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NBA threatens protest over JUSUN’s strike

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The ongoing strike of the Judiciary Staff Union of Nigeria (JUSUN) over demand for financial autonomy may assume another dimension as the Nigerian Bar Association (NBA) Ikeja branch on Tuesday threatened to stage a protest in its support.

Chairman of NBA Ikeja, Bartholomew Aguegbodo, announced this to reporters after a meeting of the branch executive at the Bar Centre, GRA Ikeja.

Aguegbodo said if today’s meeting between Governors Forum and JUSUN fails to agree on implementation of financial autonomy for the judiciary, the branch: “would have no other option than to take further steps to compel them to comply with the provisions of the 1999 Constitution, as amended.”

Asked what he meant by “further steps,” the Ikeja NBA chairman said: “What we are talking about is willful disobedience to provisions of the constitution.

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Osinbajo picks holes in naira redesign policy, says scarcity of notes ‘is disturbing’

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Vice-President, Yemi Osinbajo

Osinbajo on Friday urged the Central Bank of Nigeria (CBN) to engage financial technology companies (fintechs) as well as mobile money agents to address the issue of getting new naira notes across the country.

Vice-President, Yemi Osinbajo, the second man in the President Muhammadu Buhari’s administration, has described as “disturbing” the inability of Nigerians to have access to the new naira notes and the ongoing naira scarcity which has caused protest nationwide.

Osinbajo on Friday urged the Central Bank of Nigeria (CBN) to engage financial technology companies (fintechs) as well as mobile money agents to address the issue of getting new naira notes across the country.

Osibanjo, in a meeting with some fintech stakeholders, expressed worries over the difficulty in getting new naira notes and advised the CBN and commercial banks to address the situation immediately.

“You need cash to pay for transport. For instance, in Abuja, how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy foodstuff on the road or in canteens, or even buy recharge cards?” Osinbajo said, according to a release by Laolu Akande, his spokesperson.

“Parents with kids in public schools give money daily to their children for lunch, most commerce is informal, so you need cash for most things.

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“It seems to me that banks must engage their mobile money operators. Fintechs with mobile money licenses and many of them have micro-finance bank licenses now and already have a network of mobile money agents or human banks or human ATMs (as they are sometimes called) who are responsible for them and they can supervise themselves. They can do currency swaps and open bank accounts.”

Speaking further on the redesign of the naira notes, Osinbajo lamented the scarcity of the new notes.

“More disturbing is the fact that after depositing your old notes, there are no new notes, so people everywhere in the urban areas and rural areas simply have no money,” he said.

“There are logistical challenges that have to be addressed by the CBN and the banks, especially from the point of view of the average Nigerian and those in the hinterland who hardly use any electronic platforms.”

Osinbajo also said while there has always been a certain failure rate in online banking and money transactions, they have become even more difficult now with the increase in the number of transactions congesting the system.

 “So where in the past you used POS or any of the electronic platforms, you had maybe 20 percent to 30 percent failure rate, now because everyone is trying to get on those platforms, obviously, the failure rate is much more and the problems are much more pronounced,” the Vice President noted.

“We really need to make progress even as we make efforts to deal with some of these issues confronting us today,” he said. SR

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Senate gives Aregbesola 24hrs to defend N700m collected to monitor Edo, Ondo elections

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Minister of Interior, Ogbeni Rauf Aregbesola

THE Senate has given the Minister of Interior, Ogbeni Rauf Aregbesola twenty- four hours ultimatum to appear before it and defend the N700 million the ministry  collected from Service Wide Votes, SWV for the monitoring of Ondo and Edo Governorship elections.

The Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide gave the directive to the Permanent Secretary of the Ministry , Dr Shuaib  Belgore due to excuse by the Ministry that the N700 million would  be accounted for by the Nigerian Civil Defence Corps (NSDC).

According to the Committee, from the record, the money was released in two batches, N400 million for Ondo Governorship election and N300 million for Edo Governorship Election.

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This is contained in the Authority to Incur Expenditure (AIE), a document produced by the office of the Accountant General of the Federation which shows that  N400 million was released  to the Ministry of Interior for logistics and operational support in respect of forthcoming Ondo state gubernatorial election.

The second release read that N300 million was released to the Ministry of Interior for logistics and operational support in respect of forthcoming Edo state gubernatorial election.

According to the Permanent Secretary, it is the NSDC that will account for the money, we only make request on behalf of the NSDC.

Not satisfied with the defence of the Permanent Secretary, the Chairman of the Committee, Senator Urhoghide  said that the excuse was  not tenable because the NSDC did not collect the money , it was the Ministry that collected the money.

Urhoghide who noted that the NSDC will only come before the Committee to account for the money requested personally from Service Wide Votes, said, ” NSDC has their own queries , they are coming before the Panel to respond to the one that bears their names, they have the money given to them directly.

“From our records, it is your ministry that will defend the expenditures not NSDC.”

The Chairman who  thereafter gave the Ministry 24 hours to defend the N700 million for the Edo and Ondo governorship elections, said, ” You have 24 hours to make your report available to us, we must get explanation from you.”

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Obi to Nigerians: Currency redesign has socio-economic benefits, bear with FG, CBN

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Peter Obi

Labour Party president candidate and former governor of Anambra State, Mr Peter Obi, has urged Nigerians to bear with the Central Bank of Nigeria (CBN) and the Federal Government in the naira redesigning programme, saying it is not perculiar to the country.

Obi, in a message yesterday, said that despite the fact the currency redesign comes with some inconveniences, it has long-term benefits.

He urged the CBN and banks to do everything possible to make  the new notes available.

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Obi’s statement reads: “The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain, but it has significant longterm  economic and social benefits.

 “Even though there are improvements that can be made, I urge Nigerians to bear with the CBN and Federal Government with the hope that the general populace and Nigeria will harvest the gains that will come with the reforms.

“We equally implore the CBN and the banks to expedite efforts to make the new currency available to small depositors and the unbanked in order to reduce the pains of my fellow Nigerians, especially the underprivileged and those living far away from banks in the rural areas.”

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