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Extortion, Molestation Worries NLC Transport Scheme

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The Nigerian Labour Congress (NLC) Corporate Transport Scheme in Rivers State has affirmed its determination to adequately protect all vehicles registered under the scheme.
Making this known to The Tide at the NLC Secretariat in Port Harcourt, otherwise known as the “Labour House”, the General manager of the NLC corporate transport scheme, Mr. Messiah Musan, said steps have been taken by the NLC to ensure that every vehicle under franchise fleet will not suffer from molestation.
The General Manager was speaking against the backdrop that various groups have taken advantage of the quick revenue drive from road transport subsector to extort money, as well as molest innocent drivers illegally.
He said, “it has become a known phenomenon in Rivers State that so many illegal revenue agents in the name of councils and other revenue agencies of government, come up with obnoxious tax demand on transporters on the road, and we are determined to control this through our scheme.”
Musan explained that a lot of vehicle owners, even in the corporate world suffer from this touting activities, adding that, so many of the transporters are afraid of using the road due to molestations of illegal transport agents.
The General Manager further stated that it is for this reason that the scheme opted to be repositioned to carter and ensure that the Franchisee’ who pay the salaries of the bulk of NLC members are no longer extorted.
He assured that the relevant security agencies will work in harmony with the NLC in ensuring that vehicles registered under the scheme enjoy maximum protection.
Also, the General Manager posited that training programmes and seminars will be organised from time to time to enlighten transporters and drivers on their rights and obligations.
According to him, “in the new arrangement, NLC will go at length to ensure that no vehicle under its fleet will suffer any problem of injustice by any agent,” insisting that time has come for the transport industry to be highly competitive in terms of operations, to give way for meaningful development.
For development to be assured, he said that these problems of touting and illegal demands by force must be rooted out for smooth operation to thrive.

Corlins Walter

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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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