News

New naira notes: Reps threaten to issue arrest warrant on CBN, bank chiefs

Published

1 year ago

January 26, 2023

admin

The Speaker of the House of Representatives, Femi Gbajabiamila has threatened to issue a warrant of arrest on the Central Bank of Nigeria (CBN) and bank directors over their collective failure to honour an invite to appear before the green chamber over scarcity of three newly designed naira notes.

The House had summoned the CBN and bank directors over the January 31, 2023 deadline for the validity of old N200, N500 and N1,000 notes but the apex bank and managing directors of commercial banks refused to heed the invitation by the green chamber

Gbajabiamila, in a statement on Thursday, said the CBN chief, by shunning the invitation of the House, insulted the authority and prerogatives of the people’s parliament. “This is unacceptable,” he said.

For two months since the official announcement of the redesign notes, the House had asked the CBN governor to appear before the House over the naira redesign but the invitation wasn’t honoured.

READ Major News Headlines In The Papers Today: Reps insist on reversal of cash withdrawal limit policy

The House had invited Emefiele to give reasons for the ongoing failure to adequately disburse the redesigned naira notes before the expiration of the January 31, 2023.

The House further constituted an ad-hoc committee led by the Majority Leader of the House, Alhassan Ado Doguwa over the matter.

The Speaker said, “The Resolution of the House was predicated on information showing that the rollout of the redesigned naira notes has been an unmitigated failure. This failure has real and dire consequences on the ability of Nigerians to conduct business across the country.

“The refusal by the CBN to heed the invitation by the House of Representatives is evidence of a blatant disregard for the well-being of the Nigerian people who are their customers. It is also an insult to the authority and prerogatives of the people’s parliament.

“Therefore, I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives.”

READ Indonesia to punish sex before marriage with jail time

He noted that the House recognised the CBN authority to determine the country’s legal tender and to recall currency with reasonable notice, subject to the approval of the President.

“The House is also aware that Section 20 (3) Central Bank of Nigeria (CBN) Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall.

“Notwithstanding the deadline imposed by the Central Bank of Nigeria(CBN), this House will see to it that this provision of the law is honoured in full.”

The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

Related Topics:AREEST WARRANT CBN Naira notes

Up Next

BREAKING: ICPC re-arrests ex-JAMB registrar, Dibu Ojerinde

Don't Miss

Again, goods worth millions destroyed in Balogun market fire

Click to comment

JUST IN: Tinubu, Shettima to pay toll at airport gates

Published

10 hours ago

May 14, 2024

admin

President Bola Tinubu and Vice-President Kashim Shettima will now pay the required toll whenever they use the gates at airports.

Festus Keyamo, minister of aviation, announced this to journalists after the federal executive council (FEC) meeting chaired by Tinubu at the presidential villa in Abuja on Tuesday.

Keyamo said he presented two memos which were approved by the council.

Details later…

READ Dapo Abiodun flags off re-election campaign, promises to ‘do more’

News

Tinubu suspends 0.5% cybersecurity levy

Published

10 hours ago

May 14, 2024

admin

President Bola Tinubu has suspended the 0.5 percent cybersecurity levy after criticism and protest trailed the announcement.

Mohammed Idris, minister of information and national orientation, announced the suspension.

Idris said Tinubu directed the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for its implementation.

Details later…

READ Full Text: Tinubu’s Democracy Day speech

News

Minister to sue Niger speaker over plans to ‘marry off’ 100 girls, says it’s ‘totally unacceptable’

Published

16 hours ago

May 14, 2024

admin

Uju Kennedy-Ohanenye, minister of women affairs, has petitioned the inspector-general of police (IGP) and sought a court injunction to halt the marriage of 100 girls in Niger state.

Abdulmalik Sarkindaji, speaker of the Niger state house of assembly, announced last week that he would sponsor the wedding of 100 girls, some of whom were orphaned by insurgency, as part of his Maringa constituency project.

He said he had procured materials for the event scheduled for May 24, and promised to pay dowries for the bridegrooms.

Following the outcry that trailed the announcement, the speaker explained that he was only financing the wedding — not forcing the girls into marriage.

However, Kennedy-Ohanenye said the plan is unacceptable, and that the future of the girls should be a priority.

Speaking to journalists in Abuja on Monday, the minister said a thorough investigation into the circumstances surrounding the issue will be carried out.

READ Southeast insecurity: Fed Govt seeks dialogue, says Ngige

She said the ministry will take responsibility for the girls’ education and vocational training.

“I want to let the honorable speaker of house in Niger state know that this is totally unacceptable by Federal Minister Of Women Affairs and by the government,” Kennedy-Ohanenye said.

“Because there is something called the Child’s Right Act and I said it from the onset, that is no more business as usual.

“These children must be considered, their future must be considered, the future of the children to come out of their marriage must be considered.

“So I have gone to court. I have written him a letter and written a petition to the IG of police.

“And I have filed for injunction to stop him from whatever he is planning to do on the 24th, until a thorough investigation is carried out on those girls, find out whether they gave their consent, their ages, find out the people marrying them.

READ UPDATED: CBN extends deadline for old naira notes to Feb 10

“As the speaker did not think about empowering these women or sending them to school or giving them some kind of training support financially.

“The women affairs have decided to take it up and we are going to educate the children.

“Those that do not want to go to school, we will train them in a skill, empower them with sustainable empowerment machines to enable that child build his or her life and make up her mind who and when to get married.

“If for any reason the speaker tries to do contrary to what I have just mentioned, there will be a serious legal battle between him and the Federal Ministry of Women Affairs.”

The minister added that based on the Child Rights Act, every child belongs to the state, hence the rights of every child will be protected from harm and violence.