TheNewsGuru

Tag: Godwin Emefiele

  • Naira notes: 36 State Govs invite Emefiele for crucial meeting

    Naira notes: 36 State Govs invite Emefiele for crucial meeting

    The 36 state governors have invited the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emiefele, for a virtual meeting on Thursday over issues related to the new naira notes introduced by the apex bank.

    The Head, Media and Public Affairs, Nigeria Governors’ Forum (NGF) Secretariat, Abdulrazaque Bello-Barkindo, disclosed this in a statement issued on Tuesday in Abuja.

    Bello-Barkindo said that the meeting, according to the invitation issued to Emiefele by the Chairman of NGF, Gov. Aminu Tambuwal of Sokoto State, would commence at 9 pm prompt.

    “Issuing the invitation, the Nigeria Governors Forum Director General, Mr Asishana Bayo Okauru, said the agenda is on the recent CBN policy of redesigning the Naira Notes,” Bello-Barkindo said.

    The CBN announced the initial decision of the Apex Bank to redesign the Naira note on Oct. 26, 2022, while it also set Jan. 31, 2023, as the deadline for the old note to serve as legal tender.

    Bello-Barkindo said that for the virtual meeting agenda is titled “ The Economic and Security implications of naira redesign and withdrawal policy.”

    “The discussion promises to foster participation and dialogue between various stakeholders, including governments and civil society organizations to come out with a solution to the lingering issue.”

  • Analysis: Now that Emefiele is back, what next?

    Analysis: Now that Emefiele is back, what next?

    The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has resumed duty after a long controversial absence and amid reports Monday that operatives of the State Security Service (SSS) invaded the headquarters of the CBN and took over his office.

    A statement by the Bank’s Director of Corporate Communications Osita Nwanisobi, said Emefiele resumed from his annual vacation with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 and 24.

    “Mr. Emefiele remains committed to performing the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari,” the statement said.

    Although the State Service denied occupying the CBN headquarters on Monday, the speculation about the invasion of the Bank Governor’s office and purported arrest can be traced to the alarm raised by a group of senior lawyers about a week ago, where they accused the SSS of secretly planning to arrest Emefiele, without recourse to the rule of law.

    The CBN Governor had been accused of siphoning stamp duty charges to the tune of N89.09tn, among other allegations of corruption and was said to be a terrorist financier.

    The SSS had filed a suit at the Federal High Court in Abuja against the Bank Governor seeking an order for his arrest, a request which the court refused to grant on the ground that it lacked sufficient evidence.

    Similarly, Justice M.A. Hassan of the High Court of the Federal Capital Territory issued an order restraining the Service from arresting and detaining Emefiele over the unsubstantiated allegations.

    “In spite of these two categorical judicial decisions, we observe moves to still proceed and sidetrack and disobey the court decisions and unduly and unlawfully interfere with Mr. Emefiele’s fundamental rights.

    “The court, as the last hope of the citizen, has made a pronouncement on the legal rights and obligations of citizen Godwin Emefiele, it behooves all agencies of government to obey the order of the court until such order is set aside by an appellate court,” the senior lawyers said in a letter addressed to the Attorney General of the Federation and Minister of Justice, Abubakar Malami.

    Credibility of the Allegation

    Some political analysts have observed that the allegation of financing terrorist activities leveled against the CBN Governor may yet be a time-proven ploy used by the State to unlawfully remove some persons from office.

    Human rights lawyer Femi Falana, noted that a former Governor of the Bank Sanusi Lamido Sanusi, was ousted from office in a similar manner four months before his due retirement date after he was accused of “financial recklessness, misconduct and far-reaching irregularities”.

    Speaking during a Channels TV program, Falana noted that Sanusi was equally accused of terrorism financing and was arrested after returning to the country from Niamey, Niger Republic, where he attended the meeting of the Governor of the Central Bank in West Africa.

    “He challenged the government at the Federal High Court and low and behold, in the counter-affidavit filed by the State Security Service, it was alleged that he was being investigated for terrorism financing.

    “He won the case according to the presiding judge, Justice Mohammed Buba. The allegation of terrorism financing was an afterthought designed to

    In the same way, the Center for Financial Surveillance and Illicit Transaction Tracking Group (CSITT) said that Nigeria risked being blacklisted by the Egmont Group, in the face of the allegations against Emefiele, which it insinuated was not unconnected with the new cash withdrawal policy of the apex bank.

    The director of CSITT, John Dimu, said in a statement that the plot to remove the CBN Governor for political and pecuniary reasons, was not only a huge shame but against the ethics of the Egmont group to which Nigeria was a member.

    The President of Middle Belt Youth Vanguard, Godwin Meliga, who incidentally was arrested about a week ago by operatives of the State Service had hailed the decision of the CBN to redesign the highest denominations of the naira, a development he said would put a stop to money laundering, vote buying, ransom taking and counterfeiting.

    Meliga noted that the policy would also put more money in the vaults of the banks with which they can use to finance the formal sector for the benefit of the economy, as well as improve the chances of a free and fair election.

    His wife disclosed that the men of the Service had been on his trail and earlier arrested one Samson Babalola who was said to be driving Meliga’s car.

    She added that family contacts within the Service had confirmed to them that her husband was arrested for causing the Service untold embarrassment through the exposure of the plot to frame the CBN Governor.

    It is believed that Emefiele may not be arrested by the SSS in view of the subsisting restraining court order but might be compelled to voluntarily resign his appointment in the coming days.

  • BREAKING: Godwin Emefiele resumes duty after annual leave

    BREAKING: Godwin Emefiele resumes duty after annual leave

    Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has resumed duty after embarking on his annual leave in December 2022.

    TheNewsGuru.com (TNG) reports Mr Emefiele resumed duty at the headquarters of the apex bank on Monday, according to a statement signed and released by Osita Nwanisobi, CBN’s Director, Corporate Communications.

    The statement reads: “The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has resumed duty after his annual vacation abroad. Mr. Emefiele, who proceeded on leave in December 2022, resumed work today, Monday, January 16, 2023.

    “The Governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.

    “Mr. Emefiele remains committed to performing the task before him in line with his oath of office and the policy direction of President Muhammad Buhari.

    “While thanking the public for keeping faith with the Bank, we urge Nigerians to continue to support the policies of the Bank aimed at ensuring a stable financial system and the Nigerian economy in general”.

  • “His time is up” – Peter Obi speaks on CBN Gov, Emefiele

    “His time is up” – Peter Obi speaks on CBN Gov, Emefiele

    Candidate of the Labour Party for the 2023 presidential election, Mr Peter Obi has disclosed what he will do with the incumbent Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele if elected president.

    TheNewsGuru.com (TNG) reports Mr Obi made this disclosure while fielding questions during his engagement at Chatham House, London, where he discussed his vision for policy and governance reforms in Nigeria.

    “People are talking about the Central Bank Governor. Let me assure you; the Central Bank will maintain its independence.

    “The problem is not about the person there. Central banks have the role of monetary policies. Then you have the fiscal space. The weakness of the fiscal space allows the monetary space to take over.

    “Because there is a weak governance structure, that is why what is happening today is happening.

    “Replacing Godwin and putting somebody without a level of fiscal rascality is what is fuelling our inflation and our exchange rate today. These are some of the things you need to cut.

    “As long as the government continues on that fiscal rascality, that situation will occur. That is what we need to fix.

    “I wont say what will happen. His term is actually coming to an end. So, it wont be too long,” Peter Obi said.

    Meanwhile, amid speculations that he was arrested by operatives of the State Security Service, TNG reliably gathered that the apex bank Governor has resumed duty after embarking on his annual leave in December 2022.

  • CBN Gov. Emefiele returns to Nigeria amidst terrorism scandal

    CBN Gov. Emefiele returns to Nigeria amidst terrorism scandal

    Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has reportedly returned to Nigeria amidst terrorism scandals allegedly linked to him.

    It was reported that the CBN governor returned to the country on Wednesday after his annual vacation in the United States of America.

    Per Second News, quoting some credible sources at the apex bank, reported that Emefiele returned to Nigeria on Wednesday and would be in the office today, Thursday, January 12, 2023.

    Recall that in recent times the Department of State Service has ordered its operatives to arrest Mr Godwin Emefiele, following allegations of financing terrorism in the country.

    However, a court order barred the agency from arresting him stating that the DSS, “acted wrongfully and illegally in instigating President Muhammadu Buhari against Mr. Godwin Emefiele in respect of the exercise of his statutory duty relating to the issuance of monetary policies and directives in the interest of the National Security and economy.”

    It could not be confirmed as of the time of this report if he had resumed in his office.

  • Lets jail INEC chairman Yakubu and CBN Governor Emefiele – By Mideno Bayagbon

    Lets jail INEC chairman Yakubu and CBN Governor Emefiele – By Mideno Bayagbon

    By Mideno Bayagbon

    In the past three weeks, there has been a rash of court cases, contrived street protests, sponsored media lynching, general hoopla and confusion about whether the Independent National Electoral Commission Chairman, Mahmood  Yakubu and the Governor of the Central Bank of Nigeria, Godwin Emefiele, should still be left to breathe free air, live among the civilised society and continue to parade themselves as occupiers of their high offices. Question yet unanswered is: should they be found cosy beds in one of the nation’s maximum security prisons? The answer, if you ask me, should be a no brainer. But then, in the heat of the moment, are we not lumping luscious apples with rotten oranges?

    So strident, and of top national importance, are the calls that even the highly placed national security organisation, the Directorate of State Security got embroiled. It had gone to court to surprisingly seek an order to arrest one of them: the Governor of the Central Bank of Nigeria, Godwin Emefiele, who some have, before now, suspected is headed for jail on, before or after the expiration of the current government. This is mainly on account of the embarrassingly deplorable way the CBN, under his watch, has mismanaged the economy to the tears, sweat, death and regret of many Nigerians. Corruption is said to have developed unfettered wings under him, soared to heights unimaginable, like a drunken eagle, with him as the major facilitator. But funding terrorists? That’s a new one.

    Among his many perceived sins is the use of the dual foreign exchange window to service his political interests, making emergency billionaires out of members of the Buhari Aso Rock cabal, some select traditional rulers, his friends and cronies in an ill-disguised ambition to supplant the politicians of both parties and impose himself as president of the federal republic, a move which fell flat to his agonised astonishment.

    But these are not the sins, for which a segment of Nigerians do not want him to join the INEC chairman in going to jail. I must, on behalf of the gladiators, mostly politicians, who are prepping themselves for elective offices all over the nation, join in the call for both men to be thrown into the gulag for attempting to play the hero, for daring to turn their bad belle into national salvation policies.

    Let me explain. Take the instance of the INEC chairman. For four years he tolerated one gadfly, called Mike Igini, who was INEC Commissioner in Akwa Ibom state. Despite the huge cry of politicians led by the self-styled uncommon former governor of Akwa Ibom State, that Igini was not allowing them to simply write results and thrust themselves on the raped people of the state as their elected representatives, Yakubu not only turned a blind eye, he turned deaf and dumb as well. That and the results of some of the recent elections should have been pointers to those who wants him out. There are many other rascalities not befitting of an INEC chairman whose loyalty, occupiers of the office assume, is to the appointing authorities and their party and not to Nigerians and Nigeria. What silly bravado got into his head that he now wants to play the hero? What nonsense nationalism is he playing at? Why won’t he let our elections be unfair, shackled, disreputable, for the highest bidder or for the one who can shed more innocent blood?

    Conclusively, the most jarring of his sins, it now seems, is the hurried introduction of what is now commonly called Bimodal Voter Registration System, also known as BVAS; and its brother, the Election Result Viewing Portal (IReV). With this, INEC wants to do a complete ojoro, and change the face of elections in Nigeria. INEC wants to spoil our elections with technology. Yakubu wants to write his name with indelible ink as the one who started the journey to credible elections in Nigeria. For with BVAS, most of the wuruwuru and magomago of election rigging will be greatly curtailed. Yakubu is dreaming that a day will come when the votes of Nigerians will count, when elections will reflect the true wish of Nigerians. And such audacious nonsense.

    It beats me and most politicians why the INEC chairman and his team want to sanitise our electoral system now. We just can’t understand the rush, and why it must be started with this year’s election. What does he expect politicians to do with the billions of naira and the hundreds of millions of foreign currencies they have amassed, stored away, to blind the eyes of the elections and coat them in their own desired victory? How does he want to conduct an election where ordinary Nigerians will not be able to sell their votes or voters card for N1000, like we saw the Borno State government officials do, not so long ago? Has he not seen how that has empowered tens of thousands of those Internally Displaced Persons? Has he not watched the trending video making the rounds on social media? Why does Yakubu want to spoil the game this time around? Why this proposed Yakjayakja elections?

    And as if he has taking an oath with Yakubu’s INEC, the highly politically exposed CBN Governor, Godwin Emefiele, has jumped into the fray. He now wants to do a me-too. First, he secretly redesigned the Naira. Then he is hurrying those who have stacked trillions of Naira in soakaway pits, underground strongrooms, bullion vans, refrigerators and all such like, to take them to the banks; something which is practically impossible, except the supervening authorities decide to turn a blind eye. Now, both individuals and corporate bodies cannot withdraw more than N500,000 and N5 million weekly. Who does that? To make matters worse, the old notes cease to be legal tender from the end of this month! What other definition do we need of bad belle? This is a good 25 days before the presidential and national Assembly elections. Infra-dig!

    What does Emefiele intend to achieve with this policy aimed at the jugular of the marauding politicians who want to buy their way into political offices? Did he actually think he would go scot-free? Did he assume that if the EFCC and DSS were truly doing their jobs sincerely, and in the interest of Nigeria, he would not long ago be in jail for the many other real atrocities which time will unveil, which he has perpetuated to gain the favours of the powers that be in Aso Rock and across the north and a section of the south? Not for this policy, but a day will surely come that serious questions are going to be asked of him, where forensic audits of his management of the official dollar rate became a tool for corrupt manipulations. Even if for killing the Naira alone and turning it into a worthless piece of paper, Godwin Emefiele deserves collective odium. Is Emefiele hoping that this smart move against election manipulators will be a redeeming feature of his perfidious reign at the CBN?

    I refuse to believe that the Director General of Directorate of Secret Service, without concrete evidence, will approach a court of law in Nigeria to ask for authorisation to arrest the CBN Governor for funnelling money to known terrorists because some aggrieved politicians, somewhere urge him to. I refuse to believe Emefiele is being prosecuted for political reasons. His many sins may have been swept under the carpet now but a day is coming wey breeze go blow and fowl yansh go open. That day any attempt to use the current political reactions to the CBN laudable redesigning and short circuiting of the zeal of the politicians to buy their way to power, will not hold water.

    Unlike him, however, President Buhari, shun of any concrete achievements to his eight year misrule, is now, and can always claim that he ordered the INEC and CBN to put these policies in place so that elections henceforth in Nigeria, will be credible, free and fair. And we will believe him, if truly the elections of February 25th and March 11, 2023 achieve a semblance of these. It will be a redeeming feature for a drowning man clutching at what seems a passing shadow that ends up a hand of rescue.

     

    Mideno Bayagbon: mideno@thenewsguru.ng

  • Godwin Emefiele: AFBA urges DSS to respect rule of law

    Godwin Emefiele: AFBA urges DSS to respect rule of law

    The Human and Constitutional Rights Committee of the African Bar Association  has registered their displeasure over  the ongoing drama between the Department of State Security (DSS) and the Governor of the Central Bank of Nigeria concerning sundry issues allegedly bothering on State security, Corruption and politics.

    The body frowns at the way and manner the DSS is handling allegations leveled against the CBN governor, Godwin Emefiele.

    According to the central lawyers, the DSS should respect the rule of law and allow justice take its course on the allegations leveled against Emefiele.

    Addressing journalist at an event in Lagos, the Chairman of the HRCC,  Sonnie Ekwonusi  ESq. who spoke on behalf of the  central lawyers, noted that not respecting rule of law has got far reaching implications that could hamper democracy.

    Continuing, he added that, sacrificing the rule of law and doing things their own way might derail governance in the country and could affect human rights.

    Ekwonusi reiterated that the courts are there to interpret laws and settle dispute, saying that the DSS should abide by that tenets.

    He noted that the matter at hand is in court and the DSS should allow justice take it course on it.

    The lawyer added that the court already ruled that the evidence presented before it is not  substantive enough to get the CBN Governor arrested and detained.

    He said  ‘’While the association would have ordinarily regarded this as a domestic issue involving Nigeria, which can adequately be dealt with by the Local Bar Association and civil process of Law and Human rights which is universal.

    ‘’Under the Nigerian Law  the DSS has power  to invite, question and detain any person who it considers have breached state security or is a threat to Nigeria’s security and the CBN is not above the Law

    “However, the DSS opted to ask the Federal High Court in Nigeria to hand her the authority to arrest the CBN Governor which the court rejected on the grounds that there was insufficient information amongst others, that ought to put the DSS on it toes that if needed to do more homework or walk the road on her own

    ‘’We are similarly aware that a civil Society Organization following the steps of the DSS approached the High Court of the Federal Capital Territory in Nigeria, which ordered that the CBN Governor should not be arrested, questioned  or detained until the matter  in court is heard and determined .

    ‘’Our committee believe that all these represents the rule of law at work and must be followed with logical conclusion.

    “In conclusion we advise that in this case, the matter is sub-judiced and parties to this controversy must respect the appropriate court orders and stop and acts that will create an impression that there is more to this than the DSS  is carrying out her legitimate duties”

    However,  the AFBA made it clear that it wasn’t holding brief for either  of the two parties but only asking that the DSS allow the rule of law and justice take it course on the matter that’s still in the court of law.

  • Countdown on Buhari and his fraudulent budgets – By Godwin Etakibuebu

    Countdown on Buhari and his fraudulent budgets – By Godwin Etakibuebu

    Counting down from today, Monday, December 9, 2023, President Muhammadu Buhari has just, and only, 140 days to tell Nigerians goodbye – ceteris paribus. That will be May – the Fifth Month of the Year of our Lord Jesus Christ; 2023, and it shall be the 29th day of that month that President Buhari shall be handing over to his successor at the Eagle Square, in the City of Abuja – again, “all other things remaining equal”. 

    He shall thereafter, by the grace of God, be joining the league of Ex or Former Presidents. And out there, waiting to receive him shall be Four of his original and traditional constituent members – Generals Yakubu Gowon, Olusegun Obasanjo, Ibrahim Badamasi Babangida and Abdulsalam Abubakar, plus one other; that the four mentioned above would have referred to, at one time or other as “a bloody civilian” – Goodluck Ebele Azikiwe Jonathan. 

    The man – President Muhammadu Buhari, told Nigerians very recently that he was in hurry to leave the Aso Rock Villa for Daura; his hometown in Katsina State. But more importantly, according to him, he would not be missing anything in Abuja that would compel him of coming back to the Capital City of Nigeria in hurry. 

    I think that may likely be good news to Nigerians, because if the truth must be told, his departure from the presidency and Abuja; to a very large extent, shall remain one good riddance to bad rubbish. Nigerians shall not be missing him as President of Nigeria, for many reasons.

    One, the man Buhari, is old enough to deserve a continuous resting off his labours for Nigeria. On this alone even, Nigerians never expected him to return to Abuja for any contribution to the Think-Thank Rolling Machine of solving the country’s problems.

    Two, Nigerians’ brought Muhammadu Buhari to judgment and found him wanting in most things – most things across the line of all his promises, from 2015, till date. Some even are giving greater thought to his days when he evaded Nigerian gloriously serene democratic home and dismantled all beautiful structures of that Home – speaking of the time he came in through the vehicle of coup-de-tat, form December 31, 1983, to August 27, 1985. 

    Three, his monetary policy, mostly as reflected in his Central Bank of Nigeria [CBN]’s operation remains one big and major disaster even as this piece is be written. His CBN policy has been seen as bad model for dud mediocrity, absurdity and deadly, by monetary institutions all over the world. For a long time to come, Buhari’s monetary policy’s prosecution remains a model in mockery. And you don’t have to blame those that mocked us, because every decent Nigerian don’t understand where Godwin Emefiele; the Governor of CBN, imports his ideas of running Nigeria from

    Let us consider one more reason why most Nigerians shall never be missing Buhari, amongst many others, before drawing the curtain on today’s exercise. And please, let us take this as number Four.

    President Muhammadu Buhari, from the beginning of his [second coming] administration [2015] to the end [2023], packaged, presented and operated the most corrupt Budget in the annals of Nigeria’s history. All through his 8 years tenure the man never pretended, not even once; in the matter of budgeting, of being anti-corruption personality despite of the picture he painted for himself in the past.

    Muhammadu Buhari, instead, showed to Nigerians a mind that thrived in the prosecution of corruption – using the Budget as a template for this exercise, thereby leaving him as a very poor case study in fighting battles against corruption. Let us dwell on this on the Budgetary matter, from 2015 to 2023, a little more.

    The Nigerian national Budget Buhari operated from May 29, 2015, when he took mantle of democratic leadership was an inheritance from President Goodluck Jonathan. And of course, that budget would have come with its flaws, though nothing was mentioned of it. And the silence about that inherited budget, in my candid opinion, would have emanated from the fact that Buhari did not appoint cabinet – Ministers, until 6 months after he was sworn-in as President.

    However, Buhari put together his own Budget for Nigeria in 2016, and that budget came with some notorious fallouts. And President Buhari pretended that padding of that of that budget rattled him some much, he complained about it in Saudi Arabia when he was addressing the Nigerian community in that country during his state visit there. Listen to what he said:

    “The culprits will not go unpunished. I have been a military governor, petroleum minister, military head of state and headed the Petroleum Trust Fund. Never had I heard the words ‘budget padding,’” Buhari reportedly said during his official visit to Saudi Arabia. “Our minister of budget and national planning did a great job with his team. The minister …was working night and day to get the budget ready, only for some people to pad it. What he gave us was not what was finally being debated. It is very embarrassing and disappointing.”

    Despite the threat, Buhari did not bring anyone out for punishment in 2016, nor has there been any record of punishment melted out to any of his appointees [Ministers and members of the Civil Service] from that year [2016] till date. 

    In 2019, the president wrote to the Nigerian National Assembly, warning the latter to desist from the habit of colluding with the MDA of inflating budgets – a habit that continues as this piece is being written. Buhari knows that the National Assembly turned deaf ears to his letter, probably for the reason; that the latter understands the game that both – the Executive and the National Assembly, have a conspiratorial agreement to dupe Nigerians yearly on this Budget matter. 

    Still on the disaster of fraudulent budget under discussion, the legacy of Muhammadu Buhari remains solely one identifiably confirmed fact: a Budget of Padding [from the Executive] and Inserting [form the Legislature – National Assembly], and this occurred every year; from 2016 till 2023. 

    Let us take a very keen note and observation of the last Budget Muhammadu Buhari presented to the National Assembly, which has been passed by the latter and signed into Law by the former. We cannot resist crying for Nigeria after keen observation.

    President Buhari’s Ministers were the first in accusing each other, publicly, of Budget Padding, at the National Assembly. This was when the Minister for Humanitarian Affairs, Disaster Management, and Social Development [Sadiya Umar Farouq] accused the Minister for Finance, Budget and National Planning [Zainab Shamsuna Ahmed] of padding her ministry’s budget to the tune of over 262 billion Naira. 

    Then, after the first exposure, many padding were later exposed by the National Assembly until the Minister of Finance publicly – with unacceptable explanations though, admitted to padding the 2023 budget to the tune of N1.7 trillion. With such deadly revelation, nothing has been heard from our “Holy” President.

    This admission did not ruffle Buhari into defending himself as Anti-Corruption Czar. He waited until the National Assembly Inserted its own version of a little over One Trillion Naira, without the whole House sitting as a Committee in crosschecking the Appropriation Committee’s work before sending it to the President for assertion. And our President signed it into Law.

    What and how are Nigerians to conclude other than to say that Muhammadu Buhari started with Padded Budget in 2016 and ended with Padded Budget in 2023. May his name be blessed in the specialization of padding and always inserting of Budgets. And can this be called corruption? Only posterity, at the documentation of the Buhari’s era, can say. 

    This is one of those issues coming under discussion tomorrow morning, under the segment of The Guru, at Lagos Talks 91.3 FM, as from 0930 hours. 

    Won’t you rather join the discussion tomorrow, at your chosen Golden Radio of choice, through phone call-in and other media platforms? Those unbeatable spices: Historical Perspective, Periscope and Knowledge Dropbox are equally waiting for you.

     

    Godwin Etakibuebu [The Guru].

    Contact:

    Website: www.godwintheguru.com

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    Phone: +234-906-887-0014 – short messages only

    You can also listen to this author [Godwin Etakibuebu] every Monday; from 0930 – 1100 hours @ Lagos Talks 91.3 FM live, in a weekly review of topical issues, presented by The News Guru [TNG].

  • Support implementation of transformational payments, financial industry initiatives, CBN urges NASS

    Support implementation of transformational payments, financial industry initiatives, CBN urges NASS

    The Central Bank of Nigeria (CBN) has urged the National Assembly to support its implementation of transformational payments and financial industry initiatives in line with the mandate of the apex bank.

    The CBN Governor, Mr Godwin Emefiele, made the call in his briefing to the House of Representatives plenary on the apex bank’s Naira redesign and cashless policies.

    According to a statement by the apex bank, Emefiele was represented by the Deputy Governor, Financial Systems Stability, Mrs Aisha Ahmad.

    He said that the cashless policy would boost economic opportunities for small businesses and rural communities to facilitate trade and improve livelihood, thereby boosting economic growth.

    According to him, the reduction of cost of cash management and incidences of crime are some benefits of the cashless policy.

    He added that the policy did not prohibit cash transactions above the prescribed limits.

    “It is in public interest to promote an efficient payment system via the cashless policy which helps reduce the punitive costs of cash processing, ” he said.

    The CBN governor insisted that the Naira redesign and reintroduced cashless policy were apolitical and not targeted at any group.

    Emefiele pledged CBN’s flexibility to make the necessary adjustments to ensure wider public acceptance of its policies.

    He commended the the House of Representatives for its strong advocacy on behalf of the Nigerian people, adding that the new policies would not disenfranchise Nigerians in rural, under-served areas.

    “We are committed to the seamless implementation of of Naira redesign and cashless policies, ” he said.

  • Nigerians don’t withdraw more than N.5m weekly – CBN

    Nigerians don’t withdraw more than N.5m weekly – CBN

    The Central Bank of Nigeria (CBN) has disclosed that Nigerians do not withdraw more than N500,000.00 on a weekly basis, stressing that 94% of all cash transactions fall below the N500,000.00 new weekly cash withdrawal limit for individuals.

    TheNewsGuru.com (TNG) reports Mr Godwin Emefiele, CBN Governor, represented by the CBN Deputy Governor in charge of Financial Systems Stability, Mrs Aisha Ahmad made the disclosure at a House of Representatives briefing on Thursday.

    The apex bank also disclosed that 82 per cent of corporate transactions are below the new limit, noting that the adjustments to the revised cash withdrawal limits have sufficiently addressed fears over possible negative implications of the limits.

    The CBN also disclosed that 500 million pieces of the redesigned naira notes were ordered from the Nigerian Security Printing and Minting Company Limited while also disclosing that the lower denominations of Naira were not redesigned because they were the ones mainly used in the rural areas of the country.

    Emefiele explained that the new cashless policy was not based on any political consideration as the CBN is an independent institution, whose decisions are based on research, data and the efforts of many teams working together across its different directorates.

    Justifying the policy and the expected gains, he said the cashless policy will reduce the cost of processing cash, cost of destroying mutilated cash, cost of printing new notes as well as reduce kidnapping and other forms of criminalities associated with cash movement.

    On the issue of fake currency, he said, “We are doing a lot of sensitization because we believe that sensitization can’t just be the newspapers, the television and radio. We need to go into the rural areas, the markets and use people in the communities to actually drive home the message. It takes time but over time it improves”.

    The CBN Governor disclosed that electronic money transfers in the country as at October 2022 stood at N300 trillion from N3 trillion in 2012, when the cashless policy was introduced, representing about 7, 000 per cent increase.

    He also said in 2012 when the pilot scheme was launched in Lagos, the country had N48 billion in POS transactions, adding that this has increased to about N6 trillion today

    He said the policy pronouncement on December 5 was a continuation of the cashless policy started 10 years ago and was in recognition of the positive changes recorded in the financial and payment system since it first launched.

    He said, “Today, we have a very robust payment system that includes bank branches, branches of micro-finance banks, POS machines, ATM machines, agent banking, E-Naira and many other options.

    “To be specific, between the bank and the micro-finance banks, we have 6,500 locations, 900,000 POS terminals, 14,000 ATMs across the country and 1.4 million agents nationwide and every single local government in Nigeria has agent represented. We also have a proliferation of electronic transactions. Just by way of quick example, in 2012, we had N48 billion in POS transactions. Today, we have N6 trillion in POS transactions.

    “On electronic transfers, we had N3 trillion in 2012. Today, we have 300 trillion as at October, 2022. That’s a 7,000 percent increase. We have also seen an improvement in financial inclusion to 54.1 per cent and lastly, perhaps, more importantly, we have seen the evolution of the Nigerian payment system on the global stage.

    “Nigeria is judged 6th in the world for instant real payment and we are only behind countries like India, China, Thailand, Brazil and South Korea. We are the only African country in the top 10 and this has been as a result of some of the initiatives that have gone on. Also, electronic payment and real time data payments have been estimated to contribute about 0.67 percent to our GDP.

    “Going to the cash withdrawal limit that was issued in response to the feedback from Nigerians in response to the comments made by this revered chamber, we took those feedback on board. CBN mentioned that we will be flexible in the implementation of this policy in response to the stakeholders’ sentiments.

    “We have since reviewed the limit significantly from N100,000 that we had per week to N500,000 per week for individuals; from N500,000 per week for corporate to N5 million per week for corporate. We have also amended the processing from 5.0 and 10 per cent downward to 3.0 and 5.0 per cent.

    “We have clarified the strategic importance of agents as important participants in the financial system because they play a key role in certain underserved segments in the rural areas and in certain markets areas and they as well would be covered by this new revised rule.

    “Just to roundup, I thought it was important Mr. Speaker, to give some justifications as to why this limits are required now and why it is time for us to get cashless nationwide.

    “I have seen some misconceptions about the fees that we are charging the fees on the entire amount that wants to be withdrawn. No. The fees are to be charged on any withdrawal above the limit.

    “For example, if you are withdrawing N550,000, the fee will be on the N50,000. We also looked at transactions for agents. So, transactions by Nigerians that go to the agent’s location and transactions by the agent’s themselves, the average cash transactions of agents is N2,184,000 which is clearly within the current limit.

    “The average transaction per individual that walks up to an agent is about N18,000. What the policy is trying to do is to encourage more people to come into the formal payment system because of the numerous benefits that accrue. It means opening up our rural areas, the underserved areas to economic opportunity, to payment opportunity and connecting them into the formal system.

    “During the COVID-19 period, we saw the negative impact of physical cash. No one could go anywhere. We couldn’t go to the banks. People couldn’t leave their homes. It was the electronic banking system that protected and served those below the poverty lines that had their livelihood at risk.

    “To clarify some misconceptions, I think it is also important to mention from the data that we have, we have seen the denominations that are not going to be redesigned, the N100, N50, N10 and N5 are predominantly used in the hinterlands and in the rural areas and those are not going to be affected by the policy.

    “Also, you have access to your money. So, there is prohibition in terms of what you want to collect. It is for certain large amount, you need to provide additional information”.

    “We just want to reiterate the overall benefits of the cashless policy. It is to reduce cash processing cost, minting cost, the cost of destroying old notes and cost of moving the physical cash from place to place.

    “All these costs are passed on typically to the banking public. Getting rid of these costs means that charges will be less on that respect. Also this is an opportunity to promote Nigeria’s positive image from money laundering perspective.

    “Even the recently passed anti-money laundering law has limits for cash for a reason because cash is usually the medium by which some of these nefarious activities are done. Suffice it to say that the advantages around protecting people from armed robbery, kidnapping, terrorism financing goes without gainsaying.

    “We will continue to be open, engage, listen as we implement this policy in response to the sentiments of Nigerians. It is not intended to disenfranchise anyone particularly those in vulnerable situations, in the rural areas, markets, it is meant to bring everyone into the significant economic opportunity that comes when you are fully included,” he said.