COVER
eNaira Launch: Buhari Projects $29bn GDP Growth in 10yrs
By Tony Obiechina, Abuja
President Muhammadu Buhari said yesterday that the adoption of Central Bank Digital Currency (CBDC) will increase the country’s Gross Domestic Product (GDP) by $29 billion over the next 10 years.
Buhari said at the formal unveiling of Central Bank of Nigeria (CBN) Digital Currency, eNaira at the Presidential Villa, Abuja.
He said by the introduction of the eNaira, Nigeria had become the first country in Africa, and one of the first in the world to introduce a digital currency for its citizens.
The president said there were Nigeria-specific benefits of the digital currency that cut across different sectors of the economy.
“In recent times, the use of physical cash in conducting business and making payments has been on the decline; this trend has been exacerbated by the onset of the COVID-19 pandemic and the resurgence of a new Digital Economy.
“Alongside these developments, businesses, households, and other economic agents have sought for new means of making payments in the new circumstances.
“The absence of a swift and effective solution to these requirements, as well as fears that central banks’ actions sometimes lead to hyperinflation created the space for non-government entities to establish new forms of private currencies that seemed to have gained popularity and acceptance across the world, including here in Nigeria.
“In response to these developments, an overwhelming majority of central banks across the world have started to consider issuing digital currencies in order to cater for businesses and households seeking faster, safer, easier and cheaper means of payments’’, he said.
According to the President, a handful of countries including China, Bahamas, and Cambodia have already issued their own CBDCs.
Buhari said that a 2021 survey of central banks around the world by the Bank for International Settlements (BIS) found that almost 90 percent were actively researching the potential for CBDCs.
He said that the survey also found that 60 percent were experimenting with the technology while 14 percent were deploying pilot projects.
“Needless to add, close monitoring and close supervision will be necessary in the early stages if implementation to study the effect of eNaira on the economy as a whole.
“It is on the basis of this that the CBN sought and received my approval to explore issuing Nigeria’s own CBDC, named the eNaira.
“This move was underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions.
“They have invested heavily in creating a payment system that is ranked in the top ten in the world and certainly the best in Africa.
`This payment system now provides high‐value and time‐critical payment services to financial institutions, and ultimately serves as the backbone for every electronic payment in Nigeria.’’
President Buhari said the apex bank had also supported several private‐sector initiatives to improve the existing payments landscape, and in turn, had created some of the world’s leading payment service providers.
“While the journey to create a digital currency for Nigeria began sometime in 2017, work intensified over the past several months with several brainstorming exercises, deployment of technical partners and advisers.
“Collaboration with the Ministry of Communication and Digital Economy and its sister agencies like the Nigerian Communications Commission, integration of banking softwares across the country and painstaking tests to ensure the robustness, safety and scalability of the CBDC System.
“Let me note that aside from the global trend to create digital currencies, we believe that there are Nigeria-specific benefits that cut across different sectors of, and concerns of the economy.
“The use of CBDCs can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country.
“Alongside digital innovations, CBDCs can foster economic growth through better economic activities. Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by 29 billion dollars over the next 10 years’’, President Buhari added.
He said that CBDCs could also help to increase remittances, foster cross border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.
“It is on these basis that I am delighted to officially launch the CBN Digital Currency, called the eNaira, and in so doing, we have become the first country in Africa, and one of the first in the world to introduce a Digital Currency to her citizens.’’
Buhari commended CBN Governor, Godwin Emefiele, his deputies and the entire members of staff who worked tirelessly to make the day a reality.
…CBN Releases N200m for Take-off
The CBN Governor, Mr Godwin Emefiele, in his remarks, said 33 banks have integrated into the eNaira platform with N500m successfully minted by the apex bank for the take-off of the digital currency programme.
The CBN Governor, Mr Godwin Emefiele, said this yesterday at the official launch of the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, at the State House, Abuja.
The launch of the eNaira was a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.
Following series of engagements with relevant stakeholders including the banking community, Fintech operators, merchants and a cross section of Nigerians, the CBN designed the digital currency.
The eNaira, according to the apex bank, marks a major step forward in the evolution of money in Nigeria.
Speaking at the event, Emefiele said since the eNaira platform went live, there has been overwhelming interest and encouraging response from Nigerians and other parties across the world with over 2.5 million daily visits to the website.
He said so far, N200m has been issued to financial institutions, while over 2,000 customers have been on boarded.
According to him, over 120 merchants have successfully registered on the eNaira platform.
“Today, customers who download the eNaira Speed Wallet App will be able to onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another waller; make payment for purchases at registered merchant locations.
“Mr President, today you make history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world.
“Mr. President, as you make ground breaking reforms, there have been continuing debate on the true value of the Naira.
“Rather than worry today on the direction of the exchange rate, let us take a step back and analyze how we got here in the first place”, he said.
While unveiling the eNaira platform, President Muhammadu Buhari commended the CBN Governor and the entire management staff of the Bank “who worked tirelessly to make this day a reality”.
He further commended the apex Bank for ensuring that Nigeria became the first country in Africa to introduce the Digital Currency and one of the first in the whole world.
By David Torough, Abuja
Zenith Bank Plc has assured its teeming customers of exceptional service delivery and improved customer experience following the successful completion of its Information Technology Infrastructure Upgrade.
The Group Managing Director/Chief Executive of the bank, Dr.
Adaora Umeoji in a statement expressed her immense gratitude to all customers of the bank for their patience and support during its recent IT infrastructure migration to a new and more robust operating system.Umeoji emphasized that the bank was committed to delivering unparalleled service experience, saying “We undertook such an extensive endeavor in other to better position Zenith Bank Plc for improved service delivery to all our valued customers and provide memorable banking experiences at all our touchpoints,” adding that the bank now has one of the best technology infrastructure in the Nigerian banking industry, and is well positioned to ensure customers experience exceptional service delivery going forward.
Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices.
The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
The bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria 2023 and 2024 in the International Banker Banking Awards.
Further recognitions include being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for three consecutive years, from 2022 to 2024, ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021; Bank of the Year for 2023 and 2024, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best
Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
By David Torough, Abuja
The death of the Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja has thrown the nation into mourning, casting a heavy pall over official functions at the Presidency and the security services.
The Presidency yesterday announced Lagbaja’s death following what many attributed to his protracted battle with cancer.
A statement by presidential spokesman, Bayo Onanuga, said Lagbaja, 56, died on Tuesday night in Lagos, “after a period of illness”
“President Bola Tinubu expresses his heartfelt condolences to the family and the Nigerian Armed Forces during this difficult time.
He wishes Lt. General Lagbaja eternal peace and honours his significant contributions to the nation,” the statement read.According to the statement, Lagbaja, who was appointed Chief of Army Staff on June 19, 2023, demonstrated exceptional leadership and commitment throughout his service.
He had previously served as a platoon commander in the 93 Battalion and the 72 Special Forces Battalion among other sensitive positions.
Incidentally, President Tinubu had, last weekend Wednesday, appointed Major General Olufemi Oluyede as the acting Chief of Army Staff, to stand in for Lagbaja who had been away on medical treatment.
The President had, last Tuesday, gone ahead to decorate Oluyede as Lieutenant General, deepening speculations that Lagbaja was not being expected back anytime soon.
Following the death of the late COAS, the Presidency postponed the weekly Federal Executive Council (FEC) meeting scheduled for yesterday in honour of the fallen COAS.
The President also directed that Nigeria’s national flags be flown at half-mast across the country for seven days.
The Ministry of Defence (MOD) was also caught in the sombre atmosphere. A joint statement mourning the demise of the COAS was issued by Minister of Defence, Mohammed Abubakar; Minister of State for Defence, Bello Matawalle; and the ministry’s Permanent Secretary, Ibrahim Kana.
The MOD expressed shock over the sad news recalling Lagbaja’s contribution to the Army and his dedication to duty.
The statement said, “He exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.
“The late Chief of Army Staff contributed in no small measure to the internal security operations across Nigeria and also exhibited a high level of professionalism.
“He will be greatly missed by the family, the military and the nation as he served the nation with commitment and dedication.”
Similarly, there was palpable grief at the Defence Headquarters over the loss with the leadership expressing deep sorrow of the development.
It noted that the COAS, until his death, demonstrated exemplary leadership. He was credited with spearheading the establishment of the Nigerian Army Aviation Wing and also playing critical roles in multiple military operations across the country.
On its part, the Nigeria Police Force announced the cancellation of all non-essential personal and social engagements for two days. The Force also suspended non-urgent commitments in honour of the late COAS.
In a statement by Force spokesman, Olumuyiwa Adejobi, the police authorities described Lagbaja as a highly respected figure, known for his tireless efforts in combating insurgency, armed banditry, and violent extremism.
“His dedication to the Nigerian Army and the nation earned him great admiration. The Inspector-General’s gesture reflects the deep respect and appreciation for General Lagbaja’s remarkable service.
“The Nigeria Police Force extends its heartfelt condolences to Mr President and Commander-in-Chief of the Armed Forces of Nigeria, President Bola Ahmed Tinubu, and General Lagbaja’s family, colleagues, and loved ones during this difficult time. His legacy and commitment to Nigeria’s security will never be forgotten,” the statement said.
President Bola Tinubu and Alhaji Atiku Abubakar yesterday joined other leaders across the globe in congratulating America’s President-elect, Donald Trump.
The world leaders sent their congratulatory messages hours before Vice President Kamala Harris conceded defeat to Trump.
Tinubu expressed his eagerness to strengthen the ties between Nigeria and the United States amid the complex challenges and opportunities of the contemporary world.
The Nigerian President’s message was conveyed through a statement yesterday by his spokesman, Bayo Onanuga.
Tinubu said, “Together, we can foster economic cooperation, promote peace, and address global challenges that affect our citizens.
”According to him, Trump’s victory reflects the trust and confidence the American people have placed in his leadership.
The Nigerian leader congratulated the American electorate on their commitment to democracy.
“President Tinubu believes that, given President Trump’s experience as the 45th President of the United States from 2017 to 2021, his return to the White House as the 47th President will usher in an era of earnest, beneficial, and reciprocal economic and development partnerships between Africa and the United States,” the statement said.
Tinubu also acknowledged the United States’ influence, power, and position in determining the trend and course of global events, trusting that President Trump will bring the world closer to peace and prosperity.
Atiku, in his message, described Trump’s victory as “a lesson in the art of rising after every fall,” apparently seeing possibilities of his own victory in future elections amid a string of past losses.
Atiku, who contested in the 2023 presidential election on the platform of the Peoples Democratic Party (PDP), lost to Tinubu and his All Progressives Congress (APC).
He has recorded a string of losses in previous election cycles on different political party platforms.
Atiku commended the process that led to the outcome of the US presidential election, hailing the American citizens for their unwavering faith in the power of democracy and the sanctity of the ballot.
He appealed to Trump to stand resolute in ensuring free and fair elections in Nigeria and the world in general.
“I closely followed the presidential election in the United States of America, watching with bated breath as the nation decided its future.
“It is with even greater satisfaction that I now reflect on the result, which heralds a resounding victory for President Donald J. Trump and the Republican Party.
“This triumph, without a doubt, will stand as an enduring testament to the resilience and vitality of the democratic process – a timeless reminder that democracy, with all its trials and tribulations, remains a force for good in the world.
“The narrative of President Trump’s political journey, marked by his struggles and triumphs, shall serve as an inspiring parable of courage in the face of adversity — a lesson in the art of rising after every fall, and ultimately, emerging victorious.
“As the world rejoices in the euphoria of his remarkable comeback, it is to be hoped that President Trump will continue his resolute advocacy for credible elections worldwide and remain steadfast in dismantling anti-democratic forces wherever they may lurk.
“The lesson for us in Nigeria is the integrity of the process that ensures a credible outcome. It is the expectation of every Nigerian that the Trump administration will stand resolute in ensuring free and fair elections in Nigeria and other places in the world.
“I also extend my warm congratulations to the people of the United States, whose unwavering faith in the power of democracy and the sanctity of the ballot has once again shown the world the true might of the people’s voice”, he said.
Meanwhile the US Vice President, Kamala Harris, has called Trump to congratulate him on winning the presidential election.
Associated Press (AP) report quoted a campaign aide of Harris’ as having had a discussion with Trump on the importance of a peaceful transfer of power and being a president for all Americans.
Harris was billed to make a public concession speech later Wednesday night, which would be her first appearance since she lost the election to Trump.
Further report said she would be delivering her speech at Howard University, Washington DC.
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