Connect with us

BIG STORY

Nigerian Banks Raise Processing Time For FX School Fees To 120 Days, Cut PTA/BTA To $2k

Published

on

Nigerian banks have announced that international school fees and upkeep requests through Form A will now be processed within 120 days.

The banks announced the development in emails recently sent to their customers.

The development comes amid the lingering forex scarcity in the country.

Form A is an application form designed by the Central Bank of Nigeria (CBN) to pay for service transactions (invisible trade) like foreign tuition, training courses and medical bills.

Through the form, Nigerians studying abroad access foreign exchange at the official rate rather than sourcing from the parallel market which is always significantly higher.

The process usually takes two to three weeks — depending on the application period.

The banks have also cut the amount of dollars for personal travel allowance (PTA) and business travel allowance (BTA) to a maximum of twice annually per applicant to the tune of $2,000 per application.

“We value your relationship with us and would like to keep you informed on updates regarding our fulfilment of Form A request,” Access Bank said.

“PTA / BTA requests are now processed a maximum of twice annually per applicant to the tune of $2,000 per application where the request is within 14 days of the travel date.

“International school fees and upkeep requests are processed within 120 days from the date of approval.

“All applications are processed and disbursed subject to FX availability, proper documentation, and provided the account to be debited is sufficiently funded to cover the Form A charge and other processing fees.

“Kindly ensure your account is sufficiently funded to accommodate the value of the transaction and charges at the time of processing as any request not backed with an adequately funded account or the required documentation will be rejected and considered a new request upon re-submission.

“Updates on pending, approved or rejected Form A requests are duly posted and accessible on the Trade Monitoring System portal.”

First Bank also told its customers that requests for foreign exchange would continue to be treated on a first-come, first-served basis, subject to availability of FX.

“Payment of PTA/BTA is subject to a maximum of $2,000 and two quarters in a year, while funds will be disbursed within the week of the trip. Customers are encouraged to apply for PTA/BTA some weeks ahead of their trip,” the notice reads in part.

“Application for upkeep is subject to a maximum of $1,500 (or its equivalent in other currencies) per semester and limited to 2 semesters per session.

“Payment of school fees is subject to a maximum of $7,500 (or its equivalent in other currencies) per semester and limited to 2 semesters per session.

“A minimum of 16 weeks is required for processing school fees and upkeep/maintenance, after the submission of documents along with the approved Form A at the branch.”

“Application for Form A for school fees, student upkeep and PTA/BTA, must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) and must be in line with regulatory requirements.”

Earlier report has it that the Manchester Metropolitan University asked the CBN to speed up the payment of tuition transactions for Nigerians studying in the United Kingdom.

The university management complained the difficulty experienced by Nigerian students with respect to payment of tuition fees had become a growing concern.

BIG STORY

IGP Egbetokun Finally Approves Hunger Protest, Asks Organisers To Submit Names, House Addresses, Others

Published

on

On Friday, Inspector-General of Police Kayode Egbetokun requested that all groups planning to participate in the upcoming nationwide protest provide their details to the Commissioners of Police in their respective states.

During a press briefing at the Force Headquarters in Abuja, Egbetokun explained that this request is aimed at ensuring a peaceful protest.

Additionally, Egbetokun revealed that the police have received intelligence indicating that foreign mercenaries are involved in the planned protest.

This information has raised concerns about potential violence and unrest, prompting the police to take proactive measures to maintain public safety and order.

By submitting their details, protest groups can help the police to better understand their plans and take necessary steps to prevent any potential disruptions or security threats.

He said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest. However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.

“To facilitate a successful and incident-free protest, they should please provide the following information.”

Other guidelines, according to him, are “stating the proposed protest routes and assembly points. 2. Expected duration of the protest. 3. Names and contact details of protest leaders and organizers.

“Measures to prevent hijacking by criminal elements, including key identifiers for possible isolation of potential troublemakers. By providing this information, the police will be enabled to deploy adequate personnel and resources to ensure public safety.

“Designate specific routes and areas for the protest to avoid conflicts with other events or activities. Establish clear communication channels with protest leaders to address any concerns or issues that may arise.

“Minimize the risk of violence, property damage, or other criminal activity. We encourage all protestors to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.”

The top cop said they have been monitoring development surrounding protest threats, saying while some groups call for violent protests, emulating Kenya’s recent events, others advocate for peaceful demonstrations.

“However, some individuals promote peaceful protests with violent undertones, raising concerns about their sincerity. We have our history of violent protests in Nigeria, and I don’t believe we have to look to other countries to note the dangers of unchecked demonstrations.

“We commend patriots who have withdrawn from the protest due to the apparent sinister motives and ignorance of those calling for violence. We note those who have spoken out against any form of protest at this critical juncture, fearing enemies of our country may be manipulating the process.

“We confirm their fears are genuine, as we have credible intelligence on foreign mercenaries’ involvement in this planned protest. The Nigerian police urge all Nigerians to exercise caution and think twice before joining any protest group.”

Continue Reading

BIG STORY

BREAKING: Foreign Mercenaries Involved In Planned Hunger Protest — IGP Egbetokun

Published

on

On Friday, the Inspector General of Police, Kayode Egbetokun, revealed that intelligence gathered by the Force indicates that foreign mercenaries are involved in the planned nationwide protest.

During a press briefing in Abuja, Egbetokun warned Nigerians to exercise extreme caution and carefully consider the consequences before participating in any protest group.

Egbetokun said, “We have been monitoring development surrounding protest threats. While some groups call for violent protests, emulating Kenya’s recent events, others advocate for peaceful demonstrations.

“However, some individuals promote peaceful protests with violent undertones, raising concerns about their sincerity. We have our history of violent protests in Nigeria, and I don’t believe we have to look to other countries to note the dangers of unchecked demonstrations. We commend patriots who have withdrawn from the protest due to the apparent sinister motives and ignorance of those calling for violence.

“We note those who have spoken out against any form of protest at this critical juncture, fearing enemies of our country may be manipulating the process. We confirm their fears are genuine, as we have credible intelligence on foreign mercenaries’ involvement in this planned protest. The Nigerian police urge all Nigerians to exercise caution and think twice before joining any protest group.”

He urged citizens to think twice before joining the protests, citing the potential risks and unknown motivations of external influences.

 

More to come…

Continue Reading

BIG STORY

Alaba Traders Oppose Planned Hunger Protests, Reaffirm Belief In Tinubu’s Governance

Published

on

Chief Camilus Amajuoyi, President General of Alaba International Market in Ojo, Lagos, has announced that the market’s members will not participate in the planned nationwide protests.

This decision, he explained, is not due to a lack of awareness of the current economic hardships, but rather a belief that mass protests may not be the most effective solution at this time. Amajuoyi emphasized that many traders in the market rely on daily income and cannot afford to disrupt their business activities.

He highlighted the struggles of the informal sector, which includes many market members, who have been severely impacted by the tripling of business costs without receiving any government palliatives, incentives, or interest-free loans to alleviate their difficulties.

He however expressed his confidence in President Bola Ahmed Tinubu’s ability to address the nation’s pressing issues.

“The fluctuating exchange rates and high costs of duties at national ports, coupled with increased transportation expenses, have made it nearly impossible for business owners to plan effectively. These factors have contributed to the sharp rise in the prices of goods and services across the country.

“These are realities staring Nigerians in the face, from the North, East west and South of the nation. Even at that, we members of Alaba International market unequivocally state that we are not going to partake in any planned protest in Nigeria, we are not closing our market in solidarity with any group or persons with regard to any protest.

“We believe that President Bola Ahmed Tinubu will definitely find a lasting solution to the numerous challenges facing Nigerians now, ranging from insecurity, high cost of food, drugs, transportation, bad roads, corruption among other things,” Amajuoyi said.

Amajuoyi however decried the perilous state of the only access road to Alaba International Market, which has caused numerous accidents involving heavy-duty trucks.

He urged the Lagos State government to prioritize the repair of this critical route and focus on other projects that could significantly reduce the suffering of the masses.

He also warned potential protesters to stay away from Alaba International Market to prevent any looting or damage to goods.

He called on the Lagos State government, Nigerian police, military, DSS, and other security agencies to ensure that all market places are protected from criminal elements.

“Our market will not be a venue for protests, and we will not tolerate any disruptions,” Amajuoyi stated.

Continue Reading

Most Popular