Business
Banks Begin Implementation Of Reduced Charges
Some banks have commenced the implementation of the reduced bank charges as instructed by the regulator, the Central Bank of Nigeria, with effect from January 2020.
While some banks have notified their customers of the reduction in the new charges, some others are yet to do so.
First Bank disclosed its compliance in a notice on reduced charges on its electronic banking channels to customers.
It stated, “Following the CBN’s revised guide to charges by banks, other financial and non-bank financial institutions, charges on our electronic banking channels have been reviewed downwards and would take effect from 1 January, 2020.”
Fidelity Bank Plc also stated in a notice to its customers that “in line with the Central Bank of Nigeria’s directive to implement provisions in the revised guide to bank charges, we wish to inform you about the reduction in charges for the following transactions effective January 01, 2020.”
In furtherance of its quest to make financial services more accessible and affordable to various stakeholders in the economy, the CBN recently reviewed downward most charges and fees for banking services as contained in the new guide to charges by banks, other financial, and non-bank financial institutions, with effect from January 1, 2020.
The Director, Corporate Communications at the CBN, Isaac Okorafor, explained some of the major highlights of the new guide on the bank charges to include the removal of card maintenance fee on all cards linked to current accounts.
He said it included a maximum of one naira per mille for customer-induced debit transactions to third parties and transfers or lodgements to the customers’ account in other bank on current accounts only, and a reduction in the amount payable for cash withdrawals from other banks’ Automated Teller Machines (remote-on-us) as well as from N65 to N35, after the third withdrawal within one month.
Other reductions are Advance Payment Guarantee, which was pegged at a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
On debit card charges, Okorafor stated that the new guide stipulated that a one-off charge of N1,000 applied to the issuance of cards, irrespective of card type (regular or premium).
The same one-off charge of N1,000 applied for the replacement of debit cards at the customer’s instance for lost or damaged cards.
He added that upon expiry of existing cards, customers were to pay the same one-off charge of N1,000 irrespective of card type. Conversely, no charge should be required for pre-paid card loading/unloading.
He explained that the current NIP charges applied to use of Unstructured Supplementary Service Data, purchase with cash-back would attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal.
Also, for cards linked to savings account, the maintenance fee was reduced to a maximum of N50 per quarter from N50 per month, amounting to only N200 per annum instead of N600.
Okorafor said that there would be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts.
Status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) would now attract a fee of N500 per request, he said.
On current account maintenance fee, he said the guide stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers and lodgements to the customer’s account in another bank.
According to him, it was not applicable to savings accounts.
The director said the CBN carried out the review of the guide, which also prescribed charges permissible for other financial institutions and non-bank financial institutions, in order to align with market developments.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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