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The unavailability of documents from the Corporate Affairs Commission (CAC) has stalled the forgery trial of John Abebe, the younger brother of former first lady, late Mrs Stella Obasanjo on Friday in an Ikeja Special Offences Court. Abebe is alleged by the Economic and Financial Crimes Commission (EFCC) to have on June 22, 2010 knowingly forged portions of a letter belonging to BP Exploration Nigeria Ltd dated Nov. 30,1995. Mr Christopher Ikem, a staff of CAC and the second defence witness (DW2), Informed the court that the CAC was still in the process of collating the documents necessary for Abebe’s defence. He noted that some of the documents date as far back as 1992. Mr Uche Nwokedi, SAN, the defence counsel, requested for an adjournment of the suit to enable the subpoenaed CAC official bring the necessary documents to court. Reacting, Mr Rotimi Oyedepo, the lead prosecuting counsel for the EFCC, however, expressed displeasure over the defence counsel’s request for an adjournment. “My lord the learned SAN can tender the documents himself we should not use DW2 as a skyscraper of adjournments. The documents about to be tendered has no relation to the charge. “It is alleged that the defendant forged a document that was presented during proceedings at the Federal High Court. “I humbly and passionately pray my lord that proceedings should not be stalled as justice is not for the defendant alone,” Oyedepo said. Responding Nwokedi said “We issued these subpoenas to the witnesses in May and this case is under constant review and we owe it to provide the best defence. “If my learned friend can state here that he has not sought an adjournment in this case, I will let it be. We were meant to take two witnesses today but unfortunately, the second witness is not well,” Obliging Nwokedi’s request, Justice Mojisola Dada adjourned the case until July 10 and 11 for continuation of trial. In a no-case submission which relied on Section 239(1) of the Administration of Criminal Justice Law 2011 Nwokedi (SAN) had urged the court to dismiss the EFCC’s case against Abebe. In the no-case submission which was dismissed by Justice Dada on March, 24 Nwokedi noted that the procurement of the allegedly forged letter by the prosecution was illegal. He said it contravenes the provisions of Sections 37 and 38 of the National Archives Act and as a result, the document (letter) was legally inadmissible to prove the charge against Abebe. He noted that the document, which was prepared by BP Exploration Nigeria Ltd and Inducon Nigeria Ltd (both Nigerian companies) were produced from a privately managed archive in London known as Iron Mountain. Abebe opened his defence on July 13 with Mrs Roseline Ovesuor, Deputy Director of the National Archives giving evidence and the first defence witness (DW1). Reiterating the claim of the defence, Ovesuor stated in her evidence that by virtue provisions of Sections 37 and 38 of the National Archives Act, it was an offence for a Nigerian company to take its records outside Nigeria. Abebe had on July 26, 2018 plead not guilty to a four-count charge of forgery, fabricating evidence, using fabricated evidence and attempt to pervert the cause of justice. According to the EFCC, the defendant committed the offence on June 22, 2010 in Lagos. “Abebe knowingly forged BP Exploration Nigeria Ltd’s letter dated Nov. 30,1995 to Inducon (Nigeria) Ltd. “He committed the forgery by inserting in page two of the said letter the following words: “Also note that the ‘Buy-Out Option’ only applies to the pre-production stage of the Net Profit Interest Agreement (NPIA). ”The four million dollars buy-out is thus irrelevant from production of oil in any of our fields. “He purported same to have been issued by BP Exploration Nigeria Limited,” Oyedepo said. The prosecution claims that the defendant used the allegedly forged letter as evidence in suit No. FHC/L/CS/224/2010 between Abebe, Inducon Nigeria Ltd and Statoil Nigeria Ltd. at the Federal High Court. The evidence was admitted and marked exhibit BB in the suit. According to the EFCC, the defendant had through his actions, attempted to pervert the course of justice. The offence, the anti graft agency said, contravened the provisions of sections 120(1), 120(2), 126(2) of the Criminal Code Law of 2003.(NAN).   Source: Vangard

Experts say there are steps required to start a successful business. Take one step at a time, and you will be on your way to successful small business ownership. Step 1: Do Your Research Most likely you have already identified a business idea, so now is the time to balance it with a little reality. Does your idea have the potential to succeed? You will need to run your business idea through a validation process before you go any further. A brand strategist Lanre Philips says you don’t go into a business just because you have an idea but because you want to solve a problem. “In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants”. Author of ‘Starting a Successful Business’, Mrs Ekatte Umoh also corroborated this. “Simply find a need and fill it. There is always a gap in the market, recognize that gap and provide a solution.” There are a number of ways you can identify this need, including research and even trial and error. As you explore the market, some of the questions you should answer include:  Is there a need for your anticipated products/services? Who needs it?  Are there other companies offering similar products/services now?  What is the competition like? Step 2: Make a Plan You need a plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth. Experts say a business plan is a must-have for all new businesses. Step 3: Plan Your Finances Starting a small business does not always require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Anticipate what you will need to keep your business running for at least 12 months, like rent, marketing, supplies, employee salaries, your own salary and so on. Step 4: Choose a Business Structure Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name and to your liability. You may choose an initial business structure, and then re-evaluate and change your structure as your business grows and needs change. Step 5: Pick and Register Your Business Name Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose a business name. You can register a business name with the Corporate Affairs Commission (CAC) for N5, 000. The federal government reduced the rate from 10,000 to enable small business register their business names.   Source: Daily Trust

The Small – scale Consultative Forum, Abuja branch, has commended the Corporate Affairs Commission (CAC) and its acting registrar-general, Lady Azuka Azinge, for what it called the life-touching reforms she has so far introduced in the commission since assuming office in 2017. The body in a communiqué released to journalists and signed by Mr Komolafe Jameel, and Pius Ekong, president and secretary of the forum respectively, at end of its annual business appraisal meeting in Abuja during the weekend, noted that CAC under the watch of Lady Azinge has made Nigerian small-scale businesses, that were before now, not given much consideration to become positioned to contribute to national economy. According to the communiqué, “Opening up and deepening communication with stakeholders and the general public through open market sensitisation , customers’ fora, coupled with the sensitisation of micro, small and medium scale enterprises(MSMEs) and other associations through the media, has brought about more robust way of doing business in the country.” It added that it was through this means that the commission was able to implement the Business Incentive Strategy (BIS) through which members of the forum were allowed to register their business names at discounted rate of N5, 000 which represented half of the normal filing fees for business names. While commending the Azinge and her team for implementing 24-hour service delivery timeline for pre-incorporation applications for overall efficiency, the communiqué is of the opinion that, sustaining the online operations which have made it possible to discard manual operations in the commission, would continue to boost businesses of its members, which had tripled to an unprecedented level with the coming on board of Lady Azinge at the CAC. The communiqué also commended President Muhammadu Buhari for creating a conducive environment for small – scale businesses to thrive in the country.   Source: Leadership

The League of Anambra Media Practitioners (LAMP), a body of journalists of Anambra state origin, practicing in Abuja, has called on President Muhammadu Buhari, to as a matter of urgency; confirm the appointment of the acting Registrar General of the Corporate Affairs Commission (CAC), Lady Azuka Azinge, as the substantive Registrar General. LAMP in a press statement by its Convener, Mr Williams Orji, Monday in Abuja, regretted that Lady Azinge, who has transformed the commission since she assumed office, over a year ago, was still in acting capacity despite numerous transformations on easy of doing business she introduced to the commission. Orji said the acting registrar also has to her credit, among others: “the abolition of   proficiency certificate requirement; the increment of number of small scale business registration through a new federal government policy; the reduction of the number of hours spent to conduct a search from days to just four hours, while the registration services can be done now within 24 hours, through online.” Similar news  Anambra RTEAN worries over motor park touts, miscreants. The group wondered why, having done so much in reinvigorating and repositioning CAC to its current state, which has attracted more businesses to the country, confirmation of the appointment of the brain behind such feat was being delayed. “…the achievement she has brought to CAC shows that no previous registrar general has surpassed her feat. She has brought professionalism and efficiency in the running of the once moribund commission, where it can now boast of making more money for the federal government. “Therefore, we beseech Mr President, to speedily confirm her appointment, as a way of motivating her for more hard work and innovations in line with the present administration’s economic revival,” the body said in the statement.   Source: Blueprints

An Ikeja Special Offences Court, Lagos has revoked the bail of a former Managing Director of MainStreet Bank Registrar Limited, Chester Onyeamachi Ukandu who was earlier granted bail on an offence of forgery. Ukandu was arraigned by the Economic and Financial Crimes Commission, EFCC on March 19, 2018 on a three-count charge bordering on forgery and impersonation. Ukandu, who was docked alongside one Mr. Achi George, was alleged by the EFCC to have forged documents purportedly emanating from the Corporate Affairs Commission (C.A.C.) Justice Olusola Williams however revoked Ukandu’s bail following an express breach in the bail conditions earlier granted him. According to the prosecuting Counsel, A.B.C Ozioko, who filed a motion on Notice dated January 15, 2019, the 1st defendant, Ukandu had breached some of the bail conditions by acting in a manner capable of jeopardizing the course of justice in the case. However, one of the bail conditions by the court included a strict warning to the defendants that the defendants should desist from holding themselves out as officers of the company and other correspondence in that regard, until the final determination of the suit or any other suits in the Federal High Court, pertaining to the ownership of the Mainstreet Bank Registrars Limited. Ozioko, while praying the court to revoke the Ukandu’s bail, said that instead of being sober and face the charges of conspiracy and forgery against him, the 1st defendant continued to write numerous petitions against the prosecution star witness in the matter, seeking to intimidate, harass and embarrass the witness. The prosecutor accused Ukandu of writing a petition to the Nigerian Bar Association (NBA) against a lawyer, who is also a witness in the his matter, after he was granted bail. EFCC said Ukandu has taken active steps to interfere with the successful prosecution of the case against him since he was granted bail and urged the court revoke his bail. The court thereafter noted that the defendant acted in a manner capable of jeopardizing the course of justice in the case. Ruling on the application, Justice Williams held that once the court grants a bail to an accused person; it ought not in law revoke such bail, unless there is evidence of some changed circumstances placed before it. “Unfortunately for the 1st defendant, there was ample evidence of changed circumstances, adding that the defendant has been restless. “it appears that the defendant would rather take matters into his own hands instead of leaving the court to determine the suit expeditiously. “I am persuaded that he should be placed in custody so that he does not continue to muddy the waters and disturb the progress of this case. Accordingly, the bail granted to the 1st defendant is hereby revoked”, Justice Williams ruled. The EFCC alleged that sometime between February 6 and 7, 2012, the two defendants conspired and forged the letter head paper of Mainstreet Bank Registrars Limited, with registration number: 613674, claiming that it emanated from Mainstreet Bank’s Registrars Limited. The commission accused the duo of forging a Corporate Affairs Commission (CAC) Form 2A, claiming that it emanated from CAC. The two defendants, who had retired from the company, were alleged to have unlawfully converted the company’s properties and bank account with Skye Bank for personal use.   Source: Tribune

Vice President Yemi Osinbajo has extended the special window to register businesses at a reduced rate of N5,000 instead of N10,000 at the Corporate Affairs Commission (CAC). Osinbajo extended the business registration incentive from May 1 to July 31 2019. This was disclosed by the VP’s special assistant on media and publicity, Laolu Akande, on Monday at the first quarter MSMEs stakeholder meeting held at the Presidential Villa. The move by the federal government is to enable more Micro Small and Medium Enterprises (MSMEs) formalise their businesses. The special window for subsidized registration costs kick-started from October 1 to Dec 31, 2018, but was later extended from 1st January to 31st March 2019, leading to an increase in business registration rate from 54,000 to 163,000. Osibanjo, however, urged relevant government agencies at the meeting to speedily come up with better funding strategies for small businesses in the country. “Having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs, we need to address this issue as quickly as possible.”   Source: The Whistler

The Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku has said about $90.9 billion worth of investments were recorded in the country last year. Speaking during an interaction with Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja, she said there were 92 projects covering 23 states and the FCT. She said 33 per cent of the investments came from Nigerian investors, which according to her was consistent with government’s efforts to get Nigerians to invest in their own county. Other investment sources according to her included the UAE, France and UK. The NIPC boss, however, explained that though the announcements were not actual investments, they nevertheless “give us direction and a sense of investor interest in Nigeria”. She said: “We actually track it so that at the end of the quarter, half year, month or full year, we can say this is the total value of investment announcements that were made. We look at where the investments are supposed to be coming from. “Remember they are announcements and not investments. The announcements related to mining and quarrying and oil and gas, manufacturing, construction, transportation and storage.” She also said investor interest in the first quarter of 2019 could to be less than the same period in 2018 because of elections concerns. Sadiku, also said the agency had statutory powers to register companies in the country, alongside the Corporate Affairs Commission (CAC). According to her: “There’s a provision in the NIPC Act and it’s always being in the NIPC Act. It says that any enterprise in which foreign participation is allowed, they should register with NIPC before they commence business. Any enterprise in which foreign participation is allowed. “So I actually find myself that many people are not aware of this requirement even though it has always been in the NIPC Act. The object is that you register with CAC and then we register with NIPC. “Part of the reforms that we would like to see is that the process of registering with CAC and registering with NIPC and subsequently registering with FIRS for your tax identification number is more seamless than it is currently. But that is still in a work that is in progress but it has always been a requirement of the NIPC Act.” She also disclosed that following the 2017 review of the Industrial Development Income Tax Relief Act (IDITRA), which is the law that created the pioneer status, 27 new companies had been added to existing list.   The ES also noted that the review further removed two sectors namely cement and mineral oil prospecting from the list of beneficiaries of pioneer status. She said: “We removed cement from it because based on different reports by the relevant agencies of government, it was deemed that the cement industry was matured enough to no longer require that incentive, not that we don’t want further investments but it is mature enough to no longer require that incentive. “The work that was done also suggested that we take off mineral oil prospecting and processing because it falls under the petroleum profit tax Act rather than the company income tax Act.”   Source: This Days

Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange (NSE) and London Stock Exchange (LSE), has announced the inauguration of the reconstituted Board of Directors of ANOH Gas Processing Company Limited (AGPC). The inauguration took place at the Nigerian National Petroleum Corporation (NNPC) Towers in Abuja on Thursday, and is a targeted at delivering 300 million standard cubic feet of gas per day to the Nigerian market. The Group Managing Director of the NNPC, Dr. Maikanti Baru, inaugurated the reconstituted AGPC Board. The reconstituted Board reflects the 50 per cent:50 per cent shareholding of the Nigerian Gas Company Limited (NGC), which is a subsidiary of the NNPC, and SEPLAT. SEPLAT in a statement explained that: “Following the Partners’ completion of their first equity funding, the Corporate Affairs Commission (CAC) applications were filed and approved for the change of Shareholders and Directors of AGPC in order to reflect the equal shareholding of NGC and SEPLAT.” The members of the re-constituted Board of Directors are: Engr. Saidu A. Mohammed (NNPC Chief Operation Officer, Gas & Power); Austin Avuru (SEPLAT’s Chief Executive Officer); Babatunde Bakare (NGC’s Managing Director); Stuart Connal (Managing Director, AGPC; Bala M. Wunti (NNPC Group General Managing, Corporate Planning & Strategy); and Gert-Jan Smulders (SEPLAT’s Technical Director). Following the inaugural ceremony, the new Board of Directors will proceed to hold its first meeting to consider and approve critical project activities. In his address at the inauguration, the Chief Executive Office, SEPLAT,  Mr. Austin Avuru, appreciated the Nigerian Petroleum Development Company (NPDC) and the NNPC for the support they have given to the SEPLAT brand over the years as well as the AGPC. “I need to register our deep sense of gratitude for the nine years we have been in partnership with the NPDC. In the last three year under the current leadership of the NNPC, we have had a relationship that is non-acrimonious. For the first time, we are doing what people will probably be doing in the future,” he said. Avuru, who is also the vice-chairman of the AGPC, noted that in less than 24 months the partnership was formed, substantial funding had gone into the project. He added: “Half of the equity funding is already in the bank. Thanks to the GMD of the NNPC for making funding available.” Responding, Baru said the move was in line with the Corporation’s aspiration of the Gas Master Plan, which is to increase the supply of gas to the domestic market, adding that the ANOH gas project was conceived to deliver that. The NNPC GMD said: “We believe a private sector-driven project should deliver a mandate faster that a public-led one. According to Baru, finances should be provided not to only fund projects but to also acquire requisite expertise. The Chief Operating Officer, Gas and Power, NNPC and chairman of AGPC, Saidu Mohammed, on behalf of the company’s Board of Directors, thanked the NNPC GMD for inaugurating the board. “This is a journey we have started and we will continue to grow,” he added.   Source: National Wire

Sabo Mohammed, chairman of senate committee on trade and investment, raised the alarm recently that N42 billion was allocated to a private firm, the Nigeria Special Economic Zone Company (NSEZCO), by the ministry of industry, trade and investment.  BACKGROUND: The ministry had proposed N15.63 billion as its budget for 2019. At the defence, Okechukwu Enelamah, the minister, was confronted by Mohammed who said the Nigeria Special Economic Zone Company included in the budget was not part of the 17 agencies under the ministry. He also said a document obtained by the committee from the Corporate Affairs Commission (CAC) showed the company is named Nigeria SEZ Investment Company Limited — not Nigeria Special Economic Zone Company as declared by Enelamah. His clincher, as it were, was: “Ownership of the company as clearly stated in the document obtained from CAC on the 26th of last month designated as directors are Dr Bakari Wadinga, Mr Olufemi Edun and Ms Oluwadara Owoyemi. Documents show that it is a private company. Liability of the members are limited by share, which gives federal government 25 per cent and 75 per cent to private individuals.” CORRECT: TheCable confirmed that, indeed, Bakari Wadinga, Olufemi Edun and Oluwadara Owoyemi were nominated directors on NSEZCO. It is also true that the federal government of Nigeria (FGN) owns only 25 per cent of the company, while 75 per cent is held by A&O Secretarial Services Limited on behalf of a number of development finance institutions. INCORRECT: TheCable can report that NSEZCO is a private company, legally speaking. However, it is not a privately-owned company in the sense that the senator made it look. By Nigerian laws, a company must have up to 50 shareholders before it can be classified as a public liability company. In that sense, NSEZCO is a “private company” like the Nigeria Liquefied Natural Gas (NLNG) Ltd and all other companies where government is a shareholder. According to documents seen by TheCable, NSEZCO was incorporated in June 2018 as a “limited liability company” — the vehicle used under Nigerian laws for public private partnerships. NSEZCO is a product of Project MINE (Made in Nigeria for Export), a presidential initiative to develop world-class special economic zones across the country “to boost the manufacturing of Made in Nigeria goods for export”. Nigeria’s 25 per cent stake will be held on her behalf by the Ministry of Finance Incorporated (MOFI), the investment arm of the federal ministry of finance, while the rest is owned by A&O Secretarial Services Limited, as a nominee on behalf of a group of development finance institutions, also called the strategic investment partners of NSEZCO. The partners as listed by the ministry of industry, trade and investment are: African Export-Import Bank (Afreximbank), Bank of Industry Limited (BOI), Nigeria Sovereign Investment Authority (NSIA), Africa Finance Corporation (AFC) and African Development Bank (AfDB). All these are development finance institutions. The same investment model was adopted by the country for the NLNG Ltd, a limited liability company owned 49 per cent by FGN, with Shell Gas B.V. (25.6 per cent), Total LNG Nigeria Ltd (15 per cent) and Eni International (10.4 per cent) being the private investors. The Nigerian National Petroleum Corporation (NNPC) holds FGN’s shares. In the case of the African Finance Corporation founded in 2007 to finance infrastructure in Africa, the bulk of the shareholders are African financial institutions which own 47.6 per cent. Nigeria has 42.5 per cent stake in the multilateral development finance institution via the Central Bank of Nigeria (CBN).   Source:  The cable