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LCCI: It Is Wrong To Call Bureau De Change Parrallel or unofficial Market

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The Lagos Chamber of Commerce and Industry (LCCI) has advised the money and capital markets operators including media profeesionals to stop calling Bureau De Change (BDCs) the parallel or unofficial markets.

” BDCs should not be referred to as parallel or unofficial markets, because they are officially licensed to trade,” said Dr. Michael Olawale-Cole,  LCCI President.

Dr. Olawale-Cole, gave this enlightenment during the 2023 Mid-Year Economic Review and Outlook jointly organized by  the LCCI  and Cordros Capital to point out opportunities for business growth and sustainability in Nigeria and the global market. 

At the event, Dr. Olawale-Cole, noted
that the LCCI, over the last 135 years, has consistently engaged the government and advanced the growth of the private sector and the overall Nigerian economy through regular reviews of the business and economic climate and policy advocacy.

The consensus reached at the end of the Mid-Year Economic and Outlook are detailed below.
The consensus of Stakeholders at the 2023 Mid-Year Economic Review and Outlook

1.Government should consider the urgent need for an all-encompassing economic and fiscal plan, full/ partial divestment of state-owned real estate, improved transport sector, and energy assets as post-election priorities.
2.The government must focus more on asset-based and equity offerings to improve revenue.
3.Institutional reorganization is urgently needed in the CBN and the NNPC to improve transparency and accountability.
4.The operating environment of NNPCL is somewhat opaque, which is anti-competition.

The oil sector will attract the desired investment if the government liberalizes fuel import licenses and other vital activities in the midstream and downstream.
5.Government should unlock revenue from assets by complementing tax with rent, fees, dividends, and capital gains. Economies that optimize revenue through equities have recently offset the loss from declining commodity prices.
6.The new administration is advised to borrow better to reduce debt costs by issuing a more asset-linked debt than IOUs.

The non-interest-bearing debt opportunities should be explored as emerging markets tilt towards project equity financing.

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Business

UK Parliament Honors NASENI CEO for Driving Africa’s Industrial Innovation

In his remarks, Halilu emphasised Africa’s readiness to lead in innovation, manufacturing, and sustainability.“It is a great honour to receive this award alongside fellow visionaries committed to Africa’s future.

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The Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu, has been honoured with the prestigious African Achievers Award at the 15th edition of the ceremony held at the historic House of Lords, UK Parliament.

The award, presented during an event that brought together royals, global leaders, policymakers, and innovators, recognised Halilu’s outstanding contributions to advancing Africa’s technological infrastructure, innovation ecosystems, and industrial growth through his leadership at NASENI.

Hosted by Baroness Sandip Verma, Chancellor of the University of Roehampton and a respected member of the House of Lords, the ceremony was a powerful global showcase of African excellence and transformative leadership, a statement by NASENI’s Director of Information, New Media and Protocol, Olusegun Ayeoyenikan, said.

Halilu joined a distinguished group of honourees including public officials, business executives, and philanthropists shaping the future of the continent.

In his remarks, Halilu emphasised Africa’s readiness to lead in innovation, manufacturing, and sustainability.“It is a great honour to receive this award alongside fellow visionaries committed to Africa’s future.

At NASENI, we are bridging the gap between ambition and access, turning ideas into industries, empowering indigenous solutions, and driving forward Nigeria’s and Africa’s industrial transformation. Africa is not just rising, it is ready,” he said.

Under his leadership, NASENI, the statement said, has been repositioned as Nigeria’s leading technology transfer agency, delivering on the Renewed Hope Agenda of President Bola Tinubu by enabling local production in critical sectors such as clean energy, agriculture, transportation, and digital infrastructure.

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We didn’t shutdown Tummy Tummy noodles factory – NAFDAC

In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.

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The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a formal disclaimer concerning an audio recording circulating on social media.

The audio recording falsely claims the agency shut down the Tummy Tummy noodles manufacturing facility in Anambra State.

In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.

According to her, the same audio first appeared in Oct. 2023 and was thoroughly investigated at the time.

“The claims made in the recording are entirely false.

“The Tummy Tummy noodles facility in Anambra State was not sealed,” she stated.

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Business

Illicit Financial Flows Draining National Resources – Adedeji

He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

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•Chairman of FIRS, Zacch Adedeji

On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.

He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:

* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.

  • The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
  • FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
  • * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
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