It lost more than 5% in U.S. premarket trading. In a recent statement, NIPOST said small and medium enterprises will pay N250,000 as licence fees before their dispatch riders will be allowed to operate. NIPOST tok-tok pesin Franklin Alao, inside statement wey dem release to di NPO Reports late Friday night say genuine business owners wey sabi wetin di logistics business be, no go dey part of di pipo wey dey protest against di new regulations. This has sparked outrage from a large section of Nigerians mainly online. Regional, state and municipal services are to pay ₦5 million, ₦2 million, and ₦1 million license fees respectively, and ₦2 million, ₦800,000 and ₦400,000 for renewals. 5 months ago. The recent outrageous “licencing” fees issued by the comatose NIPOST is simply unfathomable in logic and commonsense. Each operator, irrespective of the category, will pay 40% of the license fee as a renewal fee annually. Commenting on the financial performance of the firm, the Managing Director of OPay in Nigeria, Iniabasi Akpan, said: googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. The leading Chinese e-commerce company, Alibaba Group, experienced record sell-offs at the first trading session of the week. Any change of fee must be specific & be approved by him before implementation. "Di new regulations no be to frustrate ease of doing business but to promote di growth of MSMEs. This growth created pre-requisite financial buffers needed to expand the firm’s operation. NIPOST: FG Rejects New License Fee, Issues Fresh Warning. Saviour Adugba. Di proposed license fee increase wey go make di cost of courier service go up for di kontri don cause plenti gbas-gbos as Nigerians dey para for social media. Each operator, irrespective of the category, will pay 40% of the license fee as a renewal fee annually. Ant Group remains the world’s most valuable Fintech company, and most valuable unicorn company, with a target valuation of over US$280 billion. One thought on “ Minister orders NIPOST to suspend increase in license fees for logistics services ” Dr Pat Kolawole Awosan July 26, 2020 at 3:48 am. However, looking at the economic hardship of our citizens, we need to suspend any move. NIPOST recently announced a review of the licence fees to be paid by courier companies saying the ministry of communications and digital economy, its supervisory ministry, approved the new guidelines. NEWS DIGEST – The Federal Government has rejected the proposed increment of license fee for courier services by the Nigerian Postal Service, NIPOST. Saturday, July 25, 2020 3:11 pm | Business | 1 Comment(s) Isa Patami. Following the public outrage over the proposed increment of license fee for courier services by the Nigerian Postal Service (NIPOST), the federal government has rejected the increase. The NIPOST had recently announced hike in … Sake of di coronavirus pandemic and lockdown measures for di kontri, most small businesses now dey survive on logistics and delivery services. July 29, 2020. OPay plans to partner with WorldRemit to process remittances in Nigeria. READ: Square buys $50 million worth of Bitcoins, In a strongly worded editorial, the ruling Communist Party’s People’s Daily revealed if “monopoly is tolerated, and companies are allowed to expand in a disorderly and barbarian manner, the industry won’t develop in a healthy, and sustainable way.”. NIPOST had come up with outrageous new increase in obtaining licence for courier services … Isa Pantanmi, the Minister of Communication and Digital Economy, stated this in a tweet on Saturday morning. According to NIPOST, companies which provide international courier services like DHL, UPS and FEDEX, are expected to pay N20m for a new licence, while … This site uses Akismet to reduce spam. pic.twitter.com/33ucYLlVMb, — Dr. Dípò Awójídé (@OgbeniDipo) July 24, 2020. 0. The minister of communication and digital economy, Isa Pantami, in a tweet Saturday morning, insisted that the increase was not part of the regulation he approved for the … OPay, a Nigerian fintech start-up, founded by Opera, has disclosed its intention to expand its payment service operations to North Africa by the first quarter of 2021 (Q1 2021). Nipost bin propose make … And e dey likely say di way pipo dey order for goods and services fit reduce if di cost too dey high. By Adejayan Gbenga On Jul 25, 2020. SEE ALSO: Doctors’ Strike: COVID-19 Patients Not Affected in Bayelsa. Please don’t let it happen. The probe is part of a sudden and quick crackdown on monopolistic behaviour suspected to be in China’s booming internet ecosystem, and the latest setback for Jack Ma, the 56-year-old former school teacher, who founded Alibaba and became China’s richest man in the modern era. July 25, 2020. in News. The Minister responded to NIPOST’s social media handles that “our attention has been drawn to an increase of license fee, which was not part of the regulation I earlier APPROVED for you. The new charges introduced by NIPOST are expected to cause an increase in the cost of courier services and delivery goods. Consumers go dey forced to pay more for goods and services sake of delivery cost. Alibaba shares dropped about 8% in value, trading at a 6 month low in Hong Kong amid a proposed stock repurchase program of between $4 billion to $10 billion, that had a duration of two years. FG suspends increase in NIPOST license fees. — Isa Ali Pantami, PhD (@DrIsaPantami) July 25, 2020, 2) @NipostNgn, d power of regulation of NIPOST lies with the Minister. Thousands of young people have created their own jobs and are trying to just survive. De way wey we de take go external link. The Vice President, Yemi Osinbajo on Saturday reacted to concerns raised by Nigerians over the increment of courier and logistics license fees by the Nigerian Postal Services, NIPOST. Best wishes!”, READ ALSO: RMAFC, NIPOST set to probe banks over stamp duty. Mr Akpan also revealed that OPay acquired an international money transfer license in 2019 with the launch being delayed by new regulations from CBN. Courier firms running within cities are to pay N1m for licence and N400,000 annually. Customer Service Centre: +234 08079037402, +234 08115638660, customerservice@nipost.gov.ng NIPOST. However, looking at the economic hardship of our citizens, we need to suspend any move,” he added. YOU MAY ALSO LIKE. It emerged on Saturday, July 25 that the Nigerian Postal Service (NIPOST) was introducing new regulations for the logistics and courier service industry in Nigeria. He made it clear that … READ: Donald Trump bans American investments in companies linked to Chinese military. For small- … In a report credited to Reuters, the e-Commerce juggernaut seems to be in hot water over its affiliate company, better known as Ant Group, as Chinese antitrust regulators plan to review if it was in anyway monopolistic. State, municipal and special SME … NIPOST had announced an increment The news of the new fee structures had caused an uproar amongst Nigerians. Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the popularly known e-commerce company, Alibaba. The plunge in its share price is largely attributed to fears of antitrust scrutiny from the Chinese government that threatens to harm Jack Ma’s internet empire and curb the influence of China’s most powerful corporations. Earlier this week, NIPOST approved new license fees for people in the courier business, increasing the new license fees for Municipal operators to N1 million, and renewals fees a year up to 40% of new license fees at N400,000.00 a year. 0. Nigeria’s Minister of Communications & Digital Economy Dr Isa Ali, , said on Saturday that he did not approve the new NIPOST increase of license, The Minister responded to NIPOST’s social media handles that, NIPOST earlier said that the new regulation. The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami ordered the suspension at the weekend. — Wale Adetona (@iSlimfit) July 24, 2020. Recall some days ago the e-Commerce juggernaut got into hot waters over its affiliate company, Ant Group, as Chinese antitrust regulators plan to review if it was in anyway monopolistic. Published. In addition, Nairametrics gathered that the COVID-19 pandemic has yielded positive impact on the firm, leading to a massive increase in the volume of monthly settlements carried out on the platform, from $363 million in January to $1.4 billion as at November 2020. on. Di minister of communication and digital economy, Isa Pantami, inside tweet on Saturday morning, tok say di increase no dey part of di regulation wey im approve for di agency on Friday, July 24. The Minister of Communications and Digital Economy, Dr Isa Pantami, has ordered the Nigerian Postal Services (NIPOST) to suspend the new tariff on registration of courier services in the country. This was announced in a statement issued by the Minister via his Twitter handle after social media outrage at NIPOST over the increased fees. The eCommerce juggernaut seems to be in hot water over its affiliate company, better known as Ant Group. DESTINATION: 0.5kg: 1.0kg: 1.5kg: 2.0kg: 2.5kg: 3.0kg: 3.5kg: 4.0kg: 4.5kg: 5.0kg: ADD 1/2kg(N) NATIONAL - WIDE INTER-REGION 2640 2880 NIPOST increased the new license fees for Municipal operators to N1 million, and annual renewals fees to 40% of new license fees at N400,000.00 a year. According to the petition, “NIPOST are implementing a senseless fee for grant of Courier and Logistic License which is poised at putting hardworking Nigerians out … FG stops NIPOST from increasing courier licence fees . I know the economic challenges of NIPOST. Nairametrics learnt that earlier plans by OPay to expand to South-Africa and Kenya were halted due to disruptions caused by the coronavirus. In a recent statement, NIPOST said small and medium enterprises will pay N250,000 as licence fees before their dispatch riders will be allowed to operate. Companies wey dey offer services within di kontri go pay N10m for licence and N4m yearly for renewal. Licence fees for international courier companies (example, DHL) were doubled from N10m to N20m with renewal fee … Nigeria’s Minister of Communications & Digital Economy Dr Isa Ali Pantami, said on Saturday that he did not approve the new NIPOST increase of license fees. It lost more than 5% in U.S. premarket trading. Small and Medium Enterprises would be receiving a licence for N250,000 while the annual renewal of the licence is N100,000. FG orders NIPOST to suspend new license fee for courier services. The Federal Government has stopped the Nigerian Postal Services, NIPOST, from implementing its new increase in obtaining licence fees and renewal. At the time Ant Group’s IPO got suspended, Alibaba, which has a majority stake of about 33% in Ant Group, saw its shares fall. NIPOST earlier said that the new regulation aims to improve Nigeria’s logistic and courier structure with better efficiency following President’s Buhari new ease of doing business policies. Di Nigerian Postal Service say di new regulations wey dem put in place na to protect genuine courier and logistics operators and send out pipo wey no dey registered. The Nigerian Postal Service (NIPOST) recently announced new fees for courier and logistic business operators in Nigeria, provoking anger amongst Nigerians on social media. The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim … November 26, 2020. Plenti pipo don enta social media to condemn di new regulations. Also, Chinese Financial regulators plan to meet with Alibaba’s Ant Group fintech affiliate in the coming days, according to a separate statement by the People’s Bank of China, released today. The Minister of Communications and Digital Economy, Dr Isa Pantami has ordered the Nigerian Postal Services, NIPOST, to suspend the new tariff on registration of … First it was, 6% stamp duty on rents, now an outrageous NIPOST licence fee for logistics companies. Nairametrics, some weeks ago revealed how Ant Group’s world record-setting IPO, scheduled to hold in Hong Kong and Shanghai got suspended. He add am say, "Na part of di strategies to ensure effective service delivery as consumers go fit sabi di capacities of di operators wey dem dey deal wit. This is coming at a period when the government should be looking at making life easier for people. Reactions As Pretty Mike Bathes With Ladies In Bathroom (Video) November 26, 2020 “It’s Been One Crazy Year “– Don Jazzy Says as He Celebrates 38th Birthday. The news of the new fee structures caused an uproar as Nigerians accused the regulator of cutting off competition from smaller operators during a coronavirus pandemic that has heavily affected Africa’s largest economy. Many Nigerians had condemned the development saying it would further worsen the economy and the sector. Such a move by the Chinese regulators is seen by some market commentators as a huge hit to Jack Ma’s e-commerce and fintech empire. 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The Federal Government has rejected the increment of license fee proposed by the Nigerian Postal Service (NIPOST) for courier services. International operators are to pay ₦20 million as a license fee, national ₦10 million and regional operators ₦5 million. Counting on you sir. If moni for courier services increase, e mean say di cost of goods and services go increase. Each operator, irrespective of the category, will pay 40% of the license fee as a renewal fee annually. On July 23, 2020, NIPOST set new guidelines for courier and logistics companies which are clearly meant to cripple the private sector operators and restore NIPOST’s unearned relevance. Pantani had explained that the increase was not part of the regulation … According to NIPOST, companies wey dey provide international courier services like DHL, UPS and FEDEX, go pay N20m for new licence and N8m … READ ALSO: FIRS clarifies NIPOST’s stamp duty claims. Dem tok say e dey too hash and e fit drive small businesses comot from market. Meanwhile, … The group owns China’s largest digital payment platform, Alipay, which serves over one billion users and 80 million merchants, with total payment volume (TPV) transactions reaching RMB118 trillion in June 2020. By. Im add say dem tell NIPOST chairman and Post Master General "on (Friday) to put di implementation on hold and send report to dia ministry by Monday.". READ: OmiseGO, fastest growing altcoin, up 49% in past 24 hours. Ant Group’s Controller, Jack Ma; Executive Chairman, Eric Jing; and CEO, Simon Hu, were scrutinized by regulators in China, according to a statement seen from the China Securities Regulatory Commission. Why NIPOST increase License fee? READ: Citigroup reacts to Citron’s fraud allegations against Jumia, as shares price drops 50%. RMAFC, NIPOST set to probe banks over stamp duty, Finance Act dwindling NIPOST revenue as Post Master General plead for review, NIRSAL Microfinance Bank to take off, targets 400,000 SMEs, Paypal drops out of partnership with Facebook’s Libra, OmiseGO, fastest growing altcoin, up 49% in past 24 hours, Square buys $50 million worth of Bitcoins, Citigroup reacts to Citron’s fraud allegations against Jumia, as shares price drops 50%, Global companies are buying Bitcoins to hedge against inflation, Donald Trump bans American investments in companies linked to Chinese military. Within a space of one week, two harsh policies have been proposed. by AnaedoOnline. NIPOST: FG Rejects New License Fee, Issues Fresh Warning. FG suspends increase in NIPOST license fees July 25, 2020 editor The Federal Government has asked the Nigeria Postal Service (NIPOST) to suspend its recent hike in licensing fees for operators of courier services in the country. Pipo wey also dey into logistics fit suffer di down effect of losing dia jobs if pipo no too dey order for goods and services. NIPOST said in a statement that the fee was introduced as a part of new regulations aimed at upping ease of doing business, ‘rejigging’ the logistics and courier sector of the economy and improving the efficiency of the players in that sector. Wia dis foto come from, Twitter/ Barr Bisi Adegbuyi. Vox Pop: Is the NIPOST license fee increment a positive move? E go create a sense of sanity, consumer-service provider trust, Alao tok am for di NPO Reports. Alibaba shares dropped about 8% in value, trading at a 6-month low in Hong Kong amid a proposed stock repurchase program of between $4 billion to $10 billion. © 2020 BBC. Any change of fee must be specific & be approved by him before implementation. By Kazeem Ugbodaga. Your Chair and PMG were YESTERDAY contacted to put the implementation on hold and send a report to our ministry by Monday. Regional and national courier companies would be required to pay N5 million and N10 million respectively. NIPOST, must realize that under COVID-19 pandemic,global economies are already in deep recession and any increase in fees, at present would not be welcomed at any quarter, as global economies, are suffering from COVID 19-pandemic. He tok say di Ministry of Communications and Digital Economy give di new regulations wetin dem call "serious considerations before dem conclude on those charges and di need to categorize di operating license.". READ: Paypal drops out of partnership with Facebook’s Libra. This was disclosed by Isa Pantami, the minister of communication and digital economy, on Saturday, July 25. The meeting would “guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers,” the statement said. Share Facebook Twitter WhatsApp ReddIt Pinterest Email Linkedin. NIPOST said in a statement that the fee was introduced as a part of new regulations aimed at upping ease of doing business, ‘rejigging’ the logistics and courier sector of the economy and improving the efficiency of the players in that sector. Recall that Pantami had rejected the increment of license fee proposed by NIPOST. Best wishes! The company has lost more than $230 billion from its record highs, brutalized by the heightened scrutiny and allegations of monopolistic practices. Such a move by the Chinese regulators is seen by some market commentators as a huge hit to Jack Ma’s e-Commerce and fintech empire. All license renewal is pegged at 40% of license fees per zone. “ The power of regulation of NIPOST lies with the Minister. The Nigeria Postal Service (NIPOST) has announced a new regulation through which it has introduced License fees for logistics and courier services . The probe is part of a sudden and quick crackdown on monopolistic behavior suspected to be in China’s booming internet ecosystem, and the latest setback for Jack Ma, the 56-year-old former school teacher, who founded Alibaba and became China’s richest man in the modern era. Licence fees for international courier companies (example, DHL) were doubled … The new charges introduced by NIPOST are expected to cause an increase in the cost of courier services and delivery of goods. Licence fees for international courier companies (example, DHL) were doubled from N10m to N20m with renewal fee increased by 40 per cent. This will kill thousands of #MSMEs. I know the economic challenges of NIPOST. NIPOST said in a statement that the fee was introduced as a part of new regulations aimed at upping ease of doing business, ‘rejigging’ the logistics and courier sector of the economy and improving the efficiency of the players in that sector. Learn how your comment data is processed. The world’s second-largest economy, China, has recently launched an antitrust investigation into Asia’s leading e-commerce company, Alibaba, listed on the biggest stock market in the world. to improve Nigeria’s logistic and courier structure with better efficiency following President’s Buhari new ease of doing business policies. According to Bloomberg sources, the decision is sequel to the success recorded by the firm in Africa’s most populous country, Nigeria. Mr Akpan revealed that OPay currently processes about 80% of bank transfers among mobile money operators in Nigeria and 20% of non-merchant point of sales transactions. BREAKING: Pantami Orders NIPOST To Suspend License Fees. Wow! Ant said it had received a notice from regulators and would “comply with all regulatory requirements.”, READ: Global companies are buying Bitcoins to hedge against inflation. Your email address will not be published. READ MORE:  Finance Act dwindling NIPOST revenue as Post Master General plead for review, Dear @femigbaja, please block this needless policy by Nipost that will cripple thousands of small businesses. On July 23, 2020, NIPOST set new guidelines for courier and logistics companies which are clearly meant to cripple the private sector operators and restore NIPOST’s unearned relevance. According to NIPOST, companies wey dey provide international courier services like DHL, UPS and FEDEX, go pay N20m for new licence and N8m every year for renewal. READ MORE: Finance Act dwindling NIPOST revenue as Post Master General plead for review The Federal Government has asked the Nigeria Postal Service (NIPOST) to suspend its recent hike in licensing fees for operators of courier services in the country. International operators are to pay ₦20 million as a license fee, national ₦10 million, and regional operators ₦5 million. OPay has disclosed plans to expand its services to North Africa by the first quarter of 2021. Pls @NipostNgn, our attention has been drawn to an increase of licence fee, which was not part of the regulation I earlier APPROVED for you. State operators’ fees rose to N2 Million, regional to N5 million, national to N10 Million, while Internal operators are meant to pay N20 Million as license fees. Share. Nigerians still dey react to di increase of license fee for courier services wey di Nigerian Postal Service (NIPOST) bin propose. […] Di Federal Government don reject di proposed increment of license fee for courier services by di Nigerian Postal Service, NIPOST. READ MORE: NIRSAL Microfinance Bank to take off, targets 400,000 SMEs. At the time Ant’s group IPO got suspended, Alibaba, which has a majority stake of about 33% in Ant Group, saw its shares fall. Earlier this week, NIPOST approved new license fees for people in the courier business, increasing the new license fees for Municipal operators to N1 million, and renewals fees a year up to 40% of new license fees at N400,000.00 a year. By Jessica Dogo On Jul 25, 2020. Your Chair and PMG were YESTERDAY contacted to put the implementation on hold and send a report to our ministry by Monday. The Minister of Communication and Digital Economy, Dr. Isa Ali-Pantami, has called on the Nigeria Postal Service, NIPOST, to suspend implementation of its new license fees for the courier service companies. OPay launched its mobile payment service in August 2018. Transcorp Doles Out N26.25 Billion As Part Payment For Afam Power De external site no concern BBC. Donald Trump bans American investments in companies linked to Chinese military of cost! Services sake of delivery cost Microfinance Bank to take off, targets 400,000 SMEs hold and a... 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