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Nairaland Forum / Nairaland / General / Politics / How Dino Melaye Misled The Senate On TSA, Remita (9552 Views)
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Re: How Dino Melaye Misled The Senate On TSA, Remita by mickey45: 10:47pm On Nov 13, 2015 |
doctokwus: This might be from pure altruism and political sense of national responsibility as. Lawmaker. Except these days, when political office holders become whistle-blowers, something is usually likely hiding somewhere. There are more bogus contracts in the system, let PDP members also come up with deep ones. That was what the real opposition party of old Nigeria were doing |
Re: How Dino Melaye Misled The Senate On TSA, Remita by mickey45: 10:50pm On Nov 13, 2015 |
9jatriot: It isn't impossible, somebody came up with Facebook, whatsapp, Uber, Windows, E-transact etc. So think deep bro! the revolutionary thought will come |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 10:55pm On Nov 13, 2015 |
mickey45: The name Dino Melaye and the words 'altruism' or 'responsibility' do NOT belong in the same sentence. Do you even know who Dino is?? Please conduct a research on his antics. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by mickey45: 11:17pm On Nov 13, 2015 |
laudate: I know Dino Melaye! I know his antecedents, I'm just trying to be fair to him, say giving him the benefit of the doubt. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by datribune: 11:41pm On Nov 13, 2015 |
laudate: Don't mind d thug. Dino needs to apologize to Nigerians. In his warped mind he thought REMITA meant - REMI+ TINUBU + AHMED. Hahahaha, i heard one of Dino's fellow Sinators saying "who is dat person so powerful in dis country, we must probe it" Since becoming a sinator, Dino has done nothing but exhibit thuggery, feed fat on our nation & flaunt his conspicuous consumption & decadent lifestyle on facebook 4 all to see. #DinoIsDisgusting 1 Like 1 Share |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 11:48pm On Nov 13, 2015 |
datribune: ROFLMAO!! LWKMD!! Bros, una no go kill person with laugh for here... |
Re: How Dino Melaye Misled The Senate On TSA, Remita by 9jatriot(m): 12:10am On Nov 14, 2015 |
Those guys work for only 3 days in a week when there are not in recess yet collect so much. Are you serious about that comment by one of the sinators? They must have been hoping that the whole thing was connected to the equation you gave in your post, I can imagine the disappoint on their faces right now, that is if they even understand all these discussions we have been having. datribune: |
Re: How Dino Melaye Misled The Senate On TSA, Remita by Ballmer: 12:37am On Nov 14, 2015 |
datribune: So because Dino as fed fat as a senator REMITA should be allowed to feed fat on our collective wealth with questioning in Nigeria ? The fact remains there would never be a justification for any individual or organisation to be entitled to a percentage of the collective wealth of the entire population of Nigeria. It's baffling we refuse to learn in Nigeria. REMITA whether you agree or not is simply a replica of Alpha Beta at the federal level. The same alpha beta that is entitled to a fraction of the collective wealth of all Lagosians. How do you justify such action n in precisely what country does that happen in the world. The humongous sums transacted through the platform should essentially be a perquisite to why the CBN should never had bargain or sign a contract on percentage but we all know we have dullard manning the CBN. Buhari is one man I will never regret casting my vote for. REMITA should be prepared to go to court over the contract terms as am sure it would not be entitled to any fraction of the Nigerian wealth at least not under this administration. It can wait till PDP takes over in the next century. Good riddance to bad rubbish. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 12:41am On Nov 14, 2015 |
mickey45: If you had read all the comments made by respondents on this thread from the first page to the last, you would not have asked the question you did because the facts were explicit and the explanations given, were quite clear. There was no vitriol in my post. Please point it out, chapter and verse so I can address it. I do not thrive on conjecture, or comments that are not supported by facts. And if you understand how payment platforms work, then there really should have been no debate on this subject. Thanks. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 12:47am On Nov 14, 2015 |
Ballmer: You are asking a question that has been thrashed out and discussed extensively on the preceding pages of this thread. Remitta did not feed fat on anything. They installed a payment processing platform for CBN payments and collections, and different companies participated in a bidding, selection and evaluation process supervised by CBN, the World Bank Project Team and Office of the Accountant-General of the Federation, before that job was finally awarded to their company. The contract provided for a 1% fee of the transactions enacted on that platform to be shared by Remitta and all the 26 commercial banks. So what 'feeding fat,' are you referring to?? |
Re: How Dino Melaye Misled The Senate On TSA, Remita by subnormal: 1:08am On Nov 14, 2015 |
laudate: You are getting uour maths all wrong, 1% ÷ 2 is 0.5% each and not 0.05%, you only get that if the processing fee was 0.1% of the transaction which is what I believe should be a fair charge considering the large amounts involved. If the sum is shared by 26 entities as you posted elsewhere, the percentage becomes 0.038% per entity....where did your 0.05% come from sir |
Re: How Dino Melaye Misled The Senate On TSA, Remita by citizenunitedfo: 3:56am On Nov 14, 2015 |
This story stinks to the heaven. I cannot believe how people are defending the 1% share of people money. It does not matter if shared among one million entities. It is wrong! The federal government can spend less than N10M monthly on this service ball park. What pains me in this whole story is the fact that the same shameless people are in charge of regulation. Any juicy projects are hijacked by the same people and they will frustrate any innovation by coming up with bogus regulations. The CBN story about how World Bank was invited to vet the bidders and how system spec was selected is shameful. You can invite John the Baptist from planet Mars to vet. Who cares? If CBN is the one selecting the bidders and REMITA is the baby of Tunde Lemo the former CBN deputy Director, who in his right mind will take any decision made by CBN seriously? The same CBN that approved this deal is regulating the financial sector with the most thoughtless regulations that is preventing the growth of this sector. Where in the world are businesses expected to run when they can’t charge a fee on ATM or if fees are charged, must be below the cost. Yet they feel it is ok for REMITA to charge 1% of the whole government revenue, but no, other providers must charge a flat fee on fund movement. For your information, if you move N100 or N1B in Nigeria there is a flat fee by Nibss of less than N100. How can this translate into billions for REMITA and the others bleeding people money? How in the world is government department like CBN with the most unrealistic regulation expects the financial sector to grow beyond relying on sharing government revenue among themselves and call it transaction fee? I continue to believe that Majority of Nigerians in positions of power are actually of low IQ, they appear smart to an unsuspecting Nigerians, but they are not smart at all. They all get paid salaries from the masses money, contribute nothing of value to the society and then turn against the masses. These are really sick people. How is this 1% collection of people’s money different from what the politicians did when they delve their hand into the till and bleed the nation? and how can a sane person expect this to last? How can CBN defend such, oh well, they know most Nigerians are gullible. Any person familiar with fund movement within banks understand how payment system work in Nigeria and that this project should not cost the federal government more than N10M monthly and such contract can be awarded to any company. Their role is NOT to charge a penny, but to manage the technical infrastructure powering the transactions and ensure that funds are collected and channeled to the appropriate accounts How convenient it is to be charging 1% of a country revenue and you call yourself an innovative company. This is shameful. What invention have you created to alleviate the suffering of Nigerians except steal their money? The billions been deducted monthly as fee is enough to pay 5 million Nigerians a N5, 000 monthly social security. Do you have an idea what that means for the economy, country? Your savior is among those millions wallowing in poverty and eventually snuffed out. Few people with analog brains are sharing these billions monthly with inpunity doing practically nothing. What exactly are they doing? Let them put it out and let’s test their claims. Once the system is connected to the infrastructure that matters, the remaining cost is hosting fee and if the hosting company charges electricity and HVAC cost, then calculate how much that will be per month. You can see that this service can be run with N10M maximum monthly and this include 20 staff at least. Heads must roll. CBN and others must be probed alongside all the people sharing this money. This is wrong and this is coming from somebody who understand the system very well. If you want to charge per transaction fee, go ahead and compete in the market and let us see how well you fair in the market. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by tundy6: 10:44am On Nov 14, 2015 |
Those who blame Dino Melaye may either be ignorant of finance world or are just not lovers of Nigeria, if a bank charges 1% flat on all transactions, immediately it gets to N100m and above, reasonable customers negotiate and it can be reduced to as little as 0.001%, depending on the volume, if CBN agrees to have been paying 1% flat since inception irrespective of the amount, then some people, CBN and govt officials must have been pocketing over 75% of the charges, if REMITA is well probed we will see the revelations. PDP has killed Nigeria totally |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 12:24pm On Nov 14, 2015 |
subnormal: Guy, I did not pro-rate the fee, so I don't know where your 0.1% is coming from. Go through all the posts on this thread. I had earlier said the company would get 0.5%, if the 1% fee was split between the firm and the commercial banks equally. Another poster had corrected this, and said the amount that was actually due to the firm would be 0.05% as other entities were still involved in the sharing formula. This is not a maths class. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 12:27pm On Nov 14, 2015 |
citizenunitedfo: A little learning is a dangerous thing. Please educate yourself to know how the 1% was arrived at and the total number of commercial banks as well as the firm that would share that 1% fee. You did not even read through all the posts on this thread, you just jumped in shouting that the whole thing stinks to high heavens. Chai!! See some Nigerians and their narrow-minded, ignorant, myopic sense. 1 Like |
Re: How Dino Melaye Misled The Senate On TSA, Remita by baralatie(m): 12:30pm On Nov 14, 2015 |
^^
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Re: How Dino Melaye Misled The Senate On TSA, Remita by meforyou1(m): 3:01pm On Nov 14, 2015 |
Ballmer:remita is not a person. It is a software |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 3:02pm On Nov 14, 2015 |
meforyou1: Many of them have not bothered to read all the comments posted on this thread, from beginning to the end. They just jump in with both feet first, to post the inanities that enter their minds at will. 1 Like |
Re: How Dino Melaye Misled The Senate On TSA, Remita by citizenunitedfo: 3:12pm On Nov 14, 2015 |
laudate: You seem not to understand what is wrong in all these. Maybe you work for REMITA. You cannot, I repeat, you cannot charge a % of public fund. If you want to be charging a %, go start a business, let the public pay the fee for your service. No one will care., but when you begin to charge a % of government revenue, free money that is guaranteed to come, it's just plain wrong and simple. I don't need to learn anything from you because you don't know what you are talking about obviously. This revenue collection should be a flat management fee. The connections ensuring fund movement does not need innovation to warrant elaborate ongoing research and development as in commercial applications. Where is REMITA's cost to warrant sharing government revenue? |
Re: How Dino Melaye Misled The Senate On TSA, Remita by subnormal: 3:12pm On Nov 14, 2015 |
laudate: You need to go through your posts again. You mentioned 0.05% twice, first as the amount due for system spec and as the bank's share in the other instance. I mentioned 0.1% as what I believe is a fair charge and as the value the total deduction will have to be to get your 0.05%, and yes, this is a maths class, grab a pen mate How did 1% ÷ 26 give you 0.05...smh |
Re: How Dino Melaye Misled The Senate On TSA, Remita by meforyou1(m): 3:47pm On Nov 14, 2015 |
citizenunitedfo:do you really understand what remita means? |
Re: How Dino Melaye Misled The Senate On TSA, Remita by babysophie(f): 5:31pm On Nov 14, 2015 |
jhydebaba:Civic Education is a compulsory subject frm JSS1 2 SS3. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by citizenunitedfo: 5:59pm On Nov 14, 2015 |
meforyou1: Do I understand what REMITA means? You have no idea who is responding to you. Keep sharing government revenue and be calling it transaction fee. How would you like to pay N'billions to transfer your money? I'm done with this. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 6:39pm On Nov 14, 2015 |
subnormal: "You have mentioned 0.1% as a fair charge" and so what?? ....Were you one of those who negotiated the transaction fee, or the ratio of who gets what between CBN, the commercial banks and the company, or were you privy to the sharing formula?? You should answer the question yourself, if you know the sharing formula, and the ratio in which the 1% fee would be divided between the firm and the 26 commercial banks. What has been established throughout this thread, is that the 1% fee is not going solely into the pockets of the owners of the Remitta platform. You have decided to split hairs in a petty manner, over a maths equation that is solely known to you. We know you want to flaunt your vanity, by showing off your maths skills. Oya, have the floor.... mtcheew! |
Re: How Dino Melaye Misled The Senate On TSA, Remita by jhydebaba(m): 9:08pm On Nov 14, 2015 |
babysophie:yeah, but the senator was like it should be re - introduced. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 9:29pm On Nov 14, 2015 |
citizenunitedfo: I do NOT work for the company that owns Remitta and I never will. It is strange how people like you are so quick to jump to wrong conclusions, when a position has been taken. I have however been privileged to be part of project teams at home and abroad, that have set up and maintained payment processing platforms, for multinational clients. Every processing platform in the world charges a fee, for every transaction conducted using its platform. It doesn't matter if the users are private individuals or government agencies. Please read through all the posts on this thread to learn more about Remitta and what it was set up to do, as well as how the 1% fee was arrived at and how it is expected to be shared. Charging a certain percentage as fees on a transaction, is standard practice in business circles all over the world, so please do not imply that this is a strange or illegal practice. Even your banks charge you COT on your account, for transactions that have been conducted over a period of time. CBN did not put down a kobo for the set-up and installation of Remitta. Kindly conduct your research on the whole project before responding to my post, because if you persist in sustaining this line of reasoning, then you will have to forgive me and any other respondent for believing that you are clueless. Am out! |
Re: How Dino Melaye Misled The Senate On TSA, Remita by citizenunitedfo: 10:49pm On Nov 14, 2015 |
laudate: Sorry, you cant lecture me on payment transactions and fees. For this type of transaction, I have explained how the government can reduce cost and have a flat ongoing management fee of max N10M/ month paid to any company managing this. Anything outside that is share waste of public money going to a pre-selected few who are very inefficient for that matter. The fees that run into N'billions can be put to a better use in Nigeria. I'm not arguing with you over the legitimacy of inter-network fees, but there is a cost effective option explained above. It is no surprise when other networks filed a petition to CBN few weeks ago. All got too comfortable just collecting without any real value and they raised alarm because REMITA was favoured in the deal. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 11:03pm On Nov 14, 2015 |
citizenunitedfo: Wow!! Thanks for proving to us that you are really clueless. Forgive me, if I take my leave now. You know absolutely nothing about what it takes to install, operate and maintain a payment processing platform. You claim they are inefficient. Pray tell, did other more efficient companies tender for the deal and they were denied?? Are you aware of the number of firms that bidded for this job?? In your previous post, you compared the costs of maintenance of an ATM machine, with the cost of maintaining a payment processing platform used by multiple users in disparate locations that handles more multi-million transactions than the entire ATM network in the whole country. Sir, I know all about the exploitative tendencies of the ATM cartel in Nigeria. They like charging for services they do NOT provide and are clueless when it comes to providing prompt repairs or maintenance services. Trust me, I have managed various ATM service providers before in Nigeria, and they are a headache unlike their counterparts in Europe, America and other continents. Enforcing service level agreements with this bunch always results in a war of wits. It is folks like you that will end up paying 10 times the stipulated 1% fee to Mastercard, Visa international AM Express, CR2 and foreign owners of other payment processing platforms because there is no local expertise to support their aspirations. It is tiring explaining the same facts over and over again to those who do not wish to learn. Anyway, you just registered on NL for the first time today just to make this post. So I am not surprised at your naivete. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by sage10pm(m): 11:34pm On Nov 14, 2015 |
laudate:.....Baba u jst made me ondastand more abt dis remitta issue....since u r a madman(@ profile info tho) would like to gain more from ur experience. u say wot ?@laudate |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 11:38pm On Nov 14, 2015 |
sage10pm: Kindly read through all the posts on this thread. You would gain more understanding of what Remitta does. 1 Like |
Re: How Dino Melaye Misled The Senate On TSA, Remita by rman: 11:51pm On Nov 14, 2015 |
@ Laudate, stop educating nairalanders with low emotional IQ. It is clear to anyone that is educated and exposed to know u know what u are saying. It is only in these clime government can't do something right, when they outsource it and the firm runs efficiently and it becomes big, the people shout scam. 1 Like |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 12:38am On Nov 15, 2015 |
rman: I no know say you sef see am! Yet, these are the same people that will hand over the same function to a foreign company and pay 10 times the amount, for the same service simply because it is an overseas firm providing the service. Na wah, o! |
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