Senate hails Buhari for signing BOFIA Bill – Newstrends
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Senate hails Buhari for signing BOFIA Bill

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…says Act will transform financial sector

The Senate has commended President Muhammadu Buhari for signing the Banking and Other Financial Institutions Act (amendment) Bill 2020 into law, following its passage by the National Assembly.

Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, in a statement issued on Saturday  said that the President’s assent to the critical piece of legislation would rejuvenate Nigeria’s financial system and enhance development of the economy.

The statement reads, “The Senate has noted with satisfaction the assent of President Mohammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFI ACT) following the passage of the bill by the Senate for the President’s assent.

“The enactment of the BOFI Act follows many other bills passed by the Senate on critical areas for the economy which are relevant to the Nation’s development.”

According to Senator Basiru, Buhari’s assent effectively repeals the 1991 edition of the law and is expected to rejuvenate the financial system and enhance the development of the economy.

“The work which has gone into the passage of this bill, like some previously assented to by Mr President, underscores the determination of the 9th Assembly to focus on the path of economic growth and development of our country.

“By this law, banks and financial institutions will be able to offer productive sectors of the economy, quality banking and financial services as well as ensure recovery of non-performing loans,” the lawmaker said.

Some of the bills which have been passed by Senate which are of direct relevance to the resuscitation of the national economy are the Petroleum Profit Tax Act;  CAMA  Act: Finance Act; Police Act; Deep Offshore and Profit Sharing Contract Act, to mention but a few.

Senator Basiru however added that the Senate under the leadership of Senate President, Dr Ahmed Lawan would work tirelessly to ensure that obsolete laws are repealed and re-enacted to address the nation’s economic challenges in view of present realities.

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Naira depreciates again, trades at N1,402/$

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Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.

However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

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Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

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Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

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Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.

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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.

News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.

For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

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