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

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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.

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JUST IN: Yahaya Bello Has Honoured EFCC Invitation — Media Office

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Yahaya Bello, the former governor of Kogi, has honored the invitation of the Economic and Financial Crimes Commission (EFCC), according to his media office.

Ohiare Michael, the director of Bello’s media office, stated that Bello “today, honoured the invitation” of the anti-graft agency.

This decision was made “after due consultations with his family, legal team and political allies,” Michael added.

The EFCC had filed charges against Bello for alleged money laundering, breach of trust, and misappropriation of N80.2 billion.

Previously, the commission had declared Bello wanted after several attempts to arrest him were unsuccessful.

On August 20, the Court of Appeal in Abuja ordered Bello to surrender himself for arraignment.

Dele Oyewale, EFCC spokesperson, had said the court’s ruling was a “vindication” of the EFCC’s stance that Bello must face trial.

Bello’s media office said the former governor who has “great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights in order to ensure due process”.

“The case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing,” the statement reads.

“It is important for the former Governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former Governor believes firmly in the efforts of the administration of President Bola Ahmed Tinubu to place Nigeria on the path of sustainable economic development; and supports the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the State work for the people of the State.

“He was accompanied to the EFCC Headquarters by high-profile Nigerians.

“It is our hope that the Commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.”

The media office added that details of Bello’s engagement with EFCC operatives will be disclosed later.

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Oyo State Partners With Gender Mobile To Combat Sexual Harassment In Tertiary Institutions

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Oyo State Government has expressed its readiness to partner with the Gender Mobile Initiative to reduce cases of sexual harassment and other vices in State’s Owned Tertiary Institutions through technology.

Commissioner for Education, Science and Technology, Prof. Abdulwaheed Adelabu disclosed this on Thursday at A One—Day Stakeholders’ Meeting with Education Commissioner on Dissemination, Adaptation, and Implementation of Anti-Sexual Harassment Policy in Tertiary Institutions in Oyo State, held at the Polytechnic, Ibadan.

Speaking further at the meeting organized by the Education Ministry and Gender Mobile Initiative, Prof. Adelabu, said the Ministry together with the organization would design a framework that will complement the existing policies of each public tertiary institution in respect to sexual harassment.

He added that the introduction of technology would assist greatly in tracking perpetrators of sexual harassment in the Institutions and activities of individuals on campuses.

The commissioner openned that lecturers are expected to see their students as biological children and treat them in such a manner.

He submitted that sometimes students deliberately harass their lecturers sexually through various means, calling on both to desist from the act.

Prof. Adelabu revealed that the Governor Seyi Makinde administration would support the organization that is ready to work with Government in achieving its desires goals and objectives.

He noted that the Government will not spare anyone caught engaging in sexual harassment and other vices but deal with them accordingly.

The convener, Barrister Omowumi Ogunrotimi, said the organization sees the need to sensitize and educate the people about what constitutes sexual harassment and ways of preventing the menace, particularly among students of tertiary Institutions.

She hinted that about 70% of undergraduates experienced sexual harassment, adding that the Gender Mobile Applications provides a clear reporting channel for victims of sexual harassment to reach the leaderships of concerned Institutions.

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Pope Francis Bestows Papal Honour On Otedola’s Mum For Service, Contribution To Church [PHOTOS]

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Christine Doja Otedola, the mother of Femi Otedola, the Nigerian billionaire businessman, has been given a Papal honor by Pope Francis.

A Papal honor is one of the highest awards in the Catholic church. It is a distinction given by the Pope to people in recognition of their service to the church and society.

On September 14, the title was given to Christine by Alfred Adewale Martins, the Archbishop of the Metropolitan See of Lagos, on behalf of the Pope.

She was honored in the Pro Ecclesia et Pontifice category.

Otedola shared photos from the event on his X page and congratulated his mother on the award.

“Congratulations Mummy – Dame Christine Doja on your award of the Papal honour of Pro Ecclesia et Pontifice by His Holiness Pope Francis. This is a honour well deserved,” he wrote.

Born on April 3, 1932, in Ijebu, Ogun, Christine married the late Michael Agbolade Otedola, a former Governor of Lagos, after six years of courtship. They welcomed six children; Ayokunle, Femi, Rotimi, Tola, Lola, and Olumuyiwa.

The 92-year-old is also blessed with grandchildren and great-grandchildren.

Christine’s dedication to her faith is evident in her multifaceted contributions to the church. She was an active member of Ladies of Lumumba and president of Christian Mothers at St Anthony’s, Gbaja. She remains the vice president at the Catholic Front-liners Society of St Sebastian Cathedral, Ijebu Ode.

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