20 — Vanguard, MONDAY, JULY 15, 2013
Business & Economy
*From left: Abiodun Atobatele, MD/CTO, ATB Techsoft Solutions Ltd; Lagos State Governor Babatunde Fashola (middle) flanked by officials of the state government, at a conference on technology held in Dubai.
BRIEF Cashless economy: UBA launches All About U debit card
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OLLOWING the deployment of the exclusive World Mastercard recently, United Bank for Africa (UBA) Plc has introduced a personalised debit card called the UBA “All About U” which allows customers carry around their fond memories while using their Debit Cards. The UBA “All About U” card is an award winning customized Debit MasterCard, which gives customers the opportunity to create a one-of-a-kind card with their favorite photograph or image – allowing them the privilege of branding their payment card. Alternatively, cardholders can choose from a gallery of contemporary pre-selected images available at the specialised product portal and these designs can be adjusted to their satisfaction. Using design software which seamlessly integrates with the bank’s card management system, the UBA “All About U” card perfectly blends in the UBA brand with the customer ’s creative imagination, making the customer a ‘partner-indesign’ while creating a sense of loyalty and enhancing affinity. Divisional Head, eBanking, UBA Plc Dr. Yinka Adedeji said, “With the “All About U” card, UBA aims to introduce a bespoke look and feel to card issuance.” According to him, UBA is at the forefront of driving the cashless initiative in Nigeria, and is set to raise the bar once again with the UBA “All About U” Debit MasterCard. C M Y K
13% DERIVATION: Oil communities fault payments into state govt accounts By EMMANUEL ELEBEKE
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il and gas producing communities in Akwa Ibom state have joined their voices in calling for payment of 13 per cent derivation direct to the communities, saying that their demands are within the confines of the law of the land. In a memo to the Chairman, Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, made available to Vanguard in Abuja, the communities affirm that the provisions of the 1999 constitution of the Federal Republic of Nigeria is clear enough on where to pay the 13 per cent fund to. The letter was signed by 13 leaders of the oil and gas producing communities namely: Awawa Eka-Enang, Mr. Iniobong Willie, Prince Benhur Oduenyie, Chief Unanaowo Akpan, Elder Ufort Udo, Sunday Okon, Mr. Ibanga Asuquo Bassey, Mr. Stanley Etim, Obong Sebastian Okon, Hon. Chris Abasi-Eyo, Chief Ime Jack, Engr. Kevin Ibok and Edet Daniel. ”We insist on the provisions of Section 162 sub section 2, which states that provided that the principle of derivation shall be constantly reflected in any approved revenue formula, as not less than 13 per cent of the revenue accruing to the Federation Account directly from any natural resources. We do not need an amendment of the constitution for
a d m i n i s t r a t i v e implementation of that provision. From that provision of the constitution, it is clear that 13 per cent derivation fund is theorist line charge of the Federation Account. The fund is prior to any revenue formula, it exists before any revenue formula, the group said, insisting that the amount due to 13 per net derivation fund is constitutionally set aside before any FAAC meeting to share the balance of the total oil revenue of 87 per cent. According to the statement, the group is of the view that RMAFC has no right to send the 13 per cent derivation fund through any state government account, who is the third
beneficiary of the Federation Account. They alleged that for 13 years, the governors of oil producing communities have received the 13 per cent derivation fund meant for the development of oil and gas producing areas, but have used the funds to develop their state capitals and non oil producing communities, leaving the actual oil and gas producing communities in abject poverty, hunger and penury. They also noted that before the 1994/95 constitutional conference, the proceedings of derivation fund made available for the oil and gas producing communities was minimal. “In 1982, it was 1.5 per
cent of the total revenue. It is pertinent to, state that the Revenue Act 1 of 1982 made provision of 1.5 per cent derivation fund for the development of Mineral Producing Areas of a Nigeria. The derivation fund of 1.5 per cent was administered and managed through administrative committee system by the Federal Government and not the state governments. It is therefore surprising that RMAFC decided to pay the 13 per cent derivation into state government accounts when there is enough evidence from past administrative records and law that derivation fund is a Federal government matter,” they said.
Mark urges banking sector to improve service By PROVIDENCE OBUH
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HE Senate President, Mr. David Mark, has urged the banking industry on improved services, while commending the advancements in their products and service offerings. Mark made the comment during a courtesy visit to his Abuja office by the President Chartered Institute of Bankers of Nigeria (CIBN) Mr. Segun Aina. He advised the sector to ensure that Nigerians have access to finance, regardless of their class or status, even as he acknowledged the industry’s quick and positive response to the global financial crisis. He advised further that the institute mandate banks to support the growth and development of the real sector of the economy by making loans available to the small and medium scale entrepreneurs at affordable
interest rates. He said, “the senate will support to fasttrack all banking and finance bills that would ensure effective, efficient and smooth banking operations thereby engendering the stability and growth of the banking industry.” In his remark, Aina explained that the visit was part of the efforts to engage major stakeholders in the banking and finance industry, Legislature and Government on various programmes and activities of the Institute. He stressed the need for National Assembly to collaborate with the Institute on a Seminar on Banking, Finance and Allied Matters for Legislators which would enable both the law makers and bankers to appreciate and understand the peculiarity of each others role and responsibilities. Also he commended the senate for the accelerated handling of bills especially those that affect the industry.