Business
Zero COT: Expert Lauds CBN
A former President of Chartered Institute of Bankers of Nigeria (CIBN), Mr Femi Ekundayo, has lauded the Central Bank of Nigeria (CBN) for the zero Commission On Turnover (COT) policy.
Ekundayo told The Tide source on Saturday in Lagos that the policy would bring more people into the banking community.
According to him, available records show that more than 60 per cent of the money in the economy is outside the banking network, a development which can be addressed by the zero COT policy.
He noted the policy which the apex bank had programmed to take effect in 2016 was part of its financial inclusion philosophy, which was aimed at attracting more people into the finance sector.
“The Central Bank of Nigeria (CBN) policy on financial inclusion is to get more people into the financial net,’’ Ekundayo said.
The financial expert explained that COT was perceived in the banking industry as a source of income to Deposit Money Banks (DMBs).
While noting that DMBs were expected to operate optimally and attract income, he said that many of them were leveraging the COT to“ drive patronage.’’
He acknowledged that zero COT would exert some pressure on DMBs at the level of implementation, but stated that the money banks knew how to make it up from other sources.
“A number of banks have been using COT to drive patronage. What the banks will lose through implementing the zero COT, they will always find a way of getting it elsewhere,’’ Ekundayo said.
He revealed that the banking community had a lot to gain through the implementation of the new policy, saying that it was a way of “giving back to the banking community.’’
He said that before now, COT varied from one bank to the other, but pointed out that CBN’s financial inclusion policy was geared towards international best practice.
COT is a charge levied on customers’ withdrawals by their banks. Before now, most banks charged N1 for every N1,000 withdrawn by a customer from his account.
The “Guide to Bank Charges” implementation, which started in March 2013, has seen the COT drop to N3 per N1, 000 in 2013 and N2 per N2, 000 in 2014.
It finally dropped from N1 per N1, 000 in 2015 to Zero cost on Jan.1, 2016.
The CBN had in a circular titled “Implementation of Revised Guide to Bank Charges –Commission on Turnover”, said there was no going back on the implementation of the policy.
It has directed banks that charged excess COT since the effective date to refund same to the affected customers or be sanctioned.
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FCTA, Others Chart Path To Organic Agriculture Practices
The Federal Capital Territory Administration (FCTA) and other stakeholders have charted path to improved organic agriculture practices nationwide.
At a 2024 national organic and agroecology business summit held recently in Abuja, stakeholders took turn to speak on the additional areas of promoting the practices.
The Mandate Secretary, FCT Agriculture and Rural Development Secretariat (ARDS), Lawan Geidam, advocated for sustainable practice to develop resilient food systems that will benefit people.
The event, with the theme,”Towards Policies for Upscaling Organic Agroecological Businesses in Nigeria”, is aimed at fostering growth in the organic agriculture sector.
Geidam, who was represented by the Acting Director, Agric Services, in the Secretariat, Mr. Ofili Bennett, emphasised the success of organic and agroecological farming, reling on the active involvement of farmers, businesses and consumers.
He reassured attendees that the FCT Administration, led by the Minister, Nyesom Wike, and Minister of State, Dr. Mariya Mahmoud, remains dedicated to supporting initiatives that enhance the livelihood of residents.
Geidam described the partnership between the Secretariat and the organic and Agroecology initiative for a monthly exhibition and sale of organic products in the FCTA premises as a testament to this commitment.
“The ARDS remains committed to driving policies and initiatives that align with national goals and global standards”, Geidam said.
On her part, the Chairperson of Organic and Agroecology Initiative, Mrs. Janet Igho, urged residents to embrace healthy eating habits to sustain a good lifestyle. She stressed the importance of adopting organic practices, highlighting the benefits of going organic, growing organic and consuming organic products.
Igho expressed her optimism regarding the Agricultural Revival Programmes as articulated in President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which aims at fostering food and nutrition security.
She also extended her gratitude to ARDS for graciously allocating a space in the FCTA premises for the exhibition and sale of organic products, noting that the platform has been effectively used to advance the promotion of organic agriculture in FCT.
Igho outlined several benefits of organic agriculture which includes improved soil health, increased biodiversity, availability nutritious and healthy food and a reduced carbon footprint.
Stakeholders at the summit, underscored the critical need for enhanced private sector involvement and robust capacity building initiatives for farmers.
They highlighted the importance of implementing supportive policies to foster the growth of the organic agriculture sector.
In the light of the significant challenges facing Nigeria’s agricultural landscape, stakeholders decided that organic agricultural practices present sustainable solutions and a pathway for a more resilient and productive farming systems.
The three-day summit featured exhibitions showcasing organic foods, fruits, vegetables and fertilizers, providing an opportunity for residents to better appreciate the benefits of production and consumption of organic agricultural products.
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