BIG STORY

Cash Withdrawal Limits: Reps Order CBN To Suspend Move, Banks Adamant

Published

2 years ago

December 21, 2022

House of Representatives on Tuesday insisted that the Central Bank of Nigeria must not proceed with its cash withdrawal policy.

Although the CBN Governor, Godwin Emefiele, for the second time, failed to appear before the House, the lawmakers said their December 8 directive to the apex bank to put the policy on hold had not changed.

Amid protests and condemnation, the lawmakers rescheduled the CBN governor’s appearance for Thursday (tomorrow).

It was however gathered that CBN had not circulated any counter directive to banks and other financial institutions stopping the policy despite the resolution of the lawmakers.

The House at its plenary on December 8 summoned Emefiele to appear before it on Thursday last week to explain the latest policy by the CBN which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

Among others, the CBN, in a statement on December 6, indicated that beginning from January 9, 2023, the amounts individuals and corporate organisations could withdraw per week would not exceed N100,000 and N500,000, respectively.

The lawmakers wanted to grill Emefiele on the policy on Thursday last week but he failed to appear at the green chamber.

The Deputy Governor, Corporate Services, CBN, Edward Adamu, in a communication to the House told the lawmakers that Emefiele was part of the entourage of the President, Major General Muhammadu Buhari (retd.), on an official trip to the United States.

Deputy Speaker of the House, Ahmed Wase, who read out the letter at the opening of plenary said Gbajabiamila had rescheduled Emefiele’s appearance to Tuesday (yesterday).

At the opening of plenary on Tuesday, the Speaker of the House, Femi Gbajabiamila, notified members that Emefiele would not be appearing before them.

Gbajabiamila said, “First, I think it is important that I communicate back to the House because a couple of weeks ago, the House resolved to, and in compliance with the Central Bank Act and the Constitution of the Federal Republic of Nigeria; we invited the Central Bank governor to brief us last Thursday on policies and what was going on; to brief the House on both the redesigning of the naira and, more importantly, the new cash policy.

“The Central Bank governor was supposed to come in last Thursday but he wrote to the House stating that he was unavoidably absent as he was in the United States on an official visit with Mr President. The House did write back to give him another date since he was officially out with Mr President, and that other date was for today, Tuesday, 10 am.

“Just yesterday, I received a letter from the Central Bank…rather, the Clerk (to the House) received a letter which I have with me. It was not addressed to me, but to the Clerk, since he was the one that wrote the invitation letter in the first place.”

The Speaker went on to read out the latest letter from the Deputy Governor, Corporate Services, CBN, Edward Adamu, titled ‘Re-Invitation for Briefing.’

It read in part, “We refer to your letter of December 15, 2022, inviting the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to appear before the House of Representatives on a rescheduled date of Tuesday, December 20, 2022.

“Regrettably, the governor is unavailable to brief the House of Representatives at this time because he has other pre-scheduled official engagements he is currently addressing abroad.

“Accordingly, he has requested that we respectfully convey his inability to honour the invitation on the rescheduled date. The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment.”

Lawmakers kick

Gbajabiamila then sought the opinion of members on the next line of action.

A member of the House, Yusuf Gagdi, said he was not going to comment on the policy “but about your powers and our powers, and the need to respect the Nigerian people.”

He stated that the crafters of the Constitution did not err by creating the House to call public office holders to account for their activities on behalf of Nigerians.

Gagdi said, “I think at this point in time, it is quite important for us to let such public office holders know that it is not Right Honourable Femi Gbajabiamila that is summoning the CBN governor or Honourable Yusuf Gagdi or the Deputy Speaker or any member; it is the collective whims of the Nigerian people that are inviting the CBN governor to come and explain some of the policies that Nigerian people needs explanation for.

“I am not against any policy but I am against disrespect to you and to the Nigerian people. The Speaker is a symbol of this House and Nigerian people. So, if you disrespect Mr Speaker, you are disrespecting Nigerian people; you are disrespecting the House.”

The Speaker interjected to say that he wanted to put the matter in the proper context.

Gbajabiamila said, “The invitation was not from the Speaker, the invitation was from the House; that is one. Two, in fairness, at the time the invitation went out, he was already out of the country officially. So, I don’t want to see it as disrespect, as such.

‘’He was already out of the country. I get your point…once, twice and there cannot be a third time. And I don’t think he can be out of the country for so long. I am just thinking that we can give another date on Thursday.”

Dissatisfied, Gagdi stated, “Mr Speaker, we have names to protect. As much as I agree with you 100 percent and I am guided, I wish to equally say that we should be mindful of the impression the House is giving out there.

“I have to commend the House for even inviting him in the first instance. But Mr Speaker, you are coming together for a policy that is commencing in the next few weeks. I believe coming back to address some of these daunting challenges is quite imperative than any other thing they are doing.

“It is important for the CBN governor to know that we will not tolerate further excuses in terms of non-appearance before the House to explain to Nigerian people some of these policies.”

In his submission, Femi Bamisile said he agreed with Gbajabiamila, urging other lawmakers to be patient with the CBN governor.

Also, Abdulganiyu Olododo-Cook asked if the House was sure that Emefiele would appear on Thursday, being the last plenary for the year.

Gbajabiamila noted that the most important thing was for the House to get “a proper, full briefing and it behooves the CBN governor, in accordance with the law, to brief this House.”

He said Olododo-Cook raised a valid point as to Emefiele staying outside the country beyond Thursday.

The speaker said, “At this point, we will be requesting to find out what that official assignment is that will keep the CBN governor away for almost two weeks. I would like to know that official assignment at this critical point in Nigeria that will keep him away for two weeks.’’

“In my humble opinion, because this House will also more than likely close on Thursday for the Christmas break, I think we should resolve to invite the CBN governor to brief this House on Thursday morning. And if for any reason it is verified that he is unavoidably out of the country on Thursday and he has a deputy governor or anyone who is well equipped to fully brief this House, so that we do not carry this unto next year. So, the CBN governor for Thursday or his deputy who is fully equipped with all the facts.” he said.

However, the Minority Leader, Ndudi Elumelu, however, reminded members that the resolution suspending the policy was still in force, whether Emefiele appeared or not.

Elumelu argued, “Mr Speaker, I think we are missing something here. The House, in the interim, has taken a position. The issue of him coming was just to fulfil all righteousness, in compliance with the law. We have already passed a resolution asking him to suspend the implementation of that policy. And the Senate has equally concurred with the resolution we passed.

“So, whether he comes or he doesn’t come, we have passed a resolution asking him to suspend, and the Senate has concurred. So, what we should be looking at is whether he will disregard the concurrent resolution of both chambers. I think we should work towards and reinforce that, pending when he appears before us to brief the House.”

Gbajabiamila agreed with the minority leader that both resolutions still stand.

In his contribution, the Majority Leader, Alhassan Ado-Doguwa, urged the lawmakers to give Emefiele another opportunity on Thursday.

Asked if banks would continue with their preparations for the commencement of the new cash withdrawal limits on January 9, 2023, the President, Association of Corporate Affairs Managers of Banks, the umbrella body for banks’ spokespersons, Mr Rasheed Bolarinwa, said, “Yes, Deposit Money Banks have prepared for the implementation of the policy effective Jan 9, 2023 up till this moment, except otherwise advised by the CBN.”

Efforts to get comments from the Director of Corporate Communications of the CBN, Mr Osita Nwanisobi, were futile as he did not respond to a text message sent to him on the directive from the House of Representatives, and calls did not go through.

Meanwhile, northern youths under the umbrella of Arewa Youth Assembly on Tuesday stated that criminally-minded politicians against the cash withdrawal limits policy masterminded the alleged failed arrest of the CBN governor by the Department of State Services.

The youths said the World Bank, Internal Monetary Funds, African Development and other development partners should “intervene to save Nigeria and pay special attention to what is happening in CBN and its governor, to ensure that his tenure is not truncated on false charges.”

The Publicity Secretary of the AYA, Alhaji Ali Muhammad, during a press conference in Abuja, described those against the new policies by the CBN as enemies of the country.

He, therefore, called on the President to sack the Director-General of the DSS, Yusuf Magaji Bichi, without further delay.

The Arewa youths maintained that politicians who had stockpiled funds to rig the 2023 poll were behind the move to remove the CBN governor.

Credit: The Punch

Post Views: 492

BIG STORY

Equitorial Guinea Sacks Senior Government Official, Baltasar Engonga Over “Sexcapade”

Published

2 hours ago

November 7, 2024

PorscheClassy News

The Director General of the National Financial Investigation Agency in Equatorial Guinea, Baltasar Engonga, has been dismissed following the discovery of over 400 explicit videos involving him with high-profile women across the country.

The dismissal, ordered by President Teodoro Obiang Nguema Mbasogo, was confirmed by Real Equatorial Guinea, which referenced Decree No. 118/2024, issued on November 4.

According to the decree, Engonga’s removal was due to alleged professional misconduct and personal behavior deemed incompatible with his public position.

The scandal surfaced during a fraud investigation involving the 54-year-old economist, leading to a surprise search of his house and office by ANIF officials.

During the search, they uncovered several CDs containing explicit videos that revealed his sexual encounters with different married women.

One of the women involved has since committed suicide. It has not been confirmed whether Engonga will face prosecution for his actions.

Post Views: 31

BIG STORY

Kaduna Government Gifts N100,000, Smartphones To 39 Released #EndBadGovernance Protesters

Published

9 hours ago

November 7, 2024

PorscheClassy News

The Kaduna State government has provided N100,000 in cash, new smartphones, and additional support to 39 #EndBadGovernance protesters who were recently released from detention.

The government facilitated their reunion with their families on Wednesday, following their release from detention.

The reunion ceremony took place at the Children Homes along Kauru Road in Kaduna, where Governor Uba Sani offered support to the protesters, promising to assist them in reintegrating into society.

He assured them of opportunities for empowerment, contingent upon their commitment to lawful and responsible conduct.

Speaking to journalists after the release of the protesters, the Secretary to the Kaduna State Government, Abdulkadir Meyere, who represented the governor, revealed that Sani had instructed him to gather the credentials of those who have completed their tertiary education.

‘’The governor promised that some of them will be given start-up capital to begin trading, others will be taught skills, and some will be offered employment,’’ he said.

However, the SSG emphasized that the activities and conduct of the released protesters would be monitored to ensure they maintain good behavior, “before these benefits will be extended to them.”

Meyere also noted that the state government had taken the details of the released detainees, including their contact information, telephone numbers, and the names of their Next of Kins, to facilitate tracking and monitoring.

He further explained that the protesters underwent medical evaluations and received psycho-social counseling to encourage them to make positive changes and become productive members of society.

“Both Islamic and Christian religious leaders preached to them to embrace the teachings of their faiths and avoid bad company, so as to benefit from God’s blessings here and in the hereafter,” he said.

Meyere added that the detainees were each given a phone because they had lost theirs during detention, and ‘’the Governor has graciously given each of them N100,000 as a measure of goodwill.”

The state Commissioner for Human Services and Social Development, Hajiya Rabi Salisu, also addressed the protesters during the reunion, emphasizing the government’s commitment to their welfare.

She stated that the 39 protesters, including two minors aged 16 and 17, had received various forms of support from the government.

“We want you to be ambassadors of peace and preach peace within your peer groups, so you won’t be involved in any unlawful protests.

“We want you to return to a more peaceful environment with your families, and then we can invite you back for further training,” she said to the released protesters.

Post Views: 80

BIG STORY

Two Robbers Gunned Down, 23 Suspects Arrested In FCT

Published

12 hours ago

November 7, 2024

PorscheClassy News

The Federal Capital Territory Police Command has killed two armed robbers during a gun duel and arrested four others in the Jahi area of the nation’s capital.

Additionally, no fewer than five car snatchers were arrested, and 13 stolen vehicles were recovered during operations carried out by the FCT command’s Scorpion Squad.

Speaking on Wednesday while parading the suspects in Abuja, FCT Commissioner of Police, Tunji Disu, said the armed robbers opened fire on October 21 after seeing police officers who had responded to a distress call about a robbery in the Jahi area.

According to Disu, during the ensuing gun battle, the police neutralized two of the armed robbers, recovered two of their vehicles, and arrested two suspects, Haruna Abdullahi, 32, from Ikara LGA, Kaduna State, and Yerima Usman, 28, from Itoro LGA, Bauchi State.

He said, “Upon sighting the police patrol vehicle, the suspects opened fire, and in the ensuing confrontation, two suspects were neutralized.”

Disu added that after a follow-up operation on October 23, the suspects led police operatives to arrest two additional gang members—Abba Ismail, aka Dan-Abba, and Ashiru Suleiman—who had escaped from the scene.

“During interrogation, the suspects confessed to being part of a gang of armed robbers led by one Dan Auwalu, who is still at large. So far, they have carried out armed robberies in Mabushi, Jahi, and Gishiri. Efforts are ongoing to apprehend the remaining gang members,” he stated.

Disu also identified the arrested car-snatching suspects as 32-year-old Arji Thomas from Gwoza LGA, Borno State; Amobi Ndukwe, 40, from Awgu LGA, Enugu State; and Amaechi Sampson, 26, from Imo State.

He said the trio—Thomas, Ndukwe, and Sampson—are members of a notorious car-snatching gang led by one Chidiebere, who is currently on the run.

According to him, the suspects were apprehended just as they were about to sell a stolen blue Toyota Corolla with registration number KTW 2155D.

“It is important to note that both Arji Thomas and Amobi Ndukwe are ex-convicts. During interrogation, they admitted to operating in Garki for the past year and a half, claiming responsibility for numerous car thefts within the metropolis,” Disu added.

Disu also explained how Joseph Abang was arrested. He said one Philemon Olaoluwa reported at the Central Police Station that his mechanic, Abdulhamid Saidu, had absconded with his car—a 2006 ash-colored Honda Accord with registration number RBC 40—after repairing it and taking it to Jos.

He added that Saidu, who is still at large, handed over the vehicle to Abang, who confessed to being part of a gang of car thieves operating in Abuja, Plateau, and Nasarawa states.

Disu said, “Extensive investigations led police operatives of the Central Police Station to Jos, Plateau State, where Joseph Abang was arrested. During interrogation, he informed the police that he belonged to a gang of car thieves who operated in Jos, Abuja, and Nasarawa State.

“He specializes in receiving, remodelling, and selling off vehicles stolen by his gang members. During a search operation at his residence and place of business, two additional vehicles—a Hyundai Accent and a Peugeot 208—suspected to be stolen were also recovered from him. He is in custody and will be charged in court upon the conclusion of the investigation.”

Disu also revealed that a Toyota Hilux with registration number 03A309 FG, stolen by a newly employed security guard, Usman Abubakar, was recovered. Efforts are ongoing to apprehend the suspect.

Disu explained that the vehicle, owned by Mr. Frank Udah, was stolen on October 7 by Abubakar, who had only been employed for three days. Preliminary investigations revealed that Abubakar took the vehicle to Nasarawa State, where he handed it over to two other gang members, who have since been arrested and are facing trial for another offence in Nasarawa State.

“Preliminary investigations revealed that the security guard, who had been employed for barely three days, stole the said vehicle on October 7, 2024, and took the same to Nasarawa State where he gave the vehicle to two other gang members who were arrested and currently facing trial for another offence in Nasarawa State. While the vehicle has been recovered, efforts are in place to arrest the suspect, Usman Abubakar, who is still on the run,” Disu stated.

Post Views: 61