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FG Cuts Cost of Business Registration

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Federal government has slashed the cost of business registration at the Nigerian Investment Promotion Commission (NIPC) from N50, 000 to N15, 000 in a move designed to make Nigeria highly competitive in line with international best practices.

Olusegun Aganga, minister of Trade and Investment, was quoted in a statement as saying that the review was at the instance of NIPC and also in line with the desire of the government to improve the country’s competitiveness rating on doing business.

The statement signed by Joel Attah, deputy director, Press,  NIPC also  said it was an attempt at lowering the cost of doing business in Nigeria.

“This is expected to substantially enhance the country’s National Competitiveness as a Foreign Direct Investment Destination (FDI),’’ the minister stated.

It stated that the NIPC was established by Act No. 16 of 1995 to promote, encourage and coordinate investment in Nigeria.

It noted that Section 4(a) of the Act mandates the commission to register and keep records of all enterprises with foreign equity participation.

“In the light of this development, both new and existing investors are enjoined to take advantage of this gesture to ensure that they are duly registered with the commission.’’

This, it stated, was in line with Section 20(1) and (2) of the NIPC Act, adding that failure to do so would amount to violation of the law.

The Section states that “an enterprise in which foreign participation is permitted under Section 17 of this Act shall, before commencing business, apply to the commission for registration.

“The commission shall within 14 days from the date of receipt of completed registration forms, register the enterprise if it is satisfied that all relevant documents submitted or otherwise advise the applicant accordingly.’’

The statement stressed that the NIPC management had put in place machinery under the instrumentality of the One Stop Investment Centre (OSIC) for a 24-hour time-frame for completion of the process.

This, according to the statement, is part of the management’s efforts to fast track the registration of companies under the provision of the law.

It advised any company that had not registered and is already in business to come to NIPC at the OSIC to regularise and ensure compliance.

“Registration of companies by NIPC is to ensure the tracking of Foreign Direct Investment (FDI) and also to provide hand holding support and facilitation to the investors in the course of doing business in Nigeria.

“It will also facilitate remittance of dividends and profits,’’ the statement added.


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Private Employers Paying Below N70,000 Risk Jail – FG

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Federal government has said that private employers who pay their workers less than the new minimum wage of N70,000 risk facing jail time.

Private Employers Paying Below N70,000 Risk Jail - FG

This warning was announced by Alhaji Ismaila Abubakar, permanent secretary, federal ministry of labour and employment, at the 13th Annual General Meeting of the Employers Association for Private Employment Agencies of Nigeria.

According to Abubakar, the minimum wage is now a law, and paying less than N70,000 is a punishable crime. Employers are expected to make it compulsory in any contract that their workers earn at least the minimum wage, after all deductions.

The Nigeria Labour Congress (NLC) has also weighed in on the issue, with Funmilayo Sessi, chairperson of the Lagos State Council, calling on private employers to pay the N70,000 minimum wage. She noted that the current economic realities make it difficult for workers to survive on lower wages.

It’s worth noting that there is some ambiguity surrounding whether the N70,000 minimum wage is net or gross, with Dr. Olufemi Ogunlowo, president,  Employers Association for Private Employment Agencies of Nigeria, calling for clarification on this issue.

 

 


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NAFDAC Says Dettol Health Fresh Soap is Fake

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National Agency for Food and Drugs Administration and Control (NAFDAC) has alerted Nigeria to the sale of a fake soap labelled as “Dettol Health Fresh Soap” in the market.

NAFDAC Says Dettol Health Fresh Soap is Fake

According to the alert on NAFDAC’s website on Thursday, the manufacturer of Dettol Antiseptic products confirmed that the soap is fake as it does not have any product by the name “Dettol Health Fresh Soap.”

“The Marketing Authorisation Holder and manufacturer (Reckitt Benckiser Nigeria Limited) of Dettol Antiseptic products, received a consumer complaint regarding the above-mentioned product. The product was reported to have caused skin irritation to the complainant.

“The MAH has confirmed that the product is fake as they do not have any product by the name “Dettol Health Fresh Soap”. Dettol Antiseptic products are widely used in Nigeria for household disinfection and personal hygiene to prevent illnesses from germs (bacterial infection),” it said.

It added that details of the complaint product were not provided by the complainant except for the name of the product “Dettol Health Fresh Soap.”

The agency noted that the illegal marketing of NAFDAC-regulated products or fake products poses a risk to people’s health, and since they do not comply with the regulatory provisions, the products’ safety, quality, and efficacy are not guaranteed.

It said all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the fake product if found within the zones and states.

“Importers, distributors, retailers, healthcare professionals, caregivers, and consumers are advised to exercise caution and vigilance within the supply chain to avoid the importation, distribution, sale, and use of the fake product. All medical products must be obtained from authorised/licensed suppliers. The products’ authenticity and physical condition should be carefully checked.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical products to the nearest NAFDAC office, NAFDAC on 0800-162-3322 or via email: [email protected].

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on [email protected].”


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NiRA Announces First Edition of The Tech Convergence: A Gathering of Stakeholders in Nigeria’s Digital Economy

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The Nigeria Internet Registration Association (NiRA), the official registry for the .ng country code Top-Level Domain (ccTLD), is proud to announce The Tech Convergence 1.0, a two-day conference and exhibition set to take place on the 28th and 29th of November 2024 at the Muson Centre, Onikan, Lagos.

The Tech Convergence 1.0, commemorating its inaugural edition this year, will become a conference and exhibition held each year. For this year, it will precede the 7th edition of the awards also being held in November.

Why Tech Convergence 1.0?

Over the years, Nigeria’s digital scene has seen an explosion of innovators, showcasing how rapidly our digital and internet space is evolving. However, numerous challenges still limit its potential for growth and global competitiveness.

The Nigerian Internet Registration Association (NiRA) recognizes that to ensure Nigeria’s digital future is secure, sustainable, and globally competitive, there is a need to address these issues collectively.

The Tech Convergence 1.0 was conceived by NiRA to serve as a collaborative platform where stakeholders can explore synergies, foster innovation, and collectively drive Nigeria’s digital landscape forward. This ground-breaking event will bring together key stakeholders, innovators, creators, and tech enthusiasts within Nigeria’s digital ecosystem.

The event, themed “Innovating Nigeria’s Digital Future Through Tech and Creativity,” will explore how technological advancements, particularly in the DNS industry and digital content, can accelerate Nigeria’s journey toward becoming a digital powerhouse. It will also create an enabling environment for innovators and creators to thrive.

Additionally, it provides an avenue for stakeholders to explore synergies that will drive the growth of Nigeria’s digital space and contribute to the growth of our internet and DNS industry by promoting the adoption of the .ng domain.

Speaking on the upcoming event, Mr. Adesola Akinsanya, President of NiRA, noted: “The Tech Convergence 1.0 is a pivotal moment for us to come together as a digital community and chart the course for Nigeria’s digital future.

“Our digital future depends on how well we adapt, innovate, and collaborate today. Through the .ng domain, we have a powerful tool that can drive not only business growth but also our nation’s global digital presence.”

The event will feature key activities such as exhibitions, plenary sessions, masterclasses, networking sessions, VR games, raffle draws, and a meet-and-greet with our partners. The event is free and open to the public to attend.

Registration for The Tech Convergence 1.0 is now open, and we invite businesses, innovators, digital creators, government agencies, corporate organizations, tech enthusiasts, and others to register and participate in shaping the future of Nigeria’s digital space.

The Tech Convergence 1.0 will also feature insightful panel sessions on both days, led by top industry leaders and experts. These sessions will explore crucial topics such as digital innovation, content creation, and the adoption of emerging technologies.

Exhibitors are encouraged to showcase their products and services, as The Tech Convergence 1.0 offers an ideal platform to present the latest innovative products and technologies in Nigeria’s digital space to a wide audience of tech enthusiasts and industry leaders.

Recognizing the importance of collaboration, NiRA is seeking sponsors and partners to help make this event a success. We invite you to visit our website to explore sponsorship options or learn how to partner with us.

By partnering with NiRA and other key ecosystem players, you will not only expand your network but also collaborate with influential figures in the Nigerian digital space and showcase your brand to the right audience.

For more information and details on The Tech Convergence 1.0, please visit the official website.

For enquires on sponsorship, partnership and how to be an exhibitor at The Tech Convergence 1.0, contact Ms. Abimbola Aderibigbe at [email protected].


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