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Illegal Revenue Collectors Arrested In Edo

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The Edo State Joint Security Operation, Wabaizigan and officials of the state’s Public Works Volunteers (PUWOV) have arrested three suspected illegal revenue collectors in Benin City, the Edo State capital.

This was made known in a Facebook post by the username Samson Mark.

In the post, it was said that state’s coordinator of PUWOV, Mukhtar Yusuf-Osagie, said the suspects were found with fake identification cards and receipts, as well as proceeds from the sales of revenue tickets.

The suspects include Austin Otunba and Bisi Adewunmi, who was arrested at Airport Road, and Mr. Friday Imade, arrested along Oba Market Road, by Oredo Secretariat, in Benin City.

Yusuf-Osagie noted that the arrest, in collaboration with other security agencies in the state, is part of efforts by the Governor Godwin Obaseki-led administration to rid the streets of Edo of extortionists and other criminal elements.

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According to him, “PUWOV officials have apprehended one Friday Imade, a suspected illegal revenue collector, who has been extorting residents along Airport Road axis in Benin City.

“In the same vein, the state’s joint security operation, Wabaizigan arrested two other illegal revenue collectors along Oba Market Road, who were illegally selling tickets and extorting unsuspecting traders. The suspects have been handed over to the Police for further investigation and prosecution.”

READ ALSO:Edo: Association Battles Traditional Ruler Over Signpost, Petitions CP

Noting the government’s efforts at ending all forms of extortion and multiple taxations across the state, the PUWOV coordinator said, “The Edo State Government is committed to apprehending all illegal ticket racketeers and other illegal revenue collectors. Governor Obaseki is very involved and will never support oppression or exploitation of Edo citizens.”

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JUST IN: CBN Increases Interest Rate To 24.75%

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The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

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JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

READ ALSO:Tips For Online Registration Of Prospective Corps Members

It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

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Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

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The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

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READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

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