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NIPOST: We’ve approached Pantami, Malami to retrieve stamp duty function from FIRS



Ismail Adewusi (pictured right), the postmaster general of the federation, says the Nigerian Postal Services (NIPOST) is working on retrieving the function of collecting stamp duty from the Federal Inland Revenue Service (FIRS).

Adewusi told NIPOST’s district postal managers after a two-day meeting in Abuja that discussions are ongoing with Isa Pantami, the minister of communications and digital economy, and Abubakar Malami, the attorney general of the federation, in the matter.

According to the postmaster general, NIPOST is also banking on the assurances of both committees of the senate and house of representatives to ensure it resumes stamp duty collection

He said the service could not afford to hold on to its old business strategies any longer; hence the need for the ongoing restructuring to meet modern-day needs.

“We have to align our strategies with modern realities of the digital economy across the globe. NIPOST has very great potentials to play those roles in the new world economic order but it must position itself for that new role. That is the rationale behind our restructuring,” he said.

He said the ongoing business refocusing is needed if the service hopes to survive in a competitive information technology-driven world.

Hinting on the conditions of service, the postmaster general said a committee has been set up to examine all the areas involved adding however that remunerations would be tied to revenue generations.

There had been contention between the FIRS and NIPOST over the custodian of stamp duty after the implementation of the stamp duty act.

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COVID 19: First Bank Chooses To Solve Education Challenges Facing Parents



The CEO of FirstBank Dr. Adesola Adeduntan has announced that the Bank in partnership with government and other stakeholders is extending its attention to immediate needs in our society in the face of the widespread COVID-19 by putting in place complementary efforts in education to support students and minimize the disruption to education resulting from schools’ closure.  This is following the activation of the Bank’s Business Continuity Process and subsequent deployment of safety initiatives and measures implemented across its business outlets nationwide, to help flatten the curve and ensure the safety and wellbeing of staff customers and other stakeholders.

Dr Adeduntan explained that many parents are concerned about children and wards whose education is truncated by the current crisis and are particularly worried about keeping children at home idle as all schools from primary through to tertiary institutions are closed across the nation. Emphasising the urgent need to ensure that our children are not disadvantaged, remain engaged and stay safe during this period, he announced the Bank has concluded plans with the necessary authorities to enable as many children as possible access e-learning.

Speaking on the initiative to enable as many children move on to safe e-learning, Dr Adeduntan said “we are warmed by the fact that different organizations have risen to the various challenges and are supporting in areas such as health and welfare, and we feel the peculiar needs of our children and youth must not be left out and have therefore elected to focus on contributing to solving the current education challenge. Education remains the bedrock of any society and we believe that when we educate our children we enable our nation and produce global citizens who provide ground breaking solutions for the continent and the world at large.  So, building educational partnerships is an avenue to support our children to remain resourceful and fully engaged at this time so they can compete favorably with their peers internationally. It’s a responsible approach to empower them given that they are our future and the foundation to build our country to greatness. By partnering on this we are solving a problem for families and for our future.”

To this end, we are working with the States; United Nations Global Compact; innovative technology firms such as Robert & John to provide e-learning solution with the Government approved curriculum for students across the country. The roll out begins first week in April starting with Lagos State where FirstBank will support the roll out of Roducate which has been adjudged a best fit solution by educators, teachers and all necessary authorities. This solution has the full curriculum on both the online and offline versions with the offline version of particular interest as it eliminates the challenge posed by data affordability.

We call on well-meaning organisations and individuals to join us and collectively rise to address the challenges this current pandemic presents to our children and youth and are reaching out to other organisations with complementary solutions to also partner on this initiative for the youth who are our future. They must not be lost in this pandemic’.

For more information on how you can partner, please click on the link below

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NSE shuts trading floors, adopts remote trading



The Nigerian Stock Exchange (NSE) says its trading floors would be closed temporarily from Tuesday, March 24.

In a statement released on Monday, Oscar Onyema, NSE chief executive officer, said the bourse would engage in remote trading during the period.

He said the decision was necessary due to recent developments in the country.

“With the significant growth in new cases, effective March 24, we have activated a 30-day remote working plan for our employees excluding essential staff,” he said.

“In order to give our dealing members enough notice, effective March 25, all our trading floors will be temporarily closed, although remote trading will continue and NSE staff will be available through all our digital platforms to provide support.

“Dealing members are, therefore, encouraged to continue to trade remotely via our electronic platforms such as FIX protocol and XNET, and reach out to their compliance officer if any support is required.”

“As an exchange, we will ensure that all relevant information continues to flow into the market to ensure the pricing of risk assets remains transparent and reliable across asset classes to allow investors to value their portfolios and make informed investment decisions under these volatile conditions.

“You should continue to submit all regulatory filings via Issuers’ Portal (X-Issuer).”

The exchange also said there would be no sanctions for companies that are unable to file their audited financial statement.

Godstime Iwenekhai, head of NSE listings regulation department, said the 60-day extension of the regulatory deadline for submission of results was in recognition of the fact that some of the internal governance, auditing and other procedures and processes of listed companies may have been disrupted by Covid-19.

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Coronavirus outbreak could cause global recession, IMF warns



The International Monetary Fund has warned that the global economy could suffer a severe recession “at least as bad during the 2008 global financial crisis or worse” in 2020.

Cases of coronavirus have been reported in 195 countries and territories across the world.

Kristalina Georgieva, IMF managing director, made these comments after a phone call of G20 finance ministers and central bank governors on Monday.

“First, the outlook for global growth: for 2020 it is negative—a recession at least as bad as during the global financial crisis or worse. But we expect a recovery in 2021,” she said.

“To get there, it is paramount to prioritize containment and strengthen health systems—everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.

“Advanced economies are generally in a better position to respond to the crisis.”

Georgieva warned that many emerging markets and low-income countries face “significant challenges” as there are already capital outflows from poorer nations.

The IMF said it will step up aid to countries in need and called on central banks to create additional swap lines, to prevent a liquidity crisis in emerging markets and poorer nations.

Many of the world’s wealthiest nations have already established swap lines, including the US federal reserve.

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