The Central Bank of Nigeria (CBN) has confirmed the appointment of Mr. Osita Nwanisobi as the Director, Corporate Communications Department.

Nwanisobi had been in acting capacity since last October, when his predecessor, Isaac Okorafor retired.

A statement from the CBN on Wednesday stated that others who were also appointed include Mrs. Elizabeth Omolara Fasoranti, the Director, Branch Operations; Dr. Abdulkadir Abdullahi Jibril  Director, Medical Services and Mrs. Rashidat Jumoke Monguno, who directs the Consumer Protection Department (CPD).

Others are Mrs. Amina Habib, the Director, Human Resources Department; Dr. Blaise Ijebor, Director, Risk Management; Mr. Chibuzo Anthony Efobi, Director, Financial Policy and Regulation and Mr. Benjamin Nnadi, Director, Reserve Management.

All the appointments take effect from August 25, 2021.

There is urgent need for the review of the capital base of electricity Distribution Company (DisCos) to address liquidity issues in the sector, the Chairman,  Basic Metal Fabricated Iron and Steel Products  Manufacturers, a sectoral arm of the Manufacturers Association of Nigeria, (MAN), Dr. Kamoru Yusuf, has said.

In a report entitled: Nigeria’s Power sector and the way forward, he said more funding for the sector would increase investment in network end challenge of paucity of funds hurting the sector.

Yusuf explained that over the years, DisCos have lamented the paucity of funds in the sector.

He said there was need to invest more in DisCos infrastructure most of which are weak, obsolete, and overdue for overhaul.

“Despite the intervention by government and international organisations, the state of DisCos infrastructure remains a far-cry from the expected. The decades of appalling performance of the Nigerian Electricity Supply Industry (NESI) have left many Nigerians wondering if NESI could ever be remedied seeing that the role of NESI in the state of Nigeria’s economy cannot be over-emphasised,” he said

Continuing, Yusuf disclosed that from the several households scattered across Nigeria, through the Small and Medium Enterprises to the large electricity consumer in the manufacturing sector, a turnaround of NESI will in no small measure positively impact the very fabric of Nigeria. This is because virtually all business need electricity to thrive.

He said despite the plethora of interventions from several quarters – national and even international, there has yet to yield much benefits as the sector is clearly enmeshed in avoidable chaos.

“One would have expected that the advent of the Electric Power Sector Reform Act 2005 (ESPR) and the laudable innovations thereunder would usher in respite to Nigerians, but their hope has been dashed as the desired changes and impact have yet to materialize of the last 16 years.

It is, however, clear that beyond the mysticism that has characterised the possibility for an effective NESI, a cursory look at the Power Sector in other nations of the world reveals that there are huge learnings to glean from them and more importantly, that a vibrant and efficient NESI is possible if only all hands are on deck to achieve same.

It is pertinent to state at this juncture that whilst the value chain NESI comprises Generation Companies (GenCos), Nigerian Bulk Trader (NBET), Transmission Company of Nigeria (TCN) and the Distribution Companies (DisCos), the DisCos are central to the effectiveness of the NESI being the bridge between the customers and the value chain.

He listed more initiatives that could change the forlorn trajectory about the NESI.

Yusuf called for the unbundling of the distribution sub-sector to investor per state. “It has been canvased severally that the coverage areas for the DisCos are too large and would not make for effectiveness of the DisCos hence, the need to further unbundle the distribution sub-sector of the value chain comprised of 11 DisCos into 36 DisCos. This will ensure effectiveness of DisCos as well as monitoring. It is clear, that, most of the 11 DisCos are biting more than they could chew,” he said.

Yusuf also called for development and Monitoring of Implementation of Performance Improvement Plan (PIP).

“Seeing that DisCos are critical to the achievement of the desired improved electricity supply to Nigerians, they should be mandated to carry out infrastructural improvement by constructing a minimum of 5 kilometers of new lines (every month) complete with both TCN interface projects. TCN should also be required to required to periodically upgrade the equipment and infrastructure. “

“DisCos should be mandated to set up and operate electric pole manufacturing companies within their franchise area to meet their pole requirement and support the PIP. This is practiced in China and other countries of the world, and this has enhanced DisCo’s performance in such climes.

“Interestingly, it costs only $2 million to set up a standard concrete pole company with capacity to produce a minimum of 2km worth poles daily. This will bridge the deficit in their pole needs and eliminate cases of substandard poles provided International Standards for pole manufacturing are complied with”.

Yusuf further called for the operationalization of the Eligible Customer Regulation (ECR) to take care of the stranded 2000MW.

He explained that  whilst DisCos reject energy under the guise of contracted capacity, there is about 2000MW stranded energy wasted as result. This trend has continued and there seem to be no end in insight because, the operationalization of the ECR under which customers whose power requirement is over two Megawatts could purchase this stranded energy from willing GenCo suppliers have been frustrated by some stakeholders in the value chain as well as the Regulators.

It is almost four years after the ECR came into effect yet, none of the several applications has been approved by NERC due to bottlenecks. There is need for the Regulators and more particularly NERC to urgently simplify the ECR and its processes to make it operational. One of the benefits of doing so is a robust and effective power sector.

He is also calling for  Regulatory and Policy Consistency and Clarity.

Here, Yusuf said regulatory and policy inconsistency creates uncertainties in NESI which negatively impacts investors’ willingness to invest in NESI hence, the need for consistency. “No Investor will invest where there are uncertainties. For instance, the Regulatory inconsistencies on the Eligible Customer Regulation 2017 and its regime, has had a devastating impact on investment opportunity in Nigeria’s power sector,” he said.

He also called for the effective regulatory monitoring of stakeholders.

“The need for effective Regulatory Monitoring of Stakeholders cannot be over-emphasized. Regulators should consistently review existing policies and concepts and improve on them periodically to eliminate policies that are not practicable and inefficient. The Regulators must ensure the prompt enforcement of these policies to achieve the desired change in NESI,” he added.

For him, speedy enactment of effective anti-energy theft and vandalism legislation is required. “The need for anti-energy theft legislation and vandalism legislations cannot be over-emphasized as this constitutes one of the huge loss elements for the NESI. Putting in place effective legislation and structures will ensure that offenders are dealt with and will help sanitize NESI as it would be deterrent to others. This will free up more energy to be utilized within NESI,” he said.

Access Bank Plc has launched a campaign to sensitise customers on measures they can take to protect themselves. The project is part of its continued commitment to educate and protect customers from e-banking fraud.

The campaign, themed ‘Banks don’t ask’, focuses on three key activities that account for most fraud incidents in Nigeria, phishing, SIM card fraud, Automated Teller Machine (ATM) fraud and Point of Sale (POS) fraud.

From all indications, the rates of phishing, SIM card fraud, ATM fraud and POS fraud has tripled in the past few years.

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Also, the sophistication with which these activities are carried out has evolved, resulting in unsuspecting customers being highly susceptible to these criminal activities.

Access Bank’s Executive Director Retail Banking, Victor Etuokwu,  stated: “In the past few years, there has been a significant increase in the rate of internet-based and technology-perpetrated fraud.

“We want to ensure that our customers are not only protected but are also aware of the tactics employed by fraudsters. Access Bank will never request for personal banking information such as your 16-digit card number, password, Personal Identity Number, Bank Verification Number, Card Verification Value/Code (CVV) or One-Time Password (OTP). So, customers are  advised to never share this information with anyone even if they claim to be from the bank”.

 

Paxful, a global fintech platform, has launched Paxful Earn.

The offering is being launched in Nigeria, via a partnership with Celsius, the cryptocurrency platform.

Paxful said users would get yields on the bitcoin in their digital account.

Paxful plans to open in other countries soonest. The company also expects to add Ethereum (ETH) and Tether (USDT) to Paxful Earn down the line.

Paxful Earn enables Nigerians to open an account  and earn yield on bitcoin funds. Once users opt-in, they will see a new tab within their Paxful Wallet page.

Users can then specify which funds they want to earn savings on – these funds will be transferred to an Earn Wallet so they can accrue yield. Users remaining funds will be available for usage on the Paxful platform.

Paxful Earn offers yields of 3.51 per cent on a bitcoin – but this  can change based on the market.The accrual period starts every Friday at 05:00 UTC and it will be based on the user’s Earn Wallet balance. The accrual period ends every Friday at 04:59 UTC. Paxful users receive their payout every Tuesday.

CEO and co-founder of Paxful, Ray Youssef, said: “It’s our bread and butter to build products that support the users who are driving mass crypto adoption. We are incredibly proud to bring this to our Nigerian users as we continue to support them on their journey to financial freedom.

The Nigerian people have entrepreneurship in their DNA and I cannot wait to see how Paxful Earn enables even more wealth and opportunity for the country.”

Chief Operating Officer and co-founder of Paxful, Artur Schaback, said: “Through Paxful Earn, we’re using bitcoin as a means of wealth creation and preservation — something that is massively needed in emerging markets. At its core, bitcoin was created for the masses, and we’re thrilled to offer a savings solution that delivers on that promise.”

“It’s great to see DeFi partners like Paxful advancing the Celsius mission of making blockchain-based finance more accessible by expanding to emerging markets and continuing to make a positive impact on people’s lives in even more places across the globe,” CEO, Celsius Network, Alex Mashinsky, said.

Founded in 2015 and completely bootstrapped since then, Paxful is headquartered in New York with offices in Estonia, the Philippines and Russia. The team has doubled in size over the last 12 months, growing to over 400 people.

 

The Chartered Institute of Taxation of Nigeria (CITN) has said the court ruling stopping the Federal Government from collecting Value Added Tax (VAT) and Personal Income Tax (PIT) in Rivers State has legal precedence.

In a statement, CITN Registrar/Chief Executive, Adefisayo Awogbade, explained that the Rivers State case was not the  first that the VAT Act had been declared unconstitutional.

Awogbade said CITN was mindful of its statutory mandate and would not shirk its responsibility to the public in taxation matters.

In a judgment delivered by Justice Stephen Pam of the Federal High Court, Port Harcourt Division, Rivers State,  it was held that the Rivers State Government, and not the Federal Government, is empowered to collect VAT and PIT in the state.

The court held that there was no law backing the collection of VAT, Withholding Tax, Education Tax and Technology Levy in Rivers or any state by the Federal Inland Revenue Service (FIRS) because the Federal Government is restricted by the Constitution in the taxation of incomes, profits and capital gains.

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“These do not in any way include VAT or any other levy other than those mentioned in Items 58 and 59 of the Exclusive Legislative List of the Constitution The institute is restricting itself to the vexed issue of the constitutionality of the Value Added Tax, Awogbade.

He listed previous decisions nullifying VAT Act.  “For instance, in the Registered Trustees of Hotel Owners and Managers Association of Lagos v. A. G. Federation, the court invalidated some of the provisions of the VAT Act. In Ukala v. FIRS, the court nullified the VAT Act. In A.G. Rivers v. F.I.R.S., it has been reported that the court has nullified the VAT Act and empowered the States to impose, demand and collect VAT within their States.

“Also, in October 2019, the Federal High Court, Lagos Division, in the Registered Trustees of Hotel Owners and Managers Association of Lagos v. A. G. Federation & Others while considering the validity of the Hotel Occupancy and Restaurants Consumption Law of Lagos State upheld the powers of the Lagos State Government to charge and collect Consumption Tax from hotels, restaurants and event centres within the state.

The court held that based on the Constitution and the Taxes and Levies (Approved List for Collection) Act, the power to impose consumption tax was a residual power within the exclusive competence of states. It restrained the FIRS from imposing VAT on goods and services consumed in hotels, restaurants and event centres as this was already covered by the Lagos State Law,” he added.

The court proceeded to declare section”s” 1,2,4,5 and 12 of the VAT Act as being inconsistent with section 4(2),(4) (a) & (b), (7)(a) & (b) of the Constitution and consequently unconstitutional and invalid,’’ he added.

The court granted perpetual injunction against FIRS from collecting VAT from hotels, restaurants and event centres in Lagos.

In Emmanuel Chukwuka Ukala v. FIRS & A.G. FEDERATION in Suit No. FHC/PH/CS/30/2020, Hon.  Justice I. O. Oshomah sitting at the Portharcourt Division of the Federal High Court, on 11th December, 2020, expressly held that the National Assembly had no power to enact the VAT Act.

The plaintiff had asked the court to declare that there was no constitutional basis for the imposition, demand and collection of VAT by FIRS from him since the constitutional powers and competence of the National Assembly were limited to those specifically listed in Item 59, which did not include VAT or any other species of sales tax. The court, therefore, declared the VAT Act a nullity.

Stanbic IBTC Bank Plc has provided grants to businesses looted during the #ENDSARs protest.

The initiative was borne out of the need to assist Nigerians whose businesses were hit by the unrest that resulted from the #ENDSARs protests that rocked the country last October.

Chief Executive, Stanbic IBTC Bank Plc, Wole Adeniyi, noted the initiative was geared towards providing succour and support to business owners who were impacted by the protests.

He said: “Many entrepreneurs lost virtually all they had; what had taken them years of toil, blood, sweat, tears and hard work to build. We could not just sit back and do nothing, so we introduced #RebuildingTogether to help business enterprises rebuild and stay on the path of growth.”

Adeniyi assured business owners of the financial institution’s support in their time of need. It is worthy of note that not all the beneficiaries of the grant were customers of the bank. The successful applicants were selected from various parts of the country.

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One of the beneficiaries, Alao Lateef, narrated his ordeal, stating how his shop was vandalised during the crisis.

Alao ran A4 wears, at a shop in Palms Mall, Shoprite, Ilorin, Kwara State.

Another recipient of the grant, Dr Modupe Olorunnimbe of Vision Aids Eye Clinic,  said that her business was paralysed due to the theft of vital tools from her business premises. Other beneficiaries of the Stanbic IBTC grant included Feyisola Oyegunle, who ran Bakers and Parties Choice, George Patrick Chukwunonye of Arbitrage and Mercantile Republic and Olasumbo Obaseki of Arike Signature.

 

Other beneficiaries were Azeez Bukola of Bukky Rehoboth Global, Olanrewaju Akinfenwa of FFDI Meat and Food Venture, Oluwakemi Osinibi of MandK Activity Centre Limited and Somtoo Augustus Nwachukwu of 2106 Energy Limited.

 

Cititrust Holdings Plc has worn three awards presented to it by the Global Banking & Finance Awards.

The awards are the  Best Financial Services Group Nigeria 2021, Decade of Excellence Holding Group Nigeria 2021, and Most Innovative Holding Group Nigeria 2021.

Group Chief Executive, Yemi Adefisan, expressed his delight with the recognition  and thanked the community and customers for their  loyalty and support.

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He said: “Cititrust seeks opportunities to build and invest in the majority and/or significant minority stakes in leading African companies and believes that Africa will continue to offer excellent investment opportunities in the future.”

“He further stated that, for over a decade, Cititrust Holdings Plc has striven to provide the comprehensive products and services individuals and companies need.” Wanda Rich, Editor, Global Banking & Finance Review said. “The company continues to deliver for its customers and doesn’t rest on its successes. We look forward to seeing further industry-leading solutions from Cititrust Holdings Plc in the years to come.”

In addition, Cititrust holds significant investments that cut across commercial banking, wealth management, investment banking, pension fund administration, and insurance services with operations in 13 African countries.

The firm’s strong corporate governance, innovative financial solutions, first-class investment services, and highly skilled financial advisors were also noted.

Access Bank Plc has introduced the *901*911# USSD code, a solution that allows customers act swiftly to prevent fraud on their accounts.

This is in line with the bank’s commitment to finding best-in-class ways to safeguard the resources of its customers.

The service allows customers of all account types to deactivate a Unstructured Supplementary Service Data (USSD) profile simply by dialing *901*911# from any phone, inputting the registered phone number for the account to be protected and this automatically locks out fraudsters from the individual’s account.

Access Bank has remained committed to educating its customers, informing and protecting them from fraudsters.

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The bank has created dedicated pages on its official website that update customers on the schemes fraudsters employ to defraud them while bringing to public notice the quickest platforms to access help in the event of any suspected fraud case.

In its promise to offer customers more than banking, Access Bank has not wavered in its drive to not only deliver speedy services but also security for all.

Customers of the Bank can report any suspected fraudulent activity immediately to the bank’s dedicated fraud desk or by calling  its helpline.