News
Tinubu Moves To Bring Peugeot, Dunlop Back To Nigeria
President Bola Ahmed Tinubu has given marching order to Nigerian Consumer Credit Corporation (CREDICORP) to ensure return of Peugeot Automobile and Dunlop tyre to the country as Nigeria joins nations with credit facility for the purchase of brand new automobiles.
Managing Director/ CEO of CREDICORP Engr. Uzoma Nwagba, confirmed Tinubu’s directive to his agency yesterday at the launch and signing of Memorandum of Understanding ( MoU) for N20 billion consumer credit fund for the purchase of locally assembled automobiles in Abuja between CREDICORP, NAMA and NADDC.
Nwagba said he had gone to brief the President on progress of the agency, with reference to N20 billion credit fund for purchase of locally assembled automobiles by Nigerians.
“The President told me: I want to see Peugeot, Dunlop and others come back to the country,” he quoted the president saying. He said CREDICORP was creating a scenario obtained in advanced countries where, people get car automobiles at a single – digit interest rate. CREDICORP for auto purchase will commence in January 2025.
Nwagba said his agency will engage automobile plants in the country working with the National Automotive Design and Development Council (NADDC), the Nigerian Automotive Manufacturers Association (NAMA) to drive down prices of vehicles at an affordable cost for Nigerians.
“We are trying to make the financing more available and more easily accessible. Meaning in terms of the rates also, to enable Nigerians have cheaper credits.
We work with financial institutions, and for this particular intervention, we are looking at going over time, targeting a single-digit rate to enable Nigerians to purchase these vehicles.
For people who have very strong credits, and who show a good credit history, the financial institutions are taking a bet and a confidence in them for those who are accessing our capital that we are providing, as well as those who are accessing our guarantees.
“We know that interest rates are quite high and is one of the discouraging factors and that is the economic reality of Nigeria; one that obviously makes it more difficult to access credit for mobility, is the high interest rates that we have now.
But given the mandate of Mr. President and his passion for enabling people to get cheaper credit to be able to access these life-enhancing goods, we are targeting lending on a single-digit interest rate. “But for now, you can see that our credit, enabling the banks and microfinance banks are the cheapest in the country.
So, it continues to go down as much as people show good credit history. And the fund that we are launching today is just a start. It’s a start to show a commitment to this industry. “It’s a start to show the commitment of the President.
And it’s a start to actually catalyse credits and allow people to access, get out of transport poverty. Transport poverty is a thing in Nigeria, where a lot of people, especially people in the cities, what you call the urban poor or urban middle class, struggle with access to good transportation,” he said.
President Bola Ahmed Tinubu has approved the sum of One Hundred And Ten Billion Naira (N110bn) to be shared to 18 universities. The move according to pundits is to boost medical education following the recent ‘japa’ trend of doctors and other health workers.
Each university will receive about N4 billion, including N750 million for hostel construction, to support eight simulation labs across the zones and increase enrolment in medical sciences.
The 18 universities benefiting from the N110bn grant are:
1. Nnamdi Azikiwe University
2. Bayelsa State University
3. University of Lagos
4. Ahmadu Bello University
5. University of Benin
6. Imo State University
7. University of Ibadan
8. University of Medical Sciences, Ondo
9. Benue State University
10. Umaru Musa Yaradua University
11. University of Nigeria
12. University of Calabar
13. Abubakar Tafawa Balewa University
14. University of Jos
15. University of Ilorin
16. Gombe State University
17. Usmanu Danfodio University
18. University of Maiduguri
This initiative is designed to improve infrastructure in medical schools through the rehabilitation of lecture theatres and laboratory facilities, thereby enhancing capacity to take in and produce more doctors, nurses, dentists, and pharmacists for the nation.
The Corporate Affairs Commission (CAC) has issued a six-week notice to unregistered businesses to register with the Commission.
This was disclosed in a statement issued by the CAC on Tuesday, titled: “PUBLIC NOTICE: CARRYING ON BUSINESS IN NIGERIA UNDER AN UNREGISTERED NAME OR ACRONYM.”
In the statement, the CAC said failure to comply with the notice will attract a jail term or prosecution.
The commission informed the general public that it is a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020, to carry on business in Nigeria as a company, limited liability partnership, limited partnership, or under a business name without registration. It is also an offence to operate under a name (or acronym) other than the one registered under the Act.
The public was further advised that Section 729 of the Act requires every registered company to display its registered name and registration number at every business location.
“In addition, the company is required to state its registered name and registration number on all its official publications, including letterheads, signage, marketing, and publicity materials,” the statement added.
The CAC emphasised that non-compliance with business registration requirements may result in prosecution and a conviction that carries a penalty of up to two years’ imprisonment.
The statement continued: “In particular, the general public should note the provisions of Section 862 (1) of the Act, which state that any person who, in any document required under the Act (including the aforementioned official publications of a company), knowingly makes a false statement in any material respect commits an offence and is liable on conviction to imprisonment for a term of two years, in addition to a daily fine imposed on the company for every day the offence continues.”
In light of the above, the CAC stressed that all companies, limited liability partnerships, limited partnerships, and business name proprietors must comply with the provisions of the Act within six weeks of this notice.
Failure to comply will result in enforcement actions, including prosecution, the CAC stressed.
The Federal Government has declared Thursday, May 1, 2025, as a public holiday in commemoration of Workers’ Day.
This was announced in a press statement signed by the Permanent Secretary, Ministry of Interior, Aishetu Ndayako, on Tuesday.
According to the statement, the Minister of Interior, Olubunmi Tunji-Ojo, conveyed the declaration, emphasising the importance of excellence, efficiency, and fairness in labour.
Tunji-Ojo reiterated President Bola Tinubu’s administration’s dedication to fostering innovation, productivity, and inclusivity in workplaces.
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