Banking

Complaints: CBN recovers over N82m for commercial banks customers in  Katsina

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The katsina state branch of the Central Bank of Nigeria (CBN), says it facilitated the refund of N82.04 million to customers of commercial banks in the state in 2019, arising from 57 complaints received by the apex bank.


Alhaji Dahiru Usman, Controller in charge of CBN Katsina branch, disclosed this to the Nigeria News Agency , on Saturday while reviewing the achievement of the bank in 2019.

Usman explained that most of the complaints centred on Automated Tenant Mechine (ATM) dispense errors, wrong transfers, failed transfers, fraud among others.

He said that 49 of those cases were resolved while eight were still pending.

“In overall, the total sum of N82.04 million was refunded to the complainers while N1.40million was lost to cyber crimes and e-fraud cases during the period under review.

“We urge commercial banks to intensify efforts in sensitizing their customers in order to curb the menace of cyber crimes,” the controller said.

Usman said that the sensitisation would help in protecting customers and boost their confidence in the financial system.

Edited By: Isaac Ukpoju

 

https://nnn.ng/complaints-cbn-recovers-over-n82m-for-commercial-banks-customers-in-katsina/

General news

Foundation donates food, other gifts items to widows in Abuja

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Smile Attracts Smile Foundation (SASF), a Non Governmental Organisation (NGO), has empowered 25 widows with food, cash, clothes and shoes, among other items, as a way of putting smiles on their faces.


News Agency of Nigeria reports that at the maiden edition of the foundation’s meeting on Saturday in Abuja, the widows were full of praises to the foundation.

Major items such as rice, spaghetti, indomie, seasoning, vegetable oil, salt, bread, Ankara materials, shoes and cash were distributed to widows.

Mrs Bukola Adewumi, founder of the SASF, said empowering widows was a dream come through for her, adding that her mother was also a widow and knew what she went through during the period, until she passed on.

”This is like a burden to me, my mother was a widow, I knew what she went through, the struggle and I have nursed this ambition from my university days and also given the little I had then,” she said.

Adewumi said she had been giving her widow’s mite before now, but that it was time to establish a foundation that would be readily available to cater  for their needs.

She noted that her greatest joy would be to see the widows smile, stressing that it was the essence of establishing the foundation to assist widows.

According to her, SASF will not only be about sharing food items, but would also ensure that the widows are trained on entrepreneurial skills, in other to have a ready source of livelihood.

She explained that the foundation would  acquire land and build a widow’s home, in a bid to have projects running there.

”Whatever money we make as proceeds will be plough back to the widows,” she said.

Adewumi said the foundation would have a data base where the names and details of all widows would be saved, for possible support, adding that widows, who register with her foundation, would no longer be a liabilities.

She then called on public spirited Nigerians to contribute to the foundation in the drive to help the widows out of doldrums, adding that their financial support would help cushion their plight.

Mrs Elizabeth Aledare, a resident of Lugbe Airport road, lauded the foundation, adding that the gesture was a divine intervention for her as she and her children had nothing to eat at the moment.

She said that one of her children was billed to return to school come Sept. 21, but that the fear of getting her food had overwhelmed her, until the foundation intervened.

Aladare, 53, from Kogi, who had been a widow for 12 years, said she would remain grateful for the swift intervention by the foundation.

Mrs Chinese Ozor, one of the beneficiaries, a 40 -year-old widow from Enugu, who lost her husband in 2016, commended the organiser, describing the initiative as a timely intervention.

She said such gesture would linger in her memory, while calling for support from Nigerians for the foundation to be able to reach out to other widows.

Mrs Binta Aminu, another  beneficiary, 42, from Katsina, who lost her husband in 2018, said the intervention by the foundation was heartwarming.

Aminu said she could not believe her eyes with the items provided by the foundation, while commending the organiser for the kind gesture.

Mary Adeyemi, 23,  from Oyo, who lost her husband in 2019, described the gesture as huge and wonderful.

The young widow urged other public spirited Nigerians to join hands with SASF to reduce the burden of widows in the country.

Edited By: Chinyere Nwachukwu/Felix Ajide
Source: NAN

The Smile Attaracts Smile Foundation (SASF) distributing food items on Saturday in Abuja

https://nnn.ng/foundation-donates-food-other-gifts-items-to-widows-in-abuja/
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Defence/Security

Troops rescue 22 kidnapped victims in Zamfara, Katsina

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The Nigerian Army troops of Operation Sahel Sanity fighting banditry and kidnapping in the northwest region have foiled bandits’ attacks and rescued 22 kidnapped victims.


The troops also recovered arms and ammunitions in various operations in Zamfara and Katsina States.

Gen. Bernard Onyeuko, the Acting Director, Defence Media Operations, made the disclosure in a statement issued in Gusau on Friday.

According to him, troops deployed at Moriki and Jangeru, responded to a distress call on Sept. 13, and folied a planned bandits’ attack on Mai-Zuma village in Zurmi Local Government Area of Zamfara.

This, he said, followed severe shoot out along Kayawa axis forcing the bandits to withdraw and abandon three motorcycles recovered by the gallant troops.

Onyeuko said on Sept. 12, troops deployed at Dandume in Katsina State rescued two young girls kidnapped by bandits on August 18, adding that the bandits abandoned the victims after a hot pursuit.

He said that on Sept. 17, troops also rescued 8 kidnapped victims from suspected bandits at Fankama and Sabon Layi area in Faskari LGA of Katsina.

“Troops on patrol at Chabas Chabas, swiftly rescued a truck driver, 11 women and children, on their way to Batsari Market but blocked by suspected bandits along Shimfida – Gurbi Road in Katsina State,” he said.

The Acting Director added that troops deployed at Forward Operation Base (FOB), Dansadau arrested a suspected bandit named Bello Ibrahim riding a motorcycle on his way to Dandalla village.

Onyeuko noted that the troops recovered one Pump Action rifle and three live cartridges from the suspected bandit.

He said: “On Sept. 16, troops deployed in Faskari arrested a suspected bandits’ informant named Isah Indo while spying on troops’ location.

“Following credible information; troops deployed at Yankara arrested a suspected bandits’ collaborator named Idris Isah from Yampa village in Faskari LGA of Katsina, who is engaged in illicit activities with bandits.

“Also on Sept. 16, troops deployed at Magami arrested Yaya Rabiu at Magami checkpoint, the suspect was identified to be a member of a notorious bandit gang.”

According to him, the bandits recently attacked troops location at Ruwandawa-Kwankele village in Gusau LGA of Zamfara.

Onyeuko reiterated commitment of the Nigerian Army to protect lives and property, and  urged the people to provide credible information on suspicious movements and persons in their communities.

Edited By: Josephine Obute
Source: NAN

https://nnn.ng/troops-rescue-22-kidnapped-victims-in-zamfara-katsina/
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COVID-19

COVID-19 FG will support MSMEs with N75bn loan — DG SMEDAN

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The Federal Government will support Micro Small and Medium Enterprises (MSMEs) with N75 billion survival fund to cushion the negative effects of COVID-19 pandemic on small businesses.


Alhaji Dikko Radda, Director-General, Small and Medium Enterprises Development Agency (SMEDAN), dislosed this during the closing of National Business Skills Development Initiative (NBSDI) in Katsina on Friday.

The SMEDAN boss said that the N75billion survival loan would support 500,000 MSMEs and 333,000 artisans across the country.

He pointed out that the implementation of the N75 billion MSMEs Survival Fund nationwide would help to cushion the negative effects of COVID-19 pandemic on small businesses.

He explained that NBSDI was designed to provide entrepreneurship skill and  empowerment material (equipment) to bridge the capacity gap of the youth.

According to him, the programme is also aimed at enhancing youth engagement in productive ventures, thereby ensuring that they become independent.

“The initiative is designed to ensure that more professional services will be provided by local and well trained young artisans leading to reduction in job losses to immigrants from neighbouring countries.

“It further seeks to pursue a drastic reduction in poverty as most of the our of youths who still rely on stipends from parents are empowered to become self – reliant,” Radda said.

The DG announced that the National Business Development Initiative was being implemented in seven states of the federation.

There are  Katsina, Rivers, Delta, Ebonyi, Adamawa, Niger, Lagos, Kwara, Bauchi , Zamfara and Ekiti where a total of 1,397 entrepreneurs will benefit from the programme. 

AIS//

Edited By: Chinyere Nwachukwu/Wale Ojetimi
Source: NAN

https://nnn.ng/covid-19-fg-will-support-msmes-with-n75bn-loan-dg-smedan/
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Economy

MPC: Financial experts seek monetary, fiscal policies alignment 

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cial experts have urged the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to collaborate with the Federal Government on policies that will impact positively on the economy.


The experts spoke with the News Agency of Nigeria on Friday in Lagos against the backdrop of the 275th MPC meeting slated for Sept. 21 and 22 in Abuja.

They said that monetary and fiscal policies must align to grow businesses and attract investments into the country.

Mazi Okechukwu Unegbu, a former President, Chartered Institute of Bankers of Nigeria called on MPC to engage fiscal authorities on Value Added Tax (VAT) reduction currently at 7.5 per cent.

Unegbu observed that VAT needed to be reviewed in line with economic realities caused by COVID-19 pandemic.

He noted that VAT increment was affecting both small and big businesses in the country.

“Increasing tax is not the best way to help this economy, because when the tax rate is high, employers will sack people from their jobs.

“When the tax is reduced, you will see increase in productivity, more tax returns and more employment.

“Central Bank of Nigeria should work with the fiscal section for their own policies to work because when CBN makes a policy that is contrary to the fiscal policy, it will not make any headway,” he said.

Unegbu said that challenges in the monetary system were huge and should be addressed beyond provision of palliatives for banks by CBN.

According to him, the increase in VAT which has affected all other taxes; also, CBN should consider helping the banks further as COVID-19 has further disrupted liquidity of banks across the system.

He said that the recent increase in electricity tariff when there was no stable power, should be addressed.

Adebayo Adeleke, former General-Secretary, Independent Shareholders Association of Nigeria said that the committee should find ways to ensure that the country did not plunder into recession.

Adeleke told NAN that CBN should lower interest rates on borrowing, which would encourage people to restart their businesses.

“The committee should be looking at ensuring the continuity of policies that will not drive the country into recession.

“What CBN has done so far is to try as much as they can to discourage savings by lowering interest rate.

“There are two legs to it, if you lower interest rate so that people do not bring their money and dump in the bank, is because you want more money in circulation in the economy.

“The next leg is that we lower interest so that we can inflate the economy. The economy has taken a downturn because of COVID-19; a lot of businesses have been affected.

“So if you are closing the gate to deposit or by discouraging people with the lower interest rate, then we should lower the interest on borrowing.

“Interest on loan should be lowered. That will also encourage people to take more money to restart their businesses because we need to bring the economy back on stream,” he said.

Adeleke said he would be expecting to see more deliberations on how businesses could access more funds, which he believed was a major expectation of the general investing public.

Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd. said that he would be expecting CBN to maintain the current rates of the interest rate, cash reserves ratio among others.

Kurfi said that the committee should consider maintaining the rate on treasury bill, which will attract banks to lend out money to businesses.

“If you want to push the economy upward, you need to have lower interest rate in terms of borrowing.

“Treasury bill should be low to attract banks to lend out their money because if you remember in 2016 when the treasury bill was 15 to 16 per cent, banks took all their money to buy treasury bill and could not lend which affected the economy.

“What I expect CBN to do is to likely maintain the rates on MPR, treasury bill and others; the MPC meeting taking place next week will see that most of the rates remain the same.

“The threshold of three to four per cent above the MPR will also remain the same, NPR and the cash reserve ratio will remain the same, that is my anticipation,” he said.

Kurfi said that devaluation of naira was another challenge to be tackled but envisaged that CBN would continue to intervene at least with the bureau de change to bring down the price of dollar.

He said that before CBN intervention, dollar was trading in the parallel market at N470 but now less at N450 or N445.

He expressed optimism that the upward price change of petrol would encourage establishment of new refineries and attract investors once the price is right.  

 

 

 

 

Edited By: Grace Yussuf
Source: NAN

https://nnn.ng/mpc-financial-experts-seek-monetary-fiscal-policies-alignment/
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