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Various business regulatory agencies regulate the activities of
companies in Nigeria. While some of the agencies apply to all
businesses regardless of the sector, the nature of the business,
others are specific to a particular sector. This write-up will give
a brief overview of the regulatory agencies and identify whether
such agency applies to all business or a particular sector.
The agencies and their functions concerning businesses in
Nigeria will be briefly discussed below.
The Corporate Affairs Commission (CAC)
This is usually the first and foremost agency every proposed
By Jimoh Babatunde & Gabriel Ewepu
The Central Bank of Nigeria has in recent years come up with different programmes to grow the country’s agriculture and ensre food security in the country. One of such programmes is the Anchor Borrowers’ Programme.
Under the programme, the CBN set aside N40 billion, out of the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) to be given to farmers at a single-digit interest rate of maximum nine percent per annum.
As part of the apex bank’s financing framework, the CBN has facilitated the funding of rice and maize farmers and processors through the Anchor Borrowers’ Programme, Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).
Court remands dealers charged with inscribing fake SON mark on adulterated engine oil
SON says the offence is punishable under section 26(a) and (b) of Standards Organisation of Nigeria Act, 2015.
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The Federal High Court in Lagos on Wednesday ordered that two businessmen accused of dealing in adulterated engine oil products be remanded in Ikoyi prison.
The judge, Chuka Obiozor, issued the remand order after the
Standard Organisation of Nigeria (SON) arraigned the two men on five counts, including fraudulent inscription of fake SON mark and certification number on the alleged substandard products.
SON alleged that the defendants – Vanger Luper and Bright Ogbuagu – inscribed the fake SON mark and certification number on forged labels of Total, Mobil, Forte Oil and MMASCO to deceive unsuspecting buyers.
Agriculture. Photo; PEXELS
The Federal Government has been urged to enforce standards and measurements in the agricultural sector, review the trade policies and improve post harvest handling capacity, to fully reposition the sector.
Experts and other stakeholders in the sector, who gave this advice, also stressed the need for the Federal Government to do a long-term review of the sector and develop institutions and processes that would continue to foster increase yield, higher output quality and more efficient process.
They noted that though production has increased but it doesn’t meet standards, as standards require enforcement, which must be done by the private and the public sectors.