Senate To Probe CBN, NIBSS Over N20trn Unremitted Stamp Duties

 

The Senate on Tuesday resolved to probe the Central Bank of Nigeria (CBN) and its subsidiary, the Nigeria Inter-Bank Settlement System (NIBSS) over an allegedly failure to remit N20 trillion revenue to  the Federation Account.

CBN reportedly collected the amount as stamp duty from banks and financial institutions in the country.

The resolution follows a motion by Senator representing Ondo central, Ayo Akinyelure.

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“The Central Bank of Nigeria and NIBBS have technically refused to comply with the presidential directives for the recovery of over N20 trillion revenue into the coffers of government.

“The CBN and NIBSS deliberately failed to cooperate and comply with the directives of Mr President for the realisation of over N20 trillion revenue due from stamp duties collected for 2013 to 2016 and subsequently over N5 trillion minimum revenue due to be collected annually to the federation account to be shared among states of the federation for infrastructural and economic development.

“The Senate must consider whether the target N20 trillion fund is being recycled into private banks when federal government had directed its recovery,” he said.

The lawmakers expressed concerns that despite government decision to appoint a consultant to help it recovered the money; the CBN and NIBSS have technically refused to comply with the presidential directive for the recovery of the money into the Federation Account.

Senator Isah Jibrin in his contribution said, “I want to support this motion. The issue is a major problem with financial remittance. The issue is to unravel who is benefiting from the non-compliance of this directive from President of the Federal Republic of Nigeria.”

The Senate then resolved to Mandate the Committee on Finance to investigate this issue of over N20 trillion unremitted stamp duties revenue due to the Federal Government of Nigeria from banks and other financial institutions through (NIBSS) a subsidiary of CBN for 2013 – 2016 and financial accountability of stamp duty collections from 2016 when the CBN officially directed all banks to collect on behalf of the federal government to date.

In his concluding remarks, the President of the Senate, Ahmad Lawan, said, “I engaged the Ministry of Finance and CBN for an interaction, and I discovered that what we have been expecting to be available as stamp duty is not so.

“I was under the impression that we had over N20 trillion somewhere. It will interest you to know that we don’t even have N1 trillion. What has happened is because those that are supposed to collect the stamp duties were taking advantage of the non-electronic transaction.

“With the passage of the finance bill, this is an opportunity we have to start getting what ordinarily should go to the government.

“The banks and many private organizations have taken advantage of the way the stamp duties have been.

“I want to believe that from January 2020, when the Finance Bill will start being effective, the stamp duty collection will be significantly improved,” he said.

Lawan added that is for our Finance Committee to monitor closely what the collection should be.

“We would like to know in the first quarter how much they have collected, and if they have not met targets; if they have met targets, how do we do better than that? The idea is not to slow agencies to do whatever they want.”

 

Oyo Govt. Removes 16,532 Suspected Ghost Workers, Pensioners From Pay Roll

ajimobiThe Oyo State government has temporarily struck out the names of 16, 532 workers and pensioners from its payroll following their alleged involvement in collection of multiple salaries, elongation of retirement age and other infractions.

Those affected were drawn from a total 100,259 workers and pensioners screened from the ministries, departments and parastatals, as well as the teaching service, local government, Broadcasting Service of Oyo State, judiciary, Water Corporation and tertiary institutions.

The Secretary to the State Government, Olalekan Alli, disclosed this at a press conference held at the Parliament Building, Secretariat, Ibadan which had in attendance the state’s Head of Service, Mr Soji Eniade; Special Adviser on Communication and Strategy, Mr Yomi Layinka; and Senior Special Assistant, Print and Broadcast Media, Mr Akin Oyedele.

The SSG said that the decision was reached after a forensic verification exercise conducted by the renowned Nigerian Interbank Settlement Systems Plc revealed the likely existence of ghost workers within the system.

Alli said that the exercise was part of ongoing efforts by the state to clean up its payroll of fake workers and pensioners fleecing the state of its commonwealth.

He, however, clarified that the affected 16,532 people would have opportunity to clear their names when they appear before a four-member panel constituted by the government to authenticate findings by the NIBSS.

To erase doubts and allay fears of witch-hunting, he said that the panel would comprise representatives of the government, the consultants and the workers’ union, while the permanent secretary, Ministry of Finance, would serve as secretary.

After the forensic computerized data audit, he said that the consultants from NIBSS Plc found many instances of inconsistencies, variations and entry details that did not tally involving 16, 532 employees, out of a total 100,250 workforce analyzed.

The SSG listed revelations from the audit exercise to include multiple salary payments into single account, multiple salary payment to single name, employees that have passed retirement age, invalid BVN, invalid bank accounts and name details and employees with mismatched names.

He promised that findings by the proposed panel would be made public, stressing that any of the affected people found to have been wrongly categorized as ghost worker would be reinstated.

Recapitalisation: CBN Clears 128 BDCs

BDCsData released by the Central Bank of Nigeria show that 2,964 bureau de change operators have scaled through the recapitalization process mandated by the regulator.

According to a circular posted on the CBN website, 128 BDCs recapitalised in the last one week.

The apex bank is expected to refund nearly 100 billion naira to all the BDCs that paid the mandatory 35 million naira caution deposit which was scrapped last week.

In the meantime, the President, Association of Bureau De Change Operators of Nigeria, Mr Aminu Gwadabe described the cash refund as a welcome development, as it will go a long way in boosting the capacity of operators to stay in business.

 

Nigeria’s Apex Bank Seeks Deeper Adoption Of E-payment System

E-payment system in Nigeria POS-card-machineThe Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBSS) have further thrown their weight behind the cashless policy, with the ongoing Electronic Payment Incentive Scheme (EPIS).

During the redemption of prizes in Kaduna for the first 10 winners for the month of September and October, the Deputy Governor of the CBN, Suleiman Barau, said the apex bank would keep giving the desired support to the EPIS project.

He pointed out that E-payment banking would help in revolutionising Nigeria’s economic development and enhancing efficiency in business.

While commending the process used in selecting the winners, Mr Barau added that the cash-less banking initiative was helping to promote financial inclusion and getting banking to the grassroots.

Cash Reward Raffle Draw

The Managing Director of NIBSS, Business Development, Mr Folashodun Shonubi, explained that the introduction of the nation-wide incentive scheme was primarily focused on rewarding users of electronic payment in Nigeria and to further encourage greater adoption by all.

He added that there had been increase of transactions through Point Of Sales (POS) platforms since the inception of the Electronic Banking.

The Electronic Payment Incentive Scheme idea was first conceived in March 2013 driven by the Central Bank of Nigeria and NIBSS amongst other key stakeholders.

In other to spice up a reasonable level of awareness and excitement in anticipation of the Loyalty Program for consumers and salespersons, the CBN in collaboration with NIBSS proposed a Monthly Raffle Draw Initiative targeted at all card users within the Nigerian e-payment ecosystem.

At the Kaduna office of the CBN, the winners for the months of September and October, who were selected across Nigeria, were presented with a cash reward.

To qualify for this draw, all winners are expected to have a valid Biometric Verification Number for the authentication of their various bank accounts.

The scheme also has the support of the Consumer Protection Council and National Lottery Regulatory Commission.

The Kaduna State coordinator of the commission, Baba Adamu, applauded the initiative, describing the process as transparent and unquestionable.

One of the recipients, Omolara Odunusu, expressed happiness for the reward and commended the CBN for the gesture

The CBN E-payment Incentive Scheme Raffle Draw involves a customer using his or her ATM card to make payments on POS to enable such customer qualify for the Cash Reward Raffle Draw.

The benefits of the scheme according to the CBN management, include saving man hours wasted in moving cash about, guaranteeing the safety of the customer in carrying money about as well as saving the apex bank from printing new currencies frequently.

BVN Deadline: Anambra Citizens Call For Extension

BVNBarely 24 hours to the Central Bank of Nigeria (CBN) deadline for the registration for Bank Verification Number (BVN), citizens in Anambra State have called for an extension of the exercise.

The citizens are demanding for another one month, to enable those in the rural areas to participate.

While speaking in Awka, the Anambra State capital, some of the residents said that many people are yet to be verified, due to reasons ranging from time constraints to access to where banks are located, especially for those in the rural areas.

They, however, hailed the Central Bank initiative on the BVN exercise, as they agreed with the need to check trends in the banking system, in order to ensure sanity while clamping down on corruption and fraud.

According to the data released by the Central Bank of Nigeria (CBN) and the Nigerian Inter-Bank Settlement System (NIBSS) in September 2015, out of about 52 million active accounts owned by adults and children in various banks, the total enrollment for the BVN stood at about 20 million.

About 32 million of bank customers were yet to register and obtain their Bank Verification Numbers (BVN), less than five weeks to the October 31 deadline.

The BVN scheme was introduced by the Apex bank in collaboration with the bankers’ committee on February 14, 2014.

This is aimed at ensuring a unique identity for every bank customer and other users of financial services in the country, through the use of customers’ bio-metrics as a means of identification.

Recently, the CBN announced that prospective buyers of foreign currencies must show their BVN to banks and Bureau De Change operators before they would be allowed to do the transactions. This is to take effect from November 1.

Banks, BDCs To Demand BVN From November 1

BVNThe Central Bank of Nigeria (CBN) has announced that prospective buyers of foreign currencies must show their Bank Verification Numbers (BVN) to banks and Bureau De Change operators before they would be allowed to do the transactions.

This directive takes effect from November 1, 2015.

In a circular posted on the regulator’s website, the policy would allow the CBN to curb the rampant cases of forex leakages and illicit money transfers out of the country.

The Apex Bank stated that the BVN will be validated by the CBN authorised forex dealer through the Nigerian Inter-Bank Settlement System (NIBSS) platform.

The CBN added that any authorised forex dealer that failed to provide the required information in its returns or provides a wrong BVN would be penalised, and this may include the termination of the forex dealership authorisation.

However, latest data from the CBN and NIBSS shows that about 32 million customers are yet to obtain the BVN number.

According to the statistics, out of the 20 million registered bank customers, only about 14 million accounts have been linked to the BVN as of September 2015.

BVN: 32 Million Bank Customers Yet To Register

BVNAbout 32 million of bank customers are yet to register and obtain their Bank Verification Numbers (BVN), less than five weeks to the October 31 deadline.

According to the latest data from the Central Bank of Nigeria (CBN) and the Nigerian Inter-Bank Settlement System (NIBSS) on Sunday, out of about 52 million active accounts owned by adults and children in various banks, the total enrollment for the BVN stood at about 20 million.

According to the statistics, out of the 20 million registered bank customers, only about 14 million accounts have been linked to the BVN as of September 2015.

The BVN scheme was introduced by the Apex bank in collaboration with the bankers’ committee on February 14, 2014.

This is aimed at ensuring a unique identity for every bank customer and other users of financial services in the country, through the use of customers’ bio-metrics as a means of identification.