Connect with us


BIG STORY

Cash Withdrawal Limit: CBN Denies Targeting Politicians, Says Policy Was Based On Research

Published

on

The Central Bank of Nigeria (CBN) says the cash withdrawal limit policy was not made based on political reasons.

Aisha Ahmad, CBN deputy governor, financial systems stability, spoke on Thursday while fielding questions from members of the house of representatives during plenary.

The apex bank had reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

The bank also reduced the withdrawal limit at automated teller machines (ATMs) and point-of-sale terminals to N20,000 per day.

The CBN has been roasted by critics since it announced the policy. While many argued that it would subject rural dwellers to more hardship, others said the bank’s decision to limit cash withdrawals was targeted at politicians ahead of the 2023 general elections.

Following the seething pressure mounted on the CBN, the apex financially institution succumbed on Wednesday — increasing the withdrawal limit for individuals and organisations to N500,000 and N5 million, respectively.

Speaking on the matter on Thursday, Ahmad said the CBN as an independent institution does not make policies based on political consideration.

“I have to make it very clear that the CBN is an independent institution and our decisions are taken based on research — it is the work of many teams working together across the different directories,” she said.

“On this issue, we had teams from banking supervision, payment system, and currency management across the entire bank and it is then brought up and we make a decision.

“At no time do we make a decision based on any political consideration. I must state that.”

She added that the new policy will limit the costs associated with moving cash as well as tackle terrorism financing.

BIG STORY

Stella Visited Vatican City To Secure My Release From Prison — Former President Obasanjo

Published

on

Former President Olusegun Obasanjo has shared the significant role his late wife, Stella Obasanjo, played in securing his release from prison.

In 1995, Obasanjo was arrested and convicted by the military regime of the late Sani Abacha for his alleged involvement in a planned coup.

After four years of detention, Obasanjo was released in 1998 by Abdulsalami Abubakar, following Abacha’s death.

During his imprisonment, Stella was a strong advocate, relentlessly demanding her husband’s release.

She tragically passed away on October 23, 2005, during a liposuction surgery.

Speaking on Friday at the inauguration of the 250-bed Stella Obasanjo Hospital in Benin, the Edo state capital, the former president recounted how his late wife traveled to the Vatican City and other parts of the world to secure his freedom.

“My late wife went everywhere to ensure that I came out of prison alive. She was in Vatican City, France, and other parts of the world,” Obasanjo said.

“We were planning for her 68th birthday anniversary but never had it before she died. It was very painful for me in particular and for all of us in my family.

“So you can appreciate how thankful I am to you for doing this in her honour.”

He expressed gratitude to the Edo state government for recognizing his late wife, “who made tremendous contributions to my achievements in public life.”

Obasanjo also praised Governor Godwin Obaseki for “starting and finishing well.”

“I have worked in the past with the likes of John Oyegun; he was a fantastic permanent secretary. I reminded him recently of some of the things that he practised on me and the ones I practised on him,” Obasanjo added.

“With this hospital, you’re assured of first-class treatment for any ailment. More grace to the elbows of the governor. With this kind of edifice, I can say that the governor started well and is finishing well.”

Continue Reading

BIG STORY

Court Remands Woman For Allegedly Stabbing Husband To Death In Ibadan

Published

on

An Iyaganku Chief Magistrates’ Court yesterday ordered the remand of a housewife, Olajumoke Olalere, 33, at Agodi Correctional facility, Ibadan, for allegedly stabbing her husband to death.

The Chief Magistrate, Mrs Olabisi Ogunkanmi, who did not take the defendant’s plea for lack of jurisdiction, ordered her remand pending the legal advice from the Directorate of Public Prosecution (DPP).

She, thereafter, adjourned the case until March 5, 2025 for mention.

According to The News Agency of Nigeria (NAN), the police charged Olalere with a count of murder.

The prosecutor, Cpl. Akeem Akinloye, had told the court that the defendant on October 30, at 9.00 p.m. allegedly caused the death of her 39-year-old husband, Oluwasegun Tinubu.

Akinloye said the defendant allegedly stabbed her husband with a knife during a disagreement at their house, at Zone 5, Gbelu, Iyana – Agbala, Ibadan.

Continue Reading

BIG STORY

UPDATE: EFCC Grants Former Delta Governor Okowa Bail Over Alleged N1.3trn Fraud

Published

on

The Port Harcourt zonal command of the Economic and Financial Crimes Commission (EFCC) has granted administrative bail to Dr. Ifeanyi Okowa, a former governor of Delta State, over allegations of diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.

Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, after reporting to the Port Harcourt Directorate of the EFCC at the invitation of investigators handling his case.

Sources confirmed that the former governor left the EFCC facility around 9 pm on Wednesday night.

A source under anonymity stated: “He left the facility at about 9 pm yesterday (Wednesday).”

“Okowa is expected to return soon to provide documents and answer more questions before the matter will be charged to court.”

The former governor is accused of failing to account for the 13% derivation funds, as well as an additional N40 billion, which he allegedly claimed to have used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).

Specifically, Okowa is said to have purchased N40 billion worth of shares in one of the country’s major banks, representing an 8% equity stake in the offshore LNG venture.

The funds are also alleged to have been diverted for other purposes, including acquiring properties in Abuja and Asaba, Delta State.

Continue Reading



 

Join Us On Facebook

Most Popular