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FRC Accuses SEC, NPA of not Remitting N28.27Bn

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The Fiscal Responsibility Commission (FRC) has accused two government agencies – the Securities and Exchange Commission (SEC)  and the Nigerian Ports Authority (NPA)  – of failing to remit their operating surpluses amounting to N28.27bn.

At separate meetings held between the FRC and the two agencies in Abuja yesterday, officials of FRC also accused the two agencies of contravening the FRC Act 2007 by failing to submit their audited accounts, approved annual budgets and Medium Term Expenditure Framework.

FRC said SEC had failed to remit N10.34bn accruing to the agency as operating surplus in 2007 and N11.61bn in 2008 while it said that NPA failed to remit N3.79bn in 2007 and N2.53bn in 2008.

In a brief made available to SEC officials ahead of the meeting on Monday, FRC said, “In the process of monitoring the compliance of SEC to the FRA 2007, we observed the following:

“For year 2007, 80 per cent of SEC operating surplus was supposed to be N11,152,535,000 rather than N808,736,586,40 which SEC had earlier remitted to the Federal Government as 80 per cent of its operating cash surplus. SEC has therefore been unduly withholding the balance of N10, 343,798, 413.60 due to the Federal Government.

“SEC’s 2008 audited financial report indicated an excess of income over expenditure of N14, 506,368,610. Eighty per cent of this sum is due the Federal Government and should thus have been remitted into the Consolidated Revenue Fund of the Federal Government before the end of April 2009.

“In spite of all the reminders that this commission has sent SEC, there is no indication that SEC has made this due remittance after these years.”

FRC added, “There is no evidence that SEC has produced its audited financial reports for 2009, 2010, 2012 and 2013. Each year’s account was due on 31st March of the succeeding year.

“In spite of this commission’s various requests, SEC has not availed the FRC of its three-year estimates of revenue and expenditure for 2010 – 2012, 2012 – 2014 and 2013 – 2015. SEC has failed to forward to the FRC its approved annual budgets for 2010, 2011, 2012, 2013 and 2014.

“There is no indication to the effect that SEC has appropriately computed and duly remitted 80 per cent of its operating surpluses for 2009, 2010, 2011, 2012 and 2013.”

Sunday Garuba, deputy director, Treasury at SEC, said the audited accounts of the agencies for the years demanded by FRC were ready and would be made available.

He also said that as a regulator, SEC had been sticking to the rules but added that in recent times; the agency had been operating on the basis of zero budget and that the downturn in the capital market operation beginning from 2008 had affected the capacity of the organisation to make money.

In another brief on NPA, FRC accused SEC of failure to prepare and publish their 2012 and 2013 audited financial reports in compliance with Section 23 (3) of the FRA, 2007; failure to create a General Reserve Fund and allocate thereto, 20 per cent of its operating surplus pursuant to section 22 (1) of the FRA, 2007.

It said the agency failed to remit N3,788,116,000 to the Consolidated Revenue Fund being operating balance of its operating surplus for 2007 and another operating surplus of N2,527,637,200 for 2008.

Chief Victor Murako, chairman of FRC, said it was imperative for all government agencies to remit their operating surpluses to the government coffers, adding that the transformation agenda of President Goodluck Jonathan cannot be realised without proper funding.


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Adeleke Describes Adenuga’s Contribution to African Economy as Unquantifiable

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Senator Ademola Adeleke, the Osun State Governor, has described the Chairman of Globacom, Dr. Mike Adenuga, Jr., as an icon who has made enormous contributions to the development of Nigeria and Africa.

Speaking when he received the Public Sector team from Globacom in his office at Osogbo recently, the governor also commended the positive impact the company has made in the telecoms industry in terms of innovation and pricing.

He described Dr Adenuga as a great believer in Nigeria “whose impact on the Nigerian and the African economy cannot be quantified”.

Adeleke assured the Globacom team led by Niyi Odejobi of his government’s readiness to explore areas of business partnership with the company. “Be rest assured that this partnership is already a reality. We just need to work out the details”, Senator Adeleke noted.

He urged telecommunications companies to strengthen ties with the state government, adding that “the subnational entities are where your market is. Even though the regulatory body is national, your market base remains the states and the local governments. You must deliberately prioritize partnership with the state government.

“The telecom community must understand that giving full support to the states in terms of payment of right taxes and corporate social responsibility is an investment in your market. The more robust the state governments are, the more buoyant your market will be,” the governor said.

In his own remarks, Odejobi pledged Globacom’s support for the growth and development of Osun State, adding that it would deploy various internet and digital infrastructure to promote governance and businesses in the state.


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Foodstuff Store introduces Innovative Recycling Program

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Foodstuff Store, an AgriTech company on Wednesday announced the introduction of its innovative recycling program. The expansion of the corporate mission to include waste management and recycling solutions underlines the company’s commitment to sustainability and environmental responsibility.

Foodstuff Store is providing a way by which their customers who are provided with wholesome and fresh food products directly from farmers can now dispose of their plastic wastes as an added service, thereby reducing their ecological footprint.

For every waste item delivered for recycling by customers, they’ll receive a credit that can be used for a next purchase at the Foodstuff Store.

Not only will this ensure a contribution to a cleaner environment, but it will also provide a way to incentivise their efforts towards adopting sustainability practices.

“We are thrilled to offer our customers a convenient way to recycle and contribute to a cleaner Nigeria and a cleaner planet,” says Diana Tenabe, Chief Operating Officer at Foodstuff Store. “By offering rewards for recycling, we hope to incentivize eco-conscious behavior within our communities in Nigeria.”

Nigeria faces a significant challenge with plastic pollution. The prevalence of single-use plastics, which is caused by widespread use of sachet water pouches, plastic shopping bags, and take-away containers, leads to massive waste generation. There are also recycling capacity challenges in Nigeria, where only a small percentage of plastic waste gets recycled.

Additionally, indiscriminate disposal of plastics and other waste materials contributes to overflowing landfills with plastics, clogged drainages that lead to flooding, and harming marine life.

Foodstuff Store believes that by working together with its customers, it can create a positive impact on the environment. This new program allows customers to enjoy the quality products and services they expect from Foodstuff Store, while also contributing to a more sustainable future.


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Edenlife Opens the first Homemade Outlet Store in Oniru, to open 49 more Across the Country 

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Homemade by Eden, the food retail business of Nigerian home concierge startup, Edenlife has marked a significant step towards National expansion with the launch of its first Outlet store in Oniru, Lagos State. This move signals the company’s commitment to bringing its signature homemade meals directly to consumers across the country.

Commenting on the launch of the Oniru Outlet, Nadayar Enegesi, CEO of Edenliife stated, ‘’At Eden Life, it’s in our DNA to adapt and meet the evolving needs of our consumers.

The new outlet store by Homemade exemplifies this commitment. These outlet stores will deliver delicious, home-cooked meals to its customers and create job opportunities in logistics and tech support, driving local economic growth.

By sourcing fresh ingredients from smaller Nigerian farms, we strengthen the agricultural sector and ensure a reliable supply chain. And there’s more to come we have plans to launch mobile kitchens in other strategic locations across the nation.

It’s a win-win situation – our customers enjoy a taste of home, we create jobs, empower local businesses, and contribute to a stronger Nigerian economy.’’

The establishment of these outlet stores translates to new job opportunities in logistics and potentially tech support for the mobile units. Additionally, the focus on fresh, local ingredients could encourage partnerships with smaller Nigerian farms, strengthening the agricultural sector and supporting local food production.

This localized approach to food delivery keeps money circulating within communities and fosters a more sustainable economic ecosystem.

Speaking at the launch event on Friday, May 10, 2024, Orafiri Adoki, Business Lead of Homemade stated that some of Nigeria’s food culture has not been fully explored.

She stated, “Nigeria has such a rich culture around food, which has not been explored to its maximum. So, with the launch of the Homemade outlet, we hope to introduce some of the meals Nigerians are used to at home while providing creative and innovative ways to enjoy these meals,” .

As Nigeria’s e-commerce sector continues to evolve, Eden Life’s innovative approach positions the company as a frontrunner in driving industry growth and reshaping consumer expectations. By providing a seamless omnichannel shopping experience, Edenliife not only captures market share but also cultivates meaningful connections with Nigerian consumers.

Nigeria’s e-commerce industry has been experiencing a boom in recent years, driven by factors like increasing internet penetration, smartphone adoption, and a growing young population. The e-commerce market in Nigeria is estimated to be around USD 8.53 billion in 2024.

It is expected to grow at a compound annual growth rate (CAGR) of 11.82% during the forecast period (2024-2029), reaching approximately USD 14.92 billion by 2029. E-commerce is expected to continue its strong growth trajectory in Nigeria, presenting immense potential for e-commerce platforms like Edenlife to capitalize on the rising demand for convenient and affordable food options.


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