The Nation Newspaper

Tag: incentives

  • Chinese seeks incentives in transport, energy

    A Chinese manufacturer has urged the government to back its investment drive tin backward integration with policy incentives. He said many producers were interested in the domestication of their production processes in the transportation and energy sectors.

    Speaking at the official opening of the China Homelife Fair Nigeria, Chief Operating Officer, Meorient Internationa, Binu Pillai, said more opportunities have started opening from the bilateral ties between Nigeria and China. More Chinese firms are embarking on export initiatives in local plants.

    He said: “We are particularly looking at the transportation and energy sector as priority sectors. Our manufacturers are looking forward to the incentives that the market can offer. It could be land, repatriation of profit in terms of if you bring any raw materials that are used for manufacturing can there be any tax exemptions? So basically how they can leverage.”

    Pillai believes with the $60 billion recently offered by the Chinese government in aid and loans for Africa, a higher scale of collaboration will be witnessed in business interactions of the two countries.

     

  • Incentives for Chinese manufacturers

    The Kenyan Government has laid out a compendium of investment incentives for Chinese investors in the manufacturing sector as it seeks to attract more investment flow into its rebounding economy.

    Industry, Trade and Cooperatives Cabinet Secretary Adan Mohammed said the move is aimed at raising investment awareness in the country to serve as a useful guide in making fiscal planning for investors seeking to invest in Kenya, as part of President Uhuru Kenyatta’s second term legacy that focusses on big four pillars including manufacturing, affordable housing, food security and affordable healthcare.

    “China remains one of biggest trading partners in the world, we want to see a lot of Chinese business and investors to come and do manufacturing here in Kenya as a way of complementing regional trade. We will use necessary instruments and incentives to make it comfortable for investors and ensure that we have manufacturing done here as opposed to out of our country,” said Mohammed.

    The incentives’ promise which include tax breaks to businesses with plans to set up manufacturing plants locally, the Mr. Mohamed said, also forms part of plans by the government to improve ease of doing business in the country, while also preparing ground for more Foreign Direct Investments (FDI) into the economy.

     

     

  • ‘Foreign investors need incentives’

    ‘Foreign investors need incentives’

    The economy has been upbeat since the Central Bank of Nigeria (CBN) introduced the Investors’ & Exporters’ Forex Window. With improvement in forex inflow, investors who complained bitterly of not being able to repatriate their funds, except through the parallel market, now have a better deal. In this interview with COLLINS NWEZE, Managing Director, Afrinvest Asset Management Limited, Ola Belgore, says the market has responded positively to the change in policy, going up by over 36 per cent from what was negative in the first quarter. This is about 50 per cent growth within the last four months.

    The impact of foreign fxchange (forex) on the market has always been significant. What is your take on the current forex situation in the country?

    In January 2017, Afrinvest published our economic outlook clearly indicating the need for reforms. Fortunately, the Central Bank of Nigeria (CBN) came up with the Investors’ & Exporters’ (I&E) FX Window which made it easier for foreign investors to repatriate their funds. Prior to its launch in April, investors complained bitterly that after liquidating their investments, funds was repatriated through the parallel market where the dollar was sourced leading to great loss in value.

    Since April, the foreign portfolio investment has increased and there has been positive impact on the market. A clear indication of this impact is the growth in the Nigeria Stock Exchange (NSE) market capitalisation to close to N13 trillion.

    Do you believe that the market now enjoys enough liquidity?

    When the I&E FX Window was introduced, many investors cautiously tested the market to ensure it would work. Now, we have more investors coming on board because they have had a better experience repatriating their profits. We must, however, recognise that improvement is a gradual process, and today, portfolio investors are more confident. With the right – and stable – government policies, I believe investors will get even more confident to come in, especially when there is an assurance that the rules will not change in the middle of the game.

    Our observation on the stock market shows that there has not been new capital rising by local companies in recent months. Can we attribute this to the recession?

    Activities in the investment environment largely depend on whether you are raising equity or debt. For debt, the environment is rather stiff, and with Monetary Policy Rate (MPR) currently at 14 per cent, this may not change soon. There have, however, been one or two bond issuances, including the recent Lagos State Government bond issued at 16.5 per cent which was competing against Federal Government’s Treasury Bills at 18 per cent.

    Regardless, we must give foreign investors incentives to invest in the economy. The average rate for Treasury Bills is 18.5 per cent. However, once you mark it up with risk premium, you are approaching 20 to 22 per cent, which is a challenge within the operating environment, especially when you consider what cost manufacturers will borrow.

    When you look at equities, in the first quarter of 2017, the market was at 16.5 per cent negative, which naturally affected investors’ appetite, with many of them losing huge sums of money. Consequently – and as expected – that was not the right time to introduce fresh offers.

    However, the market has responded positively to change in policy and has gone up by over 36 per cent from what was negative in first quarter of 2017, implying that there has been about 50 per cent growth within the last four months.

    Fortunately, the growth will likely be sustained because corporate earnings are coming up strong, and with most of the stocks trading below their book value, the market evidently shows potential to sustain the growth. We can then expect a boost in investors’ interest in new offerings. For instance, Guinness and Unilever just concluded their rights issues which they would have been hard-pressed to do in the past. If they are successful as we expect, it will encourage others to test the waters and ultimately boost market performance.

    Can you tell us about Afrinvest West Africa Plc?

    Afrinvest West Africa Plc (Afrinvest) is an independent investment banking firm, focusing on the four principal areas of investment banking, securities trading, asset management and investment research. It has been in existence for 22 years, and is the parent body to two subsidiaries: Afrinvest Securities Limited and Afrinvest Asset Management.

    We see ourselves as a ‘financial supermarket’ of sorts, considering that we are licensed by the Securities and Exchange Commission (SEC) to operate as an issuing house and underwriter as Afrinvest West Africa; a broker-dealer as Afrinvest Securities Limited; and a portfolio manager as Afrinvest Asset Management. Underlying these services is in-depth research, innovation and a passion to deliver invaluable financial solutions.

    Could you tell us more about Afrinvest Asset Management?

    Afrinvest Asset Management – under my leadership – manages two listed mutual funds. The Afrinvest Equity Fund (AEF), which invests in shares of blue chips listed on the Nigerian Stock Exchange (NSE) and the Nigeria International Debt Fund (NIDF), which invests in Federal and State Government bonds. The NIDF – which started out as a closed-ended fund till it was restructured in 2010 as an open-ended fund – was created 19 years ago.

    It has consistently paid dividend to investors twice annually. As you may be aware, we just paid the 2017 interim dividend of the fund making it the 39th dividend in the history of the NIDF.

    What exactly is NIDF? Is it a Federal Government instrument and does it target only high net-worth Individuals (HNIs)?

    The issue of the NIDF’s primary target audience is one that has been consistently raised over time. Before now, one would be correct to say the NIDF was for the high net-worth investors as new a subscriber would require about a minimum of N1 million to meet the minimum units of 500.

    With a record of consistent payout and superior performance, we were inundated with requests to make the fund more accessible to the retail investors. These requests inspired us to review this amount downwards in a 10 to one stock split in 2016.

    That way, we are able to accommodate more retail investors without losing the core focus of the fund. Today, the NIDF is no longer exclusive to any singular class, and investors with a little over N100, 000 can gain easy entry.

    How easy is it to liquidate the fund and how could this be done?

    Any investor can liquidate his funds easily at any time, and it will take a maximum of five days. To liquidate, you simply complete and submit the redemption form, which can be downloaded on our website. Once this is done, your signature is verified by the registrar, and investment proceed is paid to your bank account on record.

    Subscribing to the NIDF is just as easy.  You simply complete the subscription form, provide your Know Your Customer (KYC) requirements – identity card and address, inclusive – make payment into the account, and you are all set. You can also track the performance of your investment by monitoring NIDF prices we circulate to all investors daily.

    What do you think accounts for the success of the NIDF and its consistent coupon payment over the last 19 years?

    For any mutual fund, you have what is called the trust deed which clearly states how the fund would be managed and what assets it can invest in. So, what we do is actively following market trend and strategizing to meet fund objective per time. We distribute 25 per cent of the income, while the rest is re-invested in the fund, making it easy for us to pay coupon.

    Tell us more about the Afrinvest Equity Fund.

    As earlier stated, the AEF tracks stocks quoted on the Nigerian Stock Exchange. With a minimum initial subscription of N50,000 and subsequent investments of N10,000, investors can subscribe to the AEF with returns greatly affected by the returns on the stock market. Regardless, the AEF has enjoyed impressive performance over the years due to our superior mix of service, research and management.

    Another recent trend in the market is the banks’ move to substitute costly assets out of their balance sheets in preference for cheaper deposits to reduce their cost of fund. What could be responsible for this move?

    It becomes increasingly clear that retail is the future. In many countries of the world – including Nigeria – about 50 per cent of the population is unbanked, with a lot of cash in the informal sector. From our own experience, we have seen people test the markets with smaller amounts of money to ascertain that they will not lose out, before introducing the more substantial sums. For instance, we had a subscriber to one of our mutual funds who invested less than N200,000 in the AEF.

    After a time of consistent performance, he made a move to withdraw his funds, to test our promise of easy entry and exit. Based on his success in dealing with us, he made the move to entrust us with over N20 million, simply because he trusts us to give value. The importance investors place on liquidity and confidence building, therefore, has a significant impact on designing products and services for the market.

    In line with this experience, players have recognised a need to widen the client base, with even the Federal Government going for cheaper funds, with the Federal Government of Nigeria (FGN) Savings Bond offering less than 14 per cent to investors, as against Treasury Bills rate of around 18.5 per cent.

    Currently, we have what is called investor apathy. When we design a mutual fund, we approach a group of people and encourage them to invest. At the same time, Bank ‘A’ conducts a Public Offer, targeting the same group of people. It gets rather tiresome. However, with retail customers all players can market different products comfortably, and because the market is so huge, we can both take a market share that is completely exclusive.

    More so, with retail, the sustainability of the funds is more stable. If the bank has a balance sheet built by a select few, a withdrawal of funds by any singular client will have a significant effect. Conversely, if there are 100,000 customers each depositing N10,000 you will still have N1 billion, but if 10 of them decide to move their funds, the impact is greatly reduced.

    The banks also have the resources to support the retail end of the market with the advent of Financial Technology (FinTech). Today, a customer can open an account with his mobile phone, and go ahead to handle virtually all transactions without physically visiting the bank.

    Are there other difficulties faced in managing HNIs?

    Many banks have realised that HNIs require more resources to manage. For instance, with deposits as high as N300 million, you have customers demanding 18 to 20 per cent interest rate on their funds, whereas, the retail customer will accept five per cent happily. With more retail accounts, the banks can, therefore, lend cheaper and make higher profits.  When you put this side by side the manpower required to service HNIs who typically demand one-on-one service, the retail customer generally seems more attractive. I would, however, state that HNIs should be highly valued and should receive the deserved attention, while technology is deployed to capture the millions of unbanked in the society.

    Another factor that boosts confidence is ‘rating’. What is significant about an investment being rated?

    The significance of credit rating is the credibility it shows to the investor. When there are multiple players asking for your money, you must decide who you will trust sometimes with no prior experience. The rating, therefore, becomes significant because it basically says, from our own experience as fund managers and our valuation of company ‘A’, we believe this is its expected performance and the level of guarantee we can provide on a return, as opposed to company ‘B’ with a lower credit rating.

    The credit rating is mostly premised on the track record of its borrowing and debt instruments, and there are several recognised organisations that provide this stamp of confidence including Fitch, GCR and Agusto, to name a few.

    Based on the above, would you say the NIDF rating is better than the sovereign rating of the country?

    This is an argument that has existed over time: should an entity within a sovereign nation have a higher rating than the sovereign itself? The fact is, investors are looking for credibility. If Lagos State issues a bond at the exact time the Federal Government issues same, investors will go after the body that has shown higher credibility over time. However, we must remember that there are several factors that can affect the payback of such debt, ranging from economic, to social, and to political issues.

    In determining the credit rating of the NIDF, it is recognised that it has not defaulted in its obligations for several years and has consistently met its dividend payment. These have certainly contributed to its credit rating today.

  • ‘Govt’s new guidelines for incentives released’

    ‘Govt’s new guidelines for incentives released’

    The Federal Government yesterday released new guidelines for processing Pioneer Status Incentives (PSIs) applications as well as a revamped list of pioneer industries and products.

    It also lifted the the administrative suspension on processing PSIs applications following the conclusion of critical reforms of the incentive regime.

    The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, told reporters at a media briefing in Abuja, that based on the revamped pioneer list, the government has added 27 key industries into the scheme and the deleted two others.

    He said: “The Federal Executive Council had at its last meeting approved the lifting of the suspension; a new guideline and a revamped pioneer list.

    “The government would review the list of pioneer industries once in every two years going forward, which is in line with the reform provisions. All additions will be included in the list immediately, and all deletions will be removed from the list in three years.

    “A review of the list of pioneer industries and products was done to bring it in line with the economic realities as set out in the Economic Recovery and Growth Plan, also a  review of the scheme is aimed at increasing transparency and process efficiency, as well as improving the government’s ability to measure the impact of the incentive

    “The Federal Government is committed to encouraging and attracting investments into critical sectors of the economy which will significantly impact development and deliver key benefits to the country.

    “These benefits include economic growth and diversification; industrial and sectoral development; employment; skills and technology transfer; export development; and import substitution.”

    Enalemah said the scheme would be managed in an open and transparent manner, stressing that the new guidelines  would grant companies making investments in qualifying industries and products, tax holiday from the payment of company income tax for an initial period of three years, with the possibility of an extension for one or two more years.

    Speaking, the Executive Secretary, Nigerian Investment Promotion Council (NIPC) Ms Yewande Sadiku, said the reforms of the scheme have brought further clarity in its implementation, adding that with the scheme, the level of investment inflow into the country would increase.

  • NLNG faults ActionAid’s claim on tax incentives

    NLNG faults ActionAid’s claim on tax incentives

    The attention of Nigeria LNG Limited (NLNG) has been drawn to a report by ActionAid, an NGO, which focused on the alleged impact of tax breaks on social services in Nigeria.

    The report made several references to Nigeria LNG Limited and purported tax losses to the government totalling $3.9 billion as a result of tax break granted to the company.

    According to the General Manager, External Relations Division Kudo Eresia-Eke, NLNG the claim is false and misleading. It is most instructive to note also, that ActionAid itself admits in its report that its figure is a ‘hypothetical’ one, he said.

    “Contrary to ActionAid’s claim, the reality is that the Federal Government’s initial investment of $2.5 billion, bolstered by the associated tax incentives, has so far yielded over $33 billion in the form of dividends, taxes and feedgas purchases for the country over the past 16 years, with an additional $5 billion accruing through corporate spending on local goods and services during the same period. The company paid $3.6 billion in Company Income Tax and Education Tax between 2014 and 2015. This is in line with NLNG’s corporate vision to help build a better Nigeria.

    “Nigeria LNG Limited was established at a period when the LNG technology was still very new in Africa. Indeed, the establishment of NLNG made Nigeria the first country in Sub-Saharan Africa to possess such new technology and the second such country in all of Africa. Considering the pioneering nature of such a company in Nigeria, as well as the huge  investments required, running to several billions of dollars in foreign investments, NLNG was granted a 10-year tax holiday by the government of the Federal Republic of Nigeria under the provisions of the Nigeria LNG (Fiscal Incentives, Guarantees and Assurances) Act, CAP. N87, Laws of the Federation of Nigeria, 2004 (“NLNG Act”).

    “The concept of tax holidays are not unusual practice in the global business community. Indeed, Angola has notably offered as much as 12 years tax holidays to encourage investments in their LNG industry, while other countries like Oman, Malaysia, Qatar and Trinidad have offered up to 10 year tax holidays to attract LNG investments.

    “Additionally, more generous tax incentive schemes currently exist in free trade zones in Nigeria where participants are granted absolute exemption from all forms of taxes and levies chargeable by any level of government, in perpetuity. Several well-known corporations in the country have and are currently investing in these zones (in logistics, infrastructure and refineries, to name a few of such ventures) on the basis of such perpetual and overarching tax incentives.”

    He noted that NLNG’s tax holiday period was from 1999 to 2009 and, contrary to the observations in the report, is expressly provided for under Section 2 of the NLNG Act, an Act of Parliament. During that period, NLNG grew from an initial investment of two trains to six train facility, as the construction of the additional trains was funded, mainly, by approximately $3 billion of returns generated from the project during the tax break period. The current total valuation of the now six train plant is $16 billion.

    At the expiration of the tax holiday  for NLNG, the company did not have taxable profit for the 2010 to 2012 financial years due to unrelieved Capital Allowances on qualifying fixed assets acquired during the pioneer period. The Capital Allowances were duly applied in line with the provisions of the NLNG Act and Companies Income Tax Act, CAP C21, Laws of the Federation of Nigeria, 2004, he added.

    ‘’Regardless, NLNG paid Education Tax of $65.08 million, $107.04 million and $118.59 million for the 2010, 2011 and 2012 financial years,’’ he said.

     

     

     

     

     

  • ‘Why govt should provide incentives for MSMEs’

    Abuja Chamber of Commerce and Industry  (ABUCCI) has asked the Federal Government and other stakeholders to support and provide incentives for the development of Micro, Small and Medium Enterprises (MSMEs) in the country.

    President of ABUCCI, Tony Ejinkonye,  who stated this at the 10th Abuja International Trade Fair, entitled ‘Entrepreneurship as a Panacea for Economic Growth’  said the theme of this year’s fair was chosen based on the reality that about 75 per cent of the organised private sector was made up of SMEs.

    He said the call became necessary given the importance of MSMEs in the development of any economy, and urged the government to reposition the manufacturing sector, as it is the engine of growth of any economy.

    Ejinkonye also appealed to the government to make the development of infrastructure a priority, saying it was important for the current administration and other stakeholders to seriously address the transport sector, especially the rehabilitation of the railway system and road network facilities.

    He said this would greatly enhance the transportation of both raw materials and finished goods. He noted that the current administration’s effort in bringing solution to the fuel crisis had led to an increase in economic activities in the country.

    On the trade fair, he said it was targeted at promoting accelerated development of commerce, as well as promote the revitalisation and diversification of the economy to boost non-oil exports.

    According to him, 2015 is also designed to galvanise international entrepreneurship into the nation’s economy.

    “Entrepreneurship is the engine that drives every 21st Century economy; robust entrepreneurships is a must for a robust national economy,” he said.

    Meanwhile, John Chukwu, FCT Permanent Secretary, represented by a Director, in the ministry, Abubakar Sani, said the theme of the fair was timely and commendable, given the current economic realities of the nation’s economy.

    Chukwu noted that the increasing number of unemployed youths has made entrepreneurship a viable platform to deploy the hands of job seekers and economically empower them.

    He said in a bid to reduce unemployment in the territory, the FCTA established Abuja Enterprise Agency to key into the Federal Government’s job creation programme.

    “We strategically established the Abuja Enterprise Agency as a special purpose vehicle for the development of entrepreneurship skills and the provision of viable financial muscle to support entrepreneurs,” he said.

  • Govt should assist domestic airlines with incentives

    Govt should assist domestic airlines with incentives

    Chairman of Air Peace , Mr Allen Onyema has called on government to design a package of incentives for domestic airline operators who are struggling with a myriad of challenges .

    The airline chief said the challenges are not limited to high cost of operations and an unfriendly investment environment and the re- introduction of import duties on aircraft spares as well absence of tax holidays for fledging carriers .

    Onyema said such package has become imperative to cushion the effects operators go through in their bid provide air transport services around the country.

    Speaking in an interview in Lagos , he said rather than encourage indigenous airline investors , some agencies of government continue to erect obstacles on their way thereby frustrating efforts to development the air transport sector .

    He said government ought to consider tax holiday for fledging indigenous carriers to enable them create more jobs for Nigerians in the transport sector .

    He said there is need to remove unnecessary bottlenecks that kill private business .

    The airline boss said it is important for the regulator of the sector : Nigerian Civil Aviation Authority ( NCAA) to mediate between domestic airlines and other agencies to avoid any infraction on airline operations .

    Onyema said rather  than criticize  domestic airlines government should look  at the challenges operators struggle with as it affects the cost of aviation fuel, import duties on spare parts by the Customs which will contribute to make airline business unprofitable.

    He said the harsh operating environment could be reduced through investment friendly policies that would make it conducive for new players in the air transport sector .

    Onyema said government has to create a more enabling environment to allow indigenous carriers benefit from the duty waiver on aircraft spares and parts as the activities of Nigeria Customs Service requesting airlines to pay duties on such items is contrary to the directive of government .

    He said some agencies of government are in constant habit of introducing measures , policies and directives that acts as huge disincentive to operators in a business he said has very low returns on investment .

    Onyema listed the challenges indigenous airline owners grapple with to include prohibitive costs of aircraft maintenance, high cost of securing airport land , difficulty in getting aircraft spares , multiple taxes and unfriendly policies that discourage investment in aviation.                      He said :” Talking about challenges, they are enormous. To start there is the problem of procurement of spare parts for aircraft when it develops a problem.

    “Nigeria is very far away from the sources of these  aircraft spare parts.

    We get aircraft spare parts from either America or from Europe. If you have a snag on your airplane and you do not have that particular part in your store, then you are in trouble.

    “You might wait for about four days to even get that aircraft spares into the country.

    And when it finally arrives, the Nigeria Customs Service  will keep it because you have to pay customs duties.  Airlines are not supposed to pay such duties because in 2009 government approved  import duties waiver on aircraft spare parts .

    “So these are the issues; all these things aggregate to make the running of airline in Nigeria prohibitive.

    “The cost is so prohibitive that it may not be wise to run the business with a loan taken from the banks running at double digit interest rate.”

    He accused some government agencies of frustrating efforts by airlines to expand due to what he described as overzealous attitude to recover revenue through taxes .

    Such agencies he said should design programmes to grow indigenous carriers rather than think of ways to kill the business .

    He said :”  Government is supposed to package incentives for airline owners who provide jobs.

    “They should create enabling environment for those who provide jobs and not the other way round. I am telling you that in America, if you are able to create jobs for 50 people, the government gives you every support you need because you are helping them to curb the state of insecurity and you are helping people to live a good life.

    “Somebody should call the tax agency to order. If not for anything they should rather give tax rebate.

    “That is how it is done, so that we can create more jobs.

    They should be looking at the number of Nigerians we have employed. In the real sense, we have been providing jobs on behalf of the government.

    “Government  agencies should behave responsibly; that is not how to do things, I am really piqued at what the tax agency did by calling on the public not to patronize some airlines over alleged failure to migrate into a tax collection platform.

    “That to me is the height of wickedness in killing private investment .

    And when you express your reservations over such unfavorable conduct you are given names .

    “At times people recommend to government, policies aimed at a particular person they don’t like. We cannot grow as a nation like this

    For us to succeed, in aviation and every other sphere, government must think about job creation actions.

    “Government or any of its agencies  must not act as a disincentive here to job creation. The president should call to order, some of these agencies, they are not acting in the best interest .

    The best thing government should do is to create a conducive environment for entrepreneurs and not strangulate private investment.”

     

  • CBN, NIBSS support incentives for e-payment users

    •Three winners get cash reward

    The Central Bank of Nigeria (CBN) and Nigeria Interbank Settlement System (NIBSS) have reiterated their support for the ongoing Electronic Payment Incentive Scheme (EPIS).

    Speaking during the redemption of prizes in Lagos for the first three winners, representative of the Banking Payment System Department of the CBN, Isah Abubakar, said the apex bank will keep giving the desired support for the EPIS project.

    He said cash-less banking will help in revolutionizing Nigeria’s economic development and enhancing efficiency in business.

    He praised the process used in selecting the winners. He said the cash-less banking initiative is helping to promote financial inclusion and getting banking to the grassroots.

    “The CBN is behind the incentive scheme and will support any project that takes banking to the grassroots,” he said.

    The winners include Adeyinka Adejuwon, who banks with GTBank, and was the first prize winner. He went home with N100,000; the first runner-up was Julie Chioma Ukwosah who banks with Ecobank and won N50,000 while the second runner-up, Jerry Boakye-Mensah banks with Diamond Bank and got a N15,000 cash prize.

    Executive Director, Business Development at NIBSS, Mrs. Christabel Onyejekwe, said it was the need to drive universal usage of electronic payments in the country that prompted the management of the CBN to approve an industry-wide incentive scheme and awareness campaign for electronic payments for stakeholders and users.

    “The EPIS idea was first conceived in March 2013 which was followed by Workshop in December 2013 driven by NIBSS amongst other key stakeholders like banks, several card schemes among others. Following the submission of the proposal CBN approved the EPIS in September 2014 with a Go Live/Implementation date for November 2014,” she disclosed.

    Continuing, she said the scheme is primarily focused to reward users of electronic payment in Nigeria and to further encourage greater adoption by all. “The incentive scheme will reward and appreciate usage across all channels with emphasis on channels of electronic payments that promote financial inclusion by aiming to identify and rewardthe cardholders, merchants and sales persons,” she said.

    “In other to spice up a reasonable level of awareness and excitement in anticipation of the Loyalty Program for consumers and salespersons, we proposed an EPIS Monthly Raffle Draw Initiative targeted at all card users (POS transactions) within the Nigerian e-payment ecosystem”.

    She said all winners are expected to have a valid Biometric Verification Number (BVN) for the authentication of their various bank accounts adding that Ernst & Young was appointed to ascertain the credibility of the process. Also, the initiative has been backed by Consumer Protection Council  and National Lottery Regulatory Commission.

    “Suffice to say that Electronic payment and card usage in Nigeria is still at its nascent stage as most transactions in the country are still done with cash. Go cashless, use your cards and support the CBN’s Payments System Vision PSV2020,” she advised.

  • Investor seeks better incentives for printing industry

    Investor seeks better incentives for printing industry

    The chairman of Academy Press Plc, Chief Simeon Olusola Oguntimehin, has called for better incentives for the printing industry to remain afloat, noting that the company generated a revenue worth of N2.347billion in the year 2014 as against revenue in the previous year which was N2.286billion.

    Oguntimehin made the declaration during the company’s 50th Annual General Meeting, held at the company’s premises in Lagos.

    He lamented that, the greatest threat to the survival of the printing industry in Nigeria is the importation of print products from abroad for Nigerian consumption, stressing that it has continued to affect the skills and capacity in the country.

    “The operating import tariff regime which made importation to be more economically viable for print product buyers to the detriment of local partners has been responsible for this.

    “We therefore wish to commend government on its recent pronouncement on measures to encourage industrialization and job creation by amending tariffs that have constituted barriers to these objectives.

    We can only hope that the steps being taken in this direction will be sustained to the benefit of the printing industry,” he said.

    He maintained that the printing industry in the country has demonstrated that it can sustain the economy if the enabling condition is created.

  • Sunshine get incentives to beat Dolphins

    Sunshine get incentives to beat Dolphins

    Sunshine Stars players have been promised special incentives by the Chairman of the Ondo State Football Agency(ODSFA), Akin Akinbobola if they could pick the available six points from their double header home games against Dolphins and Enugu Rangers in their next two matches.

    The Akure Gunners defeated Kano Pillars 3-0 in their last home game played at the Akure Township Stadium and they were rewarded with improved win bonus.

    Each player got N50,000 as against the normal N40,000 for home win and they have been assured of a special package from the head of ODSFA  if they could overcome the duo of Dolphins and Enugu Rangers.

    The Media Officer of the  team, Wahab Bankole told SportingLife that Akinbobola in a chat with the players ahead of their today’s game with Dolphins has charged them to forget about the loss to Giwa FC and concentrate on their next two games which they would be hosting at Akure.

    “The Chairman of the Ondo State Football Agency, Akin Akinbobola has told the players of Sunshine Stars to redouble their effort and ensure that they beat both Dolphins and Enugu Rangers. He assured them that they would get special package if they earn all six points in the next two games they will be playing at home,” Bankole said.