Headline

Senate, CBN Set To Clash Over Cash Withdrawal Policy

Published

3 years ago

December 13, 2022

Indications emerged on Tuesday that the Senate may have a running battle with the management of the Central Bank of Nigeria, CBN, over the cash withdrawal limit policy of the apex bank.

Although the upper legislative chamber agreed to debate the latest policy on Wednesday, Senator Adamu Bulkachuwa (PDP Bauchi North), warned that the report of the Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Uba Sani (APC Kaduna Central) must not be swept under the carpet.

This caused uneasy calm in the chamber, pointing to the fact that not many senators would agree to the cash withdrawal policy.

A member of the committee, Senator Olubunmi Adetunmbi (APC Ekiti North) had drew the attention of his colleagues to the absence of the panel chairman, who is the APC governorship candidate in Kaduna State from the chamber due to the North West zonal presidential campaign rally of the party in Kaduna.

Senator Adetunmbi said the chairman was billed to present the report of the screening exercise conducted for the two CBN Deputy Governor-nominees, Mrs Aishat Ahmad, and Mr. Edward Lametek Adamu.

Both Ahmad and Adamu were recently reappointed by President Muhammadu Buhari who requested the Senate’s screening and confirmation for their second and final tenure at the apex bank

Ahmad, who is the CBN Deputy Governor on Financial System Stability, had explained details of the policy to the panel during the screening last Friday when she and her colleague appeared for screening.

Details of the explanation given by the CBN chief was to be presented for debate, alongside the screening exercise on Tuesday by the senators.

However, Senator Adetunmbi said the debate could not take place because of the absence of the panel chairman.

He said: “Exactly a week ago the Senate resolved that the committee on banking and financial institutions should come forth today to report on the enquiries that it was mandated to make on the new policy of the Central Bank on the withdrawal limit.

“The committee was specifically mandated to interrogate these issues based on the concern that was expressed in the chamber, with the two deputy governors that were coming for clearance.

“This took place on Thursday last week. Two candidates came for clearance and the issues were thoroughly looked into, especially in the opening remarks of the chairman.

“He specifically reported that the Senate wanted the two deputy governors to elaborate on the rationale behind this policy in view of the massive public reaction to that policy.

“The deputy governors gave elaborate explanations and the committee also requested for further evidence in terms of documented reports that will enable the committee to fully understand the issues behind this policy during the plenary appropriately.

“Unfortunately, the report is not ready today because the chairman of the committee is busy on a political assignment; he is coming tomorrow to present the formal report of the committee.”

This explanation did not go down well with Senator Bulkachuwa, who said the fact that the panel didn’t submit its report should not stop the Senate debate on the CBN Nara withdrawal limit policy.

“We should not allow this thing to be swept under the carpet, it is a very serious issue and Nigerians are waiting to see what the Senate will do like the House or Representatives.

“The House of Representatives has asked the Governor of the Central Bank to stay action on this; leaving it till tomorrow is giving him another excuse and I urge this Senate to discuss this thing today,” he said.

The Senate President, Dr. Ahmad Lawan, ruled Senator Bulkachuwa out of order and insisted that the matter would be debated tomorrow (Wednesday).

He said: “I don’t think it is fair to say we are sweeping the matter under the carpet. To sweep something under the carpet in my understanding means to avoid it.

“Nobody here suggests by action or inaction that we are avoiding discussion on this matter.

“I think it is appropriate to give the Chairman of the Committee an opportunity to come and present his report personally and Senator Adetunmbi is a member of the Banking Committee.

“The Vice of the Committee who is the Chief Whip is here and they are all in attendance.

“They have something to tell us. The chairman wants to present the report himself and when he does that, we will be better informed and we can take appropriate action.

“Tomorrow is less than 24 hours by the grace of God., Please distinguished Senator Adamu Bulkachuwa, I want you to be present so that if there is anything that you want all of us to know even as all of us here feel strong about this.

“If we are going to debate it, let’s do that on the basis of information because that is when we can argue it and say no, stop it because of superior argument. So, let’s not doubt our sincerity here.”

Headline

Aircraft Crashes In Owerri With Four Persons Onboard

Published

3 days ago

December 17, 2025

Editor

Photo: File copy

A Cessna 172 aircraft with registration number 5N-ASR, operated by Skypower Express, has crashed at the Sam Mbakwe International Cargo Airport, Owerri, Imo State.

The aircraft had departed Kaduna International Airport en route to Port Harcourt International Airport before diverting to Owerri after the crew declared an emergency.

The crash occurred at about 8:00 pm on the airport premises, with four passengers and crew members onboard.

Confirming the incident, the Director, Public Affairs and Family Assistance of the Nigerian Safety Investigation Bureau (NSIB), Mrs. Bimbo Oladeji, said the agency had been notified of the crash.

According to the NSIB, the aircraft crashed on the approach area of Runway 17, but no fatalities have been recorded so far.

The statement said: “Following the occurrence, airport emergency services were successfully activated and arrived on site promptly. Reports indicate that there was no post-crash fire, and the runway remains active for flight operations, with other aircraft taking off safely after the incident.

“Efforts are currently underway to coordinate the recovery and evacuation of the distressed aircraft from the crash site to allow for a detailed wreckage examination.”

The NSIB said it has officially activated its investigation protocols in line with its statutory mandate

The Director-General of NSIB, Capt. Alex Badeh Jr., sympathised with the management of Skypower Express over the incident and expressed relief that no lives were lost.

Badeh Jr. added that the Bureau’s investigation team is already coordinating with relevant authorities to secure the crash site and commence a detailed investigation into the cause of the accident.

Two days ago, 11 persons narrowly escaped death as a private jet crash-landed at Mallam Aminu Kano International Airport, Kano, on Sunday morning.

The occupants, including passengers and cabin crew, were safely evacuated amid an intense atmosphere, eyewitnesses told The Guardian.

The private jet, owned by Flybird Aviation, crash-landed at about 9:30 a.m. while approaching Kano Airport en route to Abuja.

The incident attracted urgent attention, with emergency staff and other stakeholders converging at the runway to render rescue operations.

The management of the Federal Airports Authority of Nigeria (FAAN) is yet to release an official statement on the incident. Unofficial sources disclosed that the passengers have been taken to an unknown destination.

Several aircraft incidents have occurred at Kano Airport, with several lives lost.

The last incident occurred in May 2002, when an EAS Airline aircraft departed the runway at Aminu Kano International Airport at 1:29 p.m. local time en route to Lagos.

Headline

Musk Breaks Record As First Person Worth Over $600 Billion

Published

3 days ago

December 16, 2025

Editor

Elon Musk, Chief Executive Officer of SpaceX, Tesla, and xAI, has reached a new personal wealth milestone, surpassing a net worth of $600 billion, driven primarily by a recent valuation increase of SpaceX.

The development makes Musk the first individual in history to exceed the US$600 billion threshold.

According to Bloomberg’s Billionaires Index, Musk’s net worth stood at approximately $638 billion as of 15 December 2025, with the increase largely attributed to SpaceX, which was recently valued at around $800 billion following an insider share sale.

The privately held aerospace company, based in Starbase, Texas, is now considered the most valuable private firm globally, significantly boosting Musk’s personal holdings.

Musk’s stake in Tesla, estimated at roughly 12 per cent, is valued at nearly $200 billion, while his majority ownership of xAI Holdings is estimated at $60 billion.

Collectively, these assets place him on track to potentially approach US$700 billion, widening the gap between him and the world’s second-richest individual, former Google CEO Larry Page, valued at $265 billion.

The SpaceX valuation comes ahead of a projected public listing in 2026, which could see the company valued at approximately $1.5 trillion.

“Other shareholder meetings are snooze-fests but ours are bangers. Look at this. This is sick,” Musk said in November during Tesla’s shareholder meeting, referring to a performance-linked pay package approved by investors.

He added, “I super appreciate it.” The package, potentially worth up to US$1 trillion in stock, is tied to market-capitalisation and operational milestones over the next decade.

SpaceX’s Starlink satellite network has also contributed to investor confidence. The company continues to expand high-speed internet access to underserved regions worldwide.

Chad Gibbs, Vice President of Starlink Operations, stated that the satellite technology “bypasses the need to build massive amounts of infrastructure,” allowing broader and faster connectivity.

Musk’s ascent in personal wealth follows years of strategic risk-taking and long-term planning, with Tesla’s focus on electric vehicles, battery technology, and autonomous systems laying the foundation for his financial growth.

Analysts note that the combination of SpaceX’s soaring valuation, Tesla’s long-term incentives, and Musk’s diverse portfolio underpins his current status as the world’s wealthiest individual.

Headline

South Korea, Japan Protest China, Russia Aircraft Incursions

Published

1 week ago

December 10, 2025

Editor

South Korea and Japan reacted furiously on Wednesday after Chinese and Russian military aircraft conducted joint patrols around the two countries, with both Seoul and Tokyo scrambling jets.

South Korea said it had protested with representatives of China and Russia, while Japan said it had conveyed its “serious concerns” over national security.

According to Tokyo, two Russian Tu-95 nuclear-capable bombers on Tuesday flew from the Sea of Japan to rendezvous with two Chinese H-6 bombers in the East China Sea, then conducted a joint flight around the country.

The incident comes as Japan is locked in a dispute with China over comments Prime Minister Sanae Takaichi made about Taiwan.

The bombers’ joint flights were “clearly intended as a show of force against our nation, Defence Minister Shinjiro Koizumi wrote on X Wednesday.

Top government spokesman Minoru Kihara said that Tokyo had “conveyed to both China and Russia our serious concerns over our national security through diplomatic channels”.

Seoul said Tuesday the Russian and Chinese warplanes entered its air defence zone and that a complaint had been lodged with the defence attaches of both countries in the South Korean capital.

“Our military will continue to respond actively to the activities of neighbouring countries’ aircraft within the KADIZ in compliance with international law,” said Lee Kwang-suk, director general of the International Policy Bureau at Seoul’s defence ministry, referring to the Korea Air Defence Identification Zone.

South Korea also said it deployed “fighter jets to take tactical measures in preparation for any contingencies” in response to the Chinese and Russian incursion into the KADIZ.

The planes were spotted before they entered the air defence identification zone, defined as a broader area in which countries police aircraft for security reasons but which does not constitute their airspace.

Japan’s defence ministry also scrambled fighter jets to intercept the warplanes.

Beijing later Tuesday confirmed it had organised drills with Russia’s military according to “annual cooperation plans”.

Moscow also described it as a routine exercise, saying it lasted eight hours and that some foreign fighter jets followed the Russian and Chinese aircraft.

Since 2019, China and Russia have regularly flown military aircraft into South Korea’s air defence zone without prior notice, citing joint exercises.

In November last year, Seoul scrambled jets as five Chinese and six Russian military planes flew through its air defence zone.

Similar incidents occurred in June and December 2023, and in May and November 2022.

Meanwhile, Tokyo said Monday it had scrambled jets in response to repeated takeoff and landing exercises involving fighter jets and military helicopters from China’s Liaoning aircraft carrier as it cruised in international waters near Japan.

It also summoned Beijing’s ambassador after military aircraft from the Liaoning locked radar onto Japanese jets, the latest incident in the row ignited by Takaichi’s comments backing Taiwan.

Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on the self-ruled island, which Beijing claims as its own and has not ruled out seizing by force.

AFP