Business
Mbah Ships Coal Camp Auto Parts Market To 9th Mile
The Enugu State government has announced the construction of a new International Motor Spare Parts and Allied Trades Market, at 9th Mile for the use of traders currently at Coal Camp, Enugu.
This announcement was made by the Managing Director, Enugu State Investment Development Authority, Dr. Sam Ogbu-Nwobodo during a meeting with the expanded leadership of the Enugu Motor Spare Parts and Allied Trades Association, Coal Camp, Enugu.
It was gathered the traders have welcome the development, with some of them hailing Governor Peter Mbah over the move.
According to Ogbu-Nwobodo, the market was sited at 9th Mile, along the Enugu-Onitsha expressway in line with the electoral promises of Gov Mbah.
Gov Mbah had promised traders at Coal Camp that his administration would build a world-class market for them.
He further regretted that the present condition of the traders at Coal Camp was pathetic and prone to environmental hazards, stating that no business could thrive in such an unconducive environment.
ALSO READ: Mbah Opens Enugu To Herders, Inks Ranch Mgt Law
“The present condition of the traders at Coal Camp is nothing to write home about. During the last campaign period, they asked the state government to provide them with a more conducive environment that could accommodate all of them. Today, as we speak, work has commenced on the site. The governor is fulfilling the promises he made to the traders, and he is relentless in making sure that their businesses grow,” he said.
On the key facilities that would be in place, he Ogbu-Nwobodo, “It is going to be an ecosystem that supports modern businesses, commercial and light industrial activities. There will be facilities like modern shops and warehouses, police post, fire protection architecture, sufficient conveniences, banks, parks, school, health facility, union centre, recreational facilities, and other things that will enable business growth.”
Ogbu-Nwobodo added that the choice of 9th Mile was strategic because it is a major business hub in the state and the building of the market there would give more impetus for further development around the area, adding that it would create easy access for shoppers coming from the Northern States, Ebonyi and Cross River states, Central Africa, and other locations, saving dealers the stress of navigating through the city before offloading or exporting their goods.
“9th Mile is a major business hub in the state, and this will give more impetus for further development around the area. We should equally recall that there is already a free trade zone built by the state in the area. This site will accommodate all the traders and leave more room for expansion in the future,” Ogbu-Nwobodo said.
On his part, the President, Enugu Motor Spare Parts Dealers Association, Chief Mike Nomeh, said that Enugu had had numerous administrations which did not treat the welfare of traders at Coal Camp with the priority it deserved.
According to him, the relocation of the market was long overdue as they had written to past administrations to look into their welfare, appealing to the Gov Mbah to ensure the speedy delivery of the market as their present location at Coal Camp called for mercy.
“We have been praying for this since previous administrations, but thank God a visionary governor is fulfilling his promises to us. We are looking forward to finding ourselves in this promised land. All the traders at Coal Camp were very happy to receive this news because we have been suffering for a long time. We have suffered neglect in that Coal Camp, and I tell you that everyone is happy with this move by the governor to relocate us to a better place. We are so much grateful to His Excellency,” the president said.
On his part, Eze Benjamin, a sectional/line chairman at the Coal Camp, applauded the governor for the initiative.
He said he had spent over 30 years at Coal Camp and had been yearning for adequate accommodation for all the traders, adding that what was happening was like a dream.
The Central Bank of Nigeria (CBN) has mandated payment service providers (PSPs) to route all point of sale (POS) transactions through its licensed Payment Terminal Service Aggregators (PTSAs) to standardize operations across the industry.
The directive, issued in a circular dated September 11, 2024, and made public on Thursday, is aimed at ensuring consistent technical and operational standards for POS devices used at merchant and agent locations.
Read Also: JUST IN: Armed Bandits Block Major Highway In Zamfara, Abduct Travelers
According to the CBN, PTSAs play a crucial role in certifying POS terminals, ensuring their functionality and availability.
As part of the new regulation, PSPs are required to integrate their systems with the CBN-approved PTSAs, which include the Nigeria Interbank Settlement System Plc (NIBSS) and Unified Payment Services Limited (UPSL).
The apex bank has given PSPs 30 days to comply with the new directive and report their compliance to the CBN within that period.
The circular reads, “In order to achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria (CBN) in August 2011, granted a Payment Terminal Service Aggregator (PTSA) licence to Nigeria Interbank Settlement System Plc (NIBSS),” the apex bank said.
“As part of efforts to mitigate the concerns regarding channelling Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).
“In furtherance of the above, the CBN hereby directs as follows: acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).
“PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.
“All licensed Processors must be integrated with both PTSAS, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize
“All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices. Applications are configured to route transactions through any PTSA, as directed by the Acquirer.
“All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.
It added “Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.”
In addition, the financial regulator announced that all PSPs and PTSAs must submit their monthly reports to the CBN’s Director of the Payments System Management Department within seven days after the end of each month.
The CBN has advised PSPs and aggregators to adhere to this requirement, warning that failure to comply will result in appropriate sanctions.
In a dramatic turnaround, the Naira significantly appreciated against the dollar at the foreign exchange market on Wednesday, just 24 hours after experiencing a decline.
According to data from FMDQ, the Naira surged to N1,555.75 per dollar, representing an impressive N81 gain from the previous day’s rate of N1,637.59.
Read Also: Davido Responds To Critics Over Comments About Isreal DMW’s Marriage
This remarkable recovery not only erased the N57.13 depreciation recorded on Tuesday but also surpassed it, indicating a strong rebound for the Nigerian currency.
Confirming the development, Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4, revealed that the Naira traded at N1,650 per dollar on Wednesday, up from N1,660 on Tuesday.
The foreign exchange market also witnessed increased activity, with transaction turnover rising to $221.24 million on Wednesday, a significant jump from $197.37 million on Monday.
Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has announced that he will no longer engage with the media on Nigeria’s economic crisis.
Moghalu cited the government’s lack of interest in his expertise as the reason for his decision.
The former CBN chief’s announcement comes as Nigeria grapples with severe economic hardship and hunger, exacerbated by the government’s policies, including the floating of the Naira and removal of fuel subsidies.
Read Also: Tinubu’s Policies Have Made Life Harder For Nigerians – APC
Moghalu’s decision has sparked concerns about the government’s willingness to listen to expert advice on economic matters.
Financial analyst Kalu Aja has also criticized the administration’s handling of palliatives, noting that it took them a year to address food imports and that promised CNG buses have yet to materialize.
Moghalu explained his absence from media interviews, stating that he has already shared his insights on reviving Nigeria’s economy and sees no value in repeating himself.
He said, “I’ve declined virtually all requests for interviews on the Nigerian economy from Nigerian media over the past several months. Why? There is no point in a dialogue of the deaf. I’ve already spoken a lot about how to fix Nigeria’s economy. Anyone interested can find what I’ve said.
“It’s ironic that people like us who actually do not need Nigeria and its economy for our personal survival are so concerned simply out of passion for our country, but after a while, we must recognize the harsh truth and act accordingly.”
Nollywood Filmmaker Shina Sanyaolu Is Dead
Comedian Basketmouth Goes Public With New Lover[VIDEO]
End Of An Era: Oba Aromolaran Of Ijesaland Passes Away
Gospel Singer Dele Gold Passes Away At 42
JUST IN: Edo Election Takes A Turn As PDP Refuses To Sign Peace Accord
King Charles Welcomes Tinubu At Buckingham Palace
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
Adeosun: We are investing in infrastructure to grow the private sector
Shell launches Nigeria campaign on energy efficiency
