International money transfer operators to pay in naira.

International money transfer operators to pay in naira.

Following the recent directive by the Central Bank of Nigeria, restricting the operations of International Money Transfer Operators to only inbound transfers, IMTOs have decided to halt dollar transfers to Nigerians.

The IMTOs said they will now only pay in naira.

In the recently published document addressed to IMTOs, on January 31, CBN ordered the operators not to facilitate money transfers from Nigeria to other countries.

The apex bank described the new directive as a move to “liberalise the foreign exchange market and ensure transparency.”

Despite a devaluation last year and a decision to float the Naira, the currency has witnessed even more volatility as the CBN attempts to clear forex backlogs worth about $7bn.

The old guidelines dated 6 September 2014 did not provide a clear definition of IMTOs. The definition was implied from the permissible activities that the operators could undertake however, under the New Guidelines, IMTOs are defined as companies approved by the CBN to facilitate the transfer of funds from individuals or entities residing abroad to recipients in Nigeria and the payment of a corresponding sum to a beneficiary through a clearing network to which the IMTO belongs.

However, under the revised guidelines, the IMTO services are now limited to inbound money transfer services alone. This means that IMTOs are only able to provide money transfer or remittance services from a foreign country into Nigeria.

The apex bank asked IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the nation’s official foreign exchange market.

In a bid to implement the CBN’s directive, One of the approved IMTOs, World Remit, has updated its app for Nigeria with the following instructions: WorldRemit Nigeria News! We can no longer support transfers in USD; only in Naira.

“If you’re about to send money to Nigeria, this is important. The Central Bank of Nigeria has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria. So, of course, this includes WorldRemit money transfers.

“But please don’t worry. You can still enjoy the same quick, safe, and affordable World Remit service to Nigeria by sending money in Naira instead,” it stated.

Another operator, Sebdwave said, “In compliance with a recent directive from the Central Bank of Nigeria, we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead.”

FG considers renewable plants to solve power problems.

FG considers renewable plants to solve power problems.

The Federal Government is planning the construction of renewable power plants to boost electricity generation across the nation.

The Minister for Power, Adebayo Adelabu, disclosed this during a meeting with foreign agencies on Thursday.

In a chat with Adelabu’s media aide, Bolaji Tunji, on Friday, the minister was quoted to have highlighted that the creation of renewable power plants would be one of his strategies to ensure incremental improvement in national power supply.

A renewable power plant is a facility that generates electricity from a renewable energy source, such as solar, wind, water, or geothermal energy.

These types of power plants harness the power of the sun, wind, water, or the earth’s heat to produce electricity without using fossil fuels like coal, oil, or natural gas.

Adelabu had promised to ensure that the Rural Electrification Agency lives up to expectations by serving the underserved and the unserved rural communities that may not be commercially attractive to the distribution companies.

According to Tunji, the minister is “focusing on distributed power by intensifying efforts to raise the volume of renewable energy to national capacity, with focus on developing small hydropower plants along the 26 small dams in the county”.

The hydropower plants, the minister had stated, can be “hybridised with solar when the water level goes down”.

He added that solar options are being considered for the northern part of the country, including the use of windmills to generate power offshore along the coastal part of the country.

The minister said further that the main problem of the sector is liquidity and funding.

He added that the sector is supposed to generate funds if allowed to operate a commercial model, where all the costs attributed to the generation of power, transmission and distribution are recovered through the tariffs, while the operators are given a good markup.

Adelabu was reported to have noted that the power sector is not allowed to charge cost-reflective tariffs because the government promised subsidy but with no timely release of money.

“Once the sector suffers from liquidity challenge, there would be no investment in the sector and that is why the structures are dilapidated.

“It’s important we resolve the liquidity issue,” he had emphasised.

The development partners including representatives from the European Union, the United States Agency for International Development, United Nations Industrial Development Organisation, the World Bank, Japan International Cooperation Agency, African Development Bank, and others were said to have assured Adelabu of continued support because his briefing had given a clear direction on how to resolve some of the issues in the power sector.

AC Milan buy land for new stadium away from San Siro.

AC Milan buy land for new stadium away from San Siro.

AC Milan took a further step in a move away from the iconic San Siro with the purchase of land to build a new stadium, a source close to the matter confirmed on Friday.

The northern Italian giants currently share the San Siro Stadium to the north-west of the city with rivals Inter Milan.

AC Milan has now acquired a 256,000 square metre plot in the San Donato municipality to the southeast of the city, 15 kilometres from the San Siro.

According to the Italian press, talks between the municipality of San Donato and local residents will enter a decisive phase next week with a view to a possible building permit being issued.

Last September, AC Milan announced that it had set its sights on San Donato for a 70,000-seater stadium, without specifying the possible date of its inauguration.

San Siro, whose official name is the Giuseppe-Meazza Stadium, is an iconic 80,000-seater structure built in 1926, but which no longer meets the needs of clubs despite its modernisation for the 1990 World Cup.

Both clubs initially wanted to knock down the San Siro and build a new stadium adjacent that they would share with an area dedicated to sports, entertainment, and shopping.

But this joint project was abandoned after officials deemed the city-owned San Siro to be of “cultural interest”.

In 2026, San Siro will host the opening ceremony of the Milan-Cortina d’Ampezzo Winter Olympics.

AFP

Notify customers before debt recovery moves, CBN tells banks.

Notify customers before debt recovery moves, CBN tells banks.

The Central Bank of Nigeria has instructed regulated entities to provide customers with notices of outstanding obligations before beginning debt collection.

This is to ensure that the debt recovery process is transparent, courteous, and fair.

CBN stated this in a document released on Thursday on its website titled “Revised Consumer Protection Regulations.”

It noted that the essence of the document is to ensure financial institutions follow consumer protection principles.

The regulations outline consumer rights and aim for better outcomes and access to financial services.

The document states that foreclosures should only be initiated as a last resort after other recovery options have failed.

Foreclosure is the legal process in which the ownership shifts to the bank or lender if the debtor fails to pay the loan.

“Customers should be given the option of a private sale before foreclosure, which must be exercised within 30 days unless the customer has waived this right,” the document stated.

The apex bank further mandated that financial service providers must apply the net proceeds from foreclosures to the loan account and inform customers of the remaining balance.

The CBN added that banks must give customers a report on the collateral sale, stating process, expenses, and net proceeds noting that banks are responsible for the actions of debt collection agents.

The document outlines restrictions for loan providers in terms of contacting individuals related to a customer.

It stated, “Providers are not allowed to contact friends, employers, relatives, or neighbors for any information other than employment status, telephone numbers, or address. The only exception is if the person has guaranteed the loan or has given consent to be contacted.”

Additionally, banks must safeguard customers’ assets and are responsible for losses due to control breaches; test products with consumers and modify to reduce fraud/errors and implement measures and authentication for transactions.

FSPs are also mandated to install automated transaction monitoring, alert functions, and behavioural monitoring to detect and prevent fraud; customers must also be educated on fraud threats or scams.

The document added that the providers must communicate procedures for reporting suspicious, unauthorised, fraudulent, lost, or stolen payment instruments and/or authentication information to consumers periodically.

The apex bank requires financial institutions to offer secure and user-friendly interfaces for digital financial services to prevent errors and double transactions.

The CBN added that banks must protect consumer data privacy and confidentiality from unauthorised access and be responsible for any acts or omissions in this regard.

The providers are required to incorporate personal data protection into their product or system designs; they must obtain written consent from consumers to collect and process their personal data for specific purposes, and allow them to withdraw their consent at any time and are prohibited from sharing consumers’ personal data with third parties without their express consent, and must provide clear and simple “Opt-in” and “Opt-Out” options for data sharing.

“Safeguarding the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations,” it added.

Oyebanji Will Always Care For The Poor In Ekiti, Says Wife.

Oyebanji Will Always Care For The Poor In Ekiti, Says Wife.

....Distributes Working Tools, Cash Support To Widows, Indigent Families.

Ekiti State First Lady, Dr. Olayemi Oyebanji, has assured that her husband, Governor Biodun Oyebanji, will not relent in empowering the poor and vulnerable segment of the population to make life easier for them.

Dr. Oyebanji who described her husband as a selfless and compassionate leader said the Governor's policies and programmes were borne out of his desire to give cushion to the people of the state in the face of the prevailing economic challenges they are facing.

The First Lady made the remarks on Friday while distributing working tools and cash support to 345 beneficiaries under an empowerment initiative organized by her office in conjunction with the Ministry of Women Affairs and Social Development.

A total number of 240 of the beneficiaries who are pretty traders received N25,000 as cash support to scale up their businesses, 105 of them smiled home with 35 sewing machines, 35 deep freezers and 35 grinding machines.

Addressing the beneficiaries at the event, Dr. Oyebanji urged the beneficiaries to put the cash support and working tools into proper use for them to sustain their small scale business and provide economic support for their families.

The First Lady said her husband, Governor Oyebanji, understands what the people of the state, especially the less privileged, are going through presently hence his desire to always support initiatives that will give succour to them.

She said: "Governor Oyebanji is a very compassionate and selfless leader who is always interested in a better life for the people of the state especially the poor, the widows, the orphans and the vulnerable citizens.

"That is why anytime we tell him that we need to empower our women, widows and orphans, he is always ready to give his approval because of his passion to care for the poor and the needy. The Governor knows what we are going through in the state and he wants shared prosperity for us in Ekiti."

Speaking on the impact of her pet project, Widows and Orphans Hope (WAOH) Project launched in October last year, Dr. Oyebanji expressed delight that majority of the beneficiaries who were recently visited in their business centres across the state are doing well and making positive contributions to the economy in the grassroots.

The Secretary to the State Government, Dr. Habibat Adubiaro, commended the Governor's wife for her various initiatives which are tailored towards giving economic support to the less privileged noting that the gesture is making a great impact in the grassroots.

Dr. Adubiaro noted the WAOH Project, the brainchild of the First Lady, has been a great blessing to the beneficiaries and has brought a positive turnaround to their economic fortunes.

The Commissioner for Women Affairs and Social Development, Mrs. Peju Babafemi, said Dr. Oyebanji's impact has complemented the good governance and purposeful leadership provided by her husband for the people of the state.

According to her, the Governor has always been passionate about issues of women, children and girls and ready to give them a lift. 

Mrs. Babafemi charged the beneficiaries to use the opportunity of the empowerment to boost their trade and make life easier for their families.

Speaking on behalf of the beneficiaries, Mrs. Veronica Abiodun, prayed for the success of the Oyebanji Administration noting that the support received served as morale booster for them to do well economically.

Irepodun/Ifelodun LG Chair Hon Oluwatuyi Supports Security Agencies in Ire/Ife Bush Combating Exercise.

Irepodun/Ifelodun LG Chair Hon Oluwatuyi Supports Security Agencies in Ire/Ife Bush Combating Exercise.

...Commends Oyebanji's Efforts Towards Enhancing Security in the State.

In a bid to enhance security and safeguard lives and properties, security agencies in collaboration with the Local Government Chairman, Honorable Gbenga Oluwatuyi, organized a bush combing exercise in Ire/Ife Bush, located in Igede-Ekiti, the capital of Irepodun/Ifelodun Local Government Area.

On Friday, February 9th, gallant personnel from the Nigeria Police Force, Vigilante Group, Amotekun Corps, Association of Hunters and Forest Guard, and Nigeria Security and Civil Defence Corps descended upon the Ire/Ife Bush. The exercise was part of the government's ongoing efforts to combat crime and bolster security measures in the area.

The Chairman Honorable Gbenga Oluwatuyi, after holding crucial meetings with various security agencies in the local government, provided unwavering support and directives to ensure the successful execution of the operation. His commitment to enhancing the protection of lives and properties was evident as he authorized and backed the security agencies in their mission to rid the bush of criminal elements.

During the operation, security personnel interacted with non-indigenous residents in the farmsteads, cautioning them against harboring criminals within their midst. Notably, the only Fulani individual encountered during the exercise, who had erected a hut in the forest with his cattle, was promptly invited to the police station for profiling.

Addressing reporters, Hon Oluwatuyi expressed his readiness to collaborate with Governor Oyebanji in championing the protection of lives and properties in the local government area, aligning with the six pillars outlined by the state government. He commended Governor Oyebanji for his relentless efforts in securing the release of kidnapped pupils and teachers from Apostolic Faith Nursery in Emure-Ekiti. Furthermore, he praised the Governor for initiating dialogue meetings with service chiefs, leading to the deployment of additional military personnel to fortify security across the state's territories.

The combing exercise in Ire/Ife Bush signifies a proactive step towards ensuring the safety and well-being of residents, underscoring the government's commitment to fostering a secure environment for all citizens.

Oyebanji Felicitates Fayemi On 59th Birthday.

Oyebanji Felicitates Fayemi On 59th Birthday.

Ekiti State Governor, Mr. Biodun Oyebanji, has felicitated his immediate predecessor, Dr. Kayode Fayemi, on his 59th birthday.

Dr Fayemi, the immediate past Governor of the state and one time Minister of Mines and Steel Development, clocks 59 years old on Friday, February 9, 2024.

Governor Oyebanji, in a statement by his Special Adviser on Media, Yinka Oyebode, expressed gratitude to God for sparing Dr. Fayemi's life to witness another birthday in good health, sound mind and excellent spirit. 

The Governor said Dr. Fayemi is a beneficiary of immense grace of God judging by the great achievements God has helped him to attain in academics, politics and public service, at a relatively young age.

He noted that history would be kind to Dr. Fayemi for using public office as a means of selfless service to Ekiti State, Nigeria and at the global level. 

He described the former Governor as an exemplary leader, a strategist, a bridge builder, a mentor who believes in the ability of his mentees; a passionate believer in greater Ekiti as well as an incurable optimist in the greatness of the Nigerian nation.

According to Governor Oyebanji, Dr Fayemi's impact as a notable scholar, pro-democracy activist, committed progressive, a diligent leader and eminent statesman are there for all to see. He added the former Governor’s legacies as a visionary leader are quite visible in key sectors of the state. This he said, has continued to endear him to the people of the state. 

Governor Oyebanji commended the ex-Governor for still working for the State and offering useful suggestions which have brought additional value, describing him as one of the state’s gifts to the Nigerian nation and the world at large. 

He prayed God to grant the former Governor long life, good health and sound mind to offer more service to mankind and accelerated divine fulfillment of his wishes as a befitting birthday gift. 

“On behalf of my wife, Olayemi, the Government and good people of Ekiti State, I congratulate our dear leader and former Governor of our dear state, a man of Honour from the land of Honour, His Excellency, Dr John Kayode Fayemi as he marks his 59th birthday today, and pray that God grants him more years in good health, prosperity and undiluted joy. May his shadow never grow less.” The statement added.