The Central Bank of Nigeria has announced additional charges on deposits and withdrawals from individual bank accounts in the country. In a circular issued to all deposit money banks on Tuesday, the CBN said the new charges on depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and the FCT effective Wednesday, 18 Septembre. The new charges would be in addition to existing charges on withdrawal, the circular signed by the Director, Payments System Management Department at the CBN, Sam Okojere, read. Three percent processing fees would be paid for withdrawals and two percent for deposits of amounts above ₦500,000 for individual accounts, while corporate accounts will attract five percent processing fees for withdrawals and three percent processing fee for lodgments of amounts above ₦3 million. The CBN said this move is aimed at implementing its cashless policy which will take effect all over the country from 31 March 2020, and enhance the collection of applicable government revenues.
Four of Nigeria’s leading banks; Zenith, GTB, Access and UBA, generated ₦24.3 billion from maintenance charges on their customers’ accounts between January and June 2019. This is a 19.18 percent increase from ₦20.39 billion generated in the corresponding period in 2018. Some banks on a monthly basis charge their customers ₦50 with or without cards while some deduct ₦1,000 from each customer’s account per annum for maintaining their savings accounts, an investigation has shown. The breakdown of the report showed that Zenith Bank recorded N9.57 billion from the maintenance fee in the first half of 2019, reflecting a 10.76 percent increase over ₦8.64 billion reported in the H1 of 2018. GTBank’s audited report for the H1 of the year showed that ₦5.71 billion was generated for maintaining customers account in the period, up from N5.18 billion in the H1 of 2018. The merger between Access and Diamond aided a 96.15 percent increase on account maintenance fees of Access Bank, moving from ₦3.14 billion in the H1 of 2018 to ₦6.16 billion in the H1 of 2019. In its audited result, the bank said for the six months ended June 30, account maintenances fees were charged on the current account, where ₦1 on every ₦1,000 in respect of all induced debit transactions. UBA reported a 16.3 percent increase on account maintenance fees, ₦3.39 billion, in the H1 of the year, up from ₦2.9 billion in the H1 of 2018. The Senate had in 2018 called on the CBN to suspend the deduction of card maintenance fee.
The Board of Directors of International Breweries have announced the appointment of Tolulope Adedeji as a Director. Adedeji’s appointment took effect from Wednesday, 18 September 2019. She succeeded Godwin Oche who recently resigned from the company’s board. Adedeji has extensive experience of over 15 years in building brands and businesses across Africa. Before the appointment, Adedeji was first Brand and Commercial Leader and later Brand/Commercial Associate Director at Procter & Gamble in Nigeria and Ethiopia. She had led the startup of P&G brands in Ethiopia and had also qualified Head & Shoulders product launch for South Africa, Kenya and Uganda. She worked on various brands such as Always, Pampers, Ariel, Gillette and Oral B in Nigeria, where she navigated these brands through a challenging macro-economic recession era.
The Economic Community Of West African States has requested that Nigeria reopens its borders, which has been partially closed “to check smuggling.” The bloc advised the FG to find a better and permanent solution to the challenge of smuggling as the border closure might hamper the implementation of free trade movement within the region. Moustapha Lo, speaker of the ECOWAS parliament said this while addressing parliamentarians at the ongoing 2nd extraordinary session of the ECOWAS parliament in Monrovia, Liberia. The closure, Lo said happened at a time when Africa was working to intensify efforts for the effective abolition of barriers within the member-states. Nigeria closed its borders in August with President Buhari saying the move was to check smuggling. The ECOWAS Parliament called for compliance with Community provisions, thus, the reopening of borders and a coordinated fight against smuggling in the region.