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Finance Bodies, NBA Sign 5-Year Economic Dev Pact

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The Chartered Institute of
Stockbrokers (CIS), Institute of Chartered Accountants of Nigeria (ICAN) and Nigerian Bar Association (NBA) have signed a five-year collaboration agreement for the development of Nigerians’ socio-economic life.
A joint statement by the three professional organisations said on Thursday the tripartite agreement, tagged “The Project’’, was the fruit of their commitment toward socio-economic development of the nation.
Sources  quote the agreement as saying that their collaboration would cover all areas of mutual interest for enhanced development of the Nigerian capital market.
It will also cover the financial system, the legal system and the entire socio-economic life of Nigerians.
Under the renewable five-year agreement, each party shall cooperate in the promotion and exploitation of the project and all associated areas of total development.
“The collaborative project is considered a joint project under the relevant laws, and will result in an equal split of ownership among the parties,’’ it said.
It also said that each party was obliged to ensure prompt execution of any assignment that would bring the overall development of the nation’s economy.
The agreement said that each party had agreed to contribute to the efficient flow of information and access to relevant data, according to the agreed access rights without prejudice to confidentiality rules.
To sustain the culture of transparency, it said that each party should inform others of relevant communications it received from third parties in relation to the project.
It said the President of NBA, Mr Augustine Alegeh, had described the agreement as unique and history-making.
It quoted Alegeh as saying that the uniqueness was better appreciated against the background of their coming together to create synergy to serve Nigerians better and yield bountiful results.
The statement commended the residents of CIS, Mr Albert Okumagba and that of ICAN, Mr Chidi Ajaegbu for ensuring that the agreement became a reality.
Also, it said the president of CIS expressed joy that the collaboration would bring about rapid development of the Nigerian economy given the strategic importance of each party to the overall economic growth and development.
“Each party should draw inspiration from its structure and expertise to contribute effectively to the collective aspirations of the three bodies,’’ it quoted Okumagba as saying.
It also quoted the president of ICAN, a chartered stockbroker as describing the new agreement as a milestone in the annals of the Nigerian financial system.
Ajaegbu, it said, noted that each party had a lot to offer to the common pool.
The statement said that both Ajaegbu and Okumagba were unanimous in their call on the Federal Government to expedite action on the passing of the Petroleum Industry Bill (PIB).
On the action plan, it said Okumagba and Ajaegbu explained the imperatives of setting up a small committee to commence execution of the project that would enable the three bodies to deploy their individual synergy for the overall benefit of the group.

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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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