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Business News

CBN temporarily suspends settlement of failed Visa and Verve card transactions

The Central Bank of Nigeria (CBN) has directed Interswitch to suspend refund activities for failed Visa and Verve card transactions, pending the duration of the lockdown that was recently declared by President  Muhammadu Buhari.

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CBN approves suspension of refunds for failed Visa and Verve card transactions

The Central Bank of Nigeria (CBN) has directed Interswitch to suspend refund activities for failed Visa and Verve card transactions, pending the duration of the lockdown that was recently declared by President  Muhammadu Buhari.

What we know: Interswitch had sought the approval of the CBN to stop settlement for failed Visa and Verve card transactions in the meantime. The suspension is expected to last until the current lockdown order is lifted. 

The new development was disclosed  by Fidelity Bank in a message that was sent to customers, as seen by Nairametrics. The statement that said:

Kindly be informed that Interswitch has obtained approval from the Central Bank of Nigeria to suspend operations on its Dispute Management portal due to COVID-19 movement restrictions. 

READ MORE: What is on  Godwin Emefiele’s mind?

“Consequently, refunds for failed Visa and Verve card transactions on other banks ATMs and PoS terminals will not be processed until the suspension is lifted. 

“We, therefore, advise that you use Fidelity Bank ATMs for your cash withdrawal and also, opt for online banking, NIBSS Instant Payment and instant banking in making payments instead of POS during this period. 

“Please note that this does not apply to Mastercard transactions.” 

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Note that possibilities abound that the Nigerian Presidency may extend its lockdown order. This is because the country is still trying to trace over 6000 persons that are believed to have made contact with confirmed COVID-19 cases. What this  means, therefore, is that settlement of failed transactions may not be possible in the near future.

[READ MORE: CBN temporarily suspends cheque clearing during Coronavirus lockdown)

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Meanwhile, Fidelity Bank is part of the Nigerian Private Sector Coalition Against COVID-19. The coalition has raised billions of naira to support the fight against the contagious and deadly virus.

At the moment, Nigeria has reported about 184 confirmed cases of Coronavirus. About twenty patients have been discharged after recovering from the disease, while two deaths have been recorded. 

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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    Macro-Economic News

    BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

    Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

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    Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

    This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

    Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

     

    More details shortly…

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    Business News

    BUA Group, French company announce progress in 200,000 bpd refinery project

    This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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    The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

    This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

    BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

    READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

    The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

    The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

    The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

    READ: FG reacts to reports of revoking 32 refinery licenses

    Sigma Pensions

    While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

    He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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    Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

    READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

    He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

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    The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

    READ: FG to open LPG distribution channels in all local governments

    Bottom line

    The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

    This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

    The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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