Business
May Day: We’ll not delay action on new minimum wage – Makinde
IBADAN— Gov. Seyi Makinde of Oyo State has assured workers that his administration will not delay in implementing the new minimum wage.
Makinde gave the assurance on Wednesday in his address at the 2024 May Day celebrations, held at Lekan Salami Sports Complex, Ibadan.
The governor, who was represented by his deputy, Mr Bayo Lawal, said notwithstanding new minimum wage, his government to fail in its promise of ensuring payment of salaries and pensions on or before 25th of every month.
He said that his administration had been responsive to the welfare of workers, adding that it had also put people at the heart of its policies and programmes.
Acknowledging the importance of labour in the policies, programmes and projects aimed at ensuring the development of the state, Makinde commended the workers for ensuring an atmosphere devoid of incessant industrial actions.
He noted that the cooperation between his government and labour had contributed immensely to the existing development and peaceful atmosphere in the state.
He urged the workers to reciprocate his administration’s good gesture by being more dedicated and committed.
The governor also enjoined them to work ‘tirelessly and vigorously’ for their pay.(NAN)
The Corporate Affairs Commission (CAC) has directed companies, limited liability partnerships, and business owners operating under unregistered business names to register within six weeks.
In a statement on Tuesday, the CAC warned that failure to register will result in enforcement action, including prosecution.
“The commission wishes to inform the general public that its a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020 to carry on business in Nigeria as a Company, Limited Liability Partnership, Limited Partnership or under a Business Name without registration under the Act or by a name (or acronym) other than the name (or acronym) by which the business was registered under the Act,” the statement reads.
“The General Public should note that Section 729 of the Act requires every Company registered under the Act to state its name as registered and its registration number outside every place where it carries on business.
“In addition, the Company is required to state its registered name and registration number on all its official publications, including its letterhead, signage(s), marketing and publicity materials.
“In particular, the General Public should note the provisions of Section 862 (1) of the Act which provides that any person who, in any document required by, or for the purpose of any of the provisions of the Act (including the aforementioned official publications of a Company), makes a statement which is false in any material particular knowing it to be false, commits an offence and is liable on conviction to imprisonment for a term of two years in addition to a daily fine against the Company for every day during which the offence continues.
“In view of the foregoing, every Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to ensure full compliance with the above requirements of the Act within six (6) weeks of this notice failing which the Commission shall take all necessary steps (including prosecution) to enforce compliance.”
In April 2024, Mahmud Bello, the commission’s registrar-general, said business owners in Nigeria can conveniently register their businesses online within 48 hours.
The Minister of Interior, Dr Olubunmi Tunji-Ojo, has announced plans to establish a centralised system for the authentication and verification of all travel documents in Nigeria.
He made this known during a meeting in Abuja on Tuesday with the United Kingdom’s Minister of State, David Hanson.
In the company of Hanson were delegates from the UK Home Office, National Crime Agency, and the British High Commission.
According to Tunji-Ojo, the initiative aims to tackle immigration and document fraud, particularly those associated with border control.
“We discovered that one of the key drivers of rising document fraud is the absence of a centralised, real-time verification system,” he said.
“Currently, if someone submits 20 documents, you may need to contact 20 different issuing agencies to verify them. That breeds inefficiency.”
He explained that the proposed system would allow real-time verification of all documents—such as bank statements, passports, and certificates—at a single centre.
The minister also said Nigeria was ready to take the lead in formulating a regional strategy for border control, noting that regional differences required customised approaches.
“To tackle a heterogeneous problem with a homogeneous approach will not work,” Tunji-Ojo stated.
“That’s why we’re planning a regional border conference to allow for the development of unified yet adaptable strategies to combat migration and border-related challenges.”
He further disclosed that Nigeria’s EU visa solution platform would go live on May 1.
According to him, this will allow for more efficient processing and international cooperation while safeguarding national security and promoting investment.
“We now have a policy that ensures a response—approval or rejection—within 24 to 48 hours of applying for an EU visa,” he said.
Speaking on President Bola Tinubu’s Renewed Hope agenda, Tunji-Ojo emphasised the administration’s commitment to preventing corruption rather than merely reacting to it.
“Our performance will be judged not by the number of convictions or recoveries but by how many crimes or frauds we prevent,” he said.
In his remarks, Hanson expressed the UK’s readiness to continue collaborating with Nigeria to improve criminal justice outcomes.
Hanson noted that the UK was reviewing its e-visa system and migration policies while exploring ways to expand trade, business, and skills development opportunities with Nigeria.
“My colleagues at the High Commission are eager to maintain strong engagement with the Nigerian government,” he said
According to him, the UK looks forward to enhancing cooperation in tackling crime and fraud.
“You can rest assured that the National Crime Agency, the High Commission, and the Home Office are ready to extend a hand of partnership,” he said.
The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria.
This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions — allowing individuals and corporates to use basic KYC and AML documents for transactions up to USD 2,000 and USD 5,000 respectively. Higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.
The CBN also stated that Authorized Dealer Banks (ADBs) can now source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, without relying on the CBN. Additionally, export proceeds repatriated via PAPSS must be certified by the processing banks.
The apex bank urged all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.