Business

CBN Issues Fresh Guidelines On Payments System

Published

6 years ago

October 14, 2019

The Central Bank of Nigeria (CBN), has issued regulatory guidelines for the operation of Indirect Participants in the Payments System, with effect from November 11.
The apex bank made this known in a circular issued by CBN’s Director, Payments System Management Department, Mr Sam Okojere, to banks, last Thursday.
The Indirect Participants are payments service providers who are non-clearing financial institutions but settle their payments obligations through clearing banks.
According to the guideline, to qualify as an indirect participant, an institution shall: have a satisfactory risk-based rating from the CBN and secure a letter of recommendation from its direct participating bank, signed by the Chief Risk Officer and an Executive Director of the direct participating bank.
The bank also directed that an indirect participant expected to settle all its payments obligations through only one direct participating bank per payment scheme at any given time.
“The relationship between a direct participating bank and an indirect participant shall be governed by a Settlement Agreement.
“Where the account of an indirect participant with a direct participating bank is not adequately funded, the direct participating bank may decline further settlement services to the indirect participant and inform the payment processor accordingly.
“Except as otherwise agreed, a direct participating bank or an indirect participant shall give at least thirty 30 days’ notice to the other party before terminating the Settlement Agreement for any other reason apart from the circumstances in 3.4.
“The terminating party shall notify the Payments Service Provider (PSP) of its intention to terminate.

Business

NPA Targets N1.489tn Revenue In 2026

Published

59 minutes ago

April 10, 2026

The Tide

The Management of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.

NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.

The Managing Director NPA, Dr Abubakar Dantsoho, stated this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.

Dantsoho said the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.

According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and

N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).

The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”

Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.

“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.

“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.

On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).

“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.

Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.

“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.

Chinedu Wosu

Business

NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment

Published

59 minutes ago

April 10, 2026

The Tide

Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.

The gesture formed a major highlight of the activities marking the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.

The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.

He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.

Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.

The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.

He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.

Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.

They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.

The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.

The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.

King Onunwor

Business

IGR Firm Applauds Akpe’s Appointment As New D’Gov

Published

2 hours ago

April 10, 2026

The Tide

The management of Super AllGreen Ltd, ‘the Bayelsa State Government’s revenue driving firm’, has lauded the Governor, Senator Douye Diri on the recent appointment of his Chief of Staff and former Assembly member, Dr Peter Akpe as the new Deputy Governor of the State.

The Managing Director and Chief Executive Officer of the firm, Hon. Beleuibimo Ikio Sunday made this known while speaking with newsmen after a tour of projects recently executed by the firm at his office in the Swali-ultramodern market recently in Yenagoa, the State capital.

The CEO described the appointment of Dr Akpe as one of the best decisions of the governor lately.

The manager who collects revenue on tollgate, parking space, barrow pushers and hawkers at the Swali ultramodern market for the State Government, said he was so excited on the appointment of the new number two man of the state.

He emphasised the new deputy governor is a plus for the ASSURED Prosperity mantra of the governor Diri led administration.

The revenue collector posited that having been a member of the state House of Assembly, Commissioner, Retired Civil Servant, Deputy Chief of Staff and later Chief of Staff to the Governor, Akpe has the capacity and requisite experience to execute the onerous functions of his new office.

”Akpe isn’t just the best to fill the vacant position of Deputy Governor of the state, but one of most cool headed leaders of the state I’ve seen. Infact, he is what could be described as square peg in a square hole.

“He has both the administrative and political capabilities needed for the office of the deputy governor.

“He is God fearing, he has indebth experience and knowledge to carry out the tasks of the office of the deputy governor. He is not just a politician, but one with a difference. He is a regional Pastor with the Redeemed Christian Church of God.

“We will continue to pray for him and the Governor to succeed even in the future. Dr Peter Akpe is a good hearted individual, and I know he is a big plus to the ASSURED Prosperity administration of the Governor”, the firm management said.

Ariwera Ibibo-Howells, Yenagoa