Business

CBN unveils Africa-led domestic card scheme to strengthen payments system

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Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Thursday, unveiled an African Central Bank-led National Domestic Card Scheme (AfriGO) to address local peculiarities.

At the event, which was monitored virtually, Emefiele said the new card would be accessible to all Nigerians and is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria.

According to him, the new card scheme aimed at providing more options for domestic consumers while also promoting the delivery of services in a more innovative, cost-effective and competitive manner.

He said that CBN’s cash-less policy had created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem.

The CBN governor assured Nigerians that the card scheme would open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services.

He commended the Nigerian banking community for rising to the challenge of strengthening the national payments system by implementing AfriGo.

Mr Emefiele also assured international service providers that the new scheme was not designed to prevent them from operating in Nigeria.

“This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria. It is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner,” said the CBN boss.

Mr Emefiele stressed CBN’s commitment to a robust, efficient and safe national payments system, welcoming innovation from both domestic firms and foreign investors.

“We can no longer neglect the vast majority of Nigerians whose daily payments needs are micropayments,” the CBN governor said.

“We need to capture them in national statistics to further understand their transaction dynamics and properly target interventions in that sector of the economy.”

Business

Lagos traders shut market to collect PVCs

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Some major markets were shut down in Lagos yesterday, January 25, to enable traders collect their PVCs ahead of the election which would begin on February 25.

The management of International Trade Fair Complex, Balogun and Article markets, said the decision was taken to encourage the traders to collect their PVCS and exercise their franchise on Election Day.

It was also learnt that an automobile spare parts market in the state was also shut last Saturday for the same purpose.

Business

Naira Scarcity: CBN insists banks have ‘massive supply’ of new notes

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The Central Bank of Nigeria (CBN) says it supplied “massive” amount of the new naira notes to commercial banks as customers lament the difficulty in obtaining the banknotes.

Godwin Emefiele, the CBN governor, represented by Musa Jimoh, the director of Payment System Management Department of the bank, disclosed this in a news conference on in Jos.

“The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs,” stated Mr Emefiele.

“This is to enable quick circulation and we want to advice commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”

Mr Emefiele advised bank customers to deposit their old notes at any commercial bank and obtain the new banknotes with immediate effect, insisting that the January 31 deadline would not be extended.

The CBN governor explained that the decision to redesign the currency shows that the apex bank is in tandem with global standard, adding that currency notes ought to be redesigned within five years.

He, however, regretted that it took Nigeria nine years since such changes was last effected.Speaking during a monitoring and sensitisation exercise held in some locations in Jos, the CBN governor said the decision to redesign the country’s higher denominations of currency was a national project aimed at addressing problems related to cash circulation.

He added that it would also solve the challenge of prolonged savings in piggy banks, cash hoarding and incidents of fake currencies.

“The monitoring and sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.”

We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available,” he explained.

Business

British landlord sues Twitter over unpaid rent

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Twitter’s British landlord on Tuesday said it was taking the social media site to court for not paying rent on its central London offices.

The Crown Estate, a company that manages land and property belonging to the British monarchy, said it had launched a legal action at the High Court for rental arrears on an office space close to Piccadilly Circus.

A representative said that it had contacted Twitter previously and is currently in discussions with the company.

Twitter did not immediately respond to a request for comment.

Elon Musk, the billionaire CEO of Tesla and SpaceX, bought Twitter for $44 billion (£35 billion) in October last year.

He sacked half of the staff and reportedly stopped paying rent for office space to try to raise funds after taking on massive debt to buy the company.

The San Francisco Chronicle reported Monday that the landlord of Twitter’s San Francisco headquarters has sued the company for allegedly failing to pay almost $6.8 million in rent for December and January.

Twitter has a London office in a complex on Air Street called Air W1, whose landlord is the Crown Estate.

The Daily Telegraph reported that Twitter’s signs and logos have been removed but a member of staff said the company was still present there.

Twitter UK began using this office in 2014, according to Companies House, which gives this as its registered address.

The Crown Estate is an independently managed portfolio of land, property and other assets belonging to the monarchy.Its commercial income goes to the Treasury and the monarch receives an annual allowance of 15 per cent of its profits called the Sovereign Grant.

The Crown Estate says it owns more than 2.6 million square feet (241,550 square metres) of office space in central London

Business

January 31 is the deadline for old Naira notes – CBN Governor Godwin Emefiele insists

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the January 31st deadline for the validity of the old N200, N500 and N1,000 notes remains, and will not be shifted for anything.

Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, January 24.

Speaking at the meeting, Emefiele said kidnapping and ransom-taking have reduced since the three banknotes were redesigned.

He said that the time given for the swap of the old naira notes with new ones should be enough for Nigerians to go to commercial banks and get new notes.

”I must say that unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.The reason is because 90 days (we feel it’s 100 days) should be enough for those who have the old currency to deposit it to the banks” he said.

Recall that on October 26, 2022, the apex bank announced its plan to redesign the three banknotes.

President Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

There have been concerns from many Nigerians over the slow spread of the three new naira notes as the January 31 2023 deadline approaches but the apex bank has insisted that the date stands.

Business

CBN appeals to Akwa Ibom residents to return old naira notes before January 31 deadline

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THE Central Bank of Nigeria, CBN, has made further appealed to Akwa Ibom state residents to return the old notes of N1000, N500, and N200 to the banks before January 31, 2023 when they would be phased out of circulation completely.

The Deputy director of CBN, Mr. Dominic Ekanemesang, made the appeal on Sunday when he led other officials of the Apex bank to some Churches within the metropolis to sensitise them on the newly redesigned Naira notes and its cashless policy.

Speaking at Sacred Heart Catholic Parish, Aka Offot, Uyo, Ekanemesang advised the congregation to embrace its cashless policy because it has come to stay.

He reiterated the commitment and determination of the CBN to achieving a cashless economy, stressing that its cashless policy aims at reducing too much money in circulation in the country.

His words;

“We are here to carry out sensitisation on the new currency redesign. I’m sure all of us here are aware that we have new notes of N1000, N500 and N200 and that after January 31, 2023 the old notes will cease to be legal tender.”

You are also aware that the three higher denominations are mostly used for illicit transactions such as, kidnapping, terrorism financing and money laundering.

So we are not going to have the newly redesigned notes much in circulation because we are moving to a cashless economy.

“We want to ensure that we don’t have too much money in circulation. Please pass this message to your relatives, parents, sisters and brothers that the cashless policy has come to stay; we want to safeguard our financial system.

“Also we want to bring the citizens into the financial system, so if you don’t have a Bank account this is an opportunity for you to go and open a bank account and deposit the old notes into your account.

“Please this is an appeal. Central Bank of Nigeria will not want any bank customer to lose his or her money. So please return all the three higher denomination of the old Naira notes to the bank on or before January 31”

While responding to questions on the issue of commercial banks still dispensing the old Naira notes to customers, as well as scarcity of the New notes, the CBN director assured the parishioners that banks seen not dispensing the newly redesigned notes at their ATM points from this week would be sanctioned.

He however, appealed to the Church leaders to help in enlightening their members on the cashless policy.

Welcoming the delegation, the Parish Priest, Very Rev. Father Donatus Udoette, said the Parish actually started enlightening the Parishioners on the January 31 deadline since December 2022.

He commended the Apex bank for introducing the cashless policy expressing strong believe that it will impact positively on Nigeria’s economy.

The Dominion House of Grace Church was among the Churches the CBN officials sensitised on the New Naira notes and its cashless policy on Sunday.

Business

CBN: We’ve been begging banks to take new notes

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THE Central Bank of Nigeria, CBN yesterday said that it has been begging banks to come and collect the new N200, N500 and N1,000 naira notes.

The apex bank also disclosed it stopped withdrawal to curb abuse and adding that disbursement of the new naira notes has been restricted to ATMs in order to ensure access to all bank customers.

Director of Legal Services Department, CBN, Mr. Kofo Salam-Alada, disclosed this at a sensitisation programme at Computer Village, Ikeja, Lagos.

Speaking against the backdrop of scarcity of the new naira notes and continued disbursement of old notes by ATMs of banks, Salam-Alada said that the apex bank will penalize banks for failure to collect the new notes and also for failure to disburse them via their ATMs.

While appealing to the public to go and deposit their old notes, he averred that there is no plan to extend the deadline for the public to deposit the old notes beyond January 31st.

He said: “I can tell you today the CBN on a daily basis gives out the new notes. As we speak now banks are with the CBN taking money.

“I am reliably told that we are actually begging commercial banks to come and take money (the new notes) from the CBN. We have these new naira notes in our vaults and we are waiting for banks to come and collect them.

“To also let you know the seriousness of CBN for these new naira notes to permeate everywhere, we have found out that a lot of things are happening, and we stopped the across-the-counter withdrawal of new naira notes to ensure that you, you, you can have access to it.

“Not a situation where, one chief, who is known to the Manager or everyone will cart away all the new naira notes from a particular branch.

“And that is why we said if you want the new naira notes walk to the ATM where there is no distinction between myself and the hawker over there.

“Part of what we are doing is that we have monitors going around banks. I have been to some ATMs this morning and I have logged reports, I have spoken to management of various banks. When I am in any bank, I speak with the Head Office, I ask them, where are the new naira notes we gave you, and you will start hearing an explanation.

“What you have been experiencing will actually ease off very soon because the banks now know there will be a penalty for failure to come and pick the new naira notes from the CBN and for failure to load the notes into their branches.”

Business

Trust Fund upgrades police radio with N190m

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The Nigeria Police Trust Fund has upgraded the Nigeria Police Radio with over N190 million.

The Radio was part of the projects executed under the Trust Fund’s 2021 intervention programme.

Other projects embarked on by the Trust Fund include the renovation of fourteen blocks of flats at the Rank-and-File Quarters in the Brick City Police Barracks, the upgrade of the Nigeria Police Radio station, and the Nigeria Police Force ultra-modern Warehouse in Dei-Dei.

The Executive Secretary of the Trust Fund, Abdullahi Sokoto, said there were over 100 programmes ongoing and completed projects since he took over.

Sokoto added that he had instructed the contractor working on the blocks of flats for Rank-and-File Quarters in Kubwa to revisit the project.

He said;

I commend the contractors who handled the upgrade of the Nigeria Police Radio and the NPF Warehouse for a job well done, especially the prompt delivery of the projects.

The warehouse rehabilitation project was executed with a little over N270 million, while the radio upgrade gulped over N190 million.

I have directed the contractor to liaise with the office of the fire service Department in ensuring that all fire safety equipment is put in place and in accordance with all safety standards.

“After taking a look at the work done at the blocks of flats for Rank-and-File Quarters in Kubwa, I was dissatisfied with the standard of the work. I have asked the contractor to revisit the project and keep to agreed standards.”

Business

Minister hints at gradual removal of petrol subsidy from April 2023

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Zainab Ahmed, minister of finance, budget and national planning, has disclosed that the federal government might begin the gradual removal of petrol subsidy from April 2023.

Speaking in an interview with ARISE TV on the sidelines of the World Economic Forum in Davos, Switzerland, on Tuesday, January 17, Ahmed said they didn’t want to remove petrol subsidy during the COVID-19 pandemic as it would have increased more burden on Nigerians.

She said;

“Where there is not enough revenue for government to buy the refined petroleum products, we have had to borrow to buy the petroleum products. So, if we take that out, that is about N3.25 trillion. That is a significant relief, that we do not incur any more than that number that we projected for in 2023.Asked if she felt betrayed that the petrol subsidy had not been removed despite her best efforts to ensure removal, she stressed that it was a collective decision to retain the payments.

“Betrayed? No. It was a decision that was taken as a collective, recognising the fact that due to the lingering impact of the COVID-19 pandemic, and also heightened inflation, that removal of the fuel subsidy at that time, would have increased more burden on the citizen.

“The president does not want to contemplate a situation where measures are taken that are further going to burden the citizens. So, the decision was to extend the period from June 2022 (sic) to 18 months, beginning from January 2022.

“So, in June 2023, we should be able to exit. The good thing is, we hear a consistent message that everybody is saying this thing needs to go. It is not serving the majority of Nigerians.

“I listened to some of the new leaders that are campaigning for the next round of leadership in the country that are saying they will get rid of it very quickly.

“What will be safer is for the current administration to maybe at the beginning of the second quarter to start removing the fuel subsidy, because it’s more expedient if you remove it gradually, than to wait and move it all in one big swoop.

“So, the idea for us in the budget, is that the subsidy costs should not exceed that N3.23 trillion. So, whether it’s done completely 100 percent by June or by July, or whatever, it’s a process.”

Business

FG begins review of minimum wage

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The National Salaries, Incomes and Wages Commission (NSIWC), will initiate the process of reviewing the national minimum wage on January 23.

Recall that President Muhammadu Buhari signed the minimum wage act which approved N30,000 for both federal and state workers in 2019.

However NSIWC spokesperson, Emmanuel Njoku said they decided to review the national minimum wage after holding series of training and meetings in preparation for nationwide monitoring of the act.

Njoku said;

“The exercise will enlighten the public and private employers and organisations on the economic benefits of adhering to the payment of the national minimum wage.

“It will also help in obtaining baseline data on remuneration policies and practices of private sector organisations to enrich the commission’s data bank on staff compensation.

“The monitoring exercise will cover the 36 states of the federation including the federal capital territory.”

Business

Polaris Bank account frozen over debt

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An Ondo State High Court, sitting in Akure, the state capital, has granted a garnishee order, directing the Central Bank of Nigeria to freeze the account of Polaris Bank to the extent of judgment debt of over N2bn.

The bank was said to have owed the state government a sum of N2,162,561,509.84. The court gave the order following an application moved by the state Attorney General and Commissioner for Justice Ondo State, Mr Charles Titiloye.

The commissioner applied for the garnishee order in the suit No AK/75/2017, attaching all the sums of indebtedness of Polaris Bank to Ondo State Government.

Delivering the judgment, the judge, Justice A. Adebususi, said the bank was liable for mismanaging the account of Ondo State Ministry for Local Government and Chieftaincy affairs.

The court held in its judgment that Polaris Bank made unlawful deductions from the government account with the bank and ordered a refund and payment of the damages.

It was gathered that a court had earlier granted a stay of execution of its judgment pending an appeal on the condition that the bank made payment of the judgement debt to an account held by the Registrar of the court.

Business

CAC denies registering ‘Wickedness Association of Nigeria’ as a business

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The Corporate Affairs Commission (CAC) dismissed a claim that it registered a group “Wickedness Association of Nigeria, Lokoja Chapter” as a business name.

The commission in a statement on Monday, January 9, 2023, said a certificate going viral on social media had claimed that it registered the group as a business name on December 24, 2022.

The commission described the certificate as “false, fake and a forgery”, saying the name and object of the ‘association’ offend the provisions of section 852 (1)(c) in that they are undesirable, offensive and contrary to public policy.

It also said the officer who was said to have signed the certificate had retired from the service of the commission long before the date the certificate was purportedly issued.

“Our attention has been drawn to a certificate of registration making the rounds in the social media and claiming that the commission registered the Wickedness Association of Nigeria Lokoja Chapter,” the notice reads.

“The certificate claimed that the ‘association’ was registered as a business name on December 24, 2022, with the registration number BN 74101

“We wish to categorically state that the purported certificate of registration of ‘wickedness association of Nigeria Lokoja branch’ was not and could not have been issued by the commission for the following reasons:

“The commission does not register associations as business names. The name and object of the ‘association’ offend the provisions of section 852 (1)(c) in that they are undesirable, offensive and contrary to public policy.

“The officer who purportedly signed the certificate had retired from the service of the commission long before the date the certificate was purportedly issued.” The CAC called on Nigerians to ignore the ‘certificate’ as it did not emanate from its office.

“Accordingly, the general public is hereby informed that the purported certificate of registration of ‘wickedness association of Nigeria Lokoja branch’ is false, fake and a forgery. It is wicked and fraudulent.”

Business, Lifestyle

Dokpesi released after being delayed at London airport

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Media mogul, High Chief Raymond Dokpesi has been released after an “incident” which led to him being delayed at the London Heathrow airport on Sunday, January 8, 2022.

It was reported earlier that Dokpesi was arrested after arriving at the London airport.

DAAR Communications management however said in a statement on Monday morning, January 9, that Dokpesi was released after being invited off the plane, before other passengers were disembarked.

It read;

“Dokpesi arrived via Frankfurt from Abuja on a Lufthansa airlines flight and was invited off the plane, before other passengers were disembarked.

“Dokpesi was delayed at the airport for some hours before his passport was stamped and he was cleared by British Immigration officials for entry into the country.

“His visit to the United Kingdom is not unconnected to the invitation of the Peoples Democratic Party presidential candidate Atiku Abubakar by the British government to share perspectives on issues around the 2023 presidential elections.

“The media founder is the Deputy Director-General, Technical & Systems of the PDP Presidential Campaign Council.

“Chief Dokpesi wishes to thank all for their outpour of love, prayers and support following the news of the incident and to reassure that he is hale and hearty.”

Business, Lifestyle

NNPC debunks claim of exporting 17.87m barrels of oil without documentation

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The Nigerian National Petroleum Company (NNPC) Limited has denied claim of exporting 17.877 million barrels of crude oil without proper documentation from 2016 to 2020.

The former auditor-general of the federation (AuGF) had been quoted in an earlier report, claiming that some barrels of crude oil were exported without completing the required Nigeria export proceeds (NXP) forms.

The AuGF also accused the NNPC Limited of appointing inspection agents in 2017, in flagrant disregard of a preceding directive by President Muhammadu Buhari.

However Garba Deen Muhammad, NNPC’s spokesperson, in a statement released on Thursday, January 5, described the claims were ‘malicious’, adding that the AuGF’s report only mentioned 32 oil marketing companies involved in the non-completion of NXP forms.

Deen also disclosed that the issue did not affect repatriation of sales proceeds to the national oil company and subsequently, the federal accounts, for the period in question.

The statement read;

“Our attention has been drawn to an online publication, alleging that NNPC Limited exported 17.877 million barrels of crude oil without proper documentation in four years (2016 to 2020).

“The auditor-general’s report in reference did mention 32 oil marketing companies involved in the non-completion of the NXP forms but that does not in any way mean that the proceeds from the sale of the said crude were not repatriated into the coffers of NNPC Limited and consequently into the federation accounts for federation related barrels.

“It should also be noted that NNPC Limited does not appoint inspection agents as alleged, but rather, it is the sole responsibility of the federal ministry of finance.

“Therefore, the general public is advised to disregard the said malicious publication, and instead, visit the relevant auditor-general’s website to see the full content of the audit report, and be guided accordingly.”

Business

NFIU bans cash withdrawals from government accounts

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The Nigeria Financial Intelligence Unit (NFIU) has banned all banks from executing demands for cash withdrawals from all public accounts.

Addressing newsmen on Thursday, December 5, NFIU CEO, Moddibo Haman Tukur, said the decision became necessary to stop the rate at which cash was being taken out of public accounts.

Tukur also said that the decision is in line with the full transition of Nigeria into a cashless economy which the Central Bank of Nigeria has been leading.

According to the NFIU CEO, from 2015 to date, state governments alone have withdrawn N701 billion from their various accounts.

He added that federal bodies withdrew N225 billion while Local Government Council Authorities have withdrawn over N156 billion cash within the same period.

Tukur further disclosed that all financial institutions have been instructed to stop cash withdrawals from government accounts from March 1, 2023, adding that any government official who flout the order will be prosecuted alongside his or her accomplices.

The statement read;

“The rate of withdrawals above the threshold from public accounts has been alarming, over N701billion has been withdrawn in cash from 2015 till date.

“The NFIU had told banks and government agencies at all levels to go fully digital by moving online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency.

“This is not reversible as we are only enforcing the law. As far as we are concerned, Nigeria will become a full non-cash economy by March 1, 2023 this year. As a consequence, any government official that withdraws even one naira cash from any public account from March 1 will be investigated and prosecuted in collaboration with relevant agencies like EFCC, ICPC and the NPF.”

The NFIU boss also said only the President is in the position to grant waivers to government officials based on considerations.

Tukur added;

“For government exigencies, only the President has the power to grant any waiver to any government official considering the importance of the situation; either for national security, health, or other important reasons.”

Business, Politics

National Assembly budgets N850m for failed constitution amendment

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The National Assembly has again allocated N850m for Constitution Amendment in the 2023 Budget.

The National Assembly had recently raised the 2023 Budget by N1.3 trillion from the N20.5 trillion proposed by the President, Major General Muhammadu Buhari (retd.), in October 2022.

The constitution amendment process has faced several delays at the parliament and the Speaker of the House of Representatives, Femi Gbajabiamila, confirmed recently that the passage of the amendment bill in the ninth Assembly had been stalled.

He said;

“The National Assembly passed a raft of amendments to the constitution and advanced them to the states as required. That process now seems to have stalled in the state assemblies. As it is today, it is doubtful that the current constitutional amendment effort will conclude before the expiration of this legislative term”.

The government has over the years allocated about N1bn annually for constitution amendment which has continued to face challenges since 2011.

The Ninth Assembly recently lamented that the process of the constitution review was being frustrated by some state governors.The National Assembly has however continued to make allocation available for the project.

The Chairman of the Constitution Review Committee, Senator Ovie Omo-Agege, recently lamented that only 11 states have passed bills.

The 11 states that have passed their bills include; Abia, Akwa Ibom, Anambra, Delta, Edo, Kaduna, Katsina, Kogi, Lagos, Ogun and Osun.

Speaking on the yearly allocation of funds to the National Assembly, the Executive Director of the Civil Society Legislative Advocacy Centre, Auwal Rafsanjani, believes the project has failed, saying the 10th Assembly, which begins in June 2023, will have to start all over again.

He said;

“Constitutional Amendment has deliberately become a ritual that the lawmakers are using to embezzle funds without any yielded result.

“It is unfair and a total waste of public funds that all the key issues that affect Nigerians like indigenization, discrimination, land ownership, and some other laws are not captured in the Amendment.”

The activist added that “It is sad that the leaders both executive and legislature do not have the interest of the people at heart, if they do, we won’t be spending money every year over the same repeated circle of a failed constitution amendment project that has never succeeded for once.

“The process of the Constitution Amendments should begin with gathering information from the citizens to know what issues to be amended exactly.”

Rafsanjani added that people must begin to demand for accountability the money that it spends especially as it relates to the constitutional amendment.

Efforts to get comments from the Senate proved abortive as the Senate spokesperson, Ajibola Basiru.

Business

CBN spends N800bn on currency production, destruction

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The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has said the amount spent on maintaining the naira has increased by N10bn annually.

Ahmad, who revealed this on Friday during her appearance before the House of Representatives to defend CBN’s new cash withdrawal limits policy, attributed over 90 per cent of currency management costs to banknote production.

Findings indicate that the apex bank spends about N150bn on the management of the naira annually, which has now increased by N10bn, as declared by Ahmad in her presentation, obtained by one of our correspondents on Friday.

A former CBN deputy governor, Dr Kingsley Moghalu, had earlier disclosed that the apex bank spends about N150bn annually to maintain the naira.

He stated that the amount was used to produce, store, transport, protect and destroy the naira notes every year.

Going by Ahmad’s diclosure of N10bn increase, the apex bank has spent N800bn between 2017 and 2021 on the production, storage, transportation and destruction of the currency.

In her presentation, Ahmad said currency management was a key function of the apex bank as enshrined in Section 2(b) of the CBN Act, 2007, noting that the integrity of the currency and efficient supply of banknotes were indicators of a performing central bank, especially in predominantly cash-based economies such as Nigeria.

The deputy governor highlighted the various challenges facing currency management, which had affected the ability of the CBN to efficiently carry out its mandate of issuing legal tenders.

She stated,

“The challenges have continued to grow in scale, with the attendant consequences on the bank’s policy effectiveness, if left unaddressed. These challenges include wholesale hoarding of naira banknotes by members of the public.

“An observation supported by statistics shows that cash outside banks consists of over 80 per cent of the currency in circulation; worsening shortage of fit banknotes in circulation. This portends negative public perception of the bank and increasing threat to financial system stability.

“High and increasing cost borne by the bank: A review of the cost of currency management from 2017 to 2021 indicated an average increase of over N10bn per annum and over 90 per cent of currency management costs are attributed to banknote production.

This affects the CBN and other participants in Nigeria’s currency management sector (banknote production, storage processing, distribution activities and banknote destruction).”

Ahmad also noted that the high risk of counterfeiting evidenced by reports from security agencies on the rise of counterfeit-related incidents in some states, including the Federal Capital Territory, was another challenge.

This, she added, had adverse implications for businesses and the economy at large.

Business

Oyo Assembly passes N310.4bn 2023 Budget

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Oyo State House of Assembly, yesterday, passed the Appropriation Bill of N310.4 billion for 2023, into law.

The Assembly passed the bill, as well as the Finance and Appropriation bills 2023, into law, during yesterday’s plenary.

While recurrent expenditure stands at N155, 677, 133, 034.38, capital expenditure stands at N154, 755, 366, 965.62. Of the total expenditure, the sum of N13, 490, 413, 715.00 was appropriated for the Office of the Governor.

The House, however, received a total appropriation sum of N2,120, 679, 846.29.

N1 billion each was appropriated for Oke-ogun Polytechnic Saki and Emmanuel Alayande University, Oyo.

PThe state Assembly, after receiving the report of the House Committee on Public Account, Finance and Appropriation, chaired by Mr Akeem Mustapha, accepted and passed the Oyo state appropriation bill 2023 into law.

Business

I don’t know the number of new notes printed – CBN deputy gov, Aisha Ahmad

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The Deputy Governor of the Central Bank of Nigeria in charge of Financial Stability, Aisha Ahmad, has said she does not know the quantity of the new Naira notes the CBN printed and released for circulation on December 15.

Recall that last Thursday, the apex bank released the redesigned N200, N500, and N1000 notes.

Nigerians have been complaining about the scarcity of the redesigned notes. Some people claim bank officials only give them N2000 worth of the redesigned notes whenever they visit the bank.

Also, ATMs are still dispensing the old notes. The lawmakers had on Wednesday resolved that a deputy governor of the CBN should appear to brief the House today in the absence of the CBN Governor, Godwin Emefiele, who is outside the country to attend to health issues.

While appearing before the House of Representatives to brief the House on the apex bank’s cashless policy and cash withdrawal limits, Ahmad said she is not aware of the quantities of the printed redesigned notes.

A lawmaker, Sada Soli, in the course of the grilling of the CBN deputy governor, raised concerns over the non-availability of the new notes, days after it was were released to the public and asked her to disclose the quantities of new notes printed.

Responding, the CBN deputy governor said she does not know the quantities of notes printed by the apex bank.

Her response caused a stir in the chamber as the lawmakers wondered why she would not be aware of the figure.

The CBN deputy governor however said she was being careful so as not to give a wrong figure.

Business, Football

Argentina’s Central Bank ‘is plotting to put Lionel Messi’s face on a bank note’ to mark nation’s World Cup win in Qatar

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Argentina’s Central Bank is reportedly considering a Lionel Messi banknote after the superstar guided Argentina to their first World Cup win since 1986 in Mexico.

According to newspaper El Financiero, the Central Bank of the Republic of Argentina are eager to mark the national team’s historic win in Qatar and have been working on ideas since before the epic 4-2 shootout win in the final over France.

Mock-ups of the 1,000 peso note being discussed has since gone viral – with fans eager to see it enter circulation.

It is detailed in EF that a key part of the reason behind the 1,000 bill is that it begins with a ’10’ – Messi’s shirt number for Argentina.

While Messi’s grinning face is on one side of the note, this group’s nickname ‘La Scaloneta’ is the wording proposed for the back.

In 1978, officials issued commemorative coins when Argentina won its first World Cup back in 1978.

Commemorative coins were also produced on the 50th anniversary of the death of Eva Perón, the former First Lady of Argentina. Under national coach, Lionel Scaloni’s reign, Argentina have gone on to win the 2021 Copa America, the first ever Finalissima at Wembley Stadium and the 2022 FIFA World Cup.

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