BUSINESS
Kogi Clampdown on Illegal Revenue Collectors, Vows to Block Leakages
From Joseph Amedu, Lokoja
The Kogi State Government has begun clampdown on criminal elements collecting revenue illegally across the State with a vow to block all leakages in the system.
The Chairman, Kogi State Internal Revenue Service, (KGIRS) Sule Salihu Enehe disclosed this at a press conference held in his office in Lokoja, on Thursday.
He expressed sadness over the continuous blockage of roads by some individuals claiming to be collecting revenue for Kogi State.
Enehe also vowed to ensure that those involved in the illegal act will be brought to book.
He added that those collecting revenue illegally are a security threat to the state saying that the present administration remains committed to boost its revenue drive and develop the State.
Narrating his experience in Kogi State concerning the collection of illegal revenue by some fraudulent individuals, Enehe said “It is only in Kogi that an individual will create a toll gate and start collecting revenue. We are happy a new law has criminalized this dubious act.
“There was a time I went to one Local Government, the road was blocked. I came down with my entourage and discovered that the receipt they are issuing out is Local Government and not State. I called the DLG and he said he is aware.
“I asked where the money was going and he said he dont know. The new administration under Alhaji Ahmed Usman Ododo has given a directive to put an end to the sharp practices of these individuals who are enemies of our State.
From today, we are swinging into action, because these people are not working for us but their own selfish interest. Anyone caught in this dubious act will be arrested and prosecuted”.
He explained that the Government is engaging with inter-switch to supply over 1000 Point of Sale (POS) machines to boost the revenue drive in the Local Government and block loopholes in the system.
According to him, the projected revenue for 2024 in Kogi State is N30.4billion.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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