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  • Trade Restrictions Policy To Protect Local Industries, Emefiele Tells Okonjo-Iweala as WTO DG Proposes Remedies

    Trade Restrictions Policy To Protect Local Industries, Emefiele Tells Okonjo-Iweala as WTO DG Proposes Remedies

     

    The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on Tuesday defended the apex bank’s restrictive trade policy, stressing that it was meant to protect local industries from unfavourable competition and to create jobs for Nigerians.

     

    He said with the country’s high unemployment rate, it was inevitable to create job opportunities and provide an enabling environment for the unemployed to live a gainful life.

     

    Emefiele, during a meeting with the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, in Abuja, assured the international community that Nigeria remains open to business from any part of the world.

     

    He also attributed the CBN’s policy to restrict foreign exchange to dairy companies which refused to align with its backward integration programme, to the need to protect the national interest.

     

    Emefiele’s clarification followed concerns raised by Okonjo-Iweala that the European Union (EU) had filed complaints about some of the CBN’s trade restriction policies before the organisation, particularly on the use of devaluation of the balance of payments agreement to protect the dairy industry.

     

    But Emefiele said the decision on dairy products was not taken unilaterally by the apex bank, adding that about six major industry players unanimously agreed to take action against those opposed to the backward integration plan to boost job creation.

     

    He said: “We do know one way or the other, people may have said a few things about the way we have conducted our trade, but I think it’s important for me to say that some of those things have been done to also help protect our own industries.

    “We need to give a chance for our local industries to create jobs and employment.

     

    “The unemployment rate in Nigeria, I dare say, is very high. Our youthful population of people of the age of about 18 to 40 is almost close to about 60 per cent of the population. You can use that to your advantage and you could also use that to your detriment.

     

    “The fact that we need to create jobs for this set of people, we need to create an enabling environment for this set of people to live a gainful life, means that we have a responsibility to do so and in doing so, we will need the support of institutions like yourself (WTO) to work with us.”

     

    Emefiele, however, added that even though the CBN may have faltered in some of its policy interventions, these could be rectified by working closely with the WTO.

     

    “We may have faltered in a few areas, I am not going to deny that, we will be willing to engage with you (WTO) in areas where we have concerns. And if those concerns are addressed, I want to assure you madam DG that we will work with you.

     

    “Nigeria is open to business in any part of the world and we will like to work with you,” he stated.

     

    On the policy action in the dairy sector, the CBN governor said: “We called a meeting about six years ago when I resumed. I said look, Nigeria has dairy potential by the cattle and the rest of them; let’s see what can be done. Nothing was done. We called dairy companies.

     

    “Two years ago, we started again, we said listen, we are going to start a programme where we are going to place FX restrictions on those who want to import dairy into Nigeria. Six of them came on board- Friesland and a few of them.

     

    “And at a meeting next door there, what did they say? They said, governor, you have been putting us under pressure to invest locally in the dairy industry- what do you do to those who are not doing anything about it?

     

    “At that meeting, we took a decision that those who are not embracing our own backward integration programme in the dairy industry should be restricted.

     

    “It was not my decision, it was a decision taken. Before you (Okonjo-Iweala) were probably born or before I was born, Friesland Campina has been importing milk into Nigeria, how come for over 60 years nothing has been done by this company to backward integrate and begin to produce dairy in Nigeria?

     

    “Does that mean Nigeria does not have the potential? The answer is no. So that’s why we in the monetary and fiscal authority must put everybody’s feet on fire so that the right things are done for the good of Nigeria and Nigerians.”

     

    Emefiele said the current administration was serious about opening up the country to aid its economic diversification from oil to non-oil areas.

     

    He added: “We have those endowments, it is just that we have to work at it but we need the help of multilateral institutions like yourself to work with us. Luckily, you are there from Nigeria.

     

    “Of course, the transition of the Nigerian economy from oil to non-oil, whether we like it or not, we don’t have a choice.

     

    “It’s important that Nigeria really needs to sit up and talk about how to improve its transportation infrastructure, energy infrastructure so that we begin to talk about how do we effectively move goods or food from farm to market in a way and then from the market, not only for domestic consumption but also for export.”

     

    He said the federal government was doing a lot in that direction, explaining that the president only a few months ago, approved the establishment of an infrastructure corporation where the CBN, AFC and NSIA will be raising equity of about N1 trillion and raise another N14 trillion from the debt market to see how Nigeria’s infrastructure, not just roads, could be developed.

     

    He explained further: “We talk about the ports and other areas where we think there are deficits that will help improve the logistics in Nigeria.

     

    “So, we will be calling on the private sector to come to work with us to see how we can achieve this. We are thinking effectively on how to aggressively resuscitate Nigeria’s commodity exchange again so that on one hand, you will find those buyers who want to buy goods and on other hand, the commodity exchange stands in-between to also negotiate and also buy from those who have produced those goods.”

     

    Emefiele, however, assured Okonjo-Iweala that the next three years will be exciting as the federal government, with the support of both the monetary and fiscal authorities is working to address inefficiencies that make it difficult for people to conduct their businesses.

     

    He said while the country would be engaging with the WTO team to resolve inherent issues, “we need to think of how can we open up Nigeria? We need your help in these areas.”

     

    Responding, Okonjo-Iweala proposed that the CBN’s concerns about protecting the local industries against dumping and cheap imports could be addressed by embracing the WTO trade remedies, rather than placing a ban on imports.

    She also commended efforts by Nigeria to establish a trade remedies authority so as to use “remedies as a tool to help our industries to grow.”

     

    She said: “I have to raise issues about the BoP (Balance of Payment). We have a complaint against us by the EU about the use of devaluation of the balance of payments’ agreement with respect to trying to protect the dairy industry.

     

    “And they feel that this is not the right instrument. So as DG WTO, I have to make this known. But this is an issue which you said you’d like to engage on in a little more details so we can discuss that later and how to go about it.

     

    “I want to say that the WTO has what we call trade remedies, which can help us without banning things to be able to protect our industries against dumping and cheap imports if we use those remedies.

     

    “I understand Nigeria is trying to establish a trade remedies authority and I want to strongly support that so we can use those remedies as a tool to help our industries to grow.”

     

    She also commended the CBN governor for his efforts in assisting to produce a private sector-led initiative that raised funds for addressing the impact of the COVID-19 pandemic in the country.

     

    She said the pandemic had now “opened our eyes to see that we need to start doing something about the pharmaceutical industry in Nigeria.”

     

    She stressed the need for the country to establish a strong pharmaceutical industry to cope with future challenges as well as create an enabling environment for them to thrive.

     

    According to her, Africa imports over 90 per cent of its pharmaceutical needs.

     

    She said: “With the population of the AfCFTA with a market of 1.3 billion people, which Nigeria is the largest with over 200 million people, I think there’s room.

     

    “We should ask ourselves the question you raised governor. Why is it that the pharmaceutical companies that opened here struggled and closed?

     

    “What are we doing to make sure this doesn’t happen and what are we doing to make sure that our own domestic manufacturers or pharmaceuticals have the appropriate environment they need?”

     

    “We have now seen what happens. If you have this pandemic and you don’t have some ability to provide, you have to wait.

    “I want to say that we have what it takes in this country, particularly in our young people, to do the necessary which is to look forward to how we are going to create jobs and move this economy in the direction that will support our youths in the future.”

     

  • EFCC Orders Bankers to Declare Assets by June 1

    EFCC Orders Bankers to Declare Assets by June 1

     

    The Economic and Financial Crimes Commission (EFCC) has given bank employees June 1, 2021 deadline to declare their assets.

     

    EFCC Chairman, Mr. Abdulrasheed Bawa, told State House correspondents in Abuja after a meeting with President Muhammadu Buhari on Tuesday that the move was aimed at checking the role of banks in keeping funds acquired illegitimately.

     

    He stated that he discussed with the president efforts of the commission towards eradicating financial crimes.

     

    He said: “Let me just put this, we understood that at the tail end of every financial crime is for the criminal to have access to the funds that he or she has illegitimately gotten and we’re worried about the roles of financial institutions.

     

    “And we have discussed, but we hope that all financial institutions, particularly the bankers, will declare their assets as provided for by the law, in accordance with the Bank Employees Declaration of Assets Act.

     

    “And that the EFCC, come the 1st of June 2021, will be demanding these asset declaration forms, filled by the bankers so that the line that we have drawn from the 1st of June is really complied with by bankers in particular,” he said.

     

    He added that the agency has arrested about 300 cybercriminals nationwide between February and March.

     

    “As a young man, I am appealing to all young Nigerians to desist from these cybercrime activities. It is bringing a bad image to our country. It is giving a bad name to our country. It is also chasing away a lot of foreign investment that we need.

     

    “And I call on all parents, guardians, and, of course, elders in the community, in the society to talk to these young people to desist from these crimes.

     

    “These are crimes that they commit online. And of course, there is nothing like patting your back to say go and sin no more. Our laws do not provide for that. It is a crime and as we say in EFCC, EFCC will get you anywhere, anytime,” Bawa said.

  • Excitement, Commendations as Zenith Bank Pays N94.2bn Dividend

    Excitement, Commendations as Zenith Bank Pays N94.2bn Dividend

     

    Shareholders of Zenith Bank Plc on Tuesday approved the payment of proposed N94.19 billion dividend for the year ended December 31, 2020.

     

    The shareholders commended the board and management of the bank for the improved financial results and dividend payment, which translated to N3.00 per share. An interim dividend of N0.30 was paid last year while a final dividend of N2.70 was recommended and would be paid after the approval by the shareholders.

     

    The shareholders were excited that despite a challenging macroeconomic environment exacerbated by the COVID-19 pandemic, Zenith Bank Plc posted gross earnings of N696.5 billion, which showed an increase of 5 per cent from N662.3 billion reported in the previous year.

     

    Non-interest income grew by 8 per cent from N232.1 billion in 2019 to N251.7 billion in 2020 and while non-interest income rose from N415.6 billion in 2019 to N420.8 billion in 2020.

     

    Similarly, profit before tax (PBT) increased by 5.0 per cent, growing from N243.3 billion to N255.9 billion in 2020 as a result of a blend of growth in the top line and a significant reduction in interest expense. Interest expense reduced from N148.5 billion in 2019 to N121.1 billion in 2020, significantly increasing the net interest income from N267.0 billion in 2019 to N299.7 billion in 2020.

     

    The group’s increased retail activities translated to a corresponding increase in retail deposits and loans. Thus, retail deposits grew by N612.7 billion from N1.11 trillion to N1.72 trillion, while savings balances grew by 88 per cent to close at N1.16 trillion.

     

    According to the bank, this retail drive, coupled with the low-interest yield environment helped reduce the cost of funding from 3 per cent to 2.1 per cent and reduced interest expense.

     

    Although returns on equity and assets also reduced from 23.8 per cent to 22.4 per cent and from 3.4 per cent to 3.1 per cent, respectively, Zenith Bank still delivered improved earnings per share (EPS), which grew 10 per cent from N6.65 to N7.34 in 2020.

     

    A further breakdown of the performance showed that the group also increased corporate customer deposits, which alongside the growth in retail deposits, delivered total deposit growth of 25 per cent to close at N5.34 trillion, and drove growth in market share.

     

    Total assets also increased by 34 per cent, from N6.35 trillion to N8.48 trillion. In spite of the COVID-19 pandemic and its associated challenges, the group created new viable risk assets as gross loans grew by 19 per cent from N2.46 trillion to N2.92 trillion. This was achieved while maintaining a stable and low overall NPL ratio of 4.29 per cent compared with 4.3 per cent in 2019 across the entire portfolio and an increase in the cost of risk from 1.1 per cent to 1.5 per cent, reflecting the elevated risk environment in 2020.

     

    The group recorded liquidity and capital adequacy ratios of 66.2 per cent and 23 per cent and remained above regulatory thresholds of 30 per cent and 15 per cent, respectively.

     

    Consistent with this superlative performance and in recognition of its track record of excellent performance, Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and Best Corporate Governance ‘Financial Services’ Africa 2020 by the Ethical Boardroom.

     

    Also, the bank emerged as the Most Valuable Banking Brand in Nigeria, for the fourth consecutive year, in the Banker Magazine “Top 500 Banking Brands 2021” and Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine. Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the THISDAY Awards 2020, Retail Bank of the year at 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.

  • NCAA Suspends Azman Air Operations

    NCAA Suspends Azman Air Operations

     

    The Nigerian Civil Aviation Authority, NCAA, has suspended Azman Air flight operations.

     

    In a statement on Tuesday, NCAA Director-General, Capt. Musa S. Nuhu, said the suspension was with immediate effect.

     

    The regulatory authority said that following series of incidents involving the airline’s Boeing 737 aircraft, it has to shut down the operations of the local carrier.

     

    “NCAA has pursuant to Section 35 (2) of the Civil Aviation Act, 2006 and Part 1.3.3.3 (A) of the Nigeria Civil Aviation Regulations (Nig.CARs) 2015, suspended the operations of all the Boeing 737 aircraft in the fleet of Azman Air Services Limited, with effect from March 15, 2021,” the statement said.

     

    The authority also explained that the suspension was to enable it conduct an audit of the airline to determine the root cause(s) of the incidents, and recommend corrective actions to forestall re-occurrence.

     

    “The NCAA regrets the inconvenience this action may cause to the public, particularly to Azman Air passengers but the need to ensure the safety of air transport and protect the public interest cannot be compromised.

     

    “The Nigerian Civil Aviation Authority will continue to ensure compliance to its regulations in the interest of safety and will viewed any violation(s) seriously,” the statement added.

     

    Earlier yesterday, Azman Air had sent a message through its twitter account, @AzmanAir that it would suspend its operations in order to carry out an audit of its safety processes.

     

    The airline did not say that it was directed by NCAA to do so.

     

    “Due to strong stance on safety, @AzmanAir will be undergoing an audit of its safety processes as supervised by the regulators. In this regard, all our operations are hereby suspended. We are on our toes to restore operations within a short period. Kindly accept our apologies,” the airline stated.

     

  • Stanbic IBTC Expands Services With Life Insurance Subsidiary

    Stanbic IBTC Expands Services With Life Insurance Subsidiary

     

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has introduced an insurance subsidiary – Stanbic IBTC Insurance, thereby adding to its ever-growing bouquet of financial services available to the public.

     

    The addition of the insurance subsidiary followed regulatory approvals as well as the issuance of a license from the National Insurance Commission (NAICOM) which granted the new entity the right to commence its business operations.

     

    Speaking at the launch of the new business, Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance stated that the new business will continue in the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.

     

    Stanbic IBTC Insurance has developed a variety of simple Life insurance products that will address the unique insurance needs of its customers.

     

    It will also facilitate long-term insurance for individuals by offering them innovative and seamless insurance solutions that can be accessed electronically with ease. This means that consumers will be able to purchase insurance products, make timely claims submissions quickly and efficiently from wherever they are.

     

    While commending the government and industry regulator – NAICOM, on the great achievements made in the insurance industry, Mr. Orimolade highlighted some improvements that would aid industry growth and enhance customer experience. At the top of the list would be for the National Insurance Commission to continue to collaborate with service providers to encourage the use of technology in delivering seamless insurance solutions to everyone.

     

    The Chief Executive also spoke on the low level of insurance penetration in the Nigerian market. He emphasised that there are bountiful opportunities to grow the Nigerian insurance market since less than 10 per cent of the Nigerian populace are currently insured, not to mention that more and more Small and Medium Enterprises (SMEs) are now seeking out insurance solutions. This is a clear indicator of room for growth in the industry. It will also be ideal for insurance to partner with Telcos to improve on the lives of customers.

     

    “The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives,” Orimolade stated. He further highlighted the need to innovate and evolve to meet the changing needs of the insurance ecosystem and this is where Stanbic IBTC Insurance comes in.

     

    “The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made. We are positive that this venture will bring smiles to the faces of our customers”; the Stanbic IBTC Insurance Chief Executive added.

  • Pay-Per-View: Bilesanmi Reads The Riot Act To Pay-Tv Operators as ATCIS Celebrates 2021 World Consumer Right Day

    Pay-Per-View: Bilesanmi Reads The Riot Act To Pay-Tv Operators as ATCIS Celebrates 2021 World Consumer Right Day

    By ADEBAYO Adeniyi
    The National President of the Association of Telephone, Cable TV and Internet Subscribers of Nigeria (ATCIS), Hon Prince Sina Bilesanmi has expressed disappointment with the Pay TV operators in the country over their failure to implement the much desired pay-per-view regime by Nigerians.

     

    Bilesanmi made this known as the association joined the rest of the world to mark the Year 2021 World Consumer/ Subscriber Rights Day on 15th March 2021 in Port Harcourt.

     

    The Association of Telephone, Cable TV and Internet Subscribers of Nigeria (ATCIS) is the nation’s number one subscriber advocacy body promoting subscribers’ interests as well as defending their rights with over 208 million telephone subscriber members across the six geopolitical areas of Nigeria.

     

    Since it was founded in 2014, ATCIS has been the leading telecom masses advocate.

     

    Speaking with his Excos members and press men at Port Harcourt in River State on his determination to continue to “SORO SO KE”, meaning speaking out and fighting for the rights of Nigerian Telephone, Cable TV and Internet subscribers, Hon Sina Bilesanmi aka OJUEKO, said over the years, in its sustained effort in protecting the interest and right of telecoms subscribers in Nigeria, the association, ATCIS has spent about N370 million since 2014 till date which has basically been on self- sponsored by members without Government agency like NCC, NBC,FCCPC and NIMC input.

     

    The association, he said, has made over 700 newspaper publications, both local and international as well as online news publication, radio and national television stations Interviews with about 98 landmark achievements so far.

     

    The ATCIS National President noted; “You and I have seen that indirectly, the operators of PAY TV control by NBC in Nigeria are doing everything to take us back to the past, when only a few people could afford to use the service. This may not be their direct action, but by implications, it is just more or less the same.

     

    “Today, we say NO to extortion of Nigerians by pay-tv operators in the country who have refused to listen to the laws of the land, pains and cries of the people as all they want is keep milking Nigerian subscribers even at a critical time such as this.”

     

    Bilesanmi said all subscribers in Nigeria are totally ashamed and disappointed with Mr. John Ugbe, Managing Director of Multichoice, operators of DSTV/GOTV based on his response on Pay-As –You Go.

     

    Ugbe had said the company would not be able to implement the policy of PAYGO.

     

    According to him, Pay Per View (PPV), is most times confused for PAYGO model deployed by mobile telecommunication companies.

     

    The PAYGO model as offered in the telecommunication business is a metered service where consumers are billed only for the service they consume and not for a fixed period.

     

    However, the ATCIS President said with whatever figure out there, he believed the time the operators have spent in Nigeria is enough for them to learn how to treat Nigerian subscribers with fairness and empathy, given how much they make yearly from their operations in the country.

     

    He said on the contrary however, they have continued to be insensitive and nonchalant.

     

    “From where we stand, ATCIS can say that these people lack regards for subscribers satisfaction and sense of social responsibility.

    “To clear any doubt, this attribute manifested as the operators insisted on hiking subscription rates in Nigeria, even at the peak of the Coronavirus pandemic which had already wrecked havoc on the means of livelihood of many Nigerians.

     

    “MultiChoice and Startimes, for instance, insisted on collecting more from Nigerians. It was hell bent that Nigerians must pay more for the same service even when they earn less.

     

    Speaking further, Bilesanmi said; “On this matter, we have met MultiChoice and Startimes with a couple of times to iron things out. All our efforts and messages have been falling on deaf ears. In other countries, operators have had to soft-pedal on price increase in order not to burden their subscribers unnecessarily.”

     

    He noted that ATCIS remains resolute to ensure that pay-TV subscribers in Nigeria are treated with fairness by the operators.

     

    “We stand against price hikes that smack of extortion and exploitation. The fact that Nigerians are getting used to the pay-tv services does not mean we should be incurring more cost than necessary, especially as majority of the people spend only few hours to access the content. There should be fairness in pricing.”

     

    According to him, Pay-per-view is the way to go.

     

    “We have said this over and over again. The only thing that we want to say is that, pay-tv subscribers from the jaws of the operators are to start running Pay-per-view model. Years have passed and we are still on this matter. We are not asking the operators to give us the service pro bono, all we are saying is: let us pay only for what we watch and nothing more.

     

    “We are aware that ATCIS, the initiators who pushed pay as you go to Senate/House of Representative Committee on Communications recently summoned one of the operators to talk about the possibility of running pay-per-view subscription model in Nigeria. Of course, the response of the operators will always be predictable. They will keep telling us that technically, pay-per-view is not possible.

     

    “We are not surprised to hear this however. Something similar had happened before when we were made to believe that per seconds billing of GSM voice service was an illusion. But later, the impossibility suddenly became a possibility when another operator introduced per second billing system.

     

    “So, we refuse to buy the idea that pay-per-view is not possible in Nigeria because this same model is being used in some other countries.

     

    “We insist that there must be a new subscription regime for pay-tv operation in Nigeria. Even if the current subscription model would be retained, we need pay-per-view model to be another option. This will give people a choice.

     

    Speaking on NBC, Bilesanmi said ATCIS is worried to see that after the Nigerian authorities gave directives to the operators, Startimes, especially MultiChoice, the owner DSTV/GOTV to reduce subscription rates and introduce pay-per-view model, nothing has changed despite the clamour of the people’s.

     

    “To our utter disbelief, nobody has been sanctioned or called to face the music. We sometimes wonder if our government authorities are truly for us; or if at all they even possess the nerve to face those that are violating the laws of the land. Extortion of the people via pricing is not just a subtle offence; it is a serious issue that must be addressed.”

     

    “At this point, We demand that Nigerian authorities, such as the National Broadcasting Commission (NBC), Ministry of Information and Culture, Ministry of Telecommunication and Digital Economy, Nigerian Communication Commission.(NCC), Federal Competition & Consumer Protection Commission and the National Assembly work together to carry out a cost-based research of the pay-tv market to be able to set floor and cap for subscription rates in the country.

     

    “Secondly, in respect of pay-per-view, ATCIS urge the authorities again to stop depending on only what they are told by operators as regards the technical possibility of the pay-per-view model. This is nothing but laziness on the part of the Nigerian authorities. We still remember vividly how such indolence in telecoms sector cost Nigerians billions of naira two decades ago because the authorities simply believed what they were told that per-second billing system was not possible.

     

    “Let the authorities do their thorough research regarding pay-per-view model and how it is being used in other countries and why Nigeria cannot be an exception. If they can do this, they would not need to be ladled by the operators whose primary intention, if not only interest, in Nigeria is to make money even at the expense of subscribers’ welfare.

     

    “To President Muhammadu Buhari , we believe now is the right time for this administration to fire leaders of those agencies that are not ready to work with him to promote the rights of subscribers through the agencies. So much is expected from National Broadcasting Commission, Nigerian Communication Commission, Orientation Agency, Federal Competition and Consumer Protection Commission, FCCPC and others. The failure of the agencies will be blamed on the Buhari’s administration. The President must rise up and do something.

     

    “We can see that, through ATCIS the Nigerians have awakened to defend their rights and interests because they have waited for too long for the authorities to do the right thing but with no hope in sight.

     

     

    “Late Chief Awolowo said that, Nigerians will rise to fight for themselves because nobody will fight for them. Oppressor are Network Providers, Pay Tv investors like DSTV, GOTV, STARTIMES, the bad one’s among Govt agency, Lawmakers, Policy makers, who do not give freedom willingly for example ATCIS have demanded since March 10, 2020, today make it one year ago we demanded all this items listed from Govt agency in Nigeria (NCC, NBC & FCCPC ) they’re the major problem to 208 Million Subscribers from NCC & NBC to MNOs that;

     

    (1) As stakeholders; ATCIS must always be carried along.

     

    (2) Any products by Mobile Network Operators / Service Provider’s for Subscribers interest must seek ATCIS endorsement.

     

    (3) Improved quality of Telecom Services.

     

    (4) Reduction in the tariff’s of Data & Voice.

     

    (5) Drop call should be uncharged for.

     

    (6) Borrowing of funds at 15% interest rate is a high rate, ATCIS call for 5% charge’s

     

    (7) Affordable & Reliable internet service should be provided for Subscribers

     

    (8) Free data & call’s on every Nigeria independent day October 1st, just one day to all my members with over 200 million Subscribers yet to be implemented, NCC should take note,

     

    (9) Oppressor are those from NBC who are against Pay Per View or Pay As You Go (PPV or PAYG).

     

    “Until we Telecom Subscribers, Concerned Lawmakers, Policy makers, Govt. agency in Nigeria stand up together and demand for our rights as a King not a slave. Know your Rights as a Subscribers, Be Respected & Be protected. ATCIS is watching, ATCIS number is our Strength.

     

    Bilesanmi said the ATCIS Success Story achievements so far would be unveiled to all Subscribers at a Press Conference which will come up by next Month April 2021.

     

  • WTO Worried About Nigeria’s Exchange Rate Regime, Says Okonjo-Iweala

    WTO Worried About Nigeria’s Exchange Rate Regime, Says Okonjo-Iweala

     

    The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, says the world trade body is worried about Nigeria’s multiple exchange rate regime and how it affects international trade.

     

    While responding to questions from journalists after a meeting with President Muhammadu Buhari in Abuja on Monday, the former finance minister said some member states of the WTO have complained about Nigeria’s invoking the balance of payment agreement to make to be able to conserve foreign exchange.

     

    “WTO has one of the agreements of balance of payments, and Nigeria certainly invoked this to be able to conserve foreign exchange. But some other members have brought a complaint against us (Nigeria) that we shouldn’t have used this article in that way,” she said.

     

    “Yes, the WTO is concerned about foreign exchange, the way we manage it, the way we use it, and how we use it to support manufacturing or imports and exports in our economy.”

     

    Okonjo-Iweala said she will meet with Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), to further discuss the situation.

     

    “I think that we had that discussion with them, they complaints about the exchange rate regime and we (Nigeria) try to explain.

     

    “I shouldn’t say we because I’m now DG WTO, it is for Nigeria’s representative to explain to the WTO, to those members complaining why we’re doing this.

     

    “But eventually, I think having a strong exchange rate and being able to phase out of this, I think we’ll be heading in that direction. We’re also going to see the governor of the central bank, and will undoubtedly discuss some of these issues.”

     

    Commenting on the non-functioning WTO’s dispute settlement system, Okonjo- Iweala said there would be discussions with all members including the United States on how to make it work again.

     

    She said this was because the rules-based organisation could not continue to make rules without its dispute settlement system operating effectively.

     

    On COVID-19, the DG said the trade organisation would contribute more to the solutions of vaccines therapeutics and diagnostics, especially to poor countries.

     

    She advised the Nigerian government to establish local vaccine manufacturing companies as the coronavirus pandemic will not be the last.

     

  • NEWS FLASH: Over 23 Million Nigerians Jobless As Unemployment Rate Hits 33.3%  -NBS

    NEWS FLASH: Over 23 Million Nigerians Jobless As Unemployment Rate Hits 33.3%  -NBS

     

    Nigeria’s unemployment rate rose from 27.1 per cent in the second quarter of 2020 to 33.3 per cent in the fourth quarter of 2020, the latest figures from the National Bureau of Statistics revealed on Monday.

     

    The NBS stated in its report on ‘Labour force Statistics: Unemployment and underemployment report- Abridged labour force survey under COVID-19 (Q4, 2020) that this translates to 23.19 million unemployed people.

     

    Part of the report read, “During the reference period, the computed national unemployment rate rose from 27.1 per cent in Q2, 2020 to 33.3 per cent in Q4, 2020, while the underemployment rate decreased from 28.6 per cent to 22.8 per cent.

     

    “A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1 per cent.

     

    “This means that 33.3 per cent of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria.

     

    “This is an additional 1,422,772 persons from the number in that category in Q2, 2020.

     

    “Using the international definition of unemployment, the rate was computed to be 17.5 per cent.”

  • Polaris Bank Begins Payment of N5 Per Dollar

    Polaris Bank Begins Payment of N5 Per Dollar

     

    Polaris Bank said it has commenced implementation of the regulatory Central Bank of Nigeria’s extra N5 for every dollar received into domiciliary accounts or as cash over the counter.

     

    It said this in a statement on Monday titled ‘Polaris Bank pays extra N5 for every dollar remitted to Nigeria’.

     

    The acting Managing Director/Chief Executive Officer, Polaris Bank, Mr Innocent Ike, disclosed that “Growing evidence has shown a positive relationship between diaspora remittances and economic growth and as such, the bank will continue to contribute its quota to enhancing economic development in the country.”

     

    He explained that the decision was in line with the CBN’s directive and fully aligned with efforts to encourage the inflow of diaspora remittances into the country.

     

    The banker described the “CBN Naira 4 dollar scheme” as an unprecedented incentive for senders and recipients of international money transfers, noting that the scheme which took effect from 8th March, will run till 8th May, 2021.

     

    “We have started paying extra N5 on every dollar to beneficiaries at our branches. This is in addition to the foreign currency they receive from their family and friends abroad,” he stated.

     

    Polaris Bank is a future-determining bank committed to delivering industry-defining products and services across all sectors of the Nigerian economy, the statement said.

  • WTO DG, Okonjo-Iweala, Arrives Nigeria On Working Visit

    WTO DG, Okonjo-Iweala, Arrives Nigeria On Working Visit

     

    The new Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, on Saturday, arrived in Nigeria on a one-week working visit.

     

    Okonjo-Iweala resumed at the Geneva-based WTO on March 1, 2021, breaking a 26-year record by becoming the first female and first African director-general of the global trade and dispute settlement body.

     

    Addressing newsmen shortly after her arrival via the Nnamdi Azikwe International Airport, Abuja, on Saturday, the 66-year-old former Finance Minister said she is in the country to see how to better assist Nigerian entrepreneurs and improve the economy.

     

    She stressed the need for Nigeria to explore its share of trade in Africa through the African Continental Free Trade Area agreement.

     

    The former World Bank director also said she will meet with President Muhammadu Buhari and a number of ministers in the coming days.

     

    The Nigerian development economist, known for her African print Ankara wears and peculiar headgear usually tilted at a convenient angle, said in a recent interview that she unabashedly “love being African and being Nigerian”.