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Illegal Courier Operators Plunder the Economy

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As in almost every sphere of human endeavor, there are those that play behind the scene and try to circumvent laid down rules and processes. Such is the case with the Nigeria postal and courier industry where the operations of quacks have continuously undermined the prospects of the sector.

Illegal courier operators are those people who without licenses are operating the courier business whereas there are others who may have acquired the license in the first place but over time may find it unnecessary or difficult to renew their licenses.

In the latter case, instead of the promoters of the business trying their hands out on some other things, they still stick to the courier business having acquired the start up license. But this is practically wrong as it negates the regulatory procedure for operating a courier business.

Taken that the industry is lucrative thereby attracting the interest of businessmen to the sector, but the point should be made that every interested investor should follow the proper channel.

A development whereby people operate courier in the booths of their vehicles or in ramshackle offices to say the least is belittling the business.

The mailing industry provides a vital infrastructure upon which businesses depend for critical communication and distribution services and looking at the class of companies and clients that patronize the sector, courier business is a serious business that needs only professionals to operate. Simply put, courier is the movement of time sensitive document from point of origin to the destination point. This to a layman is just a simple exercise that does not need much expertise or special training. The point remains that even as easy as the business seems loss of a special document or its late arrival may throw up a lot of challenges that may turn out to be irredeemable. It takes one who knows the value and importance of documents and their timely delivery to be a courier person.

Illegal courier operators have in recent times devised several other ways of carrying out their operations as the Courier Regulatory Department (CRD) of NIPOST has declared zero tolerance for their activities. The department has severally launched offensive on fake operators arresting some of the promoters and closing their shops.

Offenders are meant to pay a penalty of fifty thousand naira and be made to apply for license if the person shows interest of continuing in the business. The fifty thousand naira penalty is a far cry from the gains these illegal operators make and can never serve as deterrence to the illegal business. The Courier Regulatory Department should as a matter of urgency review this paltry fee with more stringent measure weighty enough to dissuade quacks from infiltrating the courier business.


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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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E-Financial

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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Broadcasting

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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