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Nwosu, Global Express Boss Calls for Postal Sector Consolidation

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Joe Nwosu, managing director/ chief executive officer of Global Express Limited, has stressed the need for consolidation in the postal industry.

Nwosu emphasized that for courier companies to come out big and render efficient service as well as add value to what they are doing that what happened in the banking industry should also happen to the courier industry. Consolidation is inevitable, he said. He decried the present practice whereby new courier companies are springing up now and then while some of them do their businesses in a room office.

Nwosu said that such courier companies don’t add value to their services and called on the Courier Regulatory Department, a body that licenses and registers new courier companies to review the registration fee upward from the present N1million so as to encourage people to come together to form courier companies .

He believes that if the registration fee is made substantial that it will prevent every Dick, Thom and Harry from wanting to register a courier firm simply because they can afford the one million naira registration fee. "A hike in the registration fee will make people to form courier companies. Con solidation will add content value to what they are doing’, he said.

Nwosu assured that Global Express, a courier company that specializes in mail and parcels services, is prepared to give the specialized service the client requires and said that as a courier company you don’t just come into the market because you want to make money. He advised that to be in the courier business that you have to segment the market and know the people you want to service and said that once you are able to offer specialized service that you have gotten the market. Further, Nwosu said that in addition to this that his courier firm goes a step further to ask its clients their areas of need.

Continuing, Nwosu frowns at the activities of unregistered courier companies who go ahead cutting corners, cutting prizes and dumping mails saying that their activities undermine the growth of the sector even as he called on government to assist the industry in the areas of road, light and provision of basic infrastructure for practioners to be able to make profit and pay their staff salaries. Nwosu submitted that running generators for 24hours increases the overhead cost and said that courier is not a business where you keep on increasing the prize. No economy moves without proper communication and courier is the main stay of every economy because you have to move services, move your hard copies, Nwosu said.

Describing the courier as a living business, he said the dynamic nature of the industry which comes up with new innovations every day elicits that companies have to train their workers to keep abreast of the new innovations. According to him, Global Express trains its workers at least three times in a year and said it is the only way of embracing new technologies. He explained that IT works hand- in- hand with the courier. For instance, tracking he said, was not there when Global Express was established in 1992 but now you cannot do without the technology. However he said that the level of ICT tools they use here in the postal industry cannot be compared with those used abroad. Sorting of mails for example, he said,. is not done manually overseas.

In this regard, he called on government to encourage entrepreneurs and said that you cannot talk about entrepreneurship without being involved with your environment. With necessary technology in place, Nwosu believes the incidence of drug barons sending their parcels through courier companies will be checked and minimized. He said drug barons come up with various means and to fight the scourge it needs the cooperation of every body considering the endemic nature of drugs which he said is capable of eliminating a whole country like Nigeria if everyone gets into using it. He lamented the dearth of technology devices to scrutinize contents of consignments. In that case, he said anything can happen.

Nwosu advocated for professionalism of the courier sector in line with other sectors like the banking where practitioners operate under the umbrella known as the Chartered Institute of Bankers (CIB) and their counterparts, Nigeria Insurance Council of Nigeria (Nicon) for the insurance.

Nwosu also suggested professionalism for the sector and said that for one to be a courier practitioner that one has to be trained and certified before becoming a member. The present practice whereby operators pay one million naira to get a license and in addition acquire a bike to start the business is decried by Nwosu .He said it is necessary to ensure that operations render standard service and customers getting satisfied. He advocated for a forum where customers could have the opportunity to come and voice out and commended the Nigerian Communications Commission (NCC) for wonderfully doing well in the telecoms sector.


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E-Financial

NDIC Gets Court Order, to Wind Down 96 Microfinance, Mortgage Banks

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Nigeria Deposit Insurance Corporation (NDIC) has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria (CBN) in May 2023.

NDIC Gets Court Order, to Wind Down 96 Microfinance, Mortgage Banks

Bello Hassa, managing director, NDIC, stated this at a sensitisation seminar for Judges of the Federal High Court in Lagos organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.

Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”

He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.

Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”

Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.

 

 

 


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E-Financial

CBN Finally Makes U-turn, Withdraws Circular on Cybersecurity Levy

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Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing financial institutions to implement the national 0.5 per cent cyber security levy after the policy was largely resisted.

CBN Finally Makes U-turn, Withdraws Circular on Cybersecurity Levy

The withdrawal of the circular was announced via a statement signed by Haruna Mustafa, director, Financial Policy and Regulation, Department and Chibuzo Efobi, director, Payment System Management Department.

The apex bank confirmed the suspension in a circular issued on May 17, 2024 with reference number PSMD/DIR/PUB/LAB/017/005 addressed to commercial banks, mobile money operators, and other financial institutions.

In an earlier circular issued on May 6, 2024 with reference PSMD/DIR/PUB/LAB/017/004, the bank mandated financial institutions to charge a 0.5 per cent levy on all electronic transactions.

President Bola Tinubu last week ordered the suspension of the National Cybersecurity levy.

 

 

 

 

 


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Telecom

NIGCOMSAT Plans Dedicated Satellite for Military Operations

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Nigerian Communications Satellite (NIGCOMSAT) has revealed plans to launch a satellite into orbit, co-designed and dedicated to the Nigerian Army to enhance the military’s capabilities and boost operations.

NIGCOMSAT Plans Dedicated Satellite for Military Operations

Mrs Jane Egerton, managing director/chief executive officer, NIGCOMSAT disclosed this during a visit to Lt.-Gen. Taoreed Lagbaja, chief of army staff.

Mrs Egerton said the decision was taken considering the severity of the service being rendered by the Nigerian Army to the nation in the fight against emerging threats.

The NIGCOMSAT boss acknowledged the long standing relations with the Army and its zeal in tackling security challenges in the country.

She noted that the partnership between the two bodies is expected to have far-reaching implications for the country’s military operations and national security and leverage satellite technology to drive economic growth and development.

In his remarks, the COAS stressed the need to partner with the NIGCOMSAT to enhance communication capabilities and improve military operations.

Lagbaja said the partnership was crucial to providing reliable and secure communication services and enabling the Nigerian Army to access a wide range of satellite-based services, including telecommunications, navigation, and surveillance, which will significantly improve its operational efficiency and effectiveness.

The army chief lauded the vital role of NIGCOMSAT, which serves as a formidable foundation for NA operations, especially in the North-East and North-West regions.

He reiterated the Nigerian Army’s commitment to Executive Order 5 of President Bola Tinubu compelling departments and agencies to patronise made-in-Nigeria goods.

He described NIGCOMSAT products as top-notch and affirmed his desire to expand the frontier of cooperation and partnership that exists between NIGCOMSAT and the Nigerian Army.

Nigerian Army chief also pledged to support the communication company in the launch of its new satellite into space to improve NA operations.


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