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Glo Shuts Down Operations In Ghana

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Nigeria’s indigenous telecoms giants,  Globacom, might have decided to pull out its operations from Ghana.

Reports say that the decision might not be unconnected with allegations of sabotage and several challenges from some local Ghanaian interests that did not want the company’s nationwide plan to take off.

A source close to the company said that some of the challenges the company faced since it was awarded a GSM licence by the National Communications Authority, (NCA), included an encroachment on the frequency allocated to it by the NCA, as well as repeated and organised sabotage of its billboards and the delay in securing approval for the swift deployment of its infrastructures like base stations.

According to reports, while the company was working at achieving a fast roll-out of its network in the Ghanaian market, some forces had been deliberately working to cripple its operations and prevent it from rolling out as planned.

It was also gathered that part of the decisions to pull out of Ghana was the company’s feeling that its infrastructures in the country were not getting adequate protection from the law enforcement agencies.

However, it is said that Globacom had not served the government of Ghana any notice yet but would do that soonest.

The decision was said to be the outcome of a meeting held by senior management staff of the company on the issues, where they unanimously condemned and expressed serious displeasure over the various acts of vandalism, on its infrastructure.

A senior official of Glo Mobile Ghana, Derek Okpobi, confirmed the story, saying “the frustrations are getting out of control. We have considered pulling out.”

Glo Mobile Ghana recently embarked on a massive deployment of outdoor advertising structures comprising billboards, light boxes, lamppost signs and brand marks (branded lit globes) throughout Accra as part of the build-up towards the nationwide launch of the company’s operations in Ghana.

However, immediately after the deployment of the outdoor advertising materials which generated a lot of positive remarks, a number of the outdoor structures were vandalised by unknown persons.

In February 2010, about 15 light boxes mounted from the Airport traffic light median to the Opeibea House traffic light, were alleged to have been deliberately destroyed with the flexi materials used on both sides of the unit torn.

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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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