NEWS
FG to Set up Financial Report Review Committee

The Federal Government says it will set up a technical working group to properly review the annual dues structure for Public Interest Entities (PIEs).
Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said this on Wednesday in Abuja, at a stakeholders` engagement on the Financial Reports Council of Nigeria (FRCN) Levy.
According to Oduwole, the review will be carried out under the Financial Reporting Council Act (FRC) (Amendment) 2023.
The minister was responding to the Manufacturers Association of Nigeria (MAN), Nigeria Employers’ Consultative Association (NECA), the Organised Private Sector (OPS), and others’ request that the implementation of the annual levy be suspended.
According to them, the implementation of the levy will affect businesses and the economy of the country, as people will lose their jobs, thereby causing more hardship.
Oduwole, however, explained that the decision was a direct response to the concerns raised by the organised private sector and other key stakeholders.
The minister said that the review and the set-up of the technical working group should happen within the next 60 days with tangible ideas.
`Between the next 60 days, we are going to set up a technical working group comprised of FRCN and organised private sector representatives.
“Because we are a listening government. President Bola Tinubu had been briefed and wanted the private sector to be comfortable.
“We want the economy to thrive. So this is what we are going to do. We want to ensure we come up with the best fit for Nigeria.
`What is clear is that they cannot pay what they used to pay. But they may not pay what they have been asked to pay,” she stressed.
Oduwole, however, reassured the stakeholders that the ministry remained committed to working closely with them to enhance business competitiveness and align with Nigeria’s broader economic transformation agenda.
“I want to thank the Nigerian private sector for their belief in the administration of President Bola Tinubu.
“I want to also thank them for believing in the reforms that have been implemented since May 2023. The ministry and the FRCN are committed to implementing the eight-point agenda.
“I want to thank all the participants and to assure Nigerians that we will get back to them in a similar transparent manner,’’ she said.
Dr Rabiu Olowo, Chief Executive Officer, FRCN, said that the 2023 amendment, according to records, was brought to reduce the size of the board to address some issues of conflict of interest.
Olowo, who opposed the proposal for the suspension, said that the amendment was brought to highly defined PIEs.
He argued that the amendment had helped to define, claim, and define public interest entities to avoid ambiguities.
`It has helped to protect typical private entities from failure and to make the council more effective in discharging its mandates and to expand the enforcing powers of the council.
“The FRCN, in spirit, should be an independent regulator, robust and fair, in order to deliver on its mandate,’’ Olowo said.
Report says that FRCN was established by Act, No. 6, 2011, under the supervision of the Federal Ministry of Industry, Trade and Investment.
The FRCN is responsible for, among other things, developing and publishing accounting and financial reporting standards and other related matters in Nigeria.
The law, which amended the FRCN Act 2011, was signed into law on May 3, 2023.
It aims to enhance transparency and accountability in financial reporting and strengthen corporate governance in Nigeria.
Section 33 (1)(c) of the FRCN Act 2023 stipulates that quoted companies/PIES are to pay annual dues based on 0.002 per cent of their market capitalisation or N25 million. (NAN)
NEWS
NAFDAC Clarifies Reopening of Onitsha Medicine Market

The National Agency for Food and Drug Administration and Control (NAFDAC) has announced that the medicine market at Bridgehead, Onitsha, was reopened on March 7, following a shutdown for comprehensive sanitisation.
Dr Martins Iluyomade, the NAFDAC Director for the Southeast, confirmed this in an interview on Monday.
NAN reports that he agency had closed the Ogbo Ogwu and three adjoining markets from February 10 to March 7 to sanitise the medicine distribution system.
Iluyomade explained that there were administrative conditions every shop owner had to fulfil before their shops, previously sealed during the operation, could be unsealed.
He said that the process was put in place to prevent the recurrence of the issues that led to the market’s closure.
He highlighted that pharmaceuticals were highly regulated due to their impact on public health and national security, adding that NAFDAC’s mandate, under the NAFDAC Act, was to regulate and control the sales and distribution of drugs.
Iluyomade also clarified that the market had not been closed, contrary to reports from some media outlets.
He said that the process underway was focused on documenting and regularising the shops, ensuring that no shop would be unsealed without completing the necessary clearance procedures.
He said NAFDAC had set up a special desk to facilitate this process efficiently.
Iluyomade thanked the market leadership and the Anambra state government for their cooperation and understanding.
He further stated that the agency was not aware of any internal conflicts within the market.(NAN)
NEWS
N1bn Loan for MSMEs in Delta Ready Soon – Oborevwori’s Aide

The Delta Government has assured that the one billion Naira soft loan it approved for Micro, Small and Medium Enterprises (MSMEs) in the state would be ready soon.
Mr Olisa Ifeajika, Executive Assistant to Gov. Sheriff Oborevwori on Public Enlightenment (Projects and Policies), disclosed this while clarifying certain issues to newsmen on Monday in Asaba.
Ifeajika recalled that the Commissioner for Economic Planning, Mr Sonny Ekedayen, had on Feb.
14 announced the state government’s approval to set aside the sum of N1 billion soft loan at a single digit interest to grow MSMEs in the state.He said that the perceived delay to the plan’s takeoff was due to proper documentation by way of signing the Memorandum of Understanding between the state government and the Bank of Industry (BoI), the funds manager.
The governor’s aide said the choice of the BoI as fund manager was deliberate due to its expertise and years of experience in handling such funds.
Ifeajika added that the loan would accommodate both existing and new entrants into the MSMEs scheme in the state.
According to him, the loan scheme covers all residents operating their businesses in the state, and is at a single digit interest rate.
He stressed that the state government’s intention was to build and grow the MSMEs and the state’s economy, adding that there are no political colorations to ensure an operator accessed the loan.
The governor’s aide added that the qualification to access the loan was to be a resident business operator, proffer proper documentation and apply through the BoI.
He said: “the qualification is just do your business in Delta and present your qualification to the BoI for assessment.
“The fund is ready but the people cannot access it now. It will be ready in few weeks after the proper documentations are done by way of signing a memorandum of understanding between the state government and the bank.
“The economy of any nation revolves around the MSMEs. This informs the state government’s decision to earmark the N1 billion loan for MSMEs to grow the state economy.”
On the speculations about Gov. Sheriff Oborevwori decamping from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), Ifeajika debunked the insinuation, saying that it was mere speculation and wishful thinking.
“A cordial relationship exists between the governor and President Bola Tinubu, focused on ensuring good governance and this is expected of all well-meaning Nigerians to promote the country’s overall development.
According to Ifeajika, Gov. Oborevwori has cordial relationship with President Bola Tinubu to promote good governance but not with the APC.
“Oborevwori is the pathfinder of the PDP and a general does not leave his troup. Delta is PDP and all its members have the DNA of PDP.
“He (Oborevwori) is for PDP and whatever he has, will be utilised to support PDP at the national level,” the governor’s aide stressed. (NAN)
NEWS
Police Foil Kidnapping Attempt in Ebonyi

The Police Force Ebonyi Command has foiled a kidnapping attempt at Mile 50 Layout, Abakaliki, the state capital.
Spokesperson of the command, SP Joshua Ukandu, told reporters on Monday that officers also recovered the vehicle of the victim, Nneka Onyibe.
According to Ukandu, on March 30 at about 8:30 pm, the command received a report of a kidnapping incident near Mile 50 Layout in Abakaliki.
“Operatives were immediately dispatched to track the kidnappers.
“They pursued an ash-colored Toyota Corolla with registration number SKA 828 AA, which was used by the suspects, to Tina Nweze Street in the area.
“Under pressure from the operatives, the kidnappers abandoned the victim, the Toyota Corolla, and a Toyota Sienna belonging to the victim.
“The police successfully recovered both vehicles, which are now at the command headquarters for identification by their rightful owners,” Ukandu said.
He added that the Commissioner of Police, CP Adaku Uche-Anya, reaffirmed the command’s commitment to protecting lives and property.
“The Commissioner also urged residents of Ebonyi to contact the command’s control room at 07064515001 in case of any distress situation,” Ukandu advised.(NAN)