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Borno Blackout: Minister Orders Immediate Reconnection

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Following the lingering
blackout in Born State, the Minister of State for Power Mohammed Wakil has issued a 48-hour ultimatum for Borno to be reconnected to the national grid.
Wakil also disbanded the Technical Committee that was set up by the ministry of power under his chairmanship to oversee the protracted reconnection efforts.
The Minister further directed the Transmission Company of Nigeria (TCN) to speed up work on the 330/132/33Kva sub station in Damaturu which, when completed, will improve the quality of power supply to Borno and Yobe states stressing that Borno should have three sources of power supply from the national grid.
Following the meeting with security and intelligence personnel on the blackout crisis resulting in a high level review of the situation on the ground, the minister decided to take direct charge of the reconnection efforts.
According to the Minister, Borno people are no longer ready to take any further excuses for the continous blacks out even as he warned  stakeholders to carry out his directives or face sanctions.
“You have 48 hours to restore electricity back to Maiduguri, I am taking over directly in terms of monitoring and ensuring compliance,” he said.
He added that at the end of the exercise, Borno State would have three sources of power namely, the 132KV Gombe-Biu-Damboa-Maiduguri line, the 330kv new sub station on Damboa road in Maiduguri and the Damaturu 330/132/33kv which should be completed as quickly as possible.
Borno has had issued with persistent power outages in the recent past on account of the armed conflict between the Boko Haram and federal troops.
Since 2005 the state has been a centre of fierce fighting between the government security forces and the insurgents.  In September 2014, military authorities and the Transmission Company of Nigeria (TCN) reached an agreement for the provision of security cover to TCN field engineers working on the reconnection of Borno state to the national grid but these efforts had remained largely unsuccessful.

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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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