APA – Lagos (Nigeria)
The report that the Central Bank of Nigeria (CBN) has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks is one of the trending stories in Nigerian newspapers on Thursday.
The Punch reports that the Central Bank of Nigeria has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks, The PUNCH can report authoritatively.
This decision is expected to end months of hardships and pains Nigerians have been going through following a controversial CBN naira redesign policy that has caused a severe shortage of old and new naira notes across the country.
The CBN’s latest decision came several weeks after the Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.
On Wednesday night, top officials of the CBN and commercial banks confirmed to The PUNCH that the CBN Governor, Godwin Emefiele, had directed the DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effective Thursday (today).
According to him, the CBN will also start releasing old notes to commercial banks from Thursday.
The PUNCH learnt Emefiele met with the chief executive officers of the DMBs on Wednesday evening where he told them that the central bank would start releasing all old notes in its custody to commercial banks effective Thursday (today).
Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.
The newspaper says that the Federal Executive Council, on Wednesday, approved the sum of N453.90bn for the procurement of rolling stock, operation and maintenance equipment for the Kano-Maradi standard gauge rail line currently under construction.
The amount also includes N510.93m meant for procuring four customised fire service/search and rescue vans in seaports at Port Harcourt, Lagos Port Complex, Tincan Island port and the Marina headquarters of the Nigerian Ports Authority.
The Minister of Transportation, Mu’azu Sambo, disclosed this to State House correspondents after this week’s Council meeting chaired by the President Muhammadu Buhari, at the Presidential Villa, Abuja.
Kicked off in 2021, the 248km rail line will traverses Kano other cities such as Kazaure in Bauchi State, Daura and Mashi in Katsina State; Dutse in Jigawa State, the border town of Jibia, before terminating in Niger Republic’s trade and agricultural hub of Maradi.
According to a former Transport Minister, Rotimi Amaechi, the line has 15 stations along its path with a forecasted daily traffic of 9,364 passengers and approximately 3000 metric tons of cargo.
However, the project has been fraught with resistance, especially from lawmakers.
In November 2021, The PUNCH reported that the National Assembly Joint Committee on Land and Marine Transport faulted the proposed rail project.
The Guardian reports that the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, and his party have made good their threat to challenge the February 25 presidential election, which saw the Independent National Electoral Commission (INEC) declare Asiwaju Bola Tinubu of the All Progressive Congress (APC) as the winner.
The petitioners are challenging the declaration on grounds of substantial non-compliance with relevant laws. Atiku in the petition filed by his team of lawyers led by Joe-Kyari Gadzama (SAN), asked the Court to declare him winner or in the alternative order a rerun between him and Tinubu or have the entire election nullified and a fresh one conducted.
Listed as respondents in the petition marked CA/PEPC/05/2023 are INEC, Tinubu and his party, APC.
Atiku and the PDP are contesting the election on four grounds:
“The election of the 2nd respondent (Tinubu) is invalid by reason of noncompliance with the provisions of the Electoral Act, 2022.
“The election of the 2nd respondent is invalid by reason of corrupt practices.
“The 2nd respondent was not duly elected by majority of lawful votes cast at the election.
“The 2nd respondent was, at the time of the election, not qualified to contest the election.”
Atiku and the PDP are praying the court for the following:
“That it may be determined that the 2nd respondent was not duly elected by the majority of lawful votes cast in the election and therefore the declaration and return of the 2nd respondent by the 1st respondent as the winner of the presidential election conducted on February 25, 2023 is unlawful, wrongful, unconstitutional, undue, null and void and of no effect whatsoever.
“That it may be determined that the return of the 2nd respondent by the 1st respondent was wrongful, unlawful, undue, null and void having not satisfied the requirements of the Electoral Act 2022 and the 1999 Constitution of Nigeria (as amended), which mandatorily requires the 2nd respondent to score not less than one quarter (25 per cent) of the lawful votes cast at the election in each of at least two-thirds of all the states in the federation and the Federal Capital Territory, Abuja.”
The newspaper says President Muhammadu Buhari was joined by his colleagues across the world yesterday in commending impact of foremost entrepreneur and Chairman of United Bank for Africa Plc, Tony Elumelu, on the African economy, as the icon marked 60th birthday.
Among those who sent goodwill messages to Elumelu, the promoter of Africapitalism, were Nigeria’s President-elect, Bola Tinubu; French President, Emmanuel Macron; Nana Akufo-Addo of Ghana; Namibia’s Hage Geingob; President of the Democratic Republic of Congo, Felix-Antoine Tshilombo and his Liberian counterpart, George Weah.
Tributes also poured from Nigeria’s former Presidents Olusegun Obasanjo and Goodluck Jonathan alongside erstwhile President Bill Clinton of America, as well as Tony Blair, ex-British Prime Minister.
Clinton, who joined the symposium held in honour of the retired banker in Lagos, via a video call, described Elumelu as one of the most successful Nigerian entrepreneurs, noting that Africa, indeed, has found a true pan-Africanist in him.
Corporate leaders, who have shared the challenges Elumelu confronted and triumphed to achieve success, including Aliko Dangote of Dangote Group, Femi Otedola and Abdul Samad Rabiu, also sent messages or participated at the symposium to extol the virtues and audacity exemplified by the sexagenarian.
Elumelu also had to relish commendations from international development institution leaders such as President of the African Development Bank (AfDB), Dr. Akinwumi Adesina; Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala and President of African Export-Import Bank, Prof. Okey Oramah.
Buhari recalled the Delta State native’s philanthropy, which has seen many struggling Africans emerging as successful entrepreneurs, noting that his contribution to Nigeria’s banking sector has helped to strengthen the economy.
From Kenya to Nigeria and The Gambia to Angola, beneficiaries of the Tony Elumelu Foundation’s (TEF) yearly entrepreneurship grant gathered in Lagos to share their success stories and the impacts the Nigerian banker is making across the continent.
About 18,000 Africans have benefited from the foundation since its inception, with over $100 million in seed capital disbursed. The foundation said over 400,000 direct jobs have been created with 58 per cent going to females.
GIK/APA
23rd March 2023