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Business News

CBN sets up committee to recover N36 billion credit facility 

Following the disbursement of N36 billion loan advanced to farmers through NECAS, the CBN has set up a task force to recover the loan. 

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CBN releases new guidelines for OFIs, orders inclusion of NUBAN code or face sanctions

Following the disbursement of N36 billion loan advanced to farmers through the Northeast Commodity Association (NECAS) under the Anchor Borrowers Programme of the Federal Government, the Central Bank of Nigeria (CBN) has set up a task force to recover the loan.

The Chairman of NECAS, Sadiq Daware, who inaugurated the task force, emphasized the need for the farmers to return the loans disbursed to them in due time. He urged them to take advantage of cultivating variety of crops in the next farming season.

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Talking about the ABP, Daware said it was a well-structured programme that would benefit all farmers as no farmer would incur any loss even in the event of natural disaster.

CBN sets up committee to recover N36 billion credit facility 

“With relative peace in Borno State, we are optimistic that at the end of the programme, we will be able to make substantive recovery. We expect to recover at least 80% of the loan to the farmers.

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“They are about starting harvesting now and that is why we have invited all stakeholders, including the extension agents, with a view to inaugurating committee that can go and follow these farmers so that they can repay the loans.

“Repayment of the loan will definitely allow for the continuation of the programme.  If farmers receive loans without paying back, then definitely, the programme cannot be sustained.”

[READ MORE: CBN’s N132.56 billion T-bills auction records oversubscription by 327%]

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Also speaking on the loan repayment, Development Finance Officer of CBN, Maiduguri Branch, Mahmud Nyako, said that repayment of the loan varied from commodity to commodity and from hectare to hectare.

According to Nyako, the farmers who default on the loans without their crops suffering any natural cause or disaster would be prosecuted. He urged any farmer hat experienced natural disaster to report the incident to enable them to benefit from the window created by CBN for such loss.

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Patricia

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Real Estate and Construction

FIRS introduces stamp duty on house rent and C of O transactions

FIRS explained that the new policy was necessary so as to give the instruments the legal backing required.

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FIRS introduces stamp duty on house rent and C of O transactions

The Federal Inland Revenue Service (FIRS), as part of measures to reduce disputes in real estate related transactions and generate more revenue, has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty.

This was disclosed in a press statement by the FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, in Abuja, on Thursday July 2, 2020, as reported by the News Agency of Nigeria (NAN).

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READ MORE: Devaluation: Experts highlight trends clouding economy’s growth in 2020 

He explained that the new policy was necessary so as to give the instruments the legal backing required, and make them legally binding on all parties involved in such transactions.

Consequently, Ahmad asked Nigerians to ensure that documents that relate to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.

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While quoting the Executive Chairman of FIRS, Ahmed said, “The following are the chargeable transactions in the Fixed Duty Instruments category, Power of Attorney (PoA), Certificate of Occupancy (C of O), Proxy form; Appointment of Receiver, Memorandum of Understanding (MoU), Joint Venture Agreements (JVA), Guarantor’s form, and Ordinary Agreements Receipts.

READ MORE: FIRS tightens noose on deduction of stamp duty, CIT, others 

“While ad-Valorem Instruments chargeable under the Stamp Duties Act are Deed of Assignment, Sales Agreement, Legal Mortgage or Debentures, Tenancy or Lease Agreement, Insurance Policies, Contract Agreements, Vending Agreement, Promissory Notes, Charter-Party and Contract Notes.

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“Stamp duty is basically charged in two forms, either ad valorem where duty payable is a percentage of the consideration on an instrument or a fixed sum irrespective of the consideration on dutiable instrument or document.’’

It can be recalled that a few days ago, an Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties was inauguated; the new FIRS Adhesive Stamp Duty was introduced then. The committee consists of representatives from the FIRS, the CBN, the Federal Ministry of Justice and the Federal Ministry of Finance, Budget and National Planning.

The committee is tasked primarily with enforcing those sections of the Stamp Duties Act that empower the Federal Government to recover stamp duties, as well as the accompanying fines and penalties for up to 5 years.

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The back-years recovery is targeted mostly at financial institutions like deposit money banks, Nigerian Interbank Settlement System (NIBSS), Central Securities Clearing System (CSCS), Corporate Affairs Commission (CAC) and so on, in respect of stamp duties already collected but not yet remitted.

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Coronavirus

COVID-19 Update in Nigeria

On the 2nd of July 2020, 626 new confirmed cases and 13 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 27,110.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria touched a new milestone as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 27,110 confirmed cases.

On the 2nd of July 2020, 626 new confirmed cases and 13 deaths were recorded in Nigeria, having carried out a total daily test of 3,063 samples across the country.

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To date, 27110 cases have been confirmed, 10801 cases have been discharged and 616 deaths have been recorded in 35 states and the Federal Capital Territory. A total of 141,525 tests have been carried out as of July 2nd, 2020 compared to 138,462 tests a day earlier.

COVID-19 Case Updates- 2nd July 2020

  • Total Number of Cases – 27,110
  • Total Number Discharged – 10,801
  • Total Deaths – 616
  • Total Tests Carried out – 141,525

According to the NCDC, the 626 new cases were reported from 20 states- Lagos (193), FCT (85), Oyo (41), Edo (38), Kwara (34), Abia (31), Ogun (29), Ondo (28), Rivers (26), Osun (21), Akwa Ibom (18), Delta (18), Enugu (15), Kaduna (13), Plateau (11), Borno (8), Bauchi (7), Adamawa (5), Gombe (4), Sokoto (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 10,823, followed by Abuja (2,020), Oyo (1,432), Kano (1,257), Edo (1,203), Delta (1,149) Rivers (1,114), Ogun (898),  Kaduna (818), Katsina (578), Bauchi (512), Gombe (511), Borno (501), Ebonyi (438), Plateau (393), Ondo (353), Imo (352), Abia (351), Enugu (342), Jigawa (318).

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Kwara state has recorded 269 cases, Bayelsa (234), Nasarawa (213), Sokoto (152), Osun (148), Niger (116), Akwa Ibom (104), Adamawa (89), Kebbi (81), Zamfara (76), Anambra (73), Benue (65), Yobe (61), Ekiti (43), Taraba (19), while Kogi state has recorded 4 cases.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Economy & Politics

Buhari suspends NSITF MD and other top management officials, appoints acting MD  

The minister disclosed that the suspension of these officials became imperative after the preliminary investigation.

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President Muhammadu Buhari has approved the indefinite suspension of the Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Mr Adebayo Somefun and three Executive Directors of the Government agency over corruption allegations. 

Also suspended are some other top management staff of the agency.  

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This was disclosed in a press statement by Charles Akpan of the Press and Public Relations of the ministry on behalf of the Minister for Labour and Employment, Chris Ngige, on Thursday, July 2, 2020.  

The suspended Executive Directors are Jasper Ikedi-Azuatalam, Executive Director (ED), Finance and Investment, Mrs Olukemi Nelson, ED, Operations and Alhaji Tijani Darazo Sulaiman, ED, Administration. 

Also suspended are Mr Olusegun Olumide-Bashorun, General Manager, Administration/Human Resources/Maintenance, Mr Lawan Tahir, General Manager, Finance, Mr Chris Esedebe, General Manager, Claims and Compensation, Mr Olodotun Adegbite, Deputy General Manager, Investment and Treasury Management, and Mr Emmanuel Enyinnaya-Sike, Deputy General Manager, Finance and Accounts. 

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The press statement also mentioned Mrs Olutoyin Arokoyo, Deputy General Manager/Acting Head, Legal, Ms Dorathy Zajeme-Tukura, Deputy General Manager, Administration, and Mrs Victoria Ayantuga, Assistant General Manager, Internal Audit as part of the management team that was suspended. 

The minister disclosed that the suspension of these officials became imperative after the preliminary investigation established prima facie infractions on the extant Financial Regulations and Procurement Act. and other acts of gross misconduct. 

According to the statement, ‘’During the period of their suspension, the officers will face a Joint Board and Audit Investigative Panel that had been set up to look into the financial and procurement breaches, as well as gross misconduct in the NSITF from 2016 to date. 

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“The gross misconduct has invariably put the contributions of stakeholders in a perilous state. The affected officers have also been directed to hand over to the most senior officers in their respective departments.” 

The statement also quoted the Minister, Chris Ngige, as directing the most senior General ManagerDr Kelly Nwagha, to take over as the Acting Managing Director/Chief Executive with effect from Monday, July 6, 2020. 

The Labour Minister also charged the Chairman of the Board, Mr Austin Enajemo Isire, to ensure that the investigative panel commenced work as soon as possible. 

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The NSITF has not been new to controversies as the Federal Government had alleged that N48 billion out of the N62 billion contributions to the agency was mismanaged by the former board and management between 2012 and 2015. 

Some of the former officials of NSITF including the former Chairman, Ngozi Olejeme, were charged to court for corrupt practices and embezzlement by the Economic and Financial Crimes Commission (EFCC). 

Also, sometime last year, Ngige, had a running battle with the Nigerian Labour Congress over the non-inauguration of the board of the government agency.

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