• The CBN has asked telecommunications companies that intend to deepen financial inclusion in the country through mobile money services to make a minimum capital deposit of ₦5 billion. The regulator also granted the telcos a provisional approval to apply for a Payment Service Bank licence through a subsidiary company. These were contained in the draft guidelines issued. The telecoms companies that have indicated interest in driving the financial inclusion plans of the FG are MTN, Airtel, 9mobile, Ntel , and Globacom. However, the chairman, Association of Telecommunications Companies of Nigeria, Gbenga Adebayo, objected to the minimum deposit of ₦5 billion, saying it was on the high side considering that other mobile money operators were asked to make a payment of ₦2 billion.
  • President Buhari has given consent for the renewal of three Oil Mining Licences, OMLs 4, 38 and 41, belonging to Seplat Petroleum Development Company. The approval was granted after the company paid a renewal bonus of $25.9 million. The new expiry date of the licences is 21 October 2038, according to a disclosure sent to the Nigerian Stock Exchange on Thursday, which also reveals that the company holds a 45 percent working interest in OMLs 4, 38 and 41.
  • Electronic fraud losses in the banking system are projected to reach ₦6.1 trillion by 2021. Sunday Salam-Alada, the director, Consumer Protection Department at the CBN said that this was due to broader ecosystem scope, evolution of channels, adaptability to disruptive innovations and modes payment. He said other reasons included increased inclusion and evolving technologies. Salam-Alada said the CBN had resolved over 13,715 complaints, resulting in the refund of about ₦72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017, an amount representing a 28 percent increase to the 19,531 cases recorded in 2016. There was also a 24 percent reduction in actual fraud loss value in 2017 with ₦1.63 billion as against the to 2016 figures.
  • As conditions to meet up with the ₦30,000 minimum wage proposed by unions, state governors have unanimously resolved that a countrywide downsizing of the workforce would be carried out, and that the FG should agree to the review of the national revenue allocation formula. However, the Chairman of the NGF, governor of Zamfara State, Abdulaziz Yari, said another committee would be raised to meet with President Buhari over the issue. The unions had earlier warned that any reduction in the ₦30,000 agreed by the Tripartite Committee on the National Minimum Wage, or any further delay in its passage will lead to “devastating consequences.”