’s ongoing Marginal Fields Bidding Round stands to be a success, access to financing the development of such fields will remain a key challenge for the operators.
African energy companies in Nigeria, Cameroon, Gabon, Ghana, Mozambique and South Sudan, Uganda and South Africa continue to see capital as their biggest obstacle when it comes to developing African natural resources or even competing for service contracts.
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