Economy
CAC RG Uncovers 189 Fake Coys Defrauding Nigerians
The new Corporate Affairs Commission (CAC) Registrar-General Hussaini Magaji says he uncovered 189 fake companies positioned to defraud well-meaning Nigerians within one week after assuming office.
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Magaji told newsmen on Tuesday in Abuja that a syndicate of criminals which specialised in operating numerous unregistered companies was arrested by the commission.
”One of the milestone achievement upon my assumption of duty is our ability to burst a ring of criminals that are creating havoc in the commission.
”About 189 fake companies have been identified to be used by these group of persons to secure lands.
”We discovered that these non existing entities collaborate with lawyers who claim to be accredited agents with the commission.
”They collaborate with some staff of the Abuja Geographical Information System, (AGIS), manage their way to make applications at the AGIS and take priority over existing applications.
”With the collaboration of security agents we arrested the suspect who have volunteered some informations,” he said.
He said the suspect was arrested due a complain from the FCTA asking the commission to verify some applications made by some entities.
He said upon findings, the commission discovered that the companies were not even in existence.
”The nature of their crime is that they create a fake entity and apply for land at the FCTA and maneover their way to have a priority application over an existing application.
”To take over the land and they have succeeded severally in the past.
The CAC scribe then reiterated his commitment to deter others from engaging in such act.
On plans for the Commission, Magaji said more efforts would be geared towards increasing revenue for the Commission.
The registrar- general said upon his assumption to duty, he came up with some agendas among which is the human capital development.
”I think this is essential to the discharge of the responsibilities of any staff in the commission and we are taking it seriously.
”Followed by the welfare of staff; this is one of the issues we met in the commission that is lingering and creating havoc in the commission.
”So we have plans to address it as soon as possible; we have set agenda and will discuss it in our next management meeting,” he said.
The CAC boss however enjoined the staff to also ensure to play their part towards moving the organisation forward even as the management was making moves to do theirs.
On ease of doing business, he said itvwas one of the priorities of the President Bola Tinubu’s administration and the Commission would work at ensuring that.
”That is one of the reasons why we are not talking about reviewing charges. One of the key things we will also do is to further simplify the process if registration,”he said.
The News Agency of Nigeria (NAN) reports that Magaji was appointed as the registrar-General of the Commission on Oct. 13.(NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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