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Daily Business News Brief | Thursday, March 31st, 2022.


World Bank suspends Nigerian firm, MD for bribery – Punch

THE World Bank has sanctioned SoftTech IT Solutions and Services Ltd., a Nigerian information technology solutions company, and its Managing Director, Mr Isah Kantigi, for alleged corrupt practices. The firm, which was involved in the National Social Safety Nets Project, was sanctioned for 50 months while the managing director was sanctioned for 60 months. This was contained in a statement titled ‘World Bank Group debars SoftTech IT Solutions and Services Ltd. and its managing director’, which was published on the bank’s website on Wednesday……………..read more

Lagos pays N1.52bn to 515 retirees – Vanguard

Lagos State Government on Wednesday paid N1.52bn to 515 retirees in the state.  The payment was made during the 92nd retirement bond certificate presentation ceremony to retirees of the Lagos State Public Service on Wednesday.  The Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, during the event, said, “Furthermore, the sum of N1.52bn only has been credited into the Retirement Savings Accounts of 515 retirees this month, alongside their monthly contributions.”…………… read more

Recapitalisation: MfB surpasses N200m share capital – Daily Independent

Lovonus Microfinance Bank says it has surpassed the Central Bank of Nigeria’s N200m share capital requirement for Tier-one MfBs to become state-licensed microfinance banks.  The Chairman of the bank, Mr Alfred Okoigun, disclosed this on Sunday in Lagos at an event to mark the bank’s 10th anniversary.  He stated that the bank started operations in 2012 with a paid-up share capital of N20m and has grown this to N200m in 10 years.  He said, “We started with a paid-up share capital of N20m in 2012. Today we have surpassed the share of N200m before the deadline by the ending of April 2022 for the tier-one microfinance bank set by the CBN to become a state-licensed microfinance bank.”………………….read more

Vehicle imports: Clearing agents plan fresh strike, demand duty review  – Punch

Clearing agents operating in the nation’s maritime sector have threatened to embark on a fresh strike if the Nigeria Customs Service fails to review its price charts for imported vehicles.  According to the agents, the Customs’ current price charts for duty payments on imported vehicles are old and overvalued.  This is coming three weeks after the NCS suspended for one month its Vehicle Identification Number/e-valuation policy for imported vehicles, asking freight forwarders to clear their backlog of vehicles trapped in the ports…………………..read more

Nigerians drop 24.38 million GSM lines in two years – NCC -Punch

The number of GSM lines abandoned by Nigerians has grown by 24.38 million in two years, according to an analysis of industry statistics from the Nigerian Communications Commission. In January 2020, there were 83.81 million unused lines in the nation. By January 2022, the number had grown to 108.47 million. The NCC report stated there were 269,835,804   connected lines in January 2020, of which 185,742,016 were active, and 84,093,788 were inactive.  In January 2022, there were 305,623,582 connected lines, of which 197,152,773 were active, and 108,470,809 were inactive. During the time under review, the peak number of connected lines was 328,114,538 in August 2021…………………….read more

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