The Nigerian Postal Service (NIPOST) recently announced new fees for courier and logistic business operators in Nigeria, provoking anger amongst Nigerians on social media. NIPOST increased the new license fees for Municipal operators to N1 million, and annual renewals fees to 40% of new license fees at N400,000.00 a year.
State operators’ fees rose to N2 million, regional to N5 million, national to N10 million, while international operators are meant to pay N20 million as license fees. All license renewal fees are pegged at 40% of license fees per zone.
Concerned Nigerians protested online with the hashtag, #SayNoToNipostFee.
“NIPOST should not be allowed to charge these ridiculous fees, @femigbaja, Thousands of young Nigerians have lost jobs in the last few months. Some turned to courier services. A friend who lost his job bought these from Oride. Please don’t let him commit suicide. #SayNoToNipostFee,” writes Dr Dipo Awojide, a senior lecturer in strategy and personal development coach.
He urged the House Speaker in another tweet to block the approval of the price increase. “Dear @femigbaja, please block this needless policy by Nipost that will cripple thousands of small businesses. Thousands of young people have created their own jobs and are trying to just survive. This will kill thousands of #MSMEs. Please don’t let it happen. Counting on you sir,” he tweeted.
Some Nigerians accused the agency of using their regulatory might to strangle local competition with the new license fee increase as Twitter influencer Oloye says, “Let me get this straight. NIPOST bought a bunch of bikes and decided to tax the competition out of the market. Effectively monopolising a business that serves millions of people. This should be illegal and I’ll be writing my reps in the National Assembly on it.”
The reactions forced the Minister of Communications Dr. Isa Pantami to respond to the outrage. Dr Pantami denied giving the approval of the price increase. This is yet to quell the anger of most Nigerians.
Other Influencers started an online petition, getting the NIPOST price increases to be dropped.
“We can’t keep being quiet. Lend your voice by signing this petition. Say No To NIPOST Fee – Sign the Petition! @Change #SayNoToNipostFee”
Business owner, Anita Vams says the new regulation would frustrate her business as she quit her 9-5 to become a business owner.
“I didn’t quit my 8-6 to become a full-time entrepreneur and a hustler for Nipost to frustrate my business. A graduate of mass communication but now a full-time entrepreneur. I won’t be forced to the street or beg to feed. #SayNoToNipostFee,” Vams said.
The reactions even got the attention of the Nigerian entertainment industry, as Film Maker, Imoh Umoren complained that monopolizing the sector would lead to inefficiencies, citing his last experience with NIPOST.
“NIPOST one of the top 3 most ineffective government agency want to monopolize logistics. Imagine ordering food and waiting for NIPOST to deliver it, they’ll bring it 3 days later. Last time I used them they shouted at me to come and get my parcel from their office,” Umoren said.
However, NIPOST has said that the new regulations are to ensure efficiency in the sector as operators can operate on different levels they have licenses for.
In the statement by NIPOST spokesman Franklin Alao, the postal service says the regulation was brought in to ensure business growth for SMEs not frustrate them and create an enabling environment, adding that the Minister of Communications gave considerations before NIPOST arrived at the charges.
The statement read in part:
“It is part of the strategies to ensure effective service delivery as consumers would know the capacities of the operators they are dealing with. Where there can be issues is where a courier/logistics company with capacity for a local government area wants to operate on a state-wide or nation-wide scale. This would not be acceptable.
“If your license is for a state, limit your operations to the state/ region.” Kindly note that consumers of the courier service would be better off as this will drive charlatans out of the industry. Genuine and serious operators would come back to celebrate this move by the NIPOST.”
Recall that the FIRS also increased stamp duty charges for rents this week and also clarified in a statement that the up to 50 types of transactions fall under Stamp duty charges after there was also an online uproar over the new charges.
FIRS also clarified that its Adhesive Stamp was not the same as postage stamp which is administered by NIPOST for the purposes of delivery of items and documents.
“Instruments include Agreements, Contracts, Receipts, Memorandum of Understanding (MOU), Promissory notes, Insurance policies and others stipulated in the Schedule to the Stamp Duties Act. Stamp Duty is chargeable on both physical and electronic instruments in two ways i.e. Ad-valorem, where duty payable is a percentage of the consideration on an instrument; or Flat Rate, where a fixed sum is chargeable irrespective of the consideration on dutiable instrument or document.” Mr Muhammad Nami, Executive Chairman of FIRS, said in a public Notice.
Dear @femigbaja, please block this needless policy by Nipost that will cripple thousands of small businesses. Thousands of young people have created their own jobs and are trying to just survive. This will kill thousands of #MSMEs. Please don’t let it happen. Counting on you sir. pic.twitter.com/33ucYLlVMb
— Dr. Dípò Awójídé (@OgbeniDipo) July 24, 2020
NIPOST should not be allowed to charge these ridiculous fees, @femigbaja. Thousands of young Nigerians have lost jobs in the last few months. Some turned to courier services. A friend who lost his job bought these from Oride. Please don’t let him commit suicide. #SayNoToNipostFee pic.twitter.com/p9j3Jz5BVl
— Dr. Dípò Awójídé (@OgbeniDipo) July 25, 2020
Let me get this straight.
NIPOST bought a bunch of bikes and decided to tax the competition out of the market. Effectively monopolising a business that serves millions of people.
This should be illegal and I'll be writing my reps in the National Assembly on it.
— Olóyè. (@oloye__) July 25, 2020
NIPOST one of the top 3 most ineffective government agency want to monopolize logistics. Imagine ordering food and waiting for NIPOST to deliver it, they'll bring it 3 days later. Last time I used them they shouted at me to come and get my parcel from their office
— Imoh Umoren (@TheImoh) July 25, 2020
— AUNTY ADA (@AuntyAdaa) July 25, 2020
I didn’t quit my 8-6 to become a full time entrepreneur and a hustler for Nipost to frustrate my business.
A graduate of mass communication but now a full time entrepreneur.
I won’t be forced to the street or beg to feed. #SayNoToNipostFee pic.twitter.com/ndx5qkRiNy
— anita_vams (@a__vanita) July 25, 2020
28 million merchants to be granted crypto usage on PayPal
PayPal CEO, Mr. Schulman recently hinted the company will allow the usage of crypto funding for 28 million merchants.
PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.
In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”
The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).
“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”
"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY
— Squawk Box (@SquawkCNBC) November 23, 2020
What this means
About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.
It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.
In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”
COVID-19 Update in Nigeria
On the 23rd of November 2020, 56 new confirmed cases and 1 death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 66,439 confirmed cases.
On the 23rd of November 2020, 56 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 4,083 samples across the country.
To date, 66,439 cases have been confirmed, 62,241 cases have been discharged and 1,168 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 743,298 tests have been carried out as of November 22nd, 2020 compared to 739,215 tests a day earlier.
COVID-19 Case Updates- 23rd November 2020,
- Total Number of Cases – 66,839
- Total Number Discharged – 62,076
- Total Deaths – 1,166
- Total Tests Carried out – 743,298
According to the NCDC, the 56 new cases were reported from 10 states- Kaduna (18), FCT (17), Lagos (6), Plateau (5), Kano (3), Kwara (2), Yobe (2), Ekiti (1), Niger (1), Rivers (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 22,968, followed by Abuja (6,515), Plateau (3,805), Oyo (3,703), Rivers (2,957), Kaduna (2,913), Edo (2,694), Ogun (2,153), Delta (1,823), Kano (1,773), Ondo (1,727), Enugu (1,332), Kwara (1,093), Ebonyi (1,055), Katsina (1,007), Osun (945), Gombe (938). Abia (926), Bauchi (753), and Borno (745).
Imo State has recorded 662 cases, Benue (493), Nasarawa (485), Bayelsa (445), Ekiti (354), Jigawa (328), Akwa Ibom (319), Niger (296), Anambra (285), Adamawa (261), Sokoto (165), Taraba (156), Yobe (94), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.
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. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Snap to pay video creators $1 million daily
Snap Inc. is reportedly releasing new functionality to its Snapchat app in enabling popular videos that would be termed as Spotlight.
The fast-growing public listed American social media company – Snap Inc., plans to release new functionality to its Snapchat app in order to enable popular videos that would be termed as Spotlight, and further disclosed it will pay $1 million per day to the creators of high performing videos.
According to Bloomberg, Snap revealed how content creators could earn such income with ease, as the level of entry was kept minimal, on the basis that video submitters to Spotlight do not need to have large followers or popular profiles.
What you should know
An algorithm from the app software will be the judge in realizing what videos Snapchat users will see based on how often Snap users view such videos.
If other snap chat users view the same content repeatedly, for example, that’s an alert it’s trending and this will trigger the algorithm to distribute it more widely.
What this means
The new feature will give Snapchat enough ammunition to fend off its rivals in an ever-changing competitive market for posting trendy videos online, which has been largely controlled by Google’s YouTube, Facebook Inc.’s Instagram, and China-based ByteDance Ltd.’s popularly known TikTok.
Tech Experts anticipate that such a new feature in its trendy app could generate more revenue for the company, as its recent earnings show it has 249 million daily active users in Q3 – such high numbers will attract global brands on advertising and enable more sponsored content.
The investors of the American social media company have earned high returns from its stock in 2020 alone, as its stock has almost tripled this year to a record $45.38million on the bias that an increasing number of young people spend more time on the app.