Five things to know to start your Monday

PoS service charge price fixing not collaborative approach – FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) clarified its investigation into Point of Sale (PoS) service charge increases, stating it’s not a coordinated effort.

Babatunde Irukera, the Executive Vice Chairman, revealed the FCCPC’s findings after scrutinising the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).

Contrary to initial fears, price hikes were not uniformly coordinated among PoS operators. FCCPC had earlier threatened AMMBAN with prosecution for alleged price fixing.

Irukera emphasised that the non-coordinated approach has been confirmed through meetings and aggressive surveillance. He also noted that the Central Bank of Nigeria holds regulatory power over banks, as stipulated by the Banks and Other Financial Institutions Act (BOFIA).

Read also: Power tussle: Niger could cut 70% of Nigeria;s demand 

FHA mortgage bank allocates N10.6bn to 962 recipients

The Federal Housing Authority Mortgage Bank (FHAM) has distributed National Housing Funds (NHF) loans totaling N10.6 billion to 962 individuals.

Hayatudeen Awwal, the Managing Director, announced this achievement at the house handover ceremony for Batch 1041 beneficiaries in Abuja, many of whom are doctors.

The loans supported housing purchases in various states, including Abuja, Lagos, and more.

Awwal highlighted the bank’s role in generating over 200 jobs through this initiative, aligning with President Bola Tinubu’s vision for affordable housing. Senator Gbenga Ashafa, the Managing Director of FHA, emphasised the importance of mortgage facilities for homeownership and urged beneficiaries to contribute to the revolving fund for others to benefit.

A former Vice President of the Nigerian Association of Resident Doctors, Dr. Adejo Arome, expressed gratitude for making homeownership accessible to medical practitioners and believed it could mitigate brain drain and strikes in the medical field.

Shipper kicks against making FIRS sole revenue collector

Jonathan Nicole, a shipper and former President of the Shippers Association of Lagos State, has voiced opposition against exclusive revenue collection by the Federal Inland Revenue Service (FIRS).

He spoke against the backdrop of the Presidential Committee on Tax Policy and Fiscal Reforms suggesting the FIRS should handle revenue collection for all Federal Government entities.
Nicole expressed concerns about concentrating financial power in a single agency, cautioning against creating a financial behemoth that could disrupt governance balance.
He emphasized the need for cautious design to prevent dictatorship and recommended merging certain agencies like Standards Organisation of Nigeria/National Agency for Food and Drug Administration and Control to ensure operational effectiveness.

PwC reveals $300bn worth of unused capital in real estate and land

Nigeria holds an estimated $300 billion to $900 billion in dead capital within its residential real estate and agricultural land, according to a report by PricewaterhouseCoopers (PwC).

The report, titled “Bringing Dead Capital to Life, What Nigeria Should Do,” highlighted that high-value real estate ranged from $230 billion to $750 billion, while the middle market was worth between $60 billion and $170 billion.

The lack of proper land titles and complex land tenure systems were noted as key factors contributing to this dead capital. PwC emphasised that Nigeria’s Land Use Act has not effectively established a uniform land tenure system, resulting in unregistered land and difficulty validating ownership claims.

Structural reforms were recommended to unlock this dead capital and integrate it into the formal economy, potentially transforming the informal economy.

US bank Citi completes sale of Taiwan consumer unit to Singapore’s DBS

Citigroup (Citi) has finalised the transfer of its Taiwan consumer operations to DBS Group in Singapore, including retail banking, credit cards, and lending, releasing around $1.2 billion in capital.

The sale aligns with Citi’s strategy to exit consumer banking across 14 markets worldwide.

The institutional business in Taiwan is excluded from the deal. This move follows Citi’s sales agreements in nine markets and closures in seven others, with plans to finalise the sale of the Indonesian consumer unit later this year.