metro
CBN likely to pump more new naira notes into circulation today
The Central Bank of Nigeria (CBN) may pump in today more new naira notes into circulation through the banks, The Nation learnt yesterday.
About N500 billion of the new notes have been injected into circulation since December 15, last year.
Today’s plan by the apex plan to pump more cash, close to N1 trillion will come into circulation, a CBN board member confirmed to The Nation yesterday.
Our source explained that “the volume printed must be related to what the CBN adjudges to be optimal for the economy.
“What this means is that the CBN is being careful not to flood the system with naira notes thus creating another currency control problems for it with attendant inflationary pressures”.
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The CBN board member also confirmed that the apex bank will abide by the Supreme Court’s decision to pull the brake on enforcing a deadline on the deposit of old Naira notes until February 15 when the Supreme Court will make hear the suit instituted by three governors.
“Whe cannot really speculate on extension or no extension as the issue is before the highest court in the land,” the apex bank’s board member said.
Regarding the advice of the Council of State to the CBN to either make more new notes available or re-circulate the old banknotes alongside the existing new notes, he told The Nation that “the advice of the Council of States is well-meaning. The Council is rightly concerned about the current challenges of the naira redesign implementation caused by selfish and sadistic individuals/organisations.”
Another senior CBN management official also revealed some developments to The Nation relating to the ongoing currency crisis.
The official disclosed: “The CBN has discovered that some powerful individuals used their cronies to open new bank accounts in order to withdraw new notes.
“The Economic and Financial Crimes Commission (EFCC) will soon go after them to see if they followed the Know Your Customer (KYC) protocol.”
He added that most commercial banks where deliberately keeping the new notes for their priority customers.
He said: “The banks are loyal to their priority customers; that’s why they reserve some new notes for them. They do not want to lose their high net worth customers. The apex bank has increased the volume of cash it released to the banks.”
According to him, the commercial banks have “not been returning old notes back to the CBN as expected”.
The CBN, the official noted, has also discovered that citizens were holding on to the new notes.
“People, are not depositing new notes but holding on to them” he said.
metro
Terrorists release video of kidnapped palace servant in Zamfara
Terrorists release video of kidnapped palace servant in Zamfara
In a video, a servant of the Emir of Zamfara named Alhaji Buhari (Shamaki) has pleaded to the monarch to intercede in their release.
Last week, bandits raided the palace of Zurmi’s Emir, Alhaji Bello Muhammad Bunu, killing three persons and abducting some local inhabitants.
According to locals, the bandits raided the town at 10 p.m. on Wednesday and targeted the mansion of Nasarawa State’s former Military Administrator, Colonel Bala Muhammad Mande (rtd).
The Emir was, however, whisked away by the security agents to Gusau.
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In the video, the abducted men were seen with eyes blocked with pieces of cloths while being surrounded by armed bandits, while one of them (Shamaki) urged the Emir to show compassion and aid in their release.
Invoking the name of Allah for mercy and support, he said they are over 600 individuals in dire need for assistance to go back and continue providing food for their families.
He said: “We are calling on the Emir of Zamfara to have sympathy for us, in the name of Allah, and help our release. In the name of Allah, the Emir should have sympathy for us.
“We are just looking for what to eat and feed their families. Even if one has nothing, waking up with something to eat and feed his family is enough. I am your Shamaki, Alhaji Buhari. Please and please, Your Highness, help us your people who are in extreme need for your help. We are over 600 in the bush.”
Terrorists release video of kidnapped palace servant in Zamfara
(DailyTrust)
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Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
metro
Inspector arrested with snatched car
Inspector arrested with snatched car
A Police Inspector, Nkwa Nnamdi, attached to 23 Police Mobile Force, Keffi, Lagos State, has been arrested and detained for being in possession of a car snatched at gunpoint.
This was after an unregistered Toyota Camry saloon car snatched at gunpoint was found in his possession.
Incidentally, the car was reported stolen by an Assistant Superintendent of Police, M. Alamutu, attached to 2 PMF, Keffi, Lagos State.
The car belonged to Alamutu’s younger brother, Daniel Ayomide, and was snatched at gunpoint on April 22.
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When Inspector Nnamdi was questioned on how he got the car, he claimed that the vehicle was handed over to him by a man he simply identified as Evans at Eternal Filling Station, Iju Road, Lagos State for him to drive the vehicle to Benin in Edo State.
A Situation Report stated: “On 23rd of April at about 4pm, an information was received from ASP Alamutu attached to 2PMF Keffi Lagos, that his younger brother namely, Daniel Ayomide unregistered Toyota Camry s/car white colour was stolen on gun point on the 22rd of April 2024 at about 8:30pm, was sighted along Iju road.”
Inspector arrested with snatched car
Terrorists release video of kidnapped palace servant in Zamfara
Man who has lived in America for over 13 years says he’s tired, wants to return home
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