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Nigeria ready to host African Central Bank, Tinubu tells AU

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3 months ago

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Nigeria ready to host African Central Bank, Tinubu tells AU

President Bola Tinubu has reassured the African Union of Nigeria’s willingness to host the African Central Bank by the agreement enshrined in the Abuja Treaty. 

Speaking at the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) in Addis Ababa, Ethiopia, Tinubu assured African leaders of Nigeria’s readiness, committing to working with the African Union Commission and member states to establish the bank by 2028. 

According to a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu also categorized challenges facing the continent into externally engineered and locally induced.  

What the President said 

He affirmed that Africa’s success in conclusively addressing its challenges hinges on the firmness of its resolution, built on a foundation of deep-rooted solidarity if it is to avoid perpetuating existing problems and creating new ones. 

  • “As a continent and as individual nations, we face strong headwinds and difficult hurdles threatening to complicate our mission to bring qualitative democratic governance and economic development to our people. Many of these obstacles, such as climate change and unfair patterns of global trade, are largely not of our making.  
  • “However, some of the pitfalls, including coup-birthed autocracies and the deleterious tinkering with constitutional tenure provisions, are developmental cancers we as Africans are giving to ourselves,” he stated. 

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Addressing the military coups in Guinea, Burkina Faso, Mali, and Niger, the President underscored the importance of maintaining regional solidarity within ECOWAS, despite disagreements over unconstitutional regime changes, to ensure ongoing cooperation and affinity among member nations. 

  • “The drive for a peaceful, strong, and united West Africa is bigger than any one person or group of people. The bonds of history, culture, commerce, geography, and brotherhood hold deep meaning for our people. Thus, out of the dust and fog of misunderstanding and acrimony, we must seize the chance to create a new people-centric era of trust and accord,” President Tinubu said.  

What you should know 

  • The Treaty Establishing the African Economic Community, otherwise known as the Abuja Treaty,  was adopted on 3 June I991 and entered into force on 12 May 1994. 
  • It was aimed at fostering the social, economic and cultural development of the African continent through the integration of the economies of the various countries. 
  • The treaty lays the foundation for the eventual establishment of an African Common Market and, together with the OAU Charter, regulates the work and aims of the OAU. 
  • The treaty provides for the creation of an African Economic Community through a gradual process of co-ordination, harmonization and progressive integration of the activities of existing and future Regional Economic Communities (RECs) in Africa. This will be done in six successive stages over 34 years. 

Nigeria ready to host African Central Bank, Tinubu tells AU

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CBN in U-turn withdraws cybersecurity levy

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6 hours ago

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May 20, 2024

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CBN Governor, Olayemi Cardoso

CBN in U-turn withdraws cybersecurity levy

The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy.

The controversial directive for collection of the levy had attracted nationwide condemnation when the central bank introduced the policy last week, prompting the Presidency to immediately suspend the implementation of the Cybersecurity Levy.

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In a withdrawal circular that was issued by the CBN on Sunday night, it directed the banks not to go ahead with the initial directive, in line with the presidential directive. The apex bank authorities claimed it’s a sign that the present administration was a listening one that prioritises public good.

“Further to this, please be advised that the above referenced circular is hereby withdrawn,” CBN director in charge of payments system, Chibuzo Efobi, and the director, financial policy and regulation, Haruna Mustapha, said in the circular, adding that all banks should “Please be guided accordingly.”

CBN in U-turn withdraws cybersecurity levy

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Minimum Wage: Labour returns for negotiation with FG Tuesday, looks beyond N100,000

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8 hours ago

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May 20, 2024

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Minimum Wage: Labour returns for negotiation with FG Tuesday, looks beyond N100,000

The oganised labour says it will honour the invitation by the Federal Government for Tuesday, May 21, 2024 to continue the negotiation for a new minimum wage.

Even as it has announced readiness to back down on its earlier N615,000 proposal, it vowed not to accept N100,000 as the new minimum wage.

The organised labour, comprising the Nigeria Labour Congress and the Trade Union Congress of Nigeria, pulled out of the negotiation meeting last Wednesday when the government offered N48,000 as new minimum wage.

However, Chairman of the Tripartite Committee on the National Minimum Wage, Alhaji Bukar Goni, in a letter to the organised labour calling a meeting to be held tomorrow, indicated interest that the government would shift ground and asked the labour to do so too.

A report by Vanguard quoted the NLC Head of Information and Public Affairs, Benson Upah, as saying the organised labour would honour the invitation tomorrow but advised the government to be serious.

He said, “Our expectations are that government should be serious this time around. We expect them to take more seriously the issue of wages of workers.”

‘’So if the government is serious, it should not be thinking about N100,000. You know that when you create poor citizens, you create a poorer county,” he added.

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I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi

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23 hours ago

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May 19, 2024

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Force Public Relations Officer (FPRO), Prince Olumuyiwa Adejobi

I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi

Force Public Relations Officer (FPRO), Prince Olumuyiwa Adejobi, has boasted that he has never for once accepted a bribe of any kind since he started active service as a police officer.

Adejobi, who is an Assistant Commissioner of Police (ACP), made this revelation in a post on his verified X account on Sunday.

The Force PRO, while responding to a netizen who asked if he had ever taken bribes before, said accepting bribes is a taboo for him as a royal prince.

According to him, accepting a bribe is not just ungodly but also affects someone somewhere anytime it is taken.

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He noted that the essence of life is to put smiles on the faces of others and not to be the source of their tears.

He further revealed that he has taken it upon himself to preach against accepting bribery to his fellow police officers and other people around him.

He wrote, “No. It’s a taboo for a royal prince to take a bribe. Taking bribe definitely makes someone somewhere cry for many reasons, and it’s ungodly to do so. Your main purpose in life is to put smiles on people’s faces. It’s Godly and rewarding. It’s my personal principle and a call to duty. I preach this to my colleagues and many others always. May we have the grace to remain steadfast and purposeful in life.”

Adejobi, who is a prince from Orile-Owu Community in Ayedaade Local Government Area of Osun State, was reappointed as the Force PRO by the Inspector General of Police, Olukayode Egbetokun, in August 2023.

I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi

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