War against Fake Courier Companies
As the value of courier services becomes more relevant and important to both personal and business interactions especially in this information age when modern means of transportation and communication has evolved, courier companies are springing up by the day.
Present day courier service has wider tentacles using extensive network of men, machine and ingenuity. In Nigeria, especially in Lagos, Port Harcourt and Abuja, you can hardly cover a pole without sighting either a courier billboard advert or a courier agency
However, the bourgeoning courier business in Nigeria has also attracted players who rather than follow the proper channel of acquiring courier license would go all out to catch in on the new openings in the sector without getting a license from the Courier Regulatory Department. The proliferation in the sector has become so alarming to the extent that somebody delivering a paper on courier event recently quoted the number of courier companies in Nigeria to be 700. The outrageous number was borne out of naivety that not all courier companies operating in Nigeria are registered. According to her, within the same building her office (Asset Management company) is located, there are several courier companies operating in the same building.
This is the stack reality of how the industry is, where the number of unlicensed courier companies by far outnumber the registered ones. The Courier Regulatory Department of Nipost was created as a child of circumstance to sanitize the courier industry in Nigeria and true to expectation; the department has done so much within its mean resources to bring sanity into the industry. Looking at the achievements of the regulatory body, courier operators have variously agitated that it be empowered by the government to enable it face the onerous challenges weighing it down. They argue that the regulatory responsibility handled by the CRD vide Decree 41 of 1992 is highly limited in powers and that this limitation has not allowed the department to regulate the way it should even though it has recorded breathtaking achievements in the industry .
Under the leadership of Dr Simon Emeje, the CRD has been able to transform the courier industry from the mess it was some years ago to the level it is now. However the war is far from being won though the department has been launching attacks on illegal courier companies almost on monthly basis irrespective of where the fake courier company is located in Nigeria. The regulatory department has also reassured that more raids will be launched on some illegal courier companies already identified and penciled down for attack. The efforts of men of the CRD have saved several millions of naira for genuine courier companies who are already facing a lull in their business as a result of the economic recession. As the year is winding up, courier companies are also required to renew their licenses to enable them operate in the New Year. The activities of the fake courier operators cut down the income of the licensed ones such that many of the registered firms are facing extinction.
In the whole process, government seems unperturbed by the activities of illegal courier operators who have constantly made the pockets of registered ones to be bleeding. Illegal courier companies operate in a different world and it can only take adequate measures to be able to contend with the scourge. The CRD is handicapped to battle illegal courier operators squarely.
The way out of this is to empower the Courier Regulatory Department by making it a commission independent of Nipost. The commission will create a business environment conducive for postal operations on behalf of the federal government of Nigeria, facilitate, promote and ensure the implementation of the Universal Service Obligation (USO) of the government as recommended by the Universal Postal Union (UPU). The activities of the commission will also contribute greatly to the economic development of Nigeria considering the fact that the post is a major segment of the communications industry. With adequate regulation in place, the industry is capable of attracting more local and foreign investors which will impact greatly on our economy.
Economic and Financial Crimes Commission (EFCC) has alleged collusion between commercial banks and government officials to re-loot recovered funds from Sani Abacha, late dictator.
Sani Abacha
The $322 million Abacha loot, recovered in December 2017 and earmarked for Conditional Cash Transfer under the Social Investment Programme, was intended to provide monthly stipends to vulnerable Nigerians.
However, Dele Oyewale, spokesperson for the EFCC, disclosed that investigations have uncovered financial malpractices involving COVID-19 funds and World Bank-assisted loans coordinated by the Humanitarian Ministry. Several interdicted and suspended officials of the ministry have been linked to the alleged malfeasance, with N32.7 billion and $445,000 recovered from them.
Managing directors of implicated banks have provided statements, and investigations are ongoing, with former minister Sadiya Umar-Farouq and her successor, Beta Edu, summoned for questioning.
The EFCC stressed that the probe targets a systemic issue rather than individuals, signaling a crackdown on corruption within Nigeria’s financial sector and government agencies.
ClaimBuddy, insurancetech startup has raised $5 million in its Series A funding round led by Bharat Innovation Fund (BIF), with participation from Japanese VC firm CAC Capital, Chiratae Ventures, and Rebright Partners.
Khet Singh Rajpurohit and Ajit Patel
The Delhi NCR-based startup plans to utilize the capital to enhance its tech infrastructure, onboard skilled talent, and diversify its product offerings.
Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to streamline the insurance claims process for both patients and partner hospitals through its digital platform.
ClaimBuddy has already assisted over 35,000 patients and collaborated with more than 250 hospitals nationwide, establishing itself as a comprehensive solution for medical insurance claims.
CEO Rajpurohit expressed confidence in leveraging the investment to introduce innovative financial tools and further improve healthcare experiences. ClaimBuddy’s focus aligns with addressing fundamental issues in insurance claim settlements and patient experiences, as highlighted by BIF’s Ashwin Raguraman.
ClaimBuddy faces competition from other insurtech startups but aims to disrupt the Indian insurtech sector, which is witnessing a surge in digital-first solutions and increased investor interest.
The Indian insurtech space is projected to be a significant segment within the larger fintech opportunity by 2030.
United Bank for Africa (UBA) has said that it will seek shareholders’ approval at the company’s 62nd annual general meeting (AGM) to raise capital.
The AGM is scheduled to be held on May 24.
UBA disclosed this in a statement filed on the Nigerian Exchange Limited (NGX) on Monday.
The development is coming after the Central Bank of Nigeria (CBN), on March 28, directed commercial banks with international licences to raise their capital base to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.
UBA said the board will propose the capital be raised in the Nigerian or international capital markets by way of public offerings, private placements, rights issue or other transaction modes.
The bank said the decision to raise the capital is subject to regulatory approval after consent from shareholders.
According to UBA, the instruments “can either be as a standalone issue(s) or by the establishment of capital raising programmes, whether by way of public offerings, private placements, rights issues and/or other transaction modes, at prices, coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the board of directors of the company subject to obtaining the requisite approvals of the relevant regulatory authorities”.
The company said the board would also propose increasing its issued share capital, from N17,099,710,683 to N22,500,000,000.
UBA, with a capital base of N115.82 billion, needs to raise N384.19 billion to meet the minimum capital requirement for international licence holders.
Bankers, Officials Colluding to Re-loot Recovered Abacha’s Fund- EFCC
ClaimBuddy Bags $5m to Streamline Insurance Claims for Hospitals, Patients
Recapitalisation: UBA Seeks Shareholders’ Nod to Raise Capital
FemyWalsh Set to Launch FM Radio in Lagos
Wema Bank Launches Anti-Fraud Campaign to Protect Customers
Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0
See Full List of Fake Loan Apps Blacklisted By CBN
FIRS Files Tax Evasion Charges against Binance
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
News24 hours agoEFCC Discovers Fraudulent COVID Funds, World Bank Loan in Poverty Ministry
News24 hours agoNAFDAC Alerts Nigerians to EU Ban on Dex Soap
E-Business23 hours agoNew National ID Card to Be Issued Via Banks- NIMC
News23 hours agoHistory as Nigeria Launches Mew 5-in-1 Meningitis Vaccine
E-Financial23 hours agoExtradition Efforts Underway as Arjarwalla, Fugitive Binance Executive Located in Kenya
E-Financial10 hours agoMasterCard, Onafriq Partner to Bring New Payments Suite to Africa
E-Business10 hours agoStudy Reveals Software Programmers to make Full Use of AI Code Assistants
News10 hours agoFITC to Redefine HR with AI, Digitisation for Organisational Sustainability