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Micro-Finance Bankers Query Stamp

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Participants at the Women in Management, Business and Public Service (Wimbiz) annual lecture in Lagos  recently

Participants at the Women in Management, Business and Public Service (Wimbiz) annual lecture in Lagos recently

The National Associa
tion of Micro-Finance Banks (NAMB) has told the Federal Government to explain the N50 stamp duty policy imposed on every transaction made on current accounts to justify its implementation.
The Treasurer of the NAMB, Mrs Frances Becky, made the call in an interview with newsmen on Tuesday, in Abuja.
“We are calling on the government to reveal that policy especially as it affects the very poor people whom they want to reduce their poverty level.
“ We cannot aim to reduce poverty and at the same time we are seen to be doing things that will make people poorer.
“The government should be able to distinguish the payment because to place everybody at the same level when we are not equal has an implication.
According to Becky, the stamp duty fee is hampering the activities of the micro-finance sub-sector because the banks are turn between who bears the cost of the fee.
“If a customer through a commercial bank pays in N10, 000, automatically a stamp duty charge of N50 is deducted and there is a VAT on that N50 which immediately hits your account. “That account is run by the bank as a business account and the money is in transit to some other customer’s account. “ The question will now be, ‘ who will bear the cost’, should it be transferred to the customer, if you transfer it to the customer, they will definitely raise an alarm’’, she stated.
She noted that if the charge was imposed on the customer, it would discourage most of them from banking because they would rather save their money at home than paying for every transaction in the bank.
Becky explained that the stamp duty charge was established by the office of the postmaster-general to help generate revenue for the government and enforced by the CBN.
She argued that the ideal thing would have been to give exemptions or considerations to MFBs, who she said, were rendering services to the poor people.
“The irony of the matter is that it now seems like we are charging this people whom we are encouraging to come to the bank for doing business in the bank.
“ It is making the poor people poorer and the rich people are not feeling the impact of the charge because the same charge for N1, 000 deposits is the same charge for N50 million.
“Everywhere in the world, the richer you are the more tax you pay, so why would we do it differently in Nigeria, this policy is misdirected, it is a policy summersault.
She further said it would be wise for the government who implemented policies to enlighten the public on the importance of such policies before it was enforced.
“ If the people are also informed about what the government aims to do with such funds, it would also help to justify the charges,’’ she said.

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Crude Hits Seven-Year High On Recovery Hope … Equity Rally Runs Out

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Crude oil hit a more than seven-year high yesterday on optimism that the global recovery will ramp up demand.
However, concerns about the end of long-running central bank support and rising Treasury yields saw most equity markets reverse early gains.
After an almost uninterrupted rally from the early days of the COVID-19 pandemic, world markets are showing signs of levelling out as global finance chiefs shift from economy-boosting largesse to measures aimed at reining in inflation.
Still, there is an expectation that equities will enjoy further gains this year as countries reopen and people grow more confident about travel, especially as studies suggest the more prevalent Omicron coronavirus variant appears to be milder and as vaccines are rolled out.
Analysts are also watching the corporate earnings season that is underway, with hopes that firms can match their stellar performances last year.
But while Asian markets started the day brightly after Monday’s travails, traders returned to selling, with US Treasury yields surging on expectations the Federal Reserve will have to unveil several interest rate hikes to tackle a worrying spike in inflation. Wall Street was closed Monday.
Tokyo, Hong Kong, Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok and Jakarta all fell.
There were gains in Shanghai in hopes of fresh economy-boosting measures, while Wellington and Manila also edged up.
London, Paris and Frankfurt all fell at the open.
But oil built on its early promise, with Brent climbing to $88.13 a barrel and WTI hitting $85.74, both levels not seen since October 2014.
The gains came thanks to demand optimism as the world reopens and concerns about Omicron ease. The loosening of travel restrictions in several countries has seen jet fuel costs soar.
Hopes for more monetary easing by major consumer, China, to reinforce its stuttering economy were also seen as key support for the oil market.

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NPA, MWUN, Others Synergise On Labour

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President General of Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, has reaffirmed commitment to ensuring smooth working relationship with  management, Tin Can Island Port Complex (TCIPC) of the Nigerian Ports Authority (NPA) on labour related issues.
Adeyanju, who made the commitment during a working visit to the Port Manager, TCIPC, Mr. Buba Jubril, in Lagos, noted that the union will continue to promote industrial peace and harmony in the  operational activities at seaports.
Noting that synergy among all the maritime stakeholders was key for port efficiency, he hinted that the union has changed the narrative from being tagged as hooligans to a more responsible and civil Institution in the maritime industry.
Earlier, the Port Manager, TCIPC, Buba Jubril, thanked the  PG of MWUN for the systematic approach on labour related issues at the port level
Disclosing that the PG has been instrumental to the existing peace in port operations, Jubril assured on the existing synergy the port authority and all the unions.
Jubril further said that “ Myself and the President General MWUN has come a long in the industry.
“I have known him (PG) for over 33years and that will tell you that he is my friend and friend to management of the Nigeria port authority”, he said.

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Osinbajo Wants More Stakeholders’ Involvement In Blue Economy … Inaugurates Committee

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Vice President Yemi Osinbajo has sought for wider participation of relevant stakeholders in the blue economy project to deepen participation and benefits of Nigerians from the country’s marine resources.
Making the call at the  inaugural meeting of an Expanded Committee on Sustainable Blue Economy in Nigeria at the Presidential Villa yesterday, the Vice President said “a viable blue economy project will offer vista of opportunities not only for littoral states where there are bodies of waters, but for the entire country”.
He identified areas to be exploited to include ports, terminals, fishing, training, environment, tourism, power,oil and gas.
While identifying possible challenges of sustainability, the VP urged all the ministries, departments and agencies to strengthen their collaborations in an atmosphere of inter ministerial working groups and advised all members to attend the meetings faithfully for maximum results.
Osinbajo , who formally inaugurated the expanded committee, identified the need for a legal framework that will be more robust than other international maritime conventions on blue economy, which Nigeria has been signatory to.
He said the scope and participation of the committee will be further improved upon to accommodate more members from government agencies and relevant private sector stakeholders
“There is no doubt that the blue economy is a new frontier for economic development and a means of diversifying the economy through the use of resources from oceans, seas, rivers and lakes for the well being of the people.
“It also provides positive contribution to the achievement of the Sustainable Development Goals(SDGs) 2052 Africa Integrated Maritime Strategy (2052AIM) and the UN 2030 agenda
“This concept for economic diversification is promoted by the international community and provides friendly means of livelihood in line with this administration’s agenda on job creation’, he said.
He continued that “the ocean economy as an emerging economic frontier applies to ocean-based industry activities and the assets, goods and services of marine ecosystems.
“Countries have to define the scope of their blue economy based on their priorities. For example, in Bangladesh, the ocean economy consists of the following broad and growing economic sectors; living resources, minerals, energy, transport, trade, tourism and recreation, carbon sequestration and coastal protection.
“These industries and ecosystem services do not develop in isolation, but rather interact as an economic ecosystem”, the VP said.
Earlier in his remark,Transportation Minister, Rotimi Amaechi said the blue economy is capable of improving government revenue, create employments and grow the gross domestic product of Nigeria.
Amaechi, who was represented by the Permanent Secretary of the ministry, Dr Magdalene Ajani, also expressed optimism in the benefits derivable from a well exploited marine environment
Speaking at the event,  Dr. Paul Adalikwu, Secretary General of Maritime Organisation of West and Central Africa (MOWCA) lauded the initiative of the expansion while recommending inclusion of financial institutions such as the Central Bank of Nigeria (CBN) and African Development Bank (AfDB), as well as key financial institutions that will contribute meaningfully to realizing Nigeria’s Blue Economy objective.
In addition to  maritime agencies such as the Nigeria Ports Authority, Nigerian Maritime Administration and Safety Agency, and Maritime Academy of Nigeria, the expanded committee also include ten state governors.
They the Governors of Rivers, Lagos, Delta, Akwa Ibom, Borno, Ogun, Ondo, Cross River, Bayelsa and Edo States.
Other members are Ministers of Foreign Affairs, Power, Finance, Environment, Trade and Investment, Agriculture and Water Resources , Chief of Naval Staff, Comptroller General of Customs, Lake Chad Basin Commission, Nigeria Economic Summit Group, etc.

By: Nkpemenyie Mcdominic, Lagos

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