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ADVAN Commits N70bn To Improve Economy

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The President of the Advertiser’s Association of Nigeria, Mr. Idorenyen Enang, has said that the association committed over N70bn on Advertisement overtime as part of measures to add value to the nation’s economy.

He disclosed this during the association’s annual general meeting and interactive session with members on how to chart a way forward for the association in Lagos on Wednesday.

He said, “ADVAN has spent over N70bn on advertisement overtime, as part of value addition to Nigeria’s economy.”

“ADVAN is committed to keeping its members on the leading edge of marketing trends and best practices. We intend to help the marketing communications community stay abreast of cutting-edge trends and best practices via a comprehensive calendar of seminars and conferences.”

“We want to proactively take stands on public issues and governmental actions that affect marketer’s ability to operate in a free-market society and the larger society”.

He said the ADVAN was repositioned with quality leadership, data compilation, a relationship building and network platform for the provision of forum for advertisers to discuss issues of common interest and influence developmental changes within the industry.

According to him, future programmes highlighted for repositioning of the association include conducting a comprehensive study on electronic media, viewership/listenership based attitude; establishment of ADVAN library and research centre.

Others incude developing strong global affiliations; organizing quarterly member enlightenment programes; periodic member social platforms; annual award for marketing excellence; upgrading of ADVAN facilities, boosting of membership base; and setting up of joint committees on research, media and advertisers.

He said the association had set up four committees to deliberate on various issues, namely: marketing knowledge of ADVAN members, provide access to peer-to-peer networking, agency relations committees, for the exploration of ways of improving client/agency relationships to improve business results.

Others are marketing accountability and effectiveness committee, to focus on appropriate use of brand and sales metrics to optimize expenditure effectiveness; and research committee. These include advertising and marketing research, thereby, focusing on the use of research to innovate by bringing new processes, products and ideas to ADVAN members and companies.

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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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