Reps ask CBN to suspend cashless policy implementation

The house of representatives has asked the Central Bank of Nigeria (CBN) to hit the brakes on the implementation of the cashless policy it recently re-introduced.

At the plenary session on Thursday, the lower legislative chamber said the policy will lead to a significant decrease in credit extension by Nigerian money deposit banks.

The lawmakers also said the policy will have negative impacts on small and medium enterprises “which are clearly the engine room for growth of the economy”.

In a circular released on Tuesday, the CBN had directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.

Corporate account holders will be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.

The directive was, however, criticised by some Nigerians for various reasons.

In a motion introduced during the plenary session, Benjamin Kalu from Abia state and spokesman of the green chambers urged the lawmakers to call for the suspension of the policy pending further consultations on it.

He said while the policy is expected to reduce risk of cash-related crimes among other benefits, its implementation would have negative impacts on micro, small, and medium enterprises “thereby throwing many of them out of business and sending more Nigerians into poverty”.

Kalu said while Nigerians are still battling with the burden of the numerous bank charges introduced by commercial banks, the CBN deemed it necessary to “impose the implementation of cashless policy on deposits, without due consultations with all shades of stakeholder who will be impacted by the policy”.

“This overbearing burden is aimed at closing down majority of micro, mini, small and medium businesses in Nigeria while enriching Nigerian money deposit banks owned by a privileged few, without any known financial contribution to the consolidated revenue fund of the federation.”

The lower legislative chamber subsequently adopted the notion and urged the CBN to suspend the implementation of the policy “until the appropriate and extensive consultative process is concluded”.

It also directed its committee on banking and currency to meet with the apex bank to ascertain the relevance and need for such measure considering the prevailing economic situation of the country.

CAN Raises Alarm as El-Rufai moves to Demolish 110-year-old church

The Christian Association of Nigeria (CAN) has raised the alarm over a 7-day quit notice issued to St. Gregory’s Anglican Church, Sabon Gari, Zaria, by the Kaduna State Urban Planning Development Agency (KASUPDA).

In the notice seen by TheCable, the agency said the failure to comply with the directive will lead to the forceful eviction of the church.

“Reference to the directive given by the Executive Governor on the issue of Market development which compensation has been duly paid, you are hereby directed to vacate your residence within Seven (7) days from now, failure to comply will leave the Agency with no option than to evict you at your own expense. (from 19h – 24 September),” the statement read.

The zonal head of the agency, who signed the notice on behalf of the zonal manager, did not include his name.

Reacting to the development, Joseph Hayab, chairman of CAN in Kaduna, said the association is alarmed over the quit notice.

“CAN wishes to draw the attention of the Kaduna state government to a quit notice to St. George’s Anglican Church in Sabon Gari, Zaria,” he said in a statement.

“The 7-day quit notice by the Kaduna State Urban Planning Development Agency (KASUPDA), is purported to be a directive from the executive governor.

“The notice also claimed that compensation had been duly paid to the church. We are alarmed and apprehensive about this if it is true that it is a directive from the governor. But we doubt much if the governor issued the directive.”

Hayab said the state government made moves to relocate the church over the expansion of the market at Sabon Gari in February 2016 but later realised that the church had all valid documents and that even some parts of the market are on the church’s land.

Hayab said following the presentation of the necessary documents by the church, the matter was resolved amicably.

He called on the governor to immediately investigate the quit notice from KASUPDA and take prompt action.

”This will go a long way in allaying fears and apprehension among Christians in the state and the nation at large,” he said.

“This unfortunate notice is coming just a few weeks after the alarm about the purported demolition of a mosque in Port Harcourt, Rivers state, which, upon investigations, was later confirmed to be false. We urge the governor to take a step to avert that kind of situation in Kaduna.”

Muyiwa Adekeye, spokesman of Nasir el-Rufai, the governor, said he was not aware of the notice.

“I am not aware of the notice you are talking about. What I know, and is a fact that is very much in the public domain, it is that the Kaduna State government is redeveloping and expanding markets, including the Sabon-Gari market” Adekeye said via a text message.

No official of KASUPDA could be reached for comments as of the time this report was filed

110 years old St. Gregory’s Anglican Church, Sabon Gari, Zaria

Osinbajo to NEC: Don’t ask Me for Anything on the New Economic Council ask Buhari

Vice-President Yemi Osinbajo says the national economic council will have to send a request through the president to get a briefing from the newly appointed economic advisory council (EAC).

Osinbajo made this statement on Thursday in response to a request for clarification by members of the national economic council regarding their relationship with the newly appointed council.

A statement by Laolu Akande, Osinbajo’s senior special assistant on media & publicity, quoted the vice president as saying both councils are for the benefit of the president.

“If NEC wants to be briefed regularly by the Economic Advisory Council, EAC, we will request the President to do that,” he said.

Clem Agba, the minister of state for budget and national planning, gave the balance of the federation accounts as at September 17 as:

  • Excess crude account: $274,583,856
  • Stabilization account: N23,796,349,487.76
  • Development natural resource account fund: N105,135,613,817

Agba also said state governments are expected to start servicing their budget support loans from September 2019 and the repayment will be done over 240 months.

“Council resolved that Governors should meet with the Ministry of Finance and Central Bank of Nigeria to sort out the details of repayment modalities and the Vice President will ensure same and ensure the meeting between the Governors, CBN and Finance Ministry in order to facilitate the speedy resolution of the matter,” the statement read.

The national economic council is made up of the 36 state governors and the governor of Central Bank of Nigeria (CBN).

The NEC is empowered by section 18 of the 1999 constitution to advise the president on the necessary measures for coordinating the economic planning efforts and economic programmes of the various governments of the federation.

The president, on Monday, disbanded the economic management team headed by the vice president and appointed an economic advisory council in its stead.

Africa’s Global Bank, UBA is Now Available on Apple Business Chat

United Bank for Africa (UBA) Plc, on Thursday, announced that the services of its Chatbot, Leo is now available for customers on Apple Business Chat, where its users can communicate directly with businesses using the Messages app on iPhone and iPad.

“As a brand focused on providing excellent customer experience, we are always looking for new ways to serve our customers easily and on time; we are therefore thrilled to support Apple Business Chat, which gives us a powerful and engaging connection with our customers,” said Mr. Kennedy Uzoka, Group Managing Director of UBA, who spoke at the launch of the service in the bank’s Head office on Thursday. “Most of our customers prefer iOS, and we always want to exceed their expectations when they experience UBA. Apple Business Chat makes communicating with us as easy as messaging a friend, so we expect it will quickly become our customers’ preferred customer service channel.”

He explained that UBA customers can now use the services of LEO, through the Apple Business Chat to open an account, buy airtime, check account balance, make account transfers and pay bills. With Business Chat, customers can always reach a live person and are always in control of whether they share any contact information with a business.

Uzoka said, “Today, we are covering a segment that has been missing for some time. It is our desire to ensure that we put Leo everywhere, and today it is now on the IOS platform as the users approached us that they needed to enjoy the service which Facebook and WhatsApp users had been enjoying from LEO. Consistently, we have been the first in the use of intelligence banking, this is the first time this is happening in Africa. LEO is live in English on the IOS platform, and by the end of October, it will be live in other languages. As you know, LEO is already on WhatsApp and Facebook  in English, French, Portuguese and Swahili languages.”

To start Apple Business Chat, customers can click the ‘Chat with Messages’ button on UBA’s website or in mobile banking app, available in the App Store. A conversation with UBA’s agents will open instantly in the Messages app, and users can take their time responding when it’s convenient.

The Group Head, Online, Banking, Austin Abolusoro, who spoke at the event said the bank is always looking for ways to improve upon its services to its teeming customers.

“We are leading financial industry AI in Africa. Our customers have been increasingly asking for mobile services that make their lives easier, and Leo has become a growing choice for his convenience and personal solutions, Over a million customers are already on the LEO platform. Before now, customers can only come to the bank, but today we are on social media as well as on the IOS platform, and the launch of LEO has helped customer to get their complaints resolved without physically visiting the bank. Leo makes use of available data to resolve complaints and where more information is needed, Leo will transfer the customer to human agents.”

“As we continue to advance our work on AI-driven developments, it is important that we listen to our users today and further enhance Leo to align to client feedback in order to better meet and anticipate needs and even continue to give them increased value,” Abolusoro added.

He added that Apple Business Chat is available in beta for users and businesses around the world, and is built into iOS 11.3 and higher. For more information, visit: apple.com/ios/business-chat.

United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touch points. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s magazine.

l-r: Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka; Group Head, Marketing, UBA Plc, Mrs Dupe Olusola; Group Head, Online Banking, UBA, Mr Austine Abolusoro, during the launch of LEO, the Bank’s chatbot on banking, on Apple Business Chat –IPad and IPhone, held at UBA House, Marina, Lagos on Thursday
l-r: Group Head, Online Banking, United Bank for Africa(UBA) Plc, Mr Austine Abolusoro; Group Managing Director/CEO, Mr. Kennedy Uzoka; Group Head, Marketing, UBA Plc, Mrs Dupe Olusola; Executive Director, UBA Plc, Mr. Nweke Chukwuma; Group Head, Human Capital Management; Mrs Patricia Aderibigbe; and Group Executive, Customer Fulfilment Centre(CFC), Mr Anant Rao, during the launch of LEO, the Bank’s chatbot on banking, on Apple Business Chat –IPad and IPhone, held at UBA House, Marina, Lagos on Thursday

Missing Millions of Naira: Allegation of Witch-Hunt Trails Court-Martial Chairman

Hakeem Otiki, a major-general standing trial over the alleged theft of millions of naira, has asked Lamidi Adeosun, a lieutenant-general, not to preside over the case.

Five soldiers were declared wanted by the Nigerian army after they absconded with a large amount of cash allegedly on the orders of Otiki who was the general officer commanding of the army’s 8 division in Sokoto.

At the opening of a court-martial at the army officers’ mess, Asokoro in Abuja on Tuesday, Adeosun, appointed to preside, was met with objection from the defence of Otiki who claimed the soldiers, who are still at large, were Adeosun’s aides.

Journalists were reportedly barred from covering the proceedings, but Daily Trust reported that Femi Oyebanjo, a retired major and counsel to Otiki, argued that there has been an unending grudge between the two generals and in the interest of justice, Adeosun should recuse himself as the presiding officer.

“We have it on good authority that you bear grudge against our client. We have this deep feeling that he may not get a fair trial under your leadership,” he said.

“The reasons are as follows: it is a known fact that general Otiki got into Nigerian Defence Academy on 10th January 1983 while you got in on  4th July 1983. He got in there before you. It is a fact that General Otiki actually pitied you, established and trained you.

“We have this feeling that that grudge is still there. More so that general Otiki took over from you as the corp commander, infantry. We still believe that because this grudge has been there since then and because of this grudge, when you were promoted, lt. general, he sent you a text message to congratulate you but you did not respond.

“In addition to that sir, it is a fact that by the time we go into this trial proper, certain issues will certainly come up and these are issues that affect your office as chief of operations, Nigerian army which you left before you got to where you are presently. What am I staying sir, it is a fact, sir, that general Otiki as the GOC commanding 8 Division of the Nigerian army conducted operation Sharan Daji. He also conducted operation Harbin Kunama III.”

Oyebanjo said these were offices directly under Adeosun’s command as chief of operation, adding that the operations listed were going to come up in the course of the trial.

Arguing that Adeosun is an interested party, he said, “Finally sir, it is also a known fact,  that as at the time general Otiki took over from you as the corp commander infantry brigade, he inherited your security personnel, your soldiers that formed the inner security of general Otiki.

“These are the same personnel that formed the reasons why we are here. They are actually your soldiers, your personal aides; the soldiers he took over from you, these soldiers are the basis why we are here today. My lord, we say on the basis of all these, you are going to be part and parcel of this trial, we are going to to be talking and referring to you.

“If you are going to do this job, there is no way you are not going to feature prominently. There is no way we will not talk about those soldiers, they were your aides, there is no way we will not talk about operations.”

There were also speculations that the rift between the two generals was over who would succeed Tukur Buratai as chief of army staff.

Buhari had in July promoted Adeosun to the rank of lieutenant-general — same rank as Buratai, placing him in good stead to become the next army’s chief.

It was not immediately clear how the proceeding went. Sagir Musa, army’s spokesman, did not respond to TheCable’s inquiry over the court-martial.

Cabal targets Osinbajo over actions taken as Ag President

Fresh facts on Wednesday emerged on some decisions taken by  President Muhammadu Buhari on the functions of his deputy, Prof Yemi Osinbajo.

A source in the Presidential Villa  confided in The PUNCH  that members of the cabal in the Presidency  were bitter about the roles played by the Vice-President, when he stood in for Buhari, when the latter went on medical leave.

The source cited the emergence of Walter Onnoghen as the substantive Chief Justice of the Federation and the removal of Lawal Daura as the Director-General of the Department of State Services  on August 7, 2018 as two of their grievances against Osinbajo.

Buhari had on November 10, 2016 sworn in Onnoghen in acting capacity despite the recommendation of the National Judicial Council, which stated that he should be appointed   as Chief Justice of Nigeria  being the most senior justice of the Supreme Court.

The President did not forward Onnoghen’s name to the Senate for consideration despite public outcry.

Recall that it was Osinbajo, who acted as President, during Buhari’s absence from the country,  that forwarded Onnoghen’s name to the Senate on February 7, 2017 and swore him in on March 7, 2017

Also, the Federal Government had on January 15, 2019 arraigned the ex-CJN   before the Code of Conduct Tribunal .

But Osinbajo had during a conference of the Online Publishers Association of Nigeria, claimed Buhari was not aware of Oongohen’s trial until Saturday, January 12.

The Vice-President, who at the event, expressed misgiving about the trial of Onnoghen and other judges, had said, “It has consequences such as we have today, such that people say how can such an important person be subjected to trial without the Federal Government.”

He had also said Buhari believed that there should not be interference by the executive in other organs of government.

But the President  did not wait for Onnoghen’s trial at the CCT to be concluded before suspending him on January 25.

Justifying his action, Buhari had said, “Although the allegations in the petition are grievous enough in themselves, the security agencies have since then traced other suspicious transactions running into millions of dollars to the CJN’s personal accounts, all undeclared or improperly declared as required by law.”

Also, Osinbajo, when he was acting President,  removed Daura, as the director-general of the DSS on August 7, 2018 and appointed Matthew Seiyefa, who was kicked out by Buhari in September of the same year.

The source, who confided in one of our correspondents, attributed Osinbajo’s travails to the roles he played in Onnoghen’s issue and Daura’s removal.

The source said, “The VP underestimated the level of vindictiveness some of these people have towards him.

“They accused Osinbajo of sidelining them when he took critical decisions during Buhari’s medical leave. If you remember, there was a lot of drama surrounding the confirmation hearing of (Walter) Onoghen and the removal of Daura.

“They were also not happy about the issue of the presidential panel on recovery of public assets. Obono-Obla developed a life of his own in handling the assignment given to him. They thought the VP was supposed to have checked him.

But a top member of the All Progressives Congress, who  spoke on condition of anonymity, described the situation as “sad” and “beyond mere words.”

The source said, “Those of us within the party are onlookers in this matter.  They are turning this 2023 game dirty because how can you explain what is happening to the Vice- President who brought in class and finesse into government?

“It’s possible some persons around the President made some discoveries about the VP’s handling of certain issues and were able to convince him (Buhari) to whittle down his powers.

“Whatever is happening cannot be hidden for too long. Without doubt certain individuals within and outside the villa are taking advantage of the situation.”

Another party stalwart, however,  said nothing out of the ordinary was happening.

The party stalwart, who also wished to remain anonymous because “the issue is purely within the purview of the President,” said, “It’s just a storm in a tea cup; there is nothing unusual happening.”

In response to a question on the replacement of the Osibajo-led Economic Management Team with the Prof Doyin Salami-led Economic Advisory Council, he said, “There is a new energy to refocus government to revamp the economy.

“Whether it is the Vice-President that is the driver of the economic management team or not, all of them are still reporting to the President.

“The Vice President has a constitutional role to play and he is playing it. I don’t know why some people want to create a rift between the Vice-President and his principal.

“If the President is saying this (economic) route that we’ve taken in the last four years has not yielded the desired results, let us go another route is there anything wrong with that?

“I don’t think what is happening is meant to slight the Vice-President. It is not a sign that the President has lost or is losing confidence in the VP.”

When contacted,  the Office of the Vice-President, Prof Yemi Osinbajo, insisted on Wednesday that governance was not affected in any way by Monday’s scrapping of the Economic Management Team by President Muhammadu Buhari.

Osinbajo hitherto chaired the EMT, which superintended over the economic programmes of the present administration.

In place of the EMT, Buhari named an Economic Advisory Council with Prof Doyin Salami as the chairman.

Other members are Dr Mohammed Sagagi (vice-chairman); Prof Ode Ojowu; Dr Shehu Yahaya; Dr Iyabo Masha; Prof Chukwuma Soludo; Mr Bismark Rewane; and  Dr Mohammed Adaya Salisu (secretary).

Buhari further directed that the new EAC would report directly to him.

“The Economic Advisory Council will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

“The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President.  The Chairman may, however, request for unscheduled meetings if the need arises”, the Presidency had stated.

The scrapping of the EMT had fuelled speculation that it appeared the VP’s powers were being reduced.

But, his office told The PUNCH on Wednesday that the business of governance would continue, in spite of the dissolution of the EMT.

His Senior Special Assistant on Media and Publicity, Mr Laolu Akande, while responding to enquiries by The PUNCH, following the speculation, stated, “Governance continues. The business of governance is not affected by the EMT dissolution in any way.”

Akande also maintained that there was only one Presidency, adding that the speculations were entirely unnecessary. “There is only one Presidency,” he told The PUNCH.

Aside from the scrapped EMT, Osinbajo oversees some agencies: the National Emergency Management Agency; the National Boundary Commission; and the Border Communities Development Agency.

The VP chairs the boards of NEMA and the Niger Delta Power Holding Company.

Amid speculation on Tuesday that a Monday memo from Buhari allegedly directed Osinbajo to seek his approval before taking decisions on any agencies under his watch, the VP’s office vehemently denied it.

One source informed The PUNCH on Wednesday that in government, it was the normal practice for memos to pass between top officials of government.

“A lot of memos are exchanged every day.

“But, at this level of government, you would not say a memo was written specifically raising due process issues over the VP,” the source added.

In its response on Tuesday, the VP’s office had described the alleged memo as “false.”

“This is obviously misleading and aims only to plant seeds of discord in the Presidency, while attempting to create unnecessary national hysteria”, it stated.

Osinbajo’s office further noted, “The agencies in question are established by law and the Vice-President has always insisted on due compliance with the enabling statutes and other established regulations.

“Depending on the particular scope of activity in question, agencies may require management approval only, at the level of the Director-General or Chief Executive Officer. In this category falls the great majority of their day-to-day activities.

“However, other activities, or procurements, with value exceeding a certain threshold, require board approval. These may get to the agency board chaired by the Vice-President. In a few cases where Presidential approval is required, the Director-General must seek such approval from the President, through the Vice-President.

“These rules have always guided the activities of statutory agencies and the ones under the Vice-President’s supervision have always been so guided.”

Osinbajo’s economic team dissolved for good reasons – Adesina

The Special Adviser to the President on Media and Publicity, Femi Adesina, said the economic management team led by the Vice-President was dissolved for good reason and better management.

Adesina said this during an interview on Channels Television’s ‘Politics Today’ programme on Wednesday.

When asked if the dissolution of Osinbajo’s economic team signalled friction between the President and his deputy, Addesina said, “Nothing out of the ordinary is going on. Governance continues and the Presidency remains one. And this Presidency just wants to do what’s best for Nigeria.

“But unfortunately our country is one in which even if a 100-year-old man dies, people will still want to find out what killed him.

“In Nigeria there are too many inferences from things that are just normal and natural; things that are designed to accelerate governance and make sure there is probity and accountability. They will find all sorts of inferences. All that President Buhari has done particularly this week is just to tweak governance and get the best for Nigerians.”

The President’s spokesman said he was not aware of alleged plans by the Presidency to remove the Social Investment Programme from Osinbajo’s control.

He said the new economic advisory council which would report directly to the President, could sometimes defer to the Vice-President when the need arose.

Adesina added, “You seem to forget that the Vice-President is the number two man in the country. If the President is away, the Vice-President acts because it is a joint ticket. Therefore, the new economic advisory body can also relate with the Vice-President when necessary.

“It is just some Nigerians who want to drive a wedge between the President and the Vice-President that read meaning to everything. They insinuate about everything. It is still one Presidency and decisions taken are best for the country.”

When asked when the new economic council led by Prof. Doyin Salami would be inaugurated, Adesina said he had no idea but promised that it would be communicated to Nigerians in due course.

APC debunks crack in Presidency

When contacted for his reaction, the APC National Publicity Secretary, Lanre Issa-Onilu, debunked insinuations of a crack in the presidency.

He said, “It is irrelevant and a non-issue. It is just an attempt to create an issue where there is none.”

We are watching – Afenifere

The Yoruba socio-cultural group, Afenifere, says from the look of things, Vice-President Yemi Osinbajo’s office has been rendered useless, impotent and irrelevant.

It, however, said it would be too early to speculate if Osinbajo’s ordeal was caused by any misdemeanour on his part or if it was based on permutations ahead of the general election in 2023.

The Spokesman for Afenifere, Mr. Yinka Odumakin, said this during an interview with The PUNCH on Wednesday.

He said, “We are watching as events unfold. We are studying the situation but we must also not muddle up issues. For now we will not jump into any premature conclusion that this is about 2023 alone. We will need to know if we will need more information to know whether it is political or whether there was abuse of office or process.

“But the barrage of the last 48 hours shows that there is something wrong. We will wait to have all the facts because we don’t want to say a Yoruba man is being attacked.

“They may have had a justifiable reason to do so. But we are taking note of every development and at the appropriate time, we will make our position known. But clearly, what has happened is that the VP’s office has been rendered impotent, useless and irrelevant.

The Economic Management Team led by Osinbajo was suddenly dissolved on Monday and replaced with an advisory council that would report directly to President Muhammadu Buhari.

It was learnt that some of the agencies like NEMA, would rather deal directly with the President than Osinbajo.

There are also reports that some of Osinbajo’s aides had been transferred out of the Presidential Villa and seconded to some Ministries Departments and Agencies.

The Presidency, it was reported, was planning stripping the Vice-President of his brainchild known as the Social Investment Programme which comprises the Trader Moni initiative, N-Power, school feeding programme and others.

The welfare programme is expected to be placed under the newly created Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development headed by Sadiya Umar.

The Next Titan Season-6: Heritage Bank continues to Boosts Entrepreneurship among Youths

Heritage Bank Plc, Nigeria’s most innovative banking service provider has again thrown its usual support behind the organizer of The Next Titan, so as to have a better and improved season six of the programme.

This year’s edition of the reality TV show is again headlined by Heritage Bank and is targeted at giving young entrepreneurs an opportunity to display their ingenuity and talents.

The programme, which also, focuses on ensuring that the entrepreneurial goals of the Nigerian youths are achieved, had its auditions in four of the six geopolitical zones of the country.

Speaking during the audition at the Sheba Event Centre in Lagos, the MD/CEO of the bank, Ifie Sekibo stated that the Heritage Bank has continued to make seamless efforts to demonstrate its commitment towards developing and positioning youths to become world-class citizens equipped and ready to be absorbed into an increasingly competitive workforce.

“One of the reasons why we chose, as an organization, to support the entrepreneurial growth and welfare of the youths is to see young men and women play vital roles in the socio-economic development of the country and help curb the high level of unemployment,” Sekibo said.

The MD, who was represented by the Head, Brand Management & Sustainability, Corporate Communications, Heritage Bank, Ozena Utulu, said Heritage Bank is positioned to lead the recovery of the economy through enhancing youth entrepreneurship development and engendering self-employment via its various initiatives and products.

According to Sekibo, the drive to support youths seeks to create, preserve and transfer wealth across generations. He explained that the entrepreneur schemes of the bank has always focused on dependable job-creating sectors, such as the agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining, and solid minerals, creative industry (tourism, arts and crafts), and ICT.
Sekibo stated that the bank supported this initiative because of its belief in Nigerian youth, who make up about 80 percent of the country’s population. He further explained that Heritage Bank was impressed with the nature in which talents were sought out, the rigorous selection process and the integrity with which the overall scheme was delivered.

Sekibo expressed satisfaction in the long term sustainability of the initiative, stating, we will not support something that will not stand the test of time.

The Executive Producer, The Next Titan, and Managing Director, Bravopoints International Limited, Mide Kunle-Akinlaja explained, “the idea behind the next titans is to create a Nigeria of our dreams, the roll calls of entrepreneurs with businessmen and women who will boost the nation’s economy and become employers of labour. It is not just an ordinary show but a show that transforms lives.”

According to him, The Next Titan over the past five years has been the only major entrepreneurial reality show in Nigeria, which provides an opportunity for young aspiring entrepreneurs with good business ideas that can transform the economy to compete among themselves on television in order to win a grand cash prize and a brand new car to start their dreams.

He noted that it was a platform designed to ignite the entrepreneurial spirit of the generality of young Nigerians who may not have the opportunity to participate directly through its regional auditions, but who can watch the TV show, and who can, as a result, take a decision to ply the route of entrepreneurship as a viable career option.

L-R: Members of Heritage Bank’s Corporate Communications- John Adah, Processing Officer; Ozena Utulu, Head, Brand Management & Sustainability and Daberechi Ike-Obioha, Team Member, Designs & Creatives, during The Next Titan Season-six audition at the Sheba Event Centre in Lagos.

Revenue Generation: CBN imposes additional charges on transactions on individual bank accounts

Effective Wednesday, September 18, cash deposits and withdrawals from individual bank accounts are to attract addition charges, the Central Bank of Nigeria said on Tuesday.

In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 percent processing fees would be paid for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5 percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above N3 million.

The CBN said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging it’s cashless policy.

The statement, however, said the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

To further promote a cashless economy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement by bank customers.

With the review, which takes effect from Tuesday September 17, the CBN said it gave approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

The financial sector regulator announced a downward review of the Merchant Service Charge (MSC) from 0.75 percent capped at N1,200 to 0.50 percent capped at N1,000.

The nationwide implementation of cashless policy will take effect from March 31, 2020, it said.

In June, the CBN announced the takeoff of the third and final phase of the cashless policy in 30 states.

The apex bank said the decision followed the successful completion of Phases 1 and 2 in six pilot states and Abuja.

Phase 1 of the scheme took off in Lagos on January 1, 2012, while additional states, namely Abia, Anambra, Kano, Ogun and Rivers States, as well as Abuja, were involved in Phase 2, which commenced on October 1, 2013.

Alleged Youngest Billionaire, Tunde Biletiri challenges Huspuppi, Mompha

Young and wealthy publisher Of Black celebrity Magazine, Tunde Biletiri has set the social media on Fire with his claim that he is richer than Huspuppi and Mompha.
The young publisher who called himself the youngest billionaire said both of them are broke and can’t be compare with the real wealth he controlled.
In an Instagram post on his official page,@biletiri he claimed that while they are eager to meet Governors, he is busy sponsoring elections behind the scene.

“Billionaires don’t make noise, don’t be deceived by what @huspuppi and @mompha display on the internet they are broke niggas… Dangote won’t pose with his bag of cement … #1 billion well spent….

I get money to the extent that I Dey  busy some Governors calls,they wanna meet the Governors but we sponsor Governors election…”

All Set as Lagos awaits Zenith Bank’s Aspire Music Festival

All is now set for the “Zenith Bank Aspire Music Festival” holding on Saturday, September 21, 2019 at the Harbour Point Event Centre, Victoria Island, Lagos by 5pm.

Dubbed as the most anticipated entertainment event of the year, the breathtaking festival promises to be a night to remember, as it will feature captivating and thrilling musical performances by some of Nigeria’s biggest artistes including Olamide, Flavour, Phyno, Niniola, Mayorkun and Rema.

Also on hand to anchor the event and trill the audience with rib-cracking jokes is Kenny Black, while celebrity hypeman, Do2dtun, will be revving up the crowd throughout the night.

The Festival, which is a must attend event for music lovers, tourists and fun seekers, is one of a series of events lined up by Zenith Bank to usher in “Style by Zenith 2.0”, the bank’s annual lifestyle fair which will take place towards the end of the year.

Attendance at the music festival is exclusively reserved for Zenith Bank customers. However, non-Zenith customers can still participate by simply opening a Zenith Bank account and registering to attend at www.zenithbank.com/style.

Zenith Bank Plc is recognized as one of the most innovative financial institutions in Nigeria and was voted the most customer-focused bank in Nigeria for the Retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS).

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