NEWS
Uwaleke Urges CBN To Obey Supreme Court Ruling On Naira Notes Redesign
By Tony Obiechina, Abuja
Capital Market Expert, Professor Uche Uwaleke has advised the Central Bank of Nigeria (CBN) to obey the latest judgement of the Supreme Court regarding the apex Bank’s Naira Notes Redesign policy.
The Supreme Court on Friday ordered that old N200, N500, N1,000 notes should remain in circulation till December 31, 2023.
The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Reacting to the Supreme Court judgement in a statement on Friday, Uwaleke said the CBN should comply with the ruling, “since it has come from the final court in the land”.
According to him, “doing so will help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy”.
The university don noted that “it’s important to recognize that the CBN has recorded some achievements in terms of the objectives it set out to achieve. The reduction in huge cash circulating outside the commercial banks, the surge in electronic transactions, increase in financial Inclusion are part of the achievements recorded thus far”.
He further stated that the time frame till Dec 31, 2023 provides an opportunity for the CBN to re-assess the policy and improve on its implementation without causing distortions to the economy.
Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the FederaL Government and states must involve law or facts.
The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.
The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for final verdict.
Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed Friday, March 3rd for the court to make its decision known on the suit.
The 16 states led by Kaduna, Kogi and Zamfara prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
NEWS
Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen
President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors by removing administrative bottlenecks in the energy and solid minerals sectors.
Tinubu said this at a business session during the State Visit of Mr Frank-Walter Steinmeier, the German President, at the Presidential Villa, Abuja.
He said activation of the latent potential in the energy sector remained central to Nigeria’s development.
“I welcome Mr President to Nigeria and the State House. Your visit is a significant milestone. And I must thank you for the warm reception when I visited Germany.
“We need each other, and you emphasised this in our private discussion.
Nigeria is going through a transformative period and trying to align with the best strategy and practices on good governance globally.“We like our relationship with you as friends and partners. Germany is well-industrialised and renowned for its sustainable infrastructure,” Tinubu said.
He reassured the German businessmen that Nigeria was ready and open for business.
“As you mentioned, you are ready to support Nigeria in the energy sector, which you have long been doing.
“Also, in alternative energy, we have the sun, and you have the technology. We should continue our partnership in every way that we can,” said the President.
Tinubu said the Ministries of Foreign Affairs, Solid Minerals, Power, Industry, Trade and Investment had been directed to work closely with investors to develop the energy sector.
“I will re-emphasise again and again, we must enhance the possibility of becoming highly industrialised by exploring opportunities in our natural resources,” he added.
Tinubu said the country’s reforms had been designed to bring long-term prosperity through sustainable and dependable frameworks.
“We are synchronising to ensure a grounded and flourishing partnership that brings prosperity to our people. We know that Germany has the capacity and is involved in regional cooperation and collaboration.
“We are glad that we are trading in Euro with you. We are more transformative than before. We have made changes in the way we do business. It is now easy in and easy out for investors.
“We are projecting investment in gas and alternative energy. Our transformation involves natural gas.
“We are leveraging solid minerals, particularly lithium. We have a dynamic, anxious-to-learn and flexible youth population.
“We have many Nigerian students who were trained in Germany. We want domestic investment that will promote growth in our economy. Equally, we need skill development,” the President said.
Tinubu noted that Small and Medium Enterprises were also being repositioned to play a more central role in development, assuring that bottlenecks to investments had been removed.
In his remarks, the German President assured Tinubu that there were also more specialised companies in Germany that would be encouraged to look towards Nigeria for expansion opportunities beyond the big brands in the energy sectors.
“There is a growing interest in Nigeria on the German side beyond those who are already here, like Siemens. Other companies are looking for investment opportunities, especially in renewable energy,” he stated.
In his presentation, Mr Dele Alake, the Minister of Solid Minerals Development, said Germany had a dedicated one billion Euro fund for diversifying the supply chain in renewable energy, and modifying the conditions could easily accommodate the opportunities in Nigeria’s solid minerals sector.
Alake said the critical minerals for energy transition, cobalt, nickel and lithium, were readily available in Nigeria.
“German companies can come in under the Renewed Hope Agenda that has sanitised the environment, enhanced security with a new architecture around solid minerals, created tax incentives and waivers for important equipment and provided opportunities for joint ventures,” he said.
He said pre-feasibility studies had been concluded, urging German investors to look to Nigeria for diversification of the energy supply chain.
Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Dr Jumoke Oduwole, Minister of Industry, Trade and Investment; and Mr Adebayo Adelabu, Minister of Power, also made presentations at the business meeting.
The business delegation from Germany and their Nigerian counterparts commended President Tinubu for his long-term vision for the economy.
They also praised his courageous steps in repositioning Nigeria for greater prosperity by making the economy more globally competitive with streamlined foreign exchange and improved ease of doing business. (NAN)
NEWS
Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School
Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a distinction from the prestigious London Graduate School in the UK.
Ahmadu, a Nigerian mental health advocate and accomplished professional based in the U.S., disclosed this in an interview in Lagos.
He said that he was also inducted as a Fellow of the Institute of Management Consultants (FIMC) in Lagos.
Ahmadu said that the formal induction ceremony and certification workshop took place in Lagos and UK on Nov.
26, where he was lauded for his exceptional contributions.According to him, this dual honour highlights his inspiring journey from writing O’level examinations 17 times, due to family instability, to becoming a globally recognised figure in mental health advocacy and consultancy.
Ahmadu said his new accolades would significantly amplify his global impact, which would enable him to contribute further to addressing mental health challenges, particularly among Gen Z, teenagers, and adolescents.
“My Fellowship, the highest grade of membership in the Institute of Management Consultants, will position me as a thought leader equipped to provide innovative strategies in tackling depression and suicide.
“This recognition is not just a personal milestone but a step forward in the global fight against mental health crises.
“It’s a call to action to innovate solutions that inspire hope and resilience”.
The Institute of Management Consultants, in its nomination statement, praised Ahmadu’s “outstanding academic and professional standing and demonstrated commitment to creating, maintaining, extending, and promoting the highest world standards of management consulting practice.”
Ahmadu said: “My certification as a Certified Management Consultant (CMC) will further enhance my credentials, making me to offer my expertise across over 50 countries, including the United States and the United Kingdom,” he said.
He said that his personal story had resonated globally, inspiring millions.
“A childhood marked by instability saw me attend 16 primary schools and 14 secondary schools, yet I persevered, ultimately earning two honorary doctorates and publishing in mental health journals”.
On Instagram (@mr.voiceover), Ahmadu shared, “Nothing is impossible with God.
“I’m forever grateful for this life-changing moment and determined to keep pushing forward in this journey to make a positive difference in the world. Glory be to God almighty,” he said.
He said that Prof. David Iornem, Director-General of IMC Nigeria, during the induction, remarked that he (Ahmadu) exemplified the transformative power of resilience.
“His expertise and leadership will undoubtedly elevate global efforts in mental health advocacy and management consultancy,” said Iornem. (NAN)
NEWS
Bill for Compulsory Counselling, Training of Convicts Scales 2nd Reading
A bill to amend the Corrupt Practices and Other Related Offences Act, 2000, has successfully passed its second reading in the House of Representatives.
The bill, which mandates compulsory counseling and training for individuals convicted of corruption-related offenses, was sponsored by Rep.
Kayode Akiolu (APC-Lagos State) during plenary on Wednesday.Leading the debate, Akiolu explained that the bill sought to amend Section 67 of the principal Act, introducing new provisions that were not part of the original section.
“These additional provisions, found in subsections 2, 3, and 4 of the amendment bill, require judges and magistrates to not only impose imprisonment and/or fines on those convicted of corruption but also mandate a minimum four-week anti-corruption counseling and training.
“The counseling and training will be designed and delivered by the Anti-Corruption Academy of Nigeria (ACAN) and aims to address the psychological factors related to corrupt behaviour.”
Akiolu emphasised that the training would help reform convicts by addressing their corrupt tendencies and could even transform them into advocates for anti-corruption efforts.
He added that this approach aligned with the reformative aspect of the criminal justice system, which focused not just on punishment but also on rehabilitation.
“As per subsection 4, the bill allows magistrates and judges to order convicts to cover the cost of their counseling and training, preventing additional financial burdens on the government.”
Akiolu further argued that if the bill is passed into law, it would strengthen the country’s fight against corruption.
He urged the House to support the bill for the country’s benefit, given the widespread negative impact of corruption.
Following the debate, the Speaker of the House, Rep. Tajudeen Abbas, referred the bill to the relevant committee for further legislative consideration.(NAN)