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Desist from extorting Logistics Operators, Lagos Assembly orders LGs, LCDAs

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Breaking: Desist from extorting Courier/Logistics Operators, Lagos Assembly orders LGs, LCDAs

Breaking: Desist from extorting Courier/Logistics Operators, Lagos Assembly orders LGs, LCDAs

 

 

The Lagos Assembly on Monday ordered Local Government councils and Local Council Development Areas (LCDAs) in the state to desist from extorting and harrassing operators of courier and logistics services in the state.

 

Breaking: Desist from extorting Courier/Logistics Operators, Lagos Assembly orders LGs, LCDAs

 

 

This was as the Speaker of the Lagos Assembly House, Rt. Hon. (Dr) Mudashiru Obasa, emphasised that local government councils and LCDAs so not have the power to tax logistics and courier services. He said the power of the councils was limited to registration of bicycles as dictated by the constitution of the country.

Obasa said it was lamentable, especially as such acts affect ease of doing business “and it is very important that we do something about it.

“We have to make them understand that going out to disturb well-planned and organised businesses that stand to create employment for our youth especially with the rate at which students graduate with nothing much to do is not good at all.

“The services of courier services reduce poverty in the state and how much do they even charge?

“Local governments have nothing to do with the registration of motorcycles and tricycles. Operators of courier and logistics services should not be made to pay in all the local governments considering what they charge for their services.”

The Lagos Assembly  House therefore resolved that local government councils should be aware of their limitations in this regard as well as stop using alleged touts and street urchins to collect revenues in other areas where they are legally empowered.

In the decision of the House which followed a motion earlier moved by Hon. Ganiu Sanni Okanlawon (Kosofe 1), the lawmakers further resolved to call on the Lagos State Government to direct the Commissioner for Transportation and other relevant agencies to ensure that operators of courier services and logistics are not harrassed by the local governments.

The Lagos Assembly  House also directed the state Commissioner of Police to ensure that all extortionists in the state are apprehended.

“The House calls on Local Governments and LCDAs to desist from harrasing and extorting operators of courier and logistics services and restrain their traffic department from doing so.

“The Ministry of Information and Strategy should educate operators of Courier and Logistics Services and informed them about what is expected of them,” Okanlawon said.

Okanlawon stated that the laws and restriction orders on the ban of motorcycles in some areas in the state exempted the movement of motorcycles of courier and logistics services.

In his contribution, Hon. Bisi Yusuff said that the motion was timely and that the use of local government taskforce to deal with operators of courier services was an embarrassment to the state government.

According to Yusuff, some operators took some local governments to the court on the issue in the past and won.

Leader of the House, Hon. Sanai Agunbiade, said that courier and logistics services help people in different areas to interact with their customers.

Agunbiade added that the operation had a way of boosting the economy of the state and empowering the people through employment.

“The motion did not say they should not be regulated. A courier service should not pay from one local government to the other or else it would defeat the purpose of theur business.

“The revenue should be centralised among the local governments. The House once passed a law to regulate collection of fees by local governments. The law stated that whoever is collecting levies for the local governments must be identified,” he suggested.

Hon. Lukman Olumoh (Ajeromi/Ifelodun 1) accused some of the local government officials of issuing out fake documents. He suggested that consultants should be employed for such activities.

Hon. Fatai Mojeed (Ibeju Lekki 1) stated that some of the riders of the bikes are graduates who have no other jobs, and that there have been many cries concerning the harrasment of courier and logistics operators by local government officials.

On his part, Hon. Abiodun Tobun (Epe 1) lamented that some of the courier services organisations do not live up to expectations.

“Some local governments use consultants and we cannot stop them because of their excesses. We must not throw the local governments out totally as they have a role to play as an arm of government,” he said.

Also speaking, Hon. Lanre Afinni (Lagos Island 2) suggested that the collection of revenue for the local governments could be centralised and shared among them, adding that multiple taxation affects the profit of courier services companies.

In his view, Hon. Moshood Oshun (Lagos Mainland 2) said that most of the local governments and LCDAs have traffic sections and that they charge exorbitant fines.

He urged that the traffic sections of these councils be looked into because they sometimes go the extreme of arresting and harrassing people.

Hon. Jude Idimogu (Oshodi/Isolo 2), who said he had personally experienced the harrasment of the touts, supported the motion.

Also supporting the motion, Hon. Setonji David (Badagry 2) said that courier operators play major roles in the state but that the local governments do not see it from this angle.

“Most of the receipts issued by the local governments are fake. We must ensure that the local governments limit themselves to what they ought to do.

“We have to find a way to stop the local governments from bothering the courier services since they are recognised by law. They also help transportation in the state as they help in distributing items,” he said.

 

 

Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Data breach: FG slams N400m fine on four banks, others

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Data breach: FG slams N400m fine on four banks, others

The Nigeria Data Protection Commission has said more than 1000 financial institutions, schools, insurance companies, and consultancy firms are currently undergoing investigations for various degrees of breaches of citizens’ data.

 

 

 

This was as the commission’s National Commissioner, Vincent Olatunji, revealed that four major banks and three other institutions faced sanctions and incurred fines totalling N400m for infractions relating to breaches of citizens’ data.

 

 

 

Olatunji revealed this on Tuesday during an interactive session with journalists to mark the first anniversary of the signing into law of the Nigeria Data Protection Commission Act by President Bola Tinubu in Abuja.

 

 

On June 12, 2023, Tinubu assented to the data protection bill to advance privacy rights and other fundamental freedoms both in cyberspace and in analogue transactions.

 

 

The legislation allows Nigerians to seek redress from any form of data breach stipulating that citizens’ data is “processed in a fair, lawful and accountable manner”.

 

 

 

Recalling with nostalgia, the national commissioner stated, “As of this time last year, we were so unsure if the president would assent to the bill, what if the president didn’t sign it, what would have happened? The bill was passed by the ninth Assembly and usually, when a new government comes in, they want to jettison all that the former government did before it got there. More importantly, it was a new government. I was apprehensive, everyone was worried but I kept faith in God even though I was not sure too and on the 12th of June last year, the president signed it.”

 

 

 

Speaking further, Olatunji emphasised that the nation’s data ecosystem has surpassed a value of N10bn due to the multiplier effect of assenting to the bill.

 

 

 

He stressed the commission’s commitment to safeguarding citizens’ data by global best standards and practices, deeming it essential for ensuring its safety, security, and protection.

The national commissioner said, “Cumulatively, we have had over 1,000 reports of data breaches between when we started and now. The figure is low because of the low level of awareness among Nigerians.

Out of the 1,000 cases, about 400 of them are digital revenue companies that we call loan sharks but the main ones we have conducted investigations in the education sector, financial institutions, real estate, insurance, consulting, and schools and as of today, we have finalised four major investigations and some have paid their remediation fees. In the law, we can fine companies depending on the nature of the breach, impact on the subject and level of cooperation and we got N400m from remediation fees.”

 

 

He added that ongoing investigations were being conducted concerning data infractions.

Olatunji also highlighted that the activities of the NDPC have led to increased levels of compliance with the Nigeria Data Protection Act in both the private and public sectors.

“When we started, the levels of compliance within the private sector was about 49 per cent while the public sector was 4 per cent. But today, private sector compliance is above 55, while the public sector has reached 15 per cent “, Olatunji said.

The NDPC boss also announced that Nigeria is now at the forefront of the activities of the Global Data Assembly and has impacted the data ecosystem on the national economy as nations like Kenya, Ghana, China, Singapore, and Malaysia, among others.

 

 

 

“The Data Protection Act 2023 is a major milestone for Nigeria. Mr President laid our apprehension to rest when he signed the Act on June 12, 2023. It was a major turnaround for the industry. Now the data ecosystem is beyond everybody because it is a global phenomenon due to the impact of technology.

“In terms of jobs and wealth creation, promotion of tourism, perception and attraction of foreign direct investments into Nigeria, we have taken a leapfrog and even overtaken some countries.

“And that’s why Nigeria was given the hosting right for 2024 All African Data Protection Commission’s and Institutions. About 30 countries would be here next year for the event,” Olatunji said.

He said the commission had concluded arrangements to train 10,000 public servants in responsible data management, while about 1,000 data protection officers and processors including journalists would undergo training by the NDPC.

To check the activities of digital loan platforms, Olatunji said the NDPC collaborated with CBN, ICPC, EFCC, and other regulatory authorities, lamenting that most of the illegal digital loan platforms had no known or traceable addresses.

He, however, emphasised that ongoing efforts would focus on raising awareness among vulnerable Nigerians who fall prey to loan sharks due to lack of knowledge. He noted that the nation’s large population and vast landmass pose challenges to fully clamping down on the activities of digital loan sharks, as many operate from isolated or remote areas without identifiable addresses.

 

 

 

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GTCO Notice Of Proposed Offering

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GTCO Notice Of Proposed Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE

OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY

JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

 

 

LAGOS, Nigeria, June 11, 2024.

 

This notice is issued in reliance on Rule 283 of the Rules & Regulations of the Securities & Exchange Commission, Nigeria.

This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitation or offer to buy, or any sale of securities will be made only by a prospectus duly registered by the Securities and Exchange Commission, Nigeria (SEC) in accordance with the provisions of the Investments and Securities Act, No. 29, 2007 (the Act) and the rules and regulations of the SEC made pursuant to the Act (the SEC Rules).

 

NOTICE OF PROPOSED OFFERING

 

Guaranty Trust Holding Company Plc (GTCOPLC) has filed a preliminary “red herring” prospectus (Red Herring Prospectus) with the SEC in connection with a proposed offering for subscription of ordinary shares of 50 kobo each in its share capital (the Ordinary Shares) to raise gross proceeds of up to N500 Billion (the Proposed Offering). The number of Ordinary Shares to be offered and the price range for the Proposed Offering have not yet been determined.

              

 PURPOSE

The net proceeds of the Proposed Offering will be used for (i) the growth and expansion of the GTCOPLC Group’s businesses. Such planned growth and expansion will be effected through investments in technology infrastructure to fortify existing operations, the establishment of new subsidiaries and selective acquisitions of non-banking businesses; and (ii) the recapitalisation of Guaranty Trust Bank Limited.
    

TARGET INVESTORS

The Proposed Offering is structured as an institutional offering targeted at eligible investors and a retail offering within Nigeria (the Nigerian Tranche) and a private placing to persons reasonably believed to be qualified institutional buyers outside Nigeria (the International Tranche).
LISTING AND ADMISSION

TO TRADING

 

An application will be filed for the approval of the Board of the Nigerian Exchange Limited (NGX) with respect to the listing and admission to trading of the Ordinary Shares on the NGX Official List.
ANTICIPATED TIMING OF THE PROPOSED OFFERING The Proposed Offering is anticipated to open by July, 2024.

The filing of the Red Herring Prospectus was undertaken with a concurrent filing of a preliminary universal shelf registration statement. The universal shelf registration will permit GTCOPLC to establish a multi-currency securities issuance programme (the Programme) to issue various types of securities, or any combination of such securities, in one or more offerings, from time to time, to raise proceeds in an aggregate amount of up to U.S.$750 million (or equivalent amount in Nigerian Naira) in the Nigerian/international capital markets during the validity period of the Programme.

 

The Proposed Offering is expected to be the first issuance under the Programme.

 

This notice does not constitute an offer of securities for sale in the United States or to U.S. persons (“U.S. persons”), as such term is defined in Regulation S promulgated under the United States Securities Act of 1933, as amended, (the U.S. Securities Act). The Ordinary Shares being offered have not been, nor will be, registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements.

 

About the Issuer

 

Guaranty Trust Holding Company Plc is the ultimate holding company of the GTCOPLC Group.

 

The GTCOPLC Group is one of the largest financial services organisations in Africa. Headquartered in Lagos, Nigeria, the Issuer maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom. Within these regions, the operating entities provide a comprehensive range of commercial banking and related financial services to millions of retail, institutional, private banking and wealth management customers, in addition to asset management, pension fund administration and payment technology businesses.

 

For further information, please contact:

 

Investor Relations:

ir@gtcoplc.com, +234 2012714580

 

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At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

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At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

 

 

The Managing Director/ Chief Chef, Roots Foods Limited, the parent company of Labule Restaurants, Binta Adisa, has reiterated the commitment of the company to maintaining the quality of local delicacies offered to its customers.
Adisa disclosed this during the official opening of a new Labule Restaurant in Ikorodu on Saturday, June 8, 2024. The opening of the Ikorodu outlet will make it the fourth outlet established since its inception ten years ago.

 

At Labule, we are committed to raising the standards of our local delicacies- Binta Adisa, MD, Roots Foods Limited

 

While declaring the restaurant open, the Ayangburen of Ikorodu, His Royal Majesty, Oba Abdulkabir Shotobi commended the management of Roots Foods Limited for choosing to build such an enterprise in Ikorodu saying that not only would it contribute to job creation but also boost the economic prosperity of the environ. While offering prayers at the occasion, Oba Shotobi noted that the arrival of the restaurant in Ikorodu provides an opportunity for every Nigerian to identify with their roots.
On her part, the Managing Director, Roots Foods Limited, explained further that the decision to open another outlet in Ikorodu comes as a result of increased demand for local delicacies by residents, and also offers an opportunity to cater to the diversity of culture domiciled in the axis.

 

 

 

She stated that the Labule brand, which has existed for a decade, has remained true to itself by promoting Nigerian identity and culture. Reminiscing on the journey thus far, she stressed that her passion to see the business succeed has continued to be the driving force amidst business challenges.

 

 

 

 

“For us, one major thing that kept us going is the passion that I have for food and the business generally. I am someone who loves to eat and cook. It gives me joy when I see people eat and they are happy. Besides, the loyalty of our customers has also been of great help. It would interest you to know that some customers have been with us for 10 years. We also appreciate our team of dedicated staff who have been there for us. One key thing that has also contributed is my background in accounting, which helped a great deal in running the business well.

 

 

 

 

Notwithstanding, we have had challenges such as finance, manpower, and some of the issues associated with the volatile nature of the Nigerian economy,” she said.

 

 

 

Asked about the projection for the next decade, she disclosed that plans are already in the works to open outlets in other cities in Nigeria with the contemplation to expand footprints abroad thereafter.

 

 

 

 

The event also attracted other dignitaries from all walks of life including His Royal Majesty, the Adeboruwa of Igbogbo, Oba Abdulsemiu Orimadegun Kasali, Baale of Ojogbe, Oluakyode Olomo and Muslim clerics among other guests.

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