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Withdrawal Limits: Senate Raises Concerns, To Debate New CBN

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A file photo of the Senate President, Ahmad Lawan, during plenary at the upper chamber of the National Assembly in Abuja.

A file photo of the Senate President, Ahmad Lawan, during plenary at the upper chamber of the National Assembly in Abuja.

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The Senate has raised concerns about the latest Central Bank of Nigeria (CBN) policy on cash withdrawals.

Senate Minority Leader Phillip Aduda in a point of order during plenary on Wednesday called the attention of his colleagues to the new policy and demanded for caution as it will affect many Nigerians, especially small business owners.

In his response, Senate President Ahmad Lawan cautions the CBN not to approach the policy by jumping into it at once as many Nigerians will be affected.

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He further noted that there is a need to engage the CBN in discussions to get more details of the policy and he directs the committee on banking to discuss this matter during the screening of the CBN Deputy Governors expected to hold before next week.

The Senate has set next Tuesday to debate the new CBN policy.

Under the new withdrawal policy, the CBN restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

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READ ALSO: CBN’s New Policy Will Lead To More Job Losses, Disorganize Businesses – University Don

The CBN stated, however, that withdrawals above the thresholds would attract processing fees of 5 per cent and 10 per cent respectively for individuals and corporate entities going forward.

In addition, third-party cheques above N50,000 shall not be eligible for OTC payment while extant limits of N10 million on clearing cheques still remain.

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The new withdrawal regime further pegged the maximum cash withdrawal per week via Automated teller Machine (ATM) at N100,000 subject to a maximum of N20,000 cash withdrawal per day.

 

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Court Stops PDP From Suspending, Expelling Governor Wike

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Justice James Omotosho of the Federal High Court Abuja on Monday ordered the Peoples Democratic Party (PDP) not to take any action aimed at suspending or expelling Rivers State Governor Nyesom Wike from the party.

The order was made upon an ex parte motion filed by Wike against the entire hierarchy of the PDP.

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Respondents in the motion marked FHC/ABJ/CS/139/2023, dated and filed on February 2, are the PDP, its National Working Committee, National Executive Committee, National Chairman of the party Dr Iyorchia Ayu; PDP National Secretary Senator Samuel Anyanwu and the Independent National Electoral Commission (INEC).

READ ALSO: Elections: Cultists Masking As Party Support Groups In Rivers, Says Wike

By the motion, the applicant is praying for an order to maintain the status quo and stay all actions in this matter relating to the threat to suspend or expel him, pending the hearing and determination of the originating summons.

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Wike also asked for an order of the Court granting him leave to serve the motion on notice, originating motion, and all other processes of the Court in the suit on the 1st to 5th Respondents by substituted means which is pasting all the said processes of Court on the PDP National Secretariat.

The Rivers state Governor equally sought an order deeming such service as made above as proper service.

Upon reading the affidavit in support of the motion exparte deposed to by one Precious Ikpe and filed at the Court Registry and after hearing, the court granted the reliefs sought.

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FG Pledges To Increase Minimum Wage Of Workers

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The Secretary to the Government of the Federation, Boss Mustapha, says the Muhammadu Buhari-led administration is committed to improving the minimum wage of workers to boost productivity.

Mustapha, who was the special guest of honour at the inauguration of Hassan Sumonu’ Court, said this in Abuja on Monday.

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He said that the Buhari-led administration is concerned about improving the welfare of public service and had paid the arrears of retired Airways workers.

READ ALSO: Advise Buhari To Release Nnamdi Kanu, Ohanaeze Replies Malami

On the inauguration, he said that the two-storey building was a delight for the NLC and the entire workers.

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”This achievements and legacies are for the Nigerian people.

”I commend the outgoing NLC President, Ayuba Wabba, for delivering the edifice that will yield additional income to the Congress,” NAN quoted him as saying.

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Advise Buhari To Release Nnamdi Kanu, Ohanaeze Replies Malami

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The Ohanaeze Ndigbo socio-cultural organization, on Monday, urged the Minister of Justice and Attorney General of the Federation, AGF, Abubakar Malami to advise President Muhammadu Buhari to release Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB.

Ohanaeze made the call in response to Malami’s remark that the Federal Government has not received any request for Kanu’s release.

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Speaking with DAILY POST, the Secretary-General of Ohanaeze, Okechukwu Isiguzoro lamented that Malami has advised the president wrongly on the release of Kanu.

Recall that Governor Charles Soludo of Anambra State had urged the Federal Government to release Kanu to him.

Soludo had vowed to stand as surety to ensure Kanu’s release.

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The IPOB leader has been detained by the Department of State Services, DSS, on the order of the Federal Government since June 2021.

Despite the court ruling ordering his release, the Nigerian government has refused to set him free.

Malami had said the Federal Government was yet to receive a formal request for Kanu’s release.

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However, Isiguzoro said Ohanaeze and some elder statesmen of the South East had met Buhari and requested Kanu’s release.

According to Isiguzoro: “Ohanaeze has put a formal request and paid a visit to the president which the Minister of Justice was present when the late Mbazulike Amaechi, Ezeife, Bishop Onuoha paid a visit to Buhari and requested that the best thing he can do for Ndigbo was to release Nnamdi Kanu to them.

READ ALSO: Ohanaeze Reacts To Alleged Nnamdi Kanu Poisoning, Warns Against Another Biafra War

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“We want to tell Malami that the Federal Government through his department should stop playing the ostrich and come out boldly to tell us that they are not ready which they have shown in action but not in words.

“The body language of Mr President has shown that they are not ready to release Kanu having not obeyed the court order that granted his release. Malami should rightly advise the president to release Kanu.

“The body language of Malami has shown they have wrongly advised Mr President not to release Kanu based on reasons known to them. Such a situation of not obeying court order is aimed at instigating insecurity in the Southeast.”

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