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.
Obinwanne Okeke, the 31-year-old Nigerian held by American authorities for alleged fraud, entered a plea of not guilty to two counts of wire and computer fraud at his first hearing on Monday.
The presiding judge at the Newport News, Virginia, federal courthouse, declared the case as “complex,” but said Mr Okeke should be remanded in prison until February 18, 2020 when the trial would continue. He appeared in court at about 2 p.m. and waived his right to a speedy trial.
The appearance came a week after a federal grand jury examined the evidence gathered by the F.B.I. and presented by the United States Department of Justice and found Mr Okeke guilty as charged and recommended him for trial.
Upon conviction, the jury also said Mr Okeke should be made to forfeit at least $11 million in asset and an emerald shaped diamond engagement ring found on him when he was first arrested by federal agents as he was about leaving the U.S. on August 6.
The Monday’s appearance marked the commencement of Mr Okeke’s criminal trial since he was arrested and remanded in custody of the U.S. Marshals Service more than a month ago.
He had made previous appearances before separate judges for preliminary hearings in his bail applications — all of which were declined.
Mr Okeke, known in Nigeria as ‘millionaire entrepreneur’ Invictus Obi, was accused by the F.B.I. of orchestrating the theft of $11 million from a foreign subsidiary of American heavy equipment manufacturer, Caterpillar.
Using the infamous business email compromise scheme, Mr Okeke and his alleged accomplices spoofed Unatrac officials into making illicit transfers of about $11 million over several weeks in the first half of 2018.
Investigators said those who worked with Mr Okeke remained at large, and continued to seal crucial references to them in the case.
Dozens of other Nigerians have been arrested in largely unconnected fraud busts by American authorities since Mr Okeke was taken into custody.
Many of those cases were also traced to business email compromise, a process of targeting unwary business executives now commonly deployed across intricate networks of cybercriminals.
He faces up to 30 years in prison if convicted, as well as the possibility of forfeiting any ill-gotten acquisitions traced to him. Officials familiar with the trial told PREMIUM TIMES the evidence against Mr Okeke was compelling enough to elicit a guilty plea from him.
But since he had decided to go through the lengthy trial road, he could face maximum sentences with additional punitive liabilities if ultimately found guilty.
American billionaire and philanthropist, Bill Gates, has said that Nigeria has one of the lowest domestic revenues at just six per cent of GDP compared to 15 per cent in some other countries.
This, he said, is perhaps one of the reasons why the largest black nation has a problem with providing basic health infrastructure.
Gates said this via a teleconference with select journalists ahead of the release of the Bill and Melinda Gates Foundation’s Goalkeepers report 2019.
Responding to a question on how Nigeria could address some of its challenges, he said, “One challenge that Nigeria has is that the amount of money that the government raises domestically is quite small compared to other countries.
“A lot of countries at that level will be raising closer to 15 per cent of GDP and Nigeria is one of the lowest in the world down at about six per cent. And so, it is a huge challenge that when you want to fund infrastructure, health, education, all those things, that over time the tax collection, the domestic resources are going to have to go up quite a bit.”
The Microsoft co-founder said the government also needed to do more to gain the confidence of the people because the citizens could be discouraged from paying taxes if they see that taxes are not being properly utilised.
He added, “That’s a long-term effort and I think partly by making sure the current resources are spent well like on primary health care, you gain the credibility that the citizens will say, okay, we want more of these things. If we don’t raise the quality, you can get into a trap where they don’t feel like paying the taxes actually has that much impact, and so they’re not supportive of that.”
Gates lamented that many countries that were not as wealthy as Nigeria had better health care systems.
“If I had one wish for Nigeria, it would be that the quality and funding of the primary health care system would achieve the level of some other countries that are lower income but have done a better job with the primary health care system. So, it definitely is doable,” he said.
The philanthropist said now that the country had virtually defeated polio, his foundation would look at strengthening health care centres.
He said his foundation had been collaborating with Aliko Dangote in helping Nigeria to address some of its challenges.
Gates said he holds video conferences with at least six northern governors regularly, adding that there were some things northern Nigeria could learn from the South.
Nigeria and other African nations had in 2001 signed the Abuja Declaration which seeks to allocate at least 15 per cent of their annual budget to improve the health sector and urged donor countries to scale up support.
Over 18 years later, Nigeria has failed to do so.
The country still has one of the world’s worst health indicators
The Federal Government had last week announced plans to increase Value Added tax from 5 per cent to 7.5 per cent, a move that has sparked outrage especially among the organised labour.
Following public criticisms that have greeted his appointment to the budget ministry, Seun Onigbinde has now turned down the appointment.
Mr Onigbinde, co-founder of BudgIT, a civic group committed to government financial transparency, announced his resignation on Monday.
Mr Onigbinde had last week announced his decision to accept a technical adviser position at the budget ministry.
Many Nigerians, particularly on social media, however criticised the appointment.
Some supporters of the Muhammadu Buhari administration, like the Buhari Media Organisation, also criticised the appointment based on Mr Onigbinde’s past criticism of the Buhari government.
See the post by Mr Onigbinde announcing his resignation below.
AN UPDATE ON MY RECENT APPOINTMENT
Friends,
Kindly recall that I sent out a note recently on my interest to seek new experiences and that I would be working as a Technical Adviser to the Minister of State for Budget and National Planning for a short period.
It is clear that recent media reports about my appointment have created a complex narrative, which I believe would engender an atmosphere of mistrust, as I planned to proceed.
Upon further reflections on the furore that has been generated by my new role as the Technical Adviser to the Minister of State for Budget and National Planning, I humbly resign the appointment.
I am very grateful to the Honourable Minister, Prince Clem Ikanade Agba, for believing in my expertise and I also thank everyone who sent his or her congratulations to me in the short period. I have also been humbled by the faith and belief that numerous persons have expressed in me.
My sincere interest is to see a Nigeria that grows and optimises resources for the benefits of all Nigerians.
My loyalty to the good cause of our nation, Nigeria compelled me to accept the call to provide technical skills and this experience has more than strengthened it.
I also want to wish the Nigerian Government, led by President Muhammadu Buhari, well. I will always be of help to the federal government in my capacity as the Director of BudgIT, a critical fiscal transparency group, as I have been to several agencies. I would also work to ensure that BudgIT continues to build civic awareness on the right of every Nigerian to know how public resources are managed.
Nigerian soldiers fighting Boko Haram in Borno are losing motivation and struggling to match the insurgents’ might, according to the New York Times.
The NYTimes said in a new report that contrary to the claims of the Nigerian government and the military that Boko Haram has been degraded, the insurgents’ power is growing in parts of the north-east.
They are said to operate with more sophisticated weapons including improved drones while soldiers struggle to keep up with “obsolete weapons and ineffectual strategy”.
DEGRADED OR MOTIVATED?
Nigerian authorities have continued to say the war against Boko Haram which has lasted a decade, has been largely successful.
President Muhammadu Buhari restated that claim four days ago when he said the insurgents have been degraded even though he admitted they still have “remnants”.
But the report quoted various sources as saying the military is demoralised and “on the defensive”.
“Some soldiers have complained they haven’t had a home leave in three years. Their weapons and vehicles have fallen into disrepair,” it said.
“(But) Boko Haram militants are still roaming the countryside with impunity. Their fighters now have more sophisticated drones than the military and are well-armed after successful raids on military brigades, according to local politicians and security analysts.”
‘SOLDIERS RUN FOR DEAR LIFE’
Although the military often says Boko Haram is not in control of any major territory, the newspaper said it learnt the insurgents control four of the 10 zones in northern Borno state.
They are also said to be pulling off “almost-daily” attacks in various parts of the north-east particularly in Borno, while the soldiers are often said to run and take cover.
The report said: “Some soldiers have fled in the face of attacks rather than staying to fight, according to accounts from residents.”
“Abubakar, 13, said he was coming home from school in the town of Gubio in late August when he saw several soldiers racing through the village. “Run for your lives,” they were screaming as they fled, he said. Boko Haram is coming!”
“The boy, whom The NYTimes is not identifying for security reasons, said he watched as soldiers stripped off their uniforms and changed into everyday clothes. They parked their army truck under a tree, piled into a civilian car and sped away.”
Another woman from Gubio spoke of how four terrified soldiers “joined her family in hiding, and five more hid in her neighbor’s house”.
“She said they kept silent inside for two days as militants ransacked the town and loudly bragged about how easy it was to seize,” the report said of a particular attack in which three people were reportedly killed.
There are also complaints of the “old and ineffectual strategy” being used by the military to sustain the fight against the insurgents including the operation of “super camps” recently introduced.
“But some officials call the super camps an outright retreat,” the report said, quoting a government official as saying “soldiers were merely barricading themselves inside super camps (while) Boko Haram fighters are raiding the gear the soldiers are leaving behind as they abandon their posts for the camps”.
Sagir Musa, army spokesman, did not immediately respond to TheCable’s enquiry for comments on the report.
But the New York Times quoted A. K. Karma, a major who is among the officials at Bama super camp, as denying claims that Boko Haram has remained motivated.
“We have one or two problem attacks by Boko Haram, but that doesn’t mean they have a grand offensive,” he said.
It was a friendly, cool and serene weekend as ardent soccer lovers gathered to keep a date with physical fitness. All garbed in their sport kits and ready to show the good people of Bayelsa the stuffs they are made of as far as football is concerned. One of the great sons of Bayelsa on the field is the governorship candidate of the Peoples’ Democratic Party in the forthcoming November 16th election in the state, Senator Douye Diri.
Though, it initially appeared to spectators that the Senator representing Bayelsa Central at the Upper Chamber may just be at the occasion just to acclimatize with his people, only few knew that he would be a major participant of the soccer fiesta. He, indeed made the football showpiece a wonderful and memorable experience for all and sundry.
Acording to one of the participant, he attended the showpiece with his brother to watch the Bayelsa ‘superstars’ displaying their God-given skills and soccer artistries. He is one of the best things to happen to the people of Bayelsa State, Senator Douye Diri was on the other side. The celebrities among others were indeed cynosure of all eyes as the epic football match started. The performances of the two sides brought back an unforgettable memory of past football matches held in the state.
Senator Diri’s side was trailing the other team by 2 goals to 3. This development brought a heavy sad look on the faces of those in support of the Senator’s side.
Despite being led by the one goal margin, the Senator Diri’s team kept playing as if they were the ones leading, not allowing the strikers of the opposing team to add more to the goal tally. And within a twinkle of an eye, as the match was about to come to an end, even when the supporters of the Senator’s team almost gave up hope on any equalizer, the in-coming governor stroke brilliantly and he leveled up scores to bring back smiles on the faces of Diri’s supporters.
It ended 3 apiece and Senator Diri’s goal was adjudged the golden goal of the match. This is simply a signal to the unique administrative abilities and skills Senator Diri will bring into the affairs of Bayelsa State, given the mandate on November 16th, 2019.
There is no doubting the fact that Senator Douye Diri will put the development of sports and youths in Bayelsa State on the front burner as the number one citizen of the oil rich state and he is ever ready to put smiles on the faces of the youths. As a patriotic Nigerian and a man who knows the importance of the youths in any sane society, Senator Diri would not leave any stone unturned including the youths in his government, giving them the benefit of being stakeholders in the affairs of the state. He knows quite well also that the youths are very energetic and ready to tap on a necessary opportunity and this has paved way for the Nigerian youths in engaging in several anti-societal behaviours and crimes to the detriment of their images.
Senator Diri believes vividly that if an avenue like sport could be well tapped into, the sky will only be the limit in youth emancipation, rehabilitation and reorientation. According to him, he will embark on massive employment of the youths and also not leaving out the elders who are also potent members of the communities all across Bayelsa State.
The philanthropist of note also plans to bring on board several sports stars of Bayelsa origin who have made huge names for the country both locally and internationally. Cutting across football, swimming, boxing, athletics, wrestling and many other sporting activities, Senator Diri will, no doubt deliver Bayelsa sports to the highest peak.
He is indeed a man of his words and it will be very justifiable to vote such a man of passion and willingness into seeing to the affairs of Bayelsa State, a state that has been deprived of its rightful dividends of democracy for many years regardless of the fact that the state has produced one of the duly elected civilian presidents of Nigeria. A feat only a few states could boast of.
It is left for the people of Bayelsa State, most especially the youths to cast their votes for the man that will breathe a new life into sports development which is one of the most vital tools of their young minds and ensure their sporting careers and future.
While speaking to some residents of the neighbourhood where the football match was played, some are of the view that Senator Douye Diri was only using that as an opportunity to win the hearts of the people of Bayelsa State in order for them to cast their votes for him but many debunked that criticism saying that Senator Diri is never a man who hides his feelings and he would not stoop so low to deceive anybody just because he wants to be governor of Bayelsa State. He has been doing this sort for things for years while serving in all the offices in found himself up till today as a Senator.
More than 90 percentage of people in his locality vouched for his open-mindedness, caring and undented spirit of brotherhood. He is a man who wants people around him regardless of class and caliber. He never looked down on anyone and ensures that he maintains cordial and mutual relationships with everybody he comes across. He loves football and his passion for the game is not only in watching it, but practicing it physically on the pitch whenever the opportunity arises.
His coming in as the 5th civilian governor of Bayelsa State will surely bring a new dimension for sports in the state thereby improving tourism, hospitality and business in general. This is a state that has been yearning for the return to action of all sporting activities so as to enable the young talents in the state discover to the outside world for international recognition, accolades and laurels just like the likes of Samson Siasia, Daniel Igali, etc who are all Bayelsans that took the great name of Nigeria to global sporting perspectives.
The Association of Professional Party Organizers and Event Managers of Nigeria (APPOEMN), is set to convene TEIC 2019, a 3-day transformational network of learning and cutting edge exponential conference for members of the association from September 18 to 22 2019.
Addressing the press in Lagos on Sunday September 8, Vice President of the association, Mrs Adefunke Kuyoro disclosed that the theme of this year’s conference, the third in a series, being ‘Stepping Up’; presented an opportunity for event industry practitioners to put their brands ahead if not at par with industry leaders and players in the event space.
“We call all eventprenuers/practitioners to ‘step up’ their game in the industry, because the more excellent our brands become, the better our event industry in Nigeria; be you a vendor, planner, venue owner, service provider in the event industry. It is time to step it up for good.” Kuyoro posited.
Speaking further about the 3-day conference, Mrs Kuyoro said what informed TEIC (The Event Industry Conference), expected to assemble key professionals from across the country and a spectrum of events service providers, to share experiences, perspectives, insights and latest developments in the events industry, was the desire to mix international growing trends with existing traditions.
According to her, “events have always been a part of our culture, but in the recent past it has received a sudden boost, apparent by the increase in coverage received from the print and social media.”
“The 3-day conference is drawn up to provide technical sessions and poster sessions on cutting edge issues related to the event industry, and will also provide ample opportunities for networking and socializing with colleagues.” Kuyoro averred.
TEIC 2019 is expected to kick off on the 18th of September with a Masterclass scheduled for 250 participants, where evolving issues and trends in the industry will be learnt, culminating in a bonding after-party in what can best be called “Senior Lit of a lifetime”
Day 2 of the event will be devoted to Corporate Social Responsibility, CSR by way of easing motorists’ driveway through Lagos Island and mainland in a give back approach to law-abiding Lagosians.
To that extent the association has partnered with the Lagos State Transport Management Agency (LASTMA) to coordinate traffic in heavy-traffic-prone areas in super hyper traffic time between the hours of 7am-9am, with 350 members of the association expected to take part in the exercise. Next on Day 2 agenda will be a yardsale (a kind of compensation plan) to the industry where various valuable items will be circulated especially to new entrants, to boost their brand equity in the trendy event market space at giveaway rates.
The icing on the cake in regard to TEIC 2019, is its culmination on the last day of the event with a dinner and award night, where up to 500 guests are expected to attend the TEIC Award for the year, as the best practitioners in diverse categories of the industry will be appreciated.
Speaking to SMILE on the criteria adopted for the award, Mrs Kuyoro said nominations were done by members of the association on the different categories with 5 to 6 nominees in each category, while voting was done online to produce the list of recipients for the final awards, all in strict compliance to the best ethos.
With respect to some challenges in the industry cutting across relevant training, optimum service delivery, trust and abuse issues etc., Mrs Kuyoro told SMILE that APPOEMN has over the years been able to set the standard for operation in the industry which has made the association a credible force, saying the association is not just an all-comers affair, as prospective members are observed for up to two years before being registered in the organisation, while penalties which include suspension or dismissal, depending on the degree of rules infringement are also meted to erring members, all in a bid to make the industry attain and maintain standard global practices, assuring that such erring members would at the end of their penalty also have to reapply again, if qualified to. Training opportunities she added were also being constantly offered to members to ensure best practices.
APPOEMN is an association with a mix of seasoned events professionals that have been at the forefront of event planning and coordination in Nigeria, for the past 15 years. The association has risen to become a major player in the socio-economic space in the Nigerian polity contributing 55bn to the country’s GDP in budgets, appreciatively deflating the country’s unemployment balloon.
The Event Industry Conference (TEIC) is an annual event of APPOEMN and this year’s would be the third edition of the event.
Tickets to attend the event can be obtained via www.teic.live or 08033053529, 08033728555 while interested event practitioners can also join the association by sending such requests to appoemnnigeria@gmail.com
The wife of the Ekiti State Governor, Bisi Fayemi, on Sunday picked the medical bills of a nursing mother, Mrs Sade Ojo, who had been stranded at the Ekiti State University Teaching Hospital, Ado Ekiti, since August 31, following her inability to pay the bill after being delivered of a set of twins.
The governor’s wife, who read about the woman in the social media on Sunday, dispatched an official, Mr Dauda Lawal, to the hospital to verify the claim and rescue the woman and her surviving baby.
The woman was admitted in the EKSUTH on August 30 and lost one of her twin babies during labour, while the second was referred to the Intensive Care Unit of the hospital.
She was discharged on August 31, but her bill rose to N80,750 following complications.
The nursing mother, who said she was tired of sleeping in the hospital after being discharged, had appealed to the governor’s wife; the Commissioner for Health, Dr Mojisola Yaya-Kolade; and well-meaning Ekiti indigenes to come to her aid.
Lawal said, “Around 8pm today (Sunday), the governor’s wife, Erelu Bisi Fayemi, called me that she read about one Mrs Ojo in the social media, who was delivered of a set of twins at the EKSUTH since August 31 but could not go home because her husband could not pick the N80,750 bill.
“Erelu directed me to the hospital to find out the true situation of things and that if found to be true, she would be ready to settle the bill and that the woman and her surviving baby must not sleep in the hospital that night.
“I came to the hospital and I met Mrs Ojo, her mother and husband, who were worried about the ugly development without any solution. I promptly introduced myself and delivered Erelu’s message to them. Praises of joy immediately rented the ward.
“We approached the nurses on duty and actions were expedited to discharge Mrs Ojo and her baby. I am happy to tell all that the woman and her baby have been let go courtesy of Erelu Bisi Fayemi.
“I personally drove the family down to their home around 9.30pm and they were full of praises to God Almighty and offered prayers for Erelu Bisi Fayemi.”
The nursing mother and her husband appreciated the governor’s wife for her prompt intervention.
The Head of Corporate Affairs, EKSUTH, Mrs Rolake Adewumi, said the hospital witnesses situations like that from time to time because it had to discharge its responsibilities of saving lives first.
Adewumi stated, “The hospital’s management, on being notified, had already arranged for relief measures for the woman, which would have been perfected on Monday so that she could go home.
“When we have cases of genuine indigent patients, who cannot afford their medical bills, such patients are referred to the social services department, where the details and debts will be recorded so that such will be included for philanthropists, who may come later to offset bills of indigent patients.”
A landmark strike by British Airways pilots entered its second day on Tuesday with more travel chaos — and no end in sight to the long-running dispute overpay.
BA has decided to cancel almost all its flights for the second day in a row, it announced in a statement identical to the one issued Monday.
The carrier, which is owned by London-listed International Airlines Group, said it has cancelled nearly 100 per cent of its 850 daily flights, affecting the travel plans of more than 100,000 passengers.
However, the pilots’ trade union stood firm in its demands for greater salary and benefits.
The industrial action by pilots, which is the first in BA’s 100-year history, has seen flights axed for approximately 200,000 travellers, mostly from London Gatwick and Heathrow airports.
In advance of the strike, BA offered full refunds or bookings on alternative dates or flights with a different airline.
The walkout overpays by members of the British Airline Pilots Association trade union follows around nine months of failed talks.
With no talks scheduled, pilots will also stage another one-day strike on September 27.
“Pilots are standing firm and have shown just how resolute they are,” BALPA boss Brian Strutton said in a brief statement.
“British Airways needs to start listening to its pilots and actually come up with ways of resolving this dispute.”
BA has offered a salary increase of 11.5 per cent over three years, which it argues would boost the annual pay of some captains to £200,000 ($246,000 or 220,000 euros).
However, the union has rejected the proposal that was made in July, arguing that its members want a bigger share of the company’s profits.
BALPA estimates that the 48-hour strike is costing the airline a total of £80 million but BA has yet to give an estimate.
