An investigation by The Punch newspaper has shown that many retailers using Point of Sales terminals to receive payments have abandoned the devices and reverted to cash payments. Many linked their actions to more customers declining the terminals to avoid paying a ₦50 stamp duty charge. The CBN had in September asked banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual taxes and duties on individual transactions. This has resulted in many merchants tacking a ₦50 surcharge to transactions valued at ₦1,000 and above.
Power Generating Companies have unanimously resolved to shut down power production and supply over the Nigerian Bulk Electricity Trading Company’s proposed 0.75 percent administrative charge and a debt of over ₦1 trillion. The GenCos have addressed all relevant stakeholders including the National Electricity Regulation Commission in a bid to stop the imposition of the charge by NBET. But NBET failed to yield to their pleas, according to the Executive Secretary, Association of Power Generation Companies, Joy Ogaji. The proposed shutdown could lead to widespread blackouts. Ogaji said that NBET has clearly threatened not to release payments due to GenCos until they accede to its request, urging them to agree for a quid pro quo with the 0.75% administrative charge. Meanwhile, GenCos also owe their gas suppliers and have attributed the reason to NBET’s indebtedness to them. NBET is licensed and regulated by the Nigerian Electricity Regulatory Commission to undertake a bulk purchase and resale of electricity in the Transitional Electricity Market.
The Chief Executive Officer of Kam Industries, Kamorudeen Yusuf, has asked the FG to replicate the closure of the country’s land borders by securing its sea borders. This, according to Yusuf, is needed to grow the country’s steel sector. He said that the Nigerian market is flooded with substandard steel products which gained entrance into the country through the seaports, which are still porous. He urged the government, during a familiarisation visit by the Minister of Mines and Steel Development, to his privately owned steel mill in Kwara state, to pay more attention to the iron and steel sector for diverse economic benefits. Yusuf added that the government needs to put in place policies that would ensure those with large fixed deposits in banks are taxed. Such individuals, if taxed for keeping their monies in the bank, they would be forced to invest in businesses, thereby spurring the national economy, he said. The Minister of Mines and Steel Development Adegbite assured that the government would stop the importation of steel materials into the country once it attains self-sufficiency in steel production.
Access Bank has announced the appointment of Ajoritsedere Awosika as the new chairman of its board. She will replace Mosun Belo-Olusoga who is set to retire early next year. According to the bank’s secretary, Sunday Ekwuchi, there are no issues between Access Bank and the outgoing chairman as she has completed the 12-year term limit permitted by the CBN’s Code of Corporate Governance for banks and discount houses. Belo-Olusoga has confirmed that she has no disagreement with the board and there are no issues relating to her retirement that need to be brought to the attention of the shareholders of the company or the regulatory authorities, the letter to the Nigerian Stock Exchange said. The incoming chairman, Aritsedere Awosika has been an independent non-executive director at Access Bank since April 2013. She has served on several committees, including her role as the vice-chairman of the Board Credit and Finance Committee since she joined the company’s board.