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Naira Redesign: Banks’ cash withdrawal limit illegal – Supreme Court

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The Supreme Court has adjudged the cash withdrawal limits imposed by banks as a result of scarcity of currency notes in circulation as a violation of citizens’ rights.

A seven-man panel of the court led by John Okoro made the declaration in a unanimous judgement delivered on Friday.

“Such restriction on an owner’s right to freely use his or her property is illegal unless provided for by a law,” Emmanuel Agim, a member of the court’s panel who read the lead judgement, held.

The court handed down the decision in a suit challenging the federal government’s illegal withdrawal of the old N200, N500, and N1,000 from circulation.

The federal government, under a demonetisation policy, had in October 2022, introduced newly redesigned N200, N500, and N1,000 notes and aimed to withdraw the old versions of the currency notes from circulation within 90 days.

Under the policy, the Central Bank of Nigeria (CBN) also placed cash withdrawal limits of maximum of N500,000 weekly on individuals and maximum N5 million weekly on corporate entities.

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The implementation of the policy has been chaotic as shortage in supply of the new notes created scarcity of cash across the country.

Many citizens queued at ATM centres in a chaotic scramble for cash to meet their basic needs but often returned home empty-handed. The situation sparked violent protests by desperate citizens deprived of gaining access to their hard-earned money.

Commercial banks resorted to placing limits on cash withdrawals on their customers in a futile attempt to evenly distribute available cash to the highest number of citizens..

The Supreme Court declared such action by the commercial banks as a violation of the rights of the citizens.

“My attention has not been drawn to any law that permits a bank not to pay cash to a customer on demand on the grounds that the 1st defendant has not been able to print enough new naira notes,” Mr Agim said.

He also said he was not aware of any law “that permits the 1st defendant to direct the imposition of limits on the cash to be paid from a customer’s account after deposit of the old naira notes”.

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“To the extent that the directive has continued to deprive all persons and the plaintiffs access to a substantial part of their funds in banks in form of cash, it forcefully and illegally interferes with their rights of ownership and use of their said funds for,” Mr Agim added. “Such restriction on an owner’s right to freely use his or her property is illegal unless provided for by a law.”

The Supreme Court nullified Mr Buhari’s directive withdrawing the old N200, N500, and N1,0000 notes from circulation.

It also ordered that the old naira notes would remain legal tender and must continue to circulate alongside the new ones up till 31 December.

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FULL LIST: Multichoice increases DStv, GOtv subscription

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Broadcasting company Multichoice has jacked up the prices of its offerings in Nigeria four months after its last increment.

 

The company reviewed prices in its packages across the board. The new prices will take effect from May 1, 2024.

 

With the latest price hike, the DStv Premium package increased from N29,500 to N37,000. Similarly, the DStv Compact+ went up from N19,800 to N25,000 while the Compact package increased from N12,500 to N15,700.

The Comfam package moved from N7,400 to N9,300. Yanga package moved up from 4,200 to N5,100 while Padi package increased from N2,950 to N3,600. HDPVR was increased from N4,000 to N5,000, the Access Fees package from N4,000 to N5,000, and XtraView moved from N4,000 to N5,000.

 

Meanwhile, the Gotv Supa+ package moved from N12,500 to N15,700, Supa package from N7,600 to N9,600, and Max package from N5,700 to N7,200.

 

While the Jolli package was jacked up from N3,950 to N4,850, the Jinja package moved from N2,700 to N3,300, and Smallie package from N1,300 to N1,575.

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It will be recalled that the company implemented an upward review of prices in December 2023, days after announcing a $72m loss in its financial statement for the third quarter of the year.

 

Checks on the company’s reviewed price list then showed a 20 per cent per cent hike in the company’s packages across the board.

 

 

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NCAA grounds all Dana Air operations

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The Nigerian Civil Aviation Authority (NCAA) has been directed by Festus Keyamo, the minister of aviation, to suspend the operations of Dana Air, TheCable understands.

 

The directive followed the incident involving a Dana Air plane at Lagos airport on April 23, which veered off the Lagos airport runway.

 

This forced aviation authorities to divert flights from the local airport to the international terminal.

 

In a letter to the NCAA director general dated April 24, signed by Emmanuel Meribole, permanent secretary, ministry of aviation, and seen by TheCable, the ministry said Keyamo’s attention has been drawn to the “serious concerns” that followed the incident.

 

The ministry said the incident has raised concerns regarding both the safety and financial viability of Dana Air operations.

 

“In light of these incidents and with the paramount priority being the safety and well-being of our citizens and travelers, the Honourable Minister has directed that you immediately initiate the suspension of Dana Airline’s fleet until a comprehensive audit can be conducted. This audit should encompass all aspects of safety protocols, maintenance procedures, and financial health to ensure full compliance with our aviation regulations,” the ministry said.

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“The recent incidents have underscored the urgency of this matter, and it is imperative that swift and decisive action be taken to safeguard the interests of all stakeholders involved. I trust in your expertise and diligence in carrying out this audit thoroughly and expeditiously.”

 

On April 23, Dana Air said all 83 passengers and crew onboard the flight disembarked safely without injuries or scare.

 

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Yahaya Bello took $720k from state coffers to pay his child’s school fees – Olukoyede

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The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says Yahaya Bello, former governor of Kogi, withdrew $720,000 from the state’s coffers to pay his child’s school fee in advance.

 

Olukoyede spoke in Abuja on Tuesday during an interactive session with media executives.

 

The EFCC boss alleged that the former Kogi governor transferred money from the state coffers to a bureau de change operator, and used the money for his child’s school fee in advance.

 

Olukoyede added that Bello made the payment in anticipation that his tenure was gradually coming to an end.

 

“A sitting governor, because he knew he was leaving office, moved money directly from the government to bureau de change and used it to pay his child’s school fee in advance,” the EFCC boss said.

 

“Over $720,000 in anticipation that he was going to leave the government house. In a poor state like Kogi, you want me to close my eyes under the guise of ‘I’m being used’. Used by who? At this stage of my life.”

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Olukoyede said he inherited the case file of the former Kogi governor, noting that he did not initiate the investigation against Bello.

 

On April 17, EFCC operatives laid siege on Bello’s residence in Abuja to arrest him over alleged N80 billion fraud.

 

While the EFCC operatives were at Bello’s residence, Usman Ododo, governor of Kogi, came to visit his predecessor.

 

Shortly after Ododo departed from the residence, the EFCC operatives also left the house.

 

Bello was reportedly rescued by Ododo when he departed his residence located in the Wuse Zone 4 district of Abuja.

 

Subsequently, the anti-graft agency declared the former governor wanted.

 

The Nigeria Immigration Service (NIS) has also placed Bello on a watchlist.

 

The anti-graft agency alleged that Bello, alongside Alli Bello, chief of staff to Ododo; and one Daudu Suleiman, diverted about N80.2 billion belonging to the Kogi government.

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