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Host Communities Hamper Employment Of Rivers Youth -Perm Sec

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The Permanent Secretary of the Rivers State Ministry of Labour, Employment and Empowerment Generation, Mr Monday Ekekentah has identified youths in host communities of companies as the major challenge faced by the Ministry in the Employment of other youths in River State.

In an exclusive interview with The Tide, on Wednesday, Ekekentah explained that as part of measures to creat jobs for qualified Rivers indigenes, the Ministry liaise with companies to seek employment for youths in the state.

He continued that on consultation, some of the companies refused to employ non-indigenes of their host communities.

According to him, “Local communities are making our work difficult in that they pressurise the companies to employ only youths from the immediate communities.

Ekekentah explained further that this development came to the fore following a recent petition written by unemployed youths in Rivers to the Ministry.

Consequently, the Ministry, he said, made consultation with some companies which include Saipem and DBN Nigeria Ltd on why they refused to honour names of persons sent by the ministry for employment.

Some of the major claims of the companies were that the communities in which they are carrying out their operations do not allow them to employ people from outside the communities,” he said.

In order to check this development, the permanent secretary said the ministry has referred the matter to the State House of Assembly for legal action.

“I have reported this matter to the chairman, House Committee on Youths, Employment and Empowerment. They promised that they will put up a bill in the house to abolish the imposition of community Liason Officers (CLOs) operating in various parts of the state.

“This is to enable Government Liason Officers (GLOs) posted from our ministry to handle the issue of employment between the Ministry, companies and communities to ensure that proper skilled and unskilled people are employed in these companies,” he stated.

He used the opportunity to call on youths “to desist from writing frequent petitions against the officials of the Ministry and the companies operating in the state. 

 

Sogbeba Dokubo

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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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