FG bans foreign models, voice-over artists in Nigerian adverts – Newstrends
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FG bans foreign models, voice-over artists in Nigerian adverts

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The Federal Government has banned the use of foreign models and voice-over artists for advertisements targeting Nigerians.

This is contained in a statement by Director-General of the Advertising Regulatory Council of Nigeria (ARCON), Olalekan Fadolapo, issued on Monday.

It stated that the new policy would take effect from October 1, 2022.

He said the move was aimed at promoting local content and talents as well as increasing economic growth.

It read in part, “In line with the Federal Government’s policy of developing local talent, inclusive economic growth and the need to take necessary steps and actions aimed at growing the Nigerian advertising industry, the Advertising Regulatory Council of Nigeria (ARCON), being the apex advertising, advertisement and marketing communications’ regulatory agency of the federal government, has in accordance with its statutory mandates, responsibilities and powers as conveyed by the Advertising Regulatory Council of Nigeria Act No. 23 of 2022, bans the use of foreign models and voice-over artists on any advertisement targeted or exposed on the Nigerian advertising space with effect from 1st October 2022.

“All advertisements, advertising and marketing communications materials are to make use of only Nigerian models and voice-over artists.

“Ongoing campaigns are permitted to run out their terms. However, subsequent applications for re-validation for continued exposure of such materials will not be granted by the advertising standards panel (ASP).

“Advertisers, advertisement agencies, media houses, advertising community and the general public are hereby enjoined to take note.”

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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