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Business News

Banks refund N76.75 billion, $20.90 million to customers after complaints – CBN 

The CPD of the CBN has disclosed that banks refunded customers to the tune of N76.75 billion and $20.90 million as at November 30, 2019.  #CBN #Banks

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Banks' loans to customers
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The Consumer Protection Department (CPD) of the Central Bank of Nigeria (CBN) has disclosed that banks refunded the sum of N76.75 billionand $20.90 million to customers in November after they had lodged several complaints.

Director, CPD, Kofo-Abdulsalam Alada, represented by Tyoden Nanfwang, a member of the CPD, on Thursday, stated that the refund was as a result of several financial related complaints made to several commercial banks.

Alada stated that about 16,263 complaints were been received against banks and successfully treated between 2012 and Nov 30 2019.

He added that the refund is in accordance with the mandate of the CPD of the CBN, which promotes consumer confidence in the financial system.

Lenders increase unsecured loans to households in Q3 2019 - CBN , CBN intervenes with $8.28 billion to defend Naira , CBN sets up committee to recover N36 billion credit facility, CBN bars individuals, start-ups from trading treasury bills , Border Closure: CBN disburses over N171 billion on food initiative - Emefiele 

Godwin Emefiele

Cumulative number of complaints against Other Financial Institutions (OFIs) that were resolved or closed from 2012 to the end of November 2019 is about 257. We resolved over 13,000 complaints, obtained refunds of N76.75 billion, 20.90 million dollars, among others to bank customers as at Nov. 30,” Kofo-Abdulsalam Alada said.

The CBN disclosed that it had resolved and established a guide for banks and other financial institutions to charge customers, correcting the power imbalance between banks and customers.

[READ MORE: Customers’ complaints: Banks refund N3.61 billion – CBN]

“There was an extraordinary imbalance of power between the service providers and the consumers. The department has also developed a consumer protection framework and established a guide to charges by banks and OFIs,’’ said Kofo-Abdulsalam Alada.

SSKOHN

Though, it is the responsibility of the CPD to mitigate this power imbalance, and also ensure fair and responsible practices among financial service providers through its various regulations, CBN urged customers to report any financially related complaints to it at any time.

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Business

Hyundai and Kia to set up an assembly plants in Ghana by 2022

The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

Why this matters

More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

SSKOHN

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Business

Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

What the Minister said

“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

The new passport process

The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

What you should know 

  • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
  • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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