Business
JUST IN: Court Declines Suit To Stop CBN’s Cash Limit
Justice Sylvanus Oriji of a High Court of the Federal Capital Territory in Abuja has declined to grant a motion seeking to stop the new cash withdrawal policy of the Central Bank of Nigeria.
The application was brought before the court by 10 named applicants for themselves and on behalf of 20 million Nigerian citizens who do not use banks.
The PUNCH reported that although the decision by the court was taken on Tuesday, the court processes were obtained by journalists in Abuja on Thursday.
President Muhammadu Buhari; Attorney-General of the Federation; Central Bank of Nigeria and the Governor of the Central Bank of Nigeria, Godwin Emefiele were listed as respondents.
The applicants prayed the court to grant injunctions restraining the respondents from proceeding with the January 31 2023 deadline of the use of the current N200, N500 and N1,000 notes as it affects the citizens without any real plans or workable guidelines to cover the over 20 million unbanked Nigerians who are vulnerable to information and the use of technologically driven platform without the possibility of financial inclusion.
They also prayed for an order restraining the CBN from implementation of the revised cash withdrawal limiting the maximum cash withdrawal over the counter by individuals and corporate organisations per week to N100, 000 and N500, 000 respectively which was a violation of the Money Laundering (Prevention and Prohibition Act, 2002 and which also constitutes a flagrant violation of the fundamental rights of the applicants as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.
READ ALSO: Cash Withdrawal Limit: Falana, PoS Operators In Lagos Threaten Lawsuit Against CBN
Furthermore, they asked the court to grant an order for accelerated hearing to the suit and also an order for substituted service on the parties while also praying for the order of court mandating the CBN to produce a detailed plan and guidelines covering the over 20 million unbanked citizens who are vulnerable to the use of telecommunication and technologically driven money platforms.
After listening to the counsel to the applicants, Justice Oriji declined the prayers for injunction but rather directed that all the respondents be put on notice to come and show cause why the order for injunction should not be granted against them.
The Judge thereafter adjourned the matter to January 10 2023 after granting orders for accelerated hearing and substituted service.
Business
Again, Dangote Refinery Hikes Fuel Price
Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.
This is the first fuel increase by the Refinery in the month of May.
READ ALSO:JUST IN: Dangote Refinery Reduces Petrol Price
This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.
Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
READ ALSO:BREAKING: Wike Picks Alabo George For Rivers Governorship
According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
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