News

More charges for Nigerians as PoS agents angry over CAC’s registration mandate, say customers will pay more

Published

8 months ago

May 8, 2024

By Kayode Sanni-Arewa

More charges for Nigerians as some Point of Sale (PoS) agents in the FCT, have frowned at the new directive of the Corporate Affairs Commission (CAC) for them to register with the commission.

Naijablitznews recalls CAC had on Monday issued a two-month registration deadline to PoS operators to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria (CBN).

The agents, who disclosed this in Abuja on Wednesday, said the registration which would require money would impact on transaction cost paid by customers.

Mr Kofi Kolawole, a PoS agent, said the registration would deplete the profits in the business.

Kolawole said the registration would also discourage people from entering the business.

“I know that this registration when actualised by our operators will increase the amount they charge us.

“This means that the cost we charge on each transaction will increase, so our customers will bear the cost,’’ he said.

Another PoS agent, Mr Clement Agbasi, said the directive negated the financial inclusion initiative of the CBN.

Agbasi said that directive would cause many customers to save their cash at home rather than being charged heavily for their online transactions.

“The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them.

“With all these charges including the 0.5 per cent cyber-security levy on customers, many people will be discouraged from putting their monies in banks,’’ he said.

Miss Loretta Ubong, another PoS agent, said that although the registration was a welcome development, it must be done in a way that would not be detrimental to businesses.

Ubong appealed to CAC to conduct the registration in line with best practices.

“I am a student and I use the proceed from this business to pay my bills.

“The Commission should not do the registration in a way that will kill my business,’’ she said.

However, Mrs Ndidiamaka Ibe, a customer said the registration would help to check financial frauds and sharp practices perpetrated with PoS.

“I was a victim of one-chance and my over two million naira was withdrawn from a PoS.

“When I got to my bank, they could not trace the owner of the PoS.

“I think that what the Federal Government is trying to do is to check things like this so that when fraud is perpetrated by a PoS agent, he or she can be easily traced,’’ she said.

NAN reports that CAC had said that the registration was aimed at safeguarding businesses of Fintech’s customers and strengthening the economy.

The Commission had given July 7 as deadline for the registration.

News

Renovation: Tinubu, Shettima’s official quarters to gulp N6.36bn

Published

2 hours ago

December 23, 2024

Naijablitznews

The Federal Government has allocated a total of N6,364,181,224 billion for the renovation and rehabilitation of the residential quarters of President Bola Tinubu, Vice President Kashim Shettima, and some of their aides in the 2025 budget proposal.

Sunday PUNCH’s analysis of the proposed allocation, contained in the 2025 Appropriation Bill presented to the National Assembly, showed that the annual maintenance of the Presidential Villa would gulp N5.49bn.

According to the proposed budget, N765m will be used for the renovation of the Vice President’s quarters and guest house.

The renovation of the president’s quarters at the State House will cost N6.39m, while the renovation of security quarters, auditorium, gymnasium and presidential aides’ quarters will cost N49m.

In addition, the renovation of Prescott barracks at Maple State House officers’ mess building and signal office in Asokoro, Abuja will cost N51m.

Further analysis of the budget revealed that Tinubu and his vice are also expected to have N87m as honorarium and sitting allowances, while N127m was allocated for the procurement of SUVs.

Also, N3.66bn was budgeted for the purchase of State House operational vehicles and N1,09bn will be spent on replacement of SUV vehicles at the State House.

Under the budget of the State House Lagos Liaison Office, there is an allocation of N14.72m for the routine maintenance of State House Lagos facilities (Dodan Barracks, Vice President guest houses at Ikoyi, among others).

Another N140.10m was allocated for the completion of renovation and furnishing of the State House annex (Dodan Barracks), Lagos.

Meanwhile, the Federal Government is planning to spend N1.83bn on converting forfeited properties from the Economic and Financial Crimes Commission into State House quarters.

The plan to convert forfeited houses from the EFCC comes in the same month that the commission disclosed the recovery of an estate in the Lokogoma District of Abuja, measuring 150,500 square metres and containing 753 units of duplexes and other apartments.

The commission described this as its “single largest asset recovery” since its inception in 2003.

The estate rests on Plot 109 Cadastral Zone C09 of the district, and was forfeited in a ruling on Monday, December 2, 2024, by Justice Jude Onwuegbuzie.

(Punch)

News

SEE NAIRA Rates Against The USD, GBP, EURO Today December 23, 2024

Published

2 hours ago

December 23, 2024

Naijablitznews

WHEN we look at this month, USD was traded at ₦ at the beginning of this December on Monday, December 2, 2024. As at today with USD being traded at ₦1,655 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1655 1640
Pounds to Naira 2150 2000
Euro to Naira 1730 1700
Canadian Dollar to Naira 1146 1135
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74
READ ALSO: INSIDE LIFE: 26-Year-Old Lady Died In Bangladesh With No One To Claim Her Body, She Is A Nigerian From Enugu (SEE PHOTO)

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Nairatoday.com

News

Passengers Stranded As Warri-Itakpe Train Derails In Delta Community

Published

2 hours ago

December 23, 2024

Naijablitznews

Passengers of a train plying the Warri-Itakpe route escaped death on Sunday as the train derailed at Okpara in the Ethiope East Local Government Area of Delta State.

It was gathered that the passengers were stranded following the incident that happened at about 10pm.

According to eyewitness accounts, some of the passengers got to their destinations on Monday morning.

“The incident happened at Okpara Station last night. They stole many people’s phones and other valuables when they slept at night,” a source said.

“It’s this morning that everybody began to find their way to their various destinations.”

The Nigerian Railway Corporation confirmed the incident in a statement by its spokesman, Yakub Mahmood on Monday.

Mahmood said the service will resume shortly, adding that a team of engineers is at the site of the incident to ensure the track is restored soon.

According to him, the train service will resume as scheduled on Monday afternoon.

The statement reads in part, “The management of the Nigerian Railway Corporation (NRC) hereby informs the general public, especially our valued passengers that ply the Warri-Itakpe route, that following the minor derailment yesterday at the Okpara station, the service will resume shortly as our team of engineers are at the site of the accident to ensure the track is restored anytime soon.

“However, Itakpe-Warri (Ujewu) train will resume as scheduled in the afternoon today.

“All inconveniences caused as a result of the minor derailment is highly regretted.”