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How CBN Distributed New Naira Notes To Deposit Money Banks

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In the face of the continuous scarcity of new Naira notes being experienced by Nigerians, the Central Bank of Nigeria has distributed the new naira notes to deposit money banks across the country.

According to Western Post, the apex bank had in October last year, introduced the redesigned N200, N500 and N1000 notes, releasing it into circulation December 15 last year.

It then gave until January 31, 2023 for the phasing out of the old naira notes, asking Nigerians to deposit the old notes to their various banks after which it ceases to be a legal tender.

Nigerians however had difficulties accessing the new naira notes, forcing the CBN to shift the deadline to February 10.

This made the Governors of Kogi, Kaduna and Zamfara states to drag the Federal Government and the CBN before the Supreme Court, asking the apex court to stop the withdrawal of old naira notes from circulation after the February 10 deadline.

According to them, the biting hardship being experienced in the country would make the deadline not feasible.

These caused protests across the country, with protesters burning banks to express their frustration at the inability to access the new Naira notes.

The court initially gave an injunction, asking the CBN to halt the deadline, before eventually ruling that the naira swap policy was invalid, and that the old notes should remain in circulation until December 31, 2023.

A document making rounds in the social media space showed that none of the banks got up to N50bn of the new notes as of January 31.

According to the document, Access Bank got the highest amount of the new naira notes, getting N33.484bn, while Zenith Bank got N28.441bn and First Bank N27.107bn.

The distribution also showed that UBA, GTCO and FCMB got N25.502bn, N19.594bn and N16.01bn respectively, while Fidelity Bank, Ecobank and Union Bank got N15.958bn, N14.703bn and N14.125bn respectively.

A total of N11.83bn, N11.242bn and N10.074bn respectively were shared across the branches of Stanbic Bank, Sterling Bank and Polaris banks nationwide, while Wema Bank and Unity Bank also got N8.611bn and N8.586bn respectively.

Further information secured by our correspondent also showed that banks in Lagos got the highest share of the new naira note, with N33bn distributed across the nation’s economic capital, while Abuja was next with N27.894bn distributed.

Banks in Ibadan got N13.178bn, while banks in Kano and Jos got N8.12bn and N7.978bn respectively.

Maiduguri, Minna and Katsina banks also got N6.594bn, N6.558bn and N6.497bn respectively, while Bauchi, Abeokuta and Uyo banks got N6.241bn, N6.017bn and N5.849bn respectivey.

N5.816bn was shared to banks in Akure, while N5.585bn was shared to banks in Enugu.

BIG STORY

Naomi Campbell Gets 5-Yr Ban From Being Charity Trustee In UK For “Using Funds On Spa Treatment”

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Naomi Campbell, the British supermodel, has been banned from serving as a charity trustee in England and Wales for five years.

The UK Charity Commission found that her charity, Fashion for Relief, was “poorly governed and managed financially” by its trustees.

The investigation, conducted from April 2016 to July 2022, revealed that only 8.5% of the funds raised were spent on charitable grants.

Additionally, charity funds were reportedly used for Campbell’s stays in luxurious hotels, spa treatments, and cigarettes.

Campbell responded to the findings in an interview, expressing her concern and claiming she was not aware of these expenses, as she had entrusted the charity’s management to a legal employer. She said, “I was not in control of my charity.”

Veronica Chou and Bianca Hellmich, other trustees, were also sanctioned.

Hellmich was banned for nine years for receiving unauthorized funds, while Chou was banned for four years.

Tim Hopkins, part of the investigation team, stated that Campbell and the other trustees had failed in their legal duties.

Approximately £344,000 has been recovered, and an additional £98,000 of charitable funds has been protected.

The recovered funds were used to make donations to other charities and settle liabilities.

Campbell founded Fashion for Relief in 2005 with the aim of relieving poverty.

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BIG STORY

Why Tinubu Shouldn’t Trust His “Kitchen Cabinet” — Former Communications Adebayo Shittu

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A former Minister of Communications, Adebayo Shittu, has advised President Bola Tinubu against trusting some of his closest advisors when it comes to recommending individuals for ministerial positions, particularly as he prepares for a cabinet reshuffle.

Shittu shared his insights during an appearance on Channels Television’s Politics Today programme on Thursday.

He highlighted that some members of the President’s kitchen cabinet, who should ideally seek out technocrats for ministerial roles, have their own vested interests and may only suggest candidates who align with their personal agendas.

“You cannot trust anybody, even if you are talking of kitchen cabinet,” Shittu remarked, noting that some current cabinet members have not met expectations.

He elaborated, “This will be the first time he (Tinubu) would be recruiting people from all parts of the country most of whom he may never have met in life.

But he may just be riding on the recommendation, perhaps, of interested power blocs within the party who would give information and sell their candidate for one reason or the other.”

Shittu emphasized, “Mr President has an opportunity to decide what he wants. If you are not there and if he does not tell you exactly what he wants, it would be very difficult but I think one failing in our system in this country is that when people are appointed, or about to be appointed, we don’t have a kind of orientation exercise which perhaps will take a week or two weeks to school those to be given jobs to understand the priorities of their employer.”

Since taking office, Tinubu has appointed 48 ministers as of August 2023, shortly after his inauguration.

The Senate quickly screened and confirmed these ministers. However, one minister, Betta Edu, faced suspension in January, while another, Simon Lalong, transitioned to the Senate.

Calls for a cabinet reshuffle have intensified, with many Nigerians expressing dissatisfaction over the performance of several ministers amid rising inflation, a challenging economic landscape, and increasing insecurity.

This week, presidential spokesman Bayo Onanuga indicated that the President would indeed be reshuffling his cabinet but did not specify a timeline for this reorganization.

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BIG STORY

FG To Toll Lagos-Ibadan Expressway, Second Niger Bridge, Others — Works Minister David Umahi

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Minister of Works, Dave Umahi, announced that the Federal Government will begin tolling all major roads in the country upon the completion of construction and renovation projects.

During an Inter-Ministerial Press Briefing in Abuja, part of activities marking Nigeria’s 64th independence anniversary, Umahi mentioned that roads such as the Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile would be tolled.

Umahi emphasized that tolling would generate significant revenue for the government, adding that private sector involvement is being sought to fund the construction and tolling of these roads.

He said that the Keffi-Makurdi Road would be the first to be tolled, and the Ministry of Works is working with the Ministry of Finance to implement a paperless payment system for tolls.

He assured that enhanced security, solar lighting, and reduced travel times on these roads would increase public confidence and encourage payment of tolls.

Umahi further stated that the current administration, under President Bola Tinubu, has taken a more professional approach to road development, treating it as an investment.

The administration inherited 300 damaged roads and bridges, and new construction projects will begin across the six geopolitical zones starting October 1, 2024.

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