Wednesday, November 14News That Matters

Business

Nigerians Lament Transfer Of TSA Transaction Cost To Payers

Business
Nigerians have deplored the announced plans by the federal government to make them bear the transaction cost of paying into government coffers through the Treasury Single Account (TSA). Bank customers have described the new TSA tariff regime in which the federal government said it would no longer bear the service charge on all payments to its ministries, departments and agencies  (MDAs) but that they will now be borne by the payer as a disincentive to Nigerians who struggle to pay into government coffers. Speaking with LEADERSHIP Weekend yesterday, the president of the Bank Customers Association of Nigeria (BCAN), Okechukwu Unegbu, said that passing the charges to customers would be an additional tax burden on Nigerians on behalf of the government. He asserted that ...

Sanusi Laments: We Have No Money For Power Or Infrastructure, But We Have For Subsidy

Business
The Emir of Kano, HRH Muhammadu Sanusi Sanusi 11 (CON), says the Nigerian government must get rid of petroleum subsidies and think more about investing in power and infrastructure, otherwise the crisis to come in the future will be far heavier than the current state of the country. The former Central Bank of Nigeria (CBN) Governor said this on Thursday during a courtesy call on Udom Emmanuel, Governor of the state, in his office in Uyo, capital of the state. He also acknowledged Akwa Ibom as a very peaceful state and has recommended it as a safe haven for investors into the country. Sanusi announced plans by his company, Qua Iboe Power Plant (QIPP), to invest $1.1billion in the exploration of gas in Akwa Ibom State. A statement by the Governor’s media team explained that Sanusi was full o

Nigeria Air To Gulp $300million From Now Till 2020

Business
The Nigeria Air project will gulp an estimated $300million between now and 2020, Hadi Sirika, Minister of State for Aviation, revealed on Thursday. According to NAN, Sirika made the revelation in Abuja while speaking at the Fifth Aviation Stakeholders’ Forum. He said the Nigeria Air project is currently at the procurement stage, awaiting the approval of the Federal Executive Council. Sirika also discredited claims that the government spent $600,000 on the design of the logo after the carrier was unveiled at the Farnborough Airshow in London in July. “In recent months, misinformation, factual errors, insinuations and fabrications have been peddled in both social and print media on the Nigeria Air project,” he said. “These include desirability, inadequate planning, non-consultation with sta

Fayemi Revokes Shop Allocations To Ekiti Traders

Business
Kayode Fayemi Kayode Fayemi Kayode Fayemi, Governor of Ekiti State, has ordered the immediate cancellation of the allocation of more than 800 shops at the multi-billion naira new Oja Oba Market in Ado Ekiti. The governor also ordered that those who had paid be refunded, as long as they showed proof of payment. This was disclosed in a statement by Olayinka Oyebode, Chief Press Secretary to the Governor, issued on Thursday. NAN reported that the market, adjacent to the palace of the Ewi of Ado-Ekiti, Oba Rufus Adeyemo, was reconstructed after the demolition of the old market that was razed by fire about three years ago. Construction works at the new market — the largest in the state — had reached about 80 per cent completion at the expiration of the tenure of former Governor

Consul-General: $1.3bn American Businesses In Nigeria under Threat

Business
Bray has called also for increased investment in the education of the girl-child and greater political participation of women in Nigeria. Bray spoke in Lagos at the 2018 International Investment Conference with the theme: “Promoting Investment, Connecting Business,” organized by the Lagos Chamber of Commerce and Industry (LCCI). He said American investors have issues with how policies are made and changed, noting that it has the capacity to discourage investors in the country. The envoy said the development has the capacity to discourage any investor as there is no clear-cut obedience to rule of law to protect investors. He argued that the country has image problem which needed to be addressed urgently. Bray noted that though security concerns remain an issue, it is not enoug

Nigerians To Pay More As FG Withdraws From Shouldering Service Charge On TSA Deposits

Business
Paying taxes or tariffs to the Federal Government is about to get higher, as Ahmed Idris, the Accountant General of the Federation, has announced that the burden of transactional fees associated with making payments to the Treasury Single Account (TSA) would no longer be borne by the government.  A media release issued by Johnson Oise, Director Press, Office of the Accountant General of the Federation, on Sunday quoted Idris as saying the government had expended N16 billion on shouldering the responsibility. ”Henceforth, the Federal Government would no longer bear the service charge on all payments to its Ministries, Departments and Agencies as such costs would be borne by the payer,” he said. “Within the last two years, the government spent almost N16bn in this direction, which ordi

Two Global Banks Close Offices In Nigeria

Business
HSBC and UBS closed their offices in Nigeria. The Central Bank of Nigeria said this in a report on Friday as it revealed foreign investment had fallen sharply from a year ago. The CBN said foreign direct investment in Nigeria fell to N379.84bn ($1.2bn) in the first half of the year from N532.63bn ($1.7bn) a year earlier. It did not give reasons for the banks’ closure. The central bank s aid the outlook for the Nigerian economy in the second half was “optimistic” given higher oil prices and production but rising foreign debts and uncertainty surrounding the 2019 presidential election were drawbacks, according to Reuters. Investor confidence in the country has been shaken since the central bank in August ordered MTN to bring back $8.1bn to the country, part of the profits the

CBN: N6.8bn Excess Charges Refunded By Banks To Customers

Business
Godwin EmefieleGodwin Emefiele Money deposit banks in the country have refunded N6.8 billion to customers in the first half of 2018 as excess charges, among others. According to the Central Bank of Nigeria (CBN) Economic Report for the First Half of 2018, US$119,349, £2,889.98 and €32.82 were also refunded by the commercial banks. 1,439 complaints were received from consumers within the period under review, compared to 1,141 in the same period in 2017. The report read: "The Bank received 1,439 complaints from consumers of financial services in the first half of 2018, compared with the 1,141 in the corresponding period of 2017. The complaints were, mainly, in respect of excess charges, frauds, dishonoured guarantees and unauthorised deductions/ transfers, among others. A total

Chanchangi Airlines Operations Remain Grounded, Says NCAA

Business
The Nigerian Civil Aviation Authority (NCAA) has declared that the former domestic carrier, Chanchangi Airlines, no longer has operational Air Operators’ Certificate (AOC). This is as the regulatory body said there is no controversy about the status of the airline, as its operations remain grounded. A statement by the General Manager, NCAA Public Affairs, Sam Adurogboye, said the organisation's decision on the airline was in accordance with the Nigerian Civil Aviation Regulations (Nig.CARs) 2015, Part 9.1.1.12(a). Adurogboye explained that for the AOC of a scheduled operator like Chanchangi to remain valid, it must not cease operations for up to 30 days, while for non-scheduled, it can only remain valid for 90 days of non-operations. Chanchangi Airlines was suspended in 2013

Atiku Will ‘Immediately’ Reduce Fuel Price To ‘N87-N90/Litre, Says PDP

Business
Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), has already worked out a pricing template that will crash the pump price of fuel in the country if elected, his party said on Thursday. According Kola Ologbodiyan, National Publicity Secretary of the PDP, the pump price of fuel should be between, N87 and N99, given the current subsidy arrangement. The party made the statement following the clarification by the Nigeria National Petroleum Corporation (NNPC) on Wednesday that there was no truth in the rumoured planned increase of the pump prices of petroleum products, especially Premium Motor Spirit (PMS), popularly called petrol. “Our presidential candidate, Atiku, has worked out a pricing template that will immediately crash the pump price of fuel in the country,