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Cheque Transactions In Nigerian Banks Hit N1.32 Trillion In Three Months

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About N1.32 trillion values of transactions were carried through cheque truncation in the first three months of the year.

Cheque truncation is the conversion of a physical cheque into a substitute electronic form for transmission to the paying bank. Cheque truncation reduces or eliminates the physical movement of cheques and reduces the time and cost of processing the cheque clearance system.

E-payment facts sheet from the Nigeria Inter-Bank Settlement System Plc (NIBSS) showed that the N1.32 trillion values were processed from 2.48 million volumes of transactions.

The statistics also revealed that on a daily basis, within the three months, there were 27,512 volumes of cheques with a mean value of N531, 838. The total volume of corporate cheques processed was put at 1.4 million with a value of N0.85 Trillion, while the volume of individual cheques processed was 0.55 million with a N0.21 Trillion value.

Meanwhile, through the Bank Verification Number (BVN), Nigerian banks have been able to link 45.1 million unique account owners. There are, however, 65 million active bank customers.

The total number of bank accounts in the country was put at 108.3 million, out of which 70 million are active. The statistics put the total number of current accounts at 24.2 million; saving accounts 81.1 million. There are 7.4 million corporate accounts and 99.3 million individual accounts.

In terms of web payment, there was 9.63 million volume of transactions valued at N60.74 billion from January to March.

Meanwhile, the total number of mobile money customers in Nigeria as of March 2018 stood at 1.50 million with 5,304 enrolled agents. The volume of transaction within this period was put at 15.25 million valued at N329.12 billion. There are 21licensed mobile money operators in the country and they are integrated to NIBSS for interoperability.

Unfortunately, after about five years of operation in Nigeria, mobile money has only been able to attract just one per cent penetration.

Unlike in Ghana and Kenya where penetrations have reached 40 per cent and 60 per cent respectively, only about two million of Nigeria’s estimated 198 million populations.

The implication of this is that despite the innovation that comes with it, Nigerians are yet to tap from the huge benefit it carries.

Marketwatchers have argued that the model operated in Nigeria, which is bank-led, has not been able to impact the initiative in the country adequately. The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, at an interaction with journalists in Lagos, recently, lamented that mobile money is crawling at one per cent penetration in the country because it is bank-led.

According to him, another region, where the scheme is thriving has been because it was telco-led, “as such we need to re-direct our focus and ensure that appropriate model is adopted adequately.”

Danbatta said there should be effective cooperation among all the various stakeholders in the value chain that is the telecommunications operators, agents, CBN and the services providers too.

The NCC EVC revealed that discussions are on-going in the industry on how to get telcos to become super agents in the scheme of things.

“With the population, we have in the country, Nigeria should play big in the mobile money ecosystem in Africa. Only about one per cent that is about two million Nigerians is currently on the scheme. That is rather too poor. All hands must be on deck to revive that sub-sector of the economy.”

“If we are to improve on Nigeria’s digital landscape, we must revive the mobile ecosystem, which includes the mobile money scheme,” he stated.

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NAFDAC raids Abuja supermarkets, confiscates counterfeit products worth N50m

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Operatives of the National Agency for Food and Drug Administration and Control (NAFDAC) on Thursday raided Sahad store, a popular supermarket in Abuja, for selling some counterfeit products.

The agency also raided H-Medix outlets located in Wuse 2, Gwarinpa, and Utako market, in the nation’s capital.

Speaking with journalists during the exercise, Embugushiki-Musa Godiya, the NAFDAC head of investigation and enforcement in Abuja, said the team had also raided markets in Nyanya and Mararaba axis on Tuesday.

He said the team equally raided Wuse market on Wednesday and seized goods worth millions of naira.

Godiya said the three-day operation was carried out based on intelligent reports the agency gathered from well-meaning Nigerians.

“We have been able to successfully recover some of the counterfeit products, and evacuate them for destruction. Our concern is one of the products, purported to be Nivea NAFDAC regulated product, but it is not,” NAN quoted him as saying.

“The most shocking to me is that such substandard Nivea cream and other cosmetics are even more expensive than the ones approved by NAFDAC. This is criminal.

“The market value of what we have seen so far for drug hawking is N5 million, and for the NIVEA products, other cosmetics and other products, including Jik bleach, Harpic toilet cleaner and Airwick room freshener, all counterfeit in large quantity, valued at N45 million.

“The total value of all the goods seized during the operation is N50 million.”

He said the agency has zero tolerance for compromised standards, adding that “NAFDAC will arrest whosoever is involved in this crime”.

“NAFDAC enforcement will make sure it gets to the root of the syndicate that imports these products,” he said.

He called on Nigerians to be careful with the kind of products they buy, and always watch out for the NAFDAC registration number before they buy.

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NIS places Yahaya Bello on watchlist as IGP withdraws officers attached to him

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The Nigeria Immigration Service (NIS) has placed Yahaya Bello, former governor of Kogi, on a watchlist.

The police headquarters in Abuja has also “ordered the withdrawal of all men attached to his excellency Alhaji Yahaya Bello, former executive governor of Kogi state”.

Bello was declared wanted by the Economic and Financial Crimes Commission (EFCC) on April 18 after his absence from the federal high court in Abuja “stalled his arraignment”.

The anti-graft agency alleges that Bello, alongside Alli Bello, chief of staff to Usman Ododo, governor of Kogi; and one Daudu Suleiman, diverted about N80.2 billion belonging to the Kogi government.

In a statement signed by DS Umar, assistant comptroller of immigration, on behalf of Kemi Nandap, comptroller-general of the NIS, the agency said “the above named person has been placed on watch list”.

“The subject is being prosecuted for breach of trust and money laundering. If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation for further action,” the statement reads.

On April 17, the EFCC ended its siege on Bello’s residence in Abuja after Usman Ododo, governor of Kogi, arrived at the house and was later seen leaving with his predecessor.

Lateef Fagbemi, attorney-general of the federation (AGF), has warned against obstructing the EFCC “in the discharge of its duty”.

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Kenya’s Defence Chief, Francis Ogolla killed in helicopter crash

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Francis Ogolla, Kenyan chief of defence forces, and nine members of the military have died in a helicopter crash in the western part of the country.

President William Ruto announced the tragic incident in a press briefing on Thursday.

Ruto said the crash happened on Thursday afternoon shortly after take-off, noting that two people survived the incident.

The Star, a local media, quoted witnesses as saying the chopper burst into flames after crashing.

Ruto said he was deeply saddened by the incident and announced that a team of investigators had been dispatched to the site of the crash to determine the cause of the accident.

The president said Ogolla had departed Nairobi, Kenya’s capital city, to visit troops in the North Rift region of the country and to inspect ongoing school renovations.

“For me, as the commander in chief of the Kenya defence forces, it is a tragic moment for the Kenya defence forces fraternity and it is a most unfortunate day for the nation at large,” he said.

“Our motherland has lost one of her most valiant generals. We have also lost gallant officers, servicemen, and women.

“The demise of General Ogolla is a painful loss to me, and certainly, the sorrow we all feel about his passing is shared by all the people of Kenya.”

Ogolla, who was previously the head of the Kenyan Air Force, before rising to deputy military chief, was promoted by Ruto on April 28, 2023, to head the military.

The late defence chief joined the Kenya forces in 1984, where he trained as a fighter pilot with the United States Air Force.

He was also an instructor pilot at the Kenya Air Force (KAF).

Ruto declared three days of national mourning beginning on Friday.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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