Connect with us

General

Politicians Mounting Pressure to Stop CBN Cashless Policy—Groups

Published

on

Cashless Policy CBN

By Modupe Gbadeyanka

Some politicians have been accused of working tirelessly to frustrate the cashless policy of the Central Bank of Nigeria (CBN) for their selfish interests.

At a media briefing on Monday in Abuja, the Conference of Nigeria Political Parties (CNPP) and civil society organisations (CSOs) under the aegis of the Coalition of National Civil Society Organisations (CNCSOs) said the reason behind the moves to stop the policy is vote-buying.

During elections, politicians induce voters with cash. This is a practice across most of the political parties in Nigeria. Some offer voters less than N5,000 for votes.

A few days ago, the central bank said from January 9, 2023, Nigerians would only be allowed to withdraw N100,000 per week as cash across the different channels, ATMs, POS terminals and over-the-counter (OTC).

This was kicked against by some lawmakers at the National Assembly, who asked the governor of the CBN, Mr Godwin Emefiele, to appear before them this week for explanations.

At the press conference today, CNCSOs praised the apex bank for the new policy and expressed optimism that the bank would not bow to pressure.

According to the leaders of the two groups, Mr Willy Ezugwu for CNPP and Mr Ali Abacha for CSOs, the cashless policy will tackle corruption in Nigeria apart from vote-buying.

“For the purpose of insight, by law, Section 2 (b) of the CBN Act clearly mandates the Central Bank of Nigeria to solely issue legal tender currency in Nigeria.

“The CBN regulates the volume of money supply in the economy in order to ensure monetary and price stability in line with Section 2 (a) of the Act.

“Specifically, the Currency Operations Department of the CBN is responsible for currency management through the planning, procurement, distribution, processing, reissue and disposal of banknotes and coins.

“It was in the exercise of its unambiguous legal duties in Section 2 of its establishment Act that the CBN in 2012 introduced what is today known as a cashless policy which led to the application of aspects of the policy beginning from January 1, 2012, in Lagos State, which was tagged Cashless Lagos.

“As specified by the CBN as far back as 2012, the cashless policy is aimed at placing Nigeria among the best 20 economies in the world before the year 2020. This is a target that was never met. We’re in 20222. Is Nigeria now among the 20 best global economies? But the CBN informed the world that Nigeria would start changing to a cashless economy by January 2012 and complete the process in 2020 to be among the best economies.

“So, why are people complaining about the timing of the implementation of the new cash withdrawal limits when the CBN is running behind its own scheduled implementation target?

“Only a mischievous person will be complaining about the timing of the review of the cash withdrawal limits because we should be applauding Mr Godwin Emefiele as the CBN Governor for daring to move Nigeria’s economy into the top 20 best in the world after over seven years of stagnancy,” the groups said.

Speaking further, they stated that, “Part of the 2012 cashless policy was conceived to reduce the amount of Naira notes and coins (that is cash) used for business, though not to eliminate their usage in line with Nigeria’s vision 20:2020. If so, why should politicians or anybody be complaining about the current reduction in cash withdrawals even when the CBN is two years behind its own target?

“Also, the cashless policy, among other gains, is to help the central bank and commercial banks better manage our economy to ensure that Nigeria’s monetary policy works.

“Now, is Nigeria’s monetary policy working? The answer is NO! Why, then, are we seeing governors, like that of Adamawa State, talking against the CBN Governor and his management team, who have vowed to speed up the implementation process for a full launch of Nigeria’s cashless policy, two years behind schedule of placing Nigeria among the best 20 economies in the world? It is because many of our current leaders don’t mean well for the country.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

1 Comment

Leave a Reply

General

Power Outage in Nigeria as National Grid Collapses

Published

on

national grid collapse

By Aduragbemi Omiyale

Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.

This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.

Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.

However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.

On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.

One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.

“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”

Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.

Continue Reading

General

NLNG to Replace Vessels in Move Towards Decarbonisation, Sustainability

Published

on

Nigeria LNG Limited NLNG

By Adedapo Adesanya

The Nigerian LNG Limited (NLNG), which produces Nigeria’s Liquified Natural Gas (LNG) and natural gas liquids (NGLs) for export, is planning to replace all its vessels with modern ships within the next decade.

This was disclosed by Mr Nnamdi Anowi, the General Manager of Production, NLNG, during the World Leaders’ Panel session on Tuesday in Berlin, Germany, as part of the 2024 World LNG Summit and Awards.

Speaking at the event themed “Achieving the Balance Between Energy Security and Decarbonisation,” he said the company which was incorporated in 1989 was making plans to boost its vessels to ensure proper transportation of gas for export.

“We are making significant strides in our shipping operations. Over the next 10 years, we aim to transition from our current steam-powered vessels to modern ships.

“Earlier this year, we took a major step by entering into a long-term chapter of our first modern ship Aktoras, and we are already planning to acquire a second ship next year,” he said.

On the critical issue of net zero emissions, Mr Anowi said that NLNG aspires to achieve net zero emissions by 2040.

According to him, this goal is attainable through implementing a combination of solutions that include operational efficiency, natural sinks/offset projects, carbon capture and storage (CCS), net zero expansion, digital solutions and shipping efficiency.

“Our pathway to net zero aligns with Nigeria’s target of reaching net zero by 2060, while many major players in the industry are aiming for 2050.

“We are actively expanding our initiatives in this area, including several low-carbon projects,” he explained.

Regarding Liquefied Petroleum Gas (LPG), Anowi noted that the company had committed 100 per cent of its LPG production (propane and butane) to the Nigerian market.

He pointed out the urgent need for cleaner energy, citing a report that revealed that not less than 100,000 Nigerians died yearly from smoke inhalation caused by cooking with firewood, predominantly affecting women and children.

“This underscores our commitment to sustainability. It’s important to recognise that about 80 per cent of Africans lack access to cleaner energy.

“When discussing sustainability, we can not overlook the necessity of providing energy to these communities,” he added.

He further elaborated on NLNG’s strategy, stating, “Our objective at Nigeria LNG is to maintain safety, enhance capacity, foster growth, and future-proof our business.

“The recent transformation programme includes a rebranding initiative, evidenced by the unveiling of a new logo and the company’s renewed purpose: providing energy for life’s sustainability.

Mr Anowi also noted that NLNG was working diligently to improve its production capacity from 23 million tons to 30 million tons through its Train 7 Project.

“We are actively engaging with stakeholders and the government to ensure our LNG trains are filled by the end of next year,” he said.

On sustainability, Mr Anowi explained that 75 per cent of NLNG’s emissions result from its operations, with the remaining 25 per cent coming from its shipping activities.

He emphasised the importance of measurement, reduction, avoidance and mitigation strategies in their sustainability efforts.

He said that the company was also exploring CCS opportunities through partnerships with the government and other international oil companies.

“We are in the early stages of CCS implementation, assessing potential reservoirs for this purpose,” he said.

In terms of renewable energy, Anowi said that NLNG was investigating solar power projects at its offices in Abuja and Port Harcourt as part of its broader sustainability initiatives.

“We are committed to abatement efforts and are collaborating with experienced private companies to explore carbon credit opportunities.

“We must balance sustainability with affordability and reliability in energy supply.

“The African region must progress at its own pace, prioritising immediate energy needs before addressing long-term sustainability goals,” he explained.

Continue Reading

General

National Grid, Mr Ibu Among Top Trending Searches by Nigerians in 2024

Published

on

google search

By Dipo Olowookere

Many events happened in 2024 in Nigeria but a few shook the nation because of their impact on residents of the country.

According to a report released by Google, the incessant collapse of the national grip, which plunged the nation into darkness, was among trending searches on its platform.

In the report made available to Business Post on Tuesday, the tech giant said this year’s results show a continued interest in the political and economic landscape, with searches related to the US elections, the new national anthem.

“The 2024 Year in Search offers a unique lens into the questions, interests, and conversations that shaped the lives of Nigerians this year.

“From cultural milestones to pressing concerns, these insights reflect how Search continues to be a valuable tool for users to navigate and better understand their world,” the Communications and Public Affairs Manager for Google West Africa, Taiwo Kola-Ogunlade, stated.

Google’s 2024 Year in Search for Nigeria showcased the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention in the year.

Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do.

The music scene in 2024 was marked by a surge in popularity for artists like Shallipopi and Khaid, who also featured prominently in the overall personalities list. The top trending song was “”I Don’t Care” by Boy Spyce”, followed closely by “Ozeba” and “Commas” by Ayra”. Nigerians also showed a keen interest in understanding the lyrics of various songs, with “Ogechi lyrics”, “Ozeba lyrics”, and “Omemma by Chandler Moore lyrics” leading the searches in the lyrics category.

This year, Nigerians continued to demonstrate a strong interest in entertainment with movies like “A Tribe Called Judah”, “Treasure In The Sky”, and “Damsel” topping the movie charts. The top TV series that captured the interest of Nigerian netizens included “Supacell”, “My Demon”, and “Queen of Tears”. In the culinary world, Nigerians explored diverse recipes with “Pornstar Martini recipe” leading the searches.

Concerns about personal well-being and global events were also reflected in search trends. Questions like “How much is dollar to naira today?”, “How to get perfectly defined curls for African hair?”, and “Who won the US presidential election?” topped the list of queries. Nigerians were curious about the meaning of words like “demure,” “steeze,” and “pet peeves,” turning to Search for answers.

Continue Reading

Trending