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Stanbic IBTC begins deduction of N50 electronic transfer levy from domiciliary accounts

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Stanbic IBTC Bank says it will start deducting the sum of N50 as electronic money transfer levy (EMTL) on transfers into domiciliary accounts.

The bank notified customers of the development in an email seen by TheCable.

It said the new levy would take immediate effect following the EMTL regulation issued by Zainab Ahmed, minister of finance, budget and national planning.

By implication, this means customers with a dollar or pound account will be charged an equivalent fee of N50 for inflows.

“We write to notify you of recent changes impacting electronic money transfer transactions,” the financial institution said in the email.

“The electronic money transfer levy (EMTL) regulation was recently issued by the honorable minister of finance, budget, and national planning.

“Based on the regulation, the EMTL levy at the foreign currency equivalent of N50 is now applicable on the transfer of funds into domiciliary accounts.

“The exchange rate determined by the Central Bank of Nigeria shall be the applicable conversion rate.

“In view of the above, please note EMTL shall apply to qualifying inflows into domiciliary accounts with immediate effect.”

In December 2022, the finance minister signed the EMTL regulations into law.

The regulations provide for a singular and one-off levy of ₦50 on the recipient of any electronic receipts or transfers of ₦10,000 or above.

For equivalent receipts or transfers carried out in other currencies, the levy will be charged at the exchange rates determined by the CBN.

The regulations were issued to provide guidance for the imposition, administration, collection, and remittance of the EMTL introduced by the finance act of 2020.

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Air Peace Abuja-bound flight turns back mid-air over ‘technical snag’

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Air Peace, a Nigerian airline, says its flight heading to Abuja from Benin could not continue the trip due to a technical snag the aircraft encountered shortly after takeoff.

In a notice on Monday, Ejike Nduilo, head of corporate communications, said the 12:50pm flight returned to Benin due to necessary safety measures.

He said passengers disembarked normally after the aircraft landed in Benin.

The airline spokesperson also said an alternative aircraft was made available to avoid disruptions.

“Our maintenance team are currently troubleshooting the cause of the snag,” Nduilo said.

“We are deploying replacement aircraft to Benin for us to minimise the disruptions and ensure passengers continue their journeys as soon as possible.

“We appeal for understanding of the passengers affected and others whose flights will be delayed as a result of this unforeseen development.”

Air Peace said it remained committed to upholding safety standards.

On May 30, Air Peace discontinued one of its foreign trips due to a low-pressure tyre.

The aircraft which was in Abidjan, Ivory Coast, disrupted flights bound for Gambia and Senegal.

On April 25, Air Peace said its Port Harcourt-Lagos flight landed at the destination airport earlier than scheduled, following a presumed fire incident on the aircraft.

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Governor Abdulrazaq approves bonus for Kwara workers to ease economic burden

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Kwara State Governor Abdulrahman Abdulrazaq has approved a financial bonus that is equivalent to the monthly PAYE obligation for every civil servant in the state, including local government workers.

The emergency support measure will last for at least three months, according to a statement by the Commissioner for Finance Dr. Hauwa Nuru.

“This bonus has been approved as a buffer to bridge the gap that the correct PAYE deduction may have wrought on the newly implemented mininum wage. It is meant to serve as a soothing balm as workers adjust to the PAYE that was just correctly implemented in line with the Personal Income Tax Act,” she said.

“The payment of the bonus is effective from October and will run till December 2024. This is a significant step by His Excellency to support workers.”

The statement added that workers who have not registered with the Kwara State Residents’ Registration Agency (KWSRRA) should do so immediately because anyone without it will not get the bonus for November and December.

The statement said labour unions have also agreed to a refund of the special levy deducted from workers’ salary and suspension of deductions of same until further notice.

“Governor AbdulRazaq’s directive to deliver this relief speaks volumes about his humanity and his commitment to the welfare of Kwara workforce,” Dr. Nuru stated.

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Lagos state government to divert traffic on Mile 2 for 15 months over interchange construction

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The Lagos state government has announced the diversion of traffic in the Mile 2 area to allow for the construction of a transport interchange.

In a statement on Monday, Oluwaseun Osiyemi, the commissioner for transportation in Lagos, said the diversion will commence on November 11 and last for fifteen months.

The commissioner said the transport interchange terminal will integrate rail, bus, water and non–motorised transportation.

“The Lagos state government has announced that traffic will be diverted at Loop 1 on the Apapa bound lane and Loop 4 on the Badagry bound lane at Mile 2 for a duration of 15 months for the construction work of the Transport Interchange Terminal that will integrate Rail, Bus, Water and Non–Motorised Transportation,” the commissioner said.

“The commencement date for the construction is scheduled from Monday, 11th November, 2024, to Monday, 16th February 2026. Consequently, Motorists are hereby enjoined to use alternative routes as follows:

“Motorists heading to Oshodi from Apapa will have through traffic and vice versa.

“Motorists heading to Badagry from Apapa will continue their journey on the Apapa-Oshodi expressway and take a turn into Akinwande Road to link Coker and access the Lagos-Badagry Expressway to continue their journeys.

“Motorists heading to Lagos from Badagry will also have through traffic and vice versa.

“Motorists heading to Apapa will be diverted into Durban Road to link Amuwo Odofin Estate and connect Apapa-Oshodi Expressway to continue their journeys.”

Osiyemi assured motorists that officers of the Lagos State Traffic Management Authority (LASTMA) will oversee traffic flow.

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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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