MAW Royal Media

  The Cameroon international, linked with Chelsea and Borussia Dortmund recently, has been suspended; however, the Dutch giants say they'll appeal Ajax goalkeeper Andre Onana has been handed a 12-month suspension for failing an out-of-competition doping test, with the club claiming their number one accidentally took medicine prescribed for his wife. The Eredivisie club revealed the Cameroon international has been banned by UEFA after it found the forbidden substance Furosemide in his urine, following the test in October 2020. The doping suspension is effective from February 5 and applies to all football activities. Why did Onana fail his doping test? A statement on the Ajax website says: "On the morning of October 30, Onana was feeling unwell. He wanted to take a pill to ease the discomfort. Unknowingly, however, he took Lasimac, a drug that his wife had previously been prescribed. "Onana’s confusion resulted in him mistakenly taking his wife's med...

MSMEs SURVIVAL FUND TO COMMENCE REGISTRATION FOR GUARANTEED OFF-TAKE STIMULUS SCHEME & GENERAL MSME GRANT     100,000 Nigerians to benefit from one-off N50,000 MSME grant  The chairman of the Steering Committee of the MSMEs Survival Fund and guaranteed Off-take Stimulus Scheme and Honourable Minister of State, Federal Ministry of Industry, Trade and Investment, Amb. Mariam Y. Katagum, has announced the commencement of the Guaranteed Off-take Stimulus Scheme and the MSME Grant portal opening from February, 9th, 2021.  The Guaranteed Off-take Stimulus Scheme according to Amb. Katagum is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products.   According to her, a total of 100,000 Micro and Small Enterprises are to benefit from the scheme.   The total target national number of beneficiaries is 100,000. The breakdown is as follows: Lagos, 3,880; Kano, 3,280; Abia, 3,080; while t...

Bol, AfDB, IFAD okay $2b for Nigeria’s agric project The Bank of Industry (BoI), African Development Bank (AfDB) and International Fund for Agricultural Development (IFAD) have okayed $2 billion loan to reduce poverty, end hunger and increase resilience to climate change in rural communities around Nigeria . The loans will be drive the Special Agro-Industrial Processing Zones (SAPZ) project in the country aimed at raising the productivity and competitiveness of the country’s agriculture sector. Promoted by AfDB, the project will  help the government to expand economic opportunities in the farm sector by enhancing processing infrastructure and services  to rural families. The key financial industry players are determined to fund rural development and address poverty and hunger, and  underlined that the current pace of development may not be sufficient to achieve the social development goals(SDGs) Speaking at a webinar, AfDB President’s Senior Special Adviser o...

Nigerian equities net N2.35tr gain in November Investors in Nigerian equities recorded their biggest gain in recent months in November as sustained bargain-hunting saw the market closing with a net capital gain of N2.35 trillion, about 22 per cent above N1.93 trillion recorded as net capital gain in October 2020. Benchmark indices at the Nigerian Stock Exchange (NSE) on Monday indicated average return of 14.78 per cent in November 2020, equivalent to net capital gain of N2.35 trillion. Nigerian equities had recorded average return of 13.79 per cent in October 2020, equivalent to net capital gains of N1.93 trillion, more than a double of N785 billion recorded as net capital gains in September 2020. The November rally marked the fifth month of consecutive upswing for Nigerian equities, with net gains for the 11-month period now at N3.97 trillion, N2.19 trillion above N1.78 trillion recorded for the 10-month period ended October 2020. Average year-to-date return for Nigerian ...

CBN okays dollar collection for diaspora remittances The Central Bank of Nigeria (CBN) has stopped naira payment to recipients of diaspora remittances (dollar inflows) from International Money Transfer Operators (IMTOs). The customers are by a new regulation released on Monday, allowed to receive their funds through foreign currencies of their choice, including payment of the funds into domiciliary accounts. The new policy, contained in a circular signed by CBN Director, Trade & Exchange Department, O.S. Nnaji, is expected to simplify and improve receipt and administration of diaspora remittances into Nigeria. According to Nnaji, recipients of such IMTOs remittances have the option of receiving these funds in foreign currency cash or into their domiciliary accounts. According to the apex bank,  beneficiaries of diaspora remittances through the  IMTOs shall now get such inflows in foreign currency (US Dollar) through the designated banks of their choice. “...

Nigeria spends over N370b on palm oil importation Despite the restriction placed by the Federal Government on palm oil importation, the inflow of the edible product has soared by 24.5 per cent, it was learnt. The country, findings revealed, imported 1.2million tons of crude palm oil valued at N368.8billion between 2018 and October this year. According to the United States Department of Trade (USDT) data, the country imported 397, 000 tons in 2018 and 400,000 tons last year. Between January and September this year, a total of 420, 000 tons has been imported, leading to an increase of 14.29 per cent from the shipment last year. Last year, about $500 million was spent by importers to ship 600,000 tons of palm oil into the country from top global producer. Data by the Malaysian Palm Oil Council (MPOC) revealed that the country’s crude palm imports   from Malaysia increased to 286,964 metric tons last year, from 242, 388 tons in 2018, leading to an increase of 44,576to...

Okomu Oil company gives 35 indigent students bursary awards in Edo   Okomu Oil company has given out cheques of N90,000 each to no fewer than 35 students of tertiary institutions from about 20 host communities in three local government areas where it operates in Edo. The Managing Director of the company, Dr Graham Hefer, presentated cheques to the beneficiaries at a ceremony held in Okomu on Friday, in Ovia South West local government area (LGA) of Edo. The host communities from where the beneficiaries were drawn are located in Ovia South West, Ovia North-East and Uhunmwode LGAs. Hefer said the gesture was part of the company’s Corporate Social Responsibility (CSR) to encourage educational pursuit among indigent students in its host communities through award of bursary. ” It’s a fact that this year has been challenging and tough, but as a company, we are happy that we are able to still fulfil part of of CSR to our host communities. ” This year’s message is that ...

NAIRA WEAKENS TO LOWEST IN THREE YEARS The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opportunities for recipients of remittances such as exporters and private individuals. Pent up demand in the foreign exchange market is not unprecedente...

Tony Elumelu Honoured with Belgium Highest Honour T he Founder, Tony Elumelu Foundationhas been conferred Belgium’s oldest and most important National Honour. This conferment is in recognition of his commitment to poverty eradication and the economic empowerment of young Africans, as well as his commitment to improving lives through his business interests. The Ambassador of Belgium to Nigeria, H.E. Ambassador Daniel Bertrand, presented the royal decoration Sunday, November 15 which coincided with the Belgian King’s Day and a symbolic national day of celebration, at the Belgian House in Abuja, with public and private sector leaders witnessing the ceremony.   The Belgium Ambassador said his country was proud of this efforts of Tony Elumelu in empowering young enterprenuers hence the recognition.  Through the Tony Elumelu Foundation, thousands of young men and women who are creating jobs in their communities, and in turn, providing daily means of livelihood for ...

MAW NEWS BREAK: Update on Survival Fund The Hon Minister of State, Federal Ministry of Industry Trade and Investment and   Chairperson of the Steering Committee of the National MSMEs Survival Fund and the Guaranteed Off-take Stimulus Scheme, Ambassador Mariam Yalwaji Katagum wishes to inform the general public that due to operational challenges the commiitte will be effecting a change in the website of the fund.  The Survival Fund website will be migrating to www.survivalfund.gov.ng with effect from Sunday, 1st November 2020. The public is further warned not to pay anything for the ongoing Business Formalisation (CAC Registration) process or any of the packages under the scheme. The packages are absolutely FREE! A statement by the Project Delivery Officer further asked all those who have already registered on the platform not to re-register as their details will get transferred to the new portal.

OKOMU COMMISSIONS EIGHT (7) PROJECTS IN NEIGHBOURING COMMUNITIES In fulfillment of its commitment to attracting development to its neighbouring communities, Okomu Oil Palm Company Plc. has commissioned 7 projects in five (5) of its over twenty (20) neigbouring communities. The projects which cut across communities in Uhunmwonde, Ovia South West and Ovia North East local government areas of Edo State is part of Okomu’s annual corporate social responsibilities (CSR) to its neigbhouring communities. The projects commissioned include a Semi-Industrial Borehole at Irhue Community, and an ultra modern Town-Hall at Umokpe Community in Uhunmwonde Local Government Area. Others are a Semi-Industrial Borehole and a block of Market Stalls at Agbanikaka Community, in Ovia North East Local Government Area, an ultra modern town-hall and an domestic Borehole at Marioghioba (AT&P) community as well as a modern community town hall at Udo community Ovia South West Local Government Area. S...

Alibaba to kick off China's first post-pandemic 'Singles Day' early China's Alibaba Group Holding Ltd will kick off its mega-shopping extravaganza "Singles Day" early this year, a move that will likely see a big jump in its sales as the easing of the country's COVID-19 pandemic drives an economic rebound. The tech giant will offer two check out periods - a new one from Nov. 1-3 and its traditional 24-hour shopping window on Nov. 11. It says it will introduce more than 2 million new products, double the amount last year. This year's blitz is being watched as a barometer for how strong consumer appetite is rebounding in China, amid signs that a recovery in household spending has started broadening. Other tech players, like Douyin, the Chinese version of ByteDance's TikTok, JD.com and Pinduoduo are rolling out their own campaigns, some larger than others. Alibaba turned China’s informal Singles’ Day into a one-day shopping event in 2009 an...

Nigeria’s Power Generation Reaches Historic 5,459MW Nigeria’s power sector has recorded its highest national peak of 5,459.50MW, the Transmission Company of Nigeria (TCN) has said. In a statement issued on Friday, the General Manager, Public Affairs, TCN, Ndidi Mbah explained that this new record was achieved on Oct. 28. “This milestone in generation is higher than any peak ever recorded in the nation’s power industry as at date,” the TCN official noted. According to her, “The new peak surpasses the 5,420.30MW achieved on 18th of August, 2020 by 39.2MW. “The Acting Managing Director, Mr Sule Ahmed Abdulaziz, commended all the players in the power sector value chain as a result of the feat. “He attributed the gradual but steady improvement in the quantum of power delivery to collaboration by the sector players, as well as the unbridled effort by the Federal Government, through the Ministry of Power, in setting the right environment for seamless operations.”

Happy Eid-el-Maulud to all our faithful brothers and sisters.   In every shared smile and laughter, in every silent prayer answered, in every opportunity that comes your way, may the good times and treasures of the present become the golden memories of tomorrow. Wish you lots of love, joy and happiness. Happy Eid-el-Maulud from all of us @ MAW Royal Media

FREE 250,000 FG/CAC BUSINESS NAMES REGISTRATION FOR MSMEs Business formalisation Support of the MSME Survival Fund As part of Federal Government’s post Covid-19 Pandemic survival intervention to support micro and small businesses to formalise their businesses, the Federal Government has approved the free registration of 6,606 Business Names in each of the 34 states while Abia, Lagos and Kano will have 7,906, 9,084 and 8,406 respectively. Consequently, all interested Micro and Small Entrepreneurs, Artisans, Craftsmen/Women (one or more persons) that are yet to formalise their businesses should take advantage of this rare opportunity. Aggregators have been appointed to receive applications from interested persons in line with CAC requirements.  The free registrations will start on the 19th October 2020. Don’t be left out! Hurry now to any of the centres with the following documents to register your business: Three (3) Proposed Names Two (2) Passport sized photographs Vali...