The Nigerian Stock Exchange and the Convention on Business Integrity on Monday inaugurated a corporate governance system aimed at encouraging greater market transparency, competitiveness and better governance for listed companies. The CGRS is designed to rate companies listed on the Exchange based on their corporate governance and anti-corruption culture, thereby improving the overall perception of […]
Two recent examples in the UK have highlighted the need for good succession planning. GlaxoSmithKline (GSK) announced that Sir Philip Hampton would succeed Sir Christopher Gent as GSK’s chairman. His experience in a similarly tightly regulated industry as chairman of the Royal Bank of Scotland makes him a stellar choice. On the other hand, Tesco’s […]
The World Bank has ranked Nigeria 170th among 189 countries in terms of the ease of doing business. In a report released on Wednesday, Singapore emerged the best country in the world to do business, while Mauritius was the best in Africa with a ranking of 28. Nigeria’s ranking for 2015 is slightly better than […]
The emergence of the Nigerian Stock Exchange (NSE) as a member of the World Federation of Exchanges (WFE) may have placed the local bourse ahead of other West African stock exchanges, as well as put it at par with other credible global exchanges, BusinessDay findings have shown. The election, which has made the NSE the […]
For failing to remit tax revenue amounting N2.4 billion, the Federal Inland Revenue Service (FIRS) has quizzed top officials of six companies operating in Lagos, during a two-day tax enforcement drive. The companies and their outstanding tax liability are Leaders and Company Ltd, N228.5 million, Lottoj Oil and Gas Ltd, N14.4 million, First Deep Water […]
A Federal High Court in Lagos has entered N1.407 billion judgment against BGL Plc in favour of First Bank of Nigeria Plc. Justice Mohammed Idris, while delivering judgment in a suit filed by BGL against First Bank, held that on the balance of probabilities, the bank was entitled to judgment for the credit facilities it […]
Sued in 2010 by Paul Ceglia, who claimed a majority ownership interest in Facebook Inc. based on documentation since determined by a federal court to have been faked, the social media goliath and its creator, Mark Zuckerberg, have now turned the tables. Continue Reading
With about two months to the end of 2014, 12 out of the 59 insurance companies in Nigeria are yet to submit their 2013 International Financial Reporting Standards (IFRS) based financial statements to the National Insurance Commission (NAICOM), the commission has affirmed. Continue Reading
The Nigerian Stock Exchange (NSE), in collaboration with the Convention for Business Integrity (CBI), is geared to launch the foremost Corporate Governance Rating System (CGRS) in Nigeria. The CGRS launch event scheduled for November 3, 2014, in Lagos, will be attended by corporate sector participants joined by government and civil society delegates from across Nigeria […]
The 2nd edition of the Christopher Kolade lecture on on Business Integrity has come and gone and by all accounts, it was a momentous occasion.
The CGRS is poised to raise the Corporate Governance “ceiling” in Nigeria; give companies the opportunity to differentiate themselves by showing good corporate Governance practices and help them gain access to funds committed to good Corporate Governance practices and sustainability. The launch of the Corporate Governance Rating System (CGRS) will mark the beginning of a […]
The Standards Organisation of Nigeria (SON) has commenced compulsory product certification in its offices across the nation. This is also as it has called on manufacturers and importers of goods to ensure the importation and production of quality goods in the country by subscribing to its Mandatory Conformity Assessment Programme (MANCAP). SON said that Nigerians […]
The Organised labour unions yesterday held a rally in Lagos to wage war against precarious work and sent warnings to the Government and companies, especially Chinese owned factories to stop casualization of workers. The rally which started at Textile House, Acme road at about 10am brought together affiliates of Trade Union Congress (TUC), Nigeria Labour […]
Following the intervention of the National Human Rights Commission (NHRC), the management of Dangote Cement Factory, Gboko Local Government Area, Benue State, has agreed to pay compensations to the families of dead victims and injured victims who were attacked by the army officers attached to the factory. It could be recalled that on March 18, […]
FOR failing to file their tax returns after the statutory period, the Corporate Affairs Commission (CAC) has stated that it would delist 49,000 registered companies from its register. Indeed, the Commission stated that a large number of registered companies in its database have not fulfilled their statutory regulations in terms of filing of returns while […]
The Securities and Exchange Commission (SEC) said, in a statement issued by its Head of Public Relations Unit, it had concluded plan to inaugurate a 10-year capital market master plan aimed at ensuring the guided growth of the Nigerian capital market in November. Yakubu Olayele, SEC’s Head of Public Relations Unit, stated that it’s Executive […]
The Nigerian Electricity Regulatory Commission (NERC) has directed Kano Electricity Distribution Company (KEDC) to furnish it with details of approvals for different financial transactions totaling over N1 billion within seven days.NERC, in a letter exclusively obtained by Daily Sun and addressed to the Managing Director/Chief Executive Officer of KEDC, dated September 25, 2014, with reference […]
The Centre for Social Justice on Thursday lamented that the increasing level of corruption in the country was wiping out the gains that the economy had recorded in recent times. The Transparency International Corruption Perception Index for 2013 rated Nigeria among the 34 most corrupt nations in the world. In the report, Nigeria dropped from […]
The Director, Department of Petroleum Resources, Mr. George Osahon, has said, henceforth, petroleum product marketers selling Dual Purpose Kerosene otherwise called kerosene, above N50 per litre, will be sanctioned. He said it was particularly disturbing that some marketers were selling products particularly kerosene above the regulated price, warning marketers to desist from such an act, […]
Lagos and Kano, two of Nigeria’s largest economies have done very poorly in the latest ease of doing business ranking conducted annually by the World Bank, among the country’s 36 states and the Federal Capital Territory (FCT). Four main indices – ease of opening a business, property registration, construction permit and enforcement of contract – […]