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NDDC Threatens To Revoke Road Contract

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The Managing Director of the Niger Delta Development Commission, Mr. Chibuzor Ugwuoha, has threatened to revoke the contract for Izombe/Obokofia Road construction.

Ugwuoha issued the threat when he led the NDDC management team on an inspection tour of projects in Imo State on Tuesday.

The NDDC boss complained that what he saw on ground did not suggest that the firm handling the project was capable of meeting the standard set by the commission.

”In NDDC, we want to do road projects that will last up to 15 years or at least five years before the project starts having any problem.

”What I am seeing here does not show that the contractor is capable of meeting NDDC standard of my desire, nor can the road be compared with the Izombe/Oguta road constructed in the late 1970s,” he said.

Ugwuoha, who expressed disappointment at the level of work on some of the projects inspected, insisted that henceforth, all road projects awarded by the commission must be stone-based.He said that in line with its repositioning posture, NDDC had set a standard which must not be compromised and warned that any attempt to do otherwise would be punished.

”Besides our consultants, we must also be on site continuously to ensure that the contractors are doing the right thing,” Ugwuoha said.

Speaking on the Izombe project, Ugwuoha directed that the contractor should be monitored more closely and warned that “if he doesn’t change, we will be left with no option than to sanction him.

”The NDDC boss urged host communities to cooperate with contracting firms in their efforts to deliver on projects.”While we commend the peaceful disposition of host communities, we shall not hesitate to relocate projects if benefitting communities frustrate the efforts of contractors,” he said.

The Managing Director of the firm handling the road project, Mr. Jasper Jumbo, had promised that the company would do standard job.

Ugwuoha also inspected the 10km Obinze-Umuokanne-Umuapu road project, construction of Ukwugba junction Egbema-Etekwuru-Umuapu road, and the Nworie River dredging by the Imo Government.

The Izombe/Obokofia road project, according to findings, was first awarded by NDDC in 2001 and re-awarded in 2004 with huge sums paid to the firms but little has been achieved.

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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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