News
Cheque Transactions In Nigerian Banks Hit N1.32 Trillion In Three Months
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.
News
N110bn fraud: Court gives Yahaya Bello more time to respond to summons
A federal capital territory (FCT) high court in Maitama has extended the time for Yahaya Bello, former Kogi governor, to respond to the public summons issued against him.
On October 3, Maryanne Anenih, presiding judge, ordered Bello to appear before the court on October 24 for arraignment on a 16-count charge preferred against him by the Economic and Financial Crimes Commission (EFCC).
Bello was however absent at the court session on October 24.
The court had then adjourned to November 14 for Bello to respond to the summons.
However, the former governor did not show up in court on Thursday.
Jamiu Agoro, counsel for the EFCC, said the order of the court issued on October 3 had not elapsed since the commission effected service on October 18.
Consequently, Agoro prayed the court for an adjournment and an extension of time for Bello to appear.
“In that wise, we feel it will not be appropriate for us to take proceedings while that 30 days is still running. So we have discussed and agreed to come back on the 27th day of November 2024, my lord,” he said.
The EFCC also told the court that Bello’s co-defendants, Umar Oricha and Abdulsalami Hudu, two officials of the Kogi state government, have been granted administrative bail.
Counsel for the 2nd and 3rd defendants confirmed the administrative bail of their clients. They also did not oppose the request for adjournment and extension of time.
After listening to all counsels, the judge granted the EFCC’s application for adjournment and extension of time.
The judge also ordered that hearing notice should be served on Bello at his last known address and should be pasted on conspicuous places around the court.
The charge against the defendants borders on alleged criminal breach of trust to the tune of N110,446,470,089, contrary to sections 96 and 311 of the Penal Code Law Cap.89, Laws of Northern Nigeria, 1963, and punishable under section 312 of the same law.
News
Ondo poll: IGP bans security aides from accompanying VIPs to polling booths
Kayode Egbetokun, inspector-general of police (IGP), has banned security aides and escorts from accompanying VIPs into polling booths and collation centres during the governorship election in Ondo.
In a statement issued on Thursday, Olumuyiwa Adejobi, police spokesperson, said Egbetokun has implemented “comprehensive security measures” to ensure a peaceful, transparent, and credible election.
Egbetokun named Sylvester Alabi, deputy inspector-general, as the coordinating DIG for the election to oversee the implementation of security strategies and to maintain law and order throughout the electoral period.
The IGP also named Bennett Igweh, an assistant inspector-general, and Tunji Disu, a commissioner of police, as AIG and CP elections respectively.
Egbetokun said all movements on roads, waterways and other means of transportation are restricted from 6am to 6pm in the state on Saturday except for those on essential services, such as ambulances, media officials, and fire service personnel.
“Furthermore, security aides and escorts attached to VIPs are banned from accompanying VIPs to polling booths and collation centres to prevent disruptions,” the statement reads.
“Unauthorized security personnel and quasi-security agencies will not be permitted to operate during the election, and a strict ban on using sirens by unauthorized vehicles will be enforced.
“Special consideration will also be extended to individuals with disabilities, pregnant women, nursing mothers, and those facing mobility challenges to ensure that polling stations remain accessible.
“Designated election lines have been established for inquiries and reporting incidents. These lines will be publicized as soon as possible.”
The IGP said the police will work with the military and other security agencies to ensure the election is conducted fairly and peacefully.
News
Okpebholo orders freezing of ALL Edo government accounts
Monday Okpebholo, governor of Edo, has ordered a freeze of all bank accounts belonging to the state government.
Okpebholo issued the directive on Thursday through Fred Itua, chief press secretary to the governor.
He asked commercial banks, ministries, departments, and agencies (MDAs) to immediately comply with the order or face severe consequences.
“All bank accounts in all the commercial banks have been frozen. Commercial banks must comply with the order and ensure that not a dime is taken out of the coffers of Government until further notice,” the statement reads.
“Heads of Ministries, Departments and Agencies must comply with this order without further delays.
“After the necessary investigations and reconciliations, the Governor will do the needful and decide on the way forward. For now, this order stands.”
Okpebholo also directed relevant agencies to reverse the naming of the ministry of roads and bridges to the ministry of works — a nomenclature changed during the Godwin Obaseki administration.
“It is funny how you can call a Government institution Ministry of Roads and Bridges,” the statement reads.
“Ironically, no single bridge was built by the same administration. Not even a pedestrian bridge
“In the coming days, we will look at more actions taken by the previous administration and more decisions will be taken that will be done in the best interest of the state.”
The development comes days after Okpebholo took over the reins of power in Edo.
The governor had earlier ordered an indefinite suspension of revenue collection in the state — including at motor parks.
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