Business
CBN bans Opay, Palmpay, Moniepoint, Kuda from opening new accounts
CBN bans Opay, Palmpay, Moniepoint, Kuda from opening new accounts
Some bank customers have expressed panic as the Central Bank of Nigeria bans mobile money operators including fintech firms from onboarding new customers.
However, the Bank Customers Association of Nigeria backed the CBN directive.
The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, from opening new accounts until further notice.
Reliable sources from three major fintechs who requested not to be mentioned as they were not permitted to speak, confirmed the development to The PUNCH on Monday.
The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.
It was gathered that the CBN had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.
The CBN has not yet publicly commented on the directive to the fintech firms. The PUNCH’s attempts to reach the apex bank for comment were unsuccessful.
Several calls made to the telephone line of the CBN spokesperson, Hakama Ali Sidi, were not responded to as of the time of filing this report.
Also, the directive coincided with the court order that the Economic and Financial Crimes Commission (EFCC) obtained to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
The 85-page court order (document), which listed the bank account details suspected to be involved in illicit activities, was obtained by The PUNCH on Monday.
Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.
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Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.
“That an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offenses of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”
The EFCC, in the motion marked FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge the same day in the interest of national interest. “The motion was brought pursuant to Section 44(2) and (K) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022; and under the inherent jurisdiction of the court.”
The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account opening on the affected platforms.
He told The PUNCH that the strict regulations that govern deposit money banks must apply to fintechs, and microfinance banks in order to ensure the integrity of the financial institutions.
He said, “Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is OK. I don’t see anything wrong with that. It behoves on the companies now to get their KYC right.
“Let them do what they are supposed to do. KYC applies to banks and other financial institutions that deposit money. It should also apply to them so that the regulators can understand what is going on and hold them accountable.”
On the other hand, Emmanuel Odunsi on X (formerly Twitter) welcomed the move, citing the need for better KYC processes to prevent scams and fraudulent activities.
“Their KYC isn’t that great. Lots of scammers are using their apps to defraud people.
“Most of the accounts were created by mining phone numbers, with subscribers’ permission. Almost every phone number has been linked to an account,” Odunsi said.
CBN bans Opay, Palmpay, Moniepoint, Kuda from opening new accounts
Auto
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
It is a double honour for Coscharis Motors Plc, one of the subsidiaries of the respected conglomerate, Coscharis Group, as it was declared Multi-Luxury Company of the Year and one of its iconic luxury brands, Range Rover Autobiography, was adjudged the Nigeria’s Luxury SUV of the Year at the 2024 edition of the Nigeria Auto Journalists Association Awards.
The well attended event was held recently at the prestigious Oriental Hotels, Lagos.
Coscharis Motors, a household name in topnotch globally respected luxury automobile brands in Nigeria, has been the exclusive representative of the British iconic luxury brand of the Jaguar Land Rover and the German pride in the luxury segment of the BMW brand over many decades.
The company in 2023 added another new luxury brand from United Kingdom into the Nigeria market which is the Grenadier from the Ineos group in UK. The Grenadier is a brand new product globally which is equally being represented in Nigeria by Coscharis Motors as a new addition to its existing ‘House of luxury’ when it comes to automobile of repute.
The luxury SUV category was keenly contested with other tested luxury brands but the Range Rover Autobiography came tops, according to the organizers, after strong consideration of the market acceptance of the Autobiography in all ramifications.
The All New Range Rover Autobiography variant is revolutionary, reliable and a class on its own with its special appeal, style that resonates with its priority audience when it comes to luxury, class, comfort and performance.
Receiving the award on behalf of Coscharis Motors, the General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde, dedicated the award to all the Coscharis Motors customers, especially the luxury brand enthusiasts for their acceptability of all the luxury brands in the Portfolio namely the Jaguar Land Rover, BMW and the new Grenadier respectively as their preferred luxury automobile of choice.
He said, “These awards only reconfirm our expertise in delivering top notch luxury experience to our premium customers while maintaining the global standard of brand positioning to discerning customers in the ever dynamic Nigerian market.
“Representing these globally respected iconic brands over the years exclusively in Nigeria involves consistent delivering of value for money that involves the total luxury experience from the point of brand awareness to the purchase stage and the aftersales service experience to deliver the peace of mind required.”
Group Managing Director of Coscharis Motors Plc, Mr. Josiah Samuel, also dedicated the awards to the company’s ever loyal customers for their patronage and acceptance of the brands with a promise to continually create more value in the automobile industry in Nigeria.
He said, “There can’t be another best way to end the business year in 2024 than with these set of prestigious awards despite all the business challenges in the year and more importantly that the awards are coming from a very critical stakeholder / partner like the media.”
The award event attracted various stakeholders that are players in the automotive sector in Nigeria.
Auto
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
By Bisi Kazeem
As the year winds down and Nigerians embark on end-of-year travels, the Federal Road Safety Corps (FRSC) has intensified its efforts to curb road crashes and ensure safer highways. Leading this charge is the Corps Marshal, Shehu Mohammed, who has set a sterling example of sacrificial leadership by actively participating in frontline operations during this critical period.
The end of the year is a notoriously perilous time on Nigeria’s roads, marked by increased traffic, heightened road traffic crash risks, and a surge in reckless driving.
However, under the proactive leadership of the Corps Marshal, the FRSC rolled out an unprecedented campaign to reduce road traffic crashes and fatalities, ensuring that the festive season is marked by joy rather than tragedy.
True leadership is not defined by words but by action. The Corps Marshal exemplifies this by personally leading field operations, patrolling highways, monitoring traffic flows, and directly engaging with road users.
His visible presence has reinvigorated the morale of FRSC officers and demonstrated to the nation that leadership is about service and sacrifice.
He defied insecurity on the highways and embarked on a traffic monitoring operation from Abuja, the Federal Capital, through Kogi, Ekiti, Ondo, Owo, Ore, down to Edo and Delta.
His decision to lead from the front underscores his commitment to the FRSC’s mission of saving lives and highlights the urgent need for compliance with traffic rules and regulations.
From the beginning of the Ember Months sensitisation campaign in September, the Corps had gone ahead of time, implementing series of robust measures aimed at addressing road safety challenges during the festive season. These remedies include; increased patrols and checkpoints as additional officers and vehicles have been deployed in strategic points on highways to monitor and enforce compliance with traffic laws; organised nationwide safety campaigns targeting speed violations, drunk driving, overloading and seatbelt use.
These campaigns educate drivers on the dangers of reckless behaviours and emphasize the importance of safe driving practices.
The Corps also ensured Emergency Response Preparedness: ambulances, tow trucks, and rescue teams are on standby to ensure rapid responses to emergencies, reducing fatalities and injuries in the event of crashes.
Knowing that the task of making the highways safe is a collective action, FRSC went into the season with strengthened partnerships with key stakeholders, including the Nigeria Police Force, transport unions, traditional rulers and local communities, to foster a united front in the battle against road crashes.
The Corps Marshal’s leadership has inspired not just his officers but also the general public.
His direct involvement sends a clear message that road safety is a shared responsibility requiring the commitment of all stakeholders.
The Corps Marshal’s hands-on approach during this critical period has not only motivated the FRSC team but has also restored public confidence in the agency’s commitment to saving lives,” said a motorist who witnessed the Marshal’s activities firsthand on the Niger Bridge.
The monitoring activities carried out across major corridors suggest that the intensified efforts are yielding positive results, with a noticeable reduction in road crashes and fatalities compared to previous years.
The Corps Marshal’s example of sacrificial leadership has brought renewed vigor to the FRSC’s operations, ensuring that every life is valued and protected.
Needless to state that the FRSC Corps Marshal, Shehu Mohammed, is indeed an enigma, a force to be reckoned with and a true example of practical leadership in public service as he leads yet again by example in the fight against road crashes in Nigeria.
Taking active front-line roles, dedicating to sacrificial leadership and willingness to take bold steps to address the challenges facing Nigerian roads.
By setting the pace, he’s inspiring his team and other stakeholders to join forces in the quest for safer roads in Nigeria.
As the festive season continues, let us all join the FRSC as they call on all Nigerians to support its efforts by adhering to traffic rules, avoiding risky driving behaviours, and prioritizing safety on the roads.
Together, with the leadership of the Corps Marshal and the dedication of FRSC personnel, a safer, accident-free festive season is achievable.
The Corps Marshal’s leadership reminds us all that effective leadership requires sacrifice, action, and a deep commitment to service.
As Nigerians embark on their journeys this season, they can take comfort in knowing that the FRSC is working tirelessly to make the roads safer for everyone.
*DCM Bisi Kazeem (Rtd), fsi MNIM anipr, a public relations expert and media guru writes from Lagos, Nigeria.
Auto
FG deploys Lanre Shittu CNG buses as airport shuttle
FG deploys Lanre Shittu CNG buses as airport shuttle
The Federal Government has commenced the deployment of Lanre Shittu Motors (LSM)-branded Compressed Natural Gas (CNG) buses in the nation’s airports for passengers shuttle.
The first batch of the CNG-powered buses has been launched at the Murtala Muhammed Airport, Lagos, at a ceremony attended by the Minister of Aviation and Aerospace Management, Festus Keyamo, and Managing Director, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Oluwaseun Kuku.
Speaking during the unveiling at the Lagos airport, the minister said the deployment was in line with the directive of President Bola Tinubu.
He said it was part of Nigeria’s commitment to reducing carbon emissions and meeting global climate targets.
‘’What you see here today is a fleet of CNG buses for FAAN to commence passenger movement at all our airports immediately,” the minister said.
He said the newly acquired CNG-powered LSM buses unveiled at the Lagos airport are eco-friendly with zero emission and designed with accessibility features for persons with disabilities.
The deployment, he added, was in compliance with the President’s goal of reducing reliance on traditional fossil fuels of petrol and diesel and promoting sustainable use of CNG to power vehicles in the country.
The introduction of the CNG to power automobiles is one of the Federal Government’s initiatives to ease the impact of fuel subsidy removal on the masses.
The CNG buses, according to the Managing Director of Lanre Shittu Motors, Taiwo Shittu, come in two specifications: a 31-seater for airport shuttle services and a 54-seater for mass transit city buses.
He said they had been equipped with modern amenities, including air conditioning, viewing screens, and charging stations.
With the introduction of the CNG buses, he said LSM aimed to provide a more sustainable and efficient transportation solution not only to Lagos but other parts of the country.
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