News
Naira scarcity: CBN begins allocation of more cash to banks
The Central Bank of Nigeria (CBN) yesterday began cash allocation to banks to ease the scarcity.
A director confirmed the development to The Nation.
The source said the CBN felt the pains of Nigerians as the cash crunch bit harder.
“We also have family members who were affected by the lack of cash.”
Labour, which last week gave a seven-day ultimatum to the government to end the naira crisis, directed workers to stay off work and picket CBN offices in state capitals from Wednesday.
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The Supreme Court on March 3 ordered that the old and new N1000 and N500 notes should remain legal tender till December 31.
The CBN hesitated before beginning limited compliance with the order as cash scarcity persisted.
The governors that took the Federal Government to court threatened to initiate contempt proceedings against Attorney-General of the Federation Abubakar Malami and CBN Governor Godwin Emefiele.
The NLC lamented that its member could no longer pay transportation fares to work or for basic needs.
The CBN may have moved to forestall the likely economic consequences of a major strike.
Some bank staff confirmed to our correspondent that they got enough cash from the CBN to meet customers’ demands.
It was learnt that the old denominations were released late afternoon and early evening.
Bank sources said with the quantity of cash they had yesterday, customers can now withdraw as much as N100,000 for individuals and N500,000 for corporate bodies over the counter from today.
Disbursements from Automated Teller Machines (ATMs), however, remain uncertain.
It was unclear whether banks outside Abuja also now have enough cash.
Also yesterday, the House of Representatives asked the CBN to direct banks to immediately overhaul their online/electronic banking platforms for efficiency.
Adopting a motion at plenary, the House expressed concern about the difficulties in carrying our banking operations.
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A lawmaker, Sergius Ose Ogun, said many Nigerians have lost money to the inefficiency of the online/internet banking platforms.
He said Section 2 of the CBN Act saddles it with the duty of promoting a sound financial system in Nigeria.
Ogun said: “In the wake of the recent naira redesign and cash withdrawal limit policy of the CBN, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country.
“The use of online or internet banking services by Nigerians in the past three months or thereabouts has been characterised by varying degrees of hitches ranging from unsuccessful electronic bank transfers, Point of Sale (POS) service failure and a host of others.
“The ineffectiveness or difficulty in using internet banking services across the online banking platforms of most banks has brought untold hardship, suffering and difficulties on Nigerians in the past three months.
“If nothing is done by the CBN and the banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.”
News
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.
In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.
He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.
The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.
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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.
“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”
Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.
“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.
“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
News
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”
His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.
In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.
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The only solution is to dissolve the two states and create a democratically electable region.”
Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.
He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.
“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
News
Court sacks Ondo LP candidate, two days to governorship poll
Court sacks Ondo LP candidate, two days to governorship poll
The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.
The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.
The governorship election of the southwest State will hold on Saturday, 16 November 2024.
The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.
The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.
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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”
Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.
Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.
Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.
However, the appellate court has now overturned the judgment of the trial court’s judgment.
Court sacks Ondo LP candidate, two days to governorship poll
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