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CBN Writes Reps Over Emefiele’s Absence, Cites “Official Engagement, Health Challenge”

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The Central Bank of Nigeria (CBN) says Godwin Emefiele, governor of the CBN, will not appear before the house of representatives on Thursday.

Instead, Aisha Ahmad, CBN deputy governor, financial systems stability, will lead a team of high-ranking officials of the apex bank to brief the house of representatives during plenary on Thursday.

In a letter addressed to the house of representatives and read by Femi Gbajabiamila, speaker of the house, during Wednesday’s plenary, the CBN said Emefiele is not yet back in the country because he is attending to an official engagement and health challenges abroad.

“Regrettably, the governor is out of the country for official engagement as well as attending to some health challenges,” the letter reads.

“He is, therefore, unavailable to attend the briefing. Given the urgency associated with the briefing, a committee of governors led by Mrs Aisha Ahmad, deputy governor, financial systems stability, is prepared to brief the house.”

After Gbajabiamila read the letter, the lawmakers responded “no” to the request for the CBN governor to be represented.

But Gbajabiamila appealed to his colleagues to put aside “sentiment” since the issue at stake is “critical”.

“At this stage, while I understand the sentiment, we have to rise above certain things and not make it personal anymore, in the sense that there is a very critical issue which is the issue of this cash policy,” he said.

He said if the CBN governor is out of the country and attending to his health, it shouldn’t be insisted that he appear in person before the lawmakers.

Gbajabiamila said it will not serve the interest of the house and country to wait till Emefiele returns, which could be in January because “a lot would have happened by then”.

“But if he has asked somebody who is fully equipped with all the facts who can be questioned by the house, who is a deputy governor, financial systems stability, which is what this is about, I think we should hear from her,” he said.

Also speaking, Idris Wase, deputy speaker, said the CBN is an institution and Emefiele should be represented in the circumstance that he is unavoidably unavailable.

The Summons

Emefiele was summoned by the green chamber on December 8, over the CBN’s new cash withdrawal policy.

The lower legislative chamber also asked the apex bank to suspend the policy scheduled to take effect on January 9, 2023.

In a memo issued and signed by Haruna Mustafa, director of banking supervision, the apex bank had directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week.

The CBN also directed that only N200 and lower denominations should be loaded into banks’ ATMs.

But Emefiele, who was supposed to appear before the lawmakers on December 15, wrote through Edward Adamu, CBN deputy governor, corporate services, that he was out of the country.

At plenary on Tuesday, the house rescheduled his appearance to Thursday, but the CBN wrote again on Wednesday, saying Emefiele won’t be available to brief the lawmakers.

The development comes days after a federal high court in Abuja declined an application by the Department of State Services (DSS) to arrest and detain the CBN governor.

The court had said there was no concrete evidence to substantiate the claim that the CBN governor was involved in terrorism financing and economic crimes.

BIG STORY

JUST IN: Sanwo-Olu’s Deputy Chief Of Staff Gboyega Soyannwo Dies After Brief Illness

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Gboyega Soyannwo, the Deputy Chief of Staff to the Lagos State Governor, has been declared deceased following a brief illness.

After celebrating his 55th birthday in October of last year, Soyanwo reportedly slumped and passed just a few hours later.

On Thursday, after being taken to a hospital after collapsing, doctors declared him deceased.

It was discovered that the deceased, who had been a part of Babajide Sanwo-Olu’s administration since the latter’s first term in 2019, had suffered a partial stroke over the weekend.

Insiders at the governor’s office revealed that after word of Soyannwo’s passing spread, his passing interfered with operations.

Many of the staff, according to the source, could not hide their expression after the Chief Of Staff, Tayo Ayinde, broke the news to the him.

Soyannwo was born on 3rd October 1968 and had his primary education at the Corona School Victoria Island, Lagos from 1974-1980 and his secondary education at the prestigious Kings College, Lagos from 1980-1985.

He thereafter proceeded to the Federal School of Arts & Science for his A-Levels which he successfully completed in 1987. He thereafter sought and was granted admission into the University of Lagos from where he graduated in 1992 earning a Bachelor of Science (B.Sc. Hons.) Degree in Economics.

Soyannwo also holds an MBA (General Management) from the revered Lagos Business School.

Soyannwo started his career at the Central Bank of Nigeria in 1992 as a Youth Corp member. He subsequently worked in the following institutions where he served in various capacities: Financial Services Consultants Limited, STACO Insurance Plc., National Bank Of Nigeria Limited (now WEMA Bank Plc). Zenith Bank Plc. and Oceanic Bank International Plc (now Eco Bank Plc.), where he left in December 2009 as the Group Head – Commercial Banking to join the First Class Group Limited as Director, Finance and Strategy.

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JUST IN: Labour Rejects FG’s N48,000 Minimum Wage Proposal

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Organised labour has turned down the N48,000 proposed by the federal government as minimum wage for public service workers.

On Wednesday, May 15, during the reconvened tripartite committee meeting, the government presented its position to labour.

The Trade Union Congress of Nigeria (TUC) and the Nigeria Labour Congress (NLC) left the virtual conference in protest.

Attending the conference, a labour leader expressed doubts about the federal government’s commitment to providing workers with a decent wage.

“What the government has presented to us is wage reduction. This government is not serious about giving workers a living wage,” the labour leader said.

Tinubu had on May Day promised workers a living wage, assuring them that their days of waiting for a living wage were over.

NLC and TUC proposed N615,000 as minimum wage, citing the high cost of living as the yardstick for the proposal.

During Wednesday’s meeting, the Nigeria Employers’ Consultative Association (NECA), which had earlier declared that the least worker in the private sector was paid N78,000, presented N54,000 as the new minimum wage.

As of the time of filing this report, the NLC and TUC have called for an emergency press briefing to present the federal government’s proposal at the meeting to pay workers the minimum wage, and their next line of action.

President Tinubu, through Vice President, Kashim Shettima, on January 30, inaugurated the 37-member tripartite committee to come up with a new minimum wage.

With its membership cutting across federal, and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country.

Shettima, during the committee’s inauguration, urged the members to “speedily” arrive at a resolution and submit their reports early.

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

He also urged collective bargaining in good faith, emphasising contract adherence and encouraging consultations outside the committee.

The 37-man committee is chaired by the former Head of the Civil Service of the Federation, Goni Aji.

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President Tinubu Inaugurates Three Gas Projects, Says They’ll Drive Economic Growth [PHOTOS]

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has inaugurated three critical gas infrastructure projects in Nigeria.

The Nigerian National Petroleum Company (NNPC) Limited, AHL, and Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) jointly control the 200 million standard cubic feet per day (mmscf/d) AHL Gas Processing Plant 2 (GPP – 2), which Tinubu officially opened.

It is an addition to Delta’s Kwale Gas Processing Plant (GPP – 1). Additionally, the president officially opened the ANOH-OB3 CTMS gas pipeline project and the ANOH gas processing plant, both operated by NNPC and AGPC Seplat Energy and situated in the state of Imo.

In a virtual speech, Tinubu stated that the three gas projects help the federal government’s goal of reducing gas flaring and increasing the value of the country’s gas resources.

Tinubu also commended NNPC and other partners for completing the projects within 11 months, and not two years as earlier planned.

“It is pleasing that approximately 500MMscf of gas in aggregate would be supplied to the domestic market from these two gas processing Plants, which represents over 25% incremental growth in gas supply,” he said.

“In practical terms, this is more gas to the power sector, gas-based industries and other critical segments of the economy.”

The president said the federal government is stepping up its coordination of other landmark projects and initiatives to ensure the earliest realisation of gas-fueled prosperity in the country.

He also assured investors in the energy space that “this is an investment enabling the government and we will not relent in facilitating the ease of doing business”.

“The theme of this commissioning, ‘From Gas to Prosperity; Renewed Hope,’ must be adopted by all gas sector participants and would-be investors as a clarion call to ramp up efforts to accelerate investment and developments of projects in the gas sector on a win-win basis,” Tinubu added.

He further commended NNPC and its partners, SEEPCO and Seplat Energy, for the laudable and value-adding projects.

On his part, Mele Kyari, group chief executive officer (GCEO) of NNPC, said the three infrastructure projects will enable additional gas processing capacity and also increase the supply of liquefied petroleum gas (LPG), thereby, reducing the dependency on importation.

“NNPC is currently executing several major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline with the associated power plants, the full delivery of the wider OB3 project shortly and also progressing with other initiatives such as fertiliser and petrochemical plants, small and large scale LNG and floating LNG” Kyari said.

He said the projects present the opportunity to monetise the country’s abundant natural gas resources, by expanding access to energy to support economic growth, industrialisation, and job creation.

In his remarks, Ekperikpe Ekpo, minister of petroleum resources (gas), said in keeping with the climate control agenda, the government decided to use gas as the transition fuel to achieve green energy by 2060.

“The decision to eliminate fuel subsidies at the start of your administration has compelled increased spending in the upstream and midstream gas development, and the use of gas as an appropriate, more cost-effective, and cleaner alternative to diesel and gasoline,” Ekpo said.

The minister added that the plant will promote rapid industrialization in Nigeria and boost power generation.

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