Business
Abuja Trade Fair attracting over 500,000 consumers — ACCI President
The President of Abuja Chambers of Commerce and Industry (ACCI), Dr. Al-Mujtab Abubakar has disclosed that the Abuja International Trade Fair is attracting over 500,000 consumers.
He made the disclosure during his opening remark at the 18th Abuja International Trade Fair (AITF) on Thursday in Abuja.
Speaking on the theme of the fair, the President of ACCI, Dr Al-Mujtaba Abubakar, said, “AITF had served as a trusted global trade destination attracting over 500,000 consumers.’’
He explained that the trade fair provided a platform for business relationships, trade opportunities and ideas.
“As a leading chamber of commerce and industry, we continuously strive to improve the quality of our trade events and this year we have added side attractions such as rewards, free jollof rice tasting and a fashion runway to enhance the fair’s appeal,” Abubakar said.
The President noted that the trade fair is part of ACCI’s initiative to connect businesses and create a platform for policymakers to interact with the business community, recognising the vital role of small businesses in the national economy.
“We encourage everyone to participate in the 12-day event, engage in business networking and attend special days organised by government Agencies, Ministries and Parastatals, States, private sector and countries.”
Dr. Abubakar revealed that the chamber is building over 3,000 capacity business rooms with the target of boosting Economic activities in the country capital.
Earlier, the Minister of the Federal Capital Territory (FCT), Nyesom Wike expressed the administration’s readiness to collaborate with the private sector to reposition economic and business activities in the city.
Represented by the Mandate Secretary, Economic Planning in FCT, Mr Chinedu Elechi, Wike solicited the cooperation of the private sector, especially in the area of taxation toward boosting the FCT internally generated revenue
The Central Bank of Nigeria (CBN) has announced new measures to enhance local currency liquidity for the settlement of diaspora remittances.
The measures will allow eligible international money transfer operators (IMTOs) to access naira liquidity at the official window.
This move is part of the regulator’s commitment to the smooth functioning of the foreign exchange (FX) markets and enabling greater remittance flows through formal channels.
According to the CBN, the new measures will widen access to local currency liquidity for the settlement of diaspora remittances.
Eligible IMTO operators will be able to access the CBN window directly or through their Authorized Dealer Banks (ADBs) to execute transactions for the sale of foreign exchange in the market.
The IMTOs are companies that provide cross-border money transfer services, facilitating the transfer of funds from individuals or entities residing abroad to recipients in Nigeria.
The CBN has stipulated rules to guide the process and enable compliance, including same-day settlement for transactions executed before 12 noon on a trading date.
Pricing on the CBN portal will be reflective of NAFEX traded rates observable on an acceptable market benchmark.
The operation of this market segment will follow the existing arrangement in place for authorized dealers with Foreign Portfolio Investment participating in the primary market securities auctions.
Regulatory returns to be submitted to the CBN by all participants on a daily basis are mandatory and must contain all relevant information on the sources of funds.
The CBN’s move is expected to significantly improve the liquidity of local currency for diaspora remittances, enhancing the overall efficiency and reliability of the foreign exchange market in the country.
The bank has been collaborating with IMTOs to double remittance flows through formal channels into Nigeria, with the goal of increasing transparency and competitiveness in the FX market.
In May, the CBN granted approval in principle (AIP) to 14 new IMTOs, and the governor of the CBN, Olayemi Cardoso, has expressed confidence in the bank’s ability to double remittance flows into Nigeria within a year.
By Esther Agbo
The Chartered Pension Institute of Nigeria (CPIN) will recognise notable individuals who have significantly contributed to the success of Nigeria’s contributory pension scheme.
This honour will be bestowed during the induction program scheduled for June 27, 2024, marking the 20th anniversary of the Contributory Pension Scheme.
The Executive Secretary/CEO of CPIN, Dr. Samson Akinyemi, emphasised that the awards aim to acknowledge the efforts of those who have fostered the growth of Nigeria’s pension industry and its economy.
The institute will also honour senior management from various states, pension fund operators, and private organisations with extensive experience and contributions to the sector.
Practitioners with around 20 years or more in the industry will also receive recognition.
He mentioned that membership in the institute is available to the public, provided they meet the required qualifications.
The highest membership level, to become a fellow, requires candidates to have held an Associate Certificate of the institute for at least seven years and possess advanced academic qualifications, along with substantial senior management experience in pension management or academia.
Dr. Akinyemi further stated that to become an associate, candidates must be employed in a pension management field, pass the institute’s examination, and hold at least a university first degree or HND.
Additionally, undergraduates or school certificate holders employed by pension management companies can apply for the Pension Technician Certificate.
By Matthew Denis
The Management of Shoprite Mall has announced its intention to cease operation in one of its Abuja branches from June 30, 2024.
The branch is situated at Novare Central Mall in Wuse Zone 5.
This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket and obtained by our Business Correspondent on Monday.
A staff at the store who pleaded anonymity also confirmed the report, saying, “Yes, it is true, we just heard it here too.”
The popular mall attributed its decision to a thorough evaluation of the store’s financial situation and the current business climate.
It additionally notified vendors that their services would no longer be needed at the store.
The circular read, “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organisation’s long-term growth.
“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.”
The circular added the company would be reviewing its accounting records in the next 60 days to settle outstanding balances.
“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.
“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team. If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us, it added.
Recall that multiple multinationals have left Nigeria by either scaling down operations, transferring ownership or selling their stakes, the most recent being the sale of beverage company Diageo’s 58.02 per cent shareholding in Guinness Nigeria to Tolaram Group on June 11, 2024.
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