• Saturday, July 13, 2024
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BusinessDay

Five things to know to start your Friday

Corruption and killings in Nigeria: A message from the Pope

CBN, NIBSS, set to introduce national card scheme

The Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, in conjunction with Bankers’ Committee are getting set to introduce the national card scheme aimed at improving payment system in Nigeria.

Premier Oiwoh, Managing Director, NIBSS, said this at a Bankers’ Committee press briefing on Thursday.

He said the scheme, which had been approved, was the brain work of the apex bank.

“Part of the proposition of the bank is that this National Domestic Card scheme will be created to help drive acceptance and efficiency and reduce operating cost of cards in the country.

“This card will be configured to address the unique eco-system that we have, to help improve payment across the nation.

“We also expect the card to provide affordable pricing; on this card the charges will be lower because it’s expected to be charged for in Naira as against foreign currency.

“We also expect to customise local content uniquely for the Nigerian landscape, which will support micro payment and credit, e-government, identity management, transportation, health sector and agriculture in terms of payment,” he said.

He explained that the card was expected to reduce the dependence on cash across the landscape and help promote the cashless initiative of the CBN.

“The operational effectiveness of this card is expected to be robust and it should drive a lot of innovation, standardisation, then full end-to-end visibility to improve fraud management and better dispute resolution process around the card operating system.

“Local competence for the card and payment scheme will also be deepened within the eco-system,” said Oiwoh.

He said the card would incorporate products ranging from debit card, credit card, and non interest card, among others. This is according to the News Agency of Nigeria (NAN).

Read also: Nigeria to convert vast CBN loans to 40-Year Bonds

CBN sells Polaris Bank to new investor

The Central Bank of Nigeria (CBN) has announced the sale of Polaris Bank to a new core investor, Strategic Capital Investment Ltd. (SCIL).

A statement issued by the CBN said that the sale was concluded after a Share Purchase Agreement for the acquisition of 100 percent of the equity in the bank by SPA.

Polaris bank which used to be known as Skye Bank Plc has been a bridge bank since 2018 after fears of collapse led to the intervention of the CBN to protect depositors’ and investors’ funds.

NAN reported that as part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through the Asset Management Company of Nigeria (AMCON), to be repaid over a 25-year period.

These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.

It said SCIL had paid an upfront consideration of N50 billion to acquire 100 per cent of the equity of Polaris Bank.

The statement signed by Osita Nwanisobi, Director, Corporate Communications said further that it had also accepted the terms of the agreement, which included the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

“The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered.

“The sale was coordinated by a Divestment Committee (the ‘Committee’) comprising representatives of the CBN and AMCON, and advised by legal and financial consultants.

“The committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.” It said.

Sanwo-Olu reiterates need for state police

Gov. Babajide Sanwo-Olu of Lagos State on Thursday reiterated the need for creation of state police in Nigeria.

Sanwo-Olu made the call when the Commissioners of Police Service Commission (PSC), led by the acting Chairman, Retired Justice Clara Ogunbiyi, paid him a courtesy visit at the Lagos House, Marina.

He said this would help governors to protect the life and property of their residents, which they had sworn to, as well as ensure peace and tranquility within their states.

The governor said that his administration would continue to provide adequate first-class security for the entire local and foreign residents within the state.

”We reiterate and seek your cooperation on our collective agitation for a State Police. This is my view and the view of a lot of my colleagues and citizens” he said.

Google fined $162m by India antitrust watchdog for abuse of Android platform

India’s competition regulator on Thursday ordered Alphabet Inc’s Google to change its approach to its Android platform and fined the U.S. tech company 13.38 billion Indian rupees ($161.95 million) for anticompetitive practices.

According to Reuters, the Competition Commission of India (CCI) said Google leveraged its dominant position in markets such as online search and app store for Android, to protect the position of its apps like Chrome and YouTube in mobile Web browsers and online video hosting.

CCI also restricted Google from certain revenue sharing agreements with smartphone makers, noting that such practices helped Google to secure exclusivity for its search services “to the total exclusion of competitors.”

At least five injured in Guinea anti-government protest

At least five people were injured after security forces fired at anti-government protesters in Guinea’s capital Conakry on Thursday, an opposition coalition said.

According to Reuters, demonstrators pushing for a junta that took power in a September 2021 coup to restore civilian rule set up road blocks across the city and burnt tyres.

They clashed with security forces, who responded with tear gas and live bullets.

“Five suffered gunshot wounds. One is in critical condition,” the National Front for the Defence of the Constitution (FNDC) said in a statement.