A company based in Salehurst, Robertsbridge, East Sussex, United Kingdom (UK), narrowly escaped being scammed by am impostor of Chief Operating Officer, at the Nigerian National Petroleum Corporation (NNPC).

The Corporation, which confirmed this on Saturday, advised that individuals and corporate bodies, locally and internationally, should be wary of unscrupulous elements parading themselves as officials of the corporation.

The warming, NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said in a statement, came in the wake of the claim by a group of dubious individuals to be representing “a Gas and Power Committee” of the corporation, hosting a chief executive of a United Kingdom based company in a purported “office of NNPC” in Abuja recently.

The release said one of the miscreants had claimed the identity of NNPC Chief Operation Officer (COO), Gas and Power, Engr. Yusuf Usman, all in an attempt to swindle the unsuspecting company based in Salehurst, Robertsbridge, East Sussex, UK.

Mr. Ughamadu said the unsuspecting UK entity was saved from an ordeal when it reached out to the corporation’s London Office, to authenticate the swindlers’ identity, following the difficulties the company had experienced in reconnecting with the conmen on telephone.

The release said one of the miscreants had given the unsuspecting UK company a fake call card of NNPC COO, Gas and Power, Engr. Usman.
The NNPC spokesperson advised individuals and corporate bodies, in their own interest, to verify the identity of any officials of NNPC from relevant units of the corporation before making commitments to avoid falling into the trap of swindlers.

• Tony Elumelu, Founder of Tony Elumelu Foundation and ICRC President, Peter Maurer Calls for a new Private Sector Led approach to humanitarian development in Africa
• Collaboration between humanitarian and the private sector is critical for impact-driven intervention

At the just concluded Forum organised by the International Committee of the Red Cross (ICRC), key speakers Tony O. Elumelu, Founder of the Tony Elumelu Foundation and Peter Maurer, President of the International Committee of the Red Cross (ICRC) proffered entrepreneurship as the most sustainable solution to accelerating Africa’s transformation. During a one-on-one conversation at the event, both speakers called for a new private-sector-led approach to humanitarian development in Africa.

While speaking at the Forum, Peter Maurer commended the Tony Elumelu Foundation’s private-sector-led approach as the gold standard of humanitarian development in Africa focused on impacting lives at scale and transforming the continent.

Mr. Maurer said: “On one side, it is important that we assist and protect people when they are disrupted by violence and war. But what brought me together with Tony is not the white shirt and the blue suit, it is his deep conviction that with longer and protracted conflict we need to bring people much earlier into independence.”

He added: “We need, more than ever, in the most fragile, violent parts of society to show the pathway to independence and to a dignified life and this goes with income-generating activities, productive activities, with small businesses. This is why we partnered with the Tony Elumelu Foundation”.

On his part during the discussion themed “Private Sector Partnerships with Humanitarian Organisations: Putting People First”, Mr. Elumelu commended Mr. Maurer’s leadership and the decision to partner with the Tony Elumelu Foundation to eradicate extremism and violence.

He said: “Through the partnership between TEF and ICRC, a lot is happening that shows the catalytic impact of your vision. Ours was the first ever partnership that ICRC had explored using a different approach to humanitarian development, from the angle of empowering the private sector. Today, the Tony Elumelu Foundation has partnered with AfDB on empowering 1000 beneficiaries, UNDP which started with 1000 entrepreneurs and has now been scaled up to empower 100,000 African entrepreneurs starting with the Sahel region. The most important thing is that we give economic hope and opportunity to our people and reduce the cases of fragility that we see across the continent.”

In 2018, ICRC and the Tony Elumelu Foundation partnered to sponsor 200 entrepreneurs from the North East and Niger Delta regions of Nigeria to catalyse and accelerate transformation while scaling impact in conflict-prone areas. The intervention is built on the existing Tony Elumelu Foundation’s USD100million commitment to empower 10,000 young African entrepreneurs in 10 years across the continent. Driven by the economic philosophy of Africapitalism,  it represents a bottom-up approach with the goal of creating millions of jobs and increased revenue on the continent.

The ICRC Forum took place in Lagos yesterday and gathered key stakeholders in government and humanitarian development to explore alternative approaches to impacting lives on the continent.  Present at the event were Princess Aderemi Adebowale, representing the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu; Mr. Babtunde Paul Runwase, President, Lagos Chamber of Commerce and Industry; Juan Luis Coderque Galligo, Head, New Financing Models, ICRC; and Mrs. Ifeyinwa Ugochukwu, CEO, Tony Elumelu Foundation; amongst others.

The Nigeria Employers’ Consultative Association has said the implementation of the 7.2 per cent Value Added Tax approved by the Federal Executive Council will make nonsense of the recent increase in minimum wage.

VAT is a consumption tax payable on goods and services consumed by individuals, government agencies and business organisations.

NECA, in a statement on Thursday, cautioned the Federal Government against the timing of the announced increase of VAT from five per cent to 7.2 per cent, which was approved by the Federal Executive Council on Wednesday.

“The benefits of the recently signed National Minimum Wage of N30,000 would be neutralised by the proposed increase in the VAT, further reduce the purchasing power of the citizens, leading to increase in prices of goods and services, resulting in upward movement of the inflation rate, and further contraction of the economy,” the Director-General, NECA, Mr Timothy Olawale, said.

He said since the purchasing power of the citizens would be reduced, sales of goods and services would reduce and inventories for business would be high, adding that this could lead to closure of businesses that ought to be supported by government in reducing the alarming unemployment rate in the country.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who announced the approval of the new VAT rate after the FEC meeting in Abuja on Wednesday, had said consultations were in process over when the new rate would apply.

She explained that stakeholders, including the National Assembly and the states, would have to agree on the date.

The minister stated that the VAT Act would also have to be amended by the National Assembly before the commencement of the new rate, which she said could be sometime in 2020.

Chairman, Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler, has advised accountants against colluding with tax evaders, warning that they have no power to substitute accounts.

Fowler gave the advice on Wednesday at the ongoing 49^th Annual Conference of the Institute of Chartered Accountants of Nigeria (ICAN), where he was the keynote speaker at a panel discussion on FIRS Power of Substitution. Critical Review and Matters Arising. The discussion was chaired by former FIRS Chairman, Mrs Ifueko Omoigui-Okauru.

While explaining the dynamics involved in the substitution of accounts, Fowler urged accountants at the conference to partner with FIRS in order to improve the revenue collection efforts of all tax authorities.

Before the FIRS decided to place lien on bank accounts of defaulting taxpayers, noted Fowler, it granted a waiver of penalty and interest for three years (2013-2015), followed by the Voluntary Assets Income Declaration Scheme (VAIDS). According to him, it was when millionaire and billionaire taxpayers, with turnover of between N11 million and N1 billion, passed up the opportunity to pay their taxes that the FIRS decided to place lien on defaulting taxpayers’ accounts.

“All defaulting taxpayers were considered, provided that such taxpayers came forward to declare their indebtedness; pay at least 25% of the outstanding amount and present a payment plan on the outstanding tax liability that was acceptable to the Service. This window was opened from 5^th October to 24^th November, 2016. A total of 2,400 companies took advantage of the window, from which FIRS realized about N98.8 billion,” he said.

He noted that without chartered accountants, it will be very difficult to ensure that adequate taxes are being paid and called on accountants to be diligent and forthright when reviewing clients’ financial status.

 “Do your own internal assessment on what your clients should pay; drop accounts that are not willing to do the right thing,” he said.

 He explained that the revenue collected by the FIRS is distributed among the three tiers of government, adding that over 30 states rely on that monthly collection without which the service delivery in those states would have been considerably poorer.

“We are all here for this conference, certain that chartered accountants came from various states across the nation. If in your state, we were not able to support your revenue drive, what level of security would you have in your state?

The FIRS boss explained that the Service has been empowered Section 8 (1) (a) of the act establishing it to assess persons chargeable with tax under the extant tax laws and enforce payment of taxes as may be due to government.  Section 8 (1) (c) of the FIRS Establishment Act, he said, empowers the Service to collect, recover and pay to the designated account any tax under any provisions of the Act, while Section 8 (1)(g) of empowers the Service to adopt measures, to identify, trace, freeze, confiscate or seize proceeds derived from tax fraud or evasion. He added that Section 31 of the FIRSEA provides for the power of substitution, which is one of the enforcement powers of the Service.

 However, his position was rejected by accountants and lawyers at the conference. Wole Obayomi, Head of Tax, KPMG in Africa, maintained that Sections 33 of the FIRSEA and Section 49 of Companies and Income Tax Act (CITA) do not grant the FIRS such powers.

Omoigui-Okauru, who chaired the session, insisted that the FIRS is acting within the law and suggested that FIRS and disaffected taxpayers should seek a middle ground, possibly through an Ombudsman to  address the complaints.

Nwogu Ijeoma, a trader in Alaba international market and one thousand and fifteen customers (1,015) across Nigeria emerged winners at the second quarterly draw of the DiamondXtra season 11 reward scheme powered by Access Bank Plc.

Speaking shortly after receiving the N1 million prize cheque, Ijeoma while expressing excitement at the winnings, told newsmen that she had been a customer of Access Bank for years and was not expecting to win anything. She encouraged Nigerians to open DiamondXtra account in order to partake in the initiative as it was real.

She said: “I have been banking with Access Bank for a long time now. The first time I got a call from the bank, I did not even listen, I hung up the phone but when they called again, I decided to give them a listening ear only to discover I have won a million naira. I am excited and I would encourage my friends and family members to bank with Access Bank so that they can partake in this initiative.”

Also speaking at the prize presentation ceremony, Head, Retail Product Insight and Capabilities, Access Bank Plc, Rob Giles, noted that the bank has stuck to its promise of keeping the initiative growing and ongoing.

Giles revealed that over N5.4 billion in prize money have been doled out while, adding that Access Bank is trying to make the prizes more accessible so that more Nigerians win every year.

He said: “The special thing about DiamondXtra season 11 is the difference we are making for people by giving rent allowance for a year and we had winners today who won in that category as well as education grant for 5 years; that is something that is really impressive in this season. We are also helping our youths get education, which helps to make more businesses grow.

“This product has been a successful product since the launch in 2008 and you do not have to have a large amount to start. For every N5,000 you save, you get one entry into the prize draw and that entry could win you any category of our prizes.”

Corroborating him, Head, Retail Market and Analytics, Access Bank, Chioma Afe, explained that the motivation behind the DiamondXtra initiative was borne out of the need to transform the lives of its customers.

“We have 31 million customers across all our various products and for DiamondXtra, we have about 2.7 million customers and we want to ensure every single one of these customers have been impacted positively by this initiative in some way.

“The beauty about DiamondXtra is that in the draws that happen in the markets, we reward our customers with N10,000 – N50,000 because we realise that not everyone can be a millionaire but every kobo counts and I think after banking with us for such a long time, it would not be bad if we reward our customers. The motivation is that for every time we do this, we find that these monies are used to transform their lives. So we want to keep doing that,” she said.

DiamondXtra is an interest yielding hybrid account, which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The reward scheme has given away over N5 billion in cash and household items to over 15,000 loyal customers over the last 10 years.

If there is one thing that equity investors love to hear the most, it is the word “dividend”. For them, dividend connotes the fruit of their labour and payment for their investments. The most interesting thing about dividends is that the more the number of the shares you own, the more money you’re guaranteed of receiving every time dividends are declared. Some top shareholders in some of Nigeria’s leading banks will soon cash out as H1 interim dividends are set to be paid. 

Hence, Nairametrics brings you a complete list of how much some executives in Zenith Bank Plc, Access Bank Plc, United Bank for Africa Plc, and Guaranty Trust Bank Plc will earn from dividends.

Herbert Wigwe’s projected dividend in H1 2019 

The Group Managing Director and Chief Executive Officer of Access Bank Plc has 201, 231, 713 units of direct shares and 1, 240, 291,197 indirect shares in the bank. These translate to 1, 441, 522, 910 total units of shares. 

Last week, the bank announced that come October 3rd2019, it would pay an interim dividend of N0.25 per every share of 50 kobo. Now, when the total units of shares held by the CEO are multiplied by N0.25, we get approximately N360.3 million. That is the amount he is set to receive. 

Access Bank’s Chairman, Mosun Belo-Olusoga 

Mosun Belo-Olusola, who currently serves as the Chairman of Africa’s largest bank by customer size, has a total of 3, 604, 838 units of shares. These multiplied by N0.25 gives N901, 209.5. 

Here’s how much Jim Ovia will pocket 

On Wednesday, September 4th 2019, Zenith Bank Plc paid an interim dividend of 30 kobo per 50 kobo ordinary share to its shareholders. We calculated to see how richer this made the company’s founder and current Chairman – Jim Ovia.  

As we reported earlier, the billionaire has total units of 5, 059, 336,405 direct and indirect shareholdings in Zenith Bank Plc. This breaks down to 3, 546, 199, 395 units of direct shares and 1, 513, 137, 010 units of indirect shares. When multiplied by N0.30, you’d realise that Jim Ovia earned as much as N1.5 billion dividend for the period ended June 30th 2019. 

Zenith Bank’s Ebenezer Onyeagwu 

Much like his boss, the current Chief Executive Officer of Zenith Bank, Mr Ebenezer Onyeagwu, also cashed out a considerable amount following the interim dividend payout. According to the information contained in the company’s financial statement, Onyeagwu has a total direct shareholding of 36, 000.000. This, multiplied by N0.30, translated to N10.8 million. 

GTBank’s Segun Agbaje 

Guaranty Trust Bank Plc’s Chief Executive Officer, Segun Agbaje holds a total of 41, 628, 001 units of direct and indirect shares. When multiplied by the interim dividend of 30 kobo per ordinary share of 50 which the company is set to pay on September 11th, we see that the CEO is set to receive N12.48m approximately by tomorrow September 11th.  

UBA’s Chairman, Tony Elumelu 

Nigerian billionaire and Chairman of United Bank for Africa, Tony Elumelu, holds some 189, 851, 584 units of direct shares and 2, 045, 354, 576 units of indirect shares. This gives a total 2, 235, 206, 160 shares which then translate to N447 million when multiplied by the interim dividend of N0.20 the company is set to pay. 

Once again, these dividends are a lot because we are talking about big money investors.

That notwithstanding, let this inspire you to start investing today. 

(Nairametrics)

British Airways has told its passengers not to turn up at airports as the biggest strike action in the airline’s 100-year history begins today, September 9, 2019.

The company was accused by union bosses of bullying its own staff. As a result, over 1,500 flights have been cancelled as union bosses have warned that they could continue the action until the end of the year.

About 280,000 people will be affected by the strike which is set to continue on Tuesday, costing the airline £80m in lost revenue.

BA and The British Airline Pilots’ Association (BALPA) are clashing after the union rejected a proposed 11.5 per cent pay rise for its pilots, taking their pay package to around £200,000 a year.

BALPA says that BA “has resorted to breaking agreements and threatening pilots who will strike, which is bound to make matters worse” after they emailed their 4,300 pilots on Friday warning that strike action would be a “serious breach” of their contract.

British Airways also threatened to withdraw a travel perk – where staff can book tickets for ten per cent of the full fare plus taxes – for three years if they chose to strike.

BALPA branded the airline’s behaviour “illogical and irresponsible” and “will further deepen the fall out with their pilots.”

Flights to New York, Delhi, Hong Kong and Johannesburg have all been affected, with the airline telling passengers: “If your flight is cancelled, please do not go to the airport.”

Travellers have been offered other options, including full refunds, flights on different carriers, or the option to fly on a different date. But they have been warned not turn up at the airport without a confirmed flight.

British Airways said on Sunday: “We’re extremely sorry for the problems caused by the strike action called by the pilots’ union, BALPA on 9, 10 and 27 September.

“We continue to be available for constructive talks with BALPA, on the basis that there are no pre-conditions to those talks.

“If you have a flight booked with us on those dates, it is likely that you will not be able to travel as planned due to BALPA’s strike action. We are offering all affected customers full refunds or the option to re-book to another date of travel or alternative airline.”

At last, judgement has come the way of an aggrieved customer of First Bank Nigeria Plc who had suffered fraudulent activity on his account with the bank running into over N800,000.

The customer, named Bode Abolade, resides in Nigeria, but alleged that a fraud was perpetrated as his account was debited for shopping in London and flight tickets bought in far away Budapest in Hungary.

After a titanic legal battle that started sometime in 2013,the presiding Judge Hadizat Shagari in her judgement this year declared the claim of the plaintiff succeeds and awarded N13million against First bank Plc in favour of the plaintiff.

Abolade, who is seeking redress against the bank, joined MasterCard West Africa Limited as co –defendant in the litigation.

In an amended statement of claim filed before a Lagos Federal high court, on his behalf by a Lagos-based lawyer, Barrister Ganiyu Bello, the customer averred that he maintains a current account with First Bank of Nigeria which he has been operating since 2006 directly by cheques and with the MasterCard procured from the bank after due payment which he uses electronically through Automated Teller Machines (ATMs).

With the card bearing the MasterCard Trade Mark and produced by MasterCard West Africa Limited, it’s advertised to be internationally acceptable and acknowledged and therefore projected to have high technological protection, hence the plaintiff’s confidence in using the MasterCard.

However, Mr Abolade alleged that on 17th August, 2012, he discovered that his account with First Bank was fraudulently debited with sum of N750,509.77 arising from unknown and unauthorized transactions. He promptly complained via voice call and as well by e-mail, with his complaint acknowledged.

Thereafter, he physically visited the head office of the bank at Marina, Lagos State on several occasions and he was told that the matter was under investigation.

In its letter dated 5th September, 2012, First Bank denied liability, forcing to write the Central Bank of Nigeria on the issue. In its response on September 27, 2012, the CBN directed First bank to review his complaint and respond within 72hours.

While awaiting First Bank’s response, the plaintiff made a formal complaint to MasterCard West Africa on September 10, 2012, with MasterCard advising him to apply for the payment of provisional credit to his account within 60days in its response.

In accordance with the advice, he requested for provisional credit to be placed on his account to the bank on September 11, 2012 but the bank did not respond to the request.

Pursuant to CBN’s directives, First Bank made available details of the unauthorized transactions on his account, a copy of which was sent to him as follows: (a) Online transaction receipt for 3 internet purchases of auto parts made by Mr Manuel Caser of 22 Greengate street London and third from Digital and (b) Two Air Tickets purchased on Wizz Air in Budapest showing Passengers’ names Gamote Iordam and Alina Claudia Duma respectively.

Despite Abolade making it clear he does not know any of these persons, neither did he authorize the transactions, the bank neglected to demand from the merchants Turner Shop and Wizz Air or their banks the sum of N750,509.77 arising from the unlawful transactions on his account within 60days of occurrence as per the charge process and as advised by MasterCard.

He also declared that there was never a time the details of his MasterCard, which is always in his possession, disclosed to anyone, and in the circumstances of this matter, First bank is liable for the online fraud committed on his account because it arose from card skimming and/or counterfeiting.

He contended further that the online fraud committed on his account was not due to his negligence but by means of other compromises of the defendants’ security because the information required for online transactions are open and accessible only to the staff of First bank who handed over the MasterCard to him at the inception as well as the staff of MasterCard who had the custody of the card before issuance.

He stated further that the loss of his N750,509.77 from his account has put him under serious financial strains and stress so much so that he could not carry out important projects already lined up for execution. Mr Abolade added that his account, which has been debit frozen since August 2012 to avoid further complications, has constrained him access to his funds in the account and therefore cannot transact any other businesses in the cashless environment of Lagos state.

The bank, in spite of several demands, has failed to reimburse him and in consequence, he is claiming from the defendants jointly and severally for the reimbursement of N750,509.77 and N10million damages respectively plus interest at the rate of 21% per annum with effect from August 17, 2012 until entire sum is fully paid.

However, in its amended statement of defence filed by Novolex Solicitors, First Bank, while describing the plaintiff‘s suit as speculative, vexatious and an abuse of judicial process, urged the court to dismiss same with substantial cost on the ground that the reported transactions in this instance showed that the plaintiff’s card was used to order auto parts in United Kingdom and to pay for airline tickets. These transactions could not have been possible without at least the initiator or enabler knowing the number and other details, thus buttressing the fact that the plaintiff must have compromised his security information.

First Bank also stated that as a precautionary measure to prevent further dissipation of the funds therein and to enable the bank carry out full investigation into the complainant’s withdrawals, another account was opened for the plaintiff to enable him to continue his normal banking transactions.

Justice Shagari said: “On critical examination of the facts and circumstance of this case, First bank has not done due diligence to the complaint of the plaintiff in providing the plaintiff and this court with details investigation of the online fraud carried out on the plaintiff account.

“On the whole, the plaintiff has proved his case on preponderance of evidence while the burden of proof has now shifted to First bank, as the bank did not provide sufficient investigation report to the online fraudulent transaction on the plaintiff account they relied on card holder clause and shifted the liability on the plaintiff,but strict to sense First bank is liable to the Plaintiff’s claim I so hold.

“Consequently the claim of the Plaintiff succeed and relief sought are granted on the second claim of N10million as compensation, I also award a compensation of N3million against First bank as contained in the relief. The plaintiff’s claim succeeds”.

Source: Urbanlife

Stanbic IBTC Bank, a member of the Standard Bank Group, launches an integrated marketing campaign on its Unstructured Supplementary Service Data (USSD) application, with the dedicated code, *909#. The *909# USSD string affords customers the opportunity to access wallet and banking services such as (inter and intra bank transfers, airtime purchase, check balance, account opening and loans) while offering purchase of mutual funds & pensions. This reinforces Stanbic IBTC Bank’s status as Nigeria’s foremost full-service financial services group.

The *909# USSD campaign launches on Monday, September 9, 2019. Customers will be rewarded throughout the rest of the month of September when they transact with *909#.

Wole Adeniyi, Deputy Chief Executive at Stanbic IBTC Bank, said: “It is important for the bank to embark on an integrated marketing and communication campaign highlighting *909# as a financial freedom vehicle for all Nigerians to access seamless financial services. This campaign will be targeted at the public- it is open to every Nigerian that can legally own a bank account. The campaign is strategically set to break on the September 9 -909 to reinforce top of mind awareness with the general public.

Some of the benefits that customers will enjoy on September 9, the launch day, include getting additional 90.9% value on airtime purchased via the *909# platform from 9.09 – 9.39am and 90.9% value when they recharge using *909# from 9.09 and 9.39pm.

Also from 10 to 30 September, customers will be rewarded with 9.09% additional airtime when they recharge with *909# from 9.09 -9.39am and pm respectively.

Wole Adeniyi added: “The *909# code is unique because it is the only USSD which covers a wide range of mobile financial transactions and is not just restricted to banking. Stanbic IBTC bank recognizes the daily complexities of living in a fast-paced digital society. The *909# code is intuitive and designed around the needs of the average Nigerian.”

Deputy CE Stanbic IBTC, Wole Adeniyi