News
New cash withdrawal policy not done for political reasons – CBN
The Central Bank of Nigeria (CBN) has said the new cash withdrawal limits policy of the apex bank was done for political reasons.
Naija News reports that the CBN, on Wednesday evening, increased the maximum weekly limit for cash withdrawal across all channels to N500,000 and N5,000,000.
However, there are insinuations that the new policy of the bank apex was done to curb vote buying in the forthcoming 2023 general elections.
But the CBN Deputy Governor in charge of Financial Stability, Aisha Ahmad, has said the new cashless policy was done in the interest of the country and not targeted at anyone.
Ahmad who represented the CBN Governor, Godwin Emefiele said this on Thursday when she appeared before members of the House of Representatives.
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She said the policy will also check money laundering, reduce the cost of processing cash, the cost of minting new notes as well as the cost of destroying old tenders.
Ahmed also explained available data indicate that 94 percent of all cash transaction falls within the new limit of N500,000 and 82 percent of corporate cash transactions fall below the new limit indicated for corporate bodies.
She said the implication is that about 84 percent of individuals will not be affected by the cash withdrawal limit.
Ahmad added that the processing fee on the excess withdrawal will only be charged against the extra cash and not the entire sum.
She said as a result of feedback from Nigerians and the concerns raised by the House, the apex bank raised the weekly withdrawal limit from N100,000 to N500,000.
Outrage as CBN says it doesn’t know quantity of new naira notes printed
Earlier, a lawmaker, Sada Soli during the House session had lamented the non-availability of the new notes to the public days after it was launched and asked Ahmad to disclose the quantities of new notes printed.
Responding, Ahmad said she doesn’t know the volume or amount of new naira notes printed by the apex bank in the newly redesigned country’s currency.
The CBN official declared that she doesn’t know the exact amount and the number of notes printed and doesn’t want to give a wrong figure.
She also failed to answer the question of how much was spent on producing the re-designed naira notes.
Her submission caused a rowdy session among the lawmaker in the Green Chamber of the House.
News
Late COAS Lagbaja gets CFR honour, buried amid tributes
Late COAS Lagbaja gets CFR honour, buried amid tributes
The late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, was on Friday laid to rest in Abuja, amid tears and tributes.
President Bola Tinubu conferred a posthumous award of the Commander of the Federal Republic (CFR) on the late Chief of Army Staff.
The burial took place at the National Cemetery in Abuja to end two days of funeral rites that began in Lagos earlier in the week.
His body was lowered into the grave at exactly 4:41pm after the ceremony that lasted over two hours.
Lagbaja’s casket, draped in Nigeria’s green and white colours, arrived at the cemetery around 3pm in a white funeral wagon after a funeral service at the National Christian Centre in Abuja.
Dignitaries were led to the event by President Bola Tinubu. Others are Vice President Kashim Shettima; the Acting Chief of Army Staff, Lt.Gen. Olufemi Oluyede; the Chief of Defence Staff, Gen. Christopher Musa; Minister of Defence, Abubakar Badaru, and other top government officials and military brass.
President Tinubu announced the conferment of the CFR on the late COAS during the interment at the National Cemetery in Abuja.
The President extolled the virtues of the late warrior, especially his contributions to national security.
According to him, the appointment of Lagbaja as the COAS was one of his finest made so far.
“As an eternal symbol of our appreciation, I have granted the late Chief of Army Staff, the posthumous national honour of the Commander of the Federal Republic of the Niger (CFR),” Tinubu declared.
He thereafter invited the wife of the late COAS, Mariya, to collect the award on behalf of the Lagbaja family amid applause from the congregation.
News
Supreme Court dismisses 16 govs suit challenging EFCC legality
Supreme Court dismisses 16 govs suit challenging EFCC legality
The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.
The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).
In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.
The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.
It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state houses of assembly.
Delivering judgement on Friday, Justice Abba-Aji ruled that “the EFCC Act, which was not established from a treaty but a convention, does not need the ratification of the houses of assembly.”
News
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
His suspicion was on the order of the Minister of the Federal Capital Territory, Nyesom Wike.
Senior Special Assistant on Public Communications and New Media to the Minister, Lere Olayinka, disclosed this in a statement on Thursday evening.
No reason was given for the suspension.
Ahmad was directed to hand over to the Director, Engineering Services in the FCDA.
The statement read: “The Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
“According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory FCT, Nyesom Wike, the suspension of Engr Hadi Ahmad is with immediate effect.
“The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA.”
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