Business
Henkel Tackles Acute Water Shortage in Zaria
By Edozie Obasi-Eze
Henkel, in partnership with An-Nadaa, a non-profit organisation has built a well that will provide water to more than 200 people in Zaria, Kaduna state. The well has been successfully established and started operating on 1 August 2022.
It was gathered that the well was built as part of Henkel’s employee social engagement programme, ‘Make-An-Impact-on-Tomorrow’ (MIT). MIT encourages employees to take the initiative and support social engagement.
The initiative, inspired Merna Shehata, a Henkel staff member working out of Dubai to apply for a well to supply clean water to the community in Zaria.
“I joined Henkel in September 2021 and was fascinated by the company’s goal to give back to the community and put social goals on its agenda, therefore I was so eager to be part of this,” Shehata said. “Together we make a difference.”
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Suleiman Buraje, Henkel Nigeria, visited the well along with An-Nadaa organisation to offer support and share in the enthusiasm of the community.
“I was excited to see smiles on the faces of the children and women as they drew clean water from the well. This community has overcome a big problem. We at Henkel are happy to be contributing to social progress through MIT, #MakeAnImpact,” Buraje said.
Mu’awiya Abu Bakar, Secretary, An-Nadaa said “This reduces the acute water shortage we have in Zaria. We are grateful to the Henkel team.”
The community is seeing large population growth, making it imperative to provide sustainable, clean water. According to estimates, 2.2 million people reside in the town and nearby areas, where a particular water shortage issue exists.
Business
CBN Extends Suspension Of Cash Deposit Fees
In an effort to ease financial transactions, the Central Bank of Nigeria (CBN) has extended the suspension of cash deposit processing fees from September 30, 2024, to March 31, 2025.
In a letter addressed to banks and financial institutions, signed by the Director of Banking Supervision, Adetona Adedeji, the CBN referenced its previous directive, which had initially suspended the fees until September 30, 2024.
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The suspension applies to cash deposits exceeding N500,000 for individuals and N3 million for corporate accounts.
Hitherto, individual accounts are charged a 2% processing fee, while corporate accounts incur a 3% fee on excess deposits.
The CBN reiterated that all regulated financial institutions are required to continue accepting cash deposits from the public without any charges during this extended period.
The letter reads, “Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates. The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.”
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions,’ issued on December 20, 2019.”
Recall that in 2019, the Central Bank of Nigeria (CBN) unveiled a plan to introduce fees on cash deposits and withdrawals, set to take effect from September 19, 2019.
The bank explained in a publicly shared circular that the move was part of efforts to limit cash usage and improve the collection of government revenues.
At first, these charges were only applicable to customers in Lagos, Ogun, Kano, Abia, Anambra, Rivers, and the Federal Capital Territory (FCT).
The CBN also outlined that the policy would be rolled out nationwide by March 31, 2020, as part of its cash-less initiative.
In December 2023, the CBN instructed banks and other financial institutions to halt the application of fees on large cash deposits.
This temporary suspension was originally planned to last until September 30, 2024.
Business
Dangote, Gates Headline Relaunch Of Capital Campaign For Africa
The Capital Campaign for the Africa Center was relaunched at the sidelines of the ongoing United Nations General Assembly (UNGA) in New York on Wednesday.
To highlight its importance, Africa’s richest man, President Dangote Group, Alh Aliko Dangote and Co-Chair, Bill and Melinda Gates Foundation, Bill Gates led other notable captains of industry from Africa and the United States of America (USA) graced the event.
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Prominent among those spotted therein include, Chairman, Oriental Energy Resources, Mohammed Indimi; Group Executive Director, Commercial Operations, Dangote Industries Limited (DIL), Fatima Aliko Dangote and Co-Chair, Africa Center, Chelsea Clinton.
Also the elite group are, President/Chief Executive Officer, DIL, Aliko Dangote; Co-Chair, the Bill and Melinda Gates Foundation, Bill Gates; Commissioner for Cultural Affairs, New York City, Laurie Cumbo and Chairman, Afreximbank, Benedict Oramah.
Business
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