Business
Lagos Traders Decry Shortage Of PoS Terminals
Traders in Lagos have complained that the unavailability of Point of Sales (PoS) terminals might hinder the implementation of the cash-less policy by the Central Bank of Nigeria (CBN) in the state.
They told newsmen in separate interviews that the aim of the scheme might be defeated if the CBN fails to address the shortage of PoS immediately.
Our correspondents, who visited some major markets in Lagos, recently reported that many traders were yet to key into the pilot scheme, 10 days after its commencement, due to non- availability of the terminals.
President, Association of Alaba Traders, Uche Ugochukwu, advised CBN to deploy more PoS terminals, adding that it was necessary to remove any hurdle that might hinder the implementation of the policy.
The association president said that the PoS terminals were still inadequate in major markets in Lagos.
He said that the charges for using the terminals ranged between two per cent and three per cent, depending on the service provider.
Ugochukwu said that the remittance of money to traders’ accounts “is real time as it is online process’’.
He also said that network connectivity was sometimes a major challenge to the efficiency of the system.
According to him, the deposit and withdrawal limits under the policy were impacting negatively on their businesses. “It slows down transactions,” he said.
The Vice-President, Ladipo Auto Central Executive Committee (LACEC), Justice Mbila, said there was the need to create more awareness on the new policy to enable more traders to key into it.
He recalled that some officials of banks visited the market early in the year to educate traders on the policy and teach them how to use the PoS terminals.
Mbila, however, said that majority of Ladipo traders were illiterates, insisting that they needed more enlightenment to enable them to understand the benefits of the policy.
Emaka Obina, a spare part dealer, said that he did not understand the new system.
He said that he had not seen a PoS terminal, but he believed that it would not be difficult to operate, just like the mobile phones.
Mrs. Shukurat Adekunle, a beverage seller at Apongbon market, told The Tide source that she had only seen the demonstration of the PoS on television, but that she had not seen it physically.
She admitted that there were enough enlightenment campaigns on the scheme, but that the apex bank should have extend the campaign and ensure that enough PoS terminals were made available.
The acting Chief Executive Officer, Nigeria Inter-Bank Settlement System (NIBSS), Niyi Ajao, said that 30,000 terminals had been deployed and connected to NIBSS central switch since January.
He said that the issue of delay in debiting merchants accounts after transactions had been addressed and customers’ account were being debited within one day.
The governor of CBN, Malam Lamido Sanusi, said in January, that bank customers would not pay charges for using Point of Sale (PoS) machines.
He said that the cost of such deals would be borne by merchants by paying 1.25 per cent of the transaction fee.
Meanwhile, Interswitch Nigeria, provider of cards and other e-payment services, has assured that there would be an improvement on Point of Sales (PoS) terminal and other e-transaction channels facing challenges.
According to the company, solution to public complaints on the e-payment challenges was in areas that have drawn immediate attention of both the regulator and stakeholders. The company described them as issues instituted from infrastructural and technology instability.
The Director, Payment, Infrastructure and Transaction Processing, Akeem lawal said the newness of PoS and other e-payment methods, aside from ATM, couple with infrastructure are some of the factors militating against the development of the cashless policy.
Speaking to newsmen in Lagos, over the weekend, he said: “The Central Bank of Nigeria has licensed several PTSP operators to focus on the PoS market and ensure that first and second level supports are given to business and merchant outlets that have PoS terminals.”
Business
NOSDRA Targets Improvement On Oil Sector Environmental Regulations
The National Oil Spill Detection and Response Agency has vowed to improve environmental regulations in the petroleum sector by accelerating memoranda of understanding with industry operators, ensuring they align with international standards.
NOSDRA’s Director-General and Chief Executive Officer, Engr. Chukwuemeka Woke, disclosed this in Abuja while playing host to members of the Clean Nigeria Associates Board of Directors, according to a statement from the agency recently.
According to the statement, the visit underscored the agency’s collaboration with industry stakeholders to bolster environmental safety in oil spill detection and response.
Woke expressed gratitude for the CNA’s congratulatory message following his appointment and acknowledged the association’s recognition of NOSDRA’s regulatory role.
He assured CNA that the agency will prioritise their requests and expedite the MOU process to ensure that petroleum companies operate in compliance with global environmental standards.
CNA’s Chairman, Dr. Adeshina Sadiq, who also serves as the General Manager of Health, Safety, and Environment at Seplat Energy, conveyed the association’s congratulations to Woke.
He stated the CNA’s desire to deepen collaboration with NOSDRA and move the MOU beyond paperwork to practical implementation.
Sadiq also proposed that NOSDRA expand CNA’s role in the biennial Global Initiative for West, Central, and Southern Africa summit, advocating for broader regional participation in oil spill response efforts, including in the Gulf of Guinea.
He called for the inclusion of a CNA board member and an executive in future summits to enhance their engagement.
While expressing the association’s quest for regional positioning by collaborating in oil spill response beyond the shores of Nigeria, including the Gulf of Guinea, Sadiq, according to the statement, urged “NOSDRA to expand the representation of CNA’s participation in the biennial GI-WACAF summit to include a board member of the association and another from its executive”.
Business
Customs, Rep Collaborate On Economic Growth, Security
The Nigeria Customs Service (NCS), through its Industrial Area Command, is set to collaborate with stakeholders to strengthen security, foster economic growth and build a brighter future for the Amuwo Odofin Federal Constituency, Lagos State.
When the member representing the constituency at the House of Representatives, Hon.George Olawande, paid her a courtesy visit, the customs area controller, Odeworitse Rebecca, said the command will collaborate with the constituency in accordance with the comptroller-general of customs, Bashir Adeniyi’s policy thrust.
According to Odeworitse, the command is working diligently to facilitate trade, generate revenue, and identify new factories for excise control.
“The command is responsible for supervising, collecting, and accounting for excise duty from factories producing excisable goods. We work diligently to facilitate trade, generate revenue, and identify new factories for excise control. Therefore, all corporate social responsibilities (CSR) regarding community development are forwarded to the headquarters for approval of the CGC.
“The Lagos Industrial Area Command’s doors are opened and fully prepared to collaborate with our stakeholders to strengthen security, foster economic growth and build a brighter future for the constituency in accordance with the CGC’s policy thrust.
“Close collaboration between stakeholders and security agencies is essential for sustainable development”.
However, the CAC said in accordance with the World Customs Organization (WCO) theme for 2024 International Customs Day (ICD) celebration ‘Customs Engaging Traditional and New Partners with Purpose’, further stated that, the Lagos Industrial Area Command shares in the constituency’s belief and dedication to the community.
She further called for closer collaboration and continued partnership in ensuring the effective and efficient operations of the Service in Festac Town.
Speaking earlier, Hon.Olawande said he was on a collaboration tour to security agencies within the constituency towards community development of the constituency.
Business
FG, Russian Consortium Sign Agreement On Ajaokuta Steel Plant Rehabilitation
The Federal Government has signed an agreement with a Russian Consortium Company for the rehabilitation, completion and operation of the Ajaokuta Steel Plant and National Iron Ore Mining Company in Kogi State.
The Head, Press and Public Relations Department, Ministry of Steel Development, Salamatu Jibaniya, disclosed this in a statement recently.
According to the statement, the agreement was signed by the Minister of Steel Development, Shuaibu Audu, when he led a Nigerian delegation to Moscow, Russia, on a working visit.
According to the statement, “The Federal Government of Nigeria through the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, who led a Nigerian delegation to Moscow, Russia from 14th – 21st September 2024, on a working visit, has signed a Memorandum of Understanding (MoU) with the original builders of Ajaokuta Steel Plant Messrs, Tyazhpromexport (TPE) and members of their consortium namely; Novostal M and Proforce Manufacturing Limited for the Rehabilitation, Completion and Operation of Ajaokuta Steel Plant (ASP) and National Iron Ore Mining Company (NIOMCO) in Kogi State, Nigeria”.
It explained that the call was accepted by the Russian Federation when a consortium led by Messrs TPE visited the steel plant in Ajaokuta and the iron ore mining site at Itakpe in August 2024 for preliminary inspections leading to the invitation for the signing of the Memorandum of Understanding.
Audu said this is a bold step towards creating a sustainable base for the industrialisation of the Nigerian economy, noting that the revival of the steel sector will also reduce the importation of steel products into Nigeria, which is estimated at over $4 billion annually and will help save scarce foreign exchange.
The statement further said during the visit, the Nigerian delegation met with the Deputy Minister of Industry and Trade of the Russian Federation, Alexey Gruzdev, and the consortium, led by TPE, assured the Nigerian delegation of the readiness of the consortium to meet the expectations of the MoU with the Nigerian government.
In his remark, the Permanent Secretary, Ministry of Steel Development, Chris Isokpunwu, affirmed the commitment of the Nigerian government to revamp the Ajaokuta steel project and national iron ore mining company.
The President of Metallurgical Holding, “Novostal – M”, Demchenko Ivan Ivanovich, assured the delegation of their readiness to submit a detailed proposal for the project after the comprehensive audit of the plant.
The General Director of Messrs TPE, Egorov Sergei Anatolevich, and the Group Managing Director of Proforce Manufacturing Limited, Adetokunbo Ogundeyin, assured the Nigerian delegation of their commitment to the project because of its critical role in the overall economic development of Nigeria and requested the provision of an enabling environment by the Nigerian government.
“The parties expressed their optimism that the full implementation of the MoU will facilitate the revival of both Ajaokuta Steel Company Limited and National Iron Ore Mining Company and could create over 500,000 direct and indirect jobs for Nigerians and increase the size of the economy by billions of dollars thus contributing immensely to President Tinubu’s desire to grow the economy to over $1trillion by 2030″, the statement continued.
The steel company, located in Kogi State, was built between 1979 and functioned up till the mid-1990s, but it has become moribund.
In September 2022, the Nigerian government agreed to pay $496 million to settle an Indian firm’s claim over the facility.
The dispute followed the Federal Government’s revocation in 2008 of an agreement that handed control of the steelworks and the National Iron Ore Mining Company to the Indian firm.
In cancelling the deal, the Umar Yar’adua administration said the terms of the concession at the time were not favourable to the country.
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