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CBN still thinks we are in military era, Joe Abah reacts to new charges on cash transactions

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CBN Joe Abah

The former Director-General of the Bureau of Public Service Reform, Dr Joe Abah has criticised the Central Bank of Nigeria (CBN) for not sensitising the populace before announcing the enforcement of the newly-introduced charges on cash transactions.

Abah took to his verified Twitter handle @DrJoeAbah on Wednesday to react to reports that the apex would from today (Wednesday) commence the imposition of charges on deposits in addition to already existing charges on withdrawals.

He likened the CBN’s directive to a decision that could only be taken under a military government.

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Abah tweeted:

CBN, in a circular to all Deposit Money Banks in the country, on Tuesday, had said that the implementation of the cashless policy will begin nationwide from March 2020.

It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

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According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.

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For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3,000, 000.

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The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

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Nigeria records 304 new Covid-19 cases, toll now 44,433

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The Nigeria Centre for Disease Control (NCDC) has confirmed 304 new cases of COVID-19 in the country, bringing the total number of COVID-19 infection to 44,433.

The NCDC made this known via its verified Twitter handle on Tuesday.

“304 new cases of #COVID19Nigeria; FCT-90 Lagos-59 Ondo-39 Taraba-18 Rivers-17 Borno-15 Adamawa-12 Oyo-11 Delta-9 Edo-6 Bauchi-4 Kwara-4 Ogun-4 Osun-4 Bayelsa-3 Plateau-3 Niger-3 Nasarawa-2 Kano-1.”

304 new cases of #COVID19Nigeria;

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FCT-90

Lagos-59

Ondo-39

Taraba-18

Rivers-17

Borno-15

Adamawa-12

Oyo-11

Delta-9

Edo-6

Bauchi-4

Kwara-4

Ogun-4

Osun-4

Bayelsa-3

Plateau-3

Niger-3

Nasarawa-2

Kano-1

44,433 confirmed

31,851 discharged

910 deaths

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Bristow Helicopters sacks 100 pilots and engineers

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No fewer than 100 pilots and engineers have been sacked by Bristow Helicopters.

This is coming barely 24 hours after Air Peace sacked scores of pilots across its fleet while slashing staff salaries by up to 40 per cent.

This was contained in a statement released by the airline company on Tuesday, August 4.

The company disclosed the workers were layed off due to the effect of the Coronavirus pandemic on its operations.

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The aviation company which described the sack as “painful”, said it engaged with the National Association of Aircraft Pilots and Engineers (NAAPE) to negotiate a fair and equitable redundancy compensation for those affected.

The statement partly read;

“This decision has not been made lightly, but having considered the state of the business and the very serious constraints caused by the spread of the COVID-19 disease and the downturn in the oil and gas market, the company must now take this painful, but decisive step to ensure the continuity of its business and delivery of essential services to its clients.

“One of these measures includes the right-sizing of the business to ensure that the company has the optimal level of personnel to continue the safe delivery of its services to its clients, whilst allowing the appropriate capacity for future growth.

“Accordingly, and with much regret, the company has taken the very difficult decision to release over 100 pilots and engineers (both National and Expatriates) over the next couple of weeks.”

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Texas man jailed for spending Covid-19 loans on lamborghini, strippers

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Lee Price III, a Texas man who spent a $200,000 Lamborghini Urus with COVID-19 loans and the and the rest of the cash on strippers, got a slower ride to jail on Tuesday, August 4.

This was after US authorities arrested him for using $1.6 million in government pandemic aid to go on a spending spree.

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Lee Price III, 29, was charged with fraud after he secured two government loans under the Paycheck Protection Program to pay employees he did not have, the Justice Department said in a statement.

Instead, he spent the funds on lavish goods like a sports car and a Rolex watch, as well as real estate, an F-350 pickup truck, and thousands of dollars at Houston strip clubs, the statement said.

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Price secured two loans: Price Enterprises Holdings allegedly received more than $900,000, while 713 Construction was approved for over $700,000.

Neither firms has employees and “the individual listed as CEO on the 713 Construction loan application died in April 2020, a month before the application was submitted,” according to the complaint.

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Congress approved the PPP program in late March to help small businesses survive the coronavirus pandemic, granting loans that could be forgiven if they were used to pay wages, rent and utilities.

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