New naira notes to be printed locally, says CBN – Newstrends
Connect with us

metro

New naira notes to be printed locally, says CBN

Published

on

CBN Governor, Godwin Emefiele

•Policy targeted at opposition, says Obaseki

There is no plan to print the proposed new naira notes outside Nigeria, a Central Bank of Nigeria (CBN) Board member has said.

“All the new currency notes are printed in Nigeria by the Nigeria Security, Printing and Minting Company (NSPMC), so I do not envisage printing outside the country,” the Board member told The Nation in confidence.

He, however said that he has no idea of the cost for printing the new currencies for now. But he assured that the cost is “something that can be accommodated in view of the expected benefits of the re-designed notes”.

According to CBN Governor, Godwin Emefiele, the N1000, N500 and N200 are to wear new looks soon.

Shedding light on the communication or lack of it between the CBN and the minister of finance on the decision to redesign some denominations of the naira, the CBN Board member insisted that “the CBN Governor did not take the decisions on currency redesign alone”.

According to the Board member, “at present, the Board of the CBN has not been inaugurated even though the Senate has confirmed the re-appointment of the members. Until the Board is inaugurated, it cannot sit”.

READ ALSO:

He went on to add that “in the interim, the President who is the Supervisor of the CBN, acts on behalf of the Board. This is why the Governor went directly to the President for approval of the redesign.

But Edo State Governor Godwin Obaseki yesterday read political meaning to the proposed naira redesign.

He claimed that the move was a ploy by the All Progressives Congress (APC)-led Federal Government to sway voters ahead of the 2023 general elections.

Obaseki spoke at the inauguration of Edo State Peoples Democratic Party’s (PDP’s) Women Campaign Council at the presidential campaign secretariat of the party on Sapele Road, Benin, the state capital.

He said: “The redesigning of the nation’s currency should not be a priority, as the majority of citizens are suffering from hunger, poverty and economic hardship.

“They say we should all bring our naira and give it to them, because they want to change it for us. Is that our priority now?

“Does changing of currency reduce the price of food in the market? They say they want to change our currency, and dollars are going higher every day. We cannot even see dollars again.

“I am an economist and I can tell you categorically that this policy by the CBN and Federal Government has no basis in Nigeria’s economy. There is no reason to do this. The move is purely political, as there is no urgency in changing our currency.”

Edo governor was of the opinion that putting food on the table of Nigerians ought to have been given priority attention by the Muhammadu Buhari’s administration.

He said: “The urgency is on how to get food for our citizens to remove starvation and hunger from the land. The urgency is on how to maintain discipline in our monetary policy. So that we can manage our foreign exchange rate, because we are import dependent.

READ ALSO:

Former CBN Deputy Governor Prof Kingsley Moghalu said the CBN did no wrong by not personally informing Finance, Budget and National Planning Minister, Mrs. Zainab Ahmed.

Moghalu said: “The CBN only needs the approval of President Muhammadu Buhari for this particular exercise. There are only three issues on which, in the CBN Act of 2007, the CBN should obtain external authorisation, and only from the President of Nigeria, for its operations: any alterations to the legal tender (the naira); any investment of the bank’s funds outside Nigeria; and the Bank’s annual report.

“Outside of these, the only approving authorities for CBN operations are its Committee of Governors consisting of the Governor and the four Deputy Governors, and the Board of Directors of the CBN, which includes the Governor, the four Deputy Governors, and seven  external members which include the Permanent Secretary of the Federal Ministry of Finance and the Accountant-General of the Federation.”

Moghalu alleged that Emefiele was politicising “the central bank by routinely subjecting its operations to the whims and caprices of the Presidency far beyond what is the appropriate relationship, and compromised the independence of the CBN as a result. That is why the finance minister erroneously feels entitled to be informed or consulted”.

He called on the apex bank to “focus hard on the implementation of this policy. It will impose huge pressures on the banking system.

“How can the woman frying bean cake in the rural area, who keeps most of her cash under her pillow, be aided to come into the banking system under this new policy? There are others as well whose monies are outside the banking system for reasons that are not negative”.

The Nation

metro

Tinubu govt speaks on safety concerns as Malaysia dumps CNG vehicles

Published

on

Tinubu govt speaks on safety concerns as Malaysia dumps CNG vehicles

The Presidency has sought to reassure Nigerians about the safety of President Bola Tinubu’s Compressed Natural Gas (CNG) initiative amid reports that Malaysia plans to discontinue its use of Natural Gas Vehicles (NGV) due to safety concerns.

This development follows recent news that the Malaysian government will phase out NGV starting July 1, 2025, citing potential risks.

The announcement was made by Malaysian Minister of Transport Loke Siew Fook, who stated that NGV-powered vehicles would soon no longer be registered or allowed on Malaysian roads for safety reasons.

In response, Bayo Onanuga, media aide to President Tinubu, clarified that the issues raised by Malaysia primarily concern Liquefied Petroleum Gas (LPG), not CNG.

READ ALSO:

According to Onanuga, “NGV covers both CNG and LPG. Nigeria in its transition has adopted CNG ONLY not both because of LPG’s valid safety and cost concerns.”

Onanuga emphasized the difference between Nigeria’s approach and Malaysia’s situation, stating, “Malaysia basically had an unsuccessful transition away from costly and dirtier petrol and diesel. Conversion of 45,000 vehicles in 15 years (less than 0.2%) is not enviable unlike India, China, Iran and Egypt.”

He further explained, “The end of 15 year CNG tank cycle means they need to replace tanks and it was easier/cheaper to scrap their program and continue with their petrol than to do so if they had not built tank manufacturing capacity which Nigeria is already developing in year one.”

Tinubu govt speaks on safety concerns as Malaysia dumps CNG vehicles

Continue Reading

metro

Police arrest man who staged his kidnap, demanding N10m ransom from brother

Published

on

Bayelsa State Commissioner of Police Alonyenu Francis Idu

Police arrest man who staged his kidnap, demanding N10m ransom from brother

Men of the Bayelsa State Police Command have arrested a man identified as Biobarakumo Gamade, for allegedly staging his abduction and demanding N10m from his brother.

The suspect was arrested alongside his accomplice, identified as Frank Thompson, on Tuesday, November 5th, after receiving N2m ransom. Parading the suspect at the state police command headquarters, on Wednesday, November 6, the State Commissioner of Police, Alonyenu Francis Idu, disclosed that a case of alleged kidnapping was reported by one Mr. Gemade Esua Igoniamine in October, and a search was mounted.

The police boss said a search was carried out and there was no trace through the security surveillance cameras at the point where the kidnapping occurred or the exit of the state.

READ ALSO:

“We got a distress call that a black jeep with military personnel kidnapped a man; we searched all our cameras, and no car of such identity was seen. Later, we got a call from someone who claimed to have kidnapped a victim, demanding a N10 million ransom.

The operatives of the anti-kidnapping swung into action, leading to the arrest of Frank Thompson, who hails from Nembe Local Government Area, through the ransom that was paid.

Upon interrogation, the suspects revealed that they staged the kidnapping to enable them to collect ransom. They had earlier demanded for N10 m random, but two million naira was paid, which was used to trace them to the hotel where they had lodged outside the state.”

The Commissioner of Police used the medium to appreciate Bayelsans, youth groups, and other partners who have joined the command in ensuring crime and criminality are nipped in the bud.

He assured residents that the police will not stop in the fight of making Bayelsa a safe place.

 

Police arrest man who staged his kidnap, demanding N10m ransom from brother

Continue Reading

metro

DSS officials came with two unmarked vehicles to our office, used fake names, SERAP tells court

Published

on

DSS officials came with two unmarked vehicles to our office, used fake names, SERAP tells court

The Socio-Economic Rights and Accountability Project (SERAP) has today told a Federal Capital Territory High Court that the officials of Nigeria’s secret police, the Department of State Services (DSS) who invaded our Abuja office used fake names and came with two unmarked vehicles.”

SERAP had in September alleged that the DSS invaded its Abuja office, following the organisation’s letter calling on president Bola Tinubu to probe allegations of corruption in the Nigerian National Petroleum Company Limited (NNPCL) and to reverse the increase in the pump price of petrol.

The DSS then issued a statement claiming that the visit to SERAP’s office was “a routine investigation” but two of its officials subsequently filed a defamation lawsuit against SERAP, claiming over N5 billion in damages.

Tayo Oyetibo, SAN and Ebun-Olu Adegboruwa, SAN in the statement of defence and statement on oath filed on behalf of SERAP said in court that, “One DSS official who came to SERAP’s Abuja office disguised as ‘Sarah David’ to conceal their real identities, in furtherance of the agency’s bad faith and sinister motives.”

The senior lawyers also told the court that “the DSS has no operational habit or practice of engaging with officials of NGOs, whether to establish a relationship with new leadership or for any social purpose whatsoever, and whether in the Federal Capital Territory or elsewhere.”

The suit which came up today before Justice Yusuf Halilu, Court 13 has been adjourned to 29th of November 2024 for further hearing.

SERAP’s statement of defence and statement on oath, read in part: “SERAP vehemently denies the claims by the DSS and its officials and at the trial shall urge the Court to dismiss the claims in their entirety for being frivolous and vexatious, with substantial costs in favour of SERAP.”

READ ALSO:

“One of the two DSS officials who entered SERAP’s office signed the visitor’s book as “Sarah David” and not “Sarah John” as constituted in this suit. A photocopy of the extract from the visitor’s book showing that the official hid her true identity when she entered SERAP’s premises is hereby pleaded and shall be relied upon during trial.”

“The DSS stormed SERAP’s office demanding to see its management staff, demanding official documents in addition to interrogating and questioning its front desk officer.”

“SERAP shall during the trial of this suit challenge the competence of this suit on various grounds of law.”

“The statement published by SERAP was directed to the DSS as Nigeria’s secret security agency which is notorious for various acts of harassment and intimidation of innocent citizens over the years, and not the DSS officials as claimed.”

“Upon arrival at SERAP’s office, the one DSS official parked her private car at the premises of SERAP in company of two unmarked vehicles occupied by some operatives of the DSS.”

“The DSS is not known to make social friends of NGOs dedicated to the promotion of human rights and accountability in Nigeria.”

“There is no new leadership in SERAP and that the normal practice for public institutions and law enforcement agencies including the DSS, when inviting NGOs to a meeting is to send letters of invitation to such organizations for record purposes.”

“On 17th September 2024 the DSS had, through their Solicitor, Dr Alex Izinyon SAN, written to SERAP in respect of this matter in which they stated that the publication of SERAP complained of in this Suit was made of and concerning the DSS, and not the two DSS officials.”

“By a letter dated 23rd day of September 2024, SERAP’s Solicitors Messrs Tayo Oyetibo LP rejected the demands of the DSS as contained in their Solicitor’s letter.”

“It was after the exchange of correspondence between the DSS and SERAP, that the two DSS officials instituted this Suit based upon false facts that the publication was made of and concerning them.”

“The DSS has made contradictory statements as to the purpose of their unannounced visit and presence in SERAP’s Abuja office.”

“The DSS in their public statement which was issued on 10th September 2024 confirmed that they visited SERAP’s office on 9th September 2024 ‘on a routine investigation’.”

“The purpose of the ‘visit’ to SERAP’s Abuja office as contained in the said public statement by the DSS is completely different from the purpose contained in paragraph 5 of the claimants’, to the effect that: ‘in line with its practice of engaging with officials of non-governmental organisations operating in the FCT to establish a relationship with their new leadership, it directed its two officials to visit SERAP’s office and invite its new leadership for a familiarisation meeting.’”

READ ALSO:

“SERAP does not have a front desk officer in its Abuja Office named “Ruth” and as such puts the Claimants to the strictest proof of the same.”

“SERAP has received written invitations for partnerships and collaborations from many public institutions which SERAP has honoured and SERAP has a good working relationship with many public institutions in Nigeria, including the Bureau of Public Service Reform, Code of Conduct Bureau, Economic and Financial Crimes Commission, National Human Rights Commission and Independent Corrupt Practices and Other Related Offences Commission.”

“One of the two DSS officials requested to see the incorporation documents of SERAP from the front desk officer and when told that the incorporation documents are in the custody of management staff, she requested to see senior officers of SERAP present and when asked why, she repeated that she needs to verify the incorporation documents before leaving.”

“While in the Abuja office of SERAP, one of the two DSS officials received various phone calls from her colleagues stationed outside asking her for a signal to come in but she responded to the hearing of the front desk officer that the main people were not in the office and that they should remain stationed outside.”

“One of the two DSS officials specifically asked and queried the internal structure of SERAP while asking for the whereabouts of SERAP’s director in addition to inquiring about the location from which the director issues public statements, such as the statement issued on the alleged corruption and mismanagement in the operation of NNPCL and the increase by the NNPCL in the pump price of petrol.”

“When the interrogation got heated and out of hand, the front desk officer who was then visibly scared, harassed and intimidated by the presence of the one of the two DSS officials, and the questions, multiple calls received by her and her responses thereto, advised that an official letter be sent to SERAP.”

“Owing to the continuous and heated interrogation and improper interrogation tactics by the DSS official, and the presence of unmarked vehicles stationed outside the premises of SERAP, other staff present in the office were apprehensive and afraid, expecting an imminent raid by the operatives stationed outside the office.”

“The DSS official only left the office when the front desk officer promised her that a member of SERAP’s management staff or an assigned staff would visit the office of the DSS, hopefully, that day, 9/9/2024.”

“After the DSS official left SERAP’s Abuja Office, the front desk officer called SERAP deputy director and narrated her ordeal with the officials who had left the office, but still entertained fears they might return to arrest all staff, including herself.”

“After the DSS officials signed their names in the SERAP visitor’s book, their convoy remained stationed at our office. Consequently, SERAP released a tweet on X (formerly known as Twitter) urging President Bola Ahmed Tinubu to instruct the DSS to cease the harassment, intimidation, and unlawful occupation of its premises.”

“Following the tweet referenced above, various media outlets began arriving to monitor the situation at SERAP’s Abuja office. Upon noticing the presence of these media organizations, the DSS officials’ convoy promptly moved their unmarked vehicles further from SERAP’s premises and subsequently departed the area.”

“The actions of the DSS officials amount to harassment, intimidation, and ill-treatment and inflicted severe psychological torture and trauma on the staff members of SERAP to the extent that some staff in the employment of SERAP were reluctant to resume when directed to do so in fear of being arbitrarily arrested, harassed, intimidated and/or detained by the DSS.”

“DSS officials never recorded the conversation between them and the SERAP front desk officer as claimed and put the officials to the strictest proof of the same.”

“SERAP is a leading NGO in Nigeria advocating for the protection of human rights in Nigeria and it is loved by Nigerians for the organization’s good work and specifically pleads that its public statement published on 9/9/2024 is true and justified.”

“The DSS officials cannot claim to have sustained any injury as a result of the Defendants’ publication, as the said publication never mentioned their names but only described the officers who came to SERAP’s office.”

“The descriptions of “tall, large, dark-skinned woman and a “slim, dark-skinned man” apply to several other staff of the DSS and not only to the Claimants, and there is no way that members of the public could know the specific officers of DSS who carried out the invasion.”

“In any event, the DSS officials did not disclose their true names to the 1st Defendant and therefore the Defendants’ publication was not, and could not have been, made in respect of the Claimants.”

 

DSS officials came with two unmarked vehicles to our office, used fake names, SERAP tells court

Continue Reading

Trending