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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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FG fixes census for May 3-5

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The Federal Government says the 2023 National Population and Housing Census will commence on May 3.

A member of the Publicity and Advocacy Committee on the 2023 National Population and Housing Census, Dr Garba Abari, confirmed this on Sunday in Abuja when he appeared on the News Agency of Nigeria (NAN) Forum.

He said that the three-day exercise would commence on May 3 and end on May 5 across the country.

Abari, who is the Director-General, National Orientation Agency (NOA), explained that the census exercise would capture every person, household and structure for national planning and project execution purposes.

According to him, the change in the date was due to the postponement of the 2023 governorship and state houses of assembly elections by the Independent National Electoral Commission (INEC).

“That change by INEC made it mandatory for us to also adjust the date for the conduct of the exercise,” he said.

He described the census and the 2023 elections as major national events with significant importance which had earlier been planned to hold not too far away from each other.

The census had to be put forward from the initial date of March 29 to April 2nd, now to May 3 to May 5.

“There are two things that informed the shift in date. First, in the course of our planning by the National Population Commission, it was so factored that INEC will also tinker with its own electoral timetable.

“The gubernatorial election, as you are aware, had to be shifted by one week. This had a telling effect on the date of commencement of the census.

“Just like election, the Census is also a very long process, from the training, the sub-trainings, retraining leading up till the very day of the actual house listing and numbering.

“These will then be followed by the actual capture of the population.”

On the level of preparedness, the NOA boss assured the nation that the National Population Commission was ready to embark on the exercise.

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Ex-Chief of General Staff Oladipo Diya dies at 79

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Former Chief of General Staff under the late General Sani Abacha, Lt. General Oladipo Diya (retd), is dead.

Diya reportedly died on Sunday morning in Lagos from a protracted illness. He was aged 79.

A short statement released by one of his children, Prince Oyesinmilola Diya, confirmed the death of the former military leader.

The statement read, “On behalf of the entire Diya family, home and abroad, we announce the passing on to glory of our dear husband, father, grandfather, brother, Lt- General Donaldson Oladipo Oyeyinka Diya (Retd) GCON, LLB, BL, PSC, FSS, mni.

“Our dear daddy passed onto glory in the early hours of 26th March, 2023.

“Please keep us in your prayers as we mourn his demise in this period. Further announcements will be made public in due course.

“Barrister Prince Oyesinmilola Diya, on behalf of the family.”

His demise came about two years after he lost his second wife, Deborah Folashade Diya, at the age of 66.

Born in April 3, 1944, Diya was military Governor of Ogun State after the Buhari/Idiagbon coup of December 31, 1983.

He joined the Nigerian Defence Academy, Kaduna and fought during the Nigerian Civil War.

He later attended the US Army School of Infantry, the Command and Staff College, Jaji (1980–1981) and the National Institute for Policy and Strategic Studies, Kuru.

While serving in the military, Diya studied law at Ahmadu Bello University, Zaria, where he obtained an LLB degree, and then at the Nigerian Law School, where he was called to bar as Solicitor and Advocate of the Supreme Court of Nigeria.

He held other top military positions such as GOC, 82 Division and finally the Chief of General Staff (military Vice President) to Gen Sani Abacha.

He was the CGS when he was arrested for planning a coup to unseat Abacha.

He was thereafter condemned to death by firing squad along with Maj.-Gen Abdulkarim Adisa on April 28 1998.

The death sentence was commuted to 25 years in jail. When Abacha died, Diya and others were later released.

 

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We will not tolerate anarchy – DSS

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The Department of State Service (DSS) says it will take measures to check groups and individuals making inciting statements that can lead to anarchy.

It said this in a statement signed by its spokesman, Peter Afunanya.

The DSS warned people against taking the laws into their hands and championing anarchy.

The statement read in part, “It would be recalled that the service had earlier advised political players to abide by the rules of engagement as well as approach the courts for redress, if and where there are suspicions of infractions on extant electoral laws.

“It is evident that some aggrieved politicians are already taking advantage of this legal process. This, without a doubt, is the beauty of democracy. It is strongly believed that this approach enhances peace and security. All and sundry should cherish it.

“Be that as it may, the DSS will not tolerate a situation where persons and/or groups take laws into their hands and champion anarchy. Those peddling fake news, hate speech, and all forms of false narratives as a basis to ignite violence or pit the people against the present or incoming administrations, at the Federal, State, and Parliamentary levels, should stop forthwith.

“Those inciting violence have nothing to gain as doing so will not only consume them but also the innocent. It is otherwise disturbing to see respected personalities use their platforms to mislead or incite citizens. This, to say the least, does not augur well for peaceful coexistence and general order.”
The DSS added that it would continue to take necessary measures “to checkmate these elements who do not wish the country well.”

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