Business
NASS Pledges Speedy Passage Of Factoring Bill
The Chairman, House of Representatives Committee on Banking and Currency, Mr Jones Onyereri yesterday said the National Assembly (NASS) would ensure speedy passage of the Nigerian factoring bill.
Onyereri said this at the Nigerian Factoring Roundtable, a breakout session at the ongoing Afreximbank Annual Meeting in Abuja.
According to him, factoring is a financial position whereby a business sells its account receivable to a third party called a factor at a discount.
He said the process made it possible for a business to convert a readily substantial portion of its account receivable into cash.
Factoring in the world all over has become a great source of external finance for small enterprises, and Nigeria firms should not be excluded from its benefits. “The introduction of factoring in the financial sector will serve as complementary financing to conventional financing and will largely target Micro, Small and Medium Enterprises (MSMEs). “This will enable the provision of cash flows to MSMES, especially those that have quality receivables and may not be in the position to obtain adequate conventional bank finance due to high interest rate, collateral or credit profile constraints.
NASS strongly believes in the importance of this bill as a revolutionary financing tool that will help the MSMEs in Nigeria, we therefore, seek for a quick passage of this bill. He said the bill would provide for the scope of application of the law as well as the regulation and supervision of factoring activity by the Central Bank of Nigeria (CBN).
It will criminalise any act by the factor, client or debtor that constitute fraud or misrepresentation, provide jurisdiction for conflict dispute resolution.
It will also give the Federal and State high court jurisdiction to criminal matters arising from factoring activities. “This is essential, so we should ensure that the factoring law in Nigeria works, especially for our MSMEs that forms the bulk of the private sector which is where the bulk of the wealth for any positive thinking nation should be,’’ he said.
The chairman then said it was imperative that the legislature and critical stakeholders worked together to ensure a right and workable model of factoring for Nigeria’s collective populace. He said the NASS would take a critical look at the bill to come up with a workable law that would be of best benefit to the nation.
Onyereri assured of the commitment of NASS to come up with legislative intervention that would guarantee efficacy and effectiveness in the banking sector of thecountry.
Business
Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings
The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.
This was contained in an online report obtained by The Tide Source in Port Harcourt recently.
The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.
The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.
The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.
Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.
The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.
The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.
Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.
Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.
Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.
His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.
Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.
The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.
The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.
‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.
King Onunwor
Business
Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation
Ariwera Ibibo-Howells, Yenagoa
Business
Traders Decry Continuous Increase In Prices Of Foodstuffs
Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.
This was made known by the traders when The Tide visited the market recently.
The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .
A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.
Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.
According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.
Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.
A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.
Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.
In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.
Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.
Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.
He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .
Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.
Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .
Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.
“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.
He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.
The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.
Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.
He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.
Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.
Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.
He further commended the President, the Federal Ministry of Power and TCN for completing the project.
It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.
Wali Chioma, Obasi Chidinma & Amarachi Uche
-
Rivers4 days ago
Don Seeks Repositioning Of Tech Education For Dev
-
Education4 days agoPAMO MEDICAL UNIVERSITY -Nullifies Arrest warrant on VC
-
Niger Delta4 days ago
PANDEF Seeks 50% Oil Derivation Allocation Increase
-
Education4 days agoIAUE MOVES TO END GHOST WORKERS SYNDROME AS 400 NEW NON-TEACHING STAFF UNDERGO MANDATORY ETHICS TRAINING
-
News4 days agoFresh Ebola Scare As NCDC Records Two Cases
-
News4 days ago
Customs Partners EFCC, NDLEA, Others To Tackle Money Laundering, Terrorism Financing
-
Politics4 days ago2027: RIVERS GUBER CANDIDATES SIGN CHARTER TO PRIORITIZE CITIZENS’ DEMANDS
-
Politics4 days ago2027: South-East Govs Insist On Tinubu’s Re-election
