Connect with us

Latest News

FG Cracks Down on ‘Big’ Companies, Demands ₦25m as FRC Act Faces Sudden Suspension!

Published

on

President Bola Ahmed Tinubu’s administration has temporarily halted the enforcement of key sections of the controversial Financial Reporting Council (FRC Amendment) Act 2023, following mounting criticism from private sector stakeholders.....KINDLY READ THE FULL STORY HERE▶

The suspension was confirmed on Monday by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who explained that the decision came after weeks of intensive consultations with major industry players.

Industry Groups Sound the Alarm

Prominent business groups — including the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS) — voiced strong opposition to aspects of the amended law.

At the heart of the backlash was a provision that reclassifies large private companies as Public Interest Entities (PIEs), thereby subjecting them to annual regulatory dues between 0.02% and 0.05% of turnover — without any maximum limit. In contrast, listed companies would only pay a flat ₦25 million fee, regardless of their size. Critics warned that this unequal structure would raise compliance costs and discourage private investment.

Katsina State Launches ₦5 Billion Loan Scheme To Empower MSMEs

Tinubu Moves to Reassure Investors

Minister Oduwole noted that while the amendment was initially part of Tinubu’s business-friendly reforms under his 8-Point Agenda, the government has acknowledged stakeholder concerns and is responding accordingly.

“In line with President Tinubu’s commitment to a pro-business environment, the law was meant to improve financial transparency. However, in light of widespread concerns, we’ve taken steps to pause and reassess,” she said.

Senegal Lawmakers Pass Bill Toughening Prison Terms For Homosexuality.

A stakeholder meeting held on March 26, 2025, led to the administrative suspension of the provisions and the formation of a Technical Working Group to reassess the matter.

Technical Review Underway

The Technical Working Group comprised representatives from NECA, the Manufacturers Association of Nigeria (MAN), ALTON, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Corporate Affairs Commission (CAC), and the Securities and Exchange Commission (SEC), among others.

The group held six sessions over a three-week period and submitted its findings on April 17, 2025, offering detailed recommendations for a more balanced approach.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Advertisement

latest

Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.

Published

on

The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶

reports that the party made its position known during an emergency press conference in Ilorin on Friday, describing the development as politically motivated and unjust.

PDP spokesman, Comrade Olushola Adewara, said the alleged plan to reopen the case amounts to an attempt to politicise a matter that has already been concluded by the courts.

“You Look Like A Pig!” – Fani-Kayode Claps Back At Dele Momodu.

He alleged that the move was targeted at dragging Saraki into a case in which, according to him, legal authorities had previously found no evidence linking him to the incident.

Adewara referenced earlier legal opinions from the Office of the Attorney General of the Federation, which reportedly stated that Saraki was not connected to the robbery case.

The party insisted that suspects in the case had already been prosecuted and convicted, with judgments upheld at appellate levels, while the matter is currently before the Supreme Court.

Tributes And Military Honours As Lt. Gen. Lagbaja Is Laid To Rest

PDP urged Governor Abdulrahman Abdulrazaq to focus on governance rather than what it described as attempts to revive old political narratives.

It also called on security agencies to monitor the situation closely, warning that such actions could heighten political tension in the state.

The party further appealed to residents, especially families of victims in Offa, not to allow their pain to be used for political purposes.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

2027: Oyo APC Senator Alli Declares Governorship Ambition.

Published

on

Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Alli, who serves under the All Progressives Congress (APC), made the declaration on Friday during a formal event held at the Police Field in Yemetu, Ibadan North Local Government Area.

The APC chieftain and Ekaarun Balogun of Ibadanland said he will be running on the platform of his party.

“You Look Like A Pig!” – Fani-Kayode Claps Back At Dele Momodu.

The event attracted thousands of APC leaders, stakeholders, and members, including top political figures such as Senator Yunus Akintunde, House of Representatives members Akin Alabi, Aderemi Oseni, Akeem Adeyemi, Olafisoye Akinmoyede, Tajudeen Abisodun, and Senator Hamzat Adeseun.

Also in attendance were former Deputy Governor Iyiola Oladokun, Asiwaju Yemi Aderibigbe, and Alhaji Fatai Ibikunle, among others.

Alli said his decision followed wide consultations with stakeholders and was driven by his desire to advance the development of Oyo State.

Tinubu’s Influence Spreads As Another PDP Lawmaker Bows To APC.

He noted his past political experience, including serving as Chairman of Ibadan North Local Government and Secretary to the Oyo State Government under Senator Rasidi Ladoja, as well as his current role in the Senate, where he said he has consistently advocated for his constituents.

According to him, his ambition is focused on delivering better governance and moving the state forward.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.

Published

on

A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶

reports that Showunmi made the announcement during a courtesy visit to the Inter-Party Advisory Council (IPAC) secretariat in Abeokuta on Friday.

He called for a broad political coalition involving opposition parties and grassroots groups to challenge what he described as the failures of dominant political forces in the state.

Showunmi argued that political parties may choose or endorse candidates, but insisted such arrangements must not deny voters a genuine electoral choice.

Jigawa New NSCDC Commander Pledges Strong Inter-Agency Cooperation

He said: “I will be running for governor in the 2027 governorship election. I have come to plead with you to set up a small committee… to determine how we can collaborate to make this happen.”

He also questioned whether Ogun State would experience a “coronation” or a competitive election process, urging stakeholders to allow open political contest.

The PDP chieftain noted that Ogun West’s long-standing exclusion from producing a governor is a legitimate grievance, but stressed that aspirations must still be tested through competition.

Katsina State Launches ₦5 Billion Loan Scheme To Empower MSMEs

He advocated issue-based campaigns ahead of 2027, rejecting “money politics” and challenging aspirants to public debates on governance.

Showunmi maintained that he has no history of violence or political thuggery, insisting the election should be centred on ideas and development plans for the state.

In response, IPAC leadership and other political actors at the event called for collaboration and careful selection of leaders ahead of the 2027 elections.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

Trending

Copyright © 2023 NIVONEWS

×