Connect with us

Business

Group Backs Calls For Emefiele’e Resignation

Published

on

The Nigeria Citizens Action Group (NCAG), a coalition of 35 civil society organisations, has supported the call of concerned Nigerians that Godwin Emefiele, Governor of the Central Bank of Nigeria, resigns his position with immediate effect to save the country from total collapse.

Comrade Isah Abubakar, Convener, NCAG, in a joint statement, said, “The Nigeria Citizens Action Group (NCAG), a coalition of Thirty-Five (35) Civil Society Organisations, is constraint to lend its voice with that of numerous other concerned Nigerians that have been calling on Mr Godwin Emefiele, Nigeria’s Central Bank Governor (CBN) to resign with immediate effect to save the country from total collapse, which is imminent.”

The coalition noted that the call became necessary following the extensive review of the tenure of Emefiele as the head of the nation’s apex bank.

The statement explained that it has come to the sad conclusion that Emefiele should humbly step aside and allow a more competent person to step in, to save the country from total collapse.

“We understand that it will be difficult for him and his hangers on to reason with us, but we wish to beg on them to put on their garment of patriotism and save our country,” the statement explained.

Advertisement

The statement noted that it was during the formative stage of the first tenure of Emefiele that monies meant for the procurement of arms to fight Boko Haram terrorists and budding bandits in other parts of the country were converted to campaign funds and some given to “prayer warriors”, adding that many prominent Nigerians are facing trials for benefitting from that bazaar and wondered why he is still enjoying total freedom till date

It said that when Adedoyin Salami, a member of the country’s monetary policy in 2017, cautioned the CBN Governor against the excessive funding of the Federal Government which was 20 fold higher than the approved threshold. It added that Emefiele refused to take correction, lamenting that many sound economists described Emefiele’s Monetary Policy as “reckless and illegal” which will set the Nigerian economy for a “Big Fall”.

It noted that the big fall is here as $1 is currently equivalent to over N545.

The group noted that the CBN acted in error and was guided by copy and paste policy when its included foodstuff import prohibition lists despite having the foreknowledge that the country largely depends on subsistence farming which was under serious threat by bandits, terrorists, and farmers/herders crisis in various part of the country.

It said that currently, Nigerians have been thrown into a state of acute hunger, which is contributing to the rising insecurity in the country.

READ ALSO:. Fani-Kayode Explains Why He Joined APC

Advertisement

The group further stressed that the CBN under the watch of its incumbent Governor claimed to have reeled out several interventions running into trillions of Naira whose impact could only be felt on papers not in real life, stressing that many of the failed and corruption challenged programs of the CBN is not limited to Anchor-Borrowers Programme.

The statement noted that recently, the United Arab Emirates government arrested, convicted, and blacklisted some Bureau de Change Operators of Nigerian origin who have been fingered in financing terrorism globally, adding that the monies have been passing through the ineffective eyes of the CBN unnoticed into the hands of terrorists.

It said took the intervention of foreign government to block such a channel, as the CBN under Emefiele is more concerned with frivolities rather than the general well-being of the country.

The coalition, therefore, called on the CBN governor to resign with immediate effect to allow an independent and hitch-free probe of his tenure.

It also called on the Federal Government to delist rice and some food materials from import prohibition items, saying that this would help to reduce the prices of food that is beyond the reach of common Nigerians.

The statement called on the anti-graft agencies to arrest Emefiele with immediate effect to ascertain the level of his involvement in the arms procurement scandal and other programmes that failed under his watch due to growing corruption.

Advertisement

(DAILY POST)

Advertisement
Comments

Business

JUST IN: CBN Increases Interest Rate To 24.75%

Published

on

By

The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

Advertisement

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

Advertisement
Continue Reading

Business

JUST IN: CBN Sells Forex To BDCs At N1,251/$1

Published

on

By

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

READ ALSO:Tips For Online Registration Of Prospective Corps Members

It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

Advertisement

Details later

Continue Reading

Business

Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

Published

on

By

The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

Advertisement

READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

Advertisement
Continue Reading

Trending