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Emefiele Bows to Gbajabiamila on Naira Redesign Policy

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Reps to Mount Diplomatic Pressure for Ekweremadu

Clear signs have emerged that the Central Bank of Nigeria (CBN) has been acting at variance with the CBN Act in blind pursuit of the naira redesign policy.

While appearing before the Ad Hoc Committee of the House of Representatives on Tuesday in Abuja, Governor, CBN, Godwin Emefiele assured that the February 10 date set for old notes to lose their legal status was no longer tenable.

He was responding to a speech by the Speaker, House of Representatives, Hon Femi Gbajabiamila, in which he stated that the CBN governor has been carrying on in breach of Section 20 of the CBN Act.

The referenced section, said the Speaker provides that commercial banks should accept old notes even after the deadline.

He said, “After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank.”

In response, Emefiele concurred with the lawmakers on Section 20 of the CBN Act.

In his words, “Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this.”

The apex bank governor who, apologised to the lawmakers for shunning their invitation earlier added, “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”

He explained that the policy should have been introduced several years ago and that the CBN had only used the opportunity to enforce its cashless economy policy.

He maintained that the benefits of the policy would soon be manifest for all to see.

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Kanu’s Legal Team Barred By DSS Following Judge’s Step Down

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Barr Aloy Ejimakor, lead counsel to detained Indigenous People of Biafra’s (IPOB) leader Mazi Nnamdi Kanu, has condemned the Department of State Services (DSS) for denying his legal team access to Kanu in custody.

In a statement via X on Friday, Ejimakor alleged that the DSS blocked Friday’s scheduled visit, violating court orders and constitutional rights.

He suggested this move was retaliation for Kanu’s successful request to recuse Justice Binta Nyako from his terrorism trial.

Read Also: Don’t Touch Interior Minister, Remove Minister Of Power Instead – VDM Tells Tinubu

He said, “Today, in violation of subsisting court orders and the constitution, the DSS blocked the legal team of Mazi Nnamdi Kanu from meeting with him at the detention facility.

“It appears that the DSS has cancelled all future visitations to Kanu as a retaliation against Kanu for chasing away Justice Binta Nyako from the case and causing her embarrassment.

“What this means is that the DSS, acting on behalf of the federal government of Nigeria, has unlawfully isolated Kanu from his lawyers, thus making his solitary confinement absolute. I don’t know when next, if ever, it may be possible to see Kanu again.”

The IPOB leader, who is being detained at the custody of the DSS in Abuja, is standing trial before a Federal High Court sitting in Abuja over terrorism-related charges.

Kanu had told the trial Judge, Justice Binta Nyako on Tuesday that he had lost confidence in her court and demanded she hands off his case.

Justice Nyako granted his request, excused herself from the case, and remitted the case file to the Chief Judge of the Federal High Court for reassignment to another Judge to handle.

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79th UNGA: Mastercard, Nigeria Join Forces To Transform Africa’s Agric Sector

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In a move set to revolutionize Africa’s agricultural sector, Nigeria has partnered with Mastercard to empower one million farmers across Nigeria, Kenya, and Tanzania.

This exciting partnership aims to boost agricultural productivity and yield by providing financial inclusion and digital access to essential services, with support from the African Development Bank.

Read Also: Davido Upbeat On Debut Performance At 79th UNGA

Vice President Kashim Shettima sealed the deal with Mastercard executives at the 79th Session of the UN General Assembly in New York.

He emphasized that this initiative has the potential to transform Africa’s food security landscape.

“This partnership is an important milestone in our quest for comprehensive financial inclusion and agricultural empowerment. By leveraging Mastercard’s global expertise, we’re set to create unprecedented opportunities for farmers across Nigeria, Kenya, and Tanzania.

Nigeria’s Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani had earlier shed light on a groundbreaking partnership that’s set to revolutionize the agricultural sector.

According to him, this innovative collaboration aims to provide digital access to critical financial services for agricultural workers, which is expected to significantly boost productivity and economic growth in the sector ¹.

Dr. Tijani emphasized that the partnership goes beyond just introducing new technologies; it’s about reimagining the entire agricultural value chain.

He disclosed that the ultimate goal is to ensure that every farmer, regardless of their location, has access to modern financial tools and also tackles existing challenges in Nigeria’s digital payment ecosystem, making it easier for farmers to access financial services.

Tijani added, “We’re aware of the trust deficits that have hindered the full activation of contactless payments by some acquirers and banks. This partnership includes specific measures to bridge these gaps and ensure widespread adoption.”

 

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FG Clarifies Non-Interference In NNPCL, Dangote Refinery Pricing Feud

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Amid the ongoing price dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, the Presidency has explained why government agencies cannot intervene, highlighting that both companies are privately owned.

In a statement released on Friday by Nnaamaka Okafor, media aide to the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, the Presidency reaffirmed the minister’s position on the pricing disagreement between NNPCL and Dangote Refinery.

Read also: Okpebholo Presents Cert Of Return To Tinubu

Earlier this month, after a meeting with Vice President Kashim Shettima, Lokpobiri noted that petrol prices might vary across different regions, but with increased product availability, prices would eventually stabilize.

He also reiterated that the sector is deregulated, meaning the government does not control fuel prices.

The minister had said, “What is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigerians to know.

“There is enough product in the country to be able to meet the demands of Nigerians, there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices. That is what I want to convey to Nigerians.”

Okafor highlighted that during a press briefing, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, reinforced Senator Lokpobiri’s earlier comments regarding the independence of both the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery in a deregulated market.

Onanuga emphasized that under the Petroleum Industry Act, NNPCL operates independently, despite being government-owned.

He explained, “The PMS (Premium Motor Spirit) sector has been deregulated. Dangote is a private company, and NNPCL is a limited liability company. Any pricing issues between them are their own concern.”

He further elaborated that, according to the Act, while NNPCL is owned by federal, state, and local governments, it functions autonomously.

He pointed out that if consumers find NNPC or Dangote’s prices too high, they may import fuel, with market forces determining the most competitive pricing. “If a price war begins, it’s the consumer who stands to benefit,” Onanuga stated.

Onanuga also clarified that the government will not interfere in the pricing dispute but will focus on promoting alternative energy solutions, such as Compressed Natural Gas (CNG), which provides a more affordable option for consumers.

The government plans to subsidize the conversion of vehicles to CNG, with CNG priced around N230 per litre equivalent, compared to PMS at approximately N850 per litre.

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