General News
NIPC Launches Investment Certification Programme in Enugu
The Nigerian Investment Promotion Commission, NIPC, has launched the Enugu State edition of the Nigerian Investment Certification Programme for States, NICPS, a programme designed to prime the states to attract both local and foreign investments.
This came on a day the Governor of Enugu State, Dr. Peter Mbah, said the state was quick to grab the investment certification opportunity co-signed by the Federal Government and the United Nations Development Programme to boost the state’s attractiveness to investors.
Speaking during a working visit to the governor on the sidelines of the flag-off programme, the Executive Secretary of NIPC, Aisha Rimi, said the “NICPS aims to identify and promote the unique investment opportunities within each state, enhance the image of the states as attractive destinations for investment, strengthen federal and state cooperation on investment promotion, and improve the services provided to investors, ultimately boosting investment inflows, creating jobs, and increasing state revenues.”
She said the agency was quick to launch the programme in Enugu State given the vast investment opportunities in the state and governor’s drive to harness them and also revive the state’s moribund assets.
“With its abundant natural resources, vibrant agricultural sector, and burgeoning industrial landscape, Enugu State stands to gain significantly from this programme. The State government’s efforts under your leadership, particularly in revitalising moribund industries, developing industrial parks, and improving infrastructure, align perfectly with the objectives of the NICPS.
“We are particularly encouraged by the governor’s commitment to projects such as the recent signing of an MoU with Pragmatic Palms Limited and the rehabilitation of the state’s moribund industries, including NigerGas Co. Ltd, Niger Steel Company Ltd, and Sunrise Flour Mills Ltd, amongst others. These initiatives are crucial for encouraging investment and economic growth.
“An important factor in attracting investment is the availability and clarity of land titling. The Enugu Geographic Information Service (ENGIS) created by the present state government plays a crucial role in this area.
“ENGIS ensures that investors can confidently acquire and develop land by streamlining the land titling processes and maintaining accurate records.
“So, as we launch the NICPS in Enugu State today, I am confident that the programme will significantly enhance the State’s ability to attract both foreign and domestic investments. The NICPS will also build capacity for State officials and promote industrial and economic growth,” she stated.
Responding, Governor Mbah, who was represented by the Deputy Governor, Barr. Ifeanyi Ossai, reiterated the administration’s determination to transition the state from a civil-service state to a private sector-driven economy.
“When we sought to serve our people, we understood clearly that we must migrate them from a predominantly civil service state to a productive state that we must curate investment.
“So, we have to think outside the box on how we can drive investment that will create the economy that we want to leave behind for our people.
“Therefore, when your certification programme was introduced to us, we were quite excited because that was essentially going to irrigate the fertile ground we tried to provide for the investors.
“All of us here are marketing officers and investment officers for the state. Our appetite to have investors is insatiable. That is what we wake up every morning thinking of how to do.
“So, on behalf of a grateful state, we want to assure the NIPC that whatever is required of us as a government, we will leave no stone unturned until those last lines are met to open a floodgate of investments,” Mbah said.
Throwing more light on the programme, the CEO of the Enugu State Investment Development Authority, Dr. Sam Ogbu-Nwobodo, said the state investment certification programme, when completed, would serve as a stamp of approval that the state is ready to receive and sustain investment.
“The certification gives NIPC the confidence that we are ready and it makes it easier for them to drive those investors to our state. And of course, it gives us an edge over the number of other competing entities, both states and nations.
“Investors will go where they are welcomed and the certification program will make us stand out in the crowd as one of the few places that you can say yes, they are ready, and then my investment is safe and I want to go there,” he explained.
MoMo PSB, a subsidiary of MTN Nigeria and a leading provider of digital financial services, has unveiled its Customer Refer & Win Promo, an exciting initiative aimed at rewarding loyal customers with free airtime or data for life.
This campaign underscores MoMo PSB’s commitment to advancing financial inclusion and enhancing the digital banking experience for millions of Nigerians.
The promo offers customers the chance to win incredible prizes, including free airtime or data every month for 50 years for 11 lucky winners, and consolation prizes for 110 winners who will receive airtime or data every month for one year.
Open to both new and existing customers, the initiative encourages participants to perform qualifying transactions and refer friends and family to activate or reactivate their accounts.
Phrase Lubega, CEO of MoMo PSB, emphasized the company’s dedication to customer satisfaction and seamless financial transactions. “This initiative is about giving back to our customers while promoting the ease and convenience of using MoMo for everyday transactions.
“By simply transacting on the platform, customers get the chance to enjoy free airtime and data for life, an offer that truly rewards their loyalty,” he said.
To participate, customers must complete eligible transactions such as MoMo-to-MoMo transfers, other bank transfers, bill payments, betting wallet top-ups, and airtime/data purchases.
Referrals also earn participants an instant 100MB for every active referral. Weekly electronic draws will determine winners, with the promo running for 12 weeks from April 3rd to June 25th, 2025.
MoMo PSB will also engage users through nationwide activations, interactive sessions, and digital campaigns to drive awareness and participation.
This initiative further solidifies MoMo PSB’s role as a key player in Nigeria’s financial services sector, offering innovative solutions that simplify transactions and enhance customer satisfaction.
House of Representatives Public Accounts Committee has directed Remita, a financial technology firm, to refund N182.77 billion to the federal government. The sum was allegedly withheld from the Treasury Single Account (TSA) since 2015.
The directive was issued on Wednesday during a committee meeting in Abuja, following the submission of a forensic audit report by consulting firm Seyi Katola & Company (Chartered Accountants), which uncovered significant discrepancies in revenue remittances.
Remita, owned by financial services company SystemSpecs, is the online platform through which federal government agencies remit revenue into the TSA. In November 2023, the House launched an investigation into suspected revenue leakages through the platform.
Chairman of the committee, Bamidele Salam, said the decision was reached based on evidence presented by the forensic auditors and documents submitted by Remita and other stakeholders in the TSA ecosystem.
Adewale Oyebamiji, managing partner at the auditing firm, presented the breakdown of liabilities, stating that SystemSpecs was responsible for N3.42 billion in under-refunded transaction processing fees, N101.85 million in unpaid acquirer fees, and N179.25 billion in unremitted collections.
The report also applied the Central Bank of Nigeria’s monetary policy rate of 27.25 percent to determine interest charges. According to the findings, the under-refund of transaction processing fees amounted to N993 million, with interest charges of N2.42 billion, bringing the total to N3.42 billion. For unpaid acquirer fees, N29.60 million was due, with interest charges of N72.25 million, totalling N101.85 million. Regarding non-remittance of collections, N54.24 billion was due with N125 billion in interest, totalling N179 billion.
“The committee hereby recommends that SystemSpecs Ltd be compelled to refund the total sum of N182,769,245,175.20 to the federal government asset recovery account domiciled at the Central Bank of Nigeria (CBN), account number: 0020054161191,” the report stated.
The committee noted that some deposit money banks have already complied with similar refund directives and urged other TSA value chain service providers yet to comply to do so without delay.
Chairman Salam praised the forensic auditors for what he described as a thorough and patriotic investigation.
The Federal Ministry of Industry, Trade and Investment has announced the launch of the Digital Services Survey in a strategic effort to empower Nigerian digital service providers to expand across Africa under the African Continental Free Trade Area (AfCFTA).
The ministry’s Director Press and Public Relations, Dr. Adebayo Thomas in a statement said the aims of the digital services initiative is to map and support the growth of Nigerian digital services throughout the continent and simplify the process for digital businesses to navigate regulatory environments and expand their reach across African markets.
He added that Nigerian digital businesses often face challenges when entering other African markets, including uncertainties around service registration, applicable regulations, and responsible agencies.
Thomas said: “Unlike physical goods, digital services don not always align with existing trade categories. This framework will serve as a common language, ensuring consistent treatment of digital services across borders” and its benefits include unlocking new markets by identifying target African countries for expansion, as Nigeria can focus trade negotiations on opening specific markets for digital services.”
He added, “The framework would also create a Digital Services Repository and for the first time, Nigeria will compile a comprehensive database of digital service providers, their expansion plans, and the challenges they face.
“Furthermore, the framework would strengthen Nigeria’s digital leadership by positioning the country as a proactive leader in Africa’s digital economy, shaping the rules and standards for digital trade.”
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