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Update-#EndSARS: Flutterwave Chairman says he ordered closure of firm’s payment platform

Flutterwave Chairman had allegedly revealed that he ordered the closure of the firm’s payment platform.

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Flutterwave Chairman says he ordered closure of firm’s payment platform

The Chairman of Flutterwave, Mr. Tunde Lemo, has allegedly revealed that he personally directed the suspension of the fintech firm’s payment platform.

READ: CBN knocks airline and shipping firms over non-compliance with form NXP

According to a report from Thisday, Tunde Lemo, a former Deputy Governor of the Central Bank of Nigeria (CBN) and current Chairman of Federal Emergency Road Maintenance Agency (FERMA), said the decision was taken to prevent the illicit flow of funds through the payment channel.

READ: CBN set to punish exporters who refuse to repatriate export proceeds to Nigeria

This explanation is coming against the background of reports that the Federal Government, through the Central Bank of Nigeria (CBN) had summoned the fintech firm over the handling of funds for the #EndSARS protests and also the freezing of accounts of a Feminist Coalition group, a pro-#EndSARS women group.

READ: CBN Vs NESG: Waving the white flag for the benefit of Nigerians

He said, “I was the one that instructed them to shut down their system yesterday when the bad guys were moving money through them.”

READ: CBN injects fresh $51.8m into FX Markets

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As of Tuesday, a total of N16,706,635.9 had been donated into the account, according to a post on Flutterwaves’ official Twitter handle. This includes donations in foreign currencies.

READ: Many Billionaires became richer by 27% during the COVID-19 pandemic – Swiss Bank UBS

The organizers of the protest have been using donations to fund medical supplies, food, drinks, legal aids, and others to sustain the protest.

However, in a reaction, Flutterwave said that its Chairman never made such statement and their payment platform is not shutdown but is up and running efficiently.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Business

    FG to commence construction of 4 new rail projects across the country

    The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

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    Rotimi Amaechi, Minister of Transport, Nigerian railway contract with CCECC and CRRC, China Civil Engineering Construction Corporation, Chinese Railway Rolling stock Corporation

    The Minister of Transportation, Rotimi Amaechi, has said that the Federal Government is about to commence 4 new rail line projects in various parts of the country.

    The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

    This disclosure was made by Amaechi while speaking at the annual ministerial press briefing on programmes, projects and activities of the Federal Ministry of Transportation and its agencies on Friday in Abuja.

    READ: FG to fully launch E-ticketing platform for NRC next week

    What the Minister of Transportation is saying

    Although the Minister announced that the Federal Government was about to start the rail lines project, he was not specific on the exact dates the projects would start.

    Amaechi, in his statement, said, “We have awarded the following contracts and we are about to start and we have even tried to solve the financial problems. This is because we have the problem of having to hire consulting engineers.

    READ: $2 billion Kano-Maradi rail would be completed in 36 months – FG

    “The ones we are about to start include Ibadan to Kano, we are waiting for funds from China. We are about to start Port Harcourt to Maiduguri, we are waiting for the cabinet to approve consulting shares. We are also to start the Kano-Maradi and Lagos to Calabar.

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    “But one thing that is unique about these contracts is that the president early enough directed that all rail lines must stagnate at the seaports.

    “That is why there may be a bit of adjustment in the pricing of Kano-Maradi because we have to adjust it to link up to Kano-Lagos so that it can terminate at Lagos seaport.’’

    The Minister pointed out that the 185.5km Lagos-Ibadan double standard gauge line with extension to Apapa seaport was nearing completion, while the 186km Abuja-Kaduna and 302km Warri-Itakpe standard gauge lines had been completed and were functional.

    READ: FG urges contractors to complete Ebute Meta–Apapa seaports railway extension by January 2021

    What this means

    • The various rail line projects are part of the ambitious plan by the Federal Government to create a nationwide rail network that is intended to help in the country’s diversification efforts, away from crude oil.
    • Some of these rail projects will also help to decongest the Apapa ports in Lagos and serve as a route for the import and export of goods in the West African sub-region.

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    Business

    Customs Tin-Can Island Command generates N112.7 billion in Q1 2021

    This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

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    The Nigerian Customs Service revealed that its Tin-Can Island Command has a first-quarter revenue of N112.7 billion in 2021. This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

    This was disclosed by Mr Mba Musa, Customs Area Controller, in a statement on Friday.

    “The comparative analysis of quarter one revenue collection from 2018 to 2021 are as follows: in 2018, N76,789,721,107.42; in 2019, N78,857,106,168.27; and in 2020, N91,635,998,490.73,” the customs boss said.

    READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

    “This improvement is despite the twin threat to lives and livelihood posed by the COVID-19 pandemic. The command has inspired their officers to continue to work hard while observing all the safety measures to achieve the best of performance.

    “We kept our lines of communication open and concerted effort was made to ensure that the supply chain is not disrupted,” he added.

    READ MORE: Customs officers must declare their assets annually – Customs boss

    What you should know: The Nigeria Customs Service (NCS) generated a revenue of N1.5 trillion for the year 2020, a rise compared to N1.3 trillion in 2019.

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