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Confusion in the land as CBN, banks issue different procedure for old naira notes deposit

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The Central Bank of Nigeria (CBN) has denied directing banks to collect old N500 and N1,000 notes from members of the public.

Earlier on, it was reported that banks issued notice to their customers, informing them to commence deposit of old naira notes up to a maximum of N500,000.

In compliance with a directive from the apex bank, the commercial banks said customers are to come with a code/reference number pre-generated from the CBN portal designated for that purpose.

Osita Nwanisobi, CBN’s spokesperson, on Friday, confirmed that banks were indeed given the directive.

“It’s just for amounts N500,000 and below,” he said.

But in a statement issued hours later, Nwanisobi denied the development, claiming that the CBN did not authorise banks to collect the old notes.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes,” the statement reads.

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“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.”

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Despite irregularities, 2023 poll reflected will of Nigerians – US report

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The 2023 Country Reports on Human Rights Practices says the last general election in Nigeria reflected the will of the populace despite widespread irregularities.

 

The report published by the bureau of democracy, human rights, and labour, US Department of State, highlights human rights practices and violations in different countries, including Nigeria.

 

The report stated that supporters of the All Progressives Congress (APC) suppressed votes in Igbo-dominated areas during the March 2023 governorship election in Lagos.

 

“National elections were widely reported to have reflected the will of voters, despite technical and logistical difficulties, and some irregularities,” the report reads.

 

“Many independent observers assessed the results of the presidential, legislative, and state-level elections during the year reflected the will of voters, despite reports of voter suppression and vote buying, campaigning at polling stations, lack of ballot secrecy, violence, and intimidation.

 

“During the March 18 state election in Lagos, All Progressives Congress (APC) supporters reportedly intimidated and
suppressed voters in Igbo-dominated areas, which Labour Party presidential candidate Peter Obi won in the February 25 national election.

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“Viral videos on social media showed APC supporters in Ojo (a LGA in Lagos) threatening to attack ethnic Igbo voters presumed to be pro-Obi.

 

“In Eti-Osa, APC supporters also attacked journalists and, in some cases, shut down voting and prevented non-Yoruba voters from accessing polls. They similarly destroyed property and physically blocked voters in Amuwo-Odofin.

 

“According to videos posted on social media, police officers were present but failed to respond to attacks.”

 

The report said there was no evidence that individuals who perpetrated violence in Lagos during the election were arrested or prosecuted.

 

‘CORRUPTION IN GOVERNMENT‘

The report stated that the Nigerian government has not “consistently” implemented anti-corruption laws.

 

It said there was “widespread” corruption across the country, including in the judiciary.

 

“In August, President Tinubu appointed former Governor Abubakar Bagudu, the Minister of Budget, despite Bagudu’s widely reported history of helping then-President Sani Abacha steal hundreds of millions of dollars from the government in the 1990s,” the report said.

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“Police arrested former Central Bank Governor Godwin Emefiele on June 10 and charged him and a co-defendant with defrauding the government of 6.5 billion naira ($10.4 million), later reduced to 1.6 billion naira ($2.5 million).”

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‘How flight engineer saved us from another potential air disaster’

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Joe Abah, a former director-general of the Bureau of Public Service Reforms (BPSR), has narrated how a ground engineer prevented another potential air disaster in Nigeria.

 

In a series of posts via X, Abah said he boarded the Ibom Air flight from Lagos to Abuja on Thursday morning.

 

He said as the aircraft prepared for take-off, there was a bang on the door from outside, which made the flight attendant to open the door.

 

“As she did, a ground engineer came in and those of us in front clearly heard him say “You can’t go. Your landing gear is bad,” Abah wrote.

 

He added that afterwards, the pilot made a “political” announcement that they need to perform some additional checks on the aircraft before take-off.

 

“He (pilot) spoke with the engineer and, a few seconds later, announced that we were to disembark,” Abah said.

 

“I thank God that we have the systems in place to check this and avert potential disaster. And that we have some diligent Nigerians who take their work seriously.”

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Abah asked the Nigeria Civil Aviation Authority (NCAA) to find him the engineer so that he can personally appreciate him.

Abah added that the incident caused disruptions and delays to the airline’s schedule for the day.

On Tuesday, a Dana Air plane veered off the Lagos airport runway, leading to the diversion of other flights.

 

The airline has since been grounded by the NCAA.

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Alleged N6.9bn fraud: Judge’s absence stalls Fayose’s trial

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The money laundering trial of a former governor of Ekiti State, Ayodele Fayose, could not proceed on Thursday as a result of the absence of the trial judge, Justice Chukwujekwu Aneke of the Federal High Court, Lagos.

 

Justice Aneke was said to be away on an official assignment, prompting the adjournment of the case to July 1 for the continuation of trial.

 

Fayose is being prosecuted by the Economic and Financial Crimes Commission (EFCC) for an alleged N6.9bn fraud and money laundering.

 

He was first arraigned on Oct. 22, 2018, before Justice Mojisola Olatotegun, alongside his company, Spotless Investment Ltd, on an 11-count charge bordering on fraud and money laundering offences.

He pleaded not guilty to the charge and was granted bail on Oct. 24, 2018, in the sum of N50m with sureties in like sum.

 

The defendant was re-arraigned before Justice Chukwujekwu Aneke on July 2, 2019, after the case was withdrawn from Justice Olatoregun, following a petition by the EFCC against the judge.

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He also pleaded not guilty to the charge and was allowed to continue on the earlier bail granted, while the case was adjourned for trial.

 

The commission has since opened its case before Justice Aneke and is still leading witnesses in evidence.

 

According to the charge, on June 17, 2014, Fayose and one Abiodun Agbele were said to have taken possession of the sum of N1.2bn for purposes of funding his gubernatorial election campaign in Ekiti.

 

Fayose was alleged to have received a cash payment of the sum of five million dollars, (about N1.8bn) from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without going through any financial institution.

 

He was also alleged to have retained the sum of N300m in his account and took control of the aggregate sums of about N622m.

 

Fayose was also alleged to have procured De Privateer Ltd and Still Earth Ltd, to retain the aggregate sums of N851m.

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Besides, the defendant was alleged to have used the aggregate sums of about N1.6bn, to acquire properties in Lagos and Abuja.

 

He was also alleged to have used the sum of N200m, to acquire a property in Abuja, in the name of his elder sister Moji Oladeji.

 

The offences, the charge said contravened the provisions of sections 15(1), 15 (2), 15 (3), 16(2)(b), 16 (d), and 18 (c) of the Money Laundering Prohibition Act 2011.

 

The charge also argued that Fayose should have known that the monies were proceeds of crime.

 

He, however, pleaded not guilty to the charge.

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