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Fintechs Electronic Money Transfer N50 levy starts today

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In compliance with the Federal Inland Revenue Service (FIRS) regulations, Opay, Kuda, Moniepoint and  the other fintechs will begin charging customers a N50 levy on electronic transfers of N10,000 and above paid into their accounts from September 9, 2024.

The fintech revealed this in a message to customers titled ‘FGN Electronic Money Transfer levy’, which started making rounds on Saturday.

The company said, “Please be informed that starting September 9th 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account. The fintech noted that it would not benefit from this charge as it is directly paid to the Federal Government.

The fintech already charges customers N10 after their third transfer to other banks in a day.

EMTL, introduced in the Finance Act 2020, was an amendment to the Stamp Duty Act to tap into the growth of electronic transfers.

It is a one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit bank or financial institution on any type of account for sums of N10,000 and above.

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President Tinubu Embarks on Historic State Visit to United Kingdom

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President Bola Ahmed Tinubu, accompanied by First Lady Senator Oluremi Tinubu, will depart Abuja tomorrow, Tuesday, March 17, for a landmark state visit to the United Kingdom at the invitation of Their Majesties King Charles III and Queen Camilla.

The visit, the first by a Nigerian leader in 37 years and the first hosted by a British monarch at Windsor Castle, marks a significant milestone in Nigeria-UK relations. President Tinubu will be hosted at Windsor Castle from Wednesday, March 18, to Thursday, March 19.

During the stay, Their Majesties will invite the presidential couple to view a special Royal Collection exhibition featuring items related to Nigeria. Private discussions between King Charles and President Tinubu will follow, alongside meetings with organisations involved in interfaith dialogue.

The day will culminate in a State Banquet hosted by the Royal Family in honour of the Nigerian guests.President Tinubu will also hold bilateral talks with Prime Minister Keir Starmer at 10 Downing Street, paving the way for expanded high-level engagement.

The discussions are expected to result in the signing of multiple Memoranda of Understanding and agreements covering trade, investment, defence, and cultural cooperation.

A key highlight includes President Tinubu witnessing the signing of a major £746 million financing agreement between UK Export Finance (UKEF), the Nigerian Ports Authority (NPA), and the Federal Ministry of Finance.

The deal will support the refurbishment of Nigeria’s critical maritime infrastructure at the Lagos Port Complex (Apapa Quays) and Tin Can Island Port Complex.

The President will serve as guest of honour at the Nigerian Modernism exhibition, celebrating modern arts and culture, and attend a reception with Nigerian and British business leaders as well as the diaspora community.

The presidential entourage includes Senate President Godswill Akpabio; Attorney General and Minister of Justice Prince Lateef Fagbemi SAN; Minister of Solid Minerals Dele Alake; Minister of Information and National Orientation Mohammed Idris; Minister of State for Foreign Affairs Ambassador Bianca Ojukwu; Minister of Finance and Coordinating Minister of the Economy Wale Edun; Minister of Industry, Trade and Investment Dr. Jumoke Oduwole; Minister of Culture and Creative Economy Hannatu Musawa; Minister of Communications and Digital Economy Bosun Tijani; Minister of Defence General Christopher Musa (rtd); National Security Adviser Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency Ambassador Mohammed Mohammed.

President Tinubu will return to Nigeria at the conclusion of the visit, which aims to deepen bilateral ties in immigration, trade, investment, security, and cultural exchange while reinforcing the enduring historical bond between the two nations.

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NRC Confirms Minor Train Incident Near Asham, Reports No Fatalities (Images)

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The Nigerian Railway Corporation (NRC) has confirmed that a minor but avoidable train incident occurred this morning near Asham, involving a rear locomotive and an adjacent passenger coach on one of its services.

According to the NRC’s official statement, the incident took place at approximately 10:30 a.m. and was caused by a coupling issue, resulting in contact between the rear locomotive and the following coach.

Several passengers sustained injuries in the event. The corporation stated that those affected were immediately provided with medical attention and transported to a nearby healthcare facility for further treatment. Importantly, no fatalities were recorded.

Emergency response teams were activated without delay, and technical crews have been deployed to the site. The Safety Investigation Bureau (SIB) has also arrived to carry out a comprehensive investigation in accordance with standard safety protocols.

The affected train reached Idu station around 10:39 a.m., approximately 38 minutes behind schedule, after time was taken to detach and remove the involved rear locomotive and coach SP 0006.

The NRC emphasized that passenger safety remains its highest priority.

The corporation assured the public that all required steps are being taken to resolve the situation and to maintain the safe and reliable operation of its train services moving forward.

The NRC said it will provide additional updates as more details emerge from the ongoing investigation.

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Military Troops Battle ISWAP Attack in Maiduguri

The affected areas include Dala, Bulamari and Ajilari Cross, where residents reported intense gunfire coming from the outskirts of the Borno State capital.

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Residents in parts of Maiduguri were thrown into panic late Monday night after heavy gunfire was heard across sections of the city.

Witnesses say the sound of gunshots triggered fear and confusion, forcing many residents to flee their homes in search of safety.

The affected areas include Dala, Bulamari and Ajilari Cross, where residents reported intense gunfire coming from the outskirts of the Borno State capital.

Security sources say suspected fighters linked to Boko Haram or ISWAP launched an attack on the outskirts of Maiduguri, prompting a swift response from Nigerian troops.

Nigerian Air Force fighter jets were also deployed and are currently engaging the assailants as efforts continue to repel the attack.

Authorities are yet to release an official statement on the incident, while residents remain on edge as security forces work to contain the situation

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