Senate hails Buhari for signing BOFIA Bill – Newstrends
Connect with us

Business

Senate hails Buhari for signing BOFIA Bill

Published

on

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Senate under the leadership of Senate President, Dr Ahmed Lawan would work tirelessly to ensure that obsolete laws are repealed and re-enacted to address the nation’s economic challenges in view of present realities.

Business

P’Harcourt refinery begins fuel evacuation again after scaling down operations

Published

on

P’Harcourt refinery begins fuel evacuation again after scaling down operations

The management of the rehabilitated Port Harcourt Refinery says it has resumed supply of refined petroleum products after an initial hiccup in its operation.
The Nigerian National Petroleum Company Limited (NNPCL) last week Tuesday announced that the refinery was fully back in operation trucking out 70 per cent of its installed capacity.
READ ALSO:

Two days later, Newstrends and other newspapers reported how the report was punctured and no loading was found taking place at the refinery.
But Managing Director of the refinery, Mr Ibrahim Onoja, addressing newsmen after a facility tour of the refinery on Sunday night, said it had resumed distribution of products, including Premium Motor Spirit, kerosene, and diesel.
He said, ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity.

”We replaced most of the equipment including pumps installation and cables.

“The plant is running and we are trucking out our products.”

P’Harcourt refinery begins fuel evacuation again after scaling down operations

Continue Reading

Business

FG begins N50 e-levy deduction from Opay, Moniepoint users

Published

on

FG begins N50 e-levy deduction from Opay, Moniepoint users

The Nigerian government has commenced deduction of N50 electronic levy from transactions made by users of Opay, Moniepoint, and other financial technology companies.

A notification from Opay and Moniepoint during the weekend to customers confirmed the development.

According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent directives.

Opay explained that the electronic levy deduction begins on December 1.

READ ALSO:

“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.

Similarly, Moniepoint, in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying, however, that the levy will be remitted to the FIRS.

“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of and to FIRS,” Moniepoint explained.

 

FG begins N50 e-levy deduction from Opay, Moniepoint users

Continue Reading

Auto

Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island 

Published

on

Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island 

 

Skymit Motors Limited recently took the launch of the all-new Mercedes-Benz E-Class to Banana Island Estate, Lagos, creating excitement among the residents.

The unveiling, in conjunction with Weststar Associates Limited, the authorised distributor of Mercedes-Benz vehicles in Nigeria, was done at the estate’s annual Starlight Night held on Saturday, November 23rd, which added glamour to the night.

Skymit, one of the renowned companies in the Nigerian automotive industry, an authorized Mercedes-Benz dealership, has close to 40 years of operations in Nigeria.

The auto firm shares the mission of promoting the “brand with the star” as well as providing Nigerians with exceptional service.

The residents of Banana Island Estate enjoyed a special showcase of the all-new Mercedes-Benz E-Class, along with other vehicles from the Mercedes-Benz Top-End Vehicle (TEV) portfolio, the statement added.

Indeed, the all new E-Class was easily the highlight of the night as the Skymit & Weststar team had put together an exclusive setting at the entrance of the estate.

Residents received even more luxurious experience with a Mercedes-Benz Lounge that was located at the Starlight Night performance.

The Mercedes-Benz E-Class is the epitome of meticulous craftsmanship and technological prowess, a harmonious blend of cutting-edge technology, exquisite design, and unparalleled performance.

Just like its predecessor, the new E-Class promises to redefine the automotive landscape in Nigeria and provide an unrivaled driving experience. The new E-Class marks the advent of a new generation, introducing more technology and luxury.

Its powertrains are complemented by a fresh exterior design, creating a captivating presence on the road. Inside the vehicle, a plethora of new technology features permeate the cabin, providing a digital atmosphere that’s both immersive and intelligent.

Top executives from Skymit Motors were available to engage all guests, such as Mr. Martin Ayeni, Executive Director, Mr. Segun Naiye, General Manager, Mr. Bola Olaoshun, PA/Head of Admin, Mr. Oladimeji Ajayi, Finance Manager, Mr. Shakiru Babatunde, Sales Manager, Ms. Motunrayo Buraimoh, HR Manager, and Mr. Akin Abimbade, Protocol Manager.

There were also Directors and Executives from Weststar; including its Directors, Mr. Francis Ogboro and Mr. Osayande Asemota, its Managing Director, Mrs. Ebere Anenih; General Manager, Sales, Mr. Christopher Irumudomon; General Manager After-Sales, Mr. Ifeanyi Igbokwe; Head of Finance, Mr. Chima Otuechere, Head of Marketing, Mr. Oluwatobi Abimbola, and Head of IT, Mr. Chigozie Oranugo.

According to the statement, said the all-new E-Class along with other Mercedes-Benz Top-End Vehicles (TEVs) are now available at the Skymit Motors showrooms on Mobolaji Bank Anthony way in Ikeja and on Adeola Odeku Street in Victoria Island.

Continue Reading

Trending