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Amid Naira Scarcity, CBN Launches Portal To Deposit Old Notes

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The Central Bank of Nigeria (CBN) has launched a portal for bank customers to deposit their old naira notes amid a scarcity of new notes.

The CBN in a notice posted on its website titled ‘Redemption of Currency’ provided a link to the portal to enable Nigerians to redeem (deposit) their old notes.

President Muhammadu Buhari in a broadcast Thursday approved the continued use of N200 notes as legal tender across Nigeria. But the president added that the CBN’s directive on the phasing out of the old N500 and N1000 notes remains.

“Please click here to create your profile, generate reference and print out receipt for you to proceed to the nearest CBN Branch to deposit your old N1000, N500 and N200 notes into your bank account,” a notice on the portal reads.

“Please visit this link, https://crs.cbn.gov.ng, ONLY through the CBN website. Go to the CBN branch with the print out.”

To create a profile, a frame is filled where a reference number is generated. Here, customers are required to provide their bank verification number, email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed.

To complete this process, the CBN said that the ‘condition for redemption of currency’ must be met.

According to the central bank, part of the conditions is that depositors can only access the window once and beneficiary accounts would only receive value after the successful processing of cash deposited and verification of documents submitted.

“A depositor shall not be entitled to recover from the bank the value of any mutilated or imperfect notes,” the notice added.

“The circumstances under which such notes may be refunded ex-gratia shall be within the absolute discretion of the bank; Depositors can check the status of transactions on the portal here; Transactions would be concluded within a minimum of three working days. All deposits will be treated in accordance with the relevant laws.”

Upon completion of the form, a reference number is generated to indicate which of the central banks to go deposit the old notes.

Last Friday, the National Council of State advised on the need for aggressive action on the part of the central bank as it relates to the implementation of the new naira policy. The council said that the CBN should urgently make more new notes available.

Parts of southern Nigeria have descended into chaos in recent weeks, with long queues at ATM points and fights breaking out inside commercial banks.

In recent days, violent protests have been recorded in Ogun, Oyo, Edo and Akwa Ibom in the country’s south, and social media is awash with lamentations of suffering Nigerians who are not able to access their funds for transactions.

On Thursday, Mr Buhari noted that he “sympathises” with citizens over the difficulties being experienced in the implementation of the policy. However, he also blamed “unscrupulous” officials in the banking industry for being “inefficient”.

“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through the availability of appropriate amounts of currency; and ability to make deposits.” Mr Buhari said.

BIG STORY

Four Nigerian Students Jailed In UK For Fighting With Knives, Baseball Bats

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Four Nigerian students have been sentenced in the United Kingdom for their involvement in a violent altercation that involved knives and a baseball bat in Leicester.

The incident, which took place on New Park Street in the early hours of November 4, 2021, left one victim with multiple stab wounds.

Following a thorough investigation by the Leicester City Police, authorities identified the culprits through CCTV footage, phone tracking, and public assistance.

The six-week trial concluded in October, and the sentences were delivered on November 14.

A report published on the police website last Thursday provided details of the outcome.

Destiny Ojo (21), of Plumstead, London, was sentenced to seven years for violent disorder, attempted grievous bodily harm (GBH), and GBH with intent.

Habib Lawal (21), of Bexley, London, was sentenced to five years for violent disorder, attempted GBH, and GBH with intent.

Ridwanulahi Raheem (21), of Lambeth, London, was sentenced to three years for violent disorder and possession of a bladed article.

Joshua Davies-Ero (21), of Bexley, London, was sentenced to two years for violent disorder.

A fifth defendant, Justin Asamoah (22), of Merton, had earlier pleaded guilty to possession of a bladed article and is scheduled to be sentenced on November 22.

A spokesperson for Leicester Police praised the public for their help during the investigation and emphasized the importance of addressing violent behavior to ensure community safety.

Detective Constable Sean Downey, commenting on the case, said, “This incident underscores the grave dangers of violent disorder. It is fortunate that the injuries sustained were not more severe or fatal. This could have been a very different investigation.”

He added, “We thank everyone who supported the investigation. As a force, our priority is public safety. Violent behavior will not be tolerated in our communities, and we will continue to take decisive action against offenders.”

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BIG STORY

Enugu LGA Chairman Appoints Aides On Garden Egg, Pepper, Yam

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Eric Odo, chairman of Igbo Etiti LGA in Enugu state, has appointed Ezeugwu Ogbonna as senior special assistant on agriculture (yam and pepper).

The appointment was formalized in a letter dated November 1, addressed to Ogbonna.

“I am pleased to inform you that the executive chairman Igbo Etiti LGA has approved your appointment as senior special assistant to the local government chairman on agriculture (yam and pepper),” the letter states.

“You should report to the executive chairman Igbo Etiti LGA, Ogbede, for briefing and deployment,” it continues.

“It is pertinent to note that this is not a career civil service appointment but a temporary appointment which you hold at the pleasure of the executive chairman of Igbo Etiti LGA,” the letter further clarifies.

Odo also appointed Nwodo Ugonna as special adviser on garden egg and pepper.

The council chairman did not specify the exact duties of the appointees.

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BIG STORY

NNPCL Admits Challenges Delaying Port Harcourt Refinery Take-Off

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Barely two months after the September completion deadline flop, the Nigerian National Petroleum Commission (NNPC) has explained why it could not deliver the much-awaited Port Harcourt Refinery Company.

In an interview (with The Punch) on Monday, the NNPC Chief Corporate Communications Officer, Olufemi Soneye, said the company encountered risks and challenges while carrying out the rehabilitation, being a brownfield project.

He noted that the NNPC began the commissioning of critical equipment and processing units after the mechanical completion in Nigeria.

“You may recall that mechanical completion of the PHRC revamp was successfully achieved several months ago, marking a significant milestone in the project. Following this, we began the commissioning of critical equipment and process units.”

“However, as is common with brownfield projects of this scale and complexity, we encountered unforeseen risks and challenges,” he stated.

Nonetheless, he told (The Punch) that the issues were resolved and commissioning activities have resumed.

Soneye stressed that work is being carried out to ensure the project’s completion.

“These issues have since been effectively resolved, and commissioning activities have resumed.”

“Work is being carried out around the clock to ensure the successful completion of this critical project,” he told our correspondent.

Asked if there is any timeline for the completion of the project, he replied, “Shortly.”

It was observed that the NNPC desisted from giving new deadlines for the delivery of the refinery, having failed to meet its deadlines seven times.

The moribund Port Harcourt refinery is one of three owned by the Federal Government and managed by the NNPC.

Nigerians have been hopeful that the cost of fuel could crash if the country refines its crude and ends the import of refined products.

The NNPC said last week that it would continue to import fuel, saying it was not the sole off-taker of petrol at the Dangote refinery.

The refinery, situated in Nigeria’s oil-rich Niger Delta region, has been in operation since 1965, but later became moribund for several years.

In March 2021, the Nigerian government acquired a $1.5bn loan for the renovation and modernisation of the refinery, but the contractor handling the project has yet to announce its completion.

It was gathered that promises made to Nigerians by the Federal Ministry of Petroleum Resources and the NNPC about the refinery have continued to hit brick walls.

After the failure of the sixth deadline in early August, the then Chief Financial Officer of the NNPC, Umar Ajiya, said the refinery would commence operations in September 2024.

However, September ended without a word from the NNPC about the refinery, and Nigerians have been left in the dark since almost two months ago.

Recall that the contractor overseeing the rehabilitation of the Port Harcourt refinery, Maire Tecnimont SPA, refused to disclose the completion date for the project, despite a formal request from a human rights lawyer, Femi Falana.

Apparently baffled by the delay in the completion of the project, Falana had filed an official request under the Freedom of Information Act, seeking clarity on the date set aside for the project completion.

In response, Maire Tecnimont’s legal representative, Muyiwa Ogungbenro, a partner at Olajide Oyewole LLP, sent a letter to Falana in early October, declining to reveal the information.

Ogungbenro stated that the Managing Director of Maire Tecnimont SPA, as part of an independent private contractor, is not obligated to disclose such information under the FOI Act.

“We are counsel to Maire Tecnimont SpA, and we have our client’s instruction to respond to your letters dated 17 and 24 September 2024 requesting information on the contract between our client and Nigerian National Petroleum Company Ltd.

“Our client is a private company. Being a private independent contractor, our client is not a company in which any government has a controlling interest, and does not provide public services, functions or utilise public funds for them to be bound by the obligations in the Freedom of Information Act.

“On this ground, our client regrettably cannot provide the information you have requested,” Ogungbenro declared.

Since then, information about the refinery has been kept from the public, whose hope for cheaper petrol lies in the facility.

From December 2023, NNPC had been giving Nigerians different dates, assuring them that the refinery would begin the sale of refined products soon, having attained mechanical completion.

In July, the Group Chief Executive Officer of the NNPC, Mele Kyari, stated categorically that the refinery would come into operation in early August. He had said in 2019 that the NNPC would deliver all the country’s four refineries before the end of former President Muhammadu Buhari’s administration last year.

When he appeared before the Senate in July, Kyari boasted, “I can confirm to you, Mr Chairman, that by the end of the year, this country will be a net exporter of petroleum products.

“Specific to NNPC refineries, we have spoken to a number of your committees, and it is impossible to have the Kaduna refinery come into operation before December, it will get to December, both Warri and Kaduna; but that of Port Harcourt will commence production early August this year.”

However, the promise was not fulfilled in August which was the sixth postponement.

Though the NNPC said it was on course, the refinery has yet to commence operations even as the fourth quarter of the year nears the end.

Recall that the 210,000 barrels per day refinery was said to have reached what the NNPC called mechanical completion of rehabilitation work in December. It stated that the facility would start refining 60,000 barrels of crude oil daily after last year’s Christmas break.

Later in January, Kyari said the refinery was being tested and would be ready by the end of the first month.

During the second month of the year, the Shell Petroleum Development Company of Nigeria Limited completed the supply of 475,000 barrels of crude oil to the facility, raising the expectations of marketers that production would soon start.

This came a few weeks after the NNPC said in January that it was seeking to engage reputable and credible operations and maintenance companies to run the refinery.

In mid-March, Kyari said the Port Harcourt refinery would commence operations in two weeks, April.

“We are serving this country with honour and dignity. And we will make sure that the promises we make on the rehabilitation of these refineries will take place,” Kyari stated after he appeared before the Senate Ad-hoc Committee investigating the various turnaround maintenance projects of the country’s refineries.

As the April deadline elapsed, independent petroleum marketers told (The Punch) that the facility would begin production by the end of July.

Commenting on this then, NNPC’s spokesman, Soneye, said that regulatory approvals from international bodies were the only impediment stalling the operational commencement of the refinery.

 

Credit: The Punch

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