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Ban Cars Importation, Says PAN

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Peugeot Automobile Nigerian Limited (PAN), has called for a ban on the importation of used cars that are five years old and sub-standard ones.

The call was made by the company’s Managing Director, Dr. Haroun Aliyu, during a recent oversight visit of the House of Representatives Committee on Privatisation and Commercialisation to PAN headquarters in Kaduna.

Aliyu also urged government to legislate on patronage of locally-manufactured vehicles, observing that PAN has injected N5 billion into the new Peugeot 307 sedan production line which replaces the 406 production line.

He informed that with 950 workers, PAN produces 70,000 cars per annum on an average of 24 cars per day.

Aliyu also pointed out that the company planned to upgrade its training institute to a vocational training centre, adding that as part of its social responsibility, it had asked state governors to nominate ten candidates each from their states for training.

On the challenges facing the company, the chief executive officer said; “The challenges facing the company include difficulty in securing bank facility, investor apathy, depreciation of the naira, under utilised capacity, lack of deliberate tariff regime and influx of imported brands”.

In his remarks, the chairman of the House of Representatives Committee on Privatisation and Commercialisation, Alhaji Ahmed Njiddah Gella, directed the management of Peugeot Automobile Nigeria (PAN) Limited to deal only with the Bureau of Public Enterprises (BPE) as the recognised government representative on its board.

Gella expressed concern over attempts by other government agencies to sit on the board of PAN when it is the statutory responsibility of the BPE.

The Federal Government has a 10 per cent equity in the company which the BPE holds in trust for government.

He told the company’s management to “henceforth draw the attention of BPE to any correspondence from any of the agencies purporting to be government representatives on the board,” adding that, such act would no longer be tolerated.

The committee chairman also tasked BPE to immediately convene to meeting of relevant stakeholders so that all thorny issues would be addressed.

The committee had earlier visited Zuma Steel Company, Jos, Electricity Meter Company of Nigeria Plc, Zaria and Federal Super-phosphate Fertiliser Company Limited; Kaduna.

A Ro-ro vessel ready to discharge its cargo of imported vehicles at the Tin Can Island port in Lagos.

A Ro-ro vessel ready to discharge its cargo of imported vehicles at the Tin Can Island port in Lagos.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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