Commerce

GTBank In Fresh Trouble As ANLCA Seeks Bank Payment Of N200 Billion Demurrage, Storage Loses

Published

1 year ago

September 21, 2022

GTB is in fresh trouble as ANLCA is seeking bank payment of N200 billion demurrage and storage losses over FG suspension.

The Association of Nigerian Licensed Customs Agents (ANLCA) has requested the payment of over N200 billion in demurrage charges incurred by customs brokers and freight forwarders as a result of Guaranty Trust Bank (GTB) suspension owing to alleged non-remittance of import duty collected on behalf of the federal government.

The association, in a meeting with the officials of the bank on Wednesday, stated that its members will not bear the cost of demurrage incurred while pressing it in that they are not ready to let go of the losses.

Speaking on behalf of the association, its National Secretary; Mr Babatunde Mukaila expressed dissatisfaction in the way the management of GTB handled its suspension by the Nigeria Customs Service (NCS), noting that ANLCA is aware that NCS gave GT Bank two weeks’ notice to resolve their challenges, yet they neither resolved the issue nor made alternative arrangement in the interest of their customers.

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He argued that in the past, some banks have had similar problems but quickly appointed a receiver bank pending the resolution of the matter.

The ANLCA scribe stressed that the approach of the bank amounts to negligence on their part, adding that where there is negligence, someone or group suffers the detriment and as such in every detriment there must be compensation.

He reiterated that the aims and objectives of the association is to protect its members while asking the bank officials how they intend to mitigate the losses.

Other members of the association in attendance also condemned the bank’s attitude and concluded that there will be no stand down on demand for adequate compensation.

Responding, the representative of GT Bank; Mr Lanre Kola-Banjo apologised to the customs brokers while explaining that the problem was as a result of technical fault from the server.

He however debunked the notion that the bank was given two weeks’ notice. He said to the contrary, they woke up one morning only to discover that the bank had been disconnected.

He further explained that it was after they had been suspended from accessing the NCS portal that they were given two weeks to fix the technical problem or face serious sanction. He said that the problem has since been resolved.

He promised to take the association’s demands to the top management of the bank for further action.

This is even as he added that it is not about apologising to the importers, but the issue is that, it is the Customs Brokers that are at the receiving end, because they are in contract with importers and not concerned with demurrage and storage charges.

Commerce

Inaugural flight: Green Africa begins operation in Ibadan Airport

Published

2 months ago

August 12, 2023

Yinka Rahman

Green Africa Airline today, 12th of October, 2023 joins the league of other existing airlines operating in Ibadan airport.

The Founder and Chief Executive Officer, Babawande Afolabi officially announced the commencement of operation at the inaugural flight ceremony which was graced the deputy governor of Oyo state, some chieftains and some state house of assembly Honorables.

The airline is scheduled to operate throughout the week except on Wednesdays and will cover Ibadan, Lagos and Abuja.

Commerce

Storm Exchange Your Trusted Solution For Digital Currency Exchange

Published

3 months ago

July 4, 2023

Yinka Rahman

Storm Exchange over the years have been confirmed to be one of the most reliable platforms to trade digital currency. The platform has also gained wide recognition due to their reliability and swiftness.

Udeogu Chinedu Paul, CEO Storm Exchange is from the Eastern hemisphere of Nigerian but his platform is known all over the world as of today.

Udeogu Chinedu Paul was born on the 1st of April, 1998 and attended Saint Paul primary school and later attended Ikwodiaku Primary school, Awka before later proceeding to Bishop Chrowther Seminary, Awka.

Speaking to newsmen about his journey to being a successful trader, he explains that his secret is simply fear of God. If you include fear of God in everything you do, success will eventually embrace you.

I have never doubted myself from day one, I have never had any plan to be dubious because I know it won’t end well.
The fuel of my success however, is swiftness, reliability and trustworthiness.

I always mention trustworthiness because what I am enjoying today mostly is referrals. My clients always refer me to their friends and family simply because of my level of trustworthiness.

Going forward, Paul sends a strong message to other trading platforms that the digital world is here to stay, it has rapidly evolved and the sky is wide enough for every trader to trade. He therefore, advises them to invest more in trustworthiness for it is the fuel to being a successful trader.

When Paul was asked where he would love to be in few years time, he said he is not stopping until he becomes the number one trader in the whole world. He plans to have the strongest platform in the whole world and prays that God grants his wishes.

Commerce

Stock market jumps to 15-year high after Emefiele’s suspension

Published

4 months ago

June 13, 2023

Yinka Rahman

The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele.

According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark.

The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.

It noted that the rally, which followed increased gains on Nigerian dollar bonds on Monday, reflected optimism over the policy signals from the newly elected President, Bola Tinubu.

The head of research at Chapel Hill Denham, Tajudeen Ibrahim, stated, “An improvement in the economy will enhance the performance of companies operating in the market.”

Since resuming office, the new president has scrapped fuel subsidy and recently suspended the apex bank’s governor, Emefiele.

The NGX Banking Index has since risen by 8.5 per cent to 570.64, its biggest advance in more than eight years.

Ibrahim, added, “The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks.”

Meanwhile, pressure is mounting on the naira to fall towards its market value. The currency has fallen to 474 per dollar, with traders betting on further depreciation.

Punch