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Tag: N500

  • Fuel Scarcity: Petrol hit N500/litre in Ondo state

    Fuel Scarcity: Petrol hit N500/litre in Ondo state

    Findings show that some petrol filling stations in Ondo state have started selling Premium Motor Spirit, (PMS) at N500/litre as a result of the scarcity of the products.

    Similarly. Motorists in the state who couldn’t get the product also bough black market at N1000/litre in the Shasha -NEPA axis of the state capital.

    Long queues were also visible at few filling stations across the state, while motorcyclists and persons with jerrycans also besieged in their numbers

    At a filling station around Shasha market, where vehicle owners had queued as early as 5 am, motorists could be heard expressing anger over the situation.

    “This is just not acceptable anymore. At N500 and we are still struggling like this? We don’t know who will save us again because Nigerians are just fed up,” a driver vented his frustration.

    Meanwhile, vehicular traffic on the roads in the city was scanty due to the scarcity of fuel.

  • Jobless LAUTECH graduate who returned certificate get N500,000 from Alumni’s association

    Jobless LAUTECH graduate who returned certificate get N500,000 from Alumni’s association

    The Ladoke Akintola University of Technology, Ogbomoso (LAUTECH) graduate, Osunleke Oludare who returned his certificate and asked for a refund in a viral video has been given a reprieve.

    The Global Alumni President of Lautech, Bayo Onilede  presented Oludare with a sum of N500,000
    (Five Hundred Thousand Naira)

    Oludare has been told to start up a small-scale business with the money.

    Oludare while narrating his ordeal said he is frustrated and he didn’t want to engage in any form of crimes or activities that negate his belief system.

    The Ibadan-born graduate of Agric extension in his narration further explained that he’s been jobless for years and had to return his certificate out of frustration.

    He added that it wasn’t a gimmick or publicity stunt but a move to inform the world of his plight as a graduate.

     Meanwhile, Reprieve and succour has also come the way of another physically challenged ex-student student of the institution, Kewejo John Babatunde as he was presented with a sum of 1 million naira to support his business as a commercial driver.

    Mr. Onilede said the financial intervention is to cushion the effect of economic realities on the selected beneficiaries

    Mr. Kewejo whose firstborn was also given a scholarship up to the University level appreciates the Association for coming to his rescue and being a beacon of support for his family.

    He thanked the Alumni association for coming to his rescue and that of his child.

  • Man stabs apprentice to death over N500

    A 33-year old apprentice has been stabbed to death at Satellite Town in Lagos due to minor misunderstanding over N500.

    The deceased, Afeez Oluwole was allegedly stabbed to death by one Kazeem Mustapha.

    Police Public Relations Officer, PPRO, Bala Elkana, said in a statement on Sunday that the incident occurred on 25 February at about 12:20pm.

    He said one Rafiu Dauda of 36 Alebiosu Street Ijegun, Satellite town reported at Elemoro Police Station that his apprentice, Oluwole was stabbed on the right chest with broken bottle by Mustapha along Madoti Estate Fin-Niger, Satellite town, due to a minor misunderstanding over N500.

    Elkana said Oluwole was rushed to the Holy Family Hospital where he later died.

    “The corpse was deposited at the mortuary for postmortem examination. The suspect has been arrested. He will be charged to Court,” he said.

  • CBN begins charges on deposits, withdrawals above N500,000

    *Deduction of (3%) N15K on withdrawals above N500, 000 for individual accounts.
    Deduction of (2%) N10K on deposits above N500, 000 for individual accounts

    *Corporate accounts: Deduction of (5%) N150k for withdrawals and (3%) N90k processing fee for lodgments of amounts above N3, 000, 000

    The Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020.

    The apex bank said this in a circular to all Deposit Money Banks in the country.

    It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

    According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.

    For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.

    The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

    It added that the implementation of the cashless policy would take effect from March 31, 2020.

    To further promote the cashless policy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement.

    It added that with effect from Tuesday, September 17, the CBN had given approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

    A statement signed by the Director, Payments System Management Department, CBN, Sam Okojere, said a downward review of the Merchant Service Charge had been approved.

    It said henceforth, the charges had been reduced from 0.75 per cent capped at N1, 200 to 0.50 per cent capped at N1, 000.