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NIPOST Set to Begin Electronic Money Transfer Service



  • NIPOST Set to Begin Electronic Money Transfer Service

The Nigerian Postal Service is set to roll out a new product – electronic money order – that would enable customers in both rural and urban communities to transfer and receive money across the country.

The Postmaster General of the Federation, Mr Bisi Adegbuyi, disclosed this when the Indian High Commissioner to Nigeria, Mr Bien Reddy, visited him in Abuja on Wednesday.

Speaking to journalists after the meeting, Adegbuyi said the new service would replace the old postal order through which customers sent money to their loved ones through the postal system.

He said the old service had become moribund given the advent of modern communication technologies and thus the decision to replace the service with a digital product that would meet the need of modern times.

Adgbuyi said, “Because we are diversifying our products and services, India has some products that are similar to ours, one of which is the electronic money order which we have conceived to replace the old postal order.

“The product is doing well in India. I visited India two months ago and we decided that it would be important for us to send some of our staff in the financial services department and the ICT to enhance their capacity building.

“We are done with all the necessary background work. Because it also has to do with the technology requirement of Universal Postal Union, it required some time before they could integrate us.

“We have now been integrated. We are ready to go live. As I’m talking to you, everything is in shape. We have tested our technology infrastructure. Our operational readiness is in top shape.”

He added, “Our electronic money order, especially the domestic aspect of it, is unique. The UPU therefore had to configure new technology for it. That is why it took them some time. We are used to international money order but what we are introducing in NIPOST is domestic money order to take the place of the old postal order.

“We are really in for exciting times because our desire to diversify and innovate is actually paying off. A lot of innovations are coming up. This Friday, we shall have a stakeholders’ conference that would herald our digital addressing system.”

Reddy said he visited NIPOST to seek collaboration with the postal organisation given the similar system bequeathed to both Nigeria and India by their erstwhile colonial power, Britain.

According to him, both countries will this year celebrate 60 years of diplomatic relationship as India opened its diplomatic office in Lagos in 1958.

Reddy also urged the postal organisation to take advantage of free training services on offer from the Indian government.

He disclosed that he was also at the postal organisation to explore the possibility of NIPOST issuing a commemorative stamp in honour of Indian nationalist, Mahatma Ghandi, whose 150 years birthday commemoration would begin on October 2.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal



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BUA Group on Monday threatened to drag Mr James Onyejekwe, the Managing Director of Kainos Exploration to court over a publication that claimed the Group was involved in a $20 million scandal.

BUA stated in a statement issued on Monday.

It stated that the publication engineered by Mr Onyejekwe was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.”

BUA takes its reputation seriously and we will continue to do everything to protect it from anyone and any entity who obstructs our mandate to conduct business in a proper, legal and socially-responsible manner.

“BUA will, therefore, utilise its legal and human resources to resist every campaign of defamation and distraction,” the statement further said.

The leading cement manufacturing company said its independent investigation showed Mr. Onyejekwe was behind the false story that went viral online.

We have, therefore, instructed our legal team to immediately commence criminal defamation proceedings against the person of Mr James Onyejekwe who is the said originator of the malicious letter fraudulently attributed to Cavendish Petroleum against our person, with damages,” the statement seen by Investors King noted.

BUA explained that “We deem these actions necessary, in order to protect the name and reputation of BUA Group.”

“We see no reason why Mr James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.

“Therefore, BUA finds it absurd that Mr Onyejekwe or anyone else will decide to drag BUA into their issues and/or put out such a malicious and defamatory statement, fraudulently using the name of Cavendish/Mr Mai Deribe without recourse to the truth, facts, decorum or decency,” it added.

BUA Group described the story bordering on allegations of corruption as “false, malicious and spurious.”

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Dangote Cement Emerges Best Performing Firm In Africa



Prime Real Estate Development At Eko Atlantic City

The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.

The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.

Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.

He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.

According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.

Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.

“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.

He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.

The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.

Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.

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MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation



MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation

MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.

Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.

He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.

His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.

“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.

To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.

In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.

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