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Reps Summon CBN and Banks Over Unverified POS Operators

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Reps Summon CBN and Banks Over Unverified POS Operators
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The House of Representatives summons the CBN and banks over concerns about unverified POS operators across Nigeria.

The Nigerian House of Representatives has decided to summon Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), along with the Chief Executive Officers of commercial banks, to discuss the inadequate documentation of Point of Sale (POS) users nationwide.

This resolution emerged from a motion introduced by John Okafor, the representative for Ehime/Mbano/Uboma/Obowo Federal Constituency in Imo State, during a plenary session on Wednesday.

Okafor pointed out the escalating issues linked to the undocumented identities of POS users, which create significant obstacles for security and financial regulations.

He urged his fellow lawmakers to endorse the motion, stressing the necessity for a unified approach to address the issue.

He noted that there have been instances of fraudulent activities associated with POS users, asserting the urgent need to combat such illegal practices to protect the integrity of financial transactions in Nigeria.

He remarked that the House recognizes that undocumented POS transactions present a vulnerability to fraud, including identity theft and money laundering.

By mandating the documentation of users’ identities, the prevalence of fraud could be substantially diminished, thereby enhancing the security of financial transactions in the country.

Furthermore, he emphasized that proper documentation would promote accountability among operators and users, facilitating the tracing of transactions back to individuals and holding them responsible for any illicit activities.

In a critical remark directed at the apex bank, the All Progressives Congress lawmaker highlighted what he termed regulatory bias and enforcement challenges faced by relevant authorities.

He called for immediate action to prevent this troubling situation and to protect Nigerians from criminal exploitation through the POS system.

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Edo State Recovers 30 Government Vehicles from Former Officials

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Edo State Recovers 30 Government Vehicles from Former Officials
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Edo State has recovered 30 government-owned vehicles allegedly held by former officials of the previous administration.

The Edo State Vehicle Recovery Committee has successfully reclaimed 30 vehicles owned by the government from officials of the former administration.

This information was conveyed by the committee’s chairman, Kelly Okungbowa, through a statement from Fred Itua, Chief Press Secretary to Governor Monday Okpebholo, on Thursday.

Okungbowa emphasized the significant contribution of whistleblowers in aiding these recoveries, which included four vehicles taken from the residence of a former senior official and another vehicle retrieved from a different individual.

The retrieval of these vehicles reflects the state government’s dedication to accountability and effective resource management.

Okungbowa praised the citizens who provided crucial information and encouraged others to report similar incidents to prevent the misappropriation of public assets.

He detailed that among the recovered items were two Land Cruiser Jeeps and two Toyota Hilux vehicles, one of which contained campaign materials.

He assured residents that further recoveries would occur before the committee’s two-week deadline and called for additional public assistance, promising rewards for useful tips.

The committee is also prepared to extend its efforts nationwide to locate state-owned vehicles.

It is noteworthy that the committee had previously recovered three vehicles, including a Hilux van and two Toyota Hiace buses, one of which was found to contain bags of rice intended for distribution as palliatives to Edo residents.

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Imo State Reels Under Debts As Governor Uzodimma Owes N43billion To Contractors Amid N163billion Domestic Borrowings

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Imo State Reels Under Debts As Governor Uzodimma Owes N43billion To Contractors Amid N163billion Domestic Borrowings
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The state also owes the CBN N70.8 billion from the differentiated cash reserve ratio it got.

 

A review of the audited financial statements of Imo State, has shown that the Governor Hope Uzodimma-led government owes its contractors N43billion and the Central Bank of Nigeria the sum of N89billion as of the end of 2023.

The report also shows that Imo State under Governor Uzodimma owes the apex bank the sum of N17.2billion from the budget support granted to it by the Central Bank; the state also owes another sum of N66 million from the MSME development fund it got from the CBN.

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Reps Hold Closed-door Session to Discuss Tinubu’s Tax Reform Bills

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Reps Hold Closed-door Session to Discuss Tinubu’s Tax Reform Bills
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The House of Representatives has entered into a closed-door session to deliberate on the Tax Reform Bills proposed by President Bola Tinubu.

The ongoing meeting is designed to foster a consensus among lawmakers as they prepare for the upcoming debate on the bills. The session is crucial in addressing any concerns or opposition that may arise during the discussion of the proposed reforms.

A lawmaker from the All Progressives Congress (APC) revealed that the closed-door session is intended to ease tensions and encourage support for the bills ahead of the formal debate. While not all lawmakers are fully convinced about the content of the bills, there is a general recognition that the government’s intent is to improve the nation’s economy. The aim of the session is to garner enough backing for the tax reforms, which are viewed as pivotal to strengthening Nigeria’s fiscal policies.

The Tax Reform Bills, transmitted to the National Assembly on September 3, 2024, are part of the government’s ongoing effort to overhaul the country’s tax system. These proposed reforms are based on the recommendations of the Taiwo Oyedele-led tax reforms committee and are designed to modernize and simplify Nigeria’s tax structure.

The four key bills under discussion include the Nigeria Tax Bill 2024, which sets the fiscal framework for taxation in the country. This bill outlines the broader principles and rules governing tax collection and administration. Another crucial bill is the Tax Administration Bill, which aims to streamline the legal framework for tax collection, reduce disputes, and ensure greater efficiency in tax administration.

Additionally, the Nigeria Revenue Service Establishment Bill seeks to repeal the existing Federal Inland Revenue Service (FIRS) Act and replace it with the Nigeria Revenue Service, a new body that would take on a more comprehensive role in managing the country’s revenue collection. The Joint Revenue Board Establishment Bill is also part of the package, and it proposes the creation of a tax tribunal and a tax ombudsman, both of which would provide greater accountability and resolve tax-related disputes.

These bills are considered critical for improving Nigeria’s tax system, increasing revenue generation, and ensuring a more transparent and efficient approach to taxation. However, lawmakers’ deliberations are expected to focus on the finer details of the proposed changes, with the aim of ensuring that the reforms align with the best interests of the economy and the welfare of Nigerian citizens. The outcome of these discussions will shape the direction of the country’s tax policies for years to come.

 

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