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Naira Scarcity: Nigerians Are Starving, Buhari Unwilling To Call Emefiele To Order — Northern Elders Forum

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The Northern Elders Forum (NEF) says President Muhammadu Buhari is “unwilling” to call Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), to order concerning the naira redesign policy.

Speaking on Tuesday in an interview on Channels Television, Hakeem Baba-Ahmed, NEF spokesperson, said Nigerians are “starving and angry” over the lingering scarcity of the naira notes.

Baba-Ahmed said the naira scarcity is a “major demarketing thing” for the All Progressives Congress (APC) ahead of the February and March polls.

He said Buhari knows what to do if he does not want to see Nigerians suffer over the naira scarcity.

“We got here because President Buhari has messed up right to the point he is going to go,” he said.

“To have allowed this kind of fiasco to exist on the eve of an election when you are actually campaigning to have your own party voted for.

“This money thing is a major demarketing thing for the APC

“If the worst enemy of APC had designed a strategy for them to lose this election, he couldn’t have chosen a better strategy than this fiasco around the reprinting of the naira.

“People are starving, that is the honest truth. Literally, in three to four weeks, you have destroyed the informal sector of the economy. Because there is no cash. There is a lot of anger.

“You see a situation where the President appears unwilling or incapable of reining in Emefiele and say, ‘Listen, perhaps we can allow the old naira and the new naira co-exist for the next six months’.

“President Buhari apparently doesn’t listen to anybody. Emefiele said I will do what I should do because the president got my back.

“And Nigerians are saying we know the governor of the CBN is not the guy who is doing all these difficult things for us, it is the president.

“If the president doesn’t want all this suffering and considering the other options, the governor of the CBN won’t get away with these things he is getting away from.”

Nigerians have been battling with the scarcity of new naira notes, a development that has led to queues at banking halls, and automated teller machine (ATM) points.

There have been protests in some parts of the country due to the scarcity of new naira notes.

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

On February 8, the supreme court temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023, pending the hearing of the matter on February 15.

Despite the court’s order, Emefiele insisted on the deadline.

The stance of the CBN governor has triggered confusion as filling stations, supermarkets, and other business owners have continued to reject the old naira notes.

On Wednesday, the apex court adjourned the hearing of the case brought against the CBN on the naira redesign policy to Wednesday, February 22.

BIG STORY

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return As Chairman

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  • Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

 

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

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Customs Adjust FX Rate For Import Duties To N1,147/$

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The foreign exchange (FX) rate for duties has once again been modified by the Nigeria Customs Service (NCS) to N1,147.02 per dollar.

When compared to the N1,238.1/$ reported on April 18, this indicates a decline of 7.3 percent. On Friday, the customs rate was observed.

It dropped below the official foreign exchange rate, which ended trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 18 at N1,154/$.

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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8 Nigerians In South Africa Police Net For “Attacking Officers During Drug Raid”

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Eight Nigerians have been taken into custody by the South African police for reportedly fighting police during a drug operation.

The suspects were taken into custody in the province of the Northern Cape, the police said in a statement released on Friday.

According to the police, the suspects also caused damage to other properties and cars.

“At the time of the arrest, police were tracing information of one of the Nigerian nationals being in possession of drugs,” the statement reads.

“While conducting this search, a large group of Nigerians attacked police. Police fired rubber bullets to disperse the crowd.

“One suspect was arrested for illegal possession of drugs, and three suspects were arrested for public violence and detained at Kimberley Police Station.

“During processing, the suspects broke windows at the station. Additional charges of malicious damage to property were added.

“Another group of Nigerians later approached the Police Station and threatened to retaliate.

“The Operational Commander warned the group to disperse.

“However, upon dispersing, the group damaged police vehicles. Another four suspects were arrested for malicious damage to property.”

Koliswa Otola, police commissioner for the province, commended officers for the arrest of the suspects.

Otola condemned acts of violence against law enforcement agents, saying those who prevent police from exercising their duties “will be dealt with harshly”.

“We will not allow such lawless behaviour,” the commissioner said.

“We are processing the suspects and working with Home Affairs to determine if they are legally or illegally in the country.

“Police will continue to stamp the authority of the state in the Northern Cape Province.”

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