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Abia-A’Ibom-Rivers Cameroon Link Road Project Begins, Soon

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The first phase of a road that will link four states, in Nigeria, Abia, Akwa Ibom, Rivers and Cross River to Cameroon is set to commence soon, Rep. Sam Onuigbo has said.
Onuigbo who represents Ikwuano/Umuahia North/South Federal Constituency told newsmen in Umuahia that the Umuahia-Ikwuano-Ikot Ekpene federal road was set to begin.
Onuigbo spoke when he led the delegation from the Ministry of Power, Works and Housing, who came to confirm the design for the dualisation of the road from Abia Tower to Ikot Ekpene.
The federal lawmaker led the delegation to meet with traditional rulers at the palace of His Royal Highness Eze Ugochukwu Ejirika.
He explained that the first phase of the project will terminate close to Amawom Oboro, while the second phase will then continue from there.
He commended the Minister of Power, Works and Housing, Babatunde Fashola whom he said had been responsive to his requests which has culminated in the total reconstruction that is about to begin.
He described the minister as a man whose overall interest is the well-being of Nigerians irrespective of tribe or political affiliation.
Rep. Onuigbo, who stressed the importance of the road as it links several states such as Akwa Ibom, Rivers, Cross River and even the Cameroon with Abia, pointed out that the road is a major economic access point for the country.
He went on to add that the reconstruction of the road will bring back many economic activities which had seized since certain sections of the road failed.
The lawmaker pleaded with the federal government to rehabilitate certain failed sections that would be captured in the second phase pending when it is approved and funds are available for the total reconstruction.
While addressing the traditional rulers and other leaders, Engr. Emmanuel Adama, leader of the ministry’s delegation said that his team came to confirm the submission made by their consultant – Hancock Ogundiya & Partners— for the dualisation of the road from Abia Tower to Amawom.
He said the consultant has submitted his report already, and they only came to see things for themselves and file their report.
Adama said that he and his team have inspected the road up to Ikot Ekpene so as to take note of the areas that have failed and thus would need to be rehabilitated.
Tin-Can Customs Command rakes in N78.8bn in 3 months
The Tin-Can Island Port Command of the Nigeria Customs Service (NCS) says it generated N78.8 billion in the first quarter of 2019, up from N76.7 billion realised in the corresponding period of 2018.
NCS Area Controller, Mohammed Musa, made this known to newsmen in Lagos yesterday.

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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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