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Central Bank of Nigeria has ordered banks and Payment Service Providers to accept indemnity from customers for highly secured online funds transfers.
It stated this in a circular signed by the Director, Payments System Management Department, Musa Jimoh, with the reference number: PSM/DIR/PUB/CIR/01/006, titled ‘Circular on the review of operations of NIBSS Instant Payments System and other electronic payment options with similar features’, which was released on Thursday.
The circular stated that “Further to the circular on the above reference BSP/DIR/GEN/CIR/01/011 and dated August 13, 2014, banks are hereby required to comply with the following:
“Accept indemnity from customers for highly secured online funds transfer above N1m for individual and N10m for corporate, subject to a maximum of N25m (individual) and N250m (corporate).
“Provide customers with the option of electronic or paper indemnity based on the customer’s preference.
“Implement electronic indemnity with stricter controls requiring biometric verification of identify.
“Adhere to multiple factor authentication for highly secured online funds transfer.
“Inform and educate customers on the use of indemnity to increase transaction limits where possible.”
CBN also released another guideline titled ‘Guidelines for the registration & operation of Bank Neutral Cash Hubs in Nigeria’.
It stated in the guidelines that BNCHs were cash collection centers to be established by registered (licensed) processing companies or Deposit Money Banks based on business needs.
CBN said the hubs would be located in areas with high volumes of commercial activities and cash transactions.
It further stated that the hubs would provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled.
“This guideline aims to provide minimum standards and requirements for BNCH registration and operations for effective supervision,” CBN stated.
According to the CBN, the key objective of setting up the BNCH was to reduce the risks and cost borne by banks, merchants and huge cash handlers in the course of cash management activities; deepen financial inclusion, and leverage on shared services to enhance cash management efficiency.
CBN said the BNCH’s duties included receipt of naira denominated deposits on behalf of financial institutions from individuals and businesses with high volumes of cash; disbursement of naira- denominated withdrawals on behalf of financial institutions to individuals and businesses with high volumes of cash, and any other activities that might be permitted by the apex bank.
A Nigerian judge sentenced a Chinese man to two years in prison for ripping up Naira notes, the Bloomberg has reported.
A federal court in Lagos convicted Li Lei Lei of “mutilating the Nigerian currency” during an altercation with airport officials while he was trying to leave the country in mid-May, the Economic and Financial Crimes Commission said in a statement on Tuesday.
Li “angrily tore to pieces” N3,200 ($7.70) in bank notes when immigration officials at the West African nation’s international airport in Lagos searched his luggage for drugs, the EFCC said.
Li pleaded guilty to four charges of breaking central bank legislation, according to the anti-graft agency. The judge handed down a sentence of six months in prison for each charge, or the option of a N200,000 fine, it said.
A shortage of oil refineries across sub-Saharan Africa coupled with soaring crude prices because of the war in Ukraine has left countries dangerously short of fuel supplies, disrupting airlines and causing queues at filling stations.
The surge in prices comes in tandem with a spike in the cost of food after Russia sent troops into Ukraine, hitting tens of millions of people already living in precarious conditions, as well as government and aid agency budgets.
Refineries across sub-Saharan Africa combined can process 1.36 million barrels of oil a day (bpd), in theory, but with many out of action, only 30% of that capacity was used last year, according to independent consultancy CITAC.
Refineries in Cameroon, Ghana and Senegal are shut, as are four in South Africa. Africa's biggest oil producer, Nigeria, pumps over 1.3 million barrels a day, but the two privately owned plants still running there can only process 1% of that.
The African Export-Import Bank and the African Petroleum Producers' Organization signed a deal in May to create a multi-billion-dollar "energy bank" to boost private investment in the sector but analysts say there a few quick fixes on the horizon.
Fuel shortages are also hitting Western nations, but the impact in Africa is expected to be longer lasting as governments and companies are generally less able to afford the sky-high cost of imported fuel, or come up with the millions of dollars needed to get refineries running again at full tilt.
"It is likely that the situation may get much worse in the short term," Anibor Kragha, head of the African Refiners & Distributors Association (ARDA), told Reuters.
Big Western oil companies have been withdrawing from refinery projects in Africa in recent years and local investors and governments have largely failed to plug the gap, leading to a chronic lack of investment in modernising facilities.
The upshot is that despite the continent's estimated 125 billion barrels of oil reserves and 600 trillion cubic feet of natural gas, African countries rely almost exclusively on imported petroleum products to power their economies.
Even major crude oil exporters, Nigeria and Angola, depend on imports for almost 80% of their domestic fuel needs, government officials say.
DANGOTE REFINERY
Governments are now scrambling to get refineries up and running in the face of growing discontent over price spikes.
Ghana's 45,000 bpd Tema refinery, for example, has been out of action since an explosion in January 2017. Ghana's President Nana Akufo-Addo said "intense efforts" were now being made to rehabilitate the refinery to help address soaring fuel prices.
However, getting the refinery online would require $40 million in new investment, industry sources said, which the country can ill afford as it contends with a growing mountain of debt and a double-digit fiscal deficit.
It's a similar story in Cameroon.
The 42,000 bpd Limbe refinery has been shut since a fire in 2019, but a directive from the president's office seen by Reuters asked the finance minister on April 22 to put plans in place quickly to revamp the heavily indebted plant.
Africa's richest man, Aliko Dangote, a businessman who made his fortune in cement, is building a vast refinery in Nigeria that will have a capacity of 650,000 barrels a day, putting it just outside the top five refineries in the world.
But its much-anticipated launch has been pushed back to next year and the overhaul of Nigeria's Port Harcourt refinery which will take years has only just started after two decades of discussion.
Angola, which is Africa's second-biggest oil producer pumping about 1.1 million bpd, has plans to build more refineries in addition to its sole 65,000 bpd plant in Luanda.
Diesel and jet fuel in particular have been in short supply as refiners drastically scaled back output during the pandemic when travel restrictions grounded planes while Russian diesel volumes have fallen since the Ukraine war began.
Nigeria's airlines threatened to suspend domestic flights due to soaring jet fuel costs before backtracking. The country subsidises gasoline at a high cost, but not diesel or jet fuel.
Scheduled maintenance is also curtailing supplies.
Senegal's 27,000 bpd SAR refinery in Dakar has been offline since November for repairs and the country's gasoil supplies were down to just three days at the end of April, triggering long waits for motorists at pumps.
In South Africa, where four refineries are down including one of the region's biggest, the 180,000 bpd Sapref plant in Durban, some airlines were forced to re-route away from one of Africa's busiest airports due to jet fuel shortages.
While some countries in North Africa are particularly exposed to the slump in grain exports from Ukraine, refineries in the region are in better shape than south of the Sahara, running at 80% capacity last year, CITAC data showed.
A journalist with The Nation newspaper, Toba Adedeji, has been shot by police officials deployed to disperse some protesters in Osogbo.
A student, whose identity could not be immediately ascertained was also injured by the police.
Some youths had assembled under Olaiya bridge in Osogbo to protest the alleged extrajudicial killing of one of them, identified as Abiola.
The protesters had blocked the road and prevented vehicular movement.
About 30 minutes after the protest, some police operatives stormed the scene and shot into the motley crowd and journalists covering the protest. The journalist, who was shot in the thigh, was rushed to Osun State University, Osogbo for treatment.
Kidnapped Prelate of the Methodist Church Nigeria, Samuel Kanu-Uche, has regained his freedom.
The cleric was kidnapped alongside the Methodist Bishop of Owerri, Dennis Mark, and his (the Prelate’s) chaplain on Sunday.
They were kidnapped in the Umunneochi Local Government Area of Abia State along Enugu-Port Harcourt Expressway.
Details of their release were sketchy as of the time of filing this report.
But a reliable source from the church confirmed their release Monday evening.
“To God be the Glory. His Eminence, Samuel Chukwuemeka Kanu Uche; his Chaplain, Abidemi Jeremiah Shittu and the Bishop of Owerri, Dennis Mark, have regained their freedom few minutes ago. Thank you all for your prayers,” the source said in a short message.
Christian Association of Nigeria and the Pentecostal Fellowship of Nigeria had condemned the kidnapping of the clerics.
The Economic and Financial Crimes Commission (EFCC) has arraigned a former governor of Imo State, Rochas Okorocha, before a Federal High Court in Abuja.
Okorocha, a presidential aspirant in the ruling All Progressives Congress, was arraigned Monday morning on a 17-count charge of fraud to the tune of N2.9 billion.
Okorocha, who currently represents Imo West senatorial district in the National Assembly, is accused of conspiring with others, including a member of the APC and five companies to steal from public coffers, although he has since denied any wrongdoing.
The former governor’s scheduled arraignment comes three days after he lost the bid to be admitted to bail, pending the determination of a suit he had instituted against the Federal Government.
He had predicated his bail request on the ground that he was a presidential aspirant, stressing that his political ambition would be jeopardised unless he was granted bail.
But Justice Ekwo, in a brief ruling on Okorocha’s bail application on Friday, said he was not inclined to admit the applicant to bail.
Rather, the judge ordered Okorocha to put the Federal Government on notice to come and defend his detention.
Okorocha has been in EFCC custody since Tuesday last week following a mild drama that played out when a team of operatives stormed his residence in the Maitama area of Abuja to arrest him.
The team, who insisted that Okorocha must submit himself for arrest or honour a long-standing invitation to their office, later barricaded the residence of the presidential aspirant.
Following a series of drama at the scene, gunshots were heard as the anti-graft agency’s team broke into Okorocha’s house and left with the presidential aspirant to their office.
Militants of Ambazonia, a separatist group in Southwest Cameroon, have killed at least 20 people in a community in Boki Local Government Area of Cross River State.
Cletus Obun, a former member of Cross River House of Assembly and an aspirant of House of Reps for Boki/Ikom federal constituency, confirmed the incident, saying it happened on Sunday.
“I can confirm that the Ambazonian soldiers crossed the Nigerian border Sunday morning to attack their compatriots who fled into Nigeria and refused to join their forces to fight.”
“They killed 20 people. No one is sure yet if amongst those killed, there are Nigerian citizens.”
He said the remaining Cameroonians who also speak Bokye language of Boki people have now flooded Bashu community, not far from Danare, where Nigerian troops have a small camp.
Ambazonian militants regularly saunter into Boki, where there are many Cameroonians, to wreak havoc or unwind.
When contacted, Information officer of 13 Brigade of Nigerian Army Calabar, Tope Aluko, said they were yet to confirm the latest attack, which happened six months after a similar invasion in Taraba State.
Senate Deputy Minority Leader, Emmanuel Bwacha, had raised the alarm over how suspected Cameroonian militants gunned down the village head and some residents of Manga community in Taraba.
The lawmaker had said the Cameroonian separatists razed down the village.
Bwacha, who represents Taraba South in the Senate, said the separatists’ invasion threatened Nigeria’s territorial sovereignty as their motive is yet unknown.
He had said, “I rise this morning to draw the attention of our country men and particularly our security agencies to this unfortunate incident which undermines our integrity and sovereignty as a nation.
Takum local government houses the 23 Battalion of the Nigerian Army, and so Mr. President, it is my humble submission that the Nigerian Army should rise to the challenge and curb this wanton territorial expansion.
“Their (Separatists) motive is yet unknown, whether they want to expand territory or lay claim for Southwest Cameroon is not yet clear.”
Prelate of the Methodist Church Nigeria, His Eminence, Samuel Kanu, was on Sunday, kidnapped along Enugu-Port Harcourt Expressway, in Umunneochi Local Government Area of Abia State, the News Agency of Nigeria has reported.
He was kidnapped alongside Dennis Mark, the Methodist Bishop of Owerri and the Prelate’s Chaplain, by yet-to-be-identified gunmen.
Sources told the News Agency of Nigeria (NAN) that the clergymen were kidnapped in the afternoon while they were on their way from a programme in the council area.
The Police Public Relation Officer in Abia, Geoffrey Ogbonna, confirmed the incident to our correspondent.
“It’s quite unfortunate. Efforts are on top gear toward his rescue as well as other priests with him.
“We solicit credible information from the public toward their rescue, please,” he said.
... intrigues as he secures PDP Presidential ticket defeating Wike, Saraki, others
Nigeria’s former Vice President, Atiku Abubakar, has again emerged as the presidential candidate of the Peoples Democratic Party (PDP), the premium times reports.
Abubakar defeated 12 other candidates in a keenly contested presidential primary held at the Moshood Abiola Stadium in Abuja on Saturday.
Of the 767 accredited ballots at the election, he polled 371 votes while his closest challenger, Governor of Rivers State, Nyesom Wike, came second with 237 votes.
Nigeria’s former Senate President, Bukola Saraki, scored 70 votes to come a distant third while Governor of Akwa Ibom, Udom Emmanuel, came fourth with 38 votes.
The only female in the race, Oliver Diana, and another contestant, Sam Ohuabunwa, scored one vote each.
A former President of the Senate, Anyim Pius Anyim, scored 14 votes while Bauchi State governor, Bala Mohammed, scored 20 votes.
The other contestants – including former Governor Ayodele Fayose and Magazine Publisher, Dele Momodu – got zero votes.
Twelve invalid votes were recorded.
While Atiku’s victory at the primary is his second successive attempt, it also marked his fifth shot at the presidency. He has had other unsuccessful contests for the seat under both the All Progressives Congress (APC) and his current party, the PDP.
The Adamawa-born politician also secured the ticket of the PDP in 2019 but lost at the general elections to the incumbent, President Muhammadu Buhari of the APC.
The former vice-president will again face whoever emerges from the forthcoming presidential primaries of the APC.
Before voting commenced at the primary, a strong contender for the ticket, Governor Aminu Tambuwal of Sokoto, stepped down from the race and directed his supporters to vote for Atiku.
Some political analysts believe it was Tambuwal’s withdrawal from the race that tilted the race in favour of the former vice president.
The Sokoto governor, who also contested for the ticket ahead of the 2019 election, had campaigned aggressively and was widely rated among the top contenders for the ticket.
Party insiders said he had especially locked down votes from the Northwest geopolitical zone which has the highest number of delegates nationwide.
But for his withdrawal, he would have divided the votes of the north and possibly open the way for Wike to clinch the ticket.
In his acceptance speech after he was declared winner, Atiku described his emergence as the making of another history.
He said the election is the freest and fairest election in the history of the party.
Promising to unify the country, Atiku accused the APC-led government of fostering disunity among Nigerians across ethnic and religious borderlines.
“I also pledged to confront economic problems which were compounded by the APC government,” he said.
Atiku called on his fellow contestants to join forces with him and promised to cooperate with them in building the country.
“It was a well-fought primary election,” he added.
He seized the moment to appeal to aggrieved members to employ internal mechanisms to resolve all disputes rather than seeking redress in court.
31 people were killed on Saturday in a stampede in southern Nigeria during an overcrowded church charity event where food was being distributed, AFP reports.
Shoes and slippers lay scattered on the ground after the disaster in Port Harcourt city in southern Rivers State when people tried to force their way into the event, say police and witnesses.
A local church organisation was offering food and gifts for the poor at the local Port Harcourt Polo Club when a "mammoth" crowd got out of control, Rivers State police said.
"Unfortunately, the crowd became tumultuous and uncontrollable and all efforts made by the organisers to bring sanity proved abortive hence, the stampede," the police said in a statement.
"A total of 31 persons lost their lives in the stampede."
Police said a criminal investigation was underway.
Representatives of the church could not immediately be contacted for comment.
Nigeria has seen several stampede tragedies over food distribution in recent years, including an aid agency food programme in north Borno State where seven women were trampled to death last year.
Saturday's early morning disaster happened as the opposition People's Democratic Party leaders were gathering in the federal capital Abuja to select their candidate for the 2023 presidential race, including hopeful Rivers State governor Ezenwo Nyesom Wike.
Port Harcourt is the main oil hub in Nigeria, Africa's most populous country and one of the continent's largest petroleum producers.
Despite its oil wealth, as many as four out of 10 Nigerians live below the national poverty level, according to a recent World Bank Report.
The Ukraine crisis has also pushed up the cost of food and fuel across the continent as wheat and gas supplies are impacted with aid agencies warning about worsening food insecurity in Africa.
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Results have been declared in today’s APC Senate Primaries in Ogun East and Ogun West with Otunba Gbenga Daniel and Senator Solomon Olamilekan Adeola YAYI emerging as winners.
Yayi, who is a Senator representing Lagos West, wrestled with Senator Tolu Odebiyi who is representing Ogun West, and Daniel, a former governor of Ogun State contested the ticket with Senator Lekan Mustapha (SLM) and Otunba Seyi Oduntan.
Daniel ‘s victory was facilitated by the intervention of the Awujale and paramount ruler of Ijebuland ,Oba Sikiru Adetona who held a meeting with Daniel and Mustapha before the senator withdrew from the race .
Nigerian Newstrack gathered that at the commencement of the shadow election held on Saturday at Itoro Hall in Ijebu-Ode, the former Commissioner for health in the state Babatunde Ipaye, had announced that Senator Mustapha, had stepped down for Daniel.
The announcement reportedly made other aspirants to vacate the venue of the election, leaving behind only the former governor.
Meanwhile Lagos Senator, Adeola popularly known as Yayi polled 294 votes to defeat his main rival and incumbent Senator representing the zone, Tolu Odebiyi, who scored zero.
He won the Senatorial primaries held at Orona Hall, Ilaro, the Headquarters of Yewa South Local Government Area of the State.
The Lagos West Senator recently relocated to the state and joined Ogun West Senate race, in a sweeping movement tagged “West2West Agenda.”
The primaries was conducted by APC Senatorial electoral committee led by Dr Dapo Odukoya.
Earlier, Odebiyi had boasted that he was the only aspirant vying for the All Progressives Congress (APC) ticket in the ongoing party’s primaries for the zone.
Odebiyi, an ally of former Governor, Ibikunle Amosun, arrived the venue of the primary around 12:48pm with some of his supporters.
Speaking with newsmen, Odebiyi said he remains the only aspirant in the primaries.
He described his Lagos West counterpart as a “visitor” in the exercise.
He noted that each of the two other aspirants – Hon. Abiodun Isiaq Akinlade and three – time governorship candidate in the state, Prince Gboyega Nasiru Isiaka (GNI) had stepped down days earlier to take up House of Representatives tickets respectively.
He said: “I am extremely delighted that finally, we are having an opportunity to handle our primaries and more importantly, I am also excited for the people of Ogun West.
“For me, I don’t even think I have an opposition at this point in time. I am the only candidate for Ogun West.
“My two other brothers – Isiaka Abiodun Akinlade and Gboyega Nasiru Isiaka – who came out from Ogun West had accepted House of Rep slots.
“As far as I am concerned, I am the only candidate from Ogun West. Yes, we do have a visitor (Yayi) who is with us. We would accommodate him and listen to his views and at the end of the day, I believe I am going to triumph.”
OGUN WEST SENATE PRIMARY:
Senator Solomon Adeola YAYI: 294 votes
Senator Tolu Odebiyi : NIL
VOID : 1
OGUN EAST SENATE PRIMARY at a glance:
Ijebu ode;
OGD……53
SLM……2
Remo North:
OGD…50
Ijebu East:
OGD…….45
SLM…….1
Ikene:
OGD……..50
Ogun waterside:
OGD……..49
Ijebu North:
OGD…….43
SLM……..6
Prince Segun Adesegun………6
Odogbolu L/G
OGD………55
SLM……..20
Sagamu:
OGD…….69 Ijebu North East:
OGD…….36
Seyi Oduntan…… 11
Amidst speculations of dollar rain by Presidential aspirants of the Peoples'Democratic Party,PDP, operatives of the Economic and Financial Crimes Commission, EFCC, have arrived at the Velodrome of the MKO Abiola Stadium Abuja venue of the Party's National Congress to monitor proceedings.
Over a dozen officers dressed in their official red overcoats with EFCC boldly written behind were sighted moving around the delegate’s stand.
The officers arrived the venue around 4:40pm but the purpose of their visit is unknown.
Government at all tiers have been urged to encourage skills acquisition and vocational training in secondary schools, to be able to meet the urgent labour needs of the country as well as to prepare the youth for a better future.
This advice was given by a National Youth Service Corps member, Igbagboyemi Odu while moderating a skill acquisition training organised with eleven other members to equip the Senior Secondary School, SSS1 and SSS2 students of Ayo Grammar School, Ipogun, in Ifedore local government area of Ondo State with knowledge on the production of tie and dye.
The twelve NYSC members who are Wariboko Stella, Odu Igbagboyemi, Gbadegeshin Kehinde, Aderoju Adewale, Ulokwe Chioma, Aboy John, Ugwuoke Lilian, Asogwa Kate, Wuba Anthonia, Udofia Enobong, Jirgba Benjamin and Adegoke Abolaji said the free tie and dye session was part of their contributions to assist government and empower the youth, as part of their community development services.
While Igbagboyemi led the programme, Stella enlightened the students on types of skills and benefits of such trainings. Others were also available to facilitate the practical training as the students were made to produce their own tie and dye.
The twelve Corp members expressed their appreciation to the school principal Mrs Modupe Ademoyewa and the school teachers for their approval, support and contribution to the skills acquisition programme.
A former member of the house of Representatives, Chief Oladipupo Adebutu has emerged as the Governorship candidate of the Peoples' Democratic Party, PDP in Ogun State.
The primary election which took place on Wednesday, at the Olusegun Obasanjo Presidential Library, OOPL in Abeokuta saw Adebutu defeating the trio of Otunba Segun Sowunmi, Otunba Jimi Lawal Adebisi and Abodunrin Adeyemi.
Out of the 716 votes casted Adebutu scored a total votes of 715, while the other aspirants had no vote with one vote voided.
The PDP electoral panel, headed by Prof Akase Sorkaa while announcing the result at the late hours of the day said, "of this result Honourable Adebutu Oladipupo is hereby declared the winner" while the shouts of "say LADO" rented the air.
Meanwhile, there was complete pandemonium at the beginning of the election following the sporadic gunshots that rented the air.
Journalists, party delegates and supporters who had stormed the venue of the exercise scampered for safety as loyalists of two governorship aspirants, Oladipupo Adebutu and Jimi Lawal clashed over the delegate list to be adopted for the exercise.
The exercise which started around 5:pm was disrupted following a shouting match and clash over the delegate list.
Nigerian Newstrack gathered that there was tension over the agitation for the use of delegate list from the national.
Trouble started shortly after the chairman of the PDP electoral panel, Prof Akase Sorkaa announced the mode of conduct of the exercise.
Our correspondent who was at the venue observed that some loyalists of Lawal, an ex-banker raised an objection, rejecting a delegate list brought from the national secretariat of the party in Abuja.
This led to a shouting match between supporters of Lawal and Adebutu who also engaged one another pushing and shoving.
One of the media aides of Lawal, Austin Oniyokor, who brought some documents claiming to have been certified by the INEC, insisted that the exercise must not take place unless the said document is adopted.
The drama which lasted for over 30 minutes saw security operatives helpless while INEC officials temporarily relocated from the hall.
“This exercise cannot be conducted with a fake list. These are INEC-generated documents. These are your certified documents,” Oniyokor shouted while addressing INEC officials.
While still waiting for the party officials to find solutions to the impasse, sound of gunshots from outside the hall caused journalists and other delegates to scamper for safety.
Meanwhile, earlier in a parallel election another governorship aspirant, Segun Showunmi, was declared as the party governorship candidate by a group.
The group which held a primary at the NUJ Secretariat, Oke-Ilewo, Abeokuta, announced Showunmi as the PDP governorship candidate in the state.
Acclaimed Chairman of the electoral committee at the election, Abayomi Daniel, announced Showunmi as the winner after polling 554 votes to defeat his closest rival, Lawal who scored 30 votes, while Adebutu polled 15 votes.
According to Daniel, a total number of 778 delegates were accredited, 702 votes were cast while three votes were voided.
Sowunmi in his acceptance speech called on other aspirants to work together with him to secure victory for the party in the 2023 general elections.
He said, “I humbly accept the nomination as candidate of the Peoples Democratic Party for Ogun State. I thank all the delegates, I thank all relevant authorities and the security for their efforts.