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Nigeria Records N735.6 Billion Worth of PoS Transactions in September 2022

The value of Point of Sales (PoS) transactions in Nigeria, hit a monthly all-time high of N735.6 billion in September when compared to the same period last year which recorded N556.36bn.

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The value of Point of Sales (PoS) transactions in Nigeria, hit a monthly all-time high of N735.6 billion in September when compared to the same period last year which recorded N556.36bn.

This is reportedly the highest-ever monthly record of transactions as the September figure shows a 32 percent increase when compared with the amount recorded in the same month last year.

Similarly, the volume of transactions on PoS went up as it increased by 14% year-on-year to 100.4 million in September 2022.

According to data released by the Nigeria Inter-Bank Settlement System, so far in the first 9 months of this year, Nigerians have spent a total of N6.05 trillion on PoS transactions. With 3 months before the year ends, the transactions recorded is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion.

The NIBSS data further revealed that the transactions were carried out on over 1,484 million active terminals deployed by merchants across the country, indicating that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021.

This reveals that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021. 

However, it has been disclosed that there is still a gap between the number of registered PoS and the number of deployed machines.

According to NIBSS, a total of 2.164 million PoS machines had been registered across the country as of September this year, which showed that a total of 680,991 terminals are either yet to be deployed or have become inactive.

After the adoption of the cashless policy by the Central Bank of Nigeria (CBN) in 2011, PoS transactions have become the preferred option for Nigerians to make payments for goods and services.

It should be recalled that Investors King on September 3, 2022, reported that Nigeria’s Point Of Sale (PoS) Transactions Increased by 39% to N8.3 Trillion in 2022.

It has been predicted that the increase in PoS transactions will continue on this growth trajectory as the cashless policy of the Central Bank of Nigeria (CBN) and the introduction of the electronic naira (e-Naira) will bolster such transactions.

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Finance

Finance Minister Accused Budget Office of Padding

The budget office added N206 billion to the budget of Ministry of Defence, Ministry of Humanitarian Affairs and the Nigerian and the National University of Commission (NUC)

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Zainab Ahmed Finance Minister

The Budget Office of the Federation (BOF) has been alleged of being behind the recent budget padding totalling about N206 billion.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed in a statement issued by the ministry.

Investors King had earlier reported that some ministries and government agencies including the Ministry of Defence, Ministry of Humanitarian Affairs and the Nigerian and the National University of Commission (NUC) had raised alarm about padding in their respective budget proposal. 

Reacting to the development, the Minister of Humanitarian Affairs and Disaster Management wrote a letter to the Ministry of Finance, seeking clarification. 

Therefore, when appeared before the House Committee on Appropriations, the Minister of Finance noted that the error emanated from the Budget Office of the Federation. 

According to the statement released by the Ministry of Finance, the Minister told the legislators that “there was an error in the budget of the Ministry of Humanitarian Affairs as the N206 billion captured in the budget proposal of the ministry was wrongly coded by the Budget Office”.

She added that “the N206 billion alleged insertion, which had generated serious reaction within the week, was for the national social safety nets project funded by the World Bank and domiciled in the Humanitarian Ministry,” the statement read.

Zainab further clarified that the figure in question was not a deliberate act of budget passing but an oversight. 

“The wrong coding resulted in the item being wrongly captured as ‘purchase of security equipment but that it had nothing to do with Budget padding, but an oversight,” she said. 

Meanwhile, the House of Committee has berated the Minister of Humanitarian Affairs for her failure to appear before various committees of the House to defend the ministry’s 2023 budget proposal.

The committee thereafter advised her to resign if she was not capable to do her job. 

“Most times the committee calls the minister, she refuses to come. If she is not ready for the job, she should quit,” the committee chairman stated. 

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No Plan to Print N5000 Note; Says CBN

The Central Bank of Nigeria (CBN) has denied plans to print N5,000 denominations

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Godwin Emefiele

The Central Bank of Nigeria (CBN) has denied plans to print N5,000 denominations, the clarification was made by the Director of Currency Operations, Ahmed Umar during an event in Port Harcourt, Rivers State. 

Umar, who was represented by Amina Halidu-Giwa, Head of Policy Development at CBN Currency Operations Department was quoted to have said “We are not introducing any new note. Some people have seen one N5000 note that we don’t know about”. 

Investors King learnt that various mock-up designs of N5000 notes have surfaced on the internet amid the anticipation of the CBN naira redesign policy. 

It could be recalled that the apex bank had introduced newly redesigned notes which the bank claimed will help to address currency circulation, counterfeiting, and terrorism. The affected denominations include N200, N500, and N1000 notes. 

Speaking on the development, Umaru noted that the central bank will be printing a significantly limited amount of the redesigned currency to promote cashless policy. 

“What we are printing is going to be very limited because we want other means of settling transactions to be used,” he noted. 

It is understood that the apex bank has often encouraged Nigerians to embrace cashless policy as a way of promoting financial inclusion and to prevent currency mutilation. 

In this direction, the CBN also launched the e-Naira, a form of digital naira which has the value as the naira notes. 

Meanwhile, Cable news has also reported that the viral video of the N5000 denomination is fake. 

Cable news stated that the video has been on Facebook and Youtube since 2020. 

While acknowledging the video in 2020, the CBN also released a statement to dispel the unfounded rumor. 

A statement which was released by the apex bank in May 2020 partly read, “Videos and pictures of purported circulation of N2,000:00 and N5,000:00 banknotes are false and fake”.

“Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies”. 

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Private Jet Owners Refused to Pay N30bn Tax; Drags FG to Court

These jet owners, including business moguls and leading commercial banks, have dragged the federal government to court to seek judicial review to ascertain if they are liable by law to pay the import duty imposed on them. 

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A number of wealthy Nigerians who own private jets have refused to pay more than N30 billion in import duty tax, the Nigeria Customs Service.

The owners, including business moguls and leading commercial banks, have dragged the federal government to court to seek judicial review to ascertain if they are liable by law to pay the import duty imposed on them. 

Investors King could recall that the Federal Government had approved the decision of the Nigeria Customs Service (NCS) to ground 91 private jets belonging to some wealthy Nigerians over their alleged refusal to pay import duties running to over N30 billion.

The Nigeria Customs Service claimed that the owners are liable to import duties since the private jets are foreign-registered. 

Subsequently, acting upon the presidential approval, the Customs Service directed the Nigerian Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN), and the Nigerian Airspace Management Agency (NAMA), to ground the affected private jets with immediate effect.

Meanwhile, owners of the private jets have filed a court case to stop the import duty imposed on them by NCS. 

The owners who have approached the Federal High Court in Abuja are seeking the court to determine, among other things, if they were liable to pay import duty.

Investors King learnt that the owners filed their cases using their trustee companies to hide their identities. 

Some of these trustee companies most of which are foreign firms include, Aircraft Trust and Financing Corp Trustee, UAML Corp, Bank of Utah Trustee, Masterjet AVIACAO Executive SA, Empire Aviation Group, and Osa Aviation Limited and Cloud Services Limited.

According to the court document, at least 17 applicants have filed cases against the import duty. 

On the respondent list, include the Nigeria Customs Service (NCS) and the Nigerian Civil Aviation Authority (NCAA). 

While speaking on the development, the President, Association of Private Aircraft Owners, Mr. Alex Nwuba noted that the government needs to show a higher degree of transparency in the process of registering private jets.

He concluded that while the government is aiming to generate revenue from all means possible, the import duty imposed on the private jet owners might be too much.

“If you buy a private jet for $80m, you may need to pay a duty of over $10m; that may be high to some people,” he said. 

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