Twitter ban: LCCI warns of collateral damage, delivery firms suspend online service – Newstrends
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Twitter ban: LCCI warns of collateral damage, delivery firms suspend online service

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The Lagos Chamber of Commerce and Industry says businesses stand to experience collateral damage from the Federal Government’s suspension of Twitter operations in Nigeria.

This came as some businesses including car hire, food and other mail delivery firms have suspended their customer support on Twitter.

On Friday, the Federal Government announced the suspension of Twitter’s operations in Nigeria.

Minister of Information and Culture, Lai Mohammed, who announced the “indefinite” suspension, cited persistent use of the platform for activities capable of undermining Nigeria’s corporate existence as a reason.

The LCCI’s Director-General, Dr Muda Yusuf, said many businesses, especially the Small and Medium Enterprises (SMEs), leverage the social media platform for marketing and other promotional activities.

He lamented that already, this group of businesses were being deprived the use of the platform.

He said the platform could also be used as a tool for the dissemination of information and that this could be harmful to the society and imposes a major responsibility on Twitter to ensure an effective self regulation.

Yusuf said, “The Twitter saga raises a major issue of proportionality on both sides of the divide. We should worry about the collateral damage to businesses that could result from the Twitter ban.  Many businesses, especially the SMEs, leverage this digital platform for marketing and other promotional activities.

“The implications is that this group of businesses are being deprived the use of the platform. Some even have ongoing contractual obligations in this regard.

“The outright ban was disproportionate, having regards to the wider implications for numerous small businesses that derive significant value from the use of this digital platform. My view is that other channels of seeking redress should have been explored.

“But there is a flip side. The reality is that the platform could also be used as a tool for the dissemination of information that could be harmful to the society.  This imposes a major responsibility on Twitter to ensure an effective self regulation.

“The saga also underscores the need by Twitter to have a deeper contextual understanding and insight of tweets before drawing conclusions. Such contextualisation would enrich its judgment and enhance its credibility.”

Some e-commerce and delivery-related businesses have suspended their customer support service on Twitter following the ban by the Nigerian government.

For instance, in an email note to customers, Konga, an e-commerce firm, informed customers on Monday that its Twitter channel would not be available to assist requests due to the suspension.

“Due to the temporary ban on Twitter in Nigeria, we won’t be available to support you via Twitter until the ban is lifted,” the company said.

It added, “For help and support, please reach out to our Customer Experience Team using any of these (other) channels.”

Rise Capital also informed investors in an email note on Monday, “As a result, we are pausing Twitter support for now.”

Carbon, an investment company, said, “While we await the ban on Twitter to be lifted, we will be unable to assist you via Twitter.”

OPay Digital Services Limited also sent a mobile application update to customers stating the unavailability of its Twitter channel.

Bolt, a ride-hailing app, also informed customers of the latest Twitter suspension and the impact on its support service within the period.

It stated, “Due to the temporary ban on Twitter in Nigeria, we cannot offer you support through our Twitter account.

“Our dedicated support and high priority teams will continue to be on hand to provide 24/7 support through channels.”

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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