General
CNPP Lambasts Critics of New Cashless Policy
By Modupe Gbadeyanka
The new move of the Central Bank of Nigeria (CBN) to sustain its cashless policy in the country has continued to evoke different reactions, and the latest to comment on the matter is the Conference of Nigeria Political Parties (CNPP).
The group, in a statement made available to Business Post, said those against the new cash withdrawal limits do not want the good of Nigeria.
The apex bank issued a circular this week to commercial banks and other financial institutions that from January 9, 2023, individual customers would only be limited to N100,000 cash from over-the-counter and N500,000 for corporate customers.
Also, cash withdrawals from ATMs and POS terminals would be N20,000 per day and N100,000 per week, while withdrawals above the limits would attract a 5 per cent process fee for individuals and a 10 per cent fee for companies.
In addition to this processing fee, customers would have to fill out different forms and obtain approvals from the management of the bank, with details of how the cash would be spent.
While some have praised the CBN for this, others have kicked against the policy, including the National Assembly, which has asked the Governor of the bank, Mr Godwin Emefiele, to appear to explain details of the new directive.
But CNPP feels this is a good policy, as it emphasised that it would deepen democracy as the nation prepares for the next general elections in February 2023.
In the statement signed by its Secretary General, Mr Willy Ezugwu, the CNPP stated that “Nigerians are suffering today because of bad governance and every sacrifice towards getting the right leadership into offices from 2023 is worth it.
“Bad governance is a product of Nigeria’s flawed electoral processes over the years which threw bad and corrupt leaders on the masses. This became the case as a result of highly monetised electoral processes.
“But, any process that will minimize the domination of the Nigerian political space by moneybags and corrupt politicians is worth whatever sacrifices by the ordinary citizens, who bear the brunts of bad governance the most.”
“Secondly, information available in the public domain shows how several millions, if not billions, of naira notes, got mutilated and became of no use where the country’s thieving leaders stashed the cash, thereby denying the economy, especially the banks, the liquidity for productive enterprise.
“Poor fiscal policies in the country over the years are a result of having the wrong persons in public offices due to electoral process that abhors level playing ground.
“Therefore, the CBN should be commended rather than criticised for the fresh cash withdrawal limits.
“Mr Godwin Emefiele, as the CBN Governor, is unarguably the hero of Nigerian democracy and champion of good governance by virtue of the twin policies of redesigning of the naira notes and the reviewed cash withdrawal limits, with perfect timing of the dates for implementations.
“The CNPP urges the President Muhammadu Buhari administration, and by extension, all security agencies and anti-graft bodies to act swiftly to ensure that no politician or highly placed individual influences banks to circumvent the cash withdrawal policy.
“We also call on all well-meaning Nigerians to support the CBN policy on cash control as part of efforts to secure the future of the country, particularly ahead of the 2023 general elections,” the CNPP stated.
By Modupe Gbadeyanka
The Lagos International Trade Fair Complex in the Ojo area of Lagos State was shut down on Wednesday by traders protesting the proposed takeover of the facility by state and local government authorities.
The aggrieved demonstrators emphasised that the complex belongs to the federal government, and if there is a transfer of ownership to the state and local governments, then stakeholders should be carried along.
They expressed concerns that handing over the trade fair complex to the duo could be disruptive, and traders may have to pay more taxes and levies, which will, in turn, result in higher prices of goods.
In protest of the planned takeover, the traders yesterday locked up their shops, especially those in the ASPANDA Market segment within the facility, where spare parts are sold.
Apparently worried about the situation, the Minister of Industry, Trade and Investment, Ms Jumoke Oduwole, visited the market to talk to the traders.
She urged them to reopen the complex, as efforts are being made by the federal government to resolve the issue amicably.
By Adedapo Adesanya
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured a court order to extend the detention of former Governor of Kaduna State, Mr Nasir El-Rufai.
This order gives the anti-graft agency ample time to finalise its investigation into allegations against the former governor, which has now deepened as a result of some new findings.
Subsequently, the new order, which was granted on Tuesday in the presence of Mr El-Rufai’s lawyer, will expire on Thursday, March 19.
However, Mr El-Rufai’s lawyer, whose application to quash the first remand order was declined by a Chief Magistrate Court in Bwari, has returned to the same court to nullify the latest order.
Justice Okechukwu John Akweke has fixed March 17 to decide whether or not he should set aside the latest detention order.
He said, “Upon hearing and listening to the prosecuting counsel, Dr Osuobeni Ekoi Akponimisingha Esq., praying this Honourable court for the following orders:
“An order of this Honourable Court issuing a remand warrant against the Respondent (NASIR AHMAD EL-RUFAI) in favour of the Applicant, i.e. Independent Corrupt Practices and other Related Offences Commission (ICPC), to detain the Respondent (NASIR AHMAD EL-RUFAI) in its custody for another fourteen (14) days pending conclusion of investigation activities on allegations of Money Laundering/abuse of office.
“And for such other or further order(s) as this Honourable court may deem fit to make in the circumstances. It is hereby ordered that: Application granted as prayed.
“That the Applicant, i.e. the Independent Corrupt Practices and other Related Offences Commission ICPC is hereby ordered to re-detain the Respondent (NASIR AHMAD EL-RUFAI) for an additional 14 days to enable the commission to conclude investigation activities.
“That the return date shall be the 19th day of March 2026, for the report of compliance.”
The scrutiny of Mr El-Rufai by the ICPC follows the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans and contracts awarded between 2015 and 2023 under his eight-year administration of the state.
By Adedapo Adesanya
The federal government has begun evacuating willing Nigerians in Iran, escorting them across the Armenian border to ensure their safety amid escalating tensions in the Middle East.
The evacuation follows the growing crisis that began on February 28 after coordinated military strikes on Iran by the United States and Israel.
The attacks triggered retaliatory missile and drone strikes across parts of the region, raising fears of a wider conflict.
The chief executive of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, disclosed this in a post on her X handle on Tuesday.
She said officials of the Nigerian Embassy in Tehran are coordinating the evacuation of Nigerians who wish to leave the country and are facilitating their safe passage into Armenia.
Mrs Dabiri-Erewa also reassured that no Nigerian in Iran has so far been affected by the ongoing tensions, noting that embassy officials remain stationed at the border to receive and assist evacuees.
Her post read, “Willing Nigerians [are] being escorted across the Armenian border by officials of the Nigerian embassy in Iran for safe passage. No Nigerian in Iran has been affected by the war as officials remain at the border to receive all who want to leave.”
The development comes as tensions in parts of the Middle East continue to raise concerns over the safety of foreign nationals residing in affected areas.
For repatriation flights, the NiDCOM chair said the airspace is currently unsafe but assured Nigerians in the Middle East that the Federal Government team is on standby to evacuate them.
“And as for repatriation flights, the skies are currently unsafe to fly. Luckily, a flight came in from the UAE to Lagos two days ago, just before another strike and the closure of the airspace.
“Once the airspace opens, the multi-agency FG team on crisis and evacuation is on standby. Our prayers are with you and all our people in affected countries,” she said.
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