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Why CBN Set Deadline For Mutilated Naira Notes

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Stories: Ganiyu Obaaro, Lagos 

The Central Bank of Nigeria(CBN) has explained why it has set September the deadline for the sorting of all mutilated notes across the country.

It would be recalled that the existence of the notes in the nation’s economy has been giving Nigerians concerns, which they describe as constituting potential health hazards and image problem for them and the nation at large.

         

The apex bank, headed by Mr Godwin Emefiele, Governor, has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing.

The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend.

“The CBN has given banks between the 3rd of June and September 2, to bring back all the mutilated notes for us to reissue them,” he said.

“And we are telling customers, including labour, that they should return all the notes to their bank. And that the banks will bring those notes to us for reissue.

“If any bank is refusing to take back the notes, they should call us and we will take action.”

In April, the bank had introduced a ‘Clean Note Policy’ to put an end to the circulation of mutilated naira notes.

Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”

Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.

“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.

He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”

The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country.

According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.

BUSINESS

TCN Announces Annual Maintenance at Ajaokuta Transmission Substation

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The Transmission Company of Nigeria (TCN) has announced an annual preventive maintenance of its 330/132 Kilo Volt (kV) at Ajaokuta Transmission Substation.

It said that the maintenance was scheduled to take place on Tuesday from 9am to 4pm.

The management of the company announced this on its X handle in Abuja on Tuesday.

According to TCN, the exercise will enable its crew to carry out preventive maintenance on the 162 MegaVolt Ampree (MVA), 330/132kV power transformer, associated switchgear and ancillary equipment in the substation.

It said that the Abuja Electricity Distribution Company (AEDC) would be unable to off-take electricity to its customers in Ekirin, Omuo, Ibillo, Akoko, Ogala, Ikare, Magongo, Okene Town, Ayere, Kabba and environs during the period.

”Similarly, Benin Electricity Distribution Company (BEDC) will be unable to off-take electricity to its customers in Okpella Town, BUA Cement Company, West African Fertiliser Company, Dibeks Milling Company, and Edestein Company.

”Other areas to be affected include the Freedom Group Company, Ososo, Uluoke, Iyora, Apana, Okpekpe, Arigidi, Ikare Town, Lampese, Igara, Oka and environs,” it said.

The company said that power supply would be restored to the affected areas upon completion of the exercise.

It also apologised for the inconvenience the planned maintenance would cause affected electricity customers, and appreciated their understanding and cooperation.(NAN)

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Badagry Deep-Seaport to Boost Maritime, Commercial Activities – BACCIMA

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The Badagry Chamber of Commerce, Industry, Mines and Agriculture (BACCIMA) said the proposed Badagry Deep-Seaport will strengthen the area’s position as a maritime, logistics, industrial and commercial gateway.

The President of BACCIMA, Alhaji Idris Yahaya, said this in an interview in Lagos on Tuesday.

Yahaya made the remarks following the recent signing of a Memorandum of Understanding (MoU) between APM Terminals and Badagry Port Development Ltd.

for the proposed port development.

APM Terminals signed the MoU on Sept. 9 for the development of the 2.

5 billion dollar Badagry Deep-Seaport.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, led a Federal Government delegation to Denmark to strengthen maritime cooperation and attract investment into Nigeria’s port infrastructure.

The minister’s Special Adviser, Dr Bolaji Akinola, disclosed this in a statement in Lagos.

The Federal Executive Council, in 2022, approved the concession of the Badagry Deep-Seaport under a Build, Own, Operate and Transfer (BOOT) model as part of efforts to bridge the country’s infrastructure gap through Public-Private Partnerships (PPPs).

The project, under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC), is expected to generate more than 53 billion dollars over its 45-year concession period.

Yahaya said Badagry was strategically located along the Lagos-Abidjan international trade corridor and close to the Republic of Benin, giving it access to the wider West African market.

“This development will stimulate growth in logistics, warehousing, manufacturing, agro-processing, haulage, maritime services, real estate, hospitality and other supporting industries, creating new opportunities for businesses,” he said.

The BACCIMA president described the MoU signing as a welcome development, saying the chamber had been advocating for the project for some time.

“This is a thing of joy for us at the chamber. We have been talking to the government from different angles.

“We have been in contact with the Minister of Marine and Blue Economy and Folashade, the Lagos State Commissioner for Trade, Co-operative and Investment, on these matters.

“Even, the minister personally responded to my question that the Federal Government had approved the port.

“But the only thing that remains is for the promoters to work harder with their co-promoters to ensure that it becomes a reality,” he said.

Yahaya said he was particularly pleased that Oyetola witnessed the signing of the MoU with APM Terminals, adding that the Managing Director of Badagry Port Development Ltd., Chief Didi Ndiomu, was also present.

He said Nigerians would derive significant benefits from the project when it became operational.

“There are uncountable benefits from this project. First of all, it will generate employment. Artisans will work there, engineers and many of our jobless youths will work there.

“The population of Badagry will increase tremendously.

“On the issue of power outages, some private companies may come to Badagry to invest in electricity, like we have in Victoria Island.

“I think the Federal Government has liberalised electricity issues, such that individuals or companies can start building power plants,” he said.

Yahaya added that a power company could establish a plant in Badagry because reliable electricity would be needed to support the port and other businesses that would emerge around it.

He said the project was long overdue and appealed to the promoters and the Federal Government to resolve any outstanding issues delaying its implementation.

Yahaya expressed optimism that the project, when completed, would transform the economic landscape of Badagry and create new opportunities for businesses and residents.(NAN)

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Abia Targets UNESCO Recognition of Heritage Sites

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The Abia Government has elevated selected cultural and natural sites to state heritage and monuments as part of efforts to position them for recognition as UNESCO World Heritage Sites.

Commissioner for Information, Okey Kanu, said this while briefing newsmen on the outcome of the State Executive Council meeting on Monday in Umuahia.

Kanu said the State Executive Council had approved the declaration of selected heritage and natural sites as state heritage and monuments to strengthen their preservation and promotion.

He said the approved sites included the National War Museum, Ojukwu Bunker and Government College, all in Umuahia, as state monuments.

He also listed the Ibom Waterfall in Arochukwu and Ulochukwu Caves at Alayi Bende as state natural monuments.

According to him, the elevation of the sites would enhance their tourism potential and position them for possible recognition as UNESCO heritage sites.

Kanu also announced the designation of Aba as a Creative and Innovative City, saying the move was part of efforts to promote the state’s cultural, creative and tourism potential.

He further said that the retrofitting of the Ojukwu Bunker and National War Museum had reached about 80 per cent completion and was expected to be completed before the end of 2026.

The commissioner said that the projects, when completed, would enhance the preservation and historical value of the sites, improve visitor experience and increase their tourism potential.

Kanu said the Ministry of Arts, Culture and Creative Economy had commenced the development of the Ibom Waterfall Tourism Corridor in Arochukwu.

He said that initial development works, including the grading of access roads to the waterfall, had commenced, adding that the project was expected to be completed before the end of 2026.

According to him, the project is expected to unlock additional tourism and economic opportunities in the state.

He said that the ministry had also commenced the erection of monuments at strategic locations across the state to preserve Abia’s heritage and honour its heroes and heroines.

Kanu said one of the monuments would honour the heroines of the 1929 Aba Women’s Uprising, celebrating their courage, resilience, resistance and leadership.

The commissioner said that the initiatives reflected the state government’s broader efforts to preserve its historical and cultural assets while using them to drive tourism and economic development.

On tax rates in the state, Kanu said the rates being circulated were not new, adding that most dated back to 2020 and were introduced by the previous administration.

He said that the Abia Board of Internal Revenue could not increase tax rates without enabling laws and that no such increase had been introduced by the board.

Kanu also dismissed reports that an akara seller was paying N50, 000 in tax, describing the claim as false.

“Akara sellers don’t pay tax or levies, they pay daily tolls, and none can pay as high as N50, 000,” he said.

On gratuity payments, Kanu said that the state government had paid the batch covering 2001 to 2010, while preparations covering 2011 to 2025 were being processed.

He dismissed claims that the government was compelled by the opposition to commence gratuity payments, describing the narrative as misleading.

He explained that the government had incorporated gratuity provisions into its 2026 to 2030 Medium-Term Expenditure Framework to ensure that future arrears did not accumulate.

“This does not translate to the payments being terminated in 2031.

“So, as soon as the internal processes are done with, these payments will continue at pace and in batches,” Kanu said.(NAN)

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