PEOPLES DAILY, MONDAY, APRIL 23, 2012
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FG urges to resolve multiple taxation From Olanrewaju Lawal, Ilorin
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he Chairman of Association of Licensed Telecommunication Operators of Nigeria(ALTON) Engr. Gbenga Adebayo has urged Federal Government to solve the problem of multiple taxation and insecurity in the interest of the nation’s economy. Adebayo, who is also Chairman of Royal FM radio station and publisher of Royal Times Newspaper made this call in Ilorin while speaking with newsmen at the correspondents’ chapel of the Kwara NUJ council. He pointed out that the way government introduces tax at all levels would discourage foreign and local investors stressing
that inconsistencies in government’s policies and regulations could also spell doom for the nation’s economy. The Chairman appealed to the Federal Government to provide conducive environment for business to thrive.
He said “there is no private investor anywhere in the world that will invest in a place where investment is considered not safe. Investment is not a charity organisation. Investment is for profit and social economic development.
“The issue that we face here in Nigeria today demands total attention of government at all levels. Government at all levels and citizens have a duty to guarantee security of lives and property”. The publisher alleged that
L-R: World Bank Vice-President African Region, Mrs Oby Ezekwesili, with Rwandan Minister of Finance and Economic Planning, Mr. John Rwangombwa, during the spring meeting of the World Bank and International Monetary Fund (IMF), recently in Washington DC, United States of America. Photo: NAN
FG urged to consider alternatives to auto parts ban
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he National Association of Nigerian Traders (NANTS) has appealed to the Federal Government to handle the proposed ban on importation of auto spare parts with caution. The President of NANTS, Mr Ken Ukoha made this appeal in an interview with the News Agency of Nigeria (NAN) in Abuja yesterday. He said that the government should consider increasing the tariff and imposition of other restrictions instead of a ban. “Banning is a wrong instrument; we need to look at other instruments that do not contravene trade treaties. “We can tactically shelve the importation of an item on health ground; we can do quota restriction, price restriction, tariffs and quantity restriction rather than banning. “We don’t need to adopt measures that are anti-WTO and other international treaties to which we have committed ourselves“. The NANTS boss said there was a need for the country to look inwards with a view to determining its capabilities in the production of spare parts. Ukoha lauded the government’s efforts to encourage local manufacturers, adding that Nigeria must become less dependent on importation in order to achieve Vision 20:2020. “It is a good idea to help the local producers because they need to grow; generate employment and grow the economy.’’ The FG recently declared that it was going to put an end to the importation of automobile spare parts in order to encourage local production. (NAN)
labour movement killed strong organisations like the railway, NITEL, textile industries among others suggesting that workers should not be forced to join union or join strike action when they know that such action would only ruin the organisation.
UBA bankrolls N6.4bn power, telecomms projects in Benin republic By Abdulwahab Isa
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he United Bank for Africa (UBA) has anchored a credited facility of syndicated loans of about $40 million (about N 6.4 billion) covering power and telecommunications projects in the Republic of Benin. The loans are facilitated through UBA Benin Limited, a
subsidiary of UBA group, which acted as lead arranger to the $18 million syndicated mid-term loan for the National Electricity Company of Benin Republic. The bank was also a co-arranger to the $32 million syndicated mid-term loan to MTN Benin. The $18 million facility to the National Electricity Company has contributed to
improved power distribution in Benin Republic with positive impacts on the economy, a statement issued by the Bank said. This milestone transaction makes UBA Benin to be referred to as the major energy financing Bank of the country. Similarly, the facility to MTN was to facilitate the acquisition of the Third Generation (3G)
NASS reconciles NNPC, mega filling station owners on cash-and-carry policy By Abdulwahab Isa
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he lingering face-off between the Nigeria National Petroleum Corporation (NNPC) and Association of Mega Filling Station Owners of Nigeria (AMFSON) over cash-and-carry of products introduced by the NNPC has been stepped in by the National Assembly. In resolving the issue, House of Representative Committee on gas resources, through its Chairman, Hon. Bassey Eko Ewa directed the NNPC to meet with the members of the association and resolve their differences. AMFSON and NNPC have been at daggers-drawn over moves by the corporation to reintroduce the sale of petroleum products on cash-and-carry basis.
The intervention by the House Committee on gas resources was sequel to futile attempts made by the association to meet with NNPC officials to prevail on them to jettison the cash-and-carry policy . It was gathered that at a point, NNPC management directed that no member of AMFSON should be granted access to its headquarters located in the Central Business District of Abuja. Weighed down by the refusal of NNPC to grant them audience, the Association had petitioned the National Assembly seeking their intervention in the lingering crisis. AMFSON in the petition pleaded with the lawmakers to stop the management of NNPC in their attempt to revert to the discredited Cash-and-Carry
policy as such move is aimed at deliberately causing scarcity of petroleum products thereby disrupting economic activities in the country. The association, in the petition alleged that as a first step to effectively execute the evil plot, the corporation has perfected plans to withdraw the supply of products to its members. The Association, in the petition jointly signed by their National Chairman and National Public Relations Officer (PRO),Chief Andrew Ashiga and Kenneth Nwachukwu respectively, also alleged that already, the corporation has alerted its subsidiary, the NNPC Retail Limited, which is on standby to cut-off supply when given signals by the top officials behind the plan.
Telecommunication License from the Government, a statement issued by UBA has confirmed. Managing Director of UBA Benin, Mrs. Gwen Abiola Oloke said the transactions underscored UBA’s commitment to supporting the growth and development of the economy of Benin Republic especially by financing large ticket transactions for corporate customers, thus stimulating economic activities. She added that “UBA Benin has played key roles in project finance, innovative banking services and jobs creation,” adding that It is the same commitment that we have in all counties in Africa where we have presence.” Commenting on the development, Mr. Phillips Oduoza, GMD/CEO, UBA Plc assured of the bank’s readiness in meeting the financial needs of the African nations by bridging finance-project gaps, through infrastructure financing, loans syndication, trade facilitation and investment promotions. He said, “With UBA’s presence in 19 African countries, the bank is leveraging on very strong fundamentals to achieve its African goals adding that the bank has launched series of products to smoothen trade and commerce between African nations via its payment platforms.”