Business

Cooking Gas Price Increases By 86.62% In One Year – NBS

Published

2 years ago

October 22, 2022

Editor

The average price of 5kg of cooking gas increased from N4,456.56 in August to N4,474.48 in September, the National Bureau of Statistics (NBS) has stated.

It stated in its “Cooking Gas Price Watch’’ for September 2022 released on Saturday in Abuja that the September price was a 0.40 per cent increase over what obtained in August.

“On a year-on-year basis, the September 2022 price of N4,474.48 for 5Kg of gas was an 86.62 per cent increase over the price of N2,397.60 obtainable for the same volume in September 2021″, it stated.

On states profile analyses, the report stated that Kwara recorded the highest average price of N4,950 for 5kg of cooking gas, followed by Niger at N4,941.67, and Adamawa at N4,928.29.

It added that Abia recorded the lowest price at N4,044.44, followed by Anambra and Kano State at N4,100.00 and N4,109.67, respectively.

Analyses by geopolitical zones showed that the North-Central recorded the highest average retail price of N4,715.74, for 5kg cooking gas, followed by the Northeast at N4,539.41.

“The South-South recorded the lowest retail price at N4,317.92,” the NBS stated.

It also reported that the average retail price for refilling a 12.5kg cooking gas cylinder increased from N9,899.34 in August 2022 to N9,906.44 in September, indicating a 0.07 per cent increase on a month-on-month basis.

On a year-on-year basis, the price rose by 60.69 per cent from N6,164.97 in September 2021 to the corresponding period in September 2022.

On states analyses, the report indicated that Cross River recorded the highest average retail price for 12.5kg cooking gas at N10,937.50, followed by Kogi at N10,760 and Oyo at N10,723.75.

The lowest average price was recorded in Yobe at N8,350, followed by Katsina and Taraba at N8,545.56 and N9,025.78, respectively, the NBS stated.

Similarly, kerosene price rose to N947.30 per litre in September, showing a 17.2 per cent increase over the N809.52 for which it was sold in August 2022.

According to its “National Kerosene Price Watch’’, on a year-on-year basis, average retail price per litre rose by 118.08 per cent from N434.39 recorded in September 2021 to N947.30 in September 2022.

Further analysis showed that the highest average price per litre of kerosene in September 2022 was recorded in Enugu State at N1,272.50, followed by Ebonyi at N1,263.89 and Cross River at N1,187.50.

The report showed that the lowest price was recorded in Rivers at N686.27, followed by Bayelsa at N715.15 and Nasarawa at N735.29.

Analysis by zone showed that the Southeast recorded the highest average retail price per litre of kerosene at N1,128.28, followed by the Southwest at N1,068.18.

“The Northwest recorded the lowest average retail price at N868.89 per litre of kerosene,’’ the NBS stated.

It added that the average retail price per gallon of kerosene in September 2022 was N3,236.27, showing an increase of 9.79 per cent over the N2,947.65 recorded in August.

According to the report, on a year-on-year basis, the price increased by 110.04 per cent from N1,540.82 recorded in September 2021 to N3,236.27 that was recorded in September 2022.

Analyses by states showed that Abuja recorded the highest price per gallon of kerosene at N4,200.00, followed by Abia at N4,078.57 and Enugu State at N4,052.38.

The NBS stated that Borno recorded the lowest price at N2,500 followed by Zamfara and Delta with N2,555.56 and N2,576.92, respectively.

It added that analyses by zone showed that the Southeast recorded the highest average retail price per gallon of kerosene at N3,607.38 followed by the Southwest at N3,468.42

It stated also that the Northeast recorded the lowest price of N2,803.96 for a gallon of kerosene in September 2022.
NAN

Business

CAC Opens Centre For Registration Of PoS Operators

Published

1 day ago

May 9, 2024

Editor

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

2 days ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.

Business

[ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New

Published

3 days ago

May 7, 2024

Editor

The Central Bank of Nigeria on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country.

The apex bank stated this in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; a copy of which was obtained by The PUNCH.

The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, among others; noted that the implementation of the levy would start two weeks from Monday, May 6, 2024.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.

In this piece, The PUNCH highlights all the 16 banking transactions that are exempted from the CBN’s new cybersecurity levy:

Loan disbursements and repayments
Salary payments
Intra-account transfers within the same bank or between different banks for the same customer
Intra-bank transfers between customers of the same bank
Other Financial Institutions instructions to their correspondent banks
Interbank placements,
Banks’ transfers to CBN and vice-versa
Inter-branch transfers within a bank
Cheque clearing and settlements
Letters of Credits

Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
Government Social Welfare Programmes transactions e.g. Pension payments
Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.