This was disclosed in a statement signed on Friday by CBN’s Director of Corporate Communications, Mr Osita Nwanisobi.
CBN said NSPM is not experiencing insufficient printing materials, as alleged by a report making the rounds in the media.
It clarified that the CBN governor, Godwin Emefiele, told the National Council of State in a meeting in the presidential villa on Friday that NSPM was working assiduously on printing all denominations of the banknotes to ease the sufferings of Nigerians.
Also, the apex bank frowns at vested interests attempting to pitch the public against the Bank.
It assured the public that the Bank would continue to execute its constitutional mandate by ensuring the smooth nationwide circulation of the currency.
— Sign Up For 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 —
Global Coverage Newsletter
Global Economy, Politics, Business, Education, Multiculturalism, Geopolitical Rise — we bring you the stories that matter.
“For the records, what Mr Emefiele told the meeting was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.
“While the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank”.
“We wish to state unequivocally that there is no such plan and that the claims are illogical and do not comply with the workings of the Nigerian banking system. The public is therefore advised to ignore such recordings as they do not represent the policy thrust of the CBN and are only the desperate attempts of persons bent on inciting the public against the bank”.
Wema Bank Plc is hosting its maiden Business Growth and Innovation Conference in Enugu, the Enugu State capital.
The conference, being organized in partnership with the Enugu SME Center, the Enugu State Government’s SME development agency, will hold on Wednesday, February 15th and Thursday, February 16th, 2023.
The bank noted that the programme is in its bid to equip small and medium-scale enterprises (SMEs) in the state with adequate knowledge and skills to boost their businesses.
The Head, SME Banking at Wema Bank, Arthur Nkemeh, said that the two-day conference, which will cover key areas of business management, such as strategy and innovation, digital transformation, sales and marketing, and financial management, will upskill business owners and managers and boost the capacity and growth of SMEs in Enugu.
“The Enugu Business Growth and Innovation Conference is intended to bridge the knowledge gap that exists in the SMEs space. It will equip attendees with best-in-class knowledge and skills in business management. The capacity building program will be delivered by world-class facilitators who are subject matter experts in various aspects of business management, in keeping to our position as the leading bank in the SME Advisory space in Nigeria.”
He noted that, being the leading bank in the SME banking segment in Nigeria, Wema Bank has been a champion of the growth of the SME sector in the country through its various financial and non-financial (business advisory) services for SMEs.
— Sign Up For 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 —
Global Coverage Newsletter
Global Economy, Politics, Business, Education, Multiculturalism, Geopolitical Rise — we bring you the stories that matter.
“As a champion of the growth of the SME sector in Nigeria, Wema Bank has put in place many initiatives that will drive the growth of the sector in the country. We not only have low-cost banking products that speak to the needs of SMEs, but we also ensure that the managers and promoters of these businesses are equipped with top-notch knowledge and skills that will ensure that their businesses thrive in any given situation they find themselves.”
Arthur called on owners and managers of small and medium-scale enterprises in and around Enugu to avail themselves of the opportunity that this conference presents to build their capacity and ensure that their businesses growth potentials are achieved.
“The needs of the SMEs in Nigeria are enormous and range from access to capital to talent acquisition and retention, to management operation and so on. These needs, as diverse as they are, could be better and more effectively addressed through adequate capacity building. This is why it is imperative that SMEs owners and managers, especially those in and around Enugu, endeavour to participate in the Conference to learn new strategies that they can use to grow their businesses,” he concluded
The numbers were contained in Wema bank‘s financial result which was submitted to the Nigerian exchange.
Other details from the bank’s financials includes gross earnings at N129.3 billion in the full year of 2022, up 38.1 percent from N93.63 billion in the full year of 2021.
Interest income grew 39.5 percent to N104.4 billion in December 2022 from N74.8 billion in December 2021.
Wema Bank’s interest expense jumped 52.3 percent to N53.21 billion in the full year of 2022 from N34.92 billion in the full year of 2021.
Operating income grew 31 percent to N74.08 billion in December 2022 from N56.6 billion in December 2021.
The bank’s personnel expenses climbed 28 percent to N21.32 billion in December 2022 from N16.67 billion in December 2021.
Loans and advances to customers increased to N524 billion in December 2022, a 25 percent increase from N418.86 billion in December 2021.
— Sign Up For 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 —
Global Coverage Newsletter
Global Economy, Politics, Business, Education, Multiculturalism, Geopolitical Rise — we bring you the stories that matter.
According to a corporate document sent to the investing public on Thursday, and obtained by Ripples Nigeria, it was gathered that Paul acquired 3.7 million shares, worth N789.76. Each share cost Paul N213.45 kobo.
The shares acquired on February 2 and 7 are worth N1.66 billion, the corporate document signed by Geregu’s secretary, Akinleye Olagbende, disclosed.
Also, Ayokunle bought four million shares on February 2, at a worth of N876 million, as each share cost N219, 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 gathered.
Prior to Paul and Ayokunle’s share acquisition, their relatives, Femi Otedola and Olawunmi Otedola also owned shares in the company.
— Sign Up For 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 —
Global Coverage Newsletter
Global Economy, Politics, Business, Education, Multiculturalism, Geopolitical Rise — we bring you the stories that matter.
Olawunmi holds 2,490 direct and indirect shares in Geregu, which is currently worth N510,450 based on the last equity price of Geregu’s share on Wednesday.
Otedola holds 1,245 direct shares and 2.38 billion indirect shares through his investment vehicle, Amperion Power Distribution Limited.
The International Monetary Fund (IMF) has waded into the current naira scarcity in Nigeria by calling on the Federal Government and the Central Bank of Nigeria (CBN), to extend the cash swap policy deadline beyond February 10.
The international monetary institution which is the first global body to openly call for an extension of the cash swap policy, made the call shortly after the Supreme Court gave a ruling temporarily restraining the FG and the CBN from enforcing the deadline.
In a statement in Abuja on Wednesday issued by Laraba Bonet, on behalf of IMF’s Nigerian resident representative, Ari Aisen, the IMF said it hinged its plea on the hardship Nigerians were going through.
“In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline should problems persist in the next few days leading up to the February 10, 2023, deadline,” part of the statement said
The Nigerian stock market recovered from Tuesday’s loss with a 0.23 per cent rise in the equity capitalisation on Wednesday, which reflects a N69.33 billion gain.
Following the growth, the market capitalisation closed at N29.64 trillion, above the N29.57 trillion it settled at on Tuesday.
Nigerian currency, the naira recorded a positive outing against the US dollar at the official foreign exchange market on Tuesday.
Details from FMDQ securities where Investors and Exporters (I&E) buy and sell officially shows that at the end of trading naira appreciated by 0.14 percent or 67 Kobo to close at N461.50/$1 compared with Monday’s value of N462.17/$1.
This occurred as the value of FX transactions at the official market window depreciated by 39.1 percent or $47.85 million. At the close of trades, the turnover for the session stood at $74.58 million compared with the $122.43 million recorded at the previous session.
Also, in the parallel market wing of the FX market on Tuesday, the Naira regained strength against the American Dollar after it gained N3 to sell at N750/$1, in contrast to the preceding day’s N753/$1.
But in the Peer-2-Peer (P2P) forex segment, the Naira showed no movement against the United States Dollar, closing flat at N761/$1 yesterday.
This same scenario played out in the interbank window of the market, where the domestic currency was flat against the Pound Sterling and the Euro at N555.40/£1 and N496.32/€1, respectively
The Central Bank of Nigeria (CBN) should have introduced N5,000 notes to avoid the hardship Nigerians are facing due to the Naira redesign, the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Sola Obadimu, has said.
According to NACCIMA DG in a report by NAN on Monday, embarking on the currency redesign was a bad move by the apex bank.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that the head of the central bank, Godwin Emefiele, disclosed in October 2022 that the N200, N500 and N1,000 banknotes would be redesigned to mop up the N2.7 trillion in circulation.
Although the financial regulator denied any plan of introducing N5,000 notes, it went ahead to release the aforementioned denominations in December, stating that the old version would cease to be legal starting from January 31, 2023.
The apex bank later extended the deadline to February 10, 2023, after public outcry over the shortage of the new Naira notes in commercial banks.
𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 understands that the transition from the old Naira to the redesigned currencies has not been successful with Nigerians protesting at banks due to the inability to withdraw and buy goods.
NACCIMA DG said introducing N5,000 was the solution to mopping the N2.7 trillion in circulation, “If I were the CBN governor, all I would have done was to have introduced a N5,000 note.”
Obadimu also stated “That would have helped to mop up the money in circulation without the kickbacks we are getting. Because it is a higher denomination, fewer amounts of bills would have been printed.”
— Sign Up For 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 —
Global Coverage Newsletter
Global Economy, Politics, Business, Education, Multiculturalism, Geopolitical Rise — we bring you the stories that matter.
Meanwhile, he supported the call of the CBN that Nigerians should embrace a cashless society, but he said the country wasn’t ready yet, as banks find it difficult to refund customers after a transaction declines.
He said, “For instance, when a financial transaction declines, you get debited and the bank cannot refund you for up to three weeks even if the transaction is to the same bank.”
Obadimu stated further, “So, for the urban network to improve and for the rural areas to catch up, the government has to invest heavily in infrastructure so that every part of Nigeria will be digitised.”
The Central Bank of Nigeria (CBN) has intensified its effort to end the long queues in banking halls and Automated Teller Machines (ATMs).
According to Atiku Muhammed-Nasir, Director, Security Service of the apex bank, agents will be deployed to some commercial banks premises in Lafia, Nasarawa State to facilitate its new naira swap policy.
Muhammed-Nasir, believes this measure will help decongest the banking halls and ATMs of horde of customers scrambling for the new naira notes.
He also reiterated that CBN was committed to easing the stress Nigerians were going through in order to access the new naira notes.
“So, we decided to deploy agents with cash in some commercial banks in Lafia, where each customer could access a maximum of N10,000.
“The exercise has helped a great deal as the scrambling had reduced considerably. We are optimistic that in the coming days, the situation will improve,” he said.
The director said that the exercise would be sustained until further notice, adding that CBN was working in collaboration with the Economic and Financial Crimes Commission (EFCC) to guard against sabotage from commercial banks and Points of Sale (POS) agents
Financial Markets Department of CBN, the Deputy Director, Aliyu Ashiru, said the meeting was in line with the need to ensure strict compliance with CBN guidelines.
Ashiru cautioned banks against attempting to sabotage the new naira’s circulation.
He appealed to residents to exercise patience with the CBN and the government.
“The meeting is in furtherance to our engagement with banks to smoothen all the rough edges in implementing the naira redesign policy.
Hein Schumacher has been appointed to replace Alan Jope as chief executive of British consumer goods giant Unilever from July, the company announced Monday, in a move that investors including board member and activist shareholder Nelson Peltz welcomed.
Schumacher, 51, joined Unilever in October last year as a non-executive director and is currently the chief of the Dutch dairy business FrieslandCampina.
He previously worked for food retailer Royal Ahold NV and for a decade at food producer H.J. Heinz in the United States, Europe and Asia.
His appointment marks the first time Unilever has given the top job to a non-Unilever executive since it poached Paul Polman from Nestle in 2008.
One of the biggest consumer companies in the world with more than 400 brands ranging from detergent to ice cream, Unilever said in September that Jope planned to retire at the end of 2023.
Billionaire activist Nelson Peltz, who heads investor Trian Partners, said he strongly supports Schumacher “as our new CEO and look(s) forward to working closely with him to drive significant sustainable stakeholder value.”
Peltz become a Unilever board member in July after it was revealed early last year that he had built a stake in the company.
“I first met Hein when I served as a director at the H.J. Heinz Company from 2006 to 2013 and was impressed by his leadership skills and business acumen,” Peltz said.
Peltz, through his Trian Fund, holds a nearly 1.5% stake in Unilever, making him the fourth largest shareholder, according to Refinitiv Eikon data.
Unilever shares were up 0.88% and among the top percentage gainers on an FTSE 100 index, down 0.2% as of 9:12 a.m. GMT.
The move was also cheered by other investors and analysts, who have felt in recent years that Unilever needed an outsider’s touch.
“Positive that he’s an external appointment,” Jack Martin, a fund manager at Unilever shareholder Oberon Investments, said. “Good CV from what I read, hopefully, provides the impetus the company requires.”
Failed GSK deal Unilever’s shares have underperformed European consumer staples and discretionary indices during CEO Jope’s tenure, which began in January 2019.
His failed bids for GlaxoSmithKline’s consumer health care business last year lost him some good faith among investors, including influential British billionaire Terry Smith, owner of Fundsmith.
“It is good Schumacher has plenty of industry experience outside Unilever, particularly international,” said Tineke Frikee, a fund manager at Unilever shareholder Waverton Investment Management.
“I note though, that his background is mainly in food rather than beauty and personal care. This may lead the market to reduce the probability of a potential food spin-off.”
Unilever’s food business includes Ben & Jerry’s ice cream, Colman’s mustard, Hellman’s mayonnaise and Knorr stock cubes.
Over the past year, some investors and analysts have speculated that Unilever might spin off what they feel is a weaker food business to focus on personal goods, beauty and home care.
“Why hire a food exec if you plan to sell the food business?” Bernstein analyst Bruno Monteyne said, adding that selling the food business “will always be on the cards, but I doubt that it is a top priority in the short term.”
But Monteyne pointed out that some investors were hoping Unilever would name someone more well-established, globally.
“Investors we spoke to in recent weeks were hopeful for a more familiar name from a successful U.S.-based FMCG (fast-moving consumer goods) turnaround.”
Unilever had been considering internal and external candidates for the role.
Sources told Reuters in October that the candidates included finance chief Graeme Pitkethly, personal care division boss Fabian Garcia and Hanneke Faber, who heads the company’s nutrition group.
The federal government has extended the deadline for the registration of Digital Money lenders, DMLs.
This is contained in a statement on Friday by the Federal Competition and Consumer Protection Commission, FCCPC, Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera.
The commission stated that the announcement comes after several DMLs failed to complete their documentation.
It added that the extension would last till 27th March 2023 to prevent market disruption.
“This was to ensure the registration of DMLs whose registration was still in process and to prevent significant market disruptions.
“The Commission noted, however, that several DMLs have not yet provided all relevant documentation to complete their registration process. To this end, the Commission is further extending the registration deadline to Monday, March 27, 2023”, the EVC stated.
The National President of the Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria, Dr. Muhammad Tahir Ibrahim says the union will henceforth issue waybills to articulated trucks transporting cattle from the north to other parts of the country.
Ibrahim, who disclosed this during a visit to the Niger State Commandant of Nigeria Security and Civil Defence Corps, NSCDC, said the move is to ensure that all cattle being transported were legally acquired from their owners.
“This will discourage people from buying rustled cattle and reduce cattle rustling to the barest minimum,” the national president disclosed.
Ibrahim also revealed plans to stop articulated trucks from carrying passengers alongside livestock on the highways in order to forestall frequent loss of lives on the roads.
In his response, the State Commandant, NSCDC Niger State, Ahmed Mohammed Dandare assured the union of the Command’s preparedness to partner with any union or organisation in ensuring peace and stability in the country
The Monetary Policy Committee of the Central Bank of Nigeria, CBN, has unanimously voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent.
The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué at the end of the two-day MPC meeting, the first of the year.
The Nigerian Aviation Handling Company (NAHCO) has said that it is engaging striking aviation unions including the Air Transport Services Senior Staff Association of Nigeria (ATTSSSAN) and the National Union of Air Transport Employees (NUATE).
NAHCO, in a statement, said it is hopeful that the industrial action by aggrieved workers under the unions will soon be resolved.
Scores of international passengers at the Murtala Muhammed International Airport in Lagos were stranded on Monday as NAHCO workers embarked on strike. The situation led to the disruption in flight services of many international airlines.
NAHCO, in its statement, acknowledged that some of its clients were being put through a difficult situation by the insistence of some staff to embark on strike action despite a subsisting order of court that restrained them from doing so.
“We regret all the inconveniences,” the company’s Executive Director, Olusola Obabori said, adding that the Company is already engaging the Unions and other stakeholders and are positive the situation would be resolved within hours.
“We understand the power of negotiation. The Company which has arguably the best welfare package among the local players in the aviation industry will do all that is absolutely necessary to make its workforce happy even as it delights its customers,” he said.
“This situation would be resolved speedily as it is detrimental to the staff, the Company and its esteemed clients.”
One of the most important development areas of bilateral relations between Türkiye and Saudi Arabia is the financial sector, Treasury and Finance Minister Nureddin Nebati said Thursday, inviting Saudi investors from all over the world, as well as international investors investing in Turkish financial markets, to take advantage of the opportunities in the markets.
Nebati was speaking at the Türkiye-Saudi Arabia Business and Investment Forum, hosted by the Ministry of Treasury and Finance and organized by the Foreign Economic Relations Board (DEIK).
He pointed out that Türkiye’s finance and banking sector is highly integrated with global financial markets, has a strong regulatory and supervisory infrastructure, strong human capital, serves as a pioneer in innovative applications and has carried the economy much further. Nebati added that the sector, which has successfully passed important stress tests such as the global financial crisis and pandemic, was appreciated by foreign financial circles and attracted increasing interest from foreign investors.
Advertisements
| RECOMMENDED
Advertisements
Stating that this integration with the global financial markets is actually one of the most important pillars in boosting the economy much further, Nebati said: “Our stock market, which has an important place among the emerging markets, continues to offer attractive return opportunities to domestic and foreign investors with its market depth and high liquidity. The strong investor interest in Borsa Istanbul, whose indices have reached historically high levels recently, brings with it daily trading volume records.”
Pointing out that Borsa Istanbul has ranked high worldwide in risk-adjusted returns over the past year, Nebati said: “In addition to its deep-rooted bond tradition, our ministry has been issuing lease certificates, namely ‘sukuks,’ in both domestic and foreign markets since 2012.”
The “sukuk” in particular is an Islamic financial certificate, similar to a bond in Western finance.
Nebati, further commenting on Türkiye-Saudi Arabia business relations, said, the bilateral trade volume, which was $3.7 billion in 2021, increased to $4.3 billion in the January-October period of 2022.
“This is pleasing, but we need to act faster to reach our goals,” he said, noting that the trade volume is expected to reach $10 billion in a very short time and they aim to increase this figure to $30 billion quickly.
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
Carlo Ancelotti’s team successfully added to their four cups from 2014 to 2018, and their triumph meant European teams have won the past 10 editions of the tournament.
The Central Bank of the Republic of Türkiye (CBRT) on Thursday held its one-week repo rate, also known as the policy rate, unchanged at 9%, in accordance with the market expectations as the lender signaled in the last meeting that the rate cut cycle has come to an end.
“Considering the increasing risks regarding global demand, the Committee evaluated that the current policy rate is adequate,” the bank said in a statement following its last Monetary Policy Committee (MPC) meeting of the year.
It stressed that it would decisively use the tools supporting the effectiveness of the monetary transmission mechanism and that the entire policy toolset, particularly funding channels, will be aligned with its liraization targets.
“Stability in the general price level will foster macroeconomic and financial stability through the fall in the country’s risk premium, continuation of the reversal in currency substitution and the upward trend in foreign exchange reserves, and durable decline in financing costs. This would create a viable foundation for investment, production and employment to continue growing in a healthy and sustainable way,” it added.
Advertisements
| RECOMMENDED
Advertisements
At its November meeting, the bank cut the rate by 150 basis points to 9%, thus having lowered the key rate by 500 basis points, or 5 percentage points, since August.
According to the latest data from the Turkish Statistical Institute (TurkStat), Türkiye’s annual consumer inflation rate was 84.39% in November, down from 85.51% in October.
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
This was disclosed by the Police Public Relations Officer, Bauchi State Command, Ahmed Wakil, a Superintendent of Police, in a terse Whatsapp message on Sunday.
Under the new withdrawal policy, the CBN restricted the maximum weekly cash withdrawal over the counter (OTC) by corporate organisations and individuals to N500,000 and N100,000, respectively.
The new withdrawal regime pegged the maximum cash withdrawal per week via Automated Teller Machine (ATM) at N100,000, subject to a maximum of N20,000 cash withdrawal daily.
CBN had disclosed this in a letter to commercial banks in the country.
The policy, expected to kickstart on January 9, 2023, had generated criticisms, but the CBN clarified last Wednesday that PoS operators could apply for waivers.
However, the Lead Director of the Centre for Social Justice, CSJ, and a Financial expert, Eze Onyekpere, said the policy was hurriedly put together.
Speaking with DAILY POST, Onyekpere said the CBN should have properly consulted relevant stakeholders before announcing the policy.
Onyekpere said: “That policy looks like it was not properly mapped out, like a midget reaction that puts the cart before the horse. Such a far-reaching policy should have benefited from wide-ranging consultation of various stakeholder groups, as well as an empirical study, which will reveal existing laws and policies and the social impact on the people.
Advertisements
| RECOMMENDED
Advertisements
“Based on the study done and the feedback from consultations, then, you will have a well-planned policy which would reflect the input of multiple stakeholders.
“Now, that was not done before the policy was announced, which reminisces of the military era.
“If you know already, you can’t withdraw more than N150, 000 a day at the bank for individuals and for the corporate organisation is N500,000, and there are also provisions for the money laundering law which set limits for what you can withdraw daily.
“Limiting this money from N150,000 a day to saying you can only withdraw N100, 000 per week and limiting it to N20, 000 per day now that money has no value is unacceptable. If you want to buy a bag of rice, you can’t do it with cash because you have to do a cash transfer or find another way to do it. The value of the money is so low.
“What I’m trying to say is that the amount was too small, there was no consultation; this is something you should do after sensitising people for some months, you don’t just announce it before Christmas.
“A lot of businesses, especially small-scale businesses, will be adversely affected; it may increase the cost of doing business, because if you have to do more than that, you will pay the penalty.”
The financial expert said Nigeria was not ripe for the policy, adding that more time should have been given to sensitise Nigerians.
“I do not support this policy because we are not ripe for it at this time; we need more time to sensitise people and make sure communication facilities are available. We don’t need to make policies and laws just because we have the power.
“We must ensure that the poorest of the poor are put into consideration when making laws. We can say in the next six months this, and this should be done, so that means we have to amend our money laundering laws and the limits of money we can take across the counter. We have to look at other relevant laws underlying this money laundering law,” he added
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
The police said the 250kg bomb was discovered on Tuesday by a contractor working on the third crossing over the River Yare and exploded as workers attempted to diffuse it
Human rights lawyer, Femi Falana, SAN, and Point of Sale (POS) terminal operators in Lagos have threatened to sue the Central Bank of Nigeria, CBN, if it fails to halt the new cash withdrawal policy limiting cash withdrawals.
DAILY POST earlier reported that the CBN had, in a letter, directed banks to restrict withdrawals to N20,000 per day from ATMs. Withdrawals from PoS terminals were also limited to N20,000 daily, among other cash withdrawal restrictions.
Advertisements
| RECOMMENDED
Advertisements
The policy, expected to kickstart on January 9, 2023, had generated criticism, but the CBN clarified last Wednesday that PoS operators could apply for waivers.
However, Falana, on Monday, described the new cash withdrawal limit policy initiated by the CBN as unconstitutional. As a result, he vowed to seek legal redress.
“It is embarrassing that the Central Bank of Nigeria has been making announcements without regard to the Constitution and other relevant laws on the national economy,” he said.
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
The scarcity of the redesigned Naira notes had crippled activities in the country with Nigerians daily keeping vigil at Automated Teller Machines (ATMs) posts to cash money for their daily…
Some Nigerians have expressed optimism that even as the price of goods and services have soared in recent days, the yuletide holidays would not be affected.
However, they expressed reservations about the monetary and cashless policy introduced by the Central Bank Governor, Godwin Emefiele.
Speaking with DAILY POST in Osogbo, they maintained that the never-say-no Nigerian spirit would prevail at the end of the day.
A commercial transporter, Wasiu Anago, speaking with DAILY POST disclosed that even though the cost of Premium Motor Spirit (PMS) was hitting N300 per litre in some areas of the state and also that some petrol stations were involved in hoarding and the black market was having a high level of patronage as people were eager to travel to celebrate Christmas and New Year with relatives and loved ones.
He maintained that the high cost of fuel had not affected the rate of passenger travel.
“You know this is Nigeria and people travel a lot during this season and as expected the rate of travel is high. People want to celebrate this season with family and friends and notwithstanding the rate at which fuel is selling now, motor parks and filled up, and transporters are still shuttling between Osogbo and other towns.
“The only complain we have is that fuel is expensive but passengers are still flowing,” he said.
Residents were also observed trooping in and out of malls and stocking for the coming holiday.
Olufunke Ayoola said although the costs of items were hitting the roofs, Nigerians are still willing to go the length in satisfying themselves.
“Look, I have worked from January to December, why shouldn’t I have time to enjoy this holiday? As for me, this is the only significant time for me to relax with my relatives and friends.
Advertisements
| RECOMMENDED
Advertisements
“Yes, I know living in Nigeria is hard this year but I am not going to allow that to dampen my spirit. I have determined not to allow that disturb me. That is not to say that I’d be extravagant. I just want to have fun for once, Nigeria or no Nigeria.”
Meanwhile, a phone dealer, Chibuzor Anthony, also noted that sales have gone up.
In his words, “Nigerians tend to flow with the season. This is the season for some to move into their houses, change cars and also change phones. So sales have not been bad lately compared to other times.
“I see it as the mood of the season. Perhaps after the season, complaints would arise again that things are expensive.
“The only complaint I have is this new Central Bank of Nigeria cashless policy. Most of my customers purchase by transfers. With this policy, I need education on how to conduct business and transferring of funds. Does it mean my customers cannot pay me any amount more than the prescribed daily amount?”
He described the policy as not being business-friendly because most trading transactions still go on with cash due to the challenges experienced in banks and network connectivity.
Another business owner, Lateefat Oyewale, stated that doing business has been challenging for her.
She revealed that her gas business was picking because she sells it within an area where people patronise her because coming to her shortens the distance to the nearest filling station.
“I refill gas in a residential area, and this makes customers come because I am like a middleman. With success recorded, I diverted into POS, but with the Central Bank of Nigeria policy, it means I may do away with the POS.
“It will affect many of us because we are many doing the business here. As for me, I refill gas and I do other business added to it but I sincerely hope that the government would have a change of heart because we know who they are targeting but the policy would be felt by everybody,” she said.
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
Scarcity of fuel as well as naira crunch has continued to inflict unprecedented hardship on Nigerians since the announcement of the naira redesign policy by the Central Bank of Nigeria…
The naira on Wednesday exchanged at 445.83 to the dollar at the Investors and Exporters window, a depreciation of 0.01 per cent, compared with the 445.80 it exchanged on Tuesday.
The open indicative rate closed at N444.25 to the dollar on Wednesday.
A total of N127.78 million was traded at the official Investors and Exporters window on Wesnesday.
Meanwhile, Hassan Oaikhenan, a professor of Economics at the University of Benin, Benin-City, has attributed the depreciation of the naira to excess naira in circulation chasing the few dollars.
He urged the Central Bank of Nigeria (CBN) to limit the supply of the naira using the currency redesign as an opportunity to take firm hold of the supply of the naira.
“The way to go, therefore, is that now that the denominations are redesigned, then it is up to the CBN to as much as possible, limit, control, manage, tighten the quantity of the redesigned currency
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
A former top official of the CBN, who spoke to Saturday PUNCH anonymously, echoed a similar sentiment that the Mint might not have the capacity to print more naira notes…
The Pension Fund Operators Association of Nigeria, PenoP, said the Bill seeking to exclude workers of the National Assembly from the Contributory Pension Scheme will truncate the gains of the scheme.
Recall with Noble Reporters Media that the House of Representatives recently agreed to exempt staff of the National Assembly from the contributory pension scheme and to establish National Assembly Service Pensions Board.
The Bill sponsored by Olododo Cook, chairman, of the House committee on national planning and economic development, had passed the second reading and with the approval, it would be slated for the final (third reading) and passage into law.
However, PenoP while reacting through their president, Oguche Agudah said the passage did not align to standard rules, adding that the sector has come a long way and cannot afford to be returned to the old days.
He said Nigeria’s pension industry has grown over the last 18 years since the Pension Reform Act (PRA) was initially enacted in 2004. The industry has ensured that the average Nigerian worker is able to retire in peace and dignity as the Act brought about the professionalization of pension fund administration and the growth of the pension industry in Nigeria.
“Over the last number of years, we have seen many actors try to reverse these gains, usually from seeking to amend the act that would allow groups of people to leave the scheme.
These acts are typically done through legislative actions as certain groups sponsor bills to exit the Contributory Pension Scheme (CPS) as reports have come to our attention stating that a Bill for an Act to amend the Pension Reform Act, 2014, to Exclude/Exempt the National Assembly Service from the Contributory Pension Scheme and Establish the National Assembly Service Pension Board; and for Related Matters (HB 2025) has been passed by the House of Representatives to exempt the National Assembly staff from the Contributory Pension Scheme by establishing a National Assembly Pension Board.
We are not convinced that this bill was passed in “good” faith. We also believe that an important bill of this nature, should go through the standard and due legislative processes. One of such processes is the convening of a public hearing where all stakeholders that are affected by the bill are invited to discuss and engage,” he explained.
Agudah added that all the stakeholders like the workers union, labour, the Pension Fund Operators, the Regulators, Employers of labour and other critical stakeholders were not engaged in the process.
Speaking further, the Operators Association also said they were reliably informed that some principal officers of the House who normally should oversee the passage of bills were unavoidably absent, bringing the integrity of the process into question.
“We are forced to question whose interests this bill is geared to serve. It needs to be ascertained, why the bill was passed without the crucial input of citizens and stakeholders? This breach of sacrosanct legislative processes and the rather hurried passage of this bill, triggers serious concerns and should be revisited urgently in the interest of both National Assembly staff, the pension industry and the nation in general.
As a matter of fact, there are a number of proposed amendments to the current pension act that have been proposed within the house for a number of years. So, for this bill to pass quickly, while the others left unattended to speaks to ulterior motives,” he added.
PenoP noted that the Federal Government had earlier issued a white paper stating that the Police Force or any other government agency should not leave the Contributory Pension Scheme as the scheme was the Federal Government’s way to have structured and sustainable pensions for its employees.
Analysts however say it will not be appropriate to move the police or other sectors of the Federal Civil Service from the current Contributory Pension Scheme (CPS) to a Defined Benefit Scheme (DBS) because of the amount of funds this would cost, considering the fiscal position of the government is currently in.
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
As the world grapples with the question of how global warming can be contained and how the transition toward green energy can be facilitated, Taipei has developed innovative ways and unique solutions to contribute to the country’s clean energy goals.
The private sector as well as government organs are striving to achieve the country’s net-zero goals with detail outlines and ambitious programs, setting an example for many countries around the world.
“The long-term vision of Taiwan’s 2050 net-zero emission transformation will prompt economic growth, stimulate private investments, create green jobs, and enhance energy independence and social well-being,” Environmental Protection Administration Minister Tzi-Chin Chang told a group of reporters in Taipei.
“These will be achieved by building on the competitive transition strategies and governance foundation, which are circulatively sustainable, resilient and safe. It makes net-zero transformation a new driving force for Taiwan’s development.”
Although the country’s gross domestic product (GDP) has grown by 79% since 2005, greenhouse gas emission intensity decreased by 45% as the rate of carbon dioxide emissions from energy combustion stayed flat in the 14 years since 2005.
Taiwanese President Tsai Ing-wen declared in April 2021 that Taiwan is plotting a path to achieve net zero emissions by 2050, and in March this year the Executive Yuan, Taiwan’s highest administrative organ, published Taiwan’s “Pathway to Net-Zero Emissions in 2050.”
Taiwan has set four main strategies to reach the country’s 2050 net zero transition, energy, industrial, lifestyle and social, to be achieved through net zero and negative emission technology R&D as well as climate legislation, namely the regulation of carbon pricing and green finance.
The country aims to improve the exterior design, energy efficiency and appliance energy efficiency standards for buildings. Regarding transportation, a change in travel behavior, reduced demand for transportation and electro-mobility are sought. In terms of industry, energy efficiency, fuel switching and innovative technologies are at the heart of the strategy while scaling up renewable energy, developing new energy technologies, energy storage and power grid upgrades are the aims in terms of electricity.
By 2030, Taiwan set the goal for all urban public buses and official cars to be electric, while 30% of car sales will be electric, which will reach 100% by 2040.
The Taiwanese government has pledged to spend NT$900 billion ($30.7 billion) by 2030 toward reaching its net zero goals. By 2050, renewable energy should account for more than 60% of the country’s power supply.
2022 marks the 35th anniversary since the establishment of the EPA, the main body tasked to oversee the country’s net-zero goals, while local governments are also urged to establish climate committees.
Climate targets Yet, one of the biggest challenges the country faces is its exclusion from most global bodies because of objections from China, which considers it one of its provinces and not a separate country.
Saying that this hinders Taipei from participating in global discussions on climate issues, Chang highlighted: “It is difficult for Taiwan to be updated on and engage in the latest climate action promptly. This gap will lead to a vacancy in global climate governance.”
Chang underlined that net zero can be realized only by jointly working together and said he hoped the international community would support the country in contributing to the global net zero transition.
The warming to date has unleashed a crescendo of deadly and costly extreme weather, from heat waves and drought to flooding and tropical storms made more destructive by rising seas.
Advertisements
| RECOMMENDED
Advertisements
To achieve the ambitious Paris target, global greenhouse emissions must drop 45% by 2030, and be cut to net zero by mid-century, with any residual emissions compensated by removing carbon dioxide from the atmosphere.
To be on track for a net-zero world, emissions would have to plummet by 7% annually over the next eight years.
To put that in perspective: in 2020, with much of the world’s economy on lockdown, emissions fell by only 6%.
Chang indicated that the progress China said it achieved in terms of climate goals might not be as good as mentioned by the government, while the pollution of China also from time to time affected Taiwan.
“Due to the geographic proximity between China, which has been the world’s top carbon polluter for about 15 years, and Taiwan, sometimes the air pollution from China, especially in winter, affects air quality in Taiwan.”
Being asked whether Taiwan is dependent on China for technology for climate transition, Chang said that the country produced its own device equipment including its own solar power system.
“When it comes to the development of renewable energy in Taiwan, starting in 2015, we started to focus on the development of solar power and now the solar power generation has reached nine gigawatts this year. Also, in terms of offshore wind power, we have established 200 wind turbines,” he added.
Chang said that Taiwan has the potential to become the green energy development center of Asia.
“In terms of the development of renewable energy in Taiwan, the biggest challenge we face is that we do not have enough space, so there is limited area for solar power, that is why we are developing offshore wind power.”
He said that industries have great willingness and potential to join international cooperation to jointly cut carbon emissions.
“By developing new technologies and models, the semiconductor industry is actively endeavoring to reduce energy and resource usage in production. It also adopts various smart applications of electronic products with the continuous evolution of semiconductor innovation and promotes global energy conservation,” Chang pointed out.
Taiwan produces the vast majority of the world’s most advanced chips and is home to Taiwan Semiconductor Manufacturing Company Ltd. (TSMC), the world’s largest contract chipmaker and supplier to major companies like Apple Inc.
Chips are crucial for building everything from iPhones and washing machines to cars and fighter jets.
Delta Electronics is a Taiwanese electronics manufacturing company that aims to provide innovative, clean and energy-efficient solutions to contribute to local and global energy efficiency. A spokesperson for the company said that 95% of all the company’s products are to save energy, while Delta also spares 8-9% of its annual sales revenue for research and development to continue its innovative edge.
Delta, which has also an office in Istanbul, offers some of the most energy-efficient power products in the industry, including switching power supplies with an efficiency of over 90%, telecom power with up to 98% and PV inverters with up to 99.2% efficiency. From 2010 to 2021, 35.9 kWh of electricity was saved by global clients using Delta’s efficiency products.
Another institution contributing to the country’s development as well as climate goals is the Industrial Technology Research Institute (ITRI), committed to driving industrial development, creating economic value and enhancing social well-being. Within the scope of Taiwan’s 2050 net zero targets, ITRI launched the 2030 Technology Strategy and Roadmap to address market demands and global trends, focusing on smart living, quality health and a sustainable environment
Area for bilateral cooperation Taiwan’s strategy and programs to achieve net zero in 2050 provide an exemplary road map for many countries and could also serve as an area for cooperation and exchange of know-how and ideas with Türkiye, which similarly draws a road map for its goals.
Chang said that bilateral cooperation with Taiwan is important so the country can contribute to climate change issues.
Environment, Urbanization and Climate Change Minister Murat Kurum recently announced that Ankara is considering implementing a comprehensive law to fight against climate change and that Parliament is expected to pass the country’s climate law this year.
Türkiye unveiled a revised plan at the COP27 climate summit for cutting its carbon emissions.
“We have updated our nationally determined contribution,” Kurum told the U.N. climate conference, referring to the national plans for reducing greenhouse gases submitted by nearly 200 countries under the 2015 Paris Agreement.
“Our emissions will peak by 2038 at the latest,” the minister said. The new nationally determined contributions (NDCs) call for Türkiye to reduce its emissions by 41% by 2030 compared with what those emissions would have if they continued to grow at a rate of 8% per year. The new plan had yet to be formally submitted to include in the official U.N. Climate Change registry of the NDCs.
Türkiye’s emissions stood at 530 million tons of carbon dioxide in 2020, representing a 1% share of global emissions. The electricity sector accounted for 24.1% of total emissions followed by the manufacturing sector at 21.2%. Transportation recorded 15.8%, buildings held a 13.8% share and waste 11.1%. The agricultural sector was responsible for 9.3% of emissions and the remaining 4.7% stemmed from the shipping, oil, and gas sectors in Türkiye.
The country has ratified the Paris climate agreement and is focusing on conforming to the European Union Green Deal as it plans to implement several projects across an array of fields from transportation to industry, agriculture and trade as of 2023.
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
President Recep Tayyip Erdoğan on Wednesday said he believed that a deal allowing Ukraine to export grain through the Black Sea that is set to expire this weekend would remain in place.
“I am of the opinion that it will continue. There’s no problem there,” Erdoğan told a press conference at the G-20 summit in Bali, Indonesia.
Ukraine is one of the world’s top grain producers, and Russia’s invasion of the country blocked 20 million tonnes of grain in its ports before the United Nations and Türkiye brokered the deal in July.
The pact is due to expire on Nov. 19 and Erdoğan said Ankara is making efforts to extend it by a year.
Advertisements
| RECOMMENDED
Advertisements
Erdoğan said he would speak with Russian President Vladimir Putin as soon as he returned to Türkiye.
“Because the path to peace passes through dialogue,” he said.
A separate agreement brokered by the U.N. and Türkiye also signed in July allows the export of Russian food and fertilizers despite Western sanctions imposed on Moscow following its invasion of Ukraine.
Erdoğan said the export of fertilizers and ammonia “is important.”
PROFITABLE FOREX, BITCOIN AND BINARY TRADER. Do you require the service of a tested, trusted and experienced trader who can help you trade your online Forex, Bitcoin and Binary accounts for minimum 10-20% weekly profit?. Click here for details www.standfx.com, WhatsApp: +2348030797998
URGENT NEWS: Nigerians can now earn in US Dollars from home, let’s show you how our client earned $13,000 (₦9,600,000.00) on a premium domain name within 2 weeks of acquisition. Click here
The ASUU president added that in order to adequately assess the extent of the harm caused by the crisis brought on by the country’s currency redesign, developmental economists would need…