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Economy

Cross River Warns Illegal Revenue Collectors

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cross river revenue collectors

By Adedapo Adesanya

The Cross River State Government has warned illegal revenue collectors robbing businesses of their money in the state to desist or risk being prosecuted.

A statement issued on Thursday by the Cross River State Anti-Tax Agency said despite a law proscribing illegal taxation, tolls and levies on market women, petty traders and small scale businesses in the state, some of these illegal tax operators were still having their ways under the guise of generating revenue for the state government.

According to the chairman of the agency, Mr Emmah Isong, it was unfortunate that some elements were bent on frustrating the efforts of the Cross River State Governor, Mr Ben Ayade, to help alleviate the plights of residents of the state.

He wondered why the illegal tax collectors would want to exploit market women, petty traders and commercial transport drivers under the guise of generating revenues for the state.

Mr Isong, who doubles as the National Publicity Secretary of the Police Force of Nigeria (PFN), said these illegal tax operators have created all kinds of revenue points for themselves at the detriment of others.

“It is very worrisome that even after the Agency had had series of meetings with relevant agencies of government on the modus operandi of tax and levies’ collection, there appear to be infractions on the part of some agencies, thereby causing some untold hardship to small scale business owners, petty traders and taxi drivers alike.

“The agency frown at a reported case of a tragic incident which occurred March 18, 2021, at the Municipal in which one Chuks, in a trending video, was dehumanised by an illicit tax operator in Calabar, is despicable.

“We further frown at another reported case where one Mrs Chukwuma, a widow with 4 children leaving at 8 Miles, was allegedly manhandled and her goods impounded by hoodlums masquerading as tax collectors and given 7 days to pay up or lose her goods.

“These acts are not only condemnable but capable of setting back the low-income earners exemption tax relief policy of Governor Ben Ayade, who had issued series of warnings to these perpetrators to desist from such inhuman act of extorting hard-earned money from the poor Cross Riverians,” the statement said.

He explained that the agency, whose scope of operations among others includes protecting the poor of the poor in the area of extorting money and protecting their businesses, is totally committed to ridding the state of such illegal operations, adding that it would not fail to prosecute offenders in line with tax exemption laws of the state.

Mr Isong called on all government agencies in charge of revenues to carry out their functions in accordance with the laid down best practices to give succour to citizens, assuring residents of the state that an enforcement team has been put in place and defaulters would face the wrath of the law.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Three Securities Shore Up NASD Market Capitalisation by N14.99bn

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NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed the final trading session of the week in positive territory as it gained 1.49 per cent at the close of business on Friday, June 2.

This growth was spurred by the upward price movement in the share prices of three companies admitted on the trading platform of the unlisted securities exchange.

FrieslandCampina Wamco Nigeria Plc rose by N4.80 to close at N75.00 per share compared with the preceding day’s N70.20 per share, Central Securities Clearing System (CSCS) Plc gained N1.12 to move up to N15.20 per unit from N14.08 per unit, while Acorn Petroleum Plc added 1 Kobo to close at 15 Kobo versus Thursday’s closing price of 14 Kobo.

The improvement in the prices of the above stocks pushed the market capitalisation of NASD higher by N14.99 billion to N1.023 trillion from N1.007 trillion, as the NASD Unlisted Securities Index (NSI) recorded a 10.84 points gain to wrap the session at 739.21 points compared with 728.37 points in the previous session.

The market witnessed a 15.6 per cent rise in the volume of securities traded by investors yesterday to 1.2 million units from the 1.0 million units transacted a day earlier.

However, the value of shares traded by the market participants decreased by 69.9 per cent to N56.9 million from N189.5 million, as the number of deals declined by 46.7 per cent to eight deals from the 15 deals carried out in the preceding day.

Geo-Fluids Plc closed the day as the most traded stock by volume (year-to-date) with 832.1 million units worth N1.3 billion, Industrial and General Insurance (IGI) Plc has traded 627.7 units valued at N49.4 million, and UBN Property Plc has exchanged 395.9 million units worth N336.6 million.

The most traded stock by value (year-to-date) was VFD Group Plc with 11.0 million units worth N2.5 billion, Geo-Fluids Plc has exchanged 832.1 million units valued at N1.3 billion, and FrieslandCampina Wamco Nigeria Plc has transacted 17.1 million units worth N1.2 billion.

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Economy

Naira Falls at P2P, Gains at Black Market, Stable at Official Market

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Black Market

By Adedapo Adesanya

The Naira moved in different directions in the various segments of the foreign exchange (FX) market on Friday as traders await the merger of the exchange rates by the Central Bank of Nigeria (CBN) as directed by President Bola Tinubu.

Business Post reports that the Naira depreciated against the Dollar at the Peer-2-Peer (P2P) segment, appreciated in the black market, and remained unchanged in the Investors and Exporters (I&E) window.

In the P2P, the value of the local currency to the greenback fell by N9 to sell at N764/$1 compared with Thursday’s value of N755/$1.

At the parallel market, the domestic currency gained N3 against the greenback to sell at N747/$1, in contrast to the preceding session’s N750/$1.

However, in the official market, the Nigerian Naira maintained stability against the US Dollar to remain unchanged at N464.67/$1, as the forex turnover went down by 60.6 per cent or $152.08 million to $98.90 million from $250.98 million.

In the interbank segment, the Naira depreciated against the British Pound Sterling by 91 Kobo to close at N575.28/£1 versus the previous day’s N574.37/£1 and slumped by 12 Kobo against the Euro to sell at N493.70/€1 compared with Thursday’s N493.58/€1.

As for the digital currency, Bitcoin (BTC) jumped by 0.2 per cent to sell at $27,203.27, Ethereum (ETH) appreciated by 0.7 per cent to quote at $1,904.59, Cardano (ADA) added 1.4 per cent to its value to finish at $0.3774, Ripple (XRP) recorded a 1.3 per cent gain to quote at $0.5254, Dogecoin (DOGE) improved its value by 0.6 per cent to close at $0.0726, and Solana (SOL) made a 0.3 per cent rise to sell at $21.13.

On the flip side, Binance Coin (BNB) fell by 0.6 per cent to sell at $306.43, and Litecoin (LTC) followed with a 0.5 per cent loss to trade at $94.72, as the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.

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Economy

Oil Closes 2% Higher Ahead Crucial OPEC+ Meeting

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seven offshore oil blocks

By Adedapo Adesanya

Oil rose over 2 per cent on Friday after the United States Congress passed a debt ceiling deal that averted a government default in the world’s biggest oil consumer and jobs data fueled hopes for a possible pause in Federal Reserve interest rate hikes.

The focus is now on a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, this weekend.

Brent futures rose $1.85 or 2.5 per cent yesterday to $76.13 a barrel, while the US West Texas Intermediate (WTI) futures appreciated by $1.64 or 2.3 per cent to $71.74 a barrel, the highest since May 26 for WTI and May 29 for Brent, but for the week, both contracts were down about 1 per cent, their first in three weeks.

The US Senate approved a bipartisan deal to suspend the limit on the government debt ceiling, following approval in the House of Representatives, staving off a default that would have affected the markets.

Also, employment in the world’s largest economy increased more than expected in May, but a moderation in wages could allow the US Federal Reserve to skip a rate hike this month for the first time in more than a year, which could support oil demand.

However, a jump in the unemployment rate to 3.7 per cent from 3.4 per cent in the prior month, a slowing in the pace of hourly wage growth, and a decline in hours worked indicate that the US central bank may go ahead with expected moves.

Oil traders will watch the June 4 meeting of OPEC+. The group in April announced a surprise production cut of 1.16 million barrels per day, but resulting price gains have been erased, and crude is trading below pre-cut levels.

Reports showed that OPEC+ could also be debating an additional oil production cut among possible options.

According to Reuters, three OPEC+ sources said cuts were being discussed among options for Sunday. The sources said cuts could amount to 1 million barrels per day on top of existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day that were announced in a surprise move in April.

The oil ministers of the 23-nation alliance will gather at 2 p.m. in Vienna (1 p.m. Nigerian time). Before then, OPEC ministers will meet at 11 a.m. (10 a.m.) on Saturday.

On the demand side, manufacturing data out of China, the world’s second-biggest oil consumer, painted a mixed picture.

In the US, energy firms this week slashed the number of oil rigs operating by the most since September 2021, reducing the overall count for a fifth week in a row, energy services firm Baker Hughes Co. said.

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