The Pacesetter Frontier Magazine

Tag: emefiele

  • UPDATED: Only CBN, not Banks, will be able to accept old naira after deadline, ‘Subject To Certain Conditions’

    UPDATED: Only CBN, not Banks, will be able to accept old naira after deadline, ‘Subject To Certain Conditions’

    The Central Bank of Nigeria (CBN) has clarified it’s position on the legal status of the old series of the N1,000, N500, N200 banknotes after the February 10 deadline for depositing the affected banknotes.

    The Director, Corporate Communication Department of the CBN, Mr Osita Nwanisobi, while speaking with newsmen on Tuesday in Abuja, explained that the old notes will cease to be legal tender after February 10, 2023, and would no longer be used for any form of transactions afterwards.

    Only CBN Will Accept Old Notes After Deadline

    Nwanisobi said after the deadline, Nigerians will be able to redeem the face value of the Naira only at the CBN and not at commercial banks, in line with the provision of section 20(3) of the CBN Act. He also added that the acceptance will be subject to meeting certain conditions.

    Re-emphasizing the pledge of the CBN Governor, Mr.Godwin Emefiele, at the meeting with the House of Representatives Ad-hoc committee on Tuesday, Nwanisobi said Nigerians would not lose their money, even as he urged citizens to take advantage of the extended deadline to deposit the old banknotes.

    The duration for the acceptance of the old notes after the expiration of the deadline was, however, not stated.

    While citing instances from other climes, Nwanisobi explained that banknotes that cease to be legal tender are only redeemable by the monetary authorities of such jurisdictions upon demand subject to conditions/processes as may be prescribed by that Central Bank.

    He further encourage Nigerians to adopt other payment channels for transactions, stressing that Nigeria’s payment system is robust enough and ranks amongst the first in the world.

    Earlier on Tuesday, Emefiele appeared before the House of Representatives Adhoc Committee on naira swap months after the invitation by lower chamber and days after the Speaker of the House, Femi Gbajabiamila threatened to issue an arrest warrant on the apex bank chief.

    The CBN chief told the committee that the old notes would be accepted after the February 10 deadline.

    (Arise News/Pacesetter/Channels)

  • Emefiele to meet with Govs over withdrawal limit

    Emefiele to meet with Govs over withdrawal limit

    Governors of the 36 states have planned to meet with the Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday over the present withdrawal policy and the redesigned naira notes.

    The governors under the auspices of the Nigeria Governors’ Forum through its spokesperson, Abdulrazaque Bello-Barkindo, in a statement Tuesday night said the governors would exchange ideas with Emefiele on “the economic and security implications of the current withdrawal policy and naira redesign.

    On October 26, 2022, the CBN disclosed its decision to redesign the naira notes and subsequently directed Nigerians to change their naira notes from the banks on or before January 31, 2023.

    Spokesperson Bello-Barkindo said the Chairman of the NGF, who is the Sokoto State Governor, Aminu Tambuwal, had invited Emefiele to meet with the governors on Thursday at 9:00 pm, virtually.

    The spokesperson while referring to the NGF’s Director General, Mr. Asishana Okauru, noted that the virtual meeting would focus on the latest apex bank’s withdrawal policy and naira redesign.

    He said, “For the virtual meeting, the agenda is titled, “The Economic and Security implications of naira redesign and withdrawal policy.

    “The discussion promises to foster participation and dialogue between various stakeholders including governments and civil society organisations to come up with a solution to the lingering issue.”

    The reporter reported how the CBN pegged the maximum weekly limit for cash withdrawals across by individuals and corporate organisations to N500,000 and N5 million, respectively.

    Initially, the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

    It also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.

    (Punch)

  • Service Chief’s intervention saves Emefiele from arrest as he arrives from vacation, resumes work -Source

    Service Chief’s intervention saves Emefiele from arrest as he arrives from vacation, resumes work -Source

    The intervention of one of the Service Chiefs yesterday saved Governor of the Central Bank of Nigeria, (CBN) Mr. Godwin Emefiele, from arrest upon return to Nigeria from his annual vacation abroad.

    This is coming at a time the Directorate of State Services (DSS) denied ever storming the CBN headquarters to arrest Emefiele, with the apex bank spokesman saying he had resumed duty.

    Since Emefiele travelled overseas for his leave, there had been confusion and anxiety, triggered by the DSS’ attempt to get a court warrant to arrest him on allegation of terrorism financing.

    Daily Sun gathered that the Service Chief had got an approval for the jet that brought Emefiele back to the country to land at the private wing of the Murtala Muhammed International Airport, Lagos, where military men had been positioned.

    The presence of the military men had prevented any move by the DSS to attempt arresting the CBN governor.

    Sources revealed, however, that some top officials at the DSS had given the resignation of Emefiele as condition for him to be let off their hook and end the controversy, with pressures mounting for his sack.

    Meanwhile, the Senate said it is eagerly awaiting the CBN Governor to submit documents relating to the Ways and Means of the apex bank. Competent sources told Daily Sun that senators had vowed not to approve the 2023 budget until they see documents on the CBN loans with which the Federal Government financed budget shortfalls. Statistics showed that the Ways and Means’ debt rose from N17. 5 trillion in December 2021 to N23. 8 trillion in October 2022.

    To further quell the controversies over the Emefiele’s overseas’ spell, Osita Nwanisobi, CBN Director, Corporate Communications, said the governor proceeded on leave in December 2022 and resumed work on Monday (yesterday).

    The statement said: “The governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.

    “Mr. Emefiele remains committed to performing the task before him, in line with his oath of office and the policy direction of President Muhammadu Buhari.

    “While thanking the public for keeping faith with the bank, we urge Nigerians to continue to support the policies of the bank aimed at ensuring a stable financial system and the Nigerian economy in general.”

    Also yesterday, the DSS denied rumours that its operatives stormed the CBN headquarters to effect Emefiele’s arrest.

    The Public Relations Officer of DSS, Dr. Peter Afunanya, in a statement said: “The attention of the DSS has been drawn to the false news making the round that its operatives invaded the Central Bank of Nigeria and arrested its governor, today 16/1/23 (yesterday). This is fake news and quite misleading.”

    Emefiele and the DSS have been in court over allegations of terrorism financing, the nation’s secret police seeking court orders to arrest him upon his return to the country from his annual leave.

    But the FCT High Court in December 2022 declined the prayer and further barred the secret service from arresting, inviting, or detaining Emefiele.

    The Presidency has kept mum since the DSS-Emefiele face-off started, with no sign about what President Muhammadu Buhari wants to do on the matter. Sources however hinted that pressure is mounting on the Presidency to remove Emefiele from office, even when there has been no proof about the alleged against him.

    (Sun)

  • African lawyers condemn plot against CBN Gov

    African lawyers condemn plot against CBN Gov

    The African Bar Association, AFBA, yesterday flayed plot by the Department of State Service, DSS, to arrest governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, for alleged terrorism financing.

    The regional legal body, in a statement, said though it does not meddle or interfere in the local governance and political issues of members nations, there was need for agencies of government to show respect and obedience to the rule of law at all times.

    It described strict adherence to the rule of law as the pillar on which every democracy stood.

    AFBA in the statement signed by its Chairman, Human and Constitutional Rights Committee, Sonnie Ekwowusi, said where the courts had spoken in clear terms, such declarations must be obeyed.

    It urged any party not satisfied with subsisting pronouncement of a court to approach a higher court to set it aside, rather than resorting to self-help or use of force.

    The statement read: “We are aware that the Federal High Court in Abuja declined to grant an Exparte application to the State Security Service for the arrest of Mr. Emefiele, hinging its decision on the absence of concrete evidence to warrant the court to grant such order.

    “The court further pointed out irregularity and unacceptability of the procedure deployed by the State Security Service and hence declined to grant the order.

    “The High Court of the Federal Capital Territory in an application for the enforcement of the fundamental rights of Mr. Emefiele, clearly restrained the State Security Service, the Nigeria Police Force, the Economic and Financial Crimes commission and the Attorney General of the Federation from inviting, arresting, detaining, interrogating or prosecuting Mr. Emefiele on the allegations of Terrorism financing and other economic crimes.

    “Nigeria is a democracy and obedience to court judgments and orders as such is not by choice. All authorities must obey same. That is what is globally referred to as the rule of law.

    “All the agencies listed in the said suit marked as FCT/HC/GAR/CV/41/2022, are bound to obey the judgment until it is set aside on appeal so as to let the tension douse for the general interest of Nigeria.”

    (Vanguard)

  • Court Summons CBN, Emefiele, AGF to Defend Suit Challenging Naira Redesign Policy

    Court Summons CBN, Emefiele, AGF to Defend Suit Challenging Naira Redesign Policy

    The Central Bank of Nigeria (CBN), its Governor, Mr. Godwin Emefiele and the Attorney General of the Federation, Abubakar Malami have been dragged to a Federal Court in Awka over the implementation of the naira redesign policy.

    The redesigned currencies N1,000, N500 and N200 went into circulation on December 15, 2022, and would finally displace the old notes by the end of January 2023.

    But the Incorporated Trustees of a non-governmental organisation and the African Initiative against Abuse of Public Trust had filed a suit on behalf of over 50 million Nigerians in rural areas who have to bank account, to stop the CBN from implementing the policy.

    In the Suit marked FHC/AWK/CS/195/2022 filed by Mr. N. D. Agu, on behalf of the plaintiff, the court had on November 30, 2022, delivered a ruling granting the application in part and gave an order for the defendants to be served with the motion ex parte dated November 18, 2022, but filed on November 29, 2022.

    But the court presided over by Hon. Justice H. A. Nganjiwa directed the plaintiff to put the defendants on notice to compel them to appear before it and show cause why the plaintiff’s prayers should not be granted.

    An Aba-based lawyer, Chief Musa Tolani, the counsel to the three defendants told journalists yesterday at the commercial city of Aba that the plaintiff’s prayers were for the court to order an interim injunction stopping the policy implementation.

    According to the plaintiff, the policy on redesigned naira should not be implemented until, “a clear policy (is put in place) on how to accommodate over 50 million Nigerians without bank accounts.”

    The plaintiff, therefore asked the court to issue an order restraining the defendants, particularly, the CBN and Emefiele, either by themselves or their proxies or agents, “from taking any step to enforce the implementation of the policy without protecting the interest of unbanked Nigerians.”

    The reliefs sought by the plaintiff included granting accelerated hearing and determination of the substantive originating summons, granting the claimant leave to serve the defendants with the court processes by substituted means by posting or courier services.

    They also prayed the court for an, “order of departure from the rules by abridging the time within which the Defendants may file their respective Counter Affidavit to substantive Originating Summons to a period of five days from the date of service of the processes.”

    After the counsel informed the court that both the CBN and Emefiele had served the plaintiff with their responses to the originating process, Justice Nganjiwa granted the relief to the plaintiff to serve the third defendant, Malami with the originating summons.

    However, citing, “the nature and far reaching effects,” of two of the reliefs sought, the court refused to grant an order of interim injunction restraining the defendants, especially CBN and its governor, from implementing the naira redesign policy.

    It also refused to bar the CBN and Emefiele, “from taking any steps to dissipate, discountenance or in any other manner inhibit over 50 million Nigerians without bank accounts from using alternative means and or physical means to exchange old notes with the redesigned notes.”

    The court said that it, “finds it very difficult to grant the said reliefs wiithout hearng from the other side” and adjourned the matter to January 19, 2023 for hearing of motion on notice for interlocutory injunction.

    (This day)

  • CBN Gov: Pan-African payment platform “ll reduce the use of pounds and dollars in intra-African trade.

    CBN Gov: Pan-African payment platform “ll reduce the use of pounds and dollars in intra-African trade.

    CBN Gov: Pan-African payment platform “ll reduce the use of pounds and dollars in intra-African trade.

    Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN, says the pan-African payment and settlement system, PAPSS, will simplify cross-border transactions and reduce third currencies for intra-African trade.

    The third currencies include dollars, pounds and euro for cross-border transactions in Africa.

    Emefiele said this, yesterday, in Accra, Ghana, at the launching of PAPSS.

    The Africa Export-Import Bank, Afreximbank, in collaboration with African Union, AU, and African Continental Free Trade Area, AfCFTA, officially launched the platform for commercial use.

     

    “Prior to the launch of PAPSS, settlements for intra Africa trade required a third currency and a non-African correspondent bank. This resulted in an estimated loss of close to $5 billion annually and undermined trade in Africa countries.

    “The launch of PAPPS gives the fresh opportunity and aspiration for the African continent. It will simplify cross-border transactions, reduce third currencies for intra-African transactions and remove the need for correspondent Banks and ultimately amplify intra trade significantly.

    “As a percentage of total trade, intra-African trade is expected to increase to 35 per cent from 15 per cent in five years with infrastructure provided by PAPSS as payments and settlements are resolved.

    “With the growing pace of digitisation in financial services, which has been accelerated from the onset of the COVID-19 pandemic, PAPPS can serve as a viable platform for supporting e-Commerce in Africa.”

    The CBN governor said Nigeria is excited by the potential of PAPSS, and “that is the reason we participated actively in the programme, and we have put our best efforts to ensure the realisation of the payment platform.”

    Emefiele said CBN would continue to facilitate the widespread adoption, acceptance and implementation of PAPSS.

    “CBN will ensure the financial institutions under its jurisdiction accept PAPSS and recommend it to businesses across Nigeria,” he said.

     

     

    Source: www.vanguardngr.com

  • Nigeria will need $10bn annually to fix its crumbling Infrastructure

     

    The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele , has estimated that the nation would require about $10 billion annually to fix the nation’s dilapidated infrastructure to rejuvenate the economy.

     

    Emefiele, who stated this in his address at the Finance Correspondents Association of Nigeria (FICAN) 2021 annual conference and 30th anniversary celebration at the weekend in Lagos, noted that the current level of infrastructure deficit remained a major constraint to economic development and attainment of average growth rate of 5 to 7 per cent required to boost productivity and sustainable growth for businesses.

     

    Emefiele, represented by Osita Nwanisobi, the Director of Corporate Communications Department of the apex bank, said while the country’s infrastructure deficit was estimated to be about 1.2 per cent of GDP, it is projected that the Federal Government needs to commit about $10 billion annually to address the nation’s infrastructural deficit.

    Speaking on the workshop’s theme: “Financing Infrastructure & SMEs for Inclusive Growth in the post-COVID-19 Economy”, the CBN boss shared his experiences at boosting the economy by stimulating investments towards the development of Small and Medium Enterprises (SMEs) and critical infrastructure in the country. “In realisation of the importance of access to finance and infrastructure to economic growth and development, the CBN has taken steps beyond its traditional macroeconomic mandates of ensuring price and financial system stability, as well as maintaining a strong external reserve.”

     

     

     

     

    Source: www.sunnewsonline.com

  • CBN Governor hails Dangote on his $500m Sugar Project.

     

    The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Thursday disclosed that wheat and sugar would soon be added to the foreign exchange (forex) import exclusion list in line with government’s effort to conserve forex and promoting local production that will ultimately lead to job creation. Emefiele’s position is coming on the heels of commendations for the President of Dangote Group, Mr Aliko Dangote, over his $500 million sugar plantation project, which sits atop a 60,000 hectares of land in Awe, Nasarawa State.

     

     

     

    Speaking after visiting the plantation in company of the Nasarawa State Governor, Mr Abdullahi Sule, and Dangote, Emefiele said the project was consistent with government’s backward integration blueprint in producing various consumables in-the country.

     

    According to him, the government can no longer spend about $1 billion annually on sugar importation, when the commodity can be grown in the country.

     

    He said: “Visiting a site like this with 60,000 hectares of land, we can say it’s a very big project. It’s incomparable to any one we’ve seen. This one is four to five times bigger than a sugar project in Sunti, Niger State, commisioned about two years ago.

     

     

     

    “It’s important we thank the state government for providing the land. By the time this factory kicks off, it’ll create jobs for the people of the state and increase their revenue. It’s going to improve the economic viability of the state. “In line with the pronouncement of Mr President that we should produce what we eat, we are saying that Nigeria can produce sugar and be self sufficient in food production. This is something that we should support. That is the reason we’ve decided to give credence to the backward integration projects of the Federal Government.

     

    “We’ve seen that this location is well suited for the project and some of the equipment are already here. We will provide not only the naira or some of the naira because Dangote is a big man and has equity he’s contributing to the project, we will p rovide the forex.”

  • Emefiele Advises Nigerians to Embrace Agriculture for Food Security

    In pursuit of the nation’s economic diversification agenda, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, charged Nigerians to embrace agriculture; as the gains of Anchor Borrowers’ Programme will ensure Nigeria attains food security in the shortest possible time.

    Mr. Emefiele gave the charge in Zauro, Kebbi State, yesterday, during the flag-off of the 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN-Rice Farmers’ Association of Nigeria (RIFAN) Anchor Borrowers’ Programme, as part of the fifth anniversary of the Anchor Borrowers’ Programme (ABP). He noted that Nigeria was naturally blessed to meet its food requirement and had no reason to continually repeat mistakes of the past of neglecting agriculture. “The rhetoric around neglect of previous years will remain part of our history and the best time to correct those mistakes is now and every stakeholder must contribute their quota to guarantee the realisation of these national targets. “COVID-19 and the associated lockdowns globally have shown that nations only export out of their reserves. Let us start building our own reserves now,” he added. The flag-off, which comes barely three months after the CBN showcased sky-high pyramids in Minna, Niger State, to highlight its intervention in the maize value chain, also featured the display of pyramids, which were rice harvests brought in by farmers in the state.

     

    He noted that the ABP, which is an essential part of President Muhammadu Buhari’s drive for economic diversification, had improved the fortunes of rural farmers, transforming agriculture into a potential for economic growth.

    According to Emefiele, the ABP, in the past five years, had been characterized with huge successes, learning points and challenges. Specifically, he noted that a total of 2,923,937 farmers cultivating 3,647,643 hectares across 21 commodities through 23 participating Financial Institutions had been financed in the 36 States of the Federation and the Federal Capital Territory from inception till date.

    He also disclosed that the Bank, under the 2020 wet season CBN-RIFAN partnership, financed 221,450 farmers for the cultivation of 221,450 hectares in 32 States.

    “The North-West zone with 85,261 farmers that cultivated 120,218 hectares represented 38.5% in total number of farmers and 54.3% in total number of hectares financed,” he disclosed, adding that the massive pyramids being launched in Kebbi were harvests from various fields across Kebbi State and a confirmation of the positive outlook of the Anchor Borrowers’ Programme.

    Speaking further, Mr. Emefiele said the partnership between the CBN and the Kebbi State Government and RIFAN aimed at strategically complementing the Economic Sustainability Plan of the Buhari Administration. Following the President’s approval of the resuscitation of the Nigeria Commodity Exchange (NCX) and the commitment of N50b by the CBN and other Stakeholders, he said a vibrant commodity exchange would enhance post-harvest handling, guarantee effective pricing for farmers, minimize the adverse effect of middle men and ultimately transfer the gains from primary production to other nodes of the value chain.

    While acknowledging the importance of loan repayment to the sustainability of the programme, he stressed that the CBN was constantly engaging the farmers to enhance their trust in the system, provide a competitive price arrangement and facilitate effective market linkages for their outputs.

    To further create value and transfer these gains along the value chain, he said the CBN also maps miller to off-take the paddies and track the release of outputs to the market as the Bank strives to manage inflation and grow the rice value chain in Nigeria.

    The CBN Governor revealed that CBN and RIFAN both target cultivation of 1million hectares of rice farms; which is over 350% increase from the 221,450 cultivated in 2020. He said the Bank and RIFAN equally nursed an ambitious two cycles of production in the dry season, which will trigger a continuous drop in price of rice in the country.

    While also noting that henceforth, farmers will repay their loans in paddy for ease of repayment, he urged beneficiaries to repay their loans in order for others to equally benefit.

    In his remarks at the event, which featured the sale of paddy to millers as loan repayment by rice farmers under the CBN-RIFAN 2020 wet season cultivation, the Kebbi State Governor, Sen. Abubakar Atiku Bagudu, commended the CBN Governor and his team for the novel initiatives. He noted that the moves had not only brought succour to the country in terms of food security and diversification but had also successfully made the country exit recession in two quick successions.

    Governor Kayode Fayemi of Ekiti State, who doubles as the Chairman, Nigeria Governors’ Forum, commended the CBN for thinking outside the orthodox paradigm of growing GDP only.

    Also speaking, the President, Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo expressed gratitude to President Buhari for his vision that Nigeria must feed herself by producing what she eats and eating what she produces. .

    While also noting that the CBN had done well to actualise the Buhari vision, Goronyo said the CBN Governor had proved to the world that agricultural revolution was  doable.

     

     

     

    Source: www.sunnewsonline.com