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FACT CHECK: Did Banks ask MTN to surcharge phone users for money transfer?

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Femi Adeoya

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October 21, 2019

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FACT CHECK: Did Banks ask MTN to surcharge phone users for money transfer?

The body of Nigerian Bank Chief Executive Officers, CEOs, has reacted to report that banks directed MTN Nigeria Communication Plc to start charging customers for USSD transactions.

It dismissed the claim from MTN that banks requested that customers should be charged for USSD transactions.

MTN had sent a message to its mobile customers that with effect from October 21, 2019, N4 will be charged on every 20 seconds spent while using USSD access to banking services.

“Yello, Please note that from Oct 21, we will charge N4 per 20 seconds for USSD access to banking services. Thank you,” the message had read.

However, the CEOs insisted that banks never directed MTN to charge customers as claimed by the telecommunication outfit.

A statement jointly signed by the banks CEOs reads:

“Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications PLC (“MTN”) to customers of banks in Nigeria in respect of the above.

“The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also asks customers to contact their banks for more information.

“We wish to state as follows: That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether, and what amount, to charge a customer for accessing USSD is entirely that of the telco company, in the same way a customer is billed for calls, SMS and data.

“MTN is the only Telco that is yet to implement end-user billing which is the standard practice for customer-initiated transactions. This is despite the fact that the banks, working with the Central Bank of Nigeria (CBN), have engaged MTN over a period of more than one year to try and bring down the cost of USSD to aid financial inclusion.

“That the banks are determined to pursue the National Financial Inclusion Strategy of the Federal Government of Nigeria and will continue to advocate that Telcos identify wholeheartedly with this laudable initiative and implement transparent and low pricing model in the use of USSD access codes.

“We wish to re-iterate that financial transaction charges are regulated by the CBN as stipulated in the Bankers Tariff, and that the charges for financial transactions carried out with banks remain unchanged.”

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Businesses With Less Than N25m Turnover Are Now VAT Exempt

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USSD banking: Nigerians to be surcharged N4 for every 20 seconds from Oct 21

Skytrend Consulting Blog

Femi Adeoya

-

October 20, 2019

5

USSD banking: Nigerians to be surcharged N4 for every 20 seconds from Oct 21

As from October 21st 2019, Nigerian customers and consumers will start paying a surcharge of N4 for every 20 seconds of USSD banking transaction with their phones.

Customers who use unstructured supplementary service data (USSD) channels to access banking services would have to pay new charges from October 21.

Some telecommunications network service providers have sent notices to their customers of the new charge.

“Please note that from Oct 21, we will charge N4 per 20 seconds for USSD access to banking services. Thank you,” a notification sent by MTN to customers read.

Banking services were introduced on USSD channels to ensure easier access to banking services.

Before now, telcos charged customers per USSD session.

This charge differed across networks with the highest being N20 per session.

However, this new charge would mean that customers will be charged N12 for every minute spent on the USSD channel.

Already, the development has elicited reactions from customers and they have taken to social media to express how they feel on social media.

Some customers went as far as sending messages to their banks for further information on the charges.

Some banks have responded saying their charges remain unchanged.

“Our fees and charges on the USSD service remain unchanged and all our services are available,” Access Bank’s Twitter account replied a customer.

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Businesses With Less Than N25m Turnover Are Now VAT Exempt

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Starting a new business? Take note of these 8 Accounting functions

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Femi Adeoya

-

October 20, 2019

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Starting a new business? Take note of these 8 Accounting functions

It’s very important to roll with a good accounting systems set up when starting your new business. You don’t want to get into the business of making money without accounting for the money by establishing basic accounting system. At the beginning stage, you need to establish a structure that will support your company finances, and help define your financial strategy, as you grow.

Please note that it’s not advisable to attempt to carry out your accounting activities yourself because you do not want to hire an account officer or a financial consultant. What you will lose at the end will be more and it will be penny wise, pounds foolish.

Many growing businesses have tried to do their own accounting themselves. It’s not quite easy and will result to double work once a consultant is now called in, resulting in a greater cost for the business than if they had originally hired a Financial Consultant.

You may want to consider the following activities as you begin your new business:

1. Set up a simple accounting system.

In the beginning, you just need a basic accrual-based accounting system that will cost you very little money. A simple one user sage 50 peachtree accounting solution can be of help here. This would basically help you track your income and expenses, help you eradicate or minimise fraud and error prone transactions, help you make sense of your business activities and interprete the figures behind them. You can call us on 0803 239 3958 for help here.

2. Set up your Chart of Accounts.

I’s not difficult to create a Chart of account for your new business especially if you are a Small and medium scale business (SMEs). This basically contain the ledger account of the different elements of income, expenditure, capital, assets and liabilities. Read more Charts of accounts here.

3. Open a corporate bank account

A business or corporate banking account either for your enterprise or your limited liability company is very advisable. This will enable you corporate income and expenses from personal income and expenses. All cash and transfers for the business MUST first be paid into your bank account and on no consition must cash be taken away from the sales before been deposited. This will help you to have adequate turnover analysis for your business and help you to account for income and expenditure better.

Your bank account will be one of those Charts of account that will be maintained in your accounting software.

4. Keep all records of receipts and invoices.

Ensure you open a file each to keep your sales invoices (goods or services sold), purchase invoices (goods or services purchased), receipts, (goods or services paid for). Each invoice must have a date, invoice number, name of customer or vendor as the case may be and details of the transaction including the units price, units and amount.

5. Do not forget your tax obligations.

You should be very mindful of making remitance to the appropriate inland revenue centres for your VAT which is Value Added Tax, PAYE, Pay As You Earn, Income tax for limited liability company, Consumption tax if you are an hospitality company or restaurant or event centre depending on your state in Nigeria and witholding tax. There are different penalties for defaulting companies which you should not fall victim of. Your financial consultant should be able to advise you on the best way to approach this taxes so as not to be subject to heavy liabilities.

6. Set up a system to collect payments.

Setting up a formalized accounts payable system early helps you to maximize cash flow and create essential financial reports. Work with a professional to identify the best tracking system for your needs. Once the system is set up, you’ll need to enter every expense and establish your invoice AP schedule. Place vendors on net 30 payment terms and work hard to ensure that you always pay your bills on-time and up-front. This will help you to build a reputation for financial stability.

7. Create a payment collection/ Credit control system:

You should have a credit policy that allows a given number of days for your customers to owe you money for goods or services rendered. You should also discuss with your vendors and suppliers to give you some space to keep their goods or enjoy their services and pay later.. this is like an interest free short term loan. Generally your credit policy should be such that have the minimum customer payment period and maximum vendor/supplier payment peiod. This will help to sustain your cash flow.

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CBN exposes banks, customers’ fraudulent deals over loan to deposit ratio

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Femi Adeoya

-

October 19, 2019

0

CBN exposes banks, customers’ fraudulent deals over loan to deposit ratio

The Central Bank of Nigeria (CBN) has read the riot act to banks and their customers engaging in shady and fraudulent deals intended to circumvent the loan to deposit ratio policy.

The apex bank had initially set the LDR at 60% before raising it to 65% with a December 2019 deadline.

While this has led to lower lending rates, some banks are now giving loans to customers who go on to buy treasury bills and other securities at CBN’s open market operations.

But the CBN has instructed banks to reverse the Treasury Bills of customers suspected of conducting such fraudulent deals which is referred to as arbitraging.

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Speaking on the sidelines of the IMF and World Bank meetings in Washington DC, the CBN spokesman, Isaac Okorafor, said banks and customers will be punished and blacklisted for arbitrage.

He said,

“Our policy is meant to spur manufacturing output. We have started to see banks now marketing their customers for loans including consumer credits and mortgages,” he said.

“Now that these are coming at low rates, manufacturing companies should concentrate on their manufacturing businesses and not on arbitrage. This is how manufacturing output and GDP can be boosted.

“Any customer found arbitraging will be blacklisted, names will be published in the newspapers and the banks will be penalised.”

“Nigerians have been praying for low rates. So if borrowing rates from banks are coming down, companies should take the loan to conduct their manufacturing business and not get involved in arbitrage.

“We are saying banks must lend. So we prescribed the LDR. Now that they are ready to lend and at reasonably low rates not buying securities, people should not borrow to buy securities thereby arbitraging.

Businesses With Less Than N25m Turnover Are Now VAT Exempt

“The economy must see growth induced by higher consumer and manufacturing output. We will be tough on banks and companies that would attempt to game our policies through financial markets arbitrage.”

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Recruitment Announcement for AICL

Court stops NNPC from proceeding with ongoing job recruitment

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Femi Adeoya

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October 18, 2019

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Court stops NNPC from proceeding with ongoing job recruitment

The Federal High Court sitting in Abuja has ordered the suspension of Nigeria National Petroleum Corporation (NNPC) ongoing job recruitment pending determination of a suit filed by one Mr Pelumi Olajengbesi.

The News Agency of Nigeria (NAN) reports that Olajengbesi, a public interest lawyer, had commenced the enforcement of the Fundamental Rights of all potential applicants to set aside the recruitment by the NNPC on the ground that it was discriminatory.

The recruitment had disqualified Nigerians above the age of 28 from applying for the vacant positions.

Olajengbesi had faulted the age criterion placed on the ongoing recruitment of the NNPC noting that it violated section 3(e)(iv) of the Fundamental Rights (Enforcement Procedure), 2009 which protected the public interest of Nigerians.

The NNPC had invited applications from candidates for a number of positions including trainees who must not be more than 28 years as of Dec. 31, 2018 and had graduated from a university or polytechnic not earlier than 2014.

At the hearing on Oct. 18, 2019, the applicant prayed the court to ensure that justice was served on the unemployed Nigerians who needed to know their stand in the matter.

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Sanwo-Olu and Lagos moribund revenue drive

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Femi Adeoya

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October 18, 2019

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Sanwo-Olu and Lagos moribund revenue drive

By Akintokunbo A. Adejumo

“Lagos is a shameful state with a lot of “promise” because of the access to funds relative to other states. Lagos gets a lot of unnecessary commendation and not enough scrutiny. The state of finance in the state is both shameful and annoying. Government keeps quiet, citizens don’t challenge them enough and the House is seriously complicit.

Barawo at all levels – states and federal – are barawo. Why focus on only the federal? “

So wrote a friend to me on WhatsApp.

(NOTE: Most of this article is made up of comments and articles sent to me personally by friends and concerned Lagosians and then put together by me).

The truth is that since Tinubu left as Governor, Lagos State has been moribund, in terms of income generation and capital development. Fashola did his best, but Tinubu himself messed up by not allowing Fashola to have a strong say in who replaces him and that’s where the problem started from.

Lagos has money but that money was generated when Tinubu in 8 years repositioned Lagos State finances. He was not a great governor, but he is a great planner and the best user of best brains he could find. Fasola built on what Tinubu did and so on. Citizens aren’t dumb. Voters aren’t stupid. Fasola won re-election with over 80% of the votes. If he didn’t perform, that would have been impossible.

I’m sure there’s fraud in Lagos. There must be corruption and all sorts of wastage. They should be scrutinized and exposed.

We should however give credit where due. Tinubu governed well. Fasola improved on it. Ambode’s record was mixed. Overall, the state had been governed well relative to most of the other states.

Ambode was a small civil servant who along with a few, helped Tinubu to increase the IGR of Lagos. Tinubu repaid him 8 years later with the governorship seat, even when everyone said NO!

Unfortunately, Ambode did nothing to improve Lagos finances in his 4 years.

The problem Lagos have today is that there is very little fund and the required projects have more than quadrupled.

The state is suspected by various analysts and people in the know to be struggling financially and Sanwo-Olu will not be successful unless he does something to reverse that. He needs to concentrate on revenue drive and increase the IGR and other income sources to the state coffers. If he’s lucky to get a second term, then he can perform wonders. Right now, he is more likely to fail like Ambode, if he doesn’t come up with new innovations and initiatives.

Sanwo-Olu is a Governor at the wrong time. Maybe he knows it and accepted it like that, or maybe he doesn’t really care except just to be a Governor, or maybe he doesn’t know it and is not really politically savvy. At a meeting recently, the issue of his slow performance came up. The leaders explained that Lagos State is broke because Ambode committed projects financially four years ahead. They are concerned that Lagos APC will be in trouble before the electorates in 2023, however they still believe that the PDP won’t be the beneficiary of APC’s downfall in Lagos State in 2023.

Wrote my friend, who happens to be a concerned Lagos State citizen, “I downloaded the audited financial statements of the state in the last 4 years. I downloaded the budgets too. And then I read the Accountant General’s statement on the accounts. I spent a long time doing this nonsense as a citizen obligation to my state.

From Fashola to Ambode and now Sanwo-Olu, we have had lazy governors. All three of them were/are spending money but not generating money. That is the problem.

The last time Lagos State made significant progress in terms of revenue generation was the second term of Tinubu. It is that money that the three governors after Tinubu have been and are spending. They are not adding to it.

What the current lazy governor needs to do is to re-strategise and change directions. He needs to generate money seriously in the next 18 months so he would be at top momentum of performance shortly before the next election. That way he would be assured of winning and getting the sympathy of Lagos people.”

The scandalous long delay in the Lagos Metroline Project is because Fashola started the project early in his first term. He spent 8 years in office and Ambode spent another 4 years. The Metro project is therefore at least 10 years old.

Given that Fashola bought the coaches and showcased it before he left and Ambode did not make any significant mention of this project in his entire 4 years, it is clear that something is amiss.

We should be asking questions and screaming at the Lagos State government. And also, the so-called stakeholders too (mostly those who take part in and benefit from the “chopping” – “PARTY LEADERS, POLITICAL APPOINTEES, MONARCHS, MARKET WOMEN LEADERS and TRANSPORT UNION LEADERS who must always be made ‘happy’!”, said one commentator.

Lagos wasn’t just getting revenues by default. Tinubu was innovative in growing the IGR. Numbers don’t lie, the trend over time will bear that out.

One more thing – Osinbajo, Fashola, Fowler, Aregbesola, Yemi Cardoso, Ben Akabueze, Femi Hamzat and many others are products of Lagos State governments. That’s a first-rate team that will compare well against any federal cabinet, not to talk of a state government.

Lagos has always been miles ahead in terms of IGR due to its obvious and inherited economic advantage. Using the term, “default” to characterize Lagos may therefore not be out of place. For someone who lives in Lagos, it is evident that what Lagosians (all, inclusive of Lekki, Victoria Island, the mushroom Mainland areas of Mushin, Yaba, etc, and the other major towns of Ikorodu, Epe, Badagry and Ikeja) get when compared to its enormous financial resources don’t fit at all. Lagosians have been short-changed, they know it and apparently care less about it…. as long as the area fathers and area boys get “a crumb of the action”.

According to some sources, Lagos State’s IGR went from N15 billion to N83 billion under Tinubu and to N235(?) billion under Fashola. The increase was a quantum leap and didn’t happen by accident. The standoff with Obasanjo accelerated the drive.

We are not singling out individuals here, that is not the intention of the write-up. The issue is that these guys actually worked for the outcome that we see today. I believe Lagos State governors have governed well overall, considering the rest of the country, and it is acknowledge that certain individuals have done a lot for Lagos State; we’re not denying that, and history will remember them, but the fact remains they could have done a lot much more than we’re seeing, considering all the resources available to them. We all know however, that most of them have to answer and pander to many unsavoury political and social forces that are actually holding real development of Lagos State back.

We should all agree on the need for better accountability and transparency, and expect that the bar gets higher with successive governments.

ACCOUNTABILITY AND TRANSPARENCY – these are the missing ingredient to a good government, and we should be asking them, again the PARTY LEADERS, POLITICAL APPOINTEES, MONARCHS, MARKET WOMEN LEADERS and TRANSPORT UNION LEADERS who must always be made ‘happy’!

We can shout and commend Lasgidi to high heavens and back, but the fact remains the state is no different from other states in Nigeria when we talk of stinking corruption. It’s a no brainer.

The few owners of Lagos State know the truth of what is going on with Lagos finance and they keep it within themselves.

A government that increases revenue mainly by increasing payable rates by individuals and corporate bodies met on ground? Or one that actually expands the revenue base by creating new jobs and opportunities? Lagosians need to compare generated income with the level of services provided……a wide gap, which keeps getting wider, while the key beneficiaries appear unconcerned…all at the expense of the state. And the people.

Let the TRUTH be told always!!!!!

Akintokunbo A Adejumo is a public affairs analyst. He can be reached onakinadejum@aol.com

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Post-merger hiccups: 6 Things all Access Bank customers should know

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Femi Adeoya

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October 18, 2019

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Post-merger hiccups: 6 Things all Access Bank customers should know

Post-merger: 6 Things all Access Bank customers must know

The global banking community was pleasantly surprised last year, as Access Bank and Diamond Bank officially announced a merger, which has also led to a transfer of all Diamond Bank’s assets, liabilities and undertakings to what is now the continent’s largest bank by customer base, Access Bank.

With the successful completion of the first stage (Day-1) of the integration process, the Bank announced the commencement of the second phase (Day-2), which will end on the 21st of October. While it continues to work on delivering excellent and convenient services, the Bank has also explained that a few customers will experience some changes with occasional service disruptions during the process.

Here are 6 things Access Bank’s customers should expect during and post the integration process:

1. Intermittent downtime in banking services. Pending the completion of the upgrades to the Bank’s platforms by the 21st of October 2019, customers are likely to experience an occasional slowdown of banking services, particularly for online transactions. The communicated timelines for these disruptions include 1:00am – 7:30am (Saturday, 19 October); 2:00am – 6:00am (Sunday, 20 October).

2. Account holders may be required to change their account names when two or more individuals from both banks (Access Bank and Diamond Bank) have the same names. However, the bank will reach out to them directly to resolve this and will not require them to divulge any personal information via phone calls. Hence, all Bank customers are urged to ‘Shine Your Eye’ and beware of fraudsters who may try to take advantage of this process.

3. The account numbers of former Diamond Bank customers may be changed to align with the current CBN directives. However, this will not prevent affected customers from transacting with their old account numbers during the period.

4. Merged transfer option. Upon completion of the integration, the description of transfers made from other banks to Access Bank or former Diamond Bank accounts will only read ‘Access Bank’, rather than the ‘Access (Diamond)’ option the public may have been accustomed to.

5. All interbank transfers will be truly and fully free! Following complaints about customers incurring charges when performing transfers between Access bank and former Diamond Bank accounts, Access Bank has assured that all transactions between such accounts will be at NO COST to the customers. This is a real win.

6. Lightening quick transactions on all mobile platforms. Access Bank has confirmed that following the integration process, transactions performed via its mobile banking platforms will be completed at a blinding speed of about 0.35 seconds. This puts Access Bank ahead of others in combining speed and convenience to banking activities. I doubt there’s any current banking platform that will be able to match this in the near future. The gauntlet has been laid down.

According to the Group Head, Consumer Banking, Access Bank Plc., Adaeze Ume, the Bank is committed to providing solutions for long term prosperity, and the management is working tirelessly to ensure that the second stage of the post-merger integration is as seamless as the first.

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GTBank rakes in N147bn profit after tax in 9 months

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Femi Adeoya

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October 18, 2019

0

GTBank rakes in N147bn profit after tax in 9 months

One of the leading commercial banks in Nigeria, Guaranty Trust Bank Plc (GTB) has raked in a Profit after tax (PAT) of N147bn in 9 months, an improvement from N142.2bn recorded in 2018.

The bank also declared a profit before tax (PBT) of N170.7bn for the period ended September 30, 2019.

The bank’s financial statement revealed that the PBT grew by 3.9% from the N164.2bn recorded in the same period in 2018.

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The Managing Director/Chief Executive Officer, GTB, Mr Segun Agbaje, said the bank’s third quarter result reflected the strength of its franchise and the quality of its business strategy to deliver sustainable long-term value for shareholders.

He said going into the final quarter of the year, the bank would continue to differentiate itself by maintaining a high standard in service delivery and leveraging its resources, expertise and network to enrich the lives of customers.

The bank’s interest income dropped by 5.6% to N224.2bn from N237.5bn in 2018, due to the 6.2% decline in interest income on loans and advances and 7.1% drop in interest income on fixed income securities.

However, non-interest income grew by 2.1% to N101.8bn from N9.7bn, largely as a result of the 19.9% growth in fee and commission income, as well as growth in other income comprising recoveries, discounts, rebate commissions and mark to market gains on trading investments.

GTB grew its total assets to N3.52tn from N3.29tn in 2018 while net loans and advances increased from N1.26tn to N1.38tn.

Deposits from customers also increased by 5.1 per cent to N2.39tn from N2.27tn recorded in 2018.

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The bank also reported an improvement in non-performing loan ratio, from 7.3 per cent in 2018 to 5.6 per cent.

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Nigeria Shares N693.5bn Among Federal, States, LGs For September 2019

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Femi Adeoya

-

October 18, 2019

0

Nigeria Shares N693.5bn Among Federal, States, LGs For September 2019

The Federation Accounts Allocation Committee (FAAC) has just shared the sum of N693.529 billion as September 2019 allocation to the three tiers of government.

The N693.529 billion comprises revenue from Value Added Tax, exchange gain and gross statutory revenue.

Businesses With Less Than N25m Turnover Are Now VAT Exempt

A communiqué issued at the end of the meeting showed that gross statutory revenue for the month of September was N599.701bn. The amount was less than the N631.79 billion received in August 2019 by N32.089 billion.

The meeting, which was chaired by the Accountant General of the Federation, Ahmed Idris was held at the headquarters of the ministry of finance.

FAAC also announced that as of October 17, 2019, the balance in the Excess Crude Account was $323.692m.

A communique issued by FAAC confirmed that from the total revenue of N693.529bn, the Federal Government received N293.801bn; the states got N186.816bn; while the local government areas received N140.864bn.

The oil producing states received N51.532bn as 13 per cent derivation revenue, it stated.

It also showed that the revenue generating agencies received N20.517bn as cost of revenue collection.

For the month of September, gross revenue of N92.874bn was available from VAT as against N88.082bn distributed in the preceding month, showing in an increase of N4.792bn.

Also, the exchange gain yielded total revenue of N0.954bn.

A break of the distribution showed that from the gross statutory revenue of N599.701bn, the Federal Government received N279.985bn, while the states and the LGAs received N142.012bn and N109.485bn, respectively.

Oil producing states received N51.417bn as 13 per cent derivation.

On the other hand, revenue collecting agencies received N16.802bn as cost of collection.

Out of the N92.874bn received from VAT revenue; the Federal Government received N13.374bn; N44.580bn went to the states; the local councils got N31.206bn while revenue generating agencies received N3.715bn.

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