Business News

By Roseline Okere THE Cocoa Processors Association of Nigeria (COPAN) has called for an urgent intervention of the Federal Executive Council to obtain early release of year 2007 and 2008 Export Expansion Grant (EEG), currently stalled within the Ministry of Finance in Abuja. A statement jointly signed by the Chairman of the association, Mr. Akin Olusuyi and the Publicity Secretary, Mr. Simon Conway Jarrett stated that urgent release of the grant was vital to avoid the total collapse of the Cocoa Processors Export Manufacturing Sector, which they said had been struggling for survival for some time and could not survive much longer.

By Tosin Fodeke FOLLOWING the Central Bank of Nigeria (CBN)'s pledge to keep the exchange rate value below N150 per dollar, the naira recently remained stable in the days running to Christmas. Tied at N147.6 per dollar at the official market, the naira maintained a stable streak, as it stayed at N147.5 all through the week. Against the Euro, the naira lost its value, losing 17 kobo to drop from N211.93 to N212.10 at the official market, while the British Pound gained 96 kobo to rise from N238.12 to N239.08.

By Wole Shadare COME March next year, concessioning agenda for most of the nation's five airports would have been consummated, the Minister of Aviation, Babatunde Omotoba, has assured. Babatunde gave the assurance last week while fielding questions from reporters. The planned concession of Lagos, Kano, Calabar and Port-Harcourt airports had generated interest in the last few months, occasioned by confidence crisis over faithful and transparent execution of the scheme.

THERE are indications that a new regulator for the Nigerian postal services sector will emerge in the first quarter of 2010. Already, a Postal Sector Bill, which would give a legal backing to this new regime is before the National Assembly and, when passed into law, would ensure the establishment of Postal Regulatory Commission that would supervise the activities of the sector as the present regulator, Nigerian Postal Service (NIPOST) is regarded as an operator and regulator.

Celebrity endorsement emanated from the concept of celebrity branding - which itself is about attaching a celebrity (movie star, sport star, musician etc) to a brand with the intent to give the brand a positive and acceptable face and a personality. To create a personality for the brand is to project the image of a living, breathing, credible person as opposed to a lifeless and faceless entity or object. It is associating the core values and essences of the person with the intention of passing on the appreciation and acceptability of the celebrity to the brand. So, companies use celebrities to endorse or promote their brands and expect the product to be accepted and perceived just the same way as the celebrity.

Kendis, who is the managing director of 'The Banking Group,' - a US-based banking training and data outfit - said this at this year's training programme organised by the International Finance Corporation (IFC) in Lagos.

TWO top management staff of a Kaduna State Government parastatal, Kaduna State Development and Property Company (KSDPC) Limited, have been suspended from office for allegedly embezzling N9.7 million belonging to the company.

OIL prices fell below $66 a barrel yesterday as stock markets sank and investors eyed a slew of economic data this week that will help shed light on the health of the U.S. economy.

THE Naira, yesterday, rose to a two-month high against the British Pounds Sterling at the official market amid reports that oil, the major foreign exchange earner is not in short supply.

Lagos, Sept. 25, 2009 (NAN) The Lagos State Internal Revenue (LIRS) enforcement team on Friday arrested four persons for allegedly breaking the seals on their offices for evading tax.

THE Chartered Institute of Taxation of Nigeria (CITN) has urged every legislative house in the country to have a committee on taxation.

A COMPREHENSIVE review of capital market operations has been canvassed by the former President of Institute of Chartered Accountants of Nigeria (ICAN), Otunba Abdul-Lateef Owoyemi, to bolster the nation's financial sector.