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Electoral Reforms Ready Before 2011 Polls – Adan

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The House of Representatives says it is resolved to pass into law a well articulated and functional electoral system that would meet all standards of credibility, acceptability before the 2011 general elections in the country.

Disclosing this to The Tide at the weekend in Port Harcourt, the Chairman of House of Representatives Committee on Electoral Matters, Hon. Usman Adan explained that the on-going review of the electoral process should be concluded before the next general elections.

He noted that one of the most pressing issues before the upper and lower chambers of the National Assembly was that of electoral review, as presented by the executive arm after the Hon Justice Mohammed Uwais Review Panel.

He maintained that the electoral process would not be put on hold until the review of the 1999 Constitution is concluded, insisting that the electoral process when adopted into law would be co-opted into the reviewed constitution.

Adan said members of his committee were in the state as part of their oversight function to ensure that fund appropriated in the 2009 fiscal policy was judiciously used.He took a swipe at the recommendation in the electoral reform panel report that all the state Independent Electoral Commissions should be scrapped. According to him the House of Representatives would not agree to that aspect of the recommendation, noting that scraping of the State Independent Electoral Commissions is not the problem of the electoral process in the country.

During the visit, members of the House of Representatives Committee on Electoral Matters inspected INEC Zonal Store, where the commission received kudos over its organization and preparedness.

Earlier, the Resident Electoral Commissioner (REC) in Rivers State, Bar Josiah Uwazuruonye, while conducting the committee round the zonal store, explained that the construction of the store was to ensure that the 2011 and subsequent general elections in the state were conducted without hitches

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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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