Governance

NIMC Further Clarifies Features of New National ID Card

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Following the announcement of the planned release of a new National Identification Number in the country by the Federal Government last week, the National Identity Management Commission, NIMC has provided further clarifications on the proposed ID.

In a statement released and signed by Head of Corporate Communications, Kayode Adegoke on Friday, the Commission said the new National ID Card is coming as a single, convenient, and General multipurpose card (GMPC), eliminating the need for multiple cards.

The single card with GMPC is said to have multiple use cases as: Payments/Financial, Government intervention/services, travel, etc.

The card, according to the National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and financial use cases.

“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS.

Applicants for the card will have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks

” The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards.

“The card can be picked up by holders at the designated centre or delivered to the applicants at the requested location at an extra cost to be borne by the applicants’” the statement said.

Vanguard/Simeon Ugbodovon

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Crime

Emefiele Back in Court over Alleged Abuse of Office

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The embattled former Central Bank of Nigeria Governor, Godwin Emefiele, has arrived at the Ikeja State High Court in Lagos for his arraignment over alleged abuse of office and allocation of billions of dollars.

Emefiele, alongside his co-defendant, one Henry Isioma Omole, will be arraigned on fresh 26 counts before Justice Rahman Oshodi this morning.

In the charge marked ID/23787c/2024 and dated April 3, 2024, the EFCC alleged that Emefiele abused his office between 2022 and 2023 in Lagos.

The commission alleged that the former CBN governor “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

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Economy

CBN Talks Tough on Banks

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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has vowed to pursue an aggressive regulatory environment to reduce infractions in the country’s banking system.

He said this on Tuesday in Abuja at the Monetary Policy Committee meeting of the apex bank, the first since he assumed office in September 2023.

He also stated that an in-depth investigation was underway to determine the necessary actions against banks involved in infractions, stressing that the bank was in the process of formulating “stringent regulations” to cleanse and purify the country’s foreign exchange market.

The governor, responding to questions on steps taken to promote trading on the foreign exchange market, also revealed that its foreign reserves increased to $34bn as of February 20, up by $2bn from the $32.23bn recorded at the end of January.

The naira has depreciated to an all-time low since the new administration floated the currency and unified the exchange rate windows.

The Nigerian currency weakened from over N700/$1 in May 2023 to over N1,500/$1 on Tuesday.

However, Cardoso said that the apex bank was moving to a “very aggressive regulatory environment”, adding that the CBN would do all within its powers to curb arbitrage aided by banks and BDCs.

He said, “What we are doing at the moment is a collaboration between the central bank and the law enforcement agencies to ensure that we can understand better what is going on in the market and where infractions are taking place. They will be speedily dealt with.

“Now, I must say that we are moving as far as the central bank is concerned, we are moving to a very aggressive regulatory environment, where those policies have been coming out, as you can see, and tolerance for people not to abide by the regulations that are coming out and to comply is zero.

“People will have to abide by those regulations, and those that do not will face the consequences. I can assure you that a very thorough exercise is going on to identify what needs to be done on banks aiding infractions. And once we come out with the outcome of those, it is not something that we will keep to ourselves. We will advise you accordingly and we will do what we have to do.”

According to Cardoso, the Apex bank would continue to make the market more liquid and to ensure that those who are genuine and want to abide by the rules and regulations that have been set by the central bank will be free to do so, adding that those who do not should be ready to face the consequences.

“Gross external reserves stood at $34.51bn on February 20, 2024, compared with $32.23bn at the end of January 2024. The improvement was driven by reforms in the foreign exchange market and an increase in oil production amongst others in the global economy,” he disclosed.

Cardoso revealed that the apex bank had paid another $400m out of $2.2bn of valid FX backlog to those who were genuinely identified.

According to the CBN governor, the bank will work to restore the confidence of the public and remains committed to its FX backlog to businesses being owed.

He stated, “In terms of the backlog, we are committed to clearing the backlog of identified and genuine requests that are pending. We are committed to doing that and I can tell you that just today, we paid out $0.4bn to those that were identified, and we are committed to continuing doing so in one form or the other to those genuinely identified and proven cases.”

The CBN had a $7bn FX backlog when Cardoso assumed office as the apex bank governor on September 15, 2023.

However, the CBN governor stated in an interview that the legitimate FX obligation of the bank stood at over $4bn and the bank had cleared around $2.3bn with about $2.2bn remaining.

Also, the Governor stated that around $2.4bn of FX claims were not valid after the bank instituted a forensic audit of the claims.

 Reiterating his stance on the suspension of intervention programmes and loans by the bank, the former Lagos State Finance Commissioner, said, “Interventions have two dysfunctions as far as I am concerned, from the central bank space. One is that it takes away a lot of your time for something that really and truly you do not have the expertise to do. And two, it also, if not carefully handled, creates a lot of distortions in your economy through the inflow of money supply. The interventions that took place in the recent past were estimated in excess of N10tn.

“I am not talking about ways and means. I am talking about interventions, over N10tn. What was the budget of the Federal Government of Nigeria? What was the budget of the largest state in Nigeria? Do the math and it will tell you the extent of damage. Too much of what may appear to be good things can do (harm) to an economy. So, for me, it is a major issue.”

Punch/Adebukola Aluko

Economy

N30tn CBN Loans: Senate to Probe Buhari Govt, Emefiele

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The Senate on Tuesday resolved to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria were obtained and spent by the administration of former President Muhammadu Buhari.

Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.

The senate stated that the reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises the country was currently facing.

The red chamber then resolved to set up an ad hoc committee to investigate what the N30tn overdraft was spent on by the immediate past government, noting that the details of the spending were deliberately not made available to the National Assembly.

The ad-hoc committee which will be constituted on Wednesday (today) will also probe the N10tn expended on the Anchor Borrowers Scheme, the $2.4bn forex transaction out of the $7bn obligation made for that purpose as well as other intervention programmes.

The development came as a biting food crisis, rising inflation, naira depreciation and worsening insecurity continue to take toll on Nigerians.

President Bola Tinubu and his economic team have come under intense criticism after last year’s fuel subsidy removal and exchange unification policy unleashed harsh economic conditions on citizens.

Tinubu’s cabinet members have continued to argue that the current crises were exacerbated by the gross mismanagement of the Buhari regime, arguing the current reforms were meant to right the wrongs of the past administration.

The latest move by the Senate is expected to unravel the ways the country and its resources were allegedly mismanaged by the Buhari administration.

Buhari had in a letter to the National Assembly in January 2023 requested that the N22.7trn Ways and Means loan should be converted to a 40-year bond with a moratorium of three years.

He also requested approval to borrow an additional N1trn to fund the N819.5 billion 2022 supplementary budget which the lawmakers approved last December.

Following the request, the House of Representatives on May 4, 2023, approved the conversion of the N23.7trn loan to a long-term bond for 40 years at the rate of nine per cent per annum.

The bond has a moratorium of three years.

The lower chamber approved the consideration of the report presented by the House Committees on Finance, Banking and Currency and Aids, Loans and Debt Management.

The Committee of Supply, chaired by the then Deputy Speaker Idris Wase, considered the recommendation in the report and approved it.

But the 9th Senate was thrown into a chaotic session after some lawmakers opposed Buhari’s request to approve the CBN loan as they demanded the details of his proposal.

The Chairman of the Senate Committee on Finance, Adeola Olamilekan, attempted to present the report of the president’s request when Rivers senator, Betty Apiafi, raised a Point of Order and said the president’s request was not constitutional.

She was, however, ruled out of order by the then Senate President, Ahmad Lawan, who asked that Olamilekan present the report before contributions were made.

Citing relevant laws from the Constitution, the CBN Act and the Senate Standing Rules, Rivers senator, George Sekibo, argued that the request was not in line with the Constitution.

‘’It will be a disservice that we have spent that money on behalf of Nigerians. It will be an abuse of our personal sense and against our privileges if we approve this request without details of the expenditure,’’ he insisted.

Many lawmakers who opposed the president’s request either said it was against the laws or wondered why the National Assembly was not notified when the amount was taken from the Central Bank.

Senate’s new probe

However, the Senate’s resolutions on Tuesday followed the consideration of the report of its Joint Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture and Appropriation on State of the Economy after interactive sessions held with the Federal  Government economic management team.

However the consideration of the report during the plenary was stormy with accusations and counter-accusations by Senators on how the N22.7tn Ways and Means was passed by the 9th Senate in May 2023.

The lawmakers were also miffed by the passage of N7.2tn on December 30, 2023, by the 10th Senate.

Specifically, the Whip of the Senate, Senator Ali Ndume (APC Borno South), in his contribution blamed the Senate for approving the request without details from former President  Buhari.

Ndume said, “When the N22.7trn Ways and Means approval request was brought before the 9th Senate, I insisted that details of spending made with it should be provided before approval but the Senate then went ahead and approved it.”

However, the Deputy Senate President, Jibrin Barau, countered that the decision taken then was a collective one with the caveat that the executive should provide details later, which was however not provided.

In his defence, the former Senate President, Lawan, claimed that the Ways and Means was in the past and urged the Senate to focus on the present.

Lawan said, “All of that is in the past, we must focus on the present which is the fact that people are hungry and they are crying. That’s what we should focus on.”

The Senate President, Godswill Akpabio, said as recommended by the committee and supported by most of the Senators, a thorough probe must be carried out on the N22.7tn Ways and Means approved in May 2023 by the 9th Senate which later increased to N30trn, with the passage of the N7.2trn accrued interest forwarded to the senate for passage last December.

Akpabio said, “The food and security crises confronting the nation now are traceable to the way and manner the said Ways and Means were given collected and spent. Details of such spending must be submitted for required scrutiny and possible remedies because what Nigerians want is food on their table which must be given.”

He added, “Other recommendations made by the committee on the need for a thorough investigation of the N10trillion Anchor borrowers program, and other intervention programs running into billions of dollars must be investigated.

“But as rightly recommended by the joint committee, security agencies should, as a matter of national urgency, combat all forms of insecurity across the country for farmers to access their farms for required food production highly needed in the country now.”

According to the executive summary of the report by the Senate’s joint committee, a copy of which was obtained by one of our correspondents on Tuesday, the Nigerian economy is currently facing challenging times “largely caused by distortions resulting from major fiscal and monetary policy actions of previous governments notably the huge direct lending to the Federal Government by the Central Bank of Nigeria to the tune of about N30 trillion, the operation of an opaque fuel subsidy regime and a raft of interventions by the Central Bank which seemed not well targeted.”

The report stated that this had led to rising inflation especially food, and persistent naira depreciation.

In reaction to the current economic hardships being faced by Nigerians, the Joint Senate Committee on Banking, Insurance and other financial Institutions, Finance, National Planning, Agriculture and Appropriation held an interactive session with the key members of the Federal Government’s economic management team.

The aim was to ascertain the true state of affairs of the country’s economy, the nature of the challenges and measures being put in place to address them within the shortest possible time.

According to the report, what has emerged from the interaction is the urgent need to bring down inflation, boost food production and stabilize the economy through proper coordination of fiscal and monetary policies.

The report further read, “The current state of the country’s economy is very challenging and has resulted in widespread suffering for the average Nigerian across the country. At the forefront of Nigeria’s economic challenges is the alarming surge in inflation rates, with headline inflation soaring to a staggering 28.92 per cent as of December 2023. This inflationary pressure is more evident in the essential sector of food, with food inflation now as high as 33.93 per cent leading to a cost-of-living crisis and rendering necessities increasingly unaffordable for many Nigerians. The inflationary spiral not only erodes the purchasing power of households but also exacerbates poverty and inequality across the nation.

“One of the main drivers of inflation in Nigeria today is the volume of money in circulation. As of December 2023, the country recorded an unprecedented money supply of N78.74tn, and a 51 per cent year-on-year increase when compared to the money supply as of December 2022. One of the driving forces of this significant increase in money supply was the N30tn Ways and Means or the direct financing extended by the CBN to the Federal Government which has only weakened the balance sheet of the central bank. In addition to the inflationary pressures, the country is also battling with acute shortages of food items.”

The report noted that the naira has continued to weaken against the dollar over time, adding that “In January 2024, the naira depreciated against the dollar by 37.6 per cent which has contributed to the inflationary pressures in the country, increased the cost of goods and services and also led to increased foreign exchange speculation.”

The Senate probe panel is expected to begin to summon some key members of the previous administration’s cabinet members.

PDP welcomes probe

The People’s Democratic Party has urged the National Assembly to follow through with the proposed probe and investigate Buhari’s administration

The PDP Deputy National Publicity Secretary, Ibrahim Abdullahi, said the current hardships facing Nigerians were a result of both “the actions and inactions” of the former President Buhari.

Abdullahi stated, “You know, that’s what we have always clamoured for. If there is any modicum of integrity in this government, then Buhari needs to be probed. It is not just about probing his government; Buhari himself should be probed. I am sure he does not enjoy any immunity now.

“Nigeria cannot continue like this. Fifty years after independence, we are still stuck in the same place. Any Tom, Dick, and Harry will take over leadership for years, and after inflicting untoward hardship on the citizenry like Buhari did in his eight years, then the individual will go free, and nothing will happen.

“The PDP is supportive of the Senate’s proposed probe of Buhari’s government, despite our lack of belief in it. However, it signifies a development aimed at restoring the faith of Nigerians in the system. Buhari should be subjected to a tribunal or panel to account for everything he did during the last eight years.

“Already, Buhari’s actions have been a form of self-investigation. We’ve been witnessing revelations, and some of us have been vocal about it even during his tenure. He was steering Nigeria backwards due to a lack of ideas and offered nothing to Nigerians, yet some forces imposed him on us. We endured a harrowing experience during his eight years in office.

“They claimed he had Nigeria’s best interests at heart. How? The Senate should investigate him, and we support them wholeheartedly, hoping it won’t be another futile arrangement as we’ve seen in the past. Let them match words with action.

“Nigerians are receiving it the hard way now. Everybody is surviving miraculously, insecurity has taken a toll on this country. What we are going through these days, the upheavals in the country and the hardships are the fallout of what Buhari has done with this country within eight years.”

LP speaks

Also, the Labour Party described the Senate’s plan to probe Buhari’s administration as a welcome development, doubting however whether the Senate would follow through.

LP’s National Publicity Secretary, Obiora Ifoh, expressed this view in an interview with one of our correspondents on Tuesday, likening the Senate to an appendage of Tinubu’s All Progressives Congress-led Federal Government.

He stated “If they actually want to walk the talk, then it is a welcome development. But also know that Nigerians do not have trust in this present Senate, because they are like an apron to President Bola Tinubu’s government. They have virtually approved any request by Tinubu’s government. So they don’t trust them

“The question is, do they have the political will to investigate APC? This government is a continuation of Buhari’s government and the APC is known for condoning corruption. So it is not likely they will carry out that threat. Because we know they are birds of the same feather and they flock together.

“So in summary the Labour Party thinks it is a good thing, but whether they will carry out that probe, is something else. Because the current Senate leadership does not have the political Will to investigate anybody, not to talk of the past government.”

Meanwhile, attempts to get comments from the former Minister of Information and Culture, Mr Lai Mohammed, were unsuccessful even as the counsel to Mr Emefiele, Mr Matthew Bukka, did not take calls to his mobile line at press time.

Punch/ Immaculata Justin

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Economy

CBN Investigator Indicates Buhari’s Nephew Approved Naira Redesign

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The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obazee, has indicated that the recent naira redesign wasn’t expressly approved by former President Muhammadu Buhari.

Obazee had gathered that the approval came from Buhari’s aide, Sabiu Tunde ‘Yusuf’.

This was contained in the investigator’s final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences) submitted to President Bola Tinubu on Wednesday.

Recall that Obazee, a former Executive Secretary of the Financial Reporting Council of Nigeria, was named by Tinubu as the CBN special investigator in a letter dated July 28, 2023, sighted by The PUNCH.

The report revealed that it was the embattled former CBN governor, Godwin Emefiele, who, in collaboration with Sabiu, implemented the naira redesign.

Sabiu is the former President’s nephew.

Emefiele, who is currently in Kuje Custodial Centre, is being prosecuted for N1.2bn in procurement fraud.

He has not been able to perfect the N300m bail granted him by the High Court of the Federal Capital Territory on November 22, 2023.

However, documents obtained by our correspondent on Thursday indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.

Emefiele could be “prosecuted for illegal issuance of currency under Section 19 of the CBN Act alongside Tunde Sabiu and the 12 top directors of the CBN.”

It was gathered that the naira redesign policy was sold to Buhari at the instance of Sabiu and that the initiative was done without the approval of the board of the CBN.

The investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira.

“On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure the N1000, N500, and N200 notes.

“The former president tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.

Emefiele was said to have contracted the redesign of the naira to De La Rue of the UK for £205,000 under the vote of the head of the Currency Operations Department after Nigerian Security Printing and Minting Plc said it could not deliver the contract within a short timeframe.

It further showed that “the special investigator found that N61.5bn was earmarked for the printing of the new notes, out of which N31.79bn had been paid.

“As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.

“The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.

“For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.

“Similarly, the Committee of Governors, at its 670th meeting held on December 9, 2020, granted ‘anticipatory approval’ pending receipt of a formal request by Mr President and ratification by the board of directors for the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.

“The decision was implemented on December 15, 2020.”

The CBN investigator discovered that the CBN Ways and Means was abused under the Buhari administration.

Under the CBN Act, the Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.

It costs the CBN and its subsidiary about N74.84bn to produce and roll out currencies, including new naira notes, in 2022.

Despite the scarcity of naira that plagued the country in the latter months of 2022, the CBN spent 40.42 per cent more than the N53.29bn it spent in the preceding year to roll out currencies.

Punch/Simeon Ugbodovon

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Economy

Cash Hoarding: CBN Warns Banks, POS Operators

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The Central Bank of Nigeria has cautioned Banks and POS operators against illegal actions affecting the circulation of naira.

This comes on the heels of public outcry that the Naira is not accessible to Nigerians.

Punch Newspaper

The CBN warned parties involved to immediately desist from such acts or face the law, saying there is over cash availability.

In a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday, the CBN says that there is collusion between some Deposit Money Banks and Point-Of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

“The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira”. he noted

CBN has also advised Nigerians to use alternative payment platforms and channel their complaints via a digital platform provided in the statement.

Omolola Ameen/Simeon Ugbodovon

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Economy

Cardoso Pledges Strict Adherence to CBN Act

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The new Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said he will prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term.

He said this on Tuesday during the screening session of members of the Senate.

Cardoso promises to enhance transparency, fix corporate governance, and ensure confidence in the autonomy and integrity of the bank.

“We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.

The new CBN governor said he would maintain price stability, revert to evidence-based monetary policies, and discontinue his predecessor’s unorthodox monetary policies to bolster the country’s naira currency.

Cardoso’s screening as the nation grapples with falling economic indices with the naira nearing 1,000/$ at the parallel market.

The official market closed with the naira-to-dollar exchange rate settling at N755.08/$1 on Tuesday, according to the foreign exchange data released by the FMDQ Exchange

According to Cardoso, the immediate plan to stabilise the naira will be for the apex bank to settle existing financial obligations and make “transparent rules.”

Describing how to address what he termed as an ‘operational issue’, he said, “Right now, we have a situation where we are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn or $7bn, I don’t know but definitely the immediate priority will be to verify the authenticity and extent of what is owed.

“Number two, apart from the operational issue, there is one that is system related that involves ensuring that we come up with rules that are open, transparent that any of the players in that area understands. We can’t expect foreign investors and portfolio investors to come; we can’t expect them if there is no open, transparent system that everyone understands.

“In setting up those guidelines one will carry the relevant stakeholders along and the comment was made earlier that one should be ready to engage everybody and hear views. Those two things, though they may seem simple, will go a long way to easing up the restrictions we are having on people (investors) that want to come in.”

Also, the newly confirmed CBN governor said to tackle the country’s inflation, the CBN would roll out evidence-based policies.

He said, “When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim. We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data.”

Cardoso during his screening emphasised the need to restore the apex bank’s independence and credibility by refocusing on its core mandate and ensuring a culture of compliance.

“Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.

“In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”

As of October last year, about N9tn had been released as intervention funds by the apex bank.

The bank had said that about N3.7tn had been repaid by beneficiaries while over N5tn was not yet due for recovery.

For bank unhealthy bank charges, the international banker said that the team would review the situation and come up with the required position.

The newly confirmed governor also promised that he and his team would not be hijacked by politicians as they discharge their duties.

The CBN governor said, “It is important that we, who are considered for this position today, understand that this is a position of trust.

“With that comes a huge responsibility to meet up with that trust. I know that a lot of time and effort has gone into choosing the people who are standing here for nomination today.

“As far as I am concerned, under my leadership, we will not be hijacked by anybody. The idea is to ensure that we do what is right, when it is right, and how it is right. We’ve seen what the effect of not doing right has been, and we do not intend for that to be repeated.”

He added that his team and him would inculcate a culture of compliance into the apex bank by adhering strictly to the CBN Act 2007.

“I believe that the central bank under our watch will have no choice but to embrace a culture of compliance,” he said.

Punch/ Oluwayemisi Owonikoko

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Politics

CBN Gov Cardoso, Deputies for Senate Screening Today

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The Senate will today (Tuesday) screen the acting Governor of the Central Bank of Nigeria,  Dr Olayemi Cardoso, for confirmation into a substantive capacity alongside four nominees for the positions of CBN Deputy Governors,  to steer affairs of the apex bank in the next five years.

The Red Chamber, which is returning from its two-month annual vacation, has also scheduled the screening of two additional ministerial nominees by  President Bola Tinubu for Tuesday, October 3, 2023.

The Media Office of the Senate Leader, Senator Opeyemi Bamidele, disclosed this in a statement on Monday evening.

While the National Assembly was on break, the President appointed the duo of Dr. Jamila Ibrahim and Ayodele Olawande as Minister of Youths and Minister of State for Youths respectively.

Tinubu also approved the nomination of  Cardoso as the new Governor of the Central Bank of Nigeria pending his confirmation by the Senate.

Last week, Cardoso resumed as the CBN governor in an acting capacity pending his screening and expected confirmation by the Senate.

The statement by the Senate Leader office said, “Dr. Cardoso will be screened alongside four deputy governors: namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

“Besides, the Senate has scheduled to screen the ministerial nominees – Dr. Jamila Bio Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth on October 3.”

Meanwhile, the Senate also pledged not to disappoint Nigerians as regards the appropriation of the 2024 budget.

Speaking on the agenda of the Red Chamber ahead of its resumption, the Senate spokesperson, Yemi Adaramodu,  emphasised that the revitalisation of the economy was top of its priorities.

Adaramodu said, “Soon after the resumption, the appropriation process will commence.

“The 10th Senate will not disappoint Nigerians; we’d ensure that we do what is expected of us because we are in a peculiar time when all hands must be on deck and Nigerians are eagerly waiting to see us do the needful to save Nigeria from the economic troubles we are currently experiencing and that permanent solutions are proffered.

“We’d ensure that appropriations are targeted at deliverables that can enhance a good life and good living of Nigerians and we are going to ensure that those that are approved are delivered to the latter and that quality services are given to Nigerians so that we can realise the goals of the Nigerian project so that we can ensure that life is more abundant to everyone to Nigerians.”

Adaramodu said the Senate expected the President to send the budget soon.

Punch/Simeon Ugbodovon

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Economy

Cardoso, Son of the 1st AG of the Federation

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By Olaitan Oye-Adeitan

His may not have been a name that rings a bell in the Nation though he had held and occupied high ranking positions, making indelible impacts.

But on Friday, 15th September, 2023, he came into lime light, upon his nomination by President Bola Ahmed-Tinubu as Governor of the  Central Bank of Nigeria, CBN, the nation’s monetary regulator.

He is none other than Olayemi Michael Cardoso. 

Interestingly, his father, Felix Bankole Cardoso made history fifty years ago when he became the Nigeria’s first indigenous Accountant General of the Federation precisely in 1963.

What is Cardoso pedigree?

Olayemi Cardoso earned his Bachelor’s degree (B.Sc.) in Managerial and Administrative Studies from Aston University in 1980.

He furthered his education at the Harvard Kennedy School of Government (HKS) and graduated as a Mason Fellow with a Master’s degree in Public Administration in 2005.

In recognition of his exceptional contributions to both the private and public sectors, Aston University honoured Cardoso with an honorary Doctorate in Business Administration (DBA) in 2017.

He is also distinguished as a Fellow of the Chartered Institute of Stockbrokers.

Prior to his nomination, Dr Cardoso was the former chairman of Citibank Nigeria. 

He is a distinguished leader in the financial and development sectors with over  thirty years’ experience in the private, public and not-for-profit organisations.

With diverse corporate governance experience, Dr Cardoso had also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

Cardoso equally served in government as the Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenue.

In his capacity as a consultant and policy expert, Dr Cardoso has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organisation and the Swedish Development Foundation.

He is the recipient of several awards including an honorary Doctorate Degree in Business Administration from Aston University, his alma mater, and the Global Distinguished Alumni Award from Citi.

Achievement

His commitment to lifelong learning has been acknowledged by various educational institutions, including:

  • Trustee of the Harvard Club of Nigeria from 2022 to the present.
  • Trustee of the Harvard Kennedy School Nigeria Alumni from 2020 to the present.
  • Board advisor at the Lagos Business School since 2019.
  • Trustee of St. Augustine University since 2018.
  • Global Alumni-elected Board member of Harvard Kennedy School from 2006 to 2010.
Economy

We process, not pay workers’ salaries- IPPIS

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The Director in Charge of the Integrated Personnel Payroll and Information System, IPPIS, Mr Emma Deko says they are not responsible for the payment of salaries or workers.

Mr Deko said the system is only responsible for the process of payment.

Mr Deko who spoke at the resumed hearing of the House of Representatives adhoc committee investigating non-remittance of deductions from workers’ salaries for the National House Fund, explained that in most cases, deductions from workers are not remitted because of a shortage of cash backing for approvals for wages.

According to him, while IPPIS prepares the salaries for only federal workers, the government appointed four gateways that are responsible for the payment of the salaries to workers.

He gave the names of the gateways which he said are not situated within the IPPIS as Nigeria Interbank Payment System, NIPS, E-Transact, Remita and GIFMIS.

Mr Deko explained that since the money is in the Central Bank of Nigeria CBN, when the remittances are done, the CBN was supposed to give IPPIS statements, after which they ask for the breakdown to do reconciliation as accountants.

According to him, it is becoming difficult not only in IPPIS but the entire accounting cadre, because the apex bank only gives them bulk figures.

Responding, the committee summoned the CBN and the Accountant General of the Federation to appear before the committee on Thursday to explain the delays in remitting deductions from workers’ salaries to the Federal Mortgage Bank.

FRCN Abuja/Adetutu Adetule

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Economy

CBN Introduces Forex Price Verification Platform

By Web News 304 0

The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex.

The apex bank in a statement from its Trade and Exchange Department on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests while it takes effect from August 31, 2023.

The statement read, “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the statement reads.

“All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.

“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.”

While urging all authorised dealers to inform their customers of the development, the CBN also said any case of infraction would be appropriately sanctioned.

“Please, ensure compliance,” the apex bank added.

Punch/ Oluwayemisi Owonikoko

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Crime

FG Files Fresh Charges against Emefiele

By Web News 321 0

The Federal Government on Tuesday applied to withdraw the charge of illegal possession of firearms filed against the suspended governor of the Central Bank of Nigeria, Godwin Emefiele.

Director of Public Prosecutions at the Federal Ministry of Justice Mohammed  Bakodo Abubakar who approached the Federal High Court in Ikoyi with an oral application said the withdrawal followed the result of further investigations.

Abubakar however disclosed that fresh charges with 20 counts had been filed against Emefiele at the Federal High Court, Abuja.

He made this known while speaking with journalists after the day’s proceedings.

On July 25, Emefiele was arraigned on a two-count charge bordering on “illegal possession of firearms” at a federal high court in Ikoyi, Lagos.

Punch/Olaolu Fawole

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Economy

FG Targets Forensic Audit of CBN, Overhaul of Civil Service Payroll

By Web News 336 0

President Bola Tinubu says a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the Civil Service payroll is imminent. 

The President stated this during an audience with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa, Abuja.

”The reforms are in tandem with Nigeria’s Ease of Doing Business programme. We’ll block all financial loopholes. The reforms will be targeted at the way we work, change of attitude and equally on educating our people. It’s costly but we will do it,” he said. 

Highlighting Nigeria’s resilience and intellectual prowess, the President implored the Bretton Woods institution to view the country as a significant player within the global community, not solely as a struggling economy. 

‘‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,’’

On poverty alleviation, the President called for more increased support from the World Bank, expressing optimism for a productive collaboration between Nigeria and the World Bank that will lead to mutual benefits and sustainable progress.

Third left, the World Bank President, Mr. Ajay Banga, president Bola and the delegation from the world Bank at the presidential Villa Abuja. Photo: Twitter/@officialAbat

He also discussed the ongoing efforts to address issues around fuel subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.

The President pointed out the importance of electricity generation for economic development, highlighting the turning of sod earlier today on the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja.

The President explained that the project signified the administration’s commitment to a comprehensive approach, which encompasses power generation, distribution, energy transition, and tariff adjustments.

While calling for a positive partnership with the World Bank, President Tinubu emphasised key areas of focus, including job creation, digitisation, and National Identity Management. 

He also requested the World Bank’s support in addressing the challenges posed by the removal of cross-sectoral subsidies, particularly in lessening the impact on less privileged Nigerians. 

The President of the World Bank, Mr. Ajay Banga had commended President Tinubu for his efforts in addressing the economic challenges of the country. 

Abdullah Bello

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Economy

Suspended CBN Gov. Emefiele Faces Trial

By Web News 467 0

The suspended Central Bank of Nigeria Governor, Godwin Emefiele, has arrived at the Federal High Court sitting in Lagos State

The embattled CBN boss arrived at the court premises around 9:20 am for his alleged gun possession trial.

He is to stand trial on two counts of possessing a single-barrel shotgun (JOJEFF MAGNUM 8371) without a license.

The report says, the Department of State Services, DSS, had on July 13, 2023, filed a two-count of illegal processions of firearm and ammunition against the suspended CBN governor.

The DSS in the charge sheet accused Emefiele of possessing a single-barrelled shotgun (JOJEFF MAGNUM 8371) without a license.

In the second count, the service charged him with illegally possessing 23 rounds of live ammunition (cartridges) without a license. The offense is also said to be contrary to Section 8 of the Firearms Act and punishable under Section 27 (1)(b)(il) of the same Act.

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PUNCH/Taiwo Akinola

Opinion

Tinubu’s Presidency: Plaudits, Knocks and Prospects

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It is incontrovertible that the performance of President Tinubu has beaten the imagination of his close associates and other poles apart within a short interval since his inauguration on 29th May, 2023.

Obviously, steps and decisions so far taken indicate that BAT prepared himself for the plum job compared to most of his predecessors who once occupied Aso Rock.

Despite stiff challenges and opposition on all fronts, the President has hit the ground running, focused, assertive, fair, effective and decisive.

So far, the BAT’s presidency has in less than two months posted some scorecards, which include appointment of key aides including service chiefs with national spread, though there are feelings in some quarters that the appointments tilted more towards Yoruba, compared to other sections of the country, as was the case with the last administration.

Like Tsunami, Mr President gave the boot to Godwin Emefiele, the CBN governor, Ibrahim Bawa, the controversial EFCC Chairman and MDAs Boards that shaped the policies of the former administration.

Also noteworthy was the immediate signing students’ loan bill into law as well as four Executive Orders that overturned the prevailing anti-people’s policies, roadmap on economic policy and revival.

He has equally within the time frame held meeting with the representatives of Monarchs across the nation, parleyed with JOHESU, NLC and opposition leaders.

His election as Chairman of ECOWAS Heads of States/Governments at his first attendance could be described as a plus less than two months into his presidency.

However, there are issues which President Tinubu has inappropriately handled or has not adequately responded to. First was the abrupt removal of oil subsidy without providing any cushion for the masses resulting in general economic hardship.

Though the Students’ Loan Bill is a welcome development, it may not be appropriated by indigent students because of its stringent conditions while also the upward review of school fees by higher institutions looms in the country.

Deadly terror attacks has been recorded in Benue State, Plateau State, Southern Kaduna and some other places, and Nigerians await swift response from the President, who have also kept mute over alleged provocative utterance by former Gov. El-Rufai’s, which could inflame religious tension, though the Kaduna ex-governor has eventually said he was quoted out of context.

Nigerians want a clean departure from the immediate past administration, and are waiting to see if BAT will reverse questionable appointments made by the former president or his lieutenants at the eve of their exit, and the president has been silent on media speculation that he intends to appoint certain controversial and discredited individuals into his cabinet.

While the President mulls possibility of a unity government, suspicion is rife among the opposition political parties that they may soon lose their voice on the assumption that the nation may become a one-party state in the new dispensation.

This fear could be premised on past records.

By and large, Tinubu’s Presidency has lots of prospects if the current tempo is maintained and sustained. Concisely, the nation will like to see an administration immensely bringing its weight to bear on areas such as the  sanctity of human life, rule of law, fiscal federalism, discipline and sanity of MDAs and state apparatus, discontinuation of selective justice, discontinuation of political interference on high profile cases, bridging North/South suspicion and dichotomy, prudent management of oil and other mineral resources better, massive job creation, foreign investment, and infrastructure leap, with a view to reducing JAPA syndrome, efficient public service devoid of bottlenecks and undue bureaucracy, with reduction in the cost of governance.

And not the least, Nigerians want to sleep with their two eyes closed, hence Mr President should prioritise reorganizing the armed forces; pursuit of enhanced synergy among security agencies under a strong West African regional block could turn the tide in this direction as some countries in the block are plagued by extremists and other non-state actors.  

BAT has no god-father, will this count for his being able to take decisive actions on matters of public interest without minding stepping on toes?

Dr Sunday Olawale

Dr Sunday Olawale is a public affairs commentator

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Lifestyle

Yet We Survived

By Web News 367 0

By Olaitan Oye- Adeitan

Time it was when Coronavirus was ravaging violently and it appears as if there would be no end. Then, nose masks became a significant part of dressing, coming in all shades and styles. Sellers made huge profits, selling a piece of nose mask for five hundred naira in the very outbreak of the virus.

Time it was when you could not gain entrance into shopping malls, business organizations, churches, mosques, classrooms, and any public gathering without having your nose masks on, hands washed, sanitized and body temperature checked.

Where are the nose masks today? 

Time it was when the naira became a scarce commodity and naira was used to purchase naira. Oh! what a field day it was for  Point of Sale operators, POS.

Individuals couldn’t access the money in their bank accounts due to a sudden naira redesign policy from the Central Bank of Nigeria, CBN, by its former governor, Godwin Emefiele under the immediate past administration of former president, Muhammadu Buhari.

It was like putting corn in a corked glass bottle while a fowl watched helplessly.

Indeed, time it was when obtaining a tally number was the prerequisite to gain access to the banking hall or ATM machines before you could withdraw.

Time it was again when you found yourself on the queue for fuel, cash, or the Permanent Voter Card, PVC.

Time it was, when people kept vigil in either bank areas or filling stations without the assurance of getting cash or fuel.

What about daily complaints of dispensing errors, debit errors, and uncontrollable crowds that besieged the banks daily accompanied by an outrage of anger? 

And once was the time when business transactions were majorly online due to the scarcity of physical cash. What a time for market traders who did not have bank accounts!

After much resistance to the reality on ground, traders could not but open accounts online or use their family members account for transactions. It was really a time of season dramas in the markets, especially with those selling perishable food items.

Mr. Network could Indeed not be hurriedly forgotten at those times as it did not make itself available all the time while you just have to target some hours to transact, especially early in the morning or late at night when there would be less traffic.

Nigerians would never forget in a hurry the unwarranted rivalry that arose between the old and new naira notes as a result of policies from the CBN.

Suddenly, the once admired, easy to get and spend old 200, 500 and 1000 naira notes became an old stuff that is never wanted by bank customers. It was so much detested that people rejected the old notes even when given as gifts in any of the denominations for fear of rejection in the market.

The moment a customer tenders the old note to purchase any product, traders or commercial drivers vehemently resisted it as if it was an excreta.

Today, it almost appears unbelievable that the ATMs are now dispensing with no appearance of the usual queue.

The once rejected old and new naira notes have now fallen back in love in the hands of the people.

POS operators are back in their kiosks charging a hundred naira over five thousand as against the previous one thousand naira over five thousand naira.

Also, the queues are no more in the filling stations despite the increase in fuel pump price.

In all of these experiences, it tells us that absolutely nothing or no situation lasts forever.

Similarly, “every seasonal situation can bring with them lessons that can last a lifetime” says,Mandy Hale.

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Transportation

Airfares Rise as Exchange Rate Hits N702/$

By Web News 698 0

Airfares on Nigeria routes to various destinations in Europe, North America, the Middle East, and other foreign cities have skyrocketed as the exchange rate for ticket pricing hits N702/$.

The development came barely one week after the Central Bank of Nigeria floated the naira and directed commercial banks to sell foreign exchange at market-determined rates.

As part of its moves to end multiple exchange rates that have left to the exit of several investors from Nigeria, the CBN last week introduced new forex guidelines aimed at unifying the nation’s exchange.

Among other things, the CBN said all forex windows should be collapsed into the Investors and Exporters Window.

About 24 hours after the decision, the naira traded at 664.04/dollar at the I&E window. Two days later, the local currency closed at 702.19/dollar at the close of business on Thursday.

Following the development, Reports on Monday showed that the exchange rate adopted by the International Air Transport Association for ticket pricing in Nigeria rose to N702/dollar.

In previous months, the exchange rate adopted by international airlines for ticket pricing had risen consecutively from about N445/dollar to about N660/dollar about two weeks ago.

However, the latest move by the CBN has made IATA to adopt the exchange rate on the I&E Window.

Prior to the latest development, IATA used to adopt NAFEX rate published on the FMDQ Exchange.

The development came as summer travel season began a week ago with ticket prices rising by 25 percent.

Travel operators told newsmen that ticket prices had gone up significantly with several operators raising concerns that, the hike in the exchange rate could mar the summer travel plans of many Nigerians.

The President of the National Association of Travel Agents of Nigeria, Susan Akporiaye, while reacting to the current development, expressed disappointment lamenting that passengers would suffer the most from the increment.

 “Fares will definitely increase and passengers have to pay more. As a result, Passengers won’t travel as much as they should and this will affect travel agents,” she said.

Also, the Chief Executive Officer, Corporate Travels, Mr. Akande Diran, while reacting, said, “Around mid-June, ticket prices always go up. We call it peak period. This is so because many people often go on vacation during this period. Apart from this, the rising exchange rate will lead to higher ticket prices.”

The development came amid difficulty in repatriating millions of dollars of ticket sale proceeds by foreign airlines in Nigeria.

However, experts believe the latest move by the CBN will ease the process.

Regional Vice President, Africa and Middle East, IATA, Kamil Alawadhi, said the trapped funds had risen to $812m as of April 2023.

Culled / Titilayo Kupoliyi

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Crime

Just in: DSS Arrests Emefiele

By Web News 542 0

Suspended Governor of Central Bank of Nigeria, Godwin Emefiele, has been arrested by the Department of State Security Services, DSS.
The news of Emefiele arrest was made now on Bayo Onanuga Twitter page @aonanuga1956.
According to reports, the DSS apprehended Emefiele, shortly after his suspension by President Bola Tinubu on Friday evening.
Following his suspension, Emefiele was instructed to transfer the responsibilities of his office to the Deputy Governor (Operations Directorate), who will serve as the acting Central Bank Governor until the investigation and necessary reforms are completed.
It would be recall that the DSS had filed its case (ex-parte motion) against Emefiele on December 7, 2022, seeking permission to arrest, probe and detain him. However, on December 9, a federal high court in Abuja declined the application filed by the DSS.
Emefiele is accused of the following by the DSS of funding unknown gunmen, ESN and IPOB with money he raised for his failed presidential bid last year and funds diverted from government coffers.
He was also accused of mismanagement of Nigeria’s social investment program (NISRAL and the Anchor Borrowers Scheme); Illegal economic crimes of National security dimension; Money Laundering; Unwholesome activities through proxies; Round tripping and Conferment of financial benefits to self and others.
Culled/Oluwayemisi Owonikoko
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Economy

Update: Dismiss report of naira devaluation to N630/$1- CBN

By Web News 459 0

The Central Bank of Nigeria, CBN said it has not devalued the naira urging the public to dismiss any contrary report.

Acting Director, Corporate Communication, Dr. Isa AbdulMumin stated this in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.


The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.


Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.”

Vanguard/Simeon Ugbodovon

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Economy

NLC, CBN Meet over Planned Strike

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The Minister of Labour and Employment, Chris Ngige, has taken steps to avert the impending nationwide strike of the Nigeria Labour Congress, NLC, billed to commence on Wednesday.

The labour union had threatened to embark on nationwide industrial action if the cash crunch, fuel scarcity and electricity tariff increase were not addressed.

In response to the strike threat by the NLC, Ngige invited the leadership of the NLC and the Central Bank of Nigeria management to a meeting in his office on Monday, to resolve their differences.

The 10-man delegation of the NLC was led by its President, Joe Ajaero, and the General Secretary, Emmanuel Ugboaja, while the CBN Governor, Godwin Emefiele, was accompanied by two Deputy Governors, Kingsley Obiora (Economic Policy) and Ade Shonubi (Organised Private Sector).

Making his opening remarks, Ngige refuted the allegation by the NLC that his ministry did nothing about the matter.

He said on receiving the letter from NLC, he forwarded same to the CBN Governor before travelling out of the country for an International Labour Organisation Governing Board meeting and directed the Permanent Secretary and Trade Union Services and Industrial Relations Department to follow up.

On his own part, Emefiele said when he received the letter from the labour ministry, he called the President of NLC to brief him on steps taken to alleviate the sufferings of the masses.

He said he went further to have a meeting with NLC president, which he said resulted in the large volume of funds made available to the deposit money banks.

Ajaero urged the CBN to improve on their services, regretting the information gap created in the implementation of the naira redesign.

He said, “The NLC could not have stopped CBN from taking good decisions and implementing them in the interest of the nation. If stakeholders were invited and briefed on the policy, when the people complain, NLC would explain everything to them. But in this case, the CBN did it alone. Moreover, it is a wrong time for administering such a national policy.”

Ajaero said the National Executive Committee of NLC will meet Tuesday to take a decision on the planned strike.

Culled / Titilayo Kupoliyi

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Economy

BREAKING: CBN Obeys Court Order, Says Old Naira Notes Remain Legal Tender

By Web News 755 0

By Olaolu Fawole

The Central Bank of Nigeria (CBN) says the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.

Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday and also on the verified social media pages of the apex bank.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

Economy

Gov Adeleke Frowns as Banks Reject Old Notes

By Web News 491 0

By Funmi Adekoya

The Governor of Osun State, Senator Ademola Adeleke has decried the maltreatment of residents of the state by banks which refused to collect old currency notes even after paying customers with old notes.

In a statement issued by the Governor’s Spokesperson, Mallam Olawale Rasheed, the Governor lamented the pains and suffering of residents, narrating the many complaints of bank customers who accused the banks of refusing deposits of old notes.

Governor Adeleke said that he has received calls from Bank customers across the state stressing that the deliberate refusal of banks to collect old notes is creating serious economic hardship for residents of the state.

The Governor, therefore, called on the Central Bank of Nigeria to direct banks operating in the state to correct the anomalies, adding that if banks will not accept old notes as deposits, they should stop issuing old notes for withdrawal.

Politics

Poll Materials Make Way out of CBN Ibadan amidst Tight Security

By Web News 621 0

Mosope Kehinde 

Independent National Electoral Commission INEC in Oyo state has commenced the distribution of sensitive materials to the 33 local government areas of the state.

The exercise which was done at the Central Bank of Nigeria, CBN amidst tight security had representatives of political parties

The distribution of sensitive materials however confirmed the readiness of INEC to conduct the much-awaited 2023 general election starting on Saturday, 25th February.

Two members of different political parties in Oyo state, Alhaji Tajudeen Olanite and Mr Idowu Awokoya expressed satisfaction with the distribution of the materials and INEC’s readiness for the exercise.

Earlier, Residents Electoral Commissioner, Oyo State, Dr Adeniran Tella said the distribution began at two o’clock in the morning.

Dr Tella said the materials, including ballot paper, EC8 series and result sheets would be redistributed to polling centres while registration area centres, RAC, would be activated on Friday.

He assured residents of a seamless voting exercise with a credible, fair and acceptable election.

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Economy

Gov. Adeleke Calls for Sanctions Against Banks Hoarding New Naira Notes

By Web News 439 0

By Funmi Adekoya

The Osun State, Senator Ademola Adeleke urges the Central Bank of Nigeria, CBN, to sanction financial institutions involved in the hoarding of new naira notes.

Addressing CBN officials in his office, Governor Adeleke decried the increasing shortage of the new notes, explaining that, he has been deploying state networks to douse tension and ensure the safety of banks and the CBN state office.

The Governor said his intervention in the last few weeks had ensured that Osun state is saved from increasing conflict across some South Western states.

He however expressed displeasure over the current hardship citizens are facing, adding that, his government was ready to partner with the CBN for the currency swap.

Governor Adeleke advised CBN to act fast as the situation is getting out of hand, informing the team that, the state is sacrificing a lot to maintain peace.

Responding, the CBN state Director, Mrs Oluyemi Adeyemi commended the Governor for his proactive steps that have saved the state from naira-related riots.

Mrs Adeyemi said the apex bank is working effortlessly, to make the new notes available and has issued queries to some commercial banks who hoarded the new naira notes.

The meeting set up a monitoring mechanism between the state government and the CBN to ensure allocated new notes get to the populace.

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Economy

CBN Denies Authorising Commercial Banks to Collect Old #500, #1, 000 Naira Notes

By Web News 571 0

The Central Bank of Nigeria, CBN, has denied reports circulating on the social media that it has asked deposit money banks to collect the old N500 and N1,000 banknotes.

In a statement on Friday, CBN, Director of Corporate Communications, Osita Nwanisobi said, the apex bank has not authorized any bank to receive the deposit of old 500 and 1,000 naira notes.

In line with President Muhammadu Buhari’s national broadcast on Thursday, it restates the order that, the CBN is only reissuing and recirculating the old N200 bank notes and which is expected to circulate as legal tender for 60 days up until April 10, 2023.

The CBN however advised members of the public to disregard any message or information that is not formally released by the bank on this subject.

PR/Taiwo Akinola