Business

Expert Tasks CBN On Cashless Policy

Published

14 years ago

March 4, 2013

A financial expert and former President of the Association of National Accountants of Nigeria (ANAN), Mr Samuel Nzekwe, has urged the Central Bank of Nigeria (CBN) to address existing challenges before introducing the cashless policy to other states of the federation.

Nzekwe, said on Saturday in Lagos that a number of matters had to be addressed first.

He said the infrastructure in place for the policy had not improved, and that this was highly necessary.

“The CBN needs to carry out its research effectively to prevent a policy somersault,’’ Nzekwe said.

The CBN, in a statement it issued on Feb. 26 in Abuja, had stated that the policy would commence on July 1 in five states and the FCT after the Lagos pilot scheme.

The five states are Ogun, Kano, Anambra, Rivers and Abia.

CBN had on April 1, 2012 inaugurated the cashless policy in Lagos.

The financial expert also said many Nigerians had not seen the effect of cashless policy even in Lagos because people were still carrying a lot of money around.

He said it should all start with the use of bank cheques for transactions “because that is the beginning of the cashless policy’’.

The former ANAN president lamented that many people were not honouring cheques and were insisting that customers must bring cash before paying for goods and services.

“There should be a deliberate effort by the CBN to enforce the use of cheques and if any one violates it the person should be punished according to the law,’’ he said.

Nzekwe said the poor state of power generation which made internet connectivity difficult discourages the e-payment system in banks.

According to him, sustainable electricity supply is critical to the actualisation of the goals of the policy.

“Lack of adequate power supply is an impediment to the success of the policy in Lagos and other parts of the country,’’ he said.

Nzekwe pointed out that some traders who do not have the Point of Sales (PoS) machines, as well as some of those who have it, do not understand how to use it.

He said the PoS machines were not even available in many areas of Lagos where the pilot scheme was introduced.

The former ANAN president advised the CBN to intensify its efforts at creating awareness.

“This is by embarking on sensitisation campaigns to address the security and technical challenges associated with the e-payment,’’ he said.

Business

FG Approves 4 New Channel Management Firms For Seaports

Published

1 day ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

1 day ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

1 day ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa