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Customers, Banker Divided On ATM Charge Re-Introduction

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Reactions have trailed the Federal Government’s decision to re-introduce charges for the use of Automated Teller Machine (ATM) for bank transactions.
The Tide gathered that the Central Bank has concluded plans to re-introduce financial attachment to ATM use by next month.
Businessmen/women, who spoke to our reporter, last weekend in Port Harcourt, said the decision was not inline with the best international practice of the banking industry.
They wondered at the huge amount the banks would rake in on daily basis through the operations of the ATM.
According to them, if the CBN succeeds in re-introducing the proposed N65 charge the banks would make more money at the expense of their customers.
A motor spare parts deader, Mr. Standy Aja-Amadi, noted that the Federal Government was in a hurry to come up with such plans, considering the number of bank customers that use the ATM each day.
He explained that the FG’s earlier decision to allow not more than the withdrawal of N150,000 for an individual per day, was already bad news for the some people.
Aja-Amadi, said that the best thing to do was to bam the use of ATM rather than use the people to service the system.
The business tycoon regretted that the powers that be are only after profit maximisation rather than the welfare of the masses.
However, he has appealed to the Minister of Finance and Cordinating Minister of the Economy, Dr. Ngozi Okonjo-Iwela, to advise against such, as it may lead to a sharp decline in the banking industry.
Another Bank customer, Mr. Jacob Obinwa wondered why the apex bank would want to re-introduce what it stopped in the past, adding that it is not in the best interest of the customers.
“If the banks have been operating without the charge, there is no need re-introducing it because the introduction can even discourage the customers who are struggling to go cashless”.
Meanwhile, a management consultant in one of Nigerian banks, Dr. Boniface Chivia has said that the re-introduction is in the best interest of the customers.
Chivia in an interview with a television station said that the ATM policy by the Central Bank will ensure better  network provision in the daily transactions with the banks.
He noted that the N65 payment is only applicable to the use of other banks and not where your account is.
The consultant warned against the danger of carrying cash around instead of the payment of the little token, adding that “we live in a country where we cannot identify who is who.
We should see the ATM card charge policy as being safety oriented and forget about the negative side of the issue”.

 

Kinanwi Siakpugi Highman

Chairman, Subsidy Re-Investment and Empowerment Programme (SURE-P), Retired Gen. Martin Lurther-Agwai (2nd right), inspecting the Light Rail Project in Abuja last Friday. With him is the Coordinator, SURE-P Operations, Mr Ali Fatoma.

Chairman, Subsidy Re-Investment and Empowerment Programme (SURE-P), Retired Gen. Martin Lurther-Agwai (2nd right), inspecting the Light Rail Project in Abuja last Friday. With him is the Coordinator, SURE-P Operations, Mr Ali Fatoma.

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FG To Eradicate Multiple Taxation In Mining Sector – Adegbite

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The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, says the Federal Government is setting in place various measures to eradicate multiple taxation for miners.
At the flagship Forum last Tuesday in Abuja, Adegbite said the ministry was engaging with the three tiers of government to resolve this issue.
He said that this informed the recent webinars and advocacy engagements by the ministry with all stakeholders in the country involved in the mining industry.
He said that though the constitution vested control of mineral resources in Nigeria in the Federal Government, the fund goes into the Federation Account, of which everybody participates.
He added that all the 774 local governments got money from that account but if they cut corners by disturbing the miners with unnecessary local taxes they get discouraged.
“So, it is double jeopardy when you go and do all these illegal taxes, or you go and disturb the miners, when you will benefit from what is derived in your place, you get a 13 per cent derivation.
“You also get your share of the federal accounts as of course laid down statutorily. So, it is a continuous process, we educate everybody and I think we are getting good results.”
The minister said there was a Mineral Resource Committee (MIRENCO) in every state and the chairman was nominated by the governor of that state, so that he would be in the know about everything going on about mining in that state.
He said that the chairman of that committee was to oversee all the activities between the miners, the community, the state government and the Federal Government.
“So, on that committee, the Federal Government has representatives, the local government has representatives, the governor chooses the chairman and then Ministry of Environment and other stakeholders bring in representatives as well.
“So, through this committee, everybody can participate, and make sure that we work in harmony, bake a bigger pie so everybody can share.
“So, it is continuous advocacy, we let them know what we are doing and of course they can also participate, where they do not understand or where the governor has any problem he can always ask the chairman.”
On the issue of rock blasting, he said cities had expanded to meet quarries.
According to him, quarrying is a necessity, because stones are needed to make concrete when building roads and houses.

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Nigeria Lost N53.26bn To Gas Flaring In Two Months – NNPC

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Nigeria lost an estimated N53.26billion in the first two months of this year as international oil companies and local players flared a total of 33.04 billion standard cubic feet of natural gas.
The oil companies wasted 17.53 billion scf of gas in February, compared to 15.51 billion scf in January, according to data obtained from the Nigerian National Petroleum Corporation.
With the price of natural gas put at $3.93 per 1,000scf as of Wednesday, the 33.04 billion scf flared translates to an estimated loss of $129.85million or N53.26billion (using the official exchange rate of N410.13/dollar).
The NNPC, in its latest monthly report, said out of the 206.05 billion scf produced in February, a total of 133.06 billion scf was commercialised, consisting of 40.15 billion scf and 92.91 billion scf for the domestic and export market respectively.
It said this implied that 64.48 per cent of the average daily gas produced was commercialised while the balance of 35.52 per cent was re-injected, used as upstream fuel gas or flared.
Gas flare rate was 7.67 per cent in February (i.e. 565.52 million standard cubic feet per day), compared to 7.73 per cent in January (i.e. 554.01 million scfd).
In January, a total of 223.55 billion scf of natural gas was produced, translating to an average daily production of 7,220.22 million scfd.
Out of the total gas output in January, a total of 149.24 billion scf was commercialised, consisting of 44.29 billion scf and 104.95 billion scf for the domestic and export markets respectively.
Firms producing less than 10,000 barrels of oil per day will pay a gas flare penalty of $0.5 per 1,000 scf.
The penalties paid by oil and gas companies for flaring gas in the country will be invested to build midstream gas infrastructure in host communities, according to a new provision introduced into the Petroleum Industry Bill by the National Assembly.
“Moneys received from gas flaring penalties by the commission (Nigerian Upstream Regulatory Commission) pursuant to this subsection, shall be transferred to the Midstream Gas Infrastructure Fund for investment in midstream gas infrastructure within the host communities of the settlor on which the penalties are levied,” the Senate and House of Representatives said in subsection (4) of section 104 of the bill.

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Nigeria To Boost Trade Volume Through ECOWAS TPOs

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Nigeria is poised to boost its non-oil exports following the official launch of the Economic Community of West African States (ECOWAS) Trade Promotion Organisations (PTOs).
With Executive Director /CEO of the Nigerian Export Promotion Council (NEPC) Segun Awolowo, as the inaugural president of the ECOWAS TPOs, the NEPC is repositioning the nation’s export through the implementation of its N50 billion Export Expansion Facility Programme (EEFP), a part of the Economic Sustainability Plan whose development and implementation is being led by the Vice President.
EEFP is expected to significantly raise the volume of non-oil exports in Nigeria, and it’s a spin-off of the Zero Oil Plan developed by Awolowo and approved by the President.
Besides providing financial support for the average Nigerian exporter, EEFP is also going to see the establishment of top-notch warehouses close to airports where Nigerian goods meant for export would be packaged to globally competitive standards ahead of their exportation.
The EEFP, in line with the FG’sEconomic Sustainability Plan (ESP), is focused on cushioning the effects of the Covid-19 pandemic on non-oil export businesses,thereby safeguarding jobs and creating new ones.
In March, Minister of Industry,Tradeand Investment (MITI), Niyi Adebayo, officially flagged off the EEFP and launched the first online Grant Management Portal (GMP) for non-oil exports.
While the EEFP is being implemented by the NEPC, the Federal Ministry of Industry, Trade and Investment is the supervisory body over the agency and its operations.
It was learnt although the programme anticipated 500 beneficiaries, since the launch, it has received over 3,500 applications for the grant, out of which over 2,000 were verified after meeting the eligibility criteria.
Federal Government officials said further details and plans on disbursement to final successful beneficiaries are being awaited.

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