EFCC Endorses CBN’s Moves on New Naira Notes – Newstrends
Connect with us

metro

EFCC Endorses CBN’s Moves on New Naira Notes

Published

on

Executive Chairman of the EFCC, Abdulrasheed Bawa

The Economic and Financial Crimes Commission, EFCC, has applauded the move by the Central Bank of Nigeria, CBN, to redesign and reissue higher denominations of the Nigerian Currency, the Naira. Speaking at a press briefing today, October 26, 2022, the CBN Governor, Godwin Emefiele announced that the apex bank had obtained the approval of President Muhammadu Buhari to resign and issue new N200, N500 and N1000 notes that shall come into circulation by the 15th of December, 2022.

Responding to the development, the Executive Chairman of the EFCC, Abdulrasheed Bawa described the move by the apex bank as “a well-considered and timely response” to the challenges of currency management which has negatively impacted the country’s monetary policy and security imperatives. “The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilize the country’s monetary policy environment. It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria”, he said.

READ ALSO:

He called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators to work within the guidelines provided by the Central Bank of Nigeria to ensure seamless withdrawal of the old currency. Bawa however warned that EFCC will monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise. He also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.

The EFCC boss further pointed out that the objectives which the CBN seeks to achieve with the redesign and reissue of the higher denomination Naira notes, were in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalizes the conduct of cash transactions above a certain threshold.

According to Section 2 (1) of the Money Laundering Act 2022 “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding— (a) N5,000,000 or its equivalent, in the case of an individual ; or (b) N10,000,000 or its equivalent, in the case of a body corporate.”

Optimistic that the new currency measure would further boost Nigerians’ embrace of banking culture and encourage the acceptance of cashless transactions, the EFCC Chairman recalled that the Commission had recently taken operational action against currency hoarders in major commercial cities of Nigeria.

“It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away.”

Noting that currency hoarders readily made their hoard available to criminal enterprise, the EFCC boss further stated that the Commission will spare no effort to bring to book any financial services operator who runs afoul of extant laws and regulations.

Wilson Uwujaren
Head, Media & Publicity
26 October, 2022

PRNigeria

metro

NURTW scribe felicitates Nigerians on Xmas, urges caution 

Published

on

NURTW scribe felicitates Nigerians on Xmas, urges caution 

 

The General Secretary of the National Union of Road Transport Workers (NURTW), Comrade Kayode Agbeyangi, has enjoined Nigerians to imbibe the virtues of peace, love and compassion as taught through the birth of Jesus Christ.

He stated this in his Christmas and end of the year goodwill message to felicitate members of the union and Nigerians in general.

Agbeyangi urged Nigerians to use the festive season to reflect on the values of love, compassion, and sacrifice that Jesus Christ embodied.

“This period is not for merry making alone; we should also spare time to reflect on the birth and life of Jesus Christ.

“His birth teaches humility, love compassion and sacrifice. As Nigerians, we must show love to our fellow county men. We must love our country. As Nigerians, we must be ready to make sacrifices for the nation.”

The NURTW scribe also used the opportunity to appeal to members of the union and other road users to always exercise caution and adhere to all safety protocols while travelling during the festive season.

“As we celebrate, let us not forget the importance of road safety. The roads can be treacherous, especially during the festive season.

“I urge our members and all road users to drive safely, avoid overspending, overtaking at dangerous bends and overloading, and be courteous to other road users,” he stated.

He also advised drivers that all their vehicle papers should be up to date to avoid embarrassment from law enforcement officers on the highways.

Comrade Agbeyangi prayed for a peaceful and joyous celebration, and wished members of the union and Nigerians, a happy prosperous New Year.

Continue Reading

metro

Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam

Published

on

 

Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam

 

The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody. The banner became a source of controversy after a picture of it was shared on social media, with many calling it an…

The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody.

The banner became a source of controversy after a picture of it was shared on social media, with many calling it an attack on the Christian faith.

 

Addressing his congregation, Jamiu said the banner was displayed to educate Muslims.

 

He said, “When you come to Lekki Central Mosque, at least you should learn something. You pass by the banners outside, you look here and there, you learn something because Islam treasures knowledge.”

The Imam said all the banners displayed outside the mosque contain Quran and Hadith verses.

 

He said after a photo of one of the banners went viral, he “received calls from the government, local government, and area command appealing to us to please remove the banners because of the festive period.”

 

He said the display of the banners was not to provoke anyone, noting that there’s a difference between propagation of Islam and provocation.

 

“It was not placed there just yesterday. It has been there for about two months or thereabout. We are peace loving people, we don’t provoke anyone. We only propagate our name,” he said.

Jamiu further stated that nobody can monopolise Jesus because Muslims also have what they believe about him as backed by the Quran which calls him Isah.

 

“If you don’t believe in Jesus, you are not a Muslim. We are Muslims and anything we believe must be in consonant with the Quran and the Quran says Jesus Christ is not God, he’s a messenger of God. We quoted this verse in the banner. Is there anything wrong if we paste what we believe on our territory to educate our congregation? It’s a verse of the Quran. This is freedom of religion, freedom of speech,” he said.

 

On the removal of the banner, Jamiu said he received multiple calls ascribing the gesture as cowardice.

 

 

“It is not cowardice. We removed it to let peace reign, to obey our government because we are peace-loving people and also because we know it’s a festive period, people may think it was actually calculated to enrage others. We are going to modify it and put it back. We are not cowards,” he said.

 

The banner has since been replaced with another which says “A

llah is the lord of Jesus.”

 

Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam

Continue Reading

metro

CBN fines bank found hoarding cash N150m

Published

on

CBN fines bank found hoarding cash N150m

The Central Bank of Nigeria (CBN) has imposed a N150 million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs).

This action follows an unannounced inspection by the apex bank, which uncovered deliberate cash hoarding and ATM manipulation by the erring bank.

Sources within the CBN revealed that the sanctioned bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritizing cash disbursements to select VIP clients.

A staff member of the CBN stressed that the apex bank would not tolerate such practices.

“The Bank will not spare any Deposit Money Bank (DMB) caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated.

To this end, the CBN has intensified spot checks on banks nationwide, exposing various illicit cash-handling practices by some unscrupulous financial institutions.

READ ALSO:

For now, the CBN is imposing financial penalties on defaulting banks. However, according to the official, the next phase of enforcement will include publicly naming and shaming offending banks and prosecuting implicated bank officials.

“This fine is just the beginning. The CBN is determined to hold banks accountable for any actions that undermine public trust and the integrity of the banking system,” the official added.

Despite the ongoing challenges, the CBN has reiterated its commitment to promoting cashless banking in the country.

Another senior official disclosed that the apex bank’s management is intensifying efforts to encourage the use of electronic channels for transactions.

“The frustration faced by account holders is undermining our push for a cashless economy. We are doubling down on initiatives to restore public confidence in electronic banking solutions,” the official said.

CBN fines bank found hoarding cash N150m

Continue Reading

Trending