Wednesday, 27 February 2019

The Presidential Candidate of the People’s Democratic Party (PDP) , Atiku Abubakar, has rejected the announced result of the election, saying he will be challenging it in court.

Abubakar in a statement on Wednesday in Abuja , said that it was clear that there were manifest and premeditated malpractices in many states which negate the results announced.

The Independent National Electoral Commission (INEC) has announced President Muhammadu Buhari as the winner of the Saturday Presidential election.

Buhari was declared re-elected having polled 15,191,847 votes, winning in 19 states, to defeat other 72 candidates including Abubakar, who scored 11, 255,978 votes and won 17 states and the FCT, to occupied the second position.

The PDP had also refused to sign the election result.

Abubakar said one obvious red flag in the election was the statistical impossibility of states ravaged by the war on terror generating much higher voter turnouts than peaceful states.

“The suppressed votes in my strongholds are so apparent and amateurish, that I am ashamed as a Nigerian that such could be allowed to happen. How can total votes in Akwa-Ibom, for instance, be 50 per cent less than what they were in 2015?

“Another glaring anomaly is the disruption of voting in strongholds of the PDP in Lagos, Akwa-Ibom, Rivers and diverse other states, with the authorities doing little or nothing and in some cases facilitating these unfortunate situations.”

Abubakar said that the militarsation of the electoral process was a disservice to Nigeria’s democracy and a throwback to the jackboot era of military dictatorship.

He said that in some areas of the country, such as, Rivers, Akwa Ibom and Imo states, troops deployed for the elections turned their guns on the citizens they were meant to protect, saying this is condemnable and should not be associated with our electoral process in the future.

“I am a democrat and there are democratic avenues available to present the truth to the nation and the watching world. Already, many international observers have given their verdicts, which corroborate our observations.

“I am sure more will come in the coming hours and days.

“If I had lost in a free and fair election, I would have called the victor within seconds of my being aware of his victory to offer not just my congratulations, but my services to help unite Nigeria by being a bridge between the North and the South.

“However, in my democratic struggles for the past three decades, I have never seen our democracy so debased as it was on Saturday, Feb. 23.

“Year 2007 was a challenge, but President Yar’Adua was remorseful. In 2019, it is sad to see those who trampled on democracy thumping their noses down on the Nigerian people.

“Consequently, I hereby reject the result of the Feb. 23, 2019 sham election and will be challenging it in court.”

He appreciated the Nigerian people who trooped out in their millions to perform their civic duty the election.

Abubakar said that the patriotism of Nigerians was heartwarming and affirms his “oft-repeated statement that we are brothers and sisters born from the womb of one mother Nigeria.”

The former Vice President assured his supporters and the entire Nigerian people that together, “we will not allow democracy to be emasculated.

“I hope and pray Nigerians will someday summon the courage to defend democracy. That is the only way we can move away from being the world headquarters for extreme poverty.”

Published in World

In its investor presentation, TymeBank compares its fee structure to those of the established banks in the country, based on a medium-use banking profile of 17 transactions a month.

The fee comparison is based on Solidarity’s 2018 banking charges report.

It’s worth noting that in the comparison below, withdrawal transactions are split between POS withdrawals and own-ATM withdrawals.

According to TymeBank, even though it does not have its own ATMs, because of its partnership with Pick n Pay and Boxer stores, each till-point effectively becomes an access point to withdraw and deposit money.

Withdrawals at these till points is free. If withdrawals are made at other retailers, this fee is R2.00 – and if customers head to an ATM, a withdrawal carries a charge of R8.00 per R1,000.

Because the Solidarity report was published in September 2018, it does not include Bidvest Bank’s GROW account (which launched in November 2018), nor does it cover Capitec’s fee changes announced this month.

We have updated the information to include these changes, for the most recent like-for-like comparison. These are outlined below:

The 17 transaction profile includes POS withdrawals, limited ATM withdrawals, prepaid purchases, internet payments (EFTs) and debit orders.

TymeBank does not currently have prepaid airtime purchases available, but the bank did indicate that it is in the works, and that it won’t charge for these transactions.

Fee structures

A breakdown of the SA bank entry level account fee structures can be found below:

TymeBank Account2018 FeesR500 transaction in 20182019 FeesR500 transaction in 2019% Change from 2018 to 2019
Withdrawal (Native ATM) Free Free
Withdrawal (Other ATM) R8.00 / R1 000 R8.00
Withdrawal (POS) Free Free
Deposit (ATM) R4.00 R4.00
Monthly account fee (PAYT)   Free  

You can view the TymeBank Fees here.

Old Mutual Money Account2017/18 FeesR500 transaction in 2017/182018/19 FeesR500 transaction in 2018/19% Change from 2017/18 to 2018/19
Withdrawal (Native) R6.50 R6.50
Withdrawal (Other) R8.50 R8.50 R8.50 R8.50
Withdrawal (POS) R2.50 R2.50 R1.50 R1.50 -40.0%
Deposit (ATM) R7.00 R7.00 R7.50 R7.50 +7.1%
Monthly account fee (PAYT) R4.50   R4.50  

You can view the Old Mutual Money Account fee schedule for 2018/19 here.

Capitec Global One2018/19 FeesR500 transaction in 2018/192019/20 FeesR500 transaction in 2019/20% Change
Withdrawal (Native) R6.50 R6.50 R6.00 / R1 000 R6.00 -7.7%
Withdrawal (Other) R8.75 R8.75 R8.00 R8.00 -8.6%
Withdrawal (POS) R1.60 R1.60 R1.00 R1.00 -37.5%
Deposit (ATM) 95c / R100 R4.50 R1.00 / R100  R5.00 +11.1%
Monthly account fee (PAYT) R5.75   R5.00   -13.0%

You can review Capitec’s full 2019/20 pricing here.

Absa Transact Account2018 Fees
(15% VAT)
R500 transaction in 20182019 FeesR500 transaction in 2019% Change from 2018 to 2019
Withdrawal (Native) R6.05 R6.05 R6.50 R6.50 +7.4%
Withdrawal (Other) R12.11 R12.11 R10.50 + R1.50 / R100 R18.00 +48.6%
Withdrawal (POS) R1.31 R1.31 R1.60 R1.60 +22.1%
Deposit (ATM) R4.54 + R1.41 / R100 R11.59 R4.50 + R1.50 / R100  R12.00 +3.5%
Monthly account fee (PAYT) R4.99   R5.30   +6.2%

Absa’s full 2019 pricing can be found here.

Nedbank PAYU Account2018 Fees
(15% VAT)
R500 transaction in 20182019 FeesR500 transaction in 2019% Change from 2018 to 2019
Withdrawal (Native) R6.50 R6.50 R7.00 R7.00 +7.7%
Withdrawal (Other) R8.00 + R1.51 / R100 R15.55 R8.00 + R2.00 / R100 R18.00 +15.8%
Withdrawal (POS) R2.00 R2.00 R2.00 R2.00
Deposit (Intelligent depositor ATM) R1.00 / R100 R5.00 R1.00 / R100 R5.00
Monthly account fee (PAYT) R5.50   R5.50  

Nedbank’s PAYU 2019 pricing can be found here.

Standard Bank Access Account2018 Fees
(15% VAT)
R500 transaction in 20182019 FeesR500 transaction in 2019% Change from 2018 to 2019
Withdrawal (Native) R1.82 / R100 R9.10 R1.85 / R100 R9.25 +1.6%
Withdrawal (Other) R8.07 + R1.82 / R100  R17.80 R9.00 + R1.85 / R100 R18.25 +2.5%
Withdrawal (POS) R1.82 R1.82 R1.40 R1.40 -23.1%
Deposit (ATM) R1.61 / R100 R8.05 R1.65 / R100 R8.25 +2.5%
Monthly account fee (PAYT) R5.30   R5.60   +5.7%

Standard Bank’s full Access 2019 pricing can be found here.

FNB Easy Account2017/18 FeesR500 transaction in 2017/182018/19 FeesR500 transaction in 2018/19% Change from 2017/18 to 2018/19
Withdrawal (Native) R1.85 / R100 R9.25 R1.90 / R100 R9.50 +2.7%
Withdrawal (Other) R8.00 + R1.85 / R100 R17.25 R9.00 + R1.90 / R100 R18.50 +7.2%
Withdrawal (POS) R1.40 R1.40 R1.60 R1.60 +14.3%
Deposit (ATM) R0.90 / R100 R4.50 R0.95 / R100 R4.75 +5.6%
Monthly account fee (PAYT) R5.25   R5.75   +9.5%

You can find FNB’s Easy 2018/19 pricing guide here.

Bidvest Bank Grow Account (PAYT)2017/18 Fees
R500 transaction in 2017/182018/19 Fees
R500 transaction in 2018/19% Change from 2017/18 to 2018/19
Withdrawal (Native) R5.50 R5.50 R6.00 R6.00 +9.0%
Withdrawal (Other) R9.60 + R1.40/R100 R16.60 R6.00 + R1.40/R100 R13.00 -21.7%
Withdrawal (POS) R4.00 R4.00 R5.00 R5.00 +25.0%
Deposit (Branch) 0.80% of value R4.00 0.80% of value R4.00
Monthly account fee (PAYT) R22.00   R6.00   -72.7%


Credit: BusinessTechBusinessTech

Published in Bank & Finance
Nigerian President Muhammadu Buhari has been re-elected for a second four-year term, results from Saturday's general election show.
The 76-year-old defeated his main rival, former Vice President Atiku Abubakar, with a margin of just under four million votes.
Mr Abubakar's People's Democratic Party has rejected the result.
Delays and violence marred the run-up to the poll but no independent observer has cited electoral fraud.
Final results released by the Nigerian electoral commission (Inec) show Mr Buhari was re-elected with a margin of just under four million votes.
Turnout was just below 35% of registered voters.
A former soldier, Mr Buhari led a military regime in the 1980s, and was first elected president in 2015. He will face a range of problems including power shortages, corruption, security threats, and an economic slowdown.
The president has quelled a militant Islamist rebellion in Nigeria's north-east, but Boko Haram remains active. There has also been an upsurge in violence in the Middle Belt as traditional herders and more settled farmers have clashed.
Published in World
Nigeria’s benchmark stock index dropped 0.7 percent Tuesday, the most in a week, as election results showed President Muhammadu Buhari building a lead over his main opponent and investor favorite Atiku Abubakar.
“People are just reacting to Buhari leading the results,” said Olabisi Ayodeji, an analyst at Exotix Capital. “Investors’ preference would have been for an Atiku win, considering that he is perceived to be more market friendly, and also seen as having the potential to deliver a stronger economy.”
Money managers and banks including AllianceBernstein LP and Citigroup Inc. have said Nigeria’s stock market may rally if Buhari loses. The incumbent is leading by a margin of 53 percent to Atiku’s 43 percent of the votes collated by the Independent National Electoral Commission in Abuja. The country’s main stock index has dropped almost 49 percent in dollar terms since May 2015, when Buhari was elected president.
The main opposition’s complaints that the election results are being manipulated creates uncertainty, which is damping market sentiment, said Paul Clark, a money manager at Rand Merchant Bank’s Ashburton Investments in Johannesburg.
“There is no reason for the market to rally at all; it does certainly look like Buhari would win -- at this stage,” Clark said. “The one benefit of a Buhari win is business as usual and everything goes on as it was.”
Published in Business
  1. Opinions and Analysis


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