Business
Nigerians Lambast Emefiele on Shift of Old Naira Notes Deadline
There has been much controversy surrounding the redesigning of certain denominations of the naira, Nigeria’s national legal tender.
The Central Bank of Nigeria (CBN) had unveiled a policy for the redesign of the N200, N500 and N1000 currency notes in Q4, 2022 and set a January 31, 2023 deadline for the old currencies to be cut-off the legal tender list in Nigeria.
The policy had attracted the attention of various segments of the society, with attendant media blitz and theatricals, with notable political actors – serving and aspiring inclusive, taking turns to have their say.
While that raged, the CBN, through its governor, Godwin Emefiele, maintained that it’s actions were thoroughly thought out, and backed by the highest authority in the land, so the January 31 date would not be shifted.
The apex went ahead to engage the public through Short Message Services (SMS) and market-storms across the federation to warn the public sternly that it was dead serious.
Well-meaning Nigerians took sides with apex bank, because it canvassed that it was targeted at curbing ‘oppression’, instilling sanity and sanitizing cash within the Nigerian economy.
While elected state governors sought the attention of and met with the apex bank on this to no avail, the National Assembly weighed-in with resolutions, after summons to Emefiele went unheeded.
The Senate in resolution, passed in panic resolved that the deadline for the old notes to stop being legal tender be shifted to June 31, 2023. (The month of June has only 30 days!).
The Senate in a video that has gone viral on social media was seen debating the need for a shift of the January 31 date to the middle of the year on the grounds that rural Nigeria lacked necessary infrastructure to meet the set deadline.
Senate President Ahmed Lawan ruled in favour of the “ayes” at the end of the debate and voting to uphold the Upper Chamber’s position that the January 31 date be shifted.
The House of Representatives on its part, summoned Emefiele, who shunned the summon, for what many thought was a desire to keep to the set dates, with Speaker, House of Representatives, Femi Gbajamiala threating to issue a warrant of arrest against Emefiele.
In an interesting scenario, Emefiele, took refuge under President Muhammadu Buhari, running to the Presidential Villa on regular basis to seek validation or endorsement for the policy, as the drama was unfolding.
So well did Emefiele act his script that the public was taken-in that he was acting President Buhari’s script. This make-believe played out, even on Sunday, when the governor announced that President Buhari had approved, a 10-day extension and a 7-day grace period, which terminate on February 10, and February 17 respectively.
The first cut-off date, of February 10 applies to the commercial banks and other agents mandated by the CBN to facilitate the collection of the old notes in exchange for the new currency notes. However, the grace period is in compliance with legal provision for the apex bank to mop-up what would have been left after the others would have delivered on the policy as spelt out.
It appears that members of the public could not hide their disappointment at the apex bank for succumbing to cheap blackmail from the political class, despite the banks, having been perceived to have sold out by ‘trading-off’ the new notes, which occasioned its scarcity in the economy.
In a series of tweets and Facebook posts, Nigerian’s expressed dismay that the date had to be shifted after a lot had been invested into the making the policy work.
Kayode Ogunwale, would not buy into the shift in day, because to him, it would not solve any problem.
He wrote, “what we need is availability of new naira notes. Extension cannot solve the problem.”
In what points to connivance by commercial banks against the apex bank and the populace, by ‘trading off’ printed new currency notes to people of means and political actors, Media Personality, Uzo Maxim Nwatu, decried that the new notes were being re-routed.
He stated, “The new Naira of the CBN is missing road and entering ‘fiam’ into Big Men’s homes.”
On his part, Jide Ojo, decried the torture of the old notes being rejected by even reputable businesses well before the cut-off date, because they believed Emefiele and his CBN were a serious bunch.
Ojo lamented, “Walahi! It’s no longer funny! This morning I took my old Naira notes received from POS yesterday to make a purchase at a big supermarket in my area, only to be told that they no longer take the old Naira notes.”
With the postponement, said to be with President Buhari’s approval, people like Ojo can heave a sigh of relief, hoping that the 10-day extension would be enough for those in charge to discharge on the policy professionally.
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.
Biztellers reports that it initiative is part of their continuing support for education.
Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).
The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.
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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.
Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”
The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.
Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”
Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”
On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.
“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.
“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.
The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.
Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.
The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.
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