News

Naira Swap: House Committee Rejects Extension, Threatens Emefiele’s Arrest

Published

1 year ago

January 29, 2023

Editor

The House of Representatives Ad hoc Committee on new naira re-design and naira swap policy has added a new twist to the controversy surrounding the deadline for the validity of old notes by rejecting the ten days extension granted by the Central Bank of Nigeria for the exchange.

The committee described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood

Recall that the CBN had earlier fixed January 31 as the deadline for the exchange of N200, N500 and N1000 old naira notes.

The CBN governor, Godwin Emefiele, however on Sunday said the President, Major General Muhammadu Buhari (rerd.), gave permission for the deadline to be extended till February 10.

But the Ad hoc Committee, chaired by the Majority Leader, House of Reps, Alhassan Doguwa, in a statement on Sunday in Abuja, rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.

The Lower House, had during its sitting on Tuesday, last week, following the outcry by Nigerians, constituted the Ad hoc committee to look into the issue.

Doguwa said, “The 10-day extension for the exchange of the old naira notes is not the solution. We as a legislative committee with a constitutional mandate of the House, would only accept clear compliance with Section 20 Sub-section 3, 4, and 5 of the CBN Act and nothing more.

“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the Ad hoc committee.”

According to him, under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

While describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before the House or stand the risk of being arrested on the strength of legislative writs to be signed by the Speaker on Monday.

He also said the policy was capable of frustrating the forthcoming general election.

“Security agencies and their operations especially at the state level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.

News

Bauchi Commissioner Gifts 3 Students Cash For Prompt Resumption, Ability To Read

Published

7 hours ago

May 17, 2024

Editor

The Bauchi state Commissioner for Education, Dr Jamila Dahiru, on Thursday, gave a cash gift of N5,000 each to three Senior Secondary II students of Government Science Secondary School, Misau for their determination to succeed in Education.

Two of the students, Adamu Adamu, Mustapha and Haruna impressed the commissioner for their presence in school in the first day of resumption while Abdullahi Musa marvelled her for his reading ability and comprehension.

According to the commissioner, the gesture was to appreciate their determination to learn as well and motivate other students to emulate them.

While paying a courtesy visit to the Emir of Misau, Alh. Ahmed Sulaiman, the commissioner disclosed that the Bauchi State government was working with stakeholders from the Misau Emirate to fine-tune modalities of temporarily accommodating the students of Federal Science Technical College, Misau at its Science Secondary School Misau.

She said the college made the request in a letter to the ministry stating that the facility given to them could no longer accommodate their students population, hence the resolve to convene the stakeholders meeting to fine-tune ways of sharing the facility for the betterment of the state.

She disclosed that government science secondary school Misau, one of the best in the state in terms of befitting facilities has the capacity to accommodate up to five thousand students, but currently houses about three hundred students.

She appreciated the Emir for his continued support to programmes and policies of the government with more emphasis on the education sector.

Speaking on behalf of the Emir and other stakeholders, a retired Director with the Ministry, Muhammad Musa, expressed gratitude to the Commissioner for the honour and promised to assemble critical stakeholders from the emirate so as to arrive at an acceptable decision for the benefit of all and sundry.

News

NDIC Obtains Order To Wind Down 96 Microfinance, Mortgage Banks

Published

7 hours ago

May 17, 2024

Editor

The Nigeria Deposit Insurance Corporation has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria in May 2023.

The Managing Director, NDIC, Bello Hassa, revealed this at a sensitisation seminar for Judges of the Federal High Court in Lagos on Thursday organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.

Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”

He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.

Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”

Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.

News

JUST IN: 36 Speakers Back State Police

Published

8 hours ago

May 16, 2024

Editor

Speakers of the 36 Houses of Assembly in Nigeria on Thursday expressed support for the National Assembly’s ongoing efforts to alter the 1999 constitution to create state policing in the country.

The Speakers made their resolution known at the end of their meeting in Abuja.

The Senate and House of Representatives are currently working to amend various constitutional provisions, including those regarding state police, financial autonomy for local government, fiscal federalism, and mayoral status for the FCT.

Details shortly…