Archive Group Invests in Nigeria’s Clothing Industry
The Archive Group is now set to be Nigeria’s leading player in the garment sector, with its plan to diversify across the value chain in the industry; owners of the company have said.The clothing firm, which is already a big player in the East African region and owners of the Shirt Company, Industrial Tailoring Co. and BodyLove Cosmetics, has recently acquired a 49 per cent stake in local Suitmakers, Okunoren Twins for an undisclosed sum.A consultant privy to the deal, Mr. Tomiwa Idowu, said this in a statement in Abuja. “Through this acquisition, Archive aims to create long term value for the Nigerian market by re-investing its profit over the next 5 years in a bid to achieve full backward integration and reduce the price burden on the Nigerian consumer,” he noted. Full story...
Source:http://www.thisdaylive.com
Posted by Amaka, 25 September 2012
How UK Bribery Act Checks Foreign Investments in Nigeria, by Hargreaves
By Bertram Nwannekanma and Joseph Onyekwere
THE introduction of the United Kingdom (UK) Bribery Act 2004 (the “Act”) has become an impediment for foreign investors seeking to tap the opportunities in Nigeria. This is because the Act states that any foreign company, which does any ‘part of its business’ in the United Kingdom will be prosecuted under the Act for failing to prevent bribery committed by any of its employees, agents or other representatives, even if the bribery takes place outside the UK and involves non-UK persons.Usually, multinationals wanting to invest in Nigeria are often made to pay facilitation fees to government officials. The act considers such facilitation s as bribe. Full story...Source: http://www.ngrguardiannews.com
Posted by Amaka, 25 September 2012
Nigerias Retailers Beg For More Time to Comply With GIPC Law.
Some Nigerian retailers are asking for more time to be able to meet the requirement for foreign retail trading in the country.The Ghana Investment promotion law bars foreign traders from retailing unless they invest an initial capital of $300,000.An inter agency taskforce on Tuesday closed down shops of foreigners for illegally engaging in the retail trade in the central business district of Accra. Full story
Source: www.peacefmonline.com
Posted by Amaka, 16 july 2012