metro
Protesters ground NASS, task lawmakers to back cashless policy
Protesters, yesterday, barricaded the entrance of the National Assembly and called on lawmakers to support the Central Bank of Nigeria (CBN) cashless policy and currency redesign.
The agitators under the umbrella of Initiatives for Patriotic Nigerians argued that the new policy would stabilise exchange rate and promote free and fair elections.
The Convener, Abubakar Kurawa, who spoke in Abuja, said it was not in dispute that proliferation of liquid cash in the hands of many create more damage than good to the country, be it economic, political or security.
“There is no gainsaying that criminals such as kidnappers, drug dealers, oil thieves and so many others not mentioned, always makes use of cash to achieve their illicit goals.
“Given this fact, coupled with the present security challenges across the country, all hands must be on deck to ensure that necessary support is provided to curb the menace. In the case of CBN, the support it can give in this regard is to curtail the money in circulation, hence this policy can’t be more timely.
“Also, this is an election period. Due to amendments of Electoral Acts which makes open manipulation of election results practically impossible, some politicians are likely planning to indulge in massive vote buying (we witnessed what happened in the recently concluded Ekiti and Osun gubernatorial election).
“To this end, CBN is playing its corporate social responsibility by making sure that huge cash withdrawals is made very difficult or impossible. By this, it helps in ensuring free and fair elections.”
Meanwhile, House of Representatives has rescheduled the appearance of the CBN governor, Godwin Emefiele, before the parliament for Tuesday next week.
Deputy Speaker, Idris Wase, who disclosed this at plenary, said Emefiele, who was scheduled to appear yesterday had written to say he was out of the country.
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The House had last week summoned the CBN governor to appear before him over the new cash withdrawal limit approved by the apex bank. The CBN pegged the maximum cash withdrawal by individual per week at N100,000 and N500,000 for corporate organisations. Also, the maximum daily limit for individuals at N20,000, effective from January 9, 2023.
Regardless, lawmakers, while debating a motion on the propriety of the new cashless policy, had argued that the policy if allowed to stand would strangulate the economy, as well as impose hardship on the people.
According to them, contrary to Section 8(4)(5) of the CBN Act, which mandates the apex bank to brief the National Assembly on monetary policies, at intervals, Emefiele has allegedly kept the parliament in the dark on major policies by the CBN.
However, the CBN governor, in a letter to the House, informed the lawmakers that he was part of President Muhammadu Buhari’s delegation to the Washington DC, and would not be available.
However, a high court of the Federal Capital Territory, Abuja, has refused to stop the new cash withdrawal policy of CBN.
Rather, Justice Chizoba Oriji granted an order for accelerated hearing of the motion on notice filed on behalf of 20 million unbanked Nigerian citizens.
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Those who filed the suit marked FCT/HC/CV/724/2022 for themselves and on behalf of 20 million unbanked Nigerian citizens are, Adamu Sarki, Shekwoyi Gaza; Philip Tanko; Victor Okoro and Ismaila Ibrahim.
The rest are Mohammed Rabo; Yunusa Musa Gani; Helen Luka; Suleiman Yusuf and Adamu Gaidam Asu.
Listed as respondents are the president, the Attorney General of the Federation, CBN and the governor of the apex bank.
In an exparte motion moved by their counsel, P. A Obu, the applicants prayed the Court to grant injunctions restraining the Respondents from proceeding with the January 31, 2023 deadline of the use of the current N200, N500 and N1,000 notes as it affects the applicants without any realistic plans or workable guidelines to cover the over 20 million unbanked Nigerians who are vulnerable to information and the use of technologically driven platform without the possibility of financial inclusion.
They prayed for another injunction restraining the Respondents from implementing the revised cash withdrawal limiting the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100, 000 and N500, 000 respectively which is a violation of the Money Laundering (Prevention and Prohibition Act, 2002 which also constitutes a flagrant violation of the fundamental rights of the applicants as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.
Furthermore they asked the Court to grant an order for accelerated hearing to the Suit and also an order for substituted service on the parties while also praying for the order of court mandating the CBN to produce a detailed plan and guidelines covering the over 20 million unbanked citizens who are vulnerable to the use of telecommunication and technologically driven money platforms.
Justice Oriji having listened to the counsel to the applicants refused the prayers for injunction but rather directed that all the respondents be put on notice to come and show cause why the order for injunction should not be granted against them.
The judge thereafter adjourned the matter to January 10, 2023 after granting orders for accelerated hearing and substituted service.
SUN
metro
NURTW scribe felicitates Nigerians on Xmas, urges caution
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.
metro
Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
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
metro
CBN fines bank found hoarding cash N150m
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.
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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
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