In the Council Chamber of the Presidential Villa in Abuja, President Muhammadu Buhari revealed the new N200, N500, and N1,000 notes on Wednesday.
Fidel Info reports that the new notes were unveiled prior to the Federal Executive Council, or FEC, meeting, which was presided over by President Buhari.
Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, stated in a statement to State House reporters following the brief ceremony that the naira should be redesigned and reissued every five to eight years in accordance with the worldwide standard.
He lamented that the absence of political will from the past presidents had prevented Nigeria from redesigning the naira for around 19 years.
He said, “I have to admit that the CBN has made attempts in the past.”
Emefiele said it was the mandate of the CBN, to redesign and reissue the notes, assuring that henceforth, the exercise would take place after five to eight years.
“After today, the CBN will begin to redesign and reissue the naira for every five to eight years,” he said.
The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.
He said there was no need to insinuate that the policy was targeted at anyone.
Emefiele said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.
“The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.
For those calling for extension of time for the usage of the old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was re-issued will become a legal tender.”
He said there is no local government area in the country where there is no bank agent, adding that there is over one million point across the country that people should go and deposit the old notes.
He also assured that the new notes cannot be counterfeited because of the features in them.
FG Has Recovered Over N120B From Crime Proceeds
Since the Bill on Proceeds of Crime Recovery Management was signed into law earlier this year by President Muhammadu Buhari, the Nigerian government claims to have recovered at least N120 billion as proceeds from criminal financial transactions.
Fidel Info reports that In Abuja on Wednesday, when the Environment Minister delivered the ministry’s scorecard for the Buhari administration, the Minister of Information, Alhaji Lai Mohammed, made the revelation during a press conference.
Mohammed said, “I have an update on the Proceeds of Crime (Recovery and Management) Act (POCA), 2022. In line with the new law, all relevant government agencies have now opened ‘A confiscated and Forfeiture Properties Account with the Central Bank of Nigeria (CBN).
“I can confirm that the Federal Government has realized over 120 billion Naira, among other currencies, from POCA.
“This money will be used to fund the completion of ongoing critical infrastructure projects in the country like the Second Niger Bridge as well as the Lagos-Ibadan and Abuja-Kano Expressways. We will continue to update you on this,” the Information Minister said.
Gov Adeleke Assures Citizens Continuity Of Predecessor’s Projects
Governor Ademola Adeleke of Osun State, yesterday, promised not to abandon his predecessor’s ongoing projects since government is a continuum.
Fidel Info reports that A statement by the spokesperson to the Speaker, Kunle Alabi, stated that the governor was at the Osun State House of Assembly, yesterday, to seek the lawmakers’ cooperation for an Executive-Legislative relationship.
The statement reads: “Now that election is over, I want everyone to join me to move the state forward, the government cannot do it alone. For we do have an enviable state, everyone must be ready to play their part for the state to move forward.
“I promise that my administration would not cheat anyone, it will be an all-inclusive government where everybody will be happy and peace will reign supremely in the state.”
Earlier in his address, Speaker of the Osun State House of Assembly, Timothy Owoeye held that the Assembly will do everything to support the government saying they may only disagree with the executive based on facts of the law and not sentiments.
The Speaker said: “You and your team have the utmost task of strengthening the Executive-Legislative relationship; it is most important considering the differences in the ideology of our political parties. We must also allow the rule of law to guide our actions, behaviour and activities during this period.
“On a personal note, I want to beseech you to surround yourself with men of valour, value and honour, who will give the best advice that will advance the lives of our people. Your activities and that of your team must at all times be in tandem with the principle of separation of powers and mutual respect for each arm of government.
“Mr Governor, I am happy that you have at some point served in this arm as a distinguished senator of the Federal Republic of Nigeria. This enormous task of acting right and staying on that path lies with the legislative arm and we as the accredited representatives of our people have sworn to continue on this path.”
Gov AbdulRazaq Commends Labour Unions
Kwara State Governor AbdulRahman AbdulRazaq on Monday called on the labour unions in Nigeria to always exploit dialogue and mutual understanding in pressing home their demands from governments, saying this will foster industrial harmony and hasten national development.
Fidel Info reports that the Governor specifically commended the labour unions for their contributions to national growth and policies of dialogue.
The Governor spoke in Ilorin at the Harmattan School of the Nigerian Labour Congress (NLC) held at the Michael Imoudu National Institute of Labour Studies (MINILS).
“I use this platform to call for constant engagements, dialogue and mutual understanding to resolve all issues between stakeholders in the labour industry. This will foster industrial harmony, improve productivity, and hasten national development,” the Governor said while declaring open the 18th edition of the Harmattan School of the NLC in Ilorin.
The theme for this year’s session is “Expanding Nigeria’s Democratic Space for Trade Union Organising in the World of Work”.
He expressed hope that the gathering will evaluate the inner workings of labour organisations and foster understanding between employers and employees in formal and informal sectors alike.
AbdulRazaq commended the Director General of the Institute Comrade Issa Aremu and his team for sustaining the age-long initiative that he called a smart way to bridge existing gaps in labour-government relations.
The Governor reaffirmed his government’s commitment to the welfare of workers in the State as part of the measures to promote industrial harmony.
“I congratulate the leadership of this great Institute and the NLC leadership for this creative initiative. It is a smart way to bridge existing gaps in labour government relations,” he said.
“Our administration is always committed to industrial harmony. We are committed to workers’ welfare and mutual respect at all times. I commend the labour unions in Kwara State for always reciprocating our good faith thus far. I believe we can do a lot more together in the coming years.”
AbdulRazaq urged participants to extend the knowledge from the event to others who were not present, noting “that was the way our society can reap the full benefits of this laudable programme”.
In attendance were the Special Adviser on Special Duties Alhaji AbdulRazhaq Jiddah; Senior Special Assistant to the Governor on Labour Matters Abdulmumin Onagun;
NLC President Comrade Ayuba Wabba; Deputy National President of NLC Alhaji Najeem Yasin; State Chairman for NLC Comrade Issa Ore, representative of the Country Director for International Labour Organization (ILO) Mrs Inviolata Chinyangarara; and various delegates of Trade Union Congress from Ghana, Sirera-leone and Liberia; among other labour leaders.
Labour leaders who spoke at the occasion dwelled on the need for the labour movement to be more organised while handling issues affecting their members across the federation.
Director General of the Institute Comrade Issa Aremu, for his part, said the theme for this year’s Harmattan School is well thought-out, adding that the organised labour knows that democracy offers them a better platform to advance their struggle for decent work and decent living.
He said the forthcoming elections in Nigeria will largely be determined by labour issues like employment, wages, security of jobs and good governance, asking who among the presidential candidates are capable and ready to re-industrialise the Country, create jobs and pay workers a living wage.
He praised AbdulRazaq for doing so much to promote comfort and dignity of the State workforce, alluding to the government’s commitment to the implementation of the new minimum wage and regular payment of salaries, among other pro-labour programmes.
“Comrades, let us shine our face; don’t judge anybody by the claims or covers. Look at their contents (manifestos). What are their anticidents? What are they up to? And I am happy that we have a governor here (AbdulRazaq), my host Governor, who has been tested and trusted,” he said.
“I listened to Comrade Issa (State NLC Chairman) who confirmed that the Governor has paid the new minimum wage, including the consequential adjustment.”
NLC President Ayuba Wabba, in his keynote address, called on all employers of labour to prioritise the welfare of workers and recognise their pivotal roles towards achieving economic growth and national development.
He tasked the participants, who are labour leaders from across the country and beyond, to study well and make good use of what they might have learnt to better their leadership structures and struggles in their places of work.
Wabba specifically commended Governor AbdulRazaq for his well-known love for workers in the state.
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