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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.

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

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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.

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.

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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.

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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Gunmen Kill One, Abduct Seven Travellers On Sagamu-Ijebu-Ode Expressway

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Gunmen numbering up to seven have reportedly killed one person and abducted seven other travellers along the Sagamu-Ijebu-Ode expressway.

The gunmen armed with A.K 47 rifles were said to have waylaid and attacked the travellers in between the Ilisan, Ceplast industry and Iperu junction axis of the expressway on Friday.

A viral audio from one of the victims of the tragic incident, who was apparently a driver heading to Lagos, detailed how the gunmen stopped their vehicles with sporadic shooting and later marched them into the bush.

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He said, “This incident happened at past five in the evening, they were armed to the teeth with A.K 47 rifles shooting heavily. They even killed one person who was inside a Lexus car. So, they marched about seven of us inside the bush and when I saw that they were speaking Hausa, I started speaking Hausa to them begging them not to kill me, so they asked if I was a northerner but I said no, that I have once lived in Kebbi and Sokoto.

READ ALSO: Edo Police Arrest Two Minors, Others For Allegedly Up Uploading Woman’s Nude Video Online

“They kept taking us further inside the bush, later they asked if I had any money, so I gave them the N103,000 and my phone. There was another driver from the east who said that the kidnappers had collected N120,000 from him just as we were abducted. They later set the two of us free while the other five people abducted were still with them”.

Speaking with our Correspondent on Monday, the Spokesperson of Ogun State police command, SP Omolola Odutola confirmed the incident.

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Odutola said that the police could not confirm the number of people that were abducted but noted that the gun-wielding hoodlums killed one of the travellers yet to be identified.

She said the incident which happened on May 3, around 6:55 pm was incidented as a case of armed robbery, murder and kidnapping.

Odutola said: “We have information that about seven people whom we don’t know with A.K 47 suddenly blocked the Benin-Sagamu expressway.

READ ALSO: Woman Wins $1million Lottery For Second Time In 10 Weeks

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“The DPO of Ilisan when he got to the scene of the incident saw two vehicles pierced with bullets; a Lexus Jeep 300 with registration number LND 640 DY, the driver’s name is Chilaka Lugard and another Lexus Jeep 350 with registration number LSR 996 JF belonging to Kingsley Chineme. Inside this Lexus 350 car was found a cross bag with N113,000, two iPhones; an iPhone Six and an iPhone Eleven Promax.

There was also a corpse of an unidentified man who was shot in the head.

“The third vehicle was loaded with plantains and the driver who was among those abducted, regained freedom and was later allowed to go with the vehicle. The other Lexus vehicles have been taken to Ilishan Police Station.”

Odutola said the Commissioner of Police, Abiodun Alamutu was not happy with this security breach and had in an emergency meeting summoned on Monday, directed the tactical commanders and the mobile squadron to go after these undesirable elements.

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READ ALSO: Edo: Suspected Killers Of 200-level Student Of Delta Varsity Arrested

She said ‘the CP had been to the scene of this incident, and a lot of work is ongoing to fish these people out and let them answer for their criminality, I can assure you that, these criminals will be apprehended just very soon.”

About three weeks ago, some rampaging eight gunmen had stormed Ajadeh Event Centre along the Iperu-Sagamu road and snuffed the life out of Professor Yinka Olomojobi, a lecturer with Babcock University, Ilisan Remo.

Olomojobi, a Professor of Human Rights and Gender Law was reportedly shot dead on the fateful day around 9 pm by these daredevil gunmen for allegedly resisting his abduction.

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The lecturer and others were at this relaxation centre when these hoodlums began disturbing the serenity of the environment with their heavy shooting.

By the time the dust settled, Olomojobi had been killed while two others, one Dare and another unidentified person had been whisked away.

The police however said that one Awada Ishaya from Plateau State had been picked up as prime suspect of the sordid act.

Ishaya was said to have just been employed two weeks ago as a security guard when the event centre was opened.

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JUST IN: Aircraft Fault Forces Shettima To Abandon US Trip

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The Minister of Foreign Affairs, Yusuf Tuggar, will now represent President Bola Tinubu at the 2024 US-Africa Business Summit in Dallas, Texas, not Vice President Kashim Shettima, as announced earlier.

“Vice President Kashim Shettima who was originally scheduled to represent the President was unable to make the trip following a technical fault with his aircraft, forcing him to make a detour on the advice of the Presidential Air Fleet,” the Presidency revealed in a statement signed Monday evening by the Shettima’s Spokesperson, Mr. Stanley Nkwocha.

The statement is titled ‘Minister of Foreign Affairs To Now Represent President Tinubu at US-Africa Summit.’

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Nkwocha said the Vice President who has since returned to Abuja “will carry on with other national duties.”

READ ALSO: 70 Passengers Fall Ill, Vomit Bug During Flight From Mauritius To Frankfurt

The high-profile summit, taking place at the Kay Bailey Hutchison Convention Center, will bring together political and business leaders from across Africa, the United States, and other regions.

Hosted by the Corporate Council on Africa, it features high-level dialogues, networking sessions, and plenaries.

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African leaders expected at the summit are Presidents Joseph Boakai of Liberia; Lazarus Chakwera of Malawi; Joao Lourenço Angola; Mokgweetsi E. K. Masisi of the Republic of Botswana; José Maria Neves of Cabo Verde and the Deputy Prime Minister of the Kingdom of Lesotho, Nthomeng Majara.

The US-Africa Business Summit aims to foster economic cooperation and explore investment opportunities between the United States and African countries.

READ ALSO: We’ve Earmarked N1bn Naira Monthly To Feed Edo People – Obaseki

Besides the summit plenary, the Foreign Minister is expected to speak at the Roundtable on African Infrastructure Investment with a focus on impact and returns.

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He is also scheduled to speak on a high-level panel on agribusiness, focusing on transiting “from food insecurity to thriving agribusinesses”.

Additionally, Tuggar will speak at a plenary session on Navigating Africa’s Energy Future as well as chair a session dedicated to promoting the ‘invest in Nigeria’ initiative.

He is also expected to attend other meetings and engagements on the sideline of the summit, the statement read.

Tuggar is expected back in the country at the end of his engagements in the US.

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AAC Guber Candidate Takes Swipe On Edo Speaker Over Suspension Of 3 Lawmakers

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Dr Udoh Oberaifo, the governorship candidate of the African Action Congress (AAC) for the forthcoming election in Edo State, has condemned the suspension of three members of the state house of assembly by the Speaker, Blessing Agbebaku.

The Speaker had on Monday suspended the three lawmakers over an alleged plot to impeach.

The three suspended lawmakers are: Mr Donald Okogbe( PDP Akoko-Edo 11) Bright Iyamu(PDP Orihonmwon South) and Adeh Isibor, (Esan North East 1)

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Reacting to the incident in Benin, Oberaifo described the suspension of the three lawmakers as illegal and unconstitutional.

READ ALSO: [BREAKING] ‘Juju’ Scare: Edo Speaker Suspends Shaibu’s Ally, Two Others

He stated that the speaker lacks the legal power and right to suspend a lawmaker democratically elected by the people.

So what will now happen to the lawmaking, representation and the constituents of this suspended members,” he asked.

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He noted that the “tyranny of the speaker” clearly infringes on the rights of the good people of Edo, the suspended members and their constituents.

” Our courts have consistently held that disciplinary powers of legislative houses like Edo State House of Assembly do not extend to reckless suspension.

READ ALSO: Edo Court Remands Man, 30, For Allegedly Defiling Minor

” The court of appeal in BAUCHI STATE HOUSE OF ASSEMBLY & ORS v. GUYABA agreed with the trial court in holding that the suspension of a then house of assembly member, Hon. Gubaya for three months was illegal.

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“Recently, the court also took a similar view in case of Akinribido v Ondo State House of Assembly.

” The point I wish to state here is that the clear malicious suspension of this members of Edo House of Assembly for whatever reasons by the speaker, is laughable, unjustifiable, illegal and clearly unconstitutional.

READ ALSO: Soldier Dismissed For Sleeping With Colleague’s Wife

“It clearly shows the directionless lawmaking powers; offside decision making of the PDP-led house of assembly, and lack of respect for democratic institutions, “ he said.

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Oberaifo, therefore, called for the recall of the suspended members in line with clear court precedents in similar matters.

According to him, the above shows that Edo people can no longer continue with the status quo of the PDP governance and law making in the state.

He urged the people to reject the PDP in the forthcoming governorship elections and vote the candidate of the AAC as a better alternative and for credible governance.

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