Former Governor of the Central Bank of Nigeria (CBN) Dr Paul Ogwuma has warned against plans by the National Assembly to whittle down the powers of the CBN through the amendment of the CBN Act 2007. This is even as current CBN Governor, Sanusi Lamido S...
The Murtala Muhammed International Airport, Lagos, on Friday recorded passenger traffic of 4,664 processed for departure. According to Yakubu Dati, General Manager Corporate Communications, FAAN, “ This was the highest number recorded in the year...
The Central Bank of Nigeria (CBN) has directed the 16 Mobile Money Operators (MMOs) in the country to fully connect to the National Central Switch (NCS) before Feb. 28, 2013. The CBN gave the directive in a circular entitled “Ti...
The minister of transport, Sen Idris Umar yesterday flagged off the much-awaited Lagos-Kano Intercity Train Services and haulage of petroleum products by railway, lifting 450,000 litres of diesel billed from Lagos to Offa and commuting thousands of pas...
Two oil marketers, Aro Bamidele and Abiodun Bankole, yesterday said they were in talks with the Economic and Financial Crimes Commission (EFFC), regarding the N1.3 billion fuel subsidy charge preferred against them. They made this known through their l...
To drive the Cashless initiative and provide value added services to customers, during the festive season, United Bank for Africa (UBA) Plc, Africa's global bank, has removed access fees for all electronic channels and lowered transaction fees for its range of electronic products (e-products) and services.
Customers of the bank are now empowered to access banking transactions at significantly lower rates, across the bank's electronic platforms. The Bank's e-Banking products and services include UBA Debit and Prepaid Cards, U-Mobile (Your Bank on your Mobile) and U-Direct (Your Bank on the Web).
In addition, the bank has significantly simplified the enrollment process and removed the monthly access charge on Mobile banking (U-Mobile) and internet banking (U-Direct) channels and lowered the transaction fees on transactions done on U-Mobile, U-Direct and ATM channels.
Head e-Banking, UBA Plc, Dr. Adeyinka Adedeji said "the removal of channel access fee and significant reduction of our fees is well-timed. We want our Customers to be able to send money to loved ones during this season at minimal cost and with from the convenience of their mobile and internet. Our Debit and Prepaid Cards would also address the safety concerns prevalent during this period as our Customers don't have to carry cash around."
A major highlight of the UBA gesture, according to Adedeji, is the cancellation of N100 monthly access charge to U-Mobile and U-Direct for retail customers and removal of N150,000.00 enrollment fee for web payment gateway installation on Merchant's website.
He noted that UBA remains passionate about customer service and is committed to driving the cashless initiative including pioneering the use of e-banking products, point of sales (POS), web payment and Automated Teller Machines (ATMs) in the Nigerian banking industry as a way of improving baking services to its customers.
Transactions on the Nigerian Stock Exchange (NSE) opened for the week on depressed note on Monday as some major blue chips recorded price losses. A total of 277.36 million shares worth N3.3 billion were traded in 4,310 deals. This was against the 228.6...
The Pipelines Products Marketing Company (PPMC) says security agencies have promised to deploy massive securities personnel to all petroleum pipelines across the country to curb vandalism. PPMC’s Manager, Public Affairs and External Relations, Mr...
The Nigerian Association of Small and Medium Enterprises (NASME) has urged the Federal Government to formulate policies to checkmate the importation of items that were being produced locally. Mr Nerus Ekezie, the Director, Membership Service and Public...
The Securities and Exchange Commission (SEC) on Friday called on the Federal Government to inaugurate Unclaimed Dividend Trust Fund (UDTF) to deal with issues on unclaimed dividends.
Mr Edosa Aigbekaen, Director, Legal Services and Secretary to the commission, made the call at SEC 2012 Journalists' Academy in Abuja.
Aigbekaen said that the UDTF Bill, initially before the National Assembly, needed to be revisited to bring about sanity on the issue of unclaimed dividends in the nation's bourse.
"Nigeria needs a law guiding how the national burse treats matters of unclaimed dividends, `` he said.
Aigbekaen also called for the amendment of sections of the Companies and Allied Matters Act (CAMA) relating to the timeframe for unclaimed dividends to be reverted to originating companies.
He said that investors should be able to claim their dividends at any given time, stressing that once dividends were declared, they remained debts owed investors.
The secretary said that multiple applications for shares in the past, improper address of share holder and the inefficient postal system in Nigeria compounded the problem of unclaimed dividends.
He advised investors to embrace the e-dividend payment system to ensure payment of their dividends with 24 hours after they had been declared.
Mr Ade Bajomo, Executive Director, Market Operations of the Nigerian Stock Exchange (NSE), said that NSE would soon issue a minimum registration requirement for all participants in the market.
Bajomo said that the Exchange was working with the Central Securities and Clearing System to establish what should be the minimum requirement.
He said: "the Exchange wants to move away from paper dividend".
Mr Sola Ephraim-Oluwanuga, a legal practitioner, also supported the call for the establishment of UDTF.
Ephraim-Oluwanuga said that revenue from the UDTF could be ploughed into critical areas of the nation’s economy.
``The unclaimed dividends ought to serve our economic transformation agenda, `` he said.
The News Agency of Nigeria (NAN) reports that SEC had recommended the establishment of the UDTF in 2005.
SEC has always proposed that the unclaimed dividends should be managed by an independent body.
Gov. Isa Yuguda of Bauchi on Friday called on local government councils in the country to source for other means of generating internal revenues. He advised them to depend less on federal grants. Speaking in Bauchi at the closing ceremony of a workshop...
Turnover of shares traded on the Nigerian Stock Exchange dropped by 235.6 million shares on Friday as investors exchanged 228.6 million shares worth N2.1 billion in 4,193 deals. The News Agency of Nigeria (NAN) reports that this was against the 4...
The Federal Government says it is committed to working closely with States to improve the quality and availability of timely statistics for policy formulation and implementation. Dr Shamsuddeen Usman, the Minister of National Planning Commission, said ...
Airtel Nigeria announces the successful completion of the Long Term Evolution (LTE) trial in Lagos, the commercial nerve centre of Nigeria and is ready for test in the other major cities across the country including Abuja and Port Harcourt.
The Nigerian Stock Exchange (NSE) on Wednesday said it would transform the Nigerian Capital Market to gateway of African Capital Markets. Mr Oscar Onyema, the Chief Executive Officer of the Exchange said this in Lagos at the 11TH Annual National Compet...