COVER
Naira Swap: Illicit Funds Hoarders Target of Policy, Says Buhari
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By Mathew Dadiya & Tony Obiechina, Abuja
Following mounting pressure from Nigerians and the corporate world, President Muhammadu Buhari yesterday approved a 10-day extension of the deadline for the swapping of currency to new notes.
Nigerians, including Senators and members of the House of Representatives have been pressurizing the Central Bank of Nigeria (CBN) to extend the January 31, 2023 deadline for the use of old Naira notes.
Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this to newsmen yesterday in Daura, said the new deadline for the old currency to seize becoming legal tender would be February 10, 2023.
Emefiele, who was in Daura yesterday, had a closed-door meeting with the Buhari, where he obtained the approval.
He said Nigerians, who were yet to change their Naira notes from the old to new ones, “now have an opportunity to do so”.
The apex bank’s governor however cautioned that people must utilize the opportunity because the deadline would not be extended again.
You may recall that the CBN had fixed Jan. 31 as the deadline for the legitimacy of the old Naira notes.
The redesigned Naira notes, comprising N200, N500 and N1, 000, became legal tender on Dec. 15, 2022, after they were unveiled by Buhari on Nov. 23, 2022, in Abuja.
President Muhammadu Buhari has reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
The President assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
Buhari explained this at the weekend when he reacted to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition criticism.
This, he assured, will stabilize and strengthen the economy.
While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.
The President also restated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up the distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
In a statement yesterday, the CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy, saying the apex bank has succeeded in recovering over 70 percent of the N2 trillion held out of the banking system.
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: A 10-day extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigerians.
“A 7-day grace period, beginning from February 10 to February 17, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender Status,” the statement read.
The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.
“We are happy that so far, the exercise has achieved a success rate of over 70 percent of the N2 trillion held out of the banking system,” Emefiele added.
Before the apex bank extended the use of the naira note, many Nigerians experienced difficulty in lodging their old banknotes.
The scramble by many Nigerians to meet the initial January 31 deadline has been chaotic as many of them flood banking halls with huge cash in old notes to exchange them with new ones.
Others are seen in long queues at the few ATM points having the new naira notes in different parts of the country to have access.
This has necessitated the CBN directing the commercial banks on Friday to open for business on Saturday and Sunday.
Expert Hails CBN for Deadline Extension
Foremost economist and academic, Professor Uche Uwaleke has commended the Central Bank of Nigeria (CBN) for extending the deadline for the exchange of old Naira Notes for the redesigned currency from 31st January to February 10, 2023.
CBN Governor, Mr Godwin Emefiele who made the announcement in statement on Sunday, said President Muhammadu Buhari approved the change of deadline.
Uwaleke, who is Nigeria’s first professor of Capital market in a statement made available to Daily Asset in Abuja, described the apex Bank decision as a welcome development.
“The extension of the deadline for notes swap by the CBN till February 10 2023 with additional 7 days grace period is a welcome development and portrays the CBN as a responsive organisation that is sensitive to the yearnings of Nigerians.
“One recalls that when the CBN first placed a cash withdrawal limit of N20,000 per individual per day, it saw the need to revise it upward to N100,000 following reports that the limit was too low and causing a lot of hardship to the people.
“This deadline extension will reduce the queues at the ATM, reduce panic and uncertainty among small business owners in particular and more importantly allow more time for the new naira notes to circulate and more of the old ones returned to the CBN given that about N900 billion is still outside the banks as revealed by the CBN Governor.
“I commend the CBN for this move as well as the President for giving approval for an extension. It goes to demonstrate that the currency redesign was not designed abinitio to foist hardship on Nigerians.
“The fact that the new deadline is before the February 25 election is laudable as the measure will help reduce vote buying.
“Having extended the deadline by 10 days, the CBN should ensure that the banks are strictly complying with its distribution guidelines for new notes. It should equally, through sensitization efforts, discourage the current practice of rejection of old notes while they are still considered legal tender,” the statement read.
Buhari: Illicit Funds Hoarders Target of Policy
On Saturday, President Muhammadu Buhari explained that the currency changes were aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
The President assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
Buhari explained this on Saturday when he reacted to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism.
This, he assured, will stabilize and strengthen the economy.
While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.
Buhari also restated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
COVER
BOI Restates Commitment to Local Manufacturing, Job Creation
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Managing Director of the Bank of Industry (BOI), Mr Olasupo Olusi has reaffirmed the bank’s commitment to supporting local manufacturing in Nigeria.Olusi said this when he visited the GU Ebeco facility and inspected ongoing projects at the Nisa Medical and Zeberced Group at the Idu Industrial Layout, Abuja yesterday.
He expressed delight at the progress made so far at the various facilities while commending the chief executives of the organisations, urging them to do more. During the visit to the GU Ebeco, the BOI boss emphasised the importance of job creation and the need for their products to proudly bear the “Made in Nigeria” label.Olusi praised GU Ebeco’s progress over the past seven years, applauding its expansion into a national enterprise with over 1,500 employees and several facilities across the country.“I am very happy with the fact that BOI has supported this enterprise for the last seven years. It is wonderful to see that it has grown.“It employs 1,500 staff, and operates a national distribution system. We are proud of the significant role GU Ebeco is playing in the Nigerian manufacturing landscape,” he said.The BOI boss also commended the loan repayment performance of the company saying it had taken multiple facilities from the BOI. He encouraged other young entrepreneurs to stay focused, while assuring them of BOI’s commitment to supporting them and Nigeria’s industrialisation efforts.Responding Mr Ebere Uzozie, Managing Director of GU Ebeco, expressed his appreciation for the continued support from the BOI.“We are grateful for the Bank of Industry’s backing. Their loans have helped us expand and create lasting change. We now have 34 facilities, and we are debt-free.” We are optimistic the visit will mark a new chapter for the company, and will ensure further growth and partnerships that will contribute to Nigeria’s industrial future,” Uzozie said.at the Zeberced Group, its Managing Director, Mr Aydin Kurt, said that Nigeria had lots of potential and could be the future of the world.While acknowledging the country’s potential in industrialisation, he emphasised the importance of producing locally in Nigeria rather than relying on imports.Kurt also appealed for more collaboration with the BOI to promote industrialisation, create jobs and help grow the economy.“I cannot do it alone. we have to come together and create a synergy to attract different investors to come and also invest in this country.“This is our vision we have a lot to share with you, and thank you once again for visiting our corporations,” he said.Responding, the BOI managing director said that the bank was keen on infrastructure and committed to supporting industrious infrastructure.“This project is very important to us and a critical objective for the county and, in that spirit, we have decided that we will continue to support the proliferation of industrial parts across the nation.Why yours is so unique is because it has a plan for Micro Small and Medium Enterprises (MSMEs) which is very important.“We have a mandate to support that particular segment of our economy because they are the ones that champion job creation and most of the growth of the economy is attributed to them,” Olusi said.The BOI boss thanked Zeberced Group for the opportunity while commending the groups’ vision, energy and optimism to carry the project forward.“We look forward to our partnership. Like I said, we all want to be parts and parcel of this project, we have already given you some money to implement it, and we will see how we can do more.“As you expand we will support, but you have to also show us the job creation numbers, and make sure your goods are branded made in Nigeria,” he said.The News Agency of Nigeria reports that GU Ebeco is a furniture company while Zeberced is a construction company. NANCOVER
FRSC Unveils App to Mitigate Road Crashes Impact
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By Tony Obiechina, Abuja
Federal Road Safety Corps (FRSC) has unveiled an app to boost efficiency and mitigate the impact of road accidents in the country.Speaking at the event yesterday in Abuja, the Secretary to the Government of the Federation (SGF), George Akume explained that the app was designed to digitalize FRSC operations for effective traffic management.
The SGF who described the current rate of accidents as a great concern to the present administration, urged the FRSC management to involve stakeholders in the implementation of the app to monitor motorists and curb the excesses of FRSC officers and personnel. The Chairman, House Committee on Road Safety, Abiodun Adeshida said the National Assembly was ready to review the 2007 Federal Road Safety Corps Act for more efficient service delivery.The Kenyan Ambassador to Nigeria, Isaac Parashina said African countries have a lot to learn from the FRSC’s experience in addressing the high rate of road crashes across the continent.According to the him, Africans must come together and provide homegrown solutions to address road safety challenges.In his welcome remarks, the Corps Marshal FRSC, Shehu Mohammed stated that the innovation was part of efforts to align with the Renewed Hope Agenda of President Bola Tinubu’s administration on the use of the new technology to strengthen the commitment of road users and enhancing road safety operations.Mohammed said the corps would embark on aggressive sensitization in all motor parks and town hall meetings for stakeholders to key into the new technology.The Director-General of the Federal Radio Corporation of Nigeria (FRCN), Dr. Mohammed Bulama expressed confidence that the new technology would bring sanity to Nigerian roads.Dr Bulama commended FRSC management for the new operational initiative and pledged FRCN’s continued support to every program to reduce death and enhance economic activities in the country.The Acting President, National Union of Road Transport Workers (NURTW), Isa Ore said leaders in the transport sector would contribute to the success of the application in saving lives on the highway.Other stakeholders in the transport sector promised to support FRSC in enforcing traffic laws and protect lives and property on Nigerian roads.COVER
Lokpobiri Meets Shettima, Denies Involvement in Petrol Price Hike
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By David Torough, Abuja
Minister of State (Oil) Petroleum Resources Heineken Lokpobiri yesterday denied that the Federal Government is responsible for the Tuesday increase in the price of petrol, saying it is a function of deregulation.The latest hike in the price of petrol has pushed up transport fares by over 50 percent in major cities across Nigeria.
The increase implemented by the Nigerian National Petroleum Company (NNPCL) Retail Management ranges from N855 to N897 per litre, depending on the location from the previous N568-N617. Independent marketers have adjusted their prices to between N930 and N1,200 per litre of petrol.The minister denied FG’s involvement while addressing State House correspondents after a meeting with Vice President Kashim Shettima in Abuja.Shettima had summoned Lokpobiri along with the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari and the National Security Adviser Malam Nuhu Ribadu over the recent hike in the price of petrol.Lokpobiri said, “This sector is deregulated. And we believe that with the availability of products, the price will find its level.“What is important is that the product is available in the country. Between now and weekend, there will be availability of the product across the length and breadth of the country.“We believe that by the time there is availability of the product across the country, the price itself will stabilise.”Mr Ogbugo Ukoha, Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.Okuoha said, “The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.“More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price.”Despite making its product available, the Federal Government has not started lifting petrol from the Dangote Refinery.Yesterday, Dangote Group refuted the claim in the media that NNPCL is currently lifting petrol from its refinery and selling at N897 per litre.A statement signed by the Group Chief Branding and Communications Officer, Dangote Group, Anthony Chiejina said the company has not yet finalised any contract with NNPCL.The statement entitled, “NNPC yet to lift our petrol” reads, “Our attention has been drawn to a headline “NNPC lifts Dangote Petrol, sells at N897 per litre” published in the BusinessDay Newspapers of Wednesday, 4 September 2024.“We would like to state that NNPCL has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPCL.“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter.“We are guaranteeing Nigerians of exceptionally high quality petroleum products that will be readily available all over the country.”