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RSG Offers Buy Distribution Right

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In a bid to supply steady electricity in the state, the Rivers State Government is offering to buy the distribution right in the state and as well build a gas turbine system in Afam to supply additional 180 megawatts to Port Harcourt.

Governor Chibuike Amaechi noted that the Power Holding Company Nigeria (PHCN) is persisting that the bidder must also buy Bayelsa and Akwa Ibom together with Rivers State.

The Tide gathered that the development has forced Rivers State Government to plead with Akwa Ibom and Bayelsa States to come into a joint company in order to buy off the zone and split distribution so that each state would collect within its territory.

Governor Amaechi who dropped the hint Sunday at Government House, pointed out that Saipem has been given the task to begin construction of another power station in Afam, making it the number three of the same station in the area.

The Tide further fathered that in August last year, Shell switched on its 650 megawatts capacity power station in Afam, called Afam 2 (combined Cycle gas station) valued about $3 billion, starting with initial 150 megawatts.

This is responsible for about 20 per cent of the national power supply by last year when the nation made up to 3,000 megawatts.

Amaechi failed to disclosed the cost of the new project, but hinted that it was part of the plans to achieve power adequacy in the oil and gas hub of the country.

He explained that the turn-key project would be delivered around December 2010, saying that Rivers State government pay the entire amount and demand action.

According to him, the decision to form a consortium to buy off power distribution in the three states was to have total control of power generation, transmission and distribution in its hands.

The Rivers State Chief Executive also revealed that the state is building injection substantions to enhance distribution.

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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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