The US Department of Justice filed an antitrust lawsuit against Visa on Tuesday, alleging the company illegally maintains a monopoly over debit card networks in the United States.

According to the lawsuit, filed in a federal court in New York, Visa’s practices have resulted in billions of dollars in additional fees for American consumers and businesses while slowing innovation in the debit payments ecosystem.

The lawsuit comes after years of probes by the US antitrust enforcers into Visa’s business practices.

“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” Attorney General Merrick Garland said in a statement.

Visa, according to the lawsuit, charges roughly $8 billion in network fees on US debit volume annually. Globally, Visa processes $12.3 trillion in total payment volume.

The Justice Department claims Visa imposes exclusionary agreements on merchants and banks, penalizing customers who route transactions through different networks or alternative payment systems.

It also claims that Visa sought to neutralize potential threats from technology companies and fintech startups by entering into partnership agreements rather than allowing them to compete directly.

Visa also imposes transaction volume commitments that effectively penalize merchants and banks for using competitors, the Justice Department alleges, even when those competitors offer lower prices.

Through these tactics, Visa maintains an “enormous moat” around its business, helping it earn big profits.

Headquartered in San Francisco, Visa reported a global operating income of $18.8 billion and an operating margin of 64 percent in 2022.

The company’s North American operations boasted an 83 percent operating margin in the same year.

The Federal Executive Council (FEC) meeting, chaired by President Bola Tinubu in Abuja, approved key decisions to boost Nigeria’s economy and improve citizens’ lives.

In the area of the economy, Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said the Council approved the Economic Stabilisation Bills.

He explained that the bills embodied the recommendations of the Presidential Committee on Tax and Fiscal Policy Reforms set up in 2023 by President Tinubu.

“The bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity.

“One of the bills offers tax relief to companies that generate incremental employment. Another offers personal income relief to people in private and public employment, from N200,000 to N400,000,” said Edun.

According to him, another of the bills seeks the collaboration of the Federal and State governments to suspend certain taxes on small businesses and vulnerable populations.

He said the Economic Stabilisation Bills, with the Council’s approval, would be transmitted to the National Assembly for passage.

The meeting reviewed the flooding in some parts of the country, especially the one that destroyed almost 50 per cent of Maiduguri, the Borno capital city.

The meeting also backed the President’s idea of setting up a Disaster Relief Fund to be funded by a portion of the revenue accruing to the Federation account. Funds will also be solicited from the private sector.

It was also resolved at the meeting to set up a technical committee to conduct integrity tests on Alau Dam and other dams nationwide.

The council approved a contract to build a 258 km 3-lane carriageway with continuous reinforced concrete pavement in Kebbi and Sokoto states.

The stretch is part of the 1000km superhighway from Illela, Sokoto State, to Badagry, Lagos State.

The council approved the revised estimated contract cost for constructing Bodo-Bonny Road with bridges across the Opobo Channel in Rivers State.

The contract was awarded in 2014 for N120 billion and revised in 2021 to N199, 923,638,963.87. The FEC approved another increase to N280 billion.

Similarly, the council approved the rescoping and downward review of the contract to rehabilitate the Abuja-Kaduna-Zaria-Kano dual carriageway at a lower cost of N740.79 billion to Julius Berger.

Messrs CCECC Nigeria Ltd. was awarded two road contracts, including bridges in Kogi and Cross River, at a total cost of N133.4 billion.

They are the construction of Cross River to Oferekpe Road and the rehabilitation of Kabba (Kogi State), Iyamoye-Omuo-Ikole-Ifaki-Ado Ekiti Road.

Messrs BDT International Ltd. was awarded the contract to repair the Gamboru Bridge along Gamboru-Ngala-Kala, Balde Road in Borno State. The cost is N3.2 billion, and completion will take 24 months.

Messrs CCECC Nigeria will repair the damaged loops and ramps of the Third Mainland Bridge superstructure and rehab Adeniji-Falomo Roads at N42 billion. Completion time is six months.

Mr Dave Umahi, Minister of Works, said the council approved a contract of N158 billion to construct service lanes for the Lekki Deep Sea Port through Epe to Shagamu-Benin Expressway.

He explained that Dangote Industries would be awarded the contract under the Federal Government Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme.

“The council approved the contract for the dualisation of Afikpo-Uturu-Okigwe Road in Ebonyi, Abia and Imo states.

“The road will be financed under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

“Also approved by the councils are contracts for the repair of 14 bridges and roads and flooded sections of the Federal Highways nationwide,” said the minister.

The council approved no fewer than seven memos brought by the FCT Ministry, among which was the contract for the building of Judges Quarters in Katampe.

Also approved was the contract to construct an access road from Ring Road 1 by N16 Shehu Shagari Way to Judges Quarters.

The council approved the contract for building an access road from Arterial Road N11 in Mabushi District to Judges Quarters within Cadstral Zone B07. 

 A Federal High Court in Abuja on Tuesday struck out the two separate motions filed by the Edo Government and the House of Assembly challenging the reinstatement of Philip Shaibu as deputy governor.

Justice James Omotosho, in a ruling, also awarded the cost of N200,000 each against the state government and the assembly, making a total of N400, 000.

The development followed an application by lawyer to the state’s Attorney-General (AG), Marvin Omorogbe, and that of the house of assembly, Sonia Egbunia,seeking to withdraw the motions for stay of execution.

 Although Reuben Egwuaba, who appeared for Shaibu did not opposed their intention to withdraw the two motions, he, however, asked the court for a N50 million cost each against the AG (3rd defendant) and the assembly (6th defendant).

The News Agency of Nigeria (NAN) reports that Justice Omotosho had, on July 17, voided the impeachment of Shuaibu as the deputy governor of Edo.

The judge, in a judgment, ordered his reinstatement to office on the grounds that the house of assembly failed to comply with due process in the purported impeachment.

Justice Omotosho had held that the allegation on which the assembly based the impeachment proceedings was untenable in law and did not constitute a gross misconduct.

The judgment was on the suit marked: FHC/ABJ/CS/478/2024 with Shuaibu as the plaintiff.

The reinstated deputy governor had sued the Inspector-General of Police (IGP), the Deputy Governor of Edo, the AG, Chief Judge of Edo, Speaker of Edo House of Assembly and the Edo State House of Assembly as 1st to 6th defendants respectively.

Dissatisfied with the judgement, the AG, through his lawyer, Oluwole Iyamu, SAN, and the assembly’s counsel, Ken Mozia, SAN, filed separate motions for stay of execution before Justice Omotosho.

NAN erakeur reported that the judge fixed Sept. 24 for hearing of the two motions.

When the matter was called on Tuesday, Egbunia, who represented the assembly, told the court that though the matter was slated for hearing, she said in view of the fact that the record of appeal had been transmitted to the Court of Appeal, she would be withdrawing the motion for stay which they filed on July 19.

Also, Omorogbe, who appeared for the AG, sought to withdraw their motion for stay filed on July 18.

They said similar motion had been filed at the Court of Appeal,” she said.

Responding, Egwuaba did not oppose the application for withdrawal.

“However, we are asking for a cost of N50 million each. Our reason for the substantial cost is that the order of your lordship on July 17 is so clear and it was a declaration order,” he said.

The lawyer, who argued that issues had been joined in the motion, said the assembly and the AG knew that no stay of execution of such order could have been granted by the court.

He said the assembly had been truncating the order of the court and that was what led to their filing of Form 48.

He said they were duly served with the court judgment but their motions were done in a way to interfere with the course of justice and to prevent Shaibu from benefitting from the fruit of his legal victory.

“We urge you to grant our prayer,” he said.

Egbunia and Omorogbe objected to Egwuaba’s application for award of fines against their clients.

Ruling, Justice Omotosho, struck out the two motions seeking for stay.

The judge then ordered that the house of assembly and the AG should pay a N200, 000 fine each in favour of Shaibu.

The National Bureau of Statistics(NBS) says the unemployment rate in Nigeria stood at 5.4 per cent in 2023.

At the state level, Abia recorded the highest unemployment rate at 18.7 per cent, while Nasarawa had the lowest rate at 0.5 per cent.

The NBS said this in its Nigeria Labour Force Survey for 2023 released in Abuja on Tuesday.

In a statement issued by Mr Sunday Ichedi, Director of Communications and Public Relations, NBS, the report provided a comprehensive picture of Nigeria’s labour market performance for 2023, offering vital insights into key labour market indicators.

Ichedi said the release of the 2023 annual report marked the first of its kind, conducted in line with the International Labour Organisation (ILO) guidelines between the 4th Quarter of 2022 and the 3rd Quarter of 2023.

He said the findings offered detailed state-level data on critical labour market indicators such as unemployment, underemployment, wage employment, informal employment, and youth participation in education, employment, or training.

Further highlights of the report showed that in terms of educational attainment, the rate of unemployment was highest among persons with post-secondary education at 9.4 per cent in 2023.

“This was followed by those with secondary school education at 6.7 per cent, and those with primary education at 4.1 per cent.

“The lowest rate was recorded among those with no formal education at 3.2 per cent.”

The report said in 2023, the working-age population was 116.6 million, representing 53.8 per cent of the total population, with women accounting for 52 per cent and men with 48 per cent.

It said the annual labour force participation rate was 76.3 per cent, which was equivalent to 88.9 million individuals.

“Bauchi state recorded the highest participation rate at 92.3 per cent, while Ekiti State had the lowest rate at 63.4 per cent.”

The report said 84.1 million individuals were employed out of the total working-age population in 2023, which included 20.6 million persons between the ages of 15 and 24 years.

It said in 2023, the national employment-to-population ratio was 72.2 per cent, with rural areas accounting for 77.3 per cent and urban areas at 68.7 per cent.

“Bauchi state had the highest employment-to-population ratio at 88.4 per cent, while Rivers recorded the lowest at 55.7 per cent.

“By sex, the employment-to-population ratio was 73.7 per cent for males and 70.7 per cent for females.”

The report said 77.6 million individuals were engaged in informal employment in 2023, accounting for 92.2 per cent of the employed population.

It said Kano state had the highest number of informal workers, with about 5.2 million individuals engaged in informal employment.

“This was followed by Lagos state with 4.6 million people (excluding agriculture).”

The report said the national time-related underemployment rate stood at 11.1 per cent, with men accounting for 8.3 per cent and women at 13.4 per cent.

“Plateau had the highest time-related underemployment at 33.9 per cent, while Nasarawa recorded the lowest rate at 0.3 per cent.”

It said time-related underemployment rate was the share of employed people who were working less than 40 hours per week, but who would be willing and available to work more.

The report said the Youth not in employment, education, or training (NEET rate) was 15.6 per cent in 2023, with Abia recording the highest NEET rate at 38.1 per cent and Zamfara recording the lowest at 4.5 per cent.

A prosecution witness, Adewale Agunbiade, on Monday, narrated before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja, how former Minister of Power and Steel, Olu Agunloye, allegedly received multiple transfers of N5.2 million from Jide Sotirin Abiodun, a staff member of Sunrise Power and Transmission Ltd.

Agunbiade told the court that Agunloye received the funds from Abiodun via multiple transfers and ATM withdrawals.

Agunbiade, a compliance officer now with Jaiz Bank Plc who formerly worked at Guaranty Trust Bank (GTB), testified in the ongoing trial led by the Economic and Financial Crimes Commission (EFCC) on corruption charges.

EFCC is prosecuting Agunloye on seven-count charges, bordering on official corruption and fraudulent award of the Mambilla Power Project contract to the tune of $ 6 billion to Sunrise Power and Transmission Ltd.

While being questioned by prosecution counsel Rotimi Oyedepo, Agunbiade revealed that in October 2022, GTB received an inquiry from the EFCC about Agunloye and Abiodun’s accounts.

“On October 2022, GTB received an investigation activity inquiry from EFCC in respect of the accounts of two customers, Mr Olu Agunloye and Mr Jide Sotinri,” Agunbiade said.

“My team received the requests on behalf of the bank, following which I generated the statement of account via the system used by me at the time. I also prepared the Certificate of Identification, following my review of the statement against the records of the bank. I cosigned the cover letter of the responses.”

The prosecution counsel then presented documents, including letters between the EFCC and GTB (marked as Exhibit 1a and 2a), as well as GTB’s account responses (Exhibit 2a and 2b).

Agunbiade identified and confirmed these documents, saying “On page two of Exhibit 2b is the statement of Jide Sotirin Abiodun and the Certificate of Identification prepared by me on the statement of the account. On the 10th of September 2019, there were six transactions.

“The last five transactions were ATM cash withdrawals of N30,000 each. The last transaction on 10 August 2019 was a transfer of N3,600,000.00 from Sotirin Jide Abiodun to Olu Agunloy.”

The witness also revealed additional transfers from Abiodun to Agunloye, including N500,000 on October 22, 2019, and N1,121,000 on November 13, 2019.

He disclosed that “as of 22 October 2019, a record of N500,000.00 was transferred from Sotirin Jide Abiodun to Olu Agunloye. On 13 November 2019, a record of N1,121,000 from Leno in favour of Agunloye Olu from Jide Sotirin. Exhibit 1b is an account opening belonging to Agunloye Olu. On 10 August 2019 was an inward transfer of N3,600,000.00 from Sotinrin Jide Abiodun. On 22 October 2019, there was an inflow of N500,000 from Sotirin Jide Abiodun. Also on 13th November 2019 was an inflow of N1, 121,000 (One Million One Hundred and Twenty-one Thousand Naira) in favour of Agunloye Olu from Jide Sotirin.”

The case was adjourned until Monday, October 21, 2024, for cross-examination.Mambila Project Fraud: How N5.2m was wired to Agunloye; witness tells court

A prosecution witness, Adewale Agunbiade, on Monday, narrated before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja, how former Minister of Power and Steel, Olu Agunloye, allegedly received multiple transfers of N5.2 million from Jide Sotirin Abiodun, a staff member of Sunrise Power and Transmission Ltd.

Agunbiade told the court that Agunloye received the funds from Abiodun via multiple transfers and ATM withdrawals.

Agunbiade, a compliance officer now with Jaiz Bank Plc who formerly worked at Guaranty Trust Bank (GTB), testified in the ongoing trial led by the Economic and Financial Crimes Commission (EFCC) on corruption charges.

EFCC is prosecuting Agunloye on seven-count charges, bordering on official corruption and fraudulent award of the Mambilla Power Project contract to the tune of $ 6 billion to Sunrise Power and Transmission Ltd.

While being questioned by prosecution counsel Rotimi Oyedepo, Agunbiade revealed that in October 2022, GTB received an inquiry from the EFCC about Agunloye and Abiodun’s accounts.

“On October 2022, GTB received an investigation activity inquiry from EFCC in respect of the accounts of two customers, Mr Olu Agunloye and Mr Jide Sotinri,” Agunbiade said.

“My team received the requests on behalf of the bank, following which I generated the statement of account via the system used by me at the time. I also prepared the Certificate of Identification, following my review of the statement against the records of the bank. I cosigned the cover letter of the responses.”

The prosecution counsel then presented documents, including letters between the EFCC and GTB (marked as Exhibit 1a and 2a), as well as GTB’s account responses (Exhibit 2a and 2b).

Agunbiade identified and confirmed these documents, saying “On page two of Exhibit 2b is the statement of Jide Sotirin Abiodun and the Certificate of Identification prepared by me on the statement of the account. On the 10th of September 2019, there were six transactions.

“The last five transactions were ATM cash withdrawals of N30,000 each. The last transaction on 10 August 2019 was a transfer of N3,600,000.00 from Sotirin Jide Abiodun to Olu Agunloy.”

The witness also revealed additional transfers from Abiodun to Agunloye, including N500,000 on October 22, 2019, and N1,121,000 on November 13, 2019.

He disclosed that “as of 22 October 2019, a record of N500,000.00 was transferred from Sotirin Jide Abiodun to Olu Agunloye. On 13 November 2019, a record of N1,121,000 from Leno in favour of Agunloye Olu from Jide Sotirin. Exhibit 1b is an account opening belonging to Agunloye Olu. On 10 August 2019 was an inward transfer of N3,600,000.00 from Sotinrin Jide Abiodun. On 22 October 2019, there was an inflow of N500,000 from Sotirin Jide Abiodun. Also on 13th November 2019 was an inflow of N1, 121,000 (One Million One Hundred and Twenty-one Thousand Naira) in favour of Agunloye Olu from Jide Sotirin.”

The case was adjourned until Monday, October 21, 2024, for cross-examination.

Aliko Dangote, President of Dangote Group and owner of the 650,000 bpd Lagos refinery, has criticised the Nigerian National Petroleum Company Limited (NNPCL) for reducing its stake in his refinery from 20% to 7.2%.

During an interview with Bloomberg Television, Dangote stressed that the NNPC’s decision was a mistake, explaining the favourable deal that was originally offered to the company.

“We gave them (NNPC) a good deal. We said, okay, fine, we structured an agreement. The first agreement was that they were going to pay us a billion dollars. The deal was about $2.79 billion. And then the balance of the money, $1 billion, which they paid us over a year and a half ago, and then the balance of the money was split into two.

“One position was that every crude they supply to us, 300,000 barrels per day, we’ll deduct $2 and then up to the time they finish paying that, one third. The other one third will come out of their own profit. So, why NNPC opted out is a little bit confusing.

“They wanted this agreement to be changed where they wanted to pay cash, not in any other way. So, we said, okay, fine. We signed another agreement, you know, cancelling the other one. The new agreement that we signed was for them to pay us after one year, no interest, after one year, they’ll pay us the balance of $1.8 billion.

“The month for them to pay was June. And by June they came back to us and said, no, they’ve changed their minds and they want to remain at 7.2 per cent. So, okay, fine. So, we left it and we now own the rest of the shares, they own 7.2 per cent. And that’s what it is. But I think they made a big mistake.

“But no, there’s no negotiation. The agreement is finished, dead, completed. It’s 7.2 per cent,” he stated.

Despite the reduction in the NNPC’s stake, Dangote revealed that his refinery would still receive 390,000 barrels per day of crude from the NNPC in October.

He noted that selling crude and fuel in naira would reduce pressure on the Nigerian currency by 40%.

On the upstream sector, Dangote disclosed ownership of two oil blocks set for production next month but added that he would not heavily invest in that segment.

Dangote also addressed fuel prices, stating that his refinery’s product is 15-20% cheaper than imported gasoline. He expressed confidence that the refinery’s output would stabilise the naira and provide clarity on Nigeria’s actual fuel consumption.

Additionally, Dangote reflected on his earlier ambitions to purchase Arsenal Football Club, admitting that the timing and financial commitment required for the $20 billion refinery project made the acquisition impossible.