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Emefiele Deceived Buhari That Naira Redesign Will Curb Vote Buying — Oshiomole



Adams Oshiomhole, former governor of Edo, says Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), “deceived” President Muhamadu Buhari that the naira redesign policy will curb vote buying during the elections.

Oshiomhole spoke on Sunday during an interview on Channels Television.

Over the past few days, Nigerians across the country have been battling with the scarcity of new naira notes — a development that has led to queues at banking halls and automated teller machines (ATMs).

The development has also led to protests in some parts of the country.

The Central Bank of Nigeria (CBN) had given a deadline of January 31 for the use of old naira notes — but it was recently extended to February 10.

Speaking on the development, Oshiomhole described the policy as “senseless”, saying the decision was taken without any consultation with the government.

He said the absence of wisdom in the implementation of the policy is making vulnerable Nigerians spend days at ATM outlets to withdraw money.

The former national chairman of the All Progressives Congress (APC) accused the CBN governor of deceiving the president that the policy would curb corrupt practices during February and March polls.

“There was no consultation, not even within the government, at least the minister of finance cried out and she warned that there could be economic consequences arising from this decision,” Oshiomhole said.

“We’re taught in basic leadership that whoever has power should pray for wisdom. And with wisdom you will recognise that (with) a population of 200 million people, you can’t change policy overnight as you change from generator to NEPA and vice versa.

“But even worse is that you want me to change my old clothes by fire by force. I’m willing to do so. You told me to remove the old clothes and that I’d need a new ones.

“I’ve removed the old clothes but the new ones are not available, and you leave me naked. And then you tell me that I can’t take more than N20,000 from my own money.

“So, if you spend N35,000 or N30,000 to buy a bag of rice, CBN has a policy that says you can’t take more than N20,000, that is where the ATM is working, which means you will have to queue all day to take money enough to pay for half a bag.

“And if you need a whole bag, you have to queue another day to raise N40,000 to buy a bag of rice. This is not sensible.

“Having worked as a chairman (APC), which enable me to work and relate directly with the president, I know the trick that the CBN played.

“We have a president who had told the world and I believe he was right that if Nigeria does not kill corruption, corruption will kill Nigeria and he meant it.

“Even in informal talks, we do say that if you want the president to accede to something you must assure him that what you want him to approve will not in any way translate to a corrupt practice.

“I think I can guess because I was not there that in obtaining the approval which the president said he gave, I believe the CBN deceived the president by amplifying the need to have a corruption-free electioneering as if the election is the only project that this president has responsibility for.”


UBA Takes Centre Stage At 2024 ECOWAS Mining Forum In Cotonou, Benin As Elumelu Gives Keynote Address



Africa’s Global Bank, United Bank for Africa (UBA) Plc, has been announced as the official sponsor of the 4th edition of the ECOWAS Mining and Petroleum Forum (ECOMOF 2024) scheduled to take place at the Palais des Congrès in Cotonou, Benin from February 22 to February 24, 2024.

The regional event is expected to see a large gathering of key players and stakeholders in the mining and petroleum sectors of the Economic Community of West African States (ECOWAS) and as the financial institution of choice, with presence in 20 African countries and active involvement in major continental development projects, UBA is the preferred partner for the event, underlining the bank’s commitment to the growth of mining and Petroleum industry in the sub-region but to the whole not African economic development.

UBA Group Chairman, Tony Elumelu, would give the keynote address during the opening ceremony of this all-important event.

Elumelu who doubles as Chairman of Transcorp Group, with extensive interests in energy and power, will be speaking on the theme: “Geo-extractive Resources and Technologies: what pooling strategies for Value Creation in West Africa”

His speech is expected to highlight UBA’s increasing effort to support and develop the African continent through strategic investments in the key sectors of mining and petroleum.

Under the esteemed leadership of the President of the Republic of Benin, His Excellency, Patrice Talon, and the President of the Federal Republic of Nigeria and current President of ECOWAS, His Excellency Mr. Bola Tinubu, UBA Group will at the forum aim to restate its commitment towards supporting economic and social development across the continent.

The focus of ECOMOF 2024 underscores the significance of transforming the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the Gross Domestic Products (GDP) of ECOWAS member states.

The Transnational Corporation Group (Transcorp Plc) – a diversified conglomerate with strategic investments in various sectors, including power and energy – will also actively participate in the forum.

Key officials from UBA Group and Transcorp Plc, including the Chief Executive Officer UBA Africa, Abiola Bawuah; UBA’s Group Head, Corporate and Energy Bank, Ebele Ogbue, and President/ Chief Executive Officer, Transcorp Group, Owen Omogiafo will be actively involved in discussions and panels on the sidelines of the event.

Anticipated to attract over 2,000 participants from diverse sectors, including representatives from mining and oil industries, government officials, international and national investors, industry experts, ECOWAS delegates, and international organizations, ECOMOF 2024 promises to be a significant platform for collaborative dialogue and partnership building.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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JUST IN: FG Working To Reduce Rising Food Prices Inherited From Past Government — Finance Minister Wale Edun



Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, said that President Bola Tinubu’s administration inherited a surge in food and general commodity prices from the previous government.

He, however emphasized the government’s commitment to reducing food prices and tackling the nation’s high inflation rate.

Speaking at the Public Wealth Management Conference in Abuja on Tuesday, February 20, the finance minister acknowledged the hardships faced by Nigerians and outlined measures taken to alleviate their suffering.

He revealed that, as part of these interventions, the government has released 42,000 metric tons of grains, with an additional 60,000 metric tons scheduled for release soon.

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JUST IN: State Police Bill Passes Second Reading At House Of Representatives



A bill proposing the establishment state police has passed second reading at the house of representatives.

Sponsored by Benjamin Kalu, deputy speaker of the house, and 14 others, the bill proposes to transfer the term “police” in the 1999 constitution from the exclusive legislative list to the concurrent legislative list.

The bill, which comprises 18 clauses, seeks to amend sections 34, 35, 39, 42, 84, 89, 129 153, 197, 214, 215 and 216 of the constitution.


More to come…

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