News
NIPOST Rakes in N19.7Bn in One Year
The Nigerian Postal Service (NIPOST) generated a total of N19.7bn from its operations in 2018; and the bulk of the sum came from electronic stamp duty.
The breakdown showed that NIPOST made about N7bn from its core operations, a total of N12.7bn was generated from electronic stamp duty.
The N7bn generated through core postal services was slightly below the N7.04bn which NIPOST generated through similar activities in 2017.
According to Punch, the parcel and courier services remained the cash cow of the organisation as the business unit raked in about N3.5bn within the year, which accounted for about 50 per cent that came in through core postal activities.
It could not be ascertained how other business units fared within the year but statistics might not vary much from what they were in 2017, given the slight difference in the total figures for the two years.
The breakdown of 2017 performance of the organisation showed that it generated N1.58bn from expedited mail services otherwise known as Speedpost.
From stamp proceeds, the postal organisation generated a total of N1.33bn while it made a total of N1.28bn from parcel clearance and delivery fees.
Other items that propelled NIPOST to the N7.04bn revenue in 2017 included international mail income from which it made N715.82m and bulkpost service from which it garnered a total of N537.06m.
From fees charged on renewal of post office boxes, the postal organisation garnered N448.04m while it made a total of N361.44m from sales of stamp/taxed items.
On premises and leased spaces, it generated a total of N172.7m and from unidentified miscellaneous sources, the postal organisation made a total of N601.53m.
Electronic stamp sales also yielded less to the coffers of government in 2018 as the source had provided a total of N13.58bn in 2017.
However, with the N12.7bn garnered from the electronic stamp sales in 2017, the government now has a total of N30.2bn in the Stamp Duty Treasury Single Account which is warehoused at the Central Bank of Nigeria.
Electronic stamp sales is another name for the controversial stamp duty paid on electronic fund transfer which the Central Bank of Nigeria had directed the banks to begin charging on electronic fund transfers with a value of at least N1,000 from January 1, 2016.
The fund is currently warehoused in a stamp duty/TSA account with the apex bank as the postal organisation makes efforts to legalise the duty which had been challenged by an Appeal Court judgement.
Postal authorities had been making efforts to diversify the sources of income of the postal service provider whose existence has been threatened by advances in new communications technologies.
News
NCDC Activates Emergency Response as Lassa Fever Kills 190
Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).
The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.
Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.
“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.
The centre will ensure seamless coordination of the control and management of the outbreak.
Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.
The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.
News
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.
The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.
In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.
Such amenities are lacking in Nigeria.
But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.
Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).
In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.
In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.
News
Egueke, Former Bank Manager Jailed for $46,900 Fraud
Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.
Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.
Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.
One of the land titles, however, was not his, and the other was fake.
After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.
The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite denying the offence, Egueke failed to present evidence of repayment during the trial.
Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.
Egueke was convicted and sentenced to six months imprisonment.
However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.
The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.
The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.
Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.
He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
- Telecom1 day ago
MTN Nigeria Renews Spectrum Lease Agreement with NTEL
- Uncategorized1 day ago
NCAA Enforces Penalties on Five Airlines for Passenger Rights Violations
- Broadcasting2 days ago
Spotify’s ‘Detty December’ Hub and Spotify’s ‘Songs of December’ now live
- Broadcasting2 days ago
QNET Collaborates with Lagos Food Bank to Aid Vulnerable Children
- E-Business1 day ago
World Bank Raises Nigeria’s NIN Target to 180m
- Broadcasting2 days ago
NERC Discloses $5.7 Million Debt Owed by International Customers for Q3 2024 Electricity Supply
- Telecom2 days ago
Glo Felicitates Nigerians on Christmas Celebration
- Uncategorized2 days ago
Firm Partners Access Bank to Train Youths in Digital Skills