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We only need presidential, not ministerial approval for naira redesign; CBN replies finance minister

Published

2 years ago

October 29, 2022

Central Bank Governor, Godwin Emefiele and Minister of Finance, Zainab Ahmed

The Central Bank of Nigeria has said the only approval it requires for its planned redesign of the naira is that of the President which it said it got.
This was in response to the Minister of Finance, Zainab Ahmed, who told lawmakers in Abuja on Friday that her ministry was not consulted before the apex bank announced its decision.
Spokesman for the CBN, Mr. Osita Nwanisobi, said the CBN followed the law and due process to carry out the exercise, which he said was even 12 years due.
He spoke with some journalists in Abuja and expressed surprise at the minister’s claim.
He added that the CBN remains a very thorough institution that follows due process in its policy actions.
Nwanisobi cited provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, which empowers the CBN to act so, adding that the approval of the president was duly sought and obtained.

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He said this was put into writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.
He said that currency management in the country had faced several escalating challenges which threatened the integrity of the currency.
He said the threat also affected the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.
Speaking on the timing of the redesign, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.
While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort would, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

This, he said, was in addition to helping to curb the cases of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Nwanisobi urged Nigerians to support the naira redesign project, stressing that it is for the greater good of the economy.

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Police repel terrorist attacks, rescue 15 women in Katsina

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Suspected IPOB members kill two soldiers in Imo

Published

7 hours ago

December 28, 2024

Trends Admin

Nigerian Military Troop

Suspected IPOB members kill two soldiers in Imo

The Nigerian Army has confirmed the death of two soldiers and the theft of their weapons by operatives of the Eastern Security Network (ESN), the militant arm of the Indigenous People of Biafra (IPOB).

IPOB is a separatist group advocating for the creation of the Republic of Biafra, citing longstanding grievances over the marginalization of Nigeria’s South-East region since the Biafra-Nigeria civil war.

In a statement released on Saturday, the Nigerian Army explained that the incident occurred in Osina, Ideator North Local Government Area of Imo State, when troops from the 34 Artillery Brigade, returning from a routine patrol, responded to an emergency call about an attack on Osina Community by IPOB/ESN forces.

The statement revealed that upon arrival, the troops engaged the “terrorists” with overwhelming firepower, resulting in casualties among the attackers. However, the Army did not provide specific numbers, only noting that the “dissidents” eventually withdrew in disarray.

“Unfortunately, two security agents had been killed in action and one other missing in action, with their weapons—a AK-47 rifle and a tear gas launcher—being seized by the terrorists,” the statement said.

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The Army confirmed that the bodies of the fallen soldiers had been recovered, and the troops pursued the fleeing militants.

“Contact was again made with the criminal IPOB/ESN elements at Nkwachi Community, and in the firefight that ensued, one of the dissidents was neutralized while others, unable to withstand the troop’s firepower, retreated into the nearby forest. One AK-47 rifle with a fully loaded magazine was recovered, ” the statement said, adding that the troops continued their pursuit into Umalouma forest, where another intense exchange of fire took place.

“The dissidents eventually abandoned their weapons due to the troops’ superior firepower and scattered into the dense forest with severe gunshot wounds. An additional four AK-47 rifles, one Fabrique Nationale rifle, and two magazines were recovered,” the statement added.

The Army assured the public that operations would continue, with efforts to track down and eliminate the remaining criminals. “Further exploitation is ongoing as troops continue to track down the injured terrorists and flush them out of their hideouts and treatment locations,” the statement stated. “We urge all IPOB/ESN elements and other criminals hiding in the bushes to surrender to the nearest troops or face defeat, as the Brigade will ensure that the people of Imo celebrate the Yuletide season in peace, free from fear or intimidation.”

The Nigerian Army also called on the people of Imo State to continue providing timely intelligence to assist in the fight against criminal elements and help rid the state of lawlessness.

Suspected IPOB members kill two soldiers in Imo

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13 passengers burnt to death in Ondo auto crash

Published

7 hours ago

December 28, 2024

Trends Admin

An accident scene File photo

13 passengers burnt to death in Ondo auto crash

The Federal Road Safety Corps, Ondo State Sector Command, says no fewer than 13 people were burnt to death along Ikare-Akoko/ Owo Road on Saturday in the state.

Dr Samuel Ibitoye, FRSC State Sector Commander made this known in a statement made available to the News Agency of Nigeria on Saturday in Akure.

“FRSC regrets to inform the public about a road traffic crash that occurred today 28 December, 2024 at Abule Panu before Ose Bridge, on Owo-Ikare highway, Ondo State.

“The fatal crash which occurred at about 10:14 AM claimed 13 lives of commuters in two buses.

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“A total of 14 people were involved, out of which 13 were burnt beyond recognition, while only one was rescued alive with serious injuries.

“Eyewitness account indicates that the bus coming from Ikare axis had a tyre burst which led to loss of control.

“This was resultant in a head-on collision with the bus loaded with fabric coming from Owo axis.

“Immediately after the collision, the two buses went up in flames. The men of FRSC, Police and Fire Service were swiftly at the crash scene for rescue,” he said.

The FRSC boss said that the injured victim was taken to Federal Medical Centre, Owo, while the deceased were deposited at the morgue of the same hospital.

He, therefore, advised drivers to exercise patience on the roads and passionately maintain their vehicles.

“Passengers are also encouraged to speak out against dangerous driving because road safety is a concern of all,” Ibitoye said.

13 passengers burnt to death in Ondo auto crash
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NDDC empowers Niger Delta young entrepreneurs with N30bn

Published

7 hours ago

December 28, 2024

Trends Admin

NDDC empowers Niger Delta young entrepreneurs with N30bn

The Niger Delta Development Commission (NDDC) has pledged to galvanise the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) by releasing N30 billion counterpart fund for the development of young entrepreneurs.

The NDDC Managing Director, Dr Samuel Ogbuku who disclosed this in Port Harcourt, restated the Commission’s commitment to empowering the people of the region through economic programmes.

He highlighted the NDCCITMA’s role in training youths, supporting SMEs, and designing industry-friendly skill development programmes.

Ogbuku said the NDDC was supporting the NDCCITMA to drive economic growth and development in the Niger Delta region by providing financial support, training and networking opportunities for businesses and entrepreneurs.

He said, “We are providing N30 billion to fund projects and support businesses to ensure the sustainability of our youth development initiatives.

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“We will release the matching funds so the entrepreneurs can access them to boost their businesses. In our 2024 budget, we have provision for N30 billion which we are to use as matching funds for the chamber of commerce. We are working towards releasing this fund so that the chamber of commerce can start work in earnest.

“The Niger Delta Chamber of Commerce will strengthen young entrepreneurs in the region. It is no longer acceptable for our youths to be contented with receiving stipends while at home doing nothing.
Ogbuku remarked that the Commission was collaborating with the Bank of Industry, BOI, to ensure the success of NDDC’s youth development programmes.

“The current NDDC Board and Management choose to look at sustainable options in designing youth programmes. In the past, we did a lot in supporting entrepreneurs in the Niger Delta but these activities were not properly documented and backed with verifiable data.

“Our new strategy is to support genuine entrepreneurs rather than people who are just portfolio entrepreneurs because we know that the government alone cannot employ everybody. Many university graduates are coming out, and the government cannot employ all of them. However, we can empower them by creating an environment where they can engage other persons to expand their businesses.”