Redesigned Naira notes to begin circulation today

The newly redesigned naira notes will go into circulation today, December 15.

Recall that the governor of the Central Bank of Nigeria, Godwin Emefiele, had in October announced that the apex bank would release re-designed N200, 500 and N1000 naira notes by December 15, 2022.

He stated that the old notes will cease to be legal tenders by January 31, 2023.

Emefiele pointed out that the redesigning of the naira notes would help to curb counterfeit notes, and reduce ransom payments to terrorists and kidnappers.

The CBN boss said it is worrisome that 85 percent of the total currency in circulation was being hoarded by Nigerians.

As such, he said the redesigning of the local currency would help to mop up the currency outside the banking sector, adding that out of about N3.3tn in circulation, close to N2.75tn is outside the banking sector.

This came about three weeks after the President, Major General Muhammadu Buhari (retd), unveiled the new bills at a weekly Federal Executive Council meeting in Aso Rock Villa.

Banks are expected to disburse the new Naira notes to their customers from today.

JAMB ICT centre manager arrested for stealing 83 computers

The site manager of Kebna ICT JAMB Centres in Zuru area of Kebbi State, Abubakar Ismail, has been arrested by the police for stealing 83 HP laptops belonging to the centres.

Commissioner of Police, Ahmed Magaji Kontagora, told newsmen on Tuesday, December 13, that the site manager stole the laptops and sold them at N40,000 each to one Chukwudi Otutu of Otutu Computer Centre in Sokoto.

The theft was reported to the police after the manager of the centre, Dr Michael Ezra Dikki, uncovered it.

Kontagora said;

“On receipt of the complaint, a team of policemen swung into action and succeeded in arresting the suspect and recovered 76 pieces of the stolen laptops.”

The police has commenced investigation into the incident and the suspect would soon be charged.

Ebonyi market gutted by fire

Popular Ishieke market in Abakaliki, Ebonyi State capital was on Monday, December 12, gutted by fire.

The Nation reported that a large portion of the market was completely burnt to ashes by the fire which began around 2am.

Some of the traders who lost their goods to the fire, lamented and called for help from the State and Federal governments. One of the victims of the fire incident, Emmanuel Merit said over 20 shops were destroyed before fire service arrived and put off the inferno.

The Chief Fire Officer in the State, Raphael Ibiam who confirmed the incident, blamed the fire on power surge in one of the buildings and warned residents to always put out all appliances they are not using.

Ibiam said;

“We received distress call around 2:15 am and quickly mobilised to the market. It has already spread to many shops when we got there.

“We managed to control and put it off around 3 am. We are suspecting that it might be as a result of fire surge.

“Traders should try and put off all electrical appliances they are not using. This is the third fire I of recent that is suspected to have been caused by power surge.

“Also, we have been advising traders to get fore extinguishers. This will help them to control or even put off the fire before fire service gets there. But they have always remained adamant about.

“They should know that it is for their own good. A good extinguisher is about N10,000 N12000. It is better to spend that amount to secure your premises and goods than to lose millions.”

There’s no Nigerian that needs more than N100K cash weekly — Reno Omokri

Former presidential aide, Reno Omokri has spoken in favour of the recently imposed cash withdrawal limit by the Central Bank of Nigeria.

Recall that the CBN recently restricted the maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organizations per week to N100,000 and N500,000, respectively.

Reacting to criticisms that have trailed the policy, Omokri stated that there is no Nigerian that needs more than N100K cash weekly.

He added that other than paying for transport fares or buying groceries, everything can be done cashless.

House of Representatives orders CBN to suspend new cash withdrawal limit, summons Emefiele

The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend its new policy limiting weekly cash withdrawals by individuals and corporate entities.

In a memo released on Tuesday, December 6, and signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week.

House of Representatives orders CBN to suspend new cash withdrawal limit, summons Emefiele It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.

At its plenary today December 8, the lawmakers resolved that CBN should halt the implementation pending the conclusion of a probe.

The House also resolved that the CBN governor should appear before the house next Thursday. The resolution was sequel to a motion under matters of urgent public importance moved by Hon. Magaji Dau Aliyu.

Apart from the minority leader, Hon. Ndudi Elumelu who supported the CBN policy in that it will curb banditry and reduce the incidence of corruption, many other lawmakers who spoke vehemently condemned the decision of the CBN.

CBN warns against card discrimination

The Central Bank of Nigeria has warned banks, switching companies, and other relevant parties in the Nigerian payment system against discrimination between payment cards issued by Nigerian banks.

It said this in a circular to all banks, switching companies, and others, dated 5th December 2022, and signed by the CBN’s Director, Payments System Management Department, Musa Jimoh.

The circular was titled, ‘Re: Interoperability and interconnectivity of the payments system infrastructure in Nigeria’, the apex bank said the circular was a reminder of some of the provisions of its guidelines on operations of electronic payment channels in Nigeria.

It stated;

“The Central Bank of Nigeria has observed that a number of the acceptance devices deployed by banks discriminate between payment cards.

“For the avoidance of doubt, all certified payment acceptance devices deployed in Nigeria are required to accept all transactions arising from any card issued by any Nigerian bank.”

CBN noted that the circular served as a reminder of the following provisions of the guidelines on operations of electronic payment channels.

ATMs are not to load beyond N200 notes – CBN

The new policy introduced by the Central Bank of Nigeria revealed that banks would only load N200 notes and lower denominations into their Automated Teller Machines.

This is also as it said withdrawals from point of sale terminal shall be limited to N20,000 on a daily basis while the weekly withdrawal from banks (over the counter) shall only be N100,000 and N500,000 weekly for individuals and corporate organisations respectively.

This is according to a memo issued to banks on Tuesday and signed by the CBN Director of Banking Supervision, Haruna .B. Mustafa.The CBN said this was in complement to the newly redesigned naira notes and to boost a cashless policy economy.

The memo read;

“Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

4. Only denominations of N200 and below shall be loaded into the ATMs.

5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”

The CBN said in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits would be required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

It also said banks were required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:

a. Valid means of identification of the payee (National Identity Card, International Passport, Drivers License.).

b. Bank Verification Number of the payee.

c. Notarised customer declaration of the purpose of the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.

“Please further note the following:

i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.

ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances.

iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.”

The CBN notes that the directives take effect nationwide from January 9, 2023.

EFCC launches manhunt for Kano APC senatorial candidate who was arraigned for alleged $1.3m fraud

A manhunt has been launched by the Economic and Financial Crimes Commission for Abdulsalam Zaura, the All Progressives Congress (APC) candidate for Kano central senatorial district, who was arraigned over alleged fraud. Zaura was first arraigned in 2018, on five-count charge bordering on fraud before a federal high court in Kano.

He is accused of defrauding a Kuwaiti national by obtaining the sum of $1,320,000 under the pretext that he is in the business of building properties in Dubai, Kuwait, and other Arab countries.

Though a federal high court ruled that the politician is not guilty and further discharged him on all counts, the EFCC approached a court of appeal which ordered a fresh trial.

In a previous sitting, the trial judge had ordered the EFCC to produce Zaura who has missed several court sittings.

Addressing journalists at a federal high court in Kano on Monday, December 5, Ahmad Rogha, counsel to EFCC, said they would ensure Zaura is in court at the next sitting.

Rogha said;

“We are looking for Zaura and he will be arrested as soon as we find him.

“Ordinarily, he was supposed to be in our custody and the court has affirmed that. But I can assure you, he would be arrested and brought to court on the next adjourned date — 30th January, 2023.”

Ibrahim Waru, counsel to the defendant, however, insisted that the EFCC does not possess any legal authority to arrest his client.

He added that it was not necessary for his client to be in court on Monday since the court did not sit.

Nigeria Says It Lost N113m over Abuja-Kaduna Railway Closure

As the federal government reopens the Abuja-Kaduna railway for full operation on Monday, the Managing Director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, has said the government lost about N113 million to inactivity in the route for over eight months.

Okhiria disclosed this Saturday in an interview with the News Agency of Nigeria (NAN) in Abuja. He also said many Nigerians also incurred some losses indirectly due to the halt of operations on the route.

He said,

“The last time we checked that was between the months of February to August. We have lost about N113 million.

“Using what we were earning between January and March; so, we had to use it as a working document.

“Although, when the trains were working, there were a lot of other businesses that were going on.

“There were people selling on the train; there were people selling around the stations, and there were people that had opened shops and people were patronising them because the trains were running.

“So, those were indirect benefits and cost that have been lost to the Nigerian economy.

“More so, somebody, who would have travelled from Kaduna to Abuja via train for some form of transaction and couldn’t make it because the trains were not running would have also lost something.

“The economic benefits are also lost; so, we should not only look at the Naira and kobo that railway would have been able to make from it, but include all other losses by Nigerians.”

Okhiria assured Nigerians of the collaboration of the armed forces in the country to ensure safety of passengers and trains when the Abuja-Kaduna train service would resume tomorrow December 5.

He said aside the security personnel involvement, the government had deployed technology among other things to ensure the incident of March 28, does not reoccur in the country.

“I appreciate the contributions of the Chief of Defence Staff, the Chief of Army Staff, the Air Force, and Inspector-General of Police.

“The way they have taken up this challenge, we are confident that such a thing will never happen on our rail system again based on the attention they are paying to the track now.

“We are human beings and we have done our own and they’ve contributed their own. We will ensure that we will not slack.

“The government has put forth some measures and this is the best we can do for now while we continue to improve on security and safety of the train.

“The best thing is for us to open our eyes and report anything we suspect. We cannot disclose all what we have put in place as I said earlier.

“And security is the duty of everybody , you don’t need to carry guns or arms to be a security man, if you report any suspicious thing, perhaps you can save lives,” Okhiria said.

The NRC boss reiterated that every passenger willing to board the train must be profiled with the use of the NIN so as to obtain the passenger’s information on NIMC platform.

He said,

“The information will be displayed, you can see it yourself. If your picture is not displayed when you put your ticket to get to the platform you cannot gain access.On patronage, the NRC boss expressed optimism that there would be influx of customers as passengers were eager for the trains to commence operation on the route.

“From what I have seen and from the people calling my phone, even before we tried to commence the train, people are still very enthusiastic about using the train.

“So, many people have been calling to ask, when are you starting?

“But we are going to start gradually, by deploying two trains up and two trains down and we will ensure that we don’t run night for now.

“We expect that in no time, people will sit back and watch and the normal services will commence on the route,” Okhiria said.

Musk announces gold, grey, blue badges for Twitter

Twitter’s billionaire owner Elon Musk announced Friday that the platform would be launching differently colored badges to distinguish between accounts.

“Sorry for the delay, we’re tentatively launching Verified on Friday next week,” he tweeted.

“Gold check for companies, grey check for government, blue for individuals (celebrity or not) and all verified accounts will be manually authenticated before check activates.”

In another tweet, Musk said all verified individual accounts would have the same blue check, but some would eventually be able to display a “secondary tiny logo showing they belong to an organisation.

The Tesla and SpaceX boss’ proposal for users to be able to pay to be “verified” and obtain a blue badge on their profiles has caused confusion since he acquired the social media giant last month.

Musk proposed a subscription fee of $8 a month to allow users to obtain the blue check – which was previously free but reserved for organisations and public figures in an attempt to avoid impersonation and misinformation.

The first rollout of Musk’s subscription plan in early November quickly went south, with many accounts paying for the blue check and then impersonating world leaders, celebrities or companies.

Responding to the backlash, Musk initially postponed the launch date to November 29, before delaying it once more. It now appears the feature will launch on December 2.

Musk has said he wants to charge users for subscriptions to the social media platform to diversify its income stream.

Twitter currently depends on advertising for 90 per cent of its revenue.Several major brands have withdrawn from advertising on the platform since Musk bought it, fearing that his promised relaxation of content moderation could open their companies up to being associated with objectionable content.

According to the NGO Media Matters, half of Twitter’s top 100 advertisers have announced that they are suspending or “have apparently suspended” their spending on the social network.

David Beckham plans on buying Manchester United football club

David Beckham is reportedly open to holding talks with potential buyers of Manchester United after The Glazers announced they are ready to sell the football club.

According to Financial Times, the United legend is open to holding talks with interested parties bidding for the club. The report states:

“The former England captain’s history with United and affinity with its fans could prove vital to any bidders if the Glazers go ahead with a deal, the people said.”

“The current owners said they would “consider all strategic alternatives, so an outright sale is not guaranteed.”

“One banker close to the process said United could be sold for close to £7bn. “A bidding war could send it higher, they added.”

“However, some footballing finance experts have said that even a £4bn-£5bn price tag was too high for a club that was unprofitable last year.”

“At these valuations, prospective owners need to have deep pockets, with investors perhaps based in the US or the Middle East eyeing the football club, analysts said.”

“While Beckham alone might not have the wealth to buy Man United, his global reach and affinity with the fans could prove to be a huge boost to any buying parties.”

The Glazers, who bought Man United for £790million back in 2005, put the Old Trafford club on the market on Tuesday.

The family is looking for as much as £8billion to sell the club. In another development, British billionaire and lifelong Man United fan Sir Jim Ratcliffe is ready to launch a bid to take over the Red Devils after his attempt to buy the club in the summer proved fruitless.

He also tried and failed to buy Chelsea last season. Ratcliffe owns petrochemical giant Ineos and is one of the richest men in the world.

Buhari’s Aide Compares Redesigned Naira To Old ₦50 ₦20, ₦10 Notes

Bashir Ahmad, the aide to the President, Major General Muhammadu Buhari (retd.) on Digital Communications, has highlighted the similarities between the newly-redesigned Naira notes and the old notes in ₦50, ₦20 and ₦10 denominations.

He shared photos of both sets of notes on his Twitter handle and said, “Good to see our 10, 20, 50 old notes back.”

The new Naira notes in the ₦200, ₦500 and ₦1000 denominations were unveiled on Wednesday by Buhari.

Buhari Unveils Redesigned Naira Notes

The President, Major General Muhammadu Buhari (retd.) on Wednesday, unveiled the new redesigned Naira notes at the State House in Abuja.

Buhari alongside the Central Bank Governor, Godwin Emefiele, Minister of State Finance Budget and National Planning, Clement Agba, Managing Director of Nigerian Security, Printing and Minting, Ahmed Halilu, Chairman Independent Corrupt Practices and other related offences Commission, Prof. Bolaji Owasanoye and the chairman, Economic Financial Crimes Commission.

Abdulrasheed Bawa were in attendance.

Nigeria drops from fifth to seventh on OPEC production list

Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list.

OPEC’s Monthly Oil Market Report for November which examined oil production performance in October, revealed that Nigeria’s output was 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria.

Angola produced 1. 051mb/d; Algeria, 1.060mb/d; Kuwait 2.811mb/d; UAE, 3.188mb/d; Iraq, 4.651mb/d; and Saudi Arabia, 10. 957mb/d.

Venezuela’s production was 711b/d, and Equatorial Guinea’s was 57b/d. Gabon, Libya and Iran did not produce any barrel in the month.

Nigeria used to rank fifth before the new report was released.

FG reviews school feeding, adds N30 per meal

The federal government has reviewed the National Home-Grown School Feeding Programme from N70 per meal for schoolchildren to N100 in Delta State.

The state Commissioner for Humanitarian and Community Support Services, Dr Darlington Ijeh made the announcement on Thursday, November 17.

Ijeh said;

“Upon my assumption in office three months ago, I inherited a backlog of issues on the NHGSFP that ranged from inconsistent payment to underpayment, low capturing leading to low figures for cooks, which adversely impacted our pupils and the state.

“Today, the N70 per meal for school pupils has been reviewed to N100 per meal, and other bureaucratic bottlenecks that had bedevilled the National Home-Grown School Feeding Programme in the state, such as short payment of caterers and indiscriminate payment modules, became a thing of the past.”

The commissioner who noted that the school feeding programme was designed to feed pupils from primary 1 to 3 in public schools, added that the aim is to encourage more school enrolment as well as improve the nutritional meals of the pupils.

Naira redesign targets looted funds – EFCC boss, Abdulrasheed Bawa

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said the decision to redesign the naira is aimed at returning hidden public funds.

The antigraft agency boss made this known in his recent interview with Deutsche Welle DW Hausa Service.

According to him, the Federal government wants people who hid the funds to deposit them in bank accounts. The EFCC chair insisted that there was no political motive behind the idea.

According to him, President Buhari had evaluated and accepted the advice put forward by the Central Bank of Nigeria on the redesign of the naira.

“These public funds were embezzled and we want them to return them; we have not told anyone not to bring this money out.

What the government said was to deposit the money into bank accounts, or else sanctions may follow.The redesigning of the naira in law is expected to be done after every eight years; Nigeria has 20 years without redesigning, almost 80% of the naira is not in the bank and the CBN is in the hands of people; so how can the government succeed? How can a country get 25% of foreign exchange which is a benefit from its currency in 10 days?

There is no political motive behind this; some people siphoned and hid public funds and that is why we want them to bring them out.

We are also calling on Nigerians and even non-Nigerians that all channels are accessible; if anyone knows someone who hid suspicious money, they should alert us and we will investigate it; when we investigate the money and get it, the whistleblower also gets 5 per cent.”he said

Rapper Drake lost £1.7million bet after Israel Adesanya failed to beat Alex Pereira at UFC 281

Canadian rapper, Drake, lost a huge seven-figure sum after placing a bet on ousted middleweight champion Israel Adesanya to beat Brazilian Alex Pereira at UFC 281 on Saturday night, November 12.

Adesanya, 33, was the bookie’s favourite to win the fight and would have earned Drake £2.4million if he could have found a way to victory inside the Octagon.

Pereira snatched the win in the fifth and final round with a left hook that sent the former champion to the canvas, and the bout to an end.

Drake is no stranger to placing huge bets having previously lost £537,000 on Barcelona in this season’s El Clasico against Real Madrid, and winning over £ 3 million on English UFC stars Paddy Pimblett and Molly McCann.

Dollar Crashes at Parallel Market To N730

The naira, which has been falling against major currencies in the past two weeks, has staged a comeback, recording gains on the parallel market on Friday, November 11.

As at press time, the Naira exchanged for about N730 to a dollar .

The Nigerian currency hit an all-time low of about N850 to the US dollar on the black market shortly after the Central Bank of Nigeria (CBN) announced plans to redesign high-value currency notes of N200, N500 and N1,000 and reissued from December 15.

CBN announced that the affected currency notes will cease to be accepted after January 31, 2023, asking Naira currency holders to pay their currency notes to the banks before then.

Since the announcement some Nigerians have begun paying their naira notes into banks while many have started saving in dollars, reducing the amount of dollars available with black-market bureau de change operators.

Reacting to the appreciation of the naira, the Institute of Chartered Accountants of Nigeria (ICAN) says it is worried about the pressure the naira is facing from the US dollar.ICAN president, Mallam Tijjani Isa, speaking on Thursday in Lagos during a briefing to commemorate the International Accounting Day 2022 said;

“As a nation, we must find a permanent solution to the forex crisis if we are to develop at the desired pace,” he said.

Elon Musk sells $4 bilion worth of Tesla shares after Twitter takeover as his net worth plummets to $200 billion

Tesla Inc. Chief Executive Officer (CEO) Elon Musk has reportedly sold about 19.5 million shares of the company ever since he reached a deal to buy Twitter for $44 billion

According to The Verge, these shares are close to worth $4 billion as per the forms filed with the Securities and Exchange Commission.

The report adds that Musk has offloaded almost $20 billion in the electric vehicle maker this year.

All this offloading has been reportedly done to mostly finance the Twitter deal which was worth $44 billion.

In April and August, Elon Musk has sold a combined $15.4 billion worth of Tesla shares, with $8.4 billion in April and around $6.9 billion in August.

However, after these sales, he said that there were no more sales planned. With regards to these sales, Musk also tweeted,

“No further TSLA sales planned after today.” His takeover of Twitter has also invited drastic measures like the sacking of almost 50 per cent of Twitter’s workforce, a verification fee.

According to a Reuters report, Musk’s net worth also dropped below $200 billion on Tuesday as investors dumped Tesla’s shares on fears of the Chief Twit being more preoccupied with Twitter.

The report reads,

“Now Wall Street fears that Musk has stretched himself too thin at a time when the EV maker is ramping up production and faces rising competition.”

Musk now has a net worth of $197.4 billion, according to Forbes, with a big share of that coming from his nearly 15 percent stake in Tesla, which has a market value of $622billion.

NNPC’s failure to remit funds has plunged many states into distress – El-Rufai

Governor Nasir El-Rufai has again lashed out at the Nigerian National Petroleum Company (NNPC) Limited for not remitting any revenue into the federation’s account since the beginning of this year.

El-Rufai who spoke at the 2022 Tax Dialogue organised by the Kaduna State Revenue Service in the state capital on Monday, November 7, said NNPC’s failure to remit revenue into the federation’s account has plunged some states into distress.

The Kaduna state Governor noted that federal and state governments now rely on revenues and taxes generated by the Federal Inland Revenue Service and Nigerian Customs Service for survival.

He also disclosed that some states can no longer pay salaries and fulfil their social contract to citizens.