Connect with us


BIG STORY

Six Land Borders Have Been Opened — Customs

Published

on

Not all of the nation’s borders have been reopened, according to acting comptroller general of the Nigerian Customs Service (NCS), Wale Adeniyi.

He clarified the matter on Tuesday after meeting with President Bola Tinubu at the Aso Villa and addressing to state house reporters.

In an effort to reduce smuggling and increase domestic rice production, the country’s former president Muhammadu Buhari closed all land borders in August 2019.

Buhari commanded the immediate reopening of four land borders on December 6, 2020.

Speaking on the subject, Adeniyi noted that although a few strategically important crossings were reopened in 2022, a review is presently being conducted to determine the goals of the closure.

“Well, it is not true that all Nigerian borders have been opened. The status quo ante still exists in the borders. If you remember that the borders were completely shut down in 2018 up until 2022 when some selected strategic borders were reopened, that is still the situation as we speak,” he said.

“And this was why we had an ad hoc arrangement of a special unit coordinated by the office of the NSA (national security adviser) to enforce that border closure. But as we speak, about five of them have been reopened.

“Four were initially reopened and two more were opened after that. And that is still the situation. There are ongoing processes to review this situation against the objective of the border closure itself.

“And the processes are not yet completed. And of course, when the borders are reopened, it’s not going to be subject of rumour in any way.”

The acting comptroller-general said there are plans to visit the Republic of Benin to engage with the country’s customs administration as part of efforts to enhance border security and regional integration.

“The aim of the visit is to foster collaboration, address border security concerns, facilitate importation across the border, and explore technological solutions to complex border challenges,” he added.

‘Eradication Of Fuel Smuggling Might Take Time’

Addressing the issue of fuel smuggling despite the removal of the petrol subsidy, Adeniyi acknowledged that complete eradication may take time.

He said some border areas have reported seizures of fuel, adding that the rate of smuggling has considerably reduced.

He expressed hope that ongoing policies being implemented by the current administration would “completely” eliminate fuel smuggling across borders.

“Well, sometimes we just want to assume that because of the subsidy, the problem will evaporate one day. So the sense I was trying to create was that it might take some time before the issue of smuggling of fuel across the border will completely dissipate,” he said.

“So in some border areas, we had reports of seizures of fuel and that is what we heard. So it was the assumption generally, that because the fuel is now sold at N500 per litre it will be a disincentive for smuggling.

“But contrary to that, we have seen that they are smuggling it across the borders. The rate at which this is being smuggled has reduced considerably.

“And it is our hope that by the time we mix some of these other policies that government is working on, it will completely eliminate the problems of smuggling of fuel across borders.”

BIG STORY

UBA, Wema, GTB Resume International Transactions On Naira Cards After Years Of Suspension

Published

on

Three commercial banks in Nigeria have revealed the recommencement of international transactions on their naira cards. In separate messages to customers, the United Bank of Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTB) confirmed that the service is back on their naira cards. This change comes about three years after several banks halted international transactions on naira debit cards.

In a recent notice to customers, UBA stated the resumption is part of its ongoing commitment to delivering seamless and improved banking experiences. “In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the message read. “This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility. If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”

In its own statement, Wema Bank informed customers they could now “pay in dollars” using their naira cards. “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube,” the bank noted.

In an email to customers, GTB explained that users can spend up to one thousand dollars every quarter with its naira card worldwide. “We are pleased to inform you that you now have a quarterly limit of $1,000 on your GTBank Naira Card to pay for all your favourite things anywhere in the world,” it said. “Withdrawals at ATMs Abroad: $500 quarterly. Online and POS Transactions: $1,000 quarterly. Kindly note that the quarterly limit of $1,000 covers all transactions including ATM cash withdrawals abroad, purchases on international websites, POS payments outside Nigeria, and more.”

WHY BANKS ARE MAKING THE SHIFT

Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, explained that the improved liquidity in the foreign exchange (FX) market encouraged banks to restart global transactions with their naira cards. “The moderating premium on the parallel market transactions and the reduced arbitrage opportunities is also responsible for the decision,” he said.

Charles Sanni, chief executive officer of Cowry Treasurers, told TheCable that the smaller spread between the official and parallel market rates likely influenced the move. He added that interest rates are very high in Nigeria, which discourages borrowing to speculate on foreign exchange. “The naira has also continued to appreciate against the other major currencies of the world. More so, there has been increased diaspora remittances based on the new policy of the Central Bank of Nigeria (CBN) on opening of accounts for non-residents, particularly Nigerians in diaspora,” he explained.

Sanni also pointed to renewed confidence in FX management by the federal government and the CBN, noting improvements in fund transfers and capital repatriation. He mentioned that factors such as an improved credit rating for Nigeria, the clearance of FX backlogs, a “new trading platform, increase in oil prices from geopolitical conflicts, and banks capitalisation” also played a role.

Between July 2022 and January 2023, several other banks had also temporarily stopped international transactions on ATMs and POS channels. The pause was due to severe FX scarcity, which posed a risk to vital sectors of the economy.

In July, Standard Chartered Bank halted international transactions on its naira visa debit card. First Bank of Nigeria (FBN), on September 21, 2022, announced it would stop international transactions on its naira Mastercard. Three months later, Guaranty Trust Bank (GTBank) suspended global payments on its naira Mastercard, and Zenith Bank followed suit on January 9, 2023.

Flutterwave, Eversend, and other fintech platforms also suspended their virtual card services for international transactions.

Continue Reading

BIG STORY

BREAKING: Court Finds Natasha Guilty Of Contempt, Fines Her N5 million

Published

on

The Federal High Court in Abuja on Friday convicted the senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, for contempt over a satirical apology she posted on her Facebook page on April 27.

Justice Binta Nyako, delivering judgment in the suit filed by Senator Akpoti-Uduaghan challenging her suspension, began with the contempt application submitted by the Senate President, Godswill Akpabio.

Akpabio, in his application, argued that the senator’s social media post breached an earlier court order that restrained all parties from speaking to the press or posting on social media about the matter.

Akpoti-Uduaghan’s counsel contended that the post was unrelated to the court’s order on her suspension but was about a separate matter involving sexual harassment claims against the third respondent (Akpabio).

However, Justice Nyako ruled that after reviewing the post and the application before her filed by the third respondent, she was convinced it was connected to the suspension case before the court and therefore declared the plaintiff guilty of contempt.

The judge directed Akpoti-Uduaghan to publish an apology in two national newspapers and on her Facebook page within seven days. She also imposed a fine of N5 million.

 

More to come…

Continue Reading

BIG STORY

BREAKING: Court Orders Senate To Recall Suspended Natasha Akpoti

Published

on

A Federal High Court sitting in Abuja on Friday ruled that the Nigerian Senate exceeded its powers by suspending Senator Natasha Akpoti-Uduaghan for six months, ordering her to be immediately recalled to the Red Chamber.

Justice Binta Nyako, delivering the judgment, described the suspension period as “excessive” and lacking a solid legal basis.

The court stated that both Chapter 8 of the Senate Standing Orders and Section 14 of the Legislative Houses (Powers and Privileges) Act, which the Senate relied on, do not specify a maximum suspension length. Therefore, their application in this situation was considered overreaching.

The judge noted that since the National Assembly is only mandated to sit for 181 days in a legislative year, suspending a lawmaker for about the same length of time effectively silences an entire constituency, calling it unconstitutional.

“While the Senate has the authority to discipline its members, such sanctions must not go so far as to deny constituents their right to representation,” Nyako ruled.

However, the court agreed with Senate President Godswill Akpabio on a different issue, ruling that his decision to prevent Akpoti-Uduaghan from speaking during a plenary—because she was not in her designated seat—did not violate her rights.

Nyako also dismissed Akpabio’s argument that the judiciary should not interfere in what he described as an “internal affair” of the legislature, saying fundamental rights and representation fall squarely within the court’s jurisdiction.

In a separate twist, the court imposed a monetary penalty on Akpoti-Uduaghan for violating an earlier court directive that barred both parties from making public comments about the ongoing legal proceedings.

The fine amounts to millions of naira.

Continue Reading



 

Join Us On Facebook

Most Popular