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How Air Peace lost N700m in one day over NLC, TUC Action

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My business sabotage under NPF, others watch — Allen Onyema

Stay away from aviation business, FG warns NLC, TUC

Nigeria’s airline, Air Peace has bemoaned the recent activities of the Nigeria Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, on its business.

A development which grounded their daily operations, thus creating massive flight disruption and ultimately denying the airline over N700 million in one day.

The incident has further created serious upset to many Nigerians who wondered about the rationality behind Air Peace’s involvement and why the unions would engage in such activity on a day when the airline voluntarily airlifted stranded Nigerians in war-torn Sudan.

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Vanguard had reported that Air Peace airlifted 277 evacuees from war-torn Sudan to the Abuja airport with its Boeing 777 aircraft at no cost.

However, stakeholders have faulted the organized unions’ action, thus calling on the airline to sue NLC and TUC, stressing they are not above the law.

Also, the Federal Airport Authority of Nigeria, FAAN, directed the unions to stay away from the aviation industry, stressing that their actions are inimical to air safety.

It would be recalled that the unions’ official last Wednesday, stormed the Lagos Airport and took over Air Peace, check-in counters, disrupting operations due to an alleged misunderstanding they had with the Governor of Imo State Hope Uzodinma.

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The group held that no flights should be operated into Owerri airport because Uzodinma had disrupted their May Day activities earlier in the week.

The protesters barged into the airport destroying and causing havoc at the airport while the security officials did nothing.

In the wake of the development, the management of Air Peace raised alarm over the deliberate massive disruption of their operation by the unions.

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My business sabotaged as NPF, others watch —Allen Onyema

According to the Chief Executive Officer of the airline, Allen Onyema, the unwarranted actions channelled to his business by the unions was uncalled for.

He lamented that he feels unprotected following the development.

He said: “You can imagine how I felt, while I was out there in the war front trying to rescue Nigerians, the NLC and TUC went disrupting every Air Peace flight across the country today.

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“We lost over N700 million as a result of the unions’ action. For somebody who has contributed so much to the nation, how do we get that money back?

READ ALSO: Crash Landed Flight: We Owe God Our Lives, Air Max Passengers Recount Ordeal

“This is so insensitive of the NLC and TUC. They chose today to disrupt our operations why? For something that does not even concern Air Peace. Because the governor disrupted their May Day activities, therefore no flight should go to Imo State.

“They wrote to us that we should not fly to the state. Already we have a contract with the passengers, not NLC or TUC. They have no right whatsoever to instruct an airline not to obey the contractual relationship or obligations they have to their passengers.

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“They do not have that right. It is a shame to our nation that security agencies are watching while an airline is out there doing all it can for the country was being attacked by some people, making sure our operations were destabilized causing massive delays and massive cancellations.

“Who is going to bear the brunt? Yet this same airline is out there in Egypt risking the lives of their crew and spending hundreds of millions of naira on behalf of this country.”

Stay away from aviation business, FG warns NLC, TUC

However, as a reaction to the development, the Federal Government through the FAAN, has directed the unions’ to desist from engaging in union activities in the industry.

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According to the Managing Director, FAAN, Captain Rabiu Yadudu, “The action of the organized labour is unacceptable and a deliberate plan to undermine aviation and other workers.

READ ALSO:Flights Delayed As Plane Crash Lands At Abuja Airport

“We have written to the minister of aviation telling him the government needs to protect the sector from the action of the NLC, the airports are not places for anybody to come and exercise violent behaviour or mob action.

“We will not take it, What happened to Air Peace was very regrettable and just a sign of ego massage and I think that has no place in aviation. NLC should stay away from aviation, I think picketing needs to evolve. Nobody pickets in modern society now.”

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Stakeholders react

Meanwhile, the development has raised much concerns, as stakeholders insisted that it is an abuse of power and that the airline should set up a legal team to address the issue judiciary as a way of forestalling it in the future.

According to the President, Aircraft Owners and Pilots Association of Nigeria, and former Chief Executive Officer of Associated Airlines, Alex Nwuba, “We need to engage NLC under the leadership of Comrade Joe Ajaero to separate aviation from labour issues with the State government

“Aviation must speak one voice, enough of contradictory voices. If he continues to channel his energy in the wrong place, he will be put on the aviation no-fly list as an industry treat.”

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Similarly, former military commandant, Murtala Mohammed Airport, Group Captain John Ojikutu, said: “The Nigeria Civil Aviation Authority, NCAA, needs regulations to come hard on the union, in the same manner, the disruptive passengers are dealt with. These irresponsible acts of the unions that may bring us to disrepute in the aviation international community should be stopped now.

“Any disruption in the airport operational area of airport security restricted area must be considered as acts of unlawful interference that need to be legally sanctioned. What has been happening to the industry from the unions are acts of unlawful interference too many.”
VANGUARD

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FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

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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.

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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.

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

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.

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

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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.

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READ ALSO: Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians

“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

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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.

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ICYMI: Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians

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The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions.

According to the circular sighted by The PUNCH, the implementation of the levy would start in two weeks.

The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act,’ is to be remitted to the National Cybersecurity Fund, which shall be administered by the Office of the National Security Adviser.”

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READ ALSO: CBN Orders Banks To Charge 0.5% Cybersecurity Levy

Here are some things to know about the cybersecurity levy to be paid by Nigerians, according to the CBN circular:

1. A new levy of 0.5%, equivalent to half per cent, is applied to electronic transactions as mandated by the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.

2. The levy is paid by the originator of the electronic transaction and deducted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy.”

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READ ALSO: FG To Delist Naira From P2P Platforms

3. Financial institutions will deduct the levy and remit it to the National Cybersecurity Fund administered by the Office of the National Security Adviser.

4. Deductions shall commence within two weeks from the date of the circular, May 6, and financial institutions must remit collected levies in bulk to the NCF account domiciled at the CBN monthly by the fifth business day of the following month.

5. Financial institutions have deadlines to update their systems to handle levy deduction and remittance. Failure to remit the levy can result in penalties, including a fine of up to 2% of a financial institution’s annual turnover.

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