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House Of Reps to summon CBN, banks over unverified POS operators

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2 weeks ago

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The House of Representatives on Wednesday resolved to invite the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Chief Executive Officers of commercial banks to appear before it to propose solutions to the challenges posed by the lack of documentation of Point of Sale Users across the country.

The resolution of the House followed the consideration and adoption of a motion sponsored by the member representing Ehime/Mbano/Uboma/Obowo Federal Constituency, Imo State, John Okafor during Wednesday’s plenary.

Lobbying his colleagues for support for the motion, the lawmaker identified the increasing challenges associated with the undocumented identities of POS users in Nigeria.

According to him, cases of fraudulent activities within the financial system have been established against POS users, adding that there is “A necessity to combat such illicit practices and safeguard the integrity of financial transactions within Nigeria.”

He said, “The House is aware that undocumented POS transactions create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorised transactions.

“By enforcing the documentation of users’ identity, the incidence of fraud will significantly reduce and the security of financial transactions in Nigeria will be enhanced. The House is aware that proper documentation of POS users’ identities fosters accountability among operators and users. This transparency will help trace transactions back to the individuals involved, holding them accountable for illegal activities.”

In a shot fired at the apex bank, the All Progressives Congress lawmaker expressed what he called regulatory bias and enforcement challenge towards due process by the relevant regulatory bodies.

He called for immediate intervention to avert this ugly situation and “Shield Nigerians from the hands of criminals through the use of the POS system.

“Establishing a system for verifiable documentation of POS users’ and recipients’ identity aligns with the national and international financial regulatory requirements to prevent financial crimes and ensure compliance with anti-money laundering and know your customer regulations.”

Following overwhelming support for the motion, Speaker Tajudeen Abbas who presided over plenary mandated the House Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes to invite the CBN Governor and Group Managing Directors of all Commercial Banks and Other Financial Institutions utilising POS services to appear before them.

The committees have four weeks to report back to the House.

 

 

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Lagos Takes a Giant Leap Towards a Cleaner, Greener Future with Proper Waste Disposal Bins

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24 hours ago

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December 11, 2024

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Join the Movement to Build a Culture of Proper Waste Segregation and Disposal in Lagos. 

 

As part of its efforts to promote a cleaner, greener, and healthier environment, The Architects Place Ltd In conjunction with the Ministry of Environment and Water Resources has launched an initiative to provide proper waste disposal bins across the state.

 

The initiative, which is aimed at building a culture of proper waste segregation and disposal, is designed to encourage residents, businesses, and institutions to properly dispose their waste and recyclables.

The proper waste disposal bins, which are designed to accommodate different types of waste, including recyclables, organics, and non-recyclable waste, will be strategically located in public spaces, markets, and other high-traffic areas.

 

This will help to reduce the amount of waste that ends up in landfills and waterways, improving environmental health and reducing the risk of disease. By providing separate bins for recyclables, the initiative will encourage residents and businesses to recycle more, reducing waste and conserving natural resources.

 

We urge all residents, businesses, and institutions in Lagos to join us in this effort to build a culture of proper waste segregation and disposal. Together, we can make a difference and create a cleaner, greener, and healthier environment for all.

 

For more information on the proper waste disposal bin initiative, please contact:

 

Ministry of Environment & Water Resources, Alausa Lagos State.

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News and Report

National Grid Collapses 12th Time In 2024

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24 hours ago

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December 11, 2024

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Nigerians were left in darkness on Wednesday following yet another collapse of the national power grid.

 

Since January 2024, the grid has collapsed 11 times.

 

 

In just one week in October, the grid failed three times, causing widespread blackouts and prompting reactions from Nigerians

 

 

A tweet from Nigeria’s National Grid official handle confirmed the collapse at approximately 2:09 pm on Wednesday.

 

“The major grid setback has occurred and the restoration is to commence,” the tweet stated.

 

 

 

 

More to come…

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Just In: Abuja High Court Denies Yahaya Bello’s Bail Request…..

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2 days ago

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December 10, 2024

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A High Court of the Federal Capital Territory (FCT) in Maitama has rejected the bail request by former Kogi State Governor, Yahaya Bello.

 

Bello is standing trial, along with two others, on an alleged N110bn money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).

 

Justice Maryanne Anenih, in a ruling on Tuesday, faulted the competence of Bello’s bail application, stating that it was filed prematurely.

 

Justice Anenih held that, since the application was made when Bello was neither in custody nor before the court, it was deemed incompetent.

 

She said: “Consequently, the instant application, having been filed prematurely, is hereby refused.”

 

 

 

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