The Consumer Protec
tion Council (CPC) has announced its decision to withdraw all its pending litigations against the Nigerian Bottling Company (NBC) and Coca-Cola Nigeria Limited (CCNL).
This is contained in a statement made available to newsmen and signed by Mr Ondaje Ijagwu of the Public Relations Unit of CPC in Abuja.
According to the statement, the parties resolved the pending issues to achieve more effective protection of consumer rights.
“ Following a meeting of the parties in relation to the orders made by the CPC in respect of its investigation on a consumer complaint involving two short-filled cans of sprite, the council, the NBC Ltd. and CCNL have agreed to an amicable resolution of the contentious issues.
“ In the spirit of constructive dialogue and amicable resolution and in the interest of a friendly environment that will ensure more effective protection of consumer rights, the parties committed to withdraw all pending litigation, both civil and criminal, instituted in respect of the investigations.’’
The statement said the NBC and CBN reaffirmed their commitment to product quality and consumer satisfaction.
It said that they pledged to continue to ensure that their processes and polices were in alignment with international standards and the requirement of Nigerian regulators.
It stated that the parties affirmed their readiness to collaborate and partner in furtherance of CPC’s mandate to protect the rights of the consumers and promote business development and effective regulation of Industry.
CPC had earlier filed a matter against the duo, based on a complaint it received regarding two half empty cans of sprite.
The product was manufactured by the NBC under the licence and authority of CCNL, with allegations of rusty bottle crown corks, rusty cans and foreign particles in products.
“ CPC ordered the NBC to subject its manufacturing process to its inspection for a period of 12 months to ensure compliance with standards and regulations.
“ It ordered a review within 90 days of the company’s grievance resolution policy to address compensation for injuries suffered by consumers of its products.
NSE Begins Week On Negative Note, Loses N19.49bn
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.
… Introduces TIES To Boost Business Loan
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.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
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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