CBN Increases Cash Withdrawal Limit to N500k Weekly

The Central Bank of Nigeria has revised the maximum weekly limit for cash withdrawals via all channels by corporate organisations and individuals to N5 million and N500,000 respectively.

This is a reaction to public outcry following the CBN new Cashless Policy which is barely 2 weeks old that restricts individuals and corporate organisations to maximum weekly cash withdrawals to N100,000 and N500,000 respectively.

The directive is contained in a letter issued by CBN on Wednesday 21st of December 2022 and signed by the director of banking supervision department, Haruna M.

“The CBN hereby makes the following reviews:

“(1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.

“2. In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.

“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number of the payee, tax identification number of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.”

The CBN also states: “Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.

“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,

“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023,” the Apex Bank said.

Vehicle Roadworthy Certificate in Lagos State

Lagos State Ministry of Transportation Vehicle inspection Services (VIS) commenced implementation of vehicles testing January 2022 prior to issuance of Road Worthiness Certificate to motorist in the State.

Before now, these Certificates are issued without any test carried out on vehicles. In most cases, the Vehicle inspection organization do not sight the particular vehicle before issuing the certificate. This has allowed vehicle which poses safety treat to the environment and other motorist to continue to ply the roads of Lagos State.

This new initiative with the Lagos Computerized Vehicle Inspection Service (LACVIS) has been the one of the first in Nigeria as most States are yet to embrace this model.

Vehicle Inspection Service (VIS) Centres in Lagos State

1. Head Office– No. 16 Muyibat Oyefusi Street Omole.

2. Ayobo Centre– VIS Office Fashola Street Church Bus Stop Ipaja.

3. Oko-Oba Centre– VIS Office No. 1 Palm View Estate opposite RRS Command Oko-Oba Agege.

4. PWD Centre-VIS Office Work yard, Old Secretariat, Ikeja.

5. Agric Isawo Centre– VIS Office Beside Rehabilitation Vocational Center, Ikorodu West.

6. Epe Centre– VIS Office Work yard, Opp Epe Resort and Spa, Epe Itoki expressway, Epe.

7. Ojodu Centre– VIS Testing Ground, Ogunnusi Road, Ojodu.

8. Gbagada Centre– VIS Office, beside Flour mill, Gbagada.

9. Cele Centre– Itire-Ikate LCDA office Annex, Cele Bus Stop.

10. Ibeju Lekki Centre-Behind Ibeju-Lekki, LG Secretariat, Igango Olopa, Lekki-Epe expressway.

11. Odongunyan Centre– VIS Office Odongunyan by Olopomeji Bus stop, Ikorodu.

12. Badagry Centre– VIS Office PWD yard, Hospital Road, Badagry town, Badagry.

13. Oko-Afo Centre– VIS Office LASTMA Bus Stop, Badagry expressway, Oko-Afo.

14. YABA Centre– No. 8 Edmond Crescent Jibowu, Yaba.

Steps to get Road Worthiness in Lagos State

Step 1- Visit any of the VIS Centre to process renewal of the Worthiness Certificate

Step 2- Upon payment, referral note will be issued containing Inspection Centre and Time of Inspection.

Step 3- Present Vehicle at dedicated LACVIS Centre for testing at no cost.

Step 4- Once the Vehicle passed the Inspection, the Road Worthiness Certificate will be issued immediately.

Step 5- If the Vehicle fails the test, vehicle owner will fix all faults identified on the report from LACVIS and present vehicle at the Centre for re-test.

What Vehicle Owners Should Check before going for Vehicle Testing at the VIS Centre in Lagos State

1.       Vehicle Lights– The Inspectors will check the functionality of every light in your vehicle before it can pass. Break lights, Head lamps, trafficators, hazard light etc. These lights are very import to Vehicle as it can prevent road accident. Ensure qualified mechanic inspect your vehicle lights before going for inspection.

2.       Brake System– Break structure in any vehicle is a critical component which could lead to risk of lives when not in proper in good shape. Inspector will take critical check of all the components of the car brake system with the assistance of computerized system and visual inspection; these include Brake system, Brake pads, pump, fluid holes and leakages on Brake fluid lines. Ensure the Brake fluid holes are properly fixed under the vehicle else; vehicle will fail the test.

3.       Shock Absorber– These devices are responsible for absorbing jolts and vibrations on vehicle. The computer system will check for the integrity of the absorber and provide necessary recommendation.

4.       Vehicle Tires– Your tires have to be up to date. The computer system will detect warping and expired tires.

5.       Engine Oil Leakages– Ensure all oil leakages are rectified before going for road worthiness inspection. Change all necessary seals and clean off any leaked lubricant.

6.       Tire Alignment and Balancing– It is important wheel alignment and balancing is properly done before vising the VIS center for inspection. The computer system will detect any faults beyond the allowable and fail any erring vehicle.

7.       Renew Motor Insurance and Vehicle License and Ticket Bills– Every vehicle on the road must have at least a Third-Party insurance and renewed Vehicle license payment. To enjoy discounted motor insurance, www.servpay.ng offers affordable and authentic Third party motor insurance both for private and commercial vehicles in line with the regulations. Click here to get started.

Lagos State Ministry of Transportation Vehicle inspection Services (VIS) has installed cameras along the street of Lagos to identify traffic offenders and fines appropriately. These fines are often attached to offender’s vehicle and these bills must be settled before the Lagos State Government issue a Road Worthiness certificate.

Since the implementation of the Vehicle testing, the rate of broken-down vehicles has decreased tremendously on the Lagos State roads. To properly cater for over 5 million cars and 200,000 commercial vehicles in Lagos, the State Government must make provision for more testing centers and should partner with private investors to encourage car owners go for regularly and routine inspection which should be done at least 3 times in an Year and rather not wait for a mandatory testing once in a year. The commercial vehicles are mandated to go for vehicle testing twice in a year.

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Qatar World Cup 2022- Finals Fixtures-Nigeria Local Time GMT+1 (6)

The 2022 Qatar World Cup is finally rounding up with the 63rd and 64th Games coming up on the 17th and 18th of December respectively. The tournament which has gulped around $220bn a cost which can organise over 5 Olympic games all together and far over the Net worth of Elon Musk the World Richest. The 2022 World Cup has been one of the best Games with lots of drama and wonderful performances from all the Teams. Davido and Ghanian music star, Stoneboy, are among the celebrities which will perform to round up the ongoing 2022 FIFA World Cup. The final fixtures are as follows:

Third-place play-off

Saturday 17 December

Game 63: Croatia v Morocco Khalifa International Stadium, Al Rayyan (4pm)

Final

Sunday 18 December

Game 64: Argentina v France, Lusail Iconic Stadium, Lusail (4pm)

Follow and watch all the live games on Cable TV. Click here for quick online subscription.

Qatar World Cup 2022- Semi-Finals Fixtures-Nigeria Local Time GMT+1 (5)

The Qatar World Cup has produced well qualified Teams for the Semi-Finals. Total of 60 matches have been played so far. England, Portugal and Brazil Teams would have wished they were never kicked out in the Quarter Finals.

The following are the schedule for the Qatar World Cup Semi Finals.

Semi-Finals

Tuesday 13 December

Game 61: Argentina v Croatia, Lusail Iconic Stadium, Lusail (8pm)

Wednesday 14 December

Game 62: France v Morocco, Al Bayt Stadium, Al Khor (8pm)

Don’t miss any of the Live Matches, renew your Cable TV here in 2mins

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Qatar World Cup 2022- Quarter-Finals Fixtures-Nigeria Local Time GMT+1 (4)

Picture-The Mirror

The Round of 16 of the 2022 Qatar World Cup has been concluded with exciting matches including the surprising defeat of the Spanish Team by the Moroccan Team. We expect more drama at the quater finals. This Round will commence on Friday with Croatia hosting Brazil. The rest of the fixtures are detailed below:

Friday 9 December

Game 58: Croatia v Brazil, Education City Stadium, Al Rayyan (4pm)

Game 57: Netherlands v Argentina, Lusail Iconic Stadium, Lusail (8pm)

Saturday 10 December

Game 60: Morocco v Portugal, Al Thumama Stadium, Doha (4pm)

Game 59: England v France, Al Bayt Stadium, Al Khor (8pm)

Cable TV subscription available here to enjoy all the knock out matches live on TV.

CBN Naira Redesign Policy-Revised Cash Withdrawal Limits 2022

Photo-Nigerian Finder

The Central Bank of Nigeria on Tuesday 6th of December 2022 issued a directive to all deposit money banks and other financial institutions on the new cashless policy. The Apex Bank before now had come up with various measures of encouraging cashless transactions in the country. CBN had launched eNaira digital payment which has received over 500k download as at the time of writing this report, other measures include approval of more agency banking operators to encourage financial inclusion.

According to the statement released by the Apex Bank on the revised withdrawal limits:

  1. OTC withdrawal for Individuals N100k, for Corporate N500k. Penal for withdrawal above it is 5% individual and 10% corporate.
  2. No.3rd party cheque above 50k allowed OTC subject to N10m max. for transfer.
  3. ATM withdrawal is 20k max per day. 100k per week.
  4. Only N200 denomination to be loaded on ATM machine.
  5. POS withdrawal is max of 20k.
  6. No withdrawal shall exceed N5m for ind. & N10m for corp in a month but with charges.

Pros

This is a welcoming development as the new policy will eliminate substantially cash maintenance cost and grow financial inclusion in the country. Payment for goods and services are expected to be done via the PoS, Mobile money or online banking services. For instance, Servpay.ng provides online platform where basic utility bills payments can easily be made with bonuses on every transaction.

Cons

To firm up this policy, the CBN must ensure the commercial banks have uninterrupted digital services. The Apex Bank must come up with clear KPI’s and sanction when poor services are rendered to bank customers. Recently, the banks have been providing very poor digital services across board. Payment transfers are delayed or declined after several hours, failed transactions are never reversed automatically after 24hr. These and many more challenges are what the bank customers are forced to live with.

This new Policy will take effect from 9th of January 2023.

Qatar World Cup 2022- Round of 16 Fixtures-Nigeria Local Time GMT+1 (3)

Qatar World Cup definitely has not been disappointing. The intrigue and drama are out of this world. The Belgium and German Teams have been knocked out in what no Football Pundit see coming.

Group Stages have been concluded and the round of 16 have started. The following are the fixtures and venue of the football marches:

Saturday 3 December

Game 49: Netherlands v USA, Khalifa International Stadium, Al Rayyan (4pm)

Game 50: Argentina v Australia, Ahmed bin Ali Stadium, Al Rayyan (8pm)

Sunday 4 December

Game 51: France v Poland, Al Thumama Stadium, Doha (4pm)

Game 52: England v Senegal, Al Bayt Stadium, Al Khor (8pm)

Monday 5 December

Game 53: Japan v Croatia, Al Janoub Stadium, Al Wakrah (4pm)

Game 54: Brazil v South Korea, Stadium 974, Doha (8pm)

Tuesday 6 December

Game 55: Morocco v Spain, Education City Stadium, Al Rayyan (4pm)

Game 56: Portugal v Switzerland, Lusail Iconic Stadium, Lusail (8pm)

Don’t miss any of the World Cup actions. Renew your Cable TV here in 2mins and watch all the actions live on TV.

(1) Insurance Means Assurance? Insurance Meaning

Society has described the word Insurance in various ways. Although, its widely mentioned in every sector of the economy which is not limited to Financial Sector.

The word Insurance means Assurance, Support, Cover, Protection or Defence.

The word Insurance cannot be mentioned if there are no traces or potential of Risk, Loss or Danger.

Every Sector in the economy has risk exposure for example, in the Manufacturing Industry, there are possibilities of fire accidents, damage to building structures, loss of lives, damage of equipment and key infrastructure. This is one of the checklist in Risk Management.

When such losses occur, everyone in the community is affected, this has forced the Government to establish Institution and support Insurance Policies.

The following are few among different types of Insurance available:

  1. Vehicle Insurance
  2. Life Insurance
  3. Mortgage Insurance
  4. Fire Insurance
  5. Marine Insurance
  6. Travel Insurance
  7. Goods in Transit Insurance
  8. Building Insurance
  9. Education Insurance

These Insurance Models will be discussed in our subsequent post. However, to purchase 3rd Party Vehicle Insurance in 2mins kindly click on www.servpay.ng. Policy Certificate will be sent to the email address provided and same Vehicle Information will automatically be logged on Nigerian Insurance Industry Database (NIID). Both Private and Commercial Third Party Vehicle Insurance are available on the platform.

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Qatar World Cup 2022 Fixtures-Nigeria Local Time GMT+1 (2)

Qatar World Cup 2022 commenced on the 20th of November 2022 and have already witnessed lots of drama and shocking results. “Where is Messi” was the popular echo when Saudi Arabia humiliated the Argentina Team in a 2-1 defeat. Qatar the host nation has been kicked out of the tournament in a first-ever host nation to be eliminated after only two games. Iranians are excited to see their team swallowed Wales in a 2-0 win.

Don’t miss out of the drama, renew your Dstv or Gotv subscription in just 1min at www.servpay.ng to watch all the 64 Live Matches. You can also view all the matches on live streaming at Showmax.com. Subscriptions on Showmax can also be renew on Servpay.ng with ease.

The following are the fixtures of the 2022 World cup with kick-off Time (Nigeria Time Zone):

Saturday 26 November

Group D: Tunisia v Australia (11am)

Group C: Poland v Saudi Arabia (2pm)

Group D: France v Denmark (5pm)

Group C: Argentina v Mexico (8pm)

Sunday 27 November

Group E: Japan v Costa Rica (11am)

Group F: Belgium v Morocco (2pm)

Group F: Croatia v Canada (5pm)

Group E: Spain v Germany (8pm)

Monday 28 November

Group G: Cameroon v Serbia (11am)

Group H: South Korea v Ghana (2pm)

Group G: Brazil v Switzerland (5pm)

Group H: Portugal v Uruguay (8pm)

Tuesday 29 November

Group A: Netherlands v Qatar (4pm), Ecuador v Senegal (4pm)

Group B: Wales v England (8pm), Iran v USA (8pm)

Wednesday 30 November

Group C: Poland v Argentina (8pm), Saudi Arabia v Mexico (8pm)

Group D: Tunisia v France (4pm), Australia v Denmark (4pm)

Thursday 1 December

Group F: Croatia v Belgium (4pm), Canada v Morocco (4pm)

Group E: Japan v Spain (8pm), Costa Rica v Germany (8pm)

Friday 2 December

Group H: South Korea v Portugal (4pm), Ghana v Uruguay (4pm)

Group G: Cameroon v Brazil (8pm), Serbia v Switzerland (8pm)

Breaking News!! Ronaldo to Leave Man United

Cristiano Ronaldo and Manchester United have parted ways in what the club described as a mutual agreement. This is not surprising especially after the interview Ronaldo granted Piers Morgan where he narrated his recent ordeal at the Manchester United.

According to the press statement released by Manchester United today 22nd Nov. 2022 “Cristiano Ronaldo is to leave Manchester United by mutual agreement, with immediate effect.

The club thanks him for his immense contribution across two spells at Old Trafford, scoring 145 goals in 346 appearances, and wishes him and his family well for the future.

Everyone at Manchester United remains focused on continuing the team’s progress under Erik ten Hag and working together to deliver success on the pitch”

Cristiano Ronaldo 37Years is currently in Qatar World Cup to help his team Portugal win the tournament. Don’t miss any of the 64 matches, renew your Cable TV subscriptions on www.servpay.ng in just 1min.