TheNewsGuru

Tag: CBN Governor

  • IPC Justice Calls Out President Tinubu for Alleged Authoritarian Actions

    IPC Justice Calls Out President Tinubu for Alleged Authoritarian Actions

    Following the dismissal and alleged arrest of the Central Bank Governor, Godwin Emefiele, on Friday, a non-governmental organisation IPC Justice, has raised concerns over President Bola Tinubu’s recent actions, which it views as authoritarian.

    It listed these actions to include signing a bill from the 9th Assembly without reintroducing it to the 10th Assembly, dismissing the Central Bank Governor, and utilizing the Department of State Services (DSS) to arrest Emefiele.

    These actions have sparked debate regarding their potential violation of the Constitution, the CBN Act, and the constitutional rights of the Central Bank Governor. Critics argue that these measures might be an attempt to stifle dissent and intimidate the public.

    “If Tinubu continues to act in an authoritarian manner, it could have a negative impact on Nigeria. Authoritarianism can lead to human rights abuses, economic stagnation, and social and civil unrest,” IPC Justice said.

    Furthermore, it stressed that the President does not have the authority to sign bills from a previous Assembly: “According to the Nigerian Constitution, the President can only sign bills that are passed by the current Assembly. The 2011 amendment to the Constitution, which extended the President’s signing window from 10 days to 30 days, solely applies to bills passed by the current Assembly, not those passed by a previous Assembly”.

    Opinions on these developments vary among the public. While some individuals, like John Obafemi, express satisfaction with the dismissal and arrest of Godwin Emefiele, citing alleged mismanagement during his tenure, others, such as Michael Labinjo, argue for a leader who embodies both authoritarian and democratic qualities to drive progress in the country.

    A prominent socio-political activist Deji Adeyanju, also voiced his criticism of President Tinubu over the appointment of Folashodun Adebisi Shonubi as the acting Governor of the CBN.

    “While I commend President Bola Tinubu for suspending Emefiele, I am highly disappointed that he has appointed Shonubi, a mechanical engineer as Acting Governor of the Apex bank.,” Adeyanju said.

    He added: While we have been advocating for the Federal Government to stop appointing bankers as CBN Governors due to their lack of expertise in fiscal policies and managing an economy, the new president goes ahead and appoints a mechanical engineer as the Acting CBN Governor. This is a clear example of why nations fail.”

    In light of these concerns, IPC Justice says it is crucial for Nigerians to hold President Tinubu accountable for his actions, and urged citizens to speak out against any signs of authoritarianism, demanding a commitment to uphold the rule of law.

  • 13 political parties threaten to withdraw from 2023 election, if ….

    13 political parties threaten to withdraw from 2023 election, if ….

    At least, Thirteen political parties, out of 18, that are to participate in the 2023 general elections, which are scheduled for February 25 and March 11, have threatened to withdraw from the election, if the Central Bank of Nigeria, CBN, extends the deadline for naira swap.

    This threat was issued in a statement by National Chairman of the Action Alliance, Kenneth Udeze, on Monday, February 7, 2023.

    Udeze noted that this was necessary for the event that the Central Bank of Nigeria extended the February 10 naira swap deadline.

    13 political parties threaten to withdraw from 2023 election, if ....

    The redesign of the N200, N500, and N1,000 banknotes was lauded by the coalition of political party chairmen, who also urged that the policy must remain in place.

    Udeze at a press briefing, said, “We hereby announce that at least 13 out of the 18 political parties in Nigeria will not be interested in the 2023 general elections and indeed we shall withdraw our participation from the electoral process if this currency policies are suspended or cancelled or if the deadline is further shifted.”

    TheNewsguru.com (TNG) reports that CBN had already stated that it is not planning to extend the deadline for the use of old naira notes.

    Speaking during a briefing on Friday at the apex bank’s office in Lagos, Godwin Emefiele, CBN governor, said the CBN, as well as deposit money banks (DMBs) were working to address the current challenges with the circulation of the new currency notes.

    The CBN had issued a deadline of January 31 for the use of the old naira notes, but it was recently extended to February 10.

    Speaking on the issue, Emefiele said “I want to say unfortunately again, this time, we will not be looking at extension of deadline because we are the central bank and the deposit money banks are doing everything to address the challenges.”

  • Whitemoney amazed as money hawkers sell N700K new notes for N1M at party

    Whitemoney amazed as money hawkers sell N700K new notes for N1M at party

    Big Brother Naija (BBNaija) reality star, Hazel Oyeze Onou, popularly known as Whitemoney, has revealed how money hawkers have started trading the new currency, stressing that N700,000 was sold for N1 million at a party.

    Sharing his experience, Whitemoney disclosed how appalled he was at the situation regarding the Naira scarcity in Nigeria.

    According to Whitemoney, there has been a scarcity of new notes across banks and ATM muster points in the country.

    However, he disclosed how flabbergasted he was when he got to a party and saw money hawkers with huge bundles of the new notes that were up for sale.

    The ‘Shine Ya Eye’ winner expressed shock at how some people lay hold of these new currencies from the bank; adding that the hawkers sold N700k for as high as N1 million and pocketed N300k as profit.

    Recall that President Muhammadu Buhari and CBN governor, Mr. Godwin Emefiele, among other officials, launched the new naira notes at the State House, Abuja, on November 23, 2022.

    Whitemoney amazed as money hawkers sell N700K new notes for N1M at party

    The apex bank also gave Tuesday, January 31, 2023, as the deadline for phasing out the old naira notes, but later extended it to February 10.

    The CBN has since launched the newly designed notes into the banking sector. However, the penetration of the notes has been too slow, leaving many Nigerians living in immense suffering.

    TheNewsGuru.com (TNG) reports that Whitemoney entered the 6th season of Big Brother Naija as the fifth contestant on 24 July 2021.

    During the season finale of the show on 3 October 2021, he was declared the winner scoring 47% of the final votes ahead of Liquorose with 22.99% of the total votes cast and was entitled to the ₦90 million grand prize.

  • CBN Governor deflates report on his interest for 2023 presidency

    CBN Governor deflates report on his interest for 2023 presidency

    Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has debunked the allegation that he picked the All Progressives Congress (APC) N100 million expression of interest and presidential nomination forms.

     

    According to him, he has not decided yet to run for the 2023 presidency.

     

    He spoke barely 24 hours after reports that a group of a committee of friends picked the APC N100 million expression of interest and presidential nomination forms for him.

     

    After the news went viral, many social media users demanded his immediate resignation, saying his dabble into politics is in contravention of the CBN Act of 2007.

     

    But Emefiele, on his official Twitter handle on Saturday, said he was yet to decide whether to run for the presidency.

     

    He said: “I am humbled by the growing interest of those asking that I run for the Office of President in the 2023 general elections: I have not come to that decision. I note and salute the sacrifices of those farmers and patriots going as far as raising personal funds.

     

    “And offering me Presidential Nomination Forms: I thank them most profusely. However, Should I answer their calls and decide to seek presidential nomination, I will use my own hard-earned savings from over 35 years of banking leadership to buy my own Nomination Forms.

     

    “Without proxies in an open and transparent manner in full compliance with the laws and Constitution of The Federal Republic of Nigeria. And should I not run for elected office.

     

    “I will continue to serve and sacrifice for the good people of Nigeria under the able leadership of President Muhammadu Buhari. This is a serious decision that requires God’s Divine intervention: in the next few days The Almighty will so direct.”

  • Ondo Gov, Akeredolu calls on Emefiele to quit CBN job

    Ondo Gov, Akeredolu calls on Emefiele to quit CBN job

    Ondo State Governor, Mr Rotimi Akeredolu SAN, has called on the Governor of the Central Bank, Mr Godwin Emefiele, to quit his job, saying “he cannot combine partisan politics with the very delicate assignment of his office”.

     

    Adding: “Should he refuse to quit, it becomes incumbent on the President and Commander-in-Chief of the Armed Forces to remove him forthwith. This is a joke taken too far.”

     

    TheNewsGuru.com reports that Emefiele obtained the presidential nomination form of All Progressives Congress (APC).

     

    Calling on the President Muhammadu Buhari to sack the CBN Governor, Akeredolu, in a statement he signed on Friday, said Emefiele’s purported action, “if unchecked timeously portends great danger to the fragile economy of the country.”

     

    The governor said, “It is incontrovertible that Mr Emefiele enjoys a constitutionally protected right to belong to any group or association and participate fully, just as any Nigerian. It is, however, difficult to imagine that a person who occupies the exalted and sensitive office of the governor of the Central Bank of Nigeria will be this brazen in actualizing his ambition.

     

    “There is no gain asserting the obvious. The combined effect of the Public Service Rules, CBN Act and the 1999 Constitution, as amended, exposes not only the oddity inherent in this brash exercise of presumed right to associate. It also confirms the illegality of the act should he proceed to submit the forms while occupying the seat as Governor of the Central Bank of Nigeria.”

     

    Similarly, the National Publicity Secretary of the PDP, Mr Debo Ologunagba, noted that the CBN Act clearly stated that the governor and deputy governors of the bank must be fully dedicated to their jobs.

     

    Ologunagba berated the ruling APC and the President for promoting impunity and refusing to force Emefiele to leave office.

     

    He added, “The CBN governor is governed by the CBN Act. Section 9 is unambiguously clear about what the CBN governor and deputies should do and it says they shall devote the whole of their time to the service of the bank and they will not engage in any other vocation.

     

    “Now, his action is completely in contravention of that Act and that amounts to gross misconduct and that qualifies him to be removed from office in line with Section 11 of the Act. This is completely irresponsible and at variance with our laws.”

     

    The PDP spokesman said it was unfortunate that the CBN governor, who ought to be focused on the nation’s monetary policy, had the time to engage in partisan politics, adding that it was time for Nigerians to vote in the PDP to restore order.

  • Vice President Osinbajo to declare to Nigerians his political ambition today

    Vice President Osinbajo to declare to Nigerians his political ambition today

    Vice President Yemi Osinbajo will today, through an online broadcast, inform Nigerians of his intention to bid for the All Progressives Congress (APC) ticket to run for President.

     

    This was disvlosed by the Special Adviser to the President on Political Matters (Office of the Vice President), Mr. Femi Ojudu, on Sunday night.

     

    “The video will be circulated across social media handles. The details will be explained in a press statement,” Ojudu said.

     

    Osinbajo, however, has informed governors of the All Progressives Congress (APC) of his intention to bid for party’s ticket to run for President.

     

    He made the disclosure at the occasion of an Iftar (the break of fast during Ramadan) on Sunday.

     

    The Vice President noted his capacity and experience having been Vice President for about seven years.

     

    According to him, he had consulted widely and informed President Muhammadu Buhari.

     

    He pointed out that he felt the governors were the people to inform next, a source close to the meeting said.

     

    It was gathered that about 10 APC governors attended the meeting, led by Chair of the Progressives Governors Forum (PGF), Kebbi State Governor Atiku Bagudu.

     

    Some of the governors in attendance include Babajide Sanwo-Olu (Lagos), Dapo Abiodun (Ogun), Adegboyega Oyetola (Osun), Hope Uzodimma (Imo) and Nasir El-Rufai (Kaduna).

     

    Governor Bagudu, who responded on their behalf, it was gathered, said the APC governors were looking forward to the party continuing to hold the levers of power in the country after the 2023 election.

     

    Former Lagos State Governor Asiwaju Bola Ahmed Tinubu, Ebonyi State Governor Dave Umahi, Senator Rochas Okorocha, Kogi State Governor Yahaya Bello and Transportation Minister Rotimi Amaechi have declared their intention to vie for the APC presidential ticket.

     

    There are speculations that Central Bank Governor Godwin Emefiele will also join the race on the ruling party’s platform.

     

    The APC is yet to announce its timetable for the primaries, which are expected to hold next month.

  • PARTISAN POLITICS: PDP calls for immediate resignation of CBN Gov, Emefiele

    PARTISAN POLITICS: PDP calls for immediate resignation of CBN Gov, Emefiele

    The Peoples Democratic Party, PDP, has demanded the immediate resignation and investigation of the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, for engaging in partisan politics to the extent of appearing in APC campaign posters.

     

    PDP, in a statement by its National Publicity Secretary, Hon. Debo Ologunagba, said the campaign posters confirmed the CBN Governor’s partisan affiliation and entanglement with the APC, describing it as the height of impunity of the President Muhammadu Buhari-led administration.

     

    The major opposition party said the action amounts to poking its fingers in the eyes of Nigerians and daring them to do their worse.

     

    The statement in part read: “this action by Mr. Emefiele is contrary to the provision of Section 9 of the Central Bank of Nigeria (Establishment) Act which provides that the governor and the deputy governors shall devote the whole of their time to the service of the bank and while holding office, shall not engage in any full or part-time employment or vocation, whether remunerated or not.

     

    “By engaging in partisan politics to the extent of appearing in APC campaign posters, Mr. Emefiele has knowingly and deliberately violated the provision of the CBN Act stated above.

     

    “Mr. Emefiele has also desecrated the sanctity of his office as CBN Governor, compromised the integrity of the apex bank, stripped it of the confidence reposed in it by Nigerians and the International Community and as such, cannot legitimately continue to hold and function in that office.

     

    “This further confirms that under Mr. Emefiele, the CBN, as the custodian of our national economy, has become an appendage and cash cow of the APC in their reckless pillaging of our national resources, the resultant effect of which is now evident in the near collapse state of our economy”.

     

     

  • CBN releases guidelines for operation of neutral cash hubs

    CBN releases guidelines for operation of neutral cash hubs

    Central Bank of Nigeria, CBN, has released guidelines for the operation of the bank’s neutral cash hubs.

     

    The operation would ease huge cash management and deepen financial inclusion, it was gathered.

     

    In a statement on its website, the CBN said that the release of the guidelines is in furtherance of its mandate to promote a sound financial system in Nigeria.

     

    CBN stated it is part of its collaborative efforts with the Banker’s Committee to reduce cost and improve operational efficiency in the country’s cash management.

     

    “The CBN, in collaboration with the Banker’s Committee, initiated the Nigerian Cash Management System which seeks to reduce cost and improve operational efficiency in the country’s cash management value chain.

     

    “One initiative towards the stated goal is the introduction of BNCH.

     

    “BNCHs are cash collection centers to be established by registered processing companies or Deposit Money Banks (DMBs) based on business needs.

     

    “They will be located in areas with high volumes of commercial activities and cash transactions,” the apex bank said.

     

    It added that the hubs would provide platforms for customers to make cash deposits and receive value irrespective of the bank with which their accounts are domiciled.

     

    “This guideline aims to provide minimum standards and requirements for BNCH registration and operations for effective supervision.

     

    “The key objective is to reduce the risks and cost borne by banks, merchants, and huge cash handlers in the course of cash management activities.

     

    “It will also deepen financial inclusion and leverage on shared services to enhance cash management efficiency,” it said.

     

    According to the CBN guidelines, a BNCH is permitted to carry out activities like receipt of Naira denominated deposits on behalf of financial institutions from individuals and businesses with high volumes of cash.

     

    “It can also carry out high volume cash disbursement to members of the public on behalf of financial institutions, and any other activities that may be permitted by the CBN.

     

    “But it is not permitted to carry out investing or lending activities, or receive, disburse, or engage in any transaction involving foreign currency,” the statement asserted.

     

    Calling on eligible promoters like DMBs and Cash Processing Companies (CPCs) to apply for registration of BNCH, the apex bank said “prospective promoters of BNCH shall apply in writing to the Director, Currency Operations Department.”

  • 2023 presidential ambition: my fate in God’s hands – Emefiele

    2023 presidential ambition: my fate in God’s hands – Emefiele

    The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has said his fate is firmly in God’s hands. He is quoted as saying so when asked if he is interested in running for the Presidency in 2023.

    Speaking with a group of his friends, Emefiele said his fate is firmly in God’s hands.

    A group tagged “Friends of Godwin Emefiele” had visited the CBN Governor to discuss the controversy over his rumoured presidential ambition in 2023.

    In a statement signed by the group, the CBN governor is also quoted as saying it is the prerogative of President Muhammadu Buhari to map out his succession plan.

    The group berated those criticizing Emefiele over the alleged claim of him running for the Presidency since he has not confirmed to anyone “he is running for President even as he is constitutionally qualified to do so.”

    The statement reads partly: “Only yesterday, as the speculation became widespread, a group of his friends under the aegis of FRIENDS OF GODWIN EMEFIELE met with him to clarify his position.

    “Mr Emefiele told us that he believes it’s the prerogative of President Muhammadu Buhari to plan his succession in line with global best practices for good governance for the continuing peace and progress of the Federal Republic of Nigeria, as such he will play his part to stabilise the economy for an orderly transition.

    “And given that it’s God that anoints leaders, he will leave his fate firmly in the hands of God.”

  • Reps summon CBN Gov, NSA, IGP, others over recovered loots

    Reps summon CBN Gov, NSA, IGP, others over recovered loots

    By Emman Ovuakporie
    The House of Representatives on Monday summoned the governor of Central Bank of Nigeria (CBN) Godwin Emefiele, Inspector General of Police (IGP) Usman Alkali to appear before its ad-hoc Committee on assessment and status of all recovered loots, movable and immovable assets for effective utilisation and management from 2002-2021 on or before Thursday or face the wrath of the law.
    Also to appear before the ad-hoc committee are the National Security Adviser(NSA) Babagana Monguno and the Director General of the Nigeria Maritime and Safety Agency(NIMASA), Bashir Jamoh.
    The resolution was adopted on Monday by the House ad-hoc committee investigating the assessment and status of all recovered loots, Movable and Immovable Assets for Effective Utilization and Management from 2002-2021 following the absence of these agencies at its investigative hearing.
    According to the chairman of the ad-hoc committee, Mr. Adejoro Adeogun, CBN, NSA, IGP and DG, NIMASA have between now and Thursday to appear before the House Committee or the national assembly will invoke its power according to the constitution to deal with them.
    Earlier at the hearing, roll calls on the expected stakeholders for the day had been read by Mr. Adeogun. The committee observed that most of the stakeholders aside the office of the Accountant General of the Federation who were present only sent in their representatives without a formal letter; a situation the committee frowned at.
    Reacting to the absence of these stakeholders at the hearing, a member of the committee, Mr. Isiaka Ibrahim (APC, Ogun) said if stakeholders fail to appear before the national assembly’s committee then the national assembly should be shot down.
    His words: “My chairman, I’m worried in the sense that the agencies of government that are the products of the national assembly through the laws that we created them and they are flaunting the process that established them. So I’m worried when they are invited and the national assembly is taken for granted on things like this. It calls for serious concern.
    “If it amount to raising it on the floor of the House, we should shot down the national assembly and the agencies of government. If they are not going to respect us by our invitation then there is no need to be here. If we are to be tied not to perform our function then we don’t need to be here”,Ibrahim said.
    The committee adopted the resolution by its chairman following further supports by members.
    The Adeogun chaired ad-hoc committee last week suspended its investigative hearing to enable members participate in the constitution amendment hearing held across the six geopolitical zones of the country.