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Nigerians pay N400 billion as bribes annually – ICPC

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The Principal Investigator at the Anti-Corruption Academy of Nigeria (ACAN), the research and training arm of the Independent Corrupt Practice and Other Related Offences Commission (ICPC), Suleiman Suleiman has disclosed that Nigerians pay an estimated N400bn annually as bribes to obtain public services.  

He made this known while speaking  at the stakeholders meeting on Nigeria Corruption Index (NCI), and presentation of a policy brief on Eradication of Electoral Corruption Awareness Survey in Abuja.    

Mr Suleiman, who is also a research fellow at ACAN, said 32.3 per cent of Nigerian service users pay a bribe across key sectors/services and regions.     He quoted the PricewaterhouseCoopers (PWC) 2016 data that estimated that corruption will wipe off 37 per cent of Nigeria’s GDP by 2030.    

He said: “In 2016, PWC conducted research with the aims of finding what Nigeria’s GDP would be by 2030. Based on their forecast they discovered that Nigeria GDP would be around $1,457billion.   “Also, they wanted to know what would be the cost of corruption during that period.

That is, if they did the research in 2015, that is 15 years ahead. They found that if Nigeria is able to reduce corruption by that 2030, it would even be higher than that $1457 billion by up to $534 billion.  

“It is like saying if you spend money unwisely you would have N20 but when the money is spent carefully, you would have N35. So the figure of $534billion is what Nigeria can have if we reduce corruption.  

“The PWC found that 32. 3 per cent of service users are asked to pay a bribe, which is quite high. If the average bribe is N5,300 and you have up to 83 million bribes a year, multiplied by N5,300 and it gives you 400billion”

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Forbes releases list of 20 highest paid rappers in 2019

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US rapper, Kanye West has been named the highest-paid hip-hop act of 2019 in a list compiled by global entrepreneurship magazine, Forbes.

The 42-year-old mogul earned a pre-tax income of $150 million in the year under review, the majority of which comes from his Yeezy empire, a partnership venture with a popular footwear giant.

For the first time, Kanye West out-earned his close ally, Shawn Carter, also known as Jay-Z, who ranks second on this year’s list with $81 million.

Drake, who amassed a fortune with his chart-topping album ‘Scorpion’, rounds out the top three with $75 million, while Diddy takes the number four spot ($70 million), following his deal with Diageo’s Ciroc vodka.

The ladies are also holding it down. Nicki Minaj places number 12 with $29 million, while Cardi B is on her heels at number 13 with $28 million.

The top 20 acts in hip-hop earned a combined $860 million, up 33 per cent from $648 million last year.

Forbes’ Highest-Paid Hip-Hop Acts of 2019

1. Kanye West – $150 million
2. Jay-Z – $81 million
3. Drake – $75 million
4. Diddy – $70 million
5. Travis Scott – $58 million
6. Eminem – $50 million
7. DJ Khaled – $40 million
8. Kendrick Lamar – $38.5 million
9. Migos – $36 million
10. Childish Gambino – $35 million
11. J. Cole – $31 million
12. Nicki Minaj – $29 million
13. Cardi B – $28 million
14. Swizz Beatz – $23 million
15. Meek Mill – $21 million
16. Birdman – $20 million
17. Future – $19.5 million
18. Nas – $19 million
19. Wiz Khalifa – $18.5 million
20. Pitbull – $18 million

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Nigerians To Start Paying For Bank Deposits In 2020

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Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

Making the announcement on Tuesday, the Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020.

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

According to the circular, the charges 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.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

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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British Airways cancels nearly 100% flights as pilots begin strike over pay

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British Airways (BA) has cancelled nearly 100 percent of flights from UK airports as its pilots embark on first-ever strike over pay.

The airline and its pilots have been locked in a nine-month pay dispute that could disrupt the travel plans of nearly 300,000 people.

Members of the British Airline Pilots Association (BALPA) commenced the strike on Sunday night, leading to the cancellation of hundreds of flights.

In a statement on its website on Monday, BA apologised to its customers for the disruption in their travel plans.

“We understand the frustration and disruption BALPA’s strike action has caused you. After many months of trying to resolve the pay dispute, we are extremely sorry that it has come to this,” the statement read.

“Unfortunately, with no detail from BALPA on which pilots would strike, we had no way of predicting how many would come to work or which aircraft they are qualified to fly, so we had no option but to cancel nearly 100 per cent our flights.”

BA said its team is working on refunding flight fees or re-booking flight schedules for affected customers.

“Our customer teams – supported by additional colleagues – have been working tirelessly to help as many of you as possible and to provide options, including a full refund or re-booking to a different date of travel or alternative airline,” it said.

“We are offering all affected customers full refunds or the option to re-book to another date of travel or alternative airline.”

The pilots said they will continue their strike on Tuesday and are threatening to down tools for one more day on September 27, and possibly at a time closer to the winter should the dispute continue.

In July, BA offered an 11.5 percent pay rise over three years, which it said would take the pay of some captains to more than £200,000 ($246,000 or 220,000 euros) a year. BALPA rejected the pay increase.

The airline said two other unions representing 90 percent of its workers have accepted the 11.5-percent increase.

But BALPA countered, saying that co-pilots’ salaries average around £70,000 , and that of the junior ones drops down to just £26,000.

The association also pointed to a nearly 10-percent jump in pre-tax profits reported by BA’s parent firm, IAG, last year.

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