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CBN sets PSB capital base at N5bn



images 2020 08 28T135931.487 CBN sets PSB capital base at N5bn

The Central Bank of Nigeria (CBN) set Payment Service Banks (PSB) Capital Base at N5bn.

The Central Bank of Nigeria (CBN) has said it would grant more licences for Payment Service Banks (PSB) but set a minimum capital base of N5billion, which could deter telecoms firms and some other potential new entrants to the digital financial services sector.

The central bank in a circular yesterday said that telecom firms, banking agents, retail chains and postal services could apply for licences to become payment banks. To do so they must set up a separate company for it with a minimum capital of N5 billion and run it as an independent entity from their existing operations. The bank has granted three licences so far to 9PSB, a unit of local telecom firm, 9mobile, and two others.

The apex bank said in its circular that it could ask payment banks to recapitalise for specific risks. Payment banks should operate mostly in rural areas and unbanked locations, accepting deposits from individuals and small businesses, the central bank said. They cannot grant loans, it said.

Speaking on the vision of 9PSB’s entrant into the Nigerian financial sector, the CEO of 9mobile, Mr. Alan Sinfield, stated that there’s a huge potential in the market and 9PSB is strategically positioned to expand its operations into financial services. He stated that “We are happy to be the first Payment Service Bank to provide all Nigerians with access to banking services and open up a digital world of possibilities to improve everyday lives. We know that this new development will further improve the country and the people going forward. In 2018, 9mobile partnered with Nigerian bank, UBA to roll out 9Pay, a mobile payments solution

while also pushing for a fintech license. We are delighted that we have now secured finale approval for a Payment Service Bank.”

In his own reaction, the CFO of 9mobile, Mr. Phillips Oki stated that “the financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transactions. The *990# allows Nigerians to perform all financial transactions including utilities payment from the comfort of their phones and homes on any mobile network at no charge. With a large network of agents strategically located in both urban and rural communities, 9PSB is going to make sending and receiving money possible, easier, seamless and less stressful for all Nigerians.

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A Brief History of the Late Emir of Zazzau Alh Shehu Idris from 1936 to 2020



38c2d3371672415fb4cd6b6b60d0a5bd 1600609977891 A Brief History of the Late Emir of Zazzau Alh Shehu Idris from 1936 to 2020

The late Emir of Zazzau His Highness Shehu Idris was born on September 20, 1936 in Zaria.

His father’s name was Malam Idris Auta, better known as Autan Sambo, and his mother’s name was Malama Aminatu Idris.

Malam Idris’ father was Muhammad Sambo who ruled as Sarkin Zazzau from 1879 to 1888, and Sambon’s father was Sarkin Zazzau Abdulkarimi who ruled from 1834 to 1846.

The late Sarkin Zazzau Shehu Idris started his religious studies in Zaria before joining the Elementary School from 1947 to 1950, during which time he lost his father when he was only 12 years old.

In 1950 he joined the Middle School in Zaria where he graduated in 1955 and then transferred to the Katsina Training College.

In 1958, he started teaching at Hurakuyi Primary School, where he taught in several schools in the Zazzau region.

He also served as the King’s Secretary in 1960, during the reign of Sarkin Zazzau Muhammadu Aminu.

In 1965. [9] to 1973 he was appointed Dan Madamin Zaria, and later he was appointed Head of Zaria.

The late Emir of Zazzau Shehu Idris became the Emir of Zazzau in 1975 after the death of the Emir of Zazzau Muhammadu Aminu.

On January 10, 2015, he organized a grand celebration to celebrate his 40th year on the throne, and on February 8, 2020, he celebrated another 45th anniversary on the throne of Zazzau.

In short he was the 18th King of Zazzau since the Jihad of Dan Fodiyo and came from the Katsina royal family, as it is known that there are three royal houses in Zazzau, the Katsina palace and the Mallawa palace and then the Barebari palace.

The emir died at the age of 84 on Sunday, September 20, 2020 at about 11am at the 44 Army Barack Hospital in Kaduna.

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‘Obaseki’s Victory Shows Egocentric Politicking Can Be Defeated’ – Oyegun



images 80 2 'Obaseki’s Victory Shows Egocentric Politicking Can Be Defeated' - Oyegun

A former National chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has congratulated Edo State Governor, Mr. Godwin Obaseki, on his re-election.
Oyegun, in a statement on Tuesday, noted that egocentric politicking could be overcome.
“Please accept my deepest congratulations, Mr. Governor on your re-election as Governor of our great Edo State.
“You and your exemplary Deputy have shown that with good work and principled leadership, the ills of overbearing and egocentric politicking in our nation can be overcome.”
He noted: “Your very significant victory marks a watershed in Edo and indeed Nigerian politics and so places additional responsibilities on your shoulders.”
“I wish you and your Deputy four more years of inspired and productive leadership of our people who have reposed so much confidence in you,” Odigie-Oyegun added.

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FG , States , LGs Share N682 .060 Billion As Allocation For August , 2020



images 79 2 FG , States , LGs Share N682 .060 Billion As Allocation For August , 2020

FG, States, LGs Share N682.060bn As Allocation For August, 2020
The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion August 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.
This was made known after the monthly Federation Account Allocation Committee (FAAC) meeting for September 2020 held through virtual conferencing; chaired by Dr. Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance.
The gross statutory revenue of N531.830 billion was received for the month of August 2020. This was lower than the N543.788 billion received in the previous month by N11.958 billion.
The gross revenue available from the Value Added Tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N682.060 billion; the Federal Government received N272.905 billion, the State Governments received N197.648 billion and the Local Government Councils received N147.422 billion.
The Oil Producing States received N30.881 billion as 13% derivation revenue, while cost of revenue collection and transfers collectively had allocation of N33.205 billion.
The Federal Government received N251.948 billion from the gross statutory revenue of N531.830 billion; the State Governments received N 127.791 billion and the Local Government Councils received N98.522 billion.
N30.881 billion was given to the relevant States as 13% derivation revenue and N22.689 billion was the collective total for cost of revenue collection, transfers and refund to agencies.
The Federal Government received N20.957 billion from the Value Added Tax (VAT) revenue of N150.230 billion. The State Governments received N69.857billion; the Local Government Councils received N48.900 billion, while cost of revenue collection and transfers collectively had allocation of N10.516 billion.
The Communiqué stated that for the month of August 2020, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly.
The balance in the Excess Crude Account (ECA) as at 17th September, 2020 was $72.409 million.

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