Business

Banks to digitise FX sales, threaten to sanction fraudulent customers

Published

5 years ago

August 13, 2021

The bankers’ committee, on Thursday, announced plans to begin the sale of foreign exchange to customers through the platform of the Nigerian Inter-bank Settlement System Plc (NIBSS).

The committee is a forum of chief executives of Nigerian banks and the directors of the different departments of the Central Bank of Nigeria (CBN), with the CBN governor as chairman.

Last month at the monetary policy committee (MPC) meeting, the apex bank said it would no longer sell FX to Bureau De Change operators(BDCs).

Godwin Emefiele, CBN governor, said the apex bank would channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands.

Speaking with journalists at the end of the bankers’ committee meeting, Segun Agbaje, group managing director of Guarantee Trust Holding Company (GTCO), said that foreign exchange for personal travel allowance (PTA), tuition fees, among others, would soon be sold online.

At the Thursday meeting, the committee discussed the state of economy, foreign exchange (FX) policies and stoppage of FX to BDCs and the ongoing rehabilitation of the National Arts Theatre which is aimed at repositioning Nigeria on the global tourism map.

“I hope that many of you will see that the new Foreign Exchange policy with regards to Invisibles, Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments, is working very well,” NAN quoted Agbaje to have said.

“We have taken it upon ourselves along with the regulator to make sure that this works; and this is just the first phase and if you noticed most of the things you are doing today, you are going into the branches to do most things.

“But, we are going to also try to digitise this whole thing the way the world is going; and that is being done by Nigeria Inter-Bank Settlement System Plc (NIBSS) where you will be able to buy online.”

According to him, the NIBSS already has a portal, through which banks share information on the application process.

Agbaje warned fraudulent individuals to have a change of mind as any one caught would not be able to do anything in the banking system again.

He further said the punishment would not only be meted to fraudulent individuals, but also to any bank and staff that contravened the apex bank’s rules.

In addition to digitising, Agbaje expressed the hope that customers would no longer carry out all their transactions by cash.

“The world today is not friendly about arriving in countries with cash, so we are hoping that people will be able to put this on their cards and card account,” he said.

“If you use a card, there is more KYC that can easily be done! It will be quicker, cheaper and faster, you will be less harassed when you arrive in countries and there will be no need for you to fill a cash declaration form.”

Speaking on the rehabilitation of the National Arts Theatre, Herbert Wigwe, managing director of Access Bank, said the entire project would be completed December 2022.

“What I want to say is just to let the public know that work has started in earnest,” Wigwe said.

“There is a second module to the national theatre which has to do with music, fashion, information technology as well as the film industry.

“What that does, apart from National Theatre, which can host major events, people can work on different structures in which they can rent, build spaces around them, to do whatever creative thing they need to do so long as valuable products will be coming out of it.

“So that second phase will start shortly, I think most of the contracts will be awarded sometime in September.

“And we expect that the entire project should be completed, that is, the National theatre and the various vatican should be ready by December 2022.”

Auto

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Jobs

Published

1 day ago

September 21, 2026

Trends Admin

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Job

The National Automotive Design and Development Council has called for far-reaching reforms in vehicle financing to make car ownership more affordable while boosting local vehicle assembly, job creation and industrial development.

The Council said a properly structured financing system could turn vehicle credit from a mere consumer lending product into a major economic tool for expanding productive mobility and strengthening Nigeria’s automotive value chain.

Director-General of NADDC, Otunba Joseph Oluwemimo Osanipin, stated this in an address delivered on his behalf by the Council’s Principal Information Officer, Tanko Kyumnom, at the Lagos Chamber of Commerce and Industry (LCCI) Auto Sectoral Group Symposium in Lagos.

The symposium, held on Thursday, September 17, 2026, at the Henry Fajemirokun Hall of LCCI, was themed: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equaliser?”
Osanipin said the growing cost of mobility had made it necessary to explore financing models that would enable individuals, businesses and transport operators to acquire vehicles without bearing the full cost of ownership upfront.

According to him, spreading vehicle payments over an agreed period could provide a more sustainable pathway to vehicle acquisition, provided that the financing products are affordable, accessible and structured around the economic realities of Nigerian consumers.

He, however, cautioned that simply making credit available would not be enough.
“Vehicle financing offers a more sustainable approach by enabling individuals, businesses and transport operators to acquire vehicles and pay for them over time,” Osanipin stated.
The NADDC DG said the bigger opportunity lies in linking vehicle financing with the growth of locally assembled and Nigerian-made vehicles.

He explained that increased access to credit for locally produced vehicles could generate wider economic benefits by stimulating demand for domestic assembly, supporting component manufacturers, creating jobs and strengthening local supply chains.

Osanipin therefore urged stronger collaboration among government institutions, financial institutions, vehicle manufacturers and other stakeholders in designing financing schemes capable of supporting both mobility access and automotive industrialisation.

The NADDC boss identified affordable vehicle loans, leasing arrangements, fleet financing, credit guarantees and appropriate interest-rate support as mechanisms that could broaden access to vehicle ownership and productive mobility.

lt also stressed the need for repayment structures that take into account the earning patterns and business realities of Nigerians, particularly transport operators and small businesses whose vehicles are directly linked to their income-generating activities.

Osanipin maintained that the objective should extend beyond increasing the number of vehicles on Nigerian roads.
“The goal is not simply to put more vehicles on Nigerian roads. It is to ensure that Nigerians can access productive mobility without placing an unsustainable burden on government finances or household incomes,” he said.

According to him, a properly structured automotive financing system could create a stronger connection between mobility, economic inclusion and domestic vehicle production.

“With the right policies and partnerships, vehicle financing can become a powerful instrument for mobility, economic inclusion and automotive industrial development,” Osanipin added.

The NADDC’s position places vehicle financing within the broader effort to build a sustainable automotive ecosystem in Nigeria—one in which access to credit supports vehicle users while also creating stronger demand for local assembly, components and associated automotive services.

Auto

Jetour T1 Storms Abuja as Automaker Accelerates Nigeria Expansion

Published

1 day ago

September 21, 2026

Trends Admin

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Following a successful debut in Lagos, Jetour Nigeria will host the Jetour Experience Abuja from September 22 to 24, 2026, positioning its all-new T1 model as a major competitor in the country’s growing adventure SUV market.

The three-day event in the Federal Capital Territory will give prospective buyers and motoring enthusiasts direct access to product demonstrations, expert-led technical sessions, and hands-on test drives.

“Strong participation, extensive test drives, and significant sales enquiries at the Lagos edition, coupled with growing demand from Abuja residents, influenced the decision to bring the experience to the nation’s capital,” the company said in a statement. The show holds at Maha Event Centre, Area 8, Garki.

To support its growing national footprint, Jetour Nigeria has established a network of seven accredited dealers: Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R.T. Briscoe Motors, and Mandilas Autos. The partnerships cover retail sales, genuine spare parts supply, and comprehensive after-sales maintenance.

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Auto

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Published

2 days ago

September 20, 2026

Trends Admin

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.