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Courier Industry Critical for Development- Emeje

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Dr. Simon Emeje, head of the Courier Regulatory Department of NIPOST has described the courier industry as a critical area in Nigeria saying that there is no country in the world that can talk about development without communication.

He stated this at the second edition of Afritecc 2008 Congress, a definitive two-day event for Telecoms, internet, computer and the courier organized by Mosrose Communications Limited, the publishers of ITworld magazine which ended lThursday at the Golden Gate Restaurants, Ikoyi, Lagos

Emeje, who represented Alhaji Mori Ibrahim Baba, the Postmaster General of the federation at the courier session of the event said that courier which handles the door-to–door delivery of time sensitive service, part of communication is a segment of the post that has existed as old as the world.

Delivering a lecture on "Courier Service in Nigeria: Challenges and Prospects, Emeje traced the evolution of the courier industry and said that the practice has diversified from Aristocratic service to conventional postal formation which has occupied a critical position in the economy. He said that courier services all the sectors of the economy offering jobs to over 300,000 people and last year alone made N12billion as profit even as he further noted that courier has presence in 2,500 towns and villages in Nigeria.

Emeje said the telecoms sub-sector which has enjoyed all the attention and support of the government in recent times cannot survive alone without the support of the courier and described the scenario as the two sides of a coin. However, he said that unlike the telecoms sector, the courier has not enjoyed relative attention from the government in spite of the fact that the postal industry has been as old as the world.

He explained Universal Postal Service as the obligation of the government to reach every body in all locations with postal services which are affordable and cost effective to the citizenry and said it is difficult for government to relinquish this role to the private sector considering the effect it will have on pricing for such services. Instead, he said that if government wants the telecom services to reach all the nooks and crannies of the country that it should work with the postal sector.

Emeje intimated that the sector still faces some challenges irrespective of the prospects it has made so far. He mentioned the activities of the illegal courier operators, pilfering, dumping and loss of items as part of the challenges. Emeje said that since the department was established that 70 offices that were not licensed by his department had been closed down. According to him, the sector is also undermined by low level knowledge of some courier operators who he said are not well versed with operations of the business. He informed that the department developed a training curriculum to address the knowledge bankruptcy on courier enterprise which started in 2003. Another area of challenge which he mentioned is the dual role which the NIPOST performs as both an operator and the regulator. Many stakeholders have criticized such a development and called for review of the status quo.

The process started since 2004 at the Courier Summit where courier operators agitated for an independent body that will regulate the sector like the telecoms where NCC is the umpire. It is believed the independent body will face the challenges in the sector squarely. The document as at now is passing through the necessary administrative processes but government should do well to hasten action on this all important legislation that will change the face of the postal business for good.


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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UBA Launches ‘RED Radio’, New Online Entertainment Platform

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United Bank for Africa, (UBA Plc), Pan- African financial institution, has continued to lead in innovation with the launch of its dynamic and creative Online Radio channel – RED Radio.

UBA Launches ‘RED Radio’, New Online Entertainment Platform

RED Radio, powered by UBA is a lifestyle web platform that has been set up to inform, educate, entertain and to bring to the fore, the best of Africa.

Much like its sister platform, REDTV, RED Radio is expected to showcase the best in lifestyle, entertainment, music, news, comedy and fashion.

Speaking on the launch of RED Radio, Tony O. Elumelu, group chairman of UBA,  applauded the creative initiative, emphasising that UBA is a financial institution always ready to support  creativity and entrepreneurship. The 2020 Time 100 most influential person in the world who has committed USD100 million to empowering young entrepreneurs across Africa said about RED Radio, “Creativity and innovation are a powerful combination and every detail in an art piece is important and meaningful. This applies to growing businesses and budding entrepreneurs. You will encounter challenges, like I did, but each experience is a lesson that brings you closer to your goal. That is the beauty of creativity.”

Continuing, Elumelu remarked, “There are many ways to make something beautiful, to make a sound interesting or to bring a story to life. You can define your expression, and today, as UBA’s RED Radio launches, I wish Bola Atta and her enterprising team many successes through this beautiful medium of expression.”

In appreciation of the support of UBA Group Chairman for the exciting creative initiative, Bola Atta, UBA’s group head, Corporate Communications, said ‘just like, REDTV which is Africa’s leading  online entertainment network, RED Radio is positioned to fast become the foremost online radio platform in Africa’.

Also expressing his delight, UBA’s Brand Ambassador and star boy, Wizkid, said, “I am never too busy for my UBA family as he granted an exclusive interview on one of the station’s flagship shows ‘On the Street’ where he spoke extensively about his upcoming album and what his fans should expect from him in the coming weeks.

RED Radio promises to bring rich and engaging content that will keep its audience coming back constantly for vibrant and robust entertainment. Listeners can tune in to www.itsredio.com 24/7.

 

 


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