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CBN To Nigerians: Don’t Pay N50 Charges On PoS Transactions [VIDEO]

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The Central Bank of Nigeria has clarified the issue of payments of N50 charges by merchants who use Point of Sale machines for cashless transactions, insisting that nobody should pay extra on goods and services.

The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies.

Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive.

Jimoh said: “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive.

“What our directive says is that merchants should pay all necessary tax as regulated by government agencies, including stamp duty.

“What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50.

“What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong.

“No single individual should pay N50 in addition to the cost of the goods.

“Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants.

“The merchants who are receiving the money are the ones who are supposed to pay.”

Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties.

He said: “Stamp duty is not a CBN regulated fee.

“It is a fee regulated by an act and so we can’t change or push anything in that direction.

“To this end, the stamp duty remains and cannot be changed by the CBN.

“What we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government.”

 

Video Credit: Channels TV

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Dangote, MTN, GTBank Emerge Most Admired African Brands

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For the third time in a row, Dangote Group has emerged as the most admired African brand, of African continent origin, by consumers, paired with the telecommunication giant, MTN in a survey of 100 Africa best brands announced in a novel global virtual event that incorporated the market openings of Kenya, South Africa, and Nigeria.

GTBank returns to the top spot in financial services and the United Kingdom’s BBC retains its media category ranking as the most admired media brand in separate category sub-surveys of the most admired financial services and media brands in Africa. African brands only occupy 13 of the 100 entries, seven less from last year.

Established 10 years ago, to coincide with the 2010 FIFA World Cup, the world’s biggest single sporting event, the Brand Africa 100: Africa’s Best Brands survey and rankings have established themselves as the most authoritative survey, analysis, and metric of brands in Africa.

African brands only occupied 13 of the 100 entries, 7 less from last year’s. Founder and Chairman of Brand Africa and Brand Leadership, Thebe Ikalafeng during an online interactive session via Zoom said: “African brands have an important role in helping to build the image, competitiveness and transforming the continent’s promise into a real change. It’s concerning that in the 10 years since the triumphant FIFA World Cup in South Africa which globally highlighted the promise and capability of Africa, and despite the vibrant entrepreneurial environment, Africa is not creating more competitive brands to meet the needs of its growing consumer market.” Global Client Development Manager, GeoPoll, Caitlin van Niekerk said: “The reach and accessibility of mobile across the continent enabled us to survey respondents across a representative sample of countries quickly and effectively, giving us vital and timely results at a critical time. Kantar has been the insight lead for Brand Africa since inception in 2010.”

It is a consumer-led survey that seeks to establish brand preferences across Africa. The survey is conducted among a representative sample of respondents 18 years and older, in 27 countries which collectively represent 50 percent of the continent, covering all economic regions and accounting for an estimated 80 percent of the population and the GDP of Africa. The 2020 survey was conducted between February and April 2020 and yielded over 15,000 brand mentions and over 2,000 unique brands

Out of the top 100 brands in 2010/11, only half still appear in this year’s list due to mergers, acquisitions, and the obsolescence of many brands. The most prominent changes are in the technology category with the demise Blackberry (#32 in 2010/11), the consolidation of Vodafone (#54 in 2010/11 and now #13 in 2020) which acquired Vodacom in 2008 and re-branded in 2011, Etisalat (#40 in 2010/11) re-branding to 9 Mobile in 2017 and Motorola (#39) being acquired by Lenovo in 2014. A Chinese brand, Tecno, has raced up the ranking from #33 to #5 in the rankings – a dominant performance for one of China’s premier global brands that are not even sold in China

In his reaction, Group Chief Corporate Communication Officer of the Dangote Group, Anthony Chiejina said the management was not unexpected of the ranking because the company has a long-standing reputation for quality, relevance compliance, and social stewardship. “Our mission and vision engage and inspire us to buy extension connect us to with both our internal and external stakeholders.

“We fervently believe that only Africans can develop Africa, and this gives us a stronger sense of relevance in all the countries where we have our operations. we are touching lives by providing their basic needs and empowering Africans more than ever before creating jobs reducing capital flight, helping government conserve foreign exchange drain by supporting different industrial infrastructural projects of African government.”

Mr. Chiejina stated further that Dangote Cement has been producing high quality and affordable cement, reducing poverty, engaging in unprecedented philanthropy, and above all respecting the laws of the land where we operate. “All these are our credo and we do not compromise it, it is our way. And the ranking is just an acknowledgment of all these by our stakeholders, We keep our brand promise and stay authentic,” he concluded

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COVID-19: Buhari Bars Govt Officials, Others From Paying Sallah Homage

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The President, Major General Muhammadu Buhari (retd.), said that in a bid to prevent the spread of coronavirus, there is no need for government officials, political leaders, community heads, Muslim and Christian religious leaders and children to pay him Eid-el-Fitr homages at the Presidential Villa, Abuja.

He explained that his decision was in compliance with the safety measures put in place in the Federal Capital Territory to guard against the spread of COVID-19.

Buhari, who said he would spend the period at home with his family, also cited the directive of the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, suspending Eid congregational prayers across the country, as well as measures introduced by the Presidential Task Force on COVID -19.

A statement by his spokesman, Mr Garba Shehu, on Friday, reads, “With the Eid-el-Fitr celebrations around the corner and the month-long Ramadan fast coming to an end, President Muhammadu Buhari will be conducting his Eid prayers with his family at home.

“This is in observance of the lockdown measures in the Federal Capital Territory, Abuja, put in place ‘to save lives and protect people from all dangers.’

“This is also in line with the directive of the Sultan of Sokoto and President General of the Jama’atu Nasril Islam (JNI), Alhaji Sa’ad Abubakar III suspending Eid congregational prayers across the country as well as the protocol against mass gathering issued by the Presidential Task Force on COVID-19.

“Further to this, the President who has traditionally shared the joyous moment with top government officials, political leaders, community heads, Muslim and Christian religious leaders and children, will not be receiving these homages in a bid to stop the coronavirus from further spreading.”

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Wife Of Globacom Senior Staff Crushed To Death By BRT Bus In Lagos, Driver Flees

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A driver with the Bus Rapid Transit, Collins Nnodi, has gone into hiding after crushing a businesswoman, Mrs Grace Okeleke, to death at the Agric bus stop in the Ikorodu area of Lagos State.

The incident happened on Monday.

It was gathered that Grace, the wife of the Head of Public Relations, Globacom, Andrew Okeleke, attempted to cross the road after being dropped off by her driver around 7.20 pm, when Nnodi, who was driving a bus with number plate EPE 59 XR, knocked her down.

It was learnt that the businesswoman died on the spot.

However, Nnodi was said to have zoomed off and abandoned the victim at the scene of the accident.

Annoyed by the development, it was gathered that an angry mob vandalized some BRT buses plying the route.

Explaining the circumstances surrounding the incident, the family said in a statement that until her death, Grace was a minister at the Redeemed Christian Church of God, adding that the businesswoman was survived by her husband and children.

The statement read in part, “The death has been announced of Mrs Grace Okeleke, wife of the Head, Public Relations, Globacom, Mr Andrew Okeleke.

“Mrs Okeleke died in a motor accident on the Lagos Road, Ikorodu, on Monday evening. She was hit by a Lagos BRT bus with number plate EPE 59 XR.

“The deceased was crossing the road after being dropped off by her driver just after the Agric bus stop, inwards Ketu, where there was no pedestrian bridge when she was hit by the BRT bus. She died on the spot before she could be taken to hospital.

“The late Mrs Okeleke, a businesswoman, hailed from Issele-Mkpitime, Aniocha North Local Government Area of Delta State. She was until her demise a top leader of her town’s women group in Lagos as well as a minister of the Redeemed Christian Church of God, Grace Hall Parish, Ikorodu.

“Mrs Okeleke is survived by her husband and children. Burial arrangements will be announced later by her family.”

When contacted, the Chief Security Officer, Primero Transport Services Limited, the franchise holder of the BRT buses, Cletus Okodolor, while commiserating with the family, condemned Nnodi for abandoning Grace at the scene of the accident.

Okodolor said, “We sympathize with the family and we are shocked at the action of the busman. The accident involved one of our buses, with number 344. The bus was coming from Ikorodu inwards Mile 12, and she was trying to cross to the other side of the road without actually looking properly; she entered the BRT corridor to cross and there was contact.

“The woman died on the spot. But the busman did not help matters, because he drove off out of fear of being hurt and refused to put us in the picture. Suddenly, we started getting calls that an angry mob was vandalizing our vehicles because one of our buses knocked someone down on the corridor and we quickly informed the Traffic Division of the Owutu Police Station and its personnel were dispatched in the area.

“When we got there, we learnt that the husband had taken the corpse to the morgue. But during our investigation, we realized that the busman had parked his bus in front of our office and left the engine running, instead of parking it at the right place.

“So, we started searching for the busman, but he was nowhere to be found and that was how we realized that it was the busman, who knocked down the woman.

“The driver is still at large and we are working with the police to get him arrested. We have also taken the bus to the police station.”

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