News
LCCI backs lawmakers’ call on failed transaction reversals
The Lagos Chamber of Commerce and Industry (LCCI) has supported the House of Representatives’ call on CBN to direct banks to upgrade their systems toward instant reversal of failed transactions without customers prompting it.
The President and Chairman of the Council of LCCI, Mr Gabriel Idahosa, made the call on Wednesday in Lagos.
The House of Representatives had on Tuesday during plenary called on CBN to direct banks to reverse customers’ funds within legal timelines whether the customers lodged complaints or not.
The lawmakers also called on CBN to instruct banks to upgrade their systems to mitigate failed transactions and instantaneously reverse failed transactions without the customers asking.
Idahosa commended the lawmakers for intervening to address the issue, highlighting that two banks had already taken steps to upgrade their systems to overcome the challenge.
According to him, these banks have been able to return funds from failed transactions within minutes, setting a positive example for other banks to follow suit.
He said that LCCI supports the calls that banks that had not upgraded their systems to achieve automatic reversal for failed transactions should do so as an obligation to their customers.
“So, as a customer, if I try to transfer money and it did not deliver, don’t keep the money, you need to return it to me, immediately. Some banks already do that, and within a few minutes they credit your money into your account,” he said.
The LCCI boss explained that customers should not bear the burden of funds not being delivered as it constitutes a breach of service and contract.
Idahosa emphasised that banks must promptly return undelivered funds to customers as soon as failures are detected.
He pointed out that failed transactions impact a significant number of customers, many of whom might not pursue complaints with bodies like the Federal Competition and Consumer Protection Commission (FCCPC) which could fight for their rights.
“Most customers don’t really have the time to pursue it, especially if the amount is too small to take their time,” he said.
Idahosa, therefore, urged FCCPC to sanction erring banks.
“Firstly, the issue is that most customers do not know they have a right to complain to the commission.
“Then, two, if the complaint gets to the Federal Competition and Consumer Protection Commission, then we expect the council to take action immediately.
“So, it’s also one for customers to report to the council and the council to be efficient to sanction the banks or at least make them to reverse the transfer very quickly and if they delay, sanction them,” he said.
He said the council needed a large workforce to be able to deal with thousands of failed transfer issues.
News
Application deadline for management of Nigeria’s $10bn Diaspora Fund extended
The Nigerian federal government has shifted the application deadline for companies interested in managing the $10 billion Diaspora Fund.
Minister of the Federal Ministry of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this in a circular on Thursday in Abuja.
Accordingly, the deadline for May 6 has been shifted to May 13, 2024.
The minister urged prospective applicants to utilise the extra time to complete their submissions, ensuring they are thorough and competitive.
She stressed that the extension is designed to allow stakeholders additional time to adequately prepare their applications following the guidelines established for the fund.
“The Federal Ministry of Industry, Trade, and Investment wishes to inform all interested parties that the deadline for the submission of Expressions of Interest (EOI) for the Nigeria Diaspora Fund has been extended.
“The new submission deadline is May 13, 2024. This extension is intended to accommodate stakeholders who require more time to prepare their applications by the guidelines provided for the $10 billion Nigeria Diaspora Fund,” she stated.
News
Sanwo-Olu, NESG harp on PPP for economic growth
Gov. Babajide Sanwo-Olu of Lagos State has emphasised the role of public-private sector partnerships in driving accelerated sustainable economic growth in Nigeria.
He made the remark at the Nigerian Economic Summit Group (NESG) Public Lecture and Founders’ Forum held at the Lagos Business School on Thursday.
The event, which marked the official launch of the 30th anniversary of the Nigerian Economic Summit (NES) has the theme: “In the National Interest: Reflecting on the Past, Reimagining the Future.”
Sanwo-Olu said it was imperative that the public sector improved on its synergy with various actors pursuing a collective agenda of service for the citizens.
The governor highlighted the significant role the NESG plays in bringing together public and private sector leaders in the country in an ongoing dialogue to shape, influence and create a thriving competitive and successful economy.
“We’re not where we should be and we must continue to set goals to inspire ourselves to do better as a nation
“We may not always achieve our targets for our vision timelines, but that should not be an excuse for not trying,” he said.
He commended the NESG for its various interventions such as the flagship annual summit, roundtable and sectorial policy commissions, technical support work and policy innovation centre.
He, however, urged NESG to explore ways of deepening linkage between policy work and public consciousness that allows engagement with the citizenry.
Delivering the lecture, Mrs Ifueko Omoigui-Okauru, Managing Partner, Compliance Professionals PLC, said that while there had been significant economic changes, more needed to be done to ensure accelerated economic growth.
Omoigui-Okauru said that there was need to build inclusive policies that reflect the realities of the nation rather than imposing replicas of other countries.
“In 30 years, we may have made some progress, but we can’t say we have radically transformed Nigeria.
“As we reflect on the NESG, there’s still a lot to be done in bridging the rural-urban divide and have an inclusive agenda.
“We see our journey as work in progress. We need to determine the parameters that would drive our success and put policies in place to move us in the direction where we need to be.
“It is important for us to move away from self interest, think of ways to use technology and other frameworks to collectively achieve the Nigeria of our dreams,” she said.
Earlier in his opening remarks, Mr Niyi Yusuf, Chairman, NESG, said the 30th Summit reaffirmed the essentiality of public-private partnerships in tackling complex economic realities.
Yusuf, however, said that the journey to embracing market mechanisms has not been without its challenges.
He reiterated unwavering commitment in driving reforms through rigorous research, economic and social programmes, and inclusive summits, all aimed at shaping the socio-economic development of our nation.
“Thirty years ago, at a critical juncture in our nation’s history, the NES was born out of a necessity when the winds of economic challenges blew fiercely, necessitating a platform for robust public-private dialogue.
“Since our inaugural summit in 1993, the NES has been a progressive economic discourse rooted deeply in collaborative efforts between government leaders and private sector visionaries.
“Each Summit has crafted policies and strategies essential for removing barriers to competitiveness, growth, and inclusive development.
“Therefore, in commemorating this 30th anniversary, it is essential to assess and discuss the role of this public-private dialogue platform in Nigeria’s socio-economic landscape to provide us insights for future engagements,” he said.
The chairman assured collaborative efforts with the three arms of federal and subnational governments and private sector communities to propel Nigeria towards a more resilient, inclusive and prosperous future.
Dr Pascal Dozie, Chairman, NESG Advisory Board, listed political, economic, education and environment sectors as pathways to reimagining Nigeria’s future
Dozie, also pioneer Chairman of NESG Board of Directors, was represented by Mr Frank Aigbogun, Chief Executive Officer of BusinessDay.
He charged NESG to adopt new strategies in providing collaborative leadership in seeking answers to the following crucial questions.
“How do we strengthen democratic institutions and rule of law, foster culture of inclusiveness and representation?
“How do we promote transparency and accountability in governance and inculcate the culture of consequences for bad behaviour in every sphere of life?
“In economic reimagining, how do we diversify Nigeria’s economy, reduce dependence on oil, foster a business friendly environment and develop the much needed infrastructure base in a coordinated nationwide approach?
“How do we repurpose the educational system to focus on science, technology, engineering and mathematics, encourage technology entrepreneurship and innovation and address unemployment?
“For the environment, how can we develop sustainable agriculture and food security, promote sustainable practices, renewable energy and eco tourism?
“It is imperative that the NESG community leads from the front in not only providing actionable answers to these questions but also making sacrifices to ensure they are implemented,” he said.
Similarly, Chief Executive Officer of NESG, Dr Tayo Aduloju, said that strong institutions, political will, accountability by all stakeholders and the willingness for the government to allow private sector to drive growth were factors needed for a successful economic development.
“The challenge for us today is how to drive the country forward over the next 30 years in a way that is not just growth but growth that creates jobs and opportunities for everyone and no one is left behind.
“We are dealing with a country that is going through macro-economic volatility and instability.
“So, the lessons here at the forum are deep reflections of what should change in our approach, a stronger priority on execution, a deeper commitment on accountability of government systems to deliver and how economic barometers impact the ordinary man on the street.
“Our resilience to hold government accountable, to keep insisting that there must be an economy that works for all Nigerians, rule of law, an environment in which free enterprise is practiced, is what we must continue to fight for,” he added.
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