Banks Record N263.78tn Electronic Payment Transactions James Emejo in Abuja The total value of transactions through electronic payment channels recorded in the second quarter of 2020 stood at N263.78 trillion with a transaction volume of 2,160,436,659 , according to
the NBS, in its report released yesterday. The report was titled: ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength (Q2 2020)’. According to the report, online transfer transactions
dominated electronic payments with N72.25 trillion with 1,317,621,686 in volume of transactions. The value of cheque transactions stood at N2.29 trillion while NEFT transfers accounted for N59.55 trillion. Transactions via Automated
Teller Machines (ATMs) amounted to N37.44 trillion while Point of Sale (PoS) transactions stood at N999.91 billion. According to the NBS, mobile app transfers amounted to N6.92 trillion, while USSD transfers totaled N1.04 trillion.
According to the NBS, the banking industry credit to the private sector stood at N18.82 trillion in Q2 compared to N18.49 trillion in Q1 with oil and gas and manufacturing sectors accounting for the highest allocation of N3.62 trillion and N3.07 trillion
respectively in Q2. Total credit to agriculture stood at N903.70 billion compared to N853.27 billion in the preceding quarter. While the banking sector gross loans stood at N18.90 Continued on page 8
Nigeria’s Public Debt Stock Rises to N31tn... Page 6 Thursday 10 September, 2020 Vol 25. No 9285. Price: N250
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Malami to Open up on Magu, Ready to Testify before Salami Panel Says P&ID judgment victory for Nigeria Emma Okonji, Nosa Alekhuogie in Lagos and Alex Enumah in Abuja The Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), yesterday expressed his readiness to appear before the presidential panel investigating the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), Mr.
Ibrahim Magu, to substantiate his allegations against him. Responding to the demand by Magu's counsel, Mr. Wahab Shittu, that he should appear before the panel, headed by a former President, Court of Appeal, Justice Ayo Salami, Malami, while featuring on The Morning Show, the flagship programme of Arise News, the broadcast arm of Continued on page 8
Subsidy Regime Corruption-ridden, NNPC Insists Marketers tip Nigeria to become W'Africa's refining hub
Chuks Okocha, Adedayo Akinwale, Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) yesterday defended the federal government’s decision to remove the subsidy on petrol, insisting
that allowing market forces determine practices was in the overall interest of the poor. Group Managing Director of the corporation, Malam Mele Kyari, who spoke when he appeared on a live TV programme last night, posited that petrol subsidy Continued on page 8
KING’S COLLEGE ‘MAFIA’... L-R: Chief of Staff to the President, Prof. Ibrahim Gambari; frontline businessman, Mr. Atedo Peterside; and National Security Adviser, Maj. Gen. Babagana Monguno (rtd.), all old students of King's College, Lagos, during the inauguration of the National Steering Committee for preparation of National Development Plan in Abuja…yesterday
Constitution Review: Senate Extends Memoranda Submission till Next Week...Page 9