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BDCs admits Fintechs, unlicensed online firms diverting diaspora remittances



Bureau De Change Operators in Nigeria have agreed with the acting CBN Governor that most transfers conducted by the International Money Transfer Operators (IMTOs) have been diverted and are not being tracked. 

The acting CBN Governor, Folashodun Shonubi, had earlier in August attributed the crash of the naira against the dollar and its inability to manage the foreign exchange market to the diversion of diaspora remittances to the unofficial markets including the parallel. 

This coincided with the time the naira at the parallel market hit a record low of N955/$1, although it has now dropped to N860/$1 as demand pressure and forex scarcity worsened. 

Shonubi explained that many diaspora remittances came to Nigeria in dollars and were not documented officially, as they end up in the parallel market. 

Diaspora remittances diverted to unlicensed online firms 

 The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, revealed that most of these funds are diverted to unofficial markets including some unlicensed online firms. 

  • While acknowledging that most of the diaspora remittances are being diverted even outside the parallel market Gwadebe said, ‘’We had a meeting with the banks where we even tried to bring up the issue of diaspora remittances so that we can harness it and bring liquidity, but they said they don’t see it. That’s the truth of the matter, a lot of unlicensed online firms are in the process. 
  • ‘’It’s not in the official market, it’s not even in Nigeria, it’s not even coming, that is the truth of the matter, It’s being left abroad to be financing the 41 banned items and other illegal speculation holding activities. People are sending money but the thing is that it is not coming through a regulated and official channel.’’ 

Acknowledges malpractices by some BDC operators 

On the accusation that BDCs are part of the parallel market and involved in illegal activities, the ABCON President said, 

  • ‘’There are different categorizations of BDCs. Yes, I know that there are some BDCs that receive diaspora remittances and are not reporting officially. Today we had a sensitization and I think that is what the CBN is trying to do. Any Bureau De Change that is doing transactions and refused to send the returns of its activities is going to be summarily dealt with. 
  • ‘’The CBN has changed the format on how you will send your returns, adding some other features to those returns we had been sending before. They have realized that some licensed BDCs are operating yet they will say they are not operating hiding the fact that there are no interventions by the CBN, they are saying no transactions and sending nil returns to Central Bank. 
  • ‘’Central bank has discovered that and they have done sensitization exercise where they have introduced other information that will be needed from every BDC.’’ 

Some fintechs diverting diaspora remittances 

 On the accusation that these diaspora remittances are diverted to fintechs and some other channels other than the official forex window and even the parallel market, Gwadebe said, 

  • ‘’Yes, to some other channels that operate under different jurisdictions all over and lack standardized regulations. Can you tell me about Binance that is not in Nigeria, Nigerians are not doing transactions of Binance. These are borderless platforms, they don’t have borders, they don’t have offices, you don’t even know where they are, are they operating in Kenya, South Africa, Nigeria or Ghana. 
  • ‘’They just don’t transfer money through an agent, there are a lot of online platforms that is being advertised in all these places where we have Nigerians and they are highly speculative, sometimes their rates is even higher than what is obtainable in the parallel market.’’ 

He said that there are a lot of fintech companies to which these remittances are being diverted, noting that they buy it at very high rates. 


5 not-so-obvious signs you’re a horrible boss and employees probably hate you




Recently, a lot of attention has been given to bosses who create a toxic atmosphere at work, but the truth is that many toxic bosses lack self-awareness, and introspection is hard, so let’s help them with some clarity.

Here are five not-so-obvious signs you’re a terrible boss:

This is often a gaslighting technique used to make people take on things that aren’t really part of their job description, because how else can a boss rationalise forcing all his or her employees to attend their colleague’s naming ceremony or wedding and contribute money towards it? You can’t enforce what people use their private time and money to do.

Another way the “we are a family” phrase leads to toxicity is sending employees on errands that have nothing to do with work, like picking up your laundry.

We are building something big in another phrase toxic bosses say to force you to take pay cuts and work crazy hours. It’s often healthier to differentiate work from family.

A quality of a good boss is tact, and a quality of a bad boss is a lack of tact. There are just some things you shouldn’t say, like sexual jokes such as “I bet you had a wild night last weekend” or “When was the last time you had sex?”.

Also, when passing criticism, you shouldn’t cast aspersions on their character or mutter full-blown insults like, “You are dumb” or “fool” “stupid”.

To expect people to put in their best and even come to the office and not pay them when due is akin to emotional torture. If you can’t pay your employees, you probably shouldn’t hire them in the first place.

If you are sending an urgent email or putting a phone call through by 12 a.m. in the middle of the night, then you are quite toxic. Except that it’s a matter of literal life and death, there is no need to send that mail or put that call through to your employees. The same rule applies on weekends and when they are on vacation.

Before you schedule a long meeting, ask yourself, “Can this be an email?” If you love to waste everyone’s time in meetings that really don’t add to productivity, then rest assured that your employees or subordinates probably hate you.

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Presidential fiscal committee to end obsolete taxes, says Taiwo Oyedele




Taiwo Oyedele, the chairman of the presidential committee on fiscal policy and tax reforms, says they will be revoking some taxes considered to be unduly burdensome.

Oyedele told the national economic council (NEC), chaired by Vice-President Kashim Shettima, on Thursday, that his team will be looking into suboptimal and obsolete taxes that need to be repealed.

He said the committee will also be enacting new harmonised tax laws, as well as provide a list of taxes and levies — that do not exceed a single digit — for all levels of government.

Listing other expectations from the committee, Oyedele said they would also produce a new national policy on tax and fiscal policy for ratification by the federal and state governments after reviewing the 2017 national tax policy.

He said the committee will also be providing a national fiscal risk framework for efficient fiscal governance, fiscal consolidation, and stability.

The fiscal policy expert told NEC that the committee will draft bills for constitutional amendments on fiscal matters to promote fiscal federalism, as well as enhance the revenue administration system to improve revenue mobilisation.

According to Oyedele, part of the committee’s outcomes include ensuring a robust framework for tax revenue accounting and reporting to improve taxpayer trust and establishing of national office of tax ombudsman, fiscal policy, and tax simplification.

He said the team will also mobilise revenue through tax and non-tax, as well as review the quality of government spending.

“The committee will identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive Economic growth,” Oyedele said.

He said they are also expected to review and redesign sustainable debt management as part of the fiscal system.

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Our three subsidiaries paid N474bn tax to FG, says Dangote




Three subsidiaries of Dangote Group paid a total of N474bn as tax to the Federal Government in three years.

An official of Dangote Group, Hashem Ahmed, disclosed this at the opening ceremony of the 18th Abuja International Trade Fair on Thursday.

Ahmed, who represented the multibillion dollar group, disclosed this while speaking on the theme of the fair titled, ‘Sustainable financing and taxation as drivers of the new economy’.

The trade fair was organised by the Abuja Chamber of Commerce and Industry, in conjunction with other private and public partners.

After conveying the greetings and well wishes of the Group President, Aliko Dangote, Ahmed said, “For us, the theme for this year, which focuses on sustainable financing and taxation, is apt, as it resonates with our modus operandi.

“As you may be aware that apart from being the highest employer of labour in the private sector, the Dangote Group is also the biggest tax payer. In just three years, Dangote subsidiaries paid a staggering N474bn to the Federal Government.

“These are Dangote Sugar, Dangote Cement and Dangote Salt, combined. This corridor of sustained financial support by the Dangote Group is in addition to several empowerment/skill acquisition programmes, Corporate Social Responsibility programmes, sponsorship and philanthropic schemes, running into several billions of naira.”

He said the group was also pleased that the Federal Government was pursuing a tax reform policy that would help expand the tax net and provide necessary financing for the development of the country’s infrastructures.

Also speaking at the event, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said the government had announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges.

Uzoka-Anite, who was represented by the Director, Commodity and Export, FMITI, Kaura Irimiya, stated, “We intend to spend N75bn by March 2024 to strengthen the manufacturing sector. We also intend to provide small grants to micro businesses in each to the 774 Local Governments of the federation.

“We have also earmarked a fund of N75bn that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.”

She added that last week, “we launched the National Technology Export programme, in partnership with Microsoft and earlier this year, we launched the over $600m investment in Digital and Creative Enterprises programme, in partnership with African Development Bank and other partners.”

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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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