Business
Business registration: CAC vows to block fraudulent applications
The Corporate Affairs Commission says it is ready to block suspected fraudulent applications aimed at registering new companies similar to existing ones trying to take over land belonging to others.
The CAC, in a statement issued on Sunday in Abuja, by its Head of Media, Mr Rasheed Mahe, said that high incidence of applications with names closely similar to existing ones were recorded recently.
The statement quoted the Registrar General of CAC, Alhaji Garba Abubakar, as stating this at a Customers/Stakeholders’ Forum held in Lagos.
Abubakar pointed out that the measure was to further boost the Federal Government’s fight against corruption.
According to him, the commission will continue to remain vigilant to ensure that fraudsters don’t take over other people’s land.
“The commission had upon the commencement of the implementation of CAMA, 2020 invoked the provision of Data Privacy and Protection Act to eliminate incidences of presenting cloned signatures to the CAC for registration purposes.
“In view of the provisions of the law, the commission discontinued the issuance of certified true copies of some documents. Certified extracts had replaced CTCs in accordance with provisions of the law,’’ he said.
Abubakar expressed concern that in spite of the provisions of the Data Privacy and Protection Act, some customers were still yet to accept the new arrangement which was invoked to amongst others check fraud.
On the ongoing reform initiatives, the Registrar General said the commission was reviewing its checklist for some services, adding that it would deploy Customer Relationship Management (CRM) system toward resolving customer challenges real-time.
While cautioning accredited agents against sharing their access to CAC portals with others to guard against fraud, he revealed that the commission had completed work on the insolvency framework.
The commission, he sadi, would soon expose the regulation to the public through its website.
Abubakar appreciated the support and cooperation of stakeholders, particularly the Nigerian Bar Association and enjoined customers to continue to cooperate with the Commission as it continues to deliver better services in accordance with global best practices.
In a goodwill message, the Vice Chairman of the NBA-SBL, Dr Adeoye Adefulu, applauded the commission’s resolve to organize the forum and urged it to sustain the tempo.
Adefulu emphasised the need for the Commission to ensure regular and continuous engagement with stakeholders as well as enhance its communication strategy for the benefit of both parties.
Speakers at the interactive session include Amb. Ayoola Olukanni, Director General Nigerian Association of Chambers of Commerce, Mines and Agriculture (NACCIMA) and Monturayo Elegberum from Manufacturers Association of Nigeria (MAN).Others are Ilori Saburi Daniel from Association of National Accountants (ANAN) and Seun Olaseni of Institute of Chartered Accountants of Nigeria (ANAN) Lagos and District.
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
Business
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.
Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.
Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.
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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.
News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.
For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.
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