A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in the third quarter of this year based on data on electronic payment channels in the Nigeria banking sector, the Nigerian Bureau of Statistics has said. It disclosed this in its latest Selected Banking Sector Data which focused on sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks. The bureau said Real Time Gross Settlement transfers dominated the volume of transactions recorded. RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a real-time and on a gross basis. The NBS said 1,799,199 volume of online transfer transactions valued at N116.06trn were recorded in Q3 2020. In terms of c...
A Lagos-based car wash operator, Idris Ayotunde, who absconded with a customer’s car, has been arrested in Odeda, Ogun State. Ayotunde was arrested at Alakija village via Olodo at the weekend by Safer Highway Patrol team who were on stop-and-search duty on the Abeokuta/Ibadan expressway. The team stopped the car and demanded for its documents, and when Ayotunde could not produce them, he was taken to the Odeda Divisional Headquarters where the Divisional Police Officer (DPO), Ajayi Williams, interrogated him, and discovered he stole the car. Police spokesman Abimbola Oyeyemi, in a statement yesterday, said the suspect, who claimed to be an ND holder, confessed to joining a car wash at Jimoh Bus Stop, Shasha-Akowonjo, Lagos State, recently. Abimbola noted that the car owner, Mrs. Tosin Shof...
In an apparent reference to President Donald Trump’s refusal to accept defeat, former US First Lady and Secretary of State, Hillary Clinton, has said the willingness of American Presidents to accept defeat distinguishes American democracy. She said this in post on her Facebook page, where she posted a letter written by then outgoing President George H W Bush to then incoming President Bill Clinton, in 1993. “Here’s how it’s done in America, “she wrote. Continuing, the former presidential candidate said: ‘This is the gracious letter George H.W. Bush left for Bill in the Oval Office on the day of Bill’s inauguration.” Quoting the letter, she said:”Your success now is our country’s success,” President Bush wrote. “I am rooting hard for you.”” “Since the very beginning, American presidents ...
The three tiers of government on Friday shared about N606.196 billion as federal allocation for April 2020. Details of the allocation were contained in a Secretariat report released by the Office of the Accountant-General of the Federation at the end of the online meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja. The meeting was presided by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse. The communique showed the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Crude Oil Revenue. The breakdown of the allocations showed the federal government received about N169.831 billion, the states N86.140 billion, local government counc...