The Central Bank of Nigeria (CBN) has announced a series of new sanctions that will be meted out to Deposit Money Banks (DMBs), Mobile Money Operators (MMO) and Other Financial Institutions (OFIs) for electronic payment infractions.
The series of new sanctions released by the apex bank was contained in the latest document obtained on the bank’s website and titled: ‘Regulations on Electronic Payments and Collections for Public and Private Sectors in Nigeria.’
The details: According to the CBN, the newly released regulation is a revision of the guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria (2014), and is intended to guide the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria.
The CBN stated that all DMBs, OFIs and Mobile Money Operators must:
- promote the adoption of end-to-end electronic payments by all stakeholders covered by this regulation;
- provide payers and beneficiaries with appropriate accounts with DMBs, OFIs or any other approved channel for receiving payments such as mobile money/electronic wallet, subject to the CBN’s approved KYC limits;
- process electronic payment instructions in accordance with subsisting payments system and clearing system rules;
- publish customer service/ contact centres details via multiple media channels and maintain customer service contact centres, to promptly attend to all electronic payment enquiries and challenges within stipulated timelines; and report of customer complaints, indicating resolution status;
- make available any or combination of the following data sets, as may be applicable, along with the mandatory returns to the CBN, on a monthly basis or as may be otherwise specified:
I. Number of salary/pension/supplier/tax-paying organisations
II. Salaries/pension/supplier/tax payment transactions count
III. Salaries/pension/supplier/tax payment transactions value per payment method given below;I. end-to-end; bank assist;
II. cheques; and
- in the event of duplicated/excess payments, establish a recovery process engaging both Payers and Beneficiaries in line with subsisting CBN.
According to the Central Bank, any DMB, OFI or MMO that fails to discharge the responsibilities as detailed above shall be penalised.
Compliance: Following the implementation of the Guideline on end-to-end electronic payment of salaries, pensions, suppliers and taxes by all public and private sector organisations, the CBN also instructed DMBs to dishonour payment instructions for all forms of salaries, pensions, suppliers and taxes not transmitted on a CBN approved straight-through electronic payment and collection platform issued by organisations with more than 20 employees.
This means payment instructions and associated schedules are no longer to be transmitted to DMBs through unsecured channels, such as paper-based mandates, flash drives, compact discs (CDs), email attachments, etc. by qualifying public and private sector organisations.
The sanctions: Among other sanctions, the CBN disclosed that failure to offer 3rd party e-payment solution to customers not approved by CBN now attracts a penalty of N2 million for DMB and N1 million for OFIs on every repeated occurrence.
- Transactions not consummated within the timelines prescribed in the relevant payment channel regulation or non-return of un-applied funds to payer’s account within 24 hours attract a penalty of N1,000 per transaction.
- Also, the non-provision of the quarterly report on end-to-end e–payment of salaries, pensions, suppliers & taxes to the CBN now attracts N5,000 penalty for each day for which report is not provided to the CBN or a penalty of N250,000 and a warning letter to the Managing Director.
South-West Governors say attacks in Lagos were attempts to weaken the region’s economy
South West governors have they described the coordinated attacks in the state as an attempt to weaken the region’s economy.
Governors of the South-West states have pledged their supports to their Lagos State counterpart, as they described the coordinated attacks in the state as an attempt to weaken the region’s economy.
This was disclosed by the Chief Press Secretary of the state, Gboyega Akosile, during the visits of the Governors and the Federal Executive Council members from SouthWest to the public assets and private properties destroyed in last Wednesday’s arson in the state.
He tweeted, “Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday’s coordinated arson in Lagos State.
“The delegation of Governors and Ministers was personally received by Sanwo-Olu at the State House in Marina, where the Lagos helmsman showed them the pictorial evidence of the violence before visiting some of the torched assets.”
At a joint press conference held after the tour, Chairman of Southwest Governors’ Forum and Ondo State Governor, Arakunrin Rotimi Akeredolu, SAN, compared the scenes to a war zone, given the extent of the destruction.
According to him, the violence that resulted from the EndSARS protest left much to be desired, stressing that there was an agenda beyond the youth demonstration against police brutality.
He said, “We are deeply concerned with the ease with which public buildings, utilities, police stations, and investment of our people have been burnt despite the proximity of security agencies in those areas.
Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday's coordinated arson in Lagos State. pic.twitter.com/TahuPIWkcQ
— Gboyega Akosile (@gboyegaakosile) October 25, 2020
What this means: From all indications, it is obvious that the South-West Governors believed that the said attack, which were rumoured to have been carried out by suspected hoodlums, were sponsored by some people to deliberately disorganize the region’s economy.
#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums – LASG
The Lagos State Government disclosed that the 84 BRT vehicles destroyed by the hoodlums cost a total of about N3.9 billion.
The Lagos State Government has revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, all totaling about N3.9 billion.
This statement was made by the Lagos State Government on Friday, after evaluating the extent of damage made to the Bus Rapid Transit (BRT) vehicles.
What you should know
Few days ago, hoodlums hiding under the cover of #EndSARS protests allegedly attacked and razed the Oyingbo BRT terminal, with several buses burnt. Nairametrics reported that Primero Transport Services Ltd (PRT), the owners of BRT buses said they have lost over N100 million in 6 days due to the #EndSARS protests.
The State’s Commissioner for Information, Mr. Gbenga Omotosho, in an exclusive interview with Punch, disclosed that:
- 23 big BRT buses were razed down, while 57 medium-size BRT buses were affected by the violence, which brings the total of the BRT vehicles destroyed to 80.
- 23 of the 80 BRT buses burnt by the hoodlums were at Ojodu, while the remaining 57 were at the Oyingbo area.
- The big buses cost around $200,000 each, while the medium-size ones cost around $100,000 each.
What they are saying
Mr. Omotosho said, “As I speak, the Governor and some of us are going around the state from one facility to the other. We are also visiting private facilities. Some of the places were the Oregun Vehicle Inspection Service office, the BRT park at Oyingbo, and the terminus at Ojodu Berger.
“I don’t know how they planned it; the hoodlums left the old buses and went for the new ones. The new ones were worth billions of naira.
“However, the cumulative losses incurred by the state are not ready yet. But it will be mind-boggling. It came on a scale beyond belief. We know that the police have apprehended suspects.”
What this means
The vehicles were purchased in dollars; So, the consistent decrease in the value of Naira is expected to edge the cost of these buses up, when denominated in Naira.
The Lagos State Commissioner for Information, Mr Gbenga Omotosho explained that with the current foreign exchange rate, the 80 destroyed BRT buses are now valued at N3.929 billion.
BREAKING: Lagos State reviews curfew again, now from 8pm to 6am
Governor Babjide Sanwo-Olu has once again reviewed the curfew in the state to now commence between 8 pm to 6 am.
The Lagos State Governor, Babajide Sanwo-Olu, has further reviewed the curfew earlier imposed on the state to help contain the large scale violence following the hijacked #EndSARS protests against police brutality and extra-judicial killings. The curfew now starts at 8 pm and ends at 6 am daily.
This is coming 2 days after the Governor had eased the 24-hour curfew to start from 6 pm to 8 am daily.
This disclosure was made by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, on Sunday, October 25, 2020.
The Commissioner in his statement said, “The curfew in Lagos State has been reviewed. Restriction time is now 8 pm to 6 am. Lagosians are enjoined to plan their journey times as they go about their lawful businesses. Public schools remain shut till further notice.”
What this means
This new review gives Lagosians an extra 4 hours to go about their daily activities.
What to expect
The Lagos State government will keep on reviewing and relaxing the curfew, as long as the security situation does not spike again.