BusinessDay

Five things to know to start your Tuesday

Edo IGR hits N4bn monthly target – Chairman

John Inegbedion, Chairman, Taskforce on Internally Generated Revenue (TF-IGR) of the Edo State Internal Revenue Service (EIRS), said the state’s IGR collection had hit the N4 billion monthly target.

According to the News Agency of Nigeria (NAN), Inegbedion said this on Monday at the January 2023 Management Performance Review (MPR) Meeting and Award Ceremony held at the EIRS Corporate Head Office.

The meeting was an opportunity for the agency’s performance in terms of revenue generated in 2022 to be reviewed, as well as to appreciate EIRS branches and ministries that exceeded target.

The task force chairman stated that N4 billion was achieved in the last quarter of 2022 after meeting the N3 billion target in the first quarter of the same year.

He attributed the achievement of the feat to the leadership and support provided by Governor Godwin Obaseki and his deputy, Philip Shaibu.

Read also: Nigeria inches closer to rice sufficiency as Buhari commissions Imota Mill

PVC collection: INEC cautions staff against sharp practices

Bamidele Oyetunji, Head of the Public Affairs Units of the Independent National Electoral Commission (INEC) in Abia State, has cautioned its staff members to stay away from sharp practises during the Permanent Voter Cards (PVCs) distribution.

Oyetunji said this in Aba on Monday, warning that officials who demand gratification from the public while performing their duties would be punished.

“Our staff members do not need to search for anything on the internet. All they need to do is give people their voter cards. Anybody whose card is not found or those with challenges should be given a note to verify online by themselves,” Oyetunji said.
His warning comes against the backdrop of allegations from residents in Aba claiming that some INEC officials were demanding N500 from prospective voters before issuing them their cards.

NiMet to partner Niger Republic, Gambia on climate change

Manzur Matazu, the Managing Director of the Nigerian Meteorological Agency (NiMet), disclosed on Monday, during a courtesy visit of some officials from the National Meteorological Services of the Niger Republic in Abuja, that the Federal Government has put in place plans to partner with the Niger Republic and Gambia on issues concerning climate change.

Matazu also disclosed that the Federal Government also plans to increase its level of engagement and interaction, especially when it comes to sharing its experience on seasonal planet prediction with both countries.

He added that the government would explore other areas of interest so that challenges that might affect both nations in the future can be attended to with the highest level of professionalism.

“So, we are going to exchange and share experiences on seasonal planet prediction as well as medical service prediction. We have a robust medical service prediction system that is responsible for providing these exchanges of ideas and the issue of climate change, both of which impact liability, adaptation, and litigation,” he said.

EU lawmakers to vote on tighter crypto, ESG rules for banks

In the face of several cryptocurrency trading challenges, lawmakers at the European Parliament’s economic affairs committee are set to vote on a new European law that would compel banks to set aside a certain amount of their capital to cover holdings of cryptoassets.

The draught law is to be voted on by lawmakers on Tuesday. The draught law is focused on implementing the remaining elements of Basel III, a global accord that forces banks to hold more capital to cope with market shocks unaided by taxpayers.

One amendment states that banks would have to apply a risk-weighting of 1,250% of capital to cryptoasset exposures, meaning enough to cover a complete loss in their value.

This is in line with recommendations from the global Basel Committee of banking regulators in December.

The amendments also introduce a definition of “shadow banking,”  the vast sector of insurers, hedge funds, and investment funds that make up about half the world’s financial system and are typically less regulated than banks. This is according to Reuters.

Musk testifies Saudis backed taking Tesla private before they backpedaled

Elon Musk revealed on Monday that Yasir Al-Rumayyan, governor of a Saudi-backed fund organisation named the Public Investment Fund, withdrew its funding promise to take Tesla Inc. private.

The Tesla co-founder said that this decision to backpedal in 2018 affected the company’s objective to transition from public to private.

According to Reuters, during a trial in San Francisco federal court, Musk told the investors’ lawyer Nicholas Porritt that he met on July 31, 2018, with representatives of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, at Tesla’s Fremont, California, factory.