The Nigerian Postal Service (NIPOST) has remained defiant to the directive of the Federal Government through the Minister of Communication and Digital Economy, Isa Pantami, that it should terminate cash transaction with immediate effect in post offices across the nation.
Findings revealed that several post offices had not complied, as they collect cash for sale of stamps and parcel posts.
in its defence, the management of NIPOST argued that cash payments are only allowed for N50 and N100 postage stamps, and parcels charge less than N1000. But some post offices, especially in Abuja, still reportedly collect cash for postal charges above the said amounts.
In a report published by Punch, it was noted that purchase of stamps and parcel posts were still being paid for in cash.
Meanwhile, Nairametrics had published that the management of NIPOST disclosed that the service was trying its best to get rid of corrupt officers, who tampered with people’s packages and committed other forms of atrocities, before the directive that was issued on the 6th of November by Pantami.
The minister stated that dishonest individuals were taking unfair advantage of the cash payment system in NIPOST, hence, he ordered Bisi Adegbuyi, the country’s Post Master-General to ensure that all NIPOST outlets had Point of Sale (PoS) available to facilitate the implementation of the directive.
Members of the general public and all customers of NIPOST were encouraged to insist on the use of PoS or bank tellers transactions when conducting business with the Nigerian Postal Service.
NIPOST, however, disclosed that it had provided PoS machines to all its office outlets but did not have the authority to force any customer to use the PoS when making payment.
“In as much as we want to comply with the directive, we can’t compel any Nigerian to pay with the PoS,” Director at NIPOST.
US government to ban WeChat and TikTok from app stores
Chinese-owned social media apps are facing a ban in the US over national security concerns.
The United States government says it will ban the services of Chinese tech giants, WeChat and TikTok, from online mobile application stores in the U.S. It also plans to prohibit any funds transfer/payment services through the WeChat mobile application.
This was announced by the U.S Commerce Secretary, Wilbur Ross, in a statement on Friday, following President Donald Trump’s Executive Orders (E.O.) 13942 and E.O. 13943, on the 6th of August.
“In response to President Trump’s Executive Orders signed August 6, 2020, the Department of Commerce (Commerce) today announced prohibitions on transactions relating to mobile applications (apps) WeChat and TikTok to safeguard the national security of the United States,” said Wilbur Ross.
He added that the Chinese Communist Party (CCP), has proven it has the means and the motive to use Chinese tech apps, to threaten America’s national security foreign policy, and the economy of the U.S.
He said the following transactions will be prohibited from September 20th for WeChat and November 12th for TikTok
- Any provision of service to distribute or maintain the WeChat or TikTok mobile applications, constituent code, or application updates, through an online mobile application store in the U.S.
- Any provision of services through the WeChat mobile application, for the purpose of transferring funds or processing payments within the U.S.
Mr. Ross said that with the Executive Order, the US government has taken a ‘significant action’ in fighting China’s malicious personal data breach on American citizens, and also promote democratic rule-based norms, and aggressive enforcement of U.S. laws and regulations.
The U.S government announced that further prohibitive measures, relating to both companies may be announced in the future.
“Should the U.S. Government determine that WeChat’s or TikTok’s illicit behavior is being replicated by another app somehow outside the scope of these executive orders, the President has the authority to consider whether additional orders may be appropriate to address such activities.”
President Trump has given until November 12, to resolve the TikTok security concerns of the US. He added that the prohibitions may be lifted, if they are addressed.
GMD, 2 Executive Directors buy 5 million additional units of Zenith Bank Plc shares
In three separate transactions, major stakeholders purchased 5 million units of Zenith Bank’s shares.
Zenith Bank Plc, Group Managing Director, Mr Ebenezer Onyeagwu, and two Executive Directors, Messrs. Dennis Olisa and Ahmed Umar Shuaib, have purchased an aggregate of 5 million units of additional Zenith Bank Plc shares.
This was disclosed by the bank, in a notification sent to the Nigerian Stock Exchange, and seen by Nairametrics.
According to the notification, signed by the Company’s secretary, Michael Osilama Otu, the purchase was made in the bourse, over three transactions on the 16th and 17th of September, 2020.
As part of the regulatory requirements, the disclosure must be reported to the Nigerian Stock Exchange, especially when the trade is executed by a major shareholder or director of a listed firm.
Breakdown of the deal
According to the details of the deal verified by Nairametrics, Mr. Dennis Olisa pulled the highest deal as he purchased 2,000,000 additional units of Zenith Bank Plc’s shares at an average of N17.18 per unit, totaling N34.36 million. Mr. Ahmed Umar Shuaib also purchased 2,000,000 additional units of the Bank’s share, at an average price of N16.99 worth N33.98 million. Completing the trio was, Mr. Ebenezer Onyeagwu who purchased 1,000,000 additional units at an average of N17.05 worth N17.05 million.
This major purchase boosted the total number of trade deals (Volume) posted by the Bank in the NSE market, as the deals contributed about 11.61% of the Bank’s total deals between 16th and 17th of September, 2020.
What this means
Based on the recently released H1 2020 Financial Results of Zenith Bank, Mr. Ebenezer Onyeagwu had 45,500,000 direct shares as of June 30, 2020. Mr. Ahmed Umar Shuaib had 7,577,343 direct shares, while Mr. Dennis Olisa had 7,122,316 direct shares. All these remained unchanged from their reported shares in H1 2019.
With the addition of 1,000,000 shares, Mr. Ebenezer Onyeagwu’s stake increased to 46,500,000, indicating an increase of 2.19%. Mr. Ahmed Shuaib’s shares also leaped by 26.39% to 9,577,343, while Mr. Deniss Olisa’s shares increased by 28.08% to 9,122,316 direct shares.
This deal may signify that the Bank’s insiders expect an increase in share price. It is a positive signal to outsiders, coming from top insiders who are abreast with latest information on the Bank’s prospects.
This can play a vital role in stimulating a bullish trend. Zenith Bank’s share price is currently trading at N16.70 on the NSE.
Regardless of the impact of the pandemic on the income and revenue of banks, Zenith bank still remained one of the high-flying financial organizations in Nigeria. For example, the tier-1 bank’s gross earnings grew by 4.37% from N331.5 billion in H1 2019 to N346.1 billion in H1, 2020. Its Profit After Tax increased by 16.81% from N111.7 billion to N114.1 billion within the period under review. The aforementioned factors might have been the reason behind the recent bullish trend for its stock.
FG apologizes, says Self-Certification directive is not for everyone
The Federal Government has made clarifications concerning earlier announced Self-Certification Forms.
The Nigerian government has backtracked on its earlier issued guidelines on the new banking Self-Certification Forms, saying the notice does not apply to everyone.
On Thursday, the Nigerian government ordered all persons holding accounts across financial institutions and insurance firms, to complete and submit self-certification forms to their respective financial institutions.
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It stated, “This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions. Persons holding accounts in different financial institutions are required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.”
However, on Friday morning, after receiving expected backlash on social media, FG attempted a clarification stating, “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons,” and that, “the FIRS will clarify Nigerians on the objectives of the directive.”
We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly pic.twitter.com/KBiPh0lCwJ
— Government of Nigeria (@NigeriaGov) September 18, 2020
The FIRS earlier today made a statement, that the guidelines are only for non-residents, and people paying tax in more than one country.
and other persons who have residence for tax purposes in more than one jurisdiction or Country. Financial Institutions are expected to administer the Self Certification form on such account holders when information at its disposal indicates that the Account holder is a person
— FIRS Nigeria (@firsNigeria) September 18, 2020
“The Self Certification Form is basically to be administered on Reportable persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS. Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or Country.”
“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.” the statement read.