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Tag: CBN Governor

  • CBN Governor Explains Features of New Naira Notes

    CBN Governor Explains Features of New Naira Notes

    The Central Bank of Nigeria Governor, Godwin Emefiele has explained the features of the redesigned notes.

    Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.

    According to him, it is regrettable that the naira has not been redesigned for the past 19 years owing to lack of political will from previous administrations.

    “In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.

    Emefiele said it was the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.

    His words, “After today, the CBN will begin to redesign and reissue the naira for every five to eight years”

    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has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.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 debunked insinuations that the policy was targeted at anyone, especially the political class.

    He 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.

    Commenting on calls for extension of time for the usage of old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was reissued will become a legal tender.”

    Emefiele also said there is no local government area in the country where there is no bank agent, insisting that there is over one million points across the country that people should go and deposit the old notes.

    The CBN boss also boasted that the new naira notes cannot be counterfeited because of the features in them.

  • Fuel Consumption Probe: House of Reps Fumes as CBN Gov, Other Ministers Shuns Panel

    Fuel Consumption Probe: House of Reps Fumes as CBN Gov, Other Ministers Shuns Panel

    The Speaker of the House of Representatives, Femi Gbajabiamila, has condemned the non-appearance of top officials of the Federal Government before the Ad Hoc Committee on the Volume of Fuel Consumed Daily in Nigeria at its investigative hearing in Abuja on Tuesday.

    Gbajabiamila particularly called out the Minister of State, Petroleum Resources, Timipre Sylva; Minister of Finance, Budget and National Planning, Zainab Ahmed; Governor of the Central Bank of Nigeria, Godwin Emefiele; and the Chief Executive Officer of the Nigerian National Petroleum Company Limited (formerly Group Managing Director of the defunct Nigerian National Petroleum Corporation), Melee Kyari; as well as the Managing Director of Petroleum Pipeline Marketing Company, Isiaku Abdullahi, among others.

    Consequently, the committee, chaired by Abdulkadir Abdullahi, summoned the GMD of the NNPC; MD of the PPMC; Accountant-General of the Federation; the CBN governor; Minister of State and Permanent Secretary of the Ministry of Petroleum Resources; Minister of Finance and Permanent Secretary, Ministry of Finance.

    The Speaker, who was represented by the Deputy Majority Leader, Peter Akpatason, was miffed by the fact that most of the critical stakeholders were absent from the hearing while those sent to represent a few of them were officials whose cadres were lower than those required to answer questions on behalf of their organisations.

    Details later…

  • We’ll no Longer Keep Sensitive Election Materials with CBN – INEC Boss

    We’ll no Longer Keep Sensitive Election Materials with CBN – INEC Boss

    Mahmood Yakubu, chairman of the Independent National Electoral Commission (INEC), says sensitive election materials will no longer be “routed” through the Central Bank of Nigeria (CBN).

    The INEC chairman said the electoral body has never had an issue with the CBN since the partnership started, but due to “current circumstances”, an alternative will be found.

    He said the new measures would be adopted as early as the June 18 governorship election in Ekiti state.

    Yakubu spoke on Saturday at an election dialogue, ‘The Electorate’, organised by Enough is Enough (EiE).

    He said: “Logistics in an election is much wider than the movement of sensitive material for the election. Take the case of Ekiti for instance, all non-sensitive materials have been delivered to Ado-Ekiti and they are in all the LGAs of the state.

    “But sensitive materials are usually delivered on behalf of the commission by the Central Bank of Nigeria. (CBN) which are inspected in the presence of the bank and then moved out by our own officials.

    “I want to say that since INEC started this collaboration with the CBN, we have never experienced a single issue with the movement of materials. The agency has been such a good partner to the commission.

    “But we appreciate the current circumstances, and it is for that reason, pending the time we find an alternative, the materials for the Ekiti election will not be routed through the CBN.

    “We will move the material to the airport in Akure and move the material to our office e in Ado Ekiti and do the distribution from there. We are not going to use CBN. And when it comes to the general election, we have to look for an alternative way of doing it.”

    INEC has been under pressure to sever ties with the CBN following the involvement of Godwin Emefiele, governor of the apex bank, in the race for the presidential ticket of the All Progressives Congress (APC) ahead of the 2023 elections.

  • Emefiele drags INEC, AGF APC to court over Presidential ambition

    Emefiele drags INEC, AGF APC to court over Presidential ambition

    The Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele has finally dragged the Independent National Electoral Commission, INEC, and four others before a Federal High Court in Abuja seeking enforcement of his right to contest the 2023 Presidential election without resigning from his current position.

    His suit with No FHC/ABJ/CS/610/2022 instituted on his behalf by a Constitutional lawyer, Mike Ozekhome, SAN, has been fixed for hearing today, Monday.

    Justice Ahmed Ramat Mohammed slated the case for hearing by 12 noon, along with two other matters.

    As of the time of this report, followers of Emefiele have already jam-packed the court to witness proceedings.

  • PDP Calls For Emefiele’s Probe, Arrest Over N100m APC Presidential Form

    PDP Calls For Emefiele’s Probe, Arrest Over N100m APC Presidential Form

    The Peoples Democratic Party (PDP) has called for the probe, arrest and prosecution of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, over the purchase of the N100m presidential form.

    Speaking during a press conference in Abuja on Saturday, the PDP National Publicity Secretary, Debo Ologunagbo said Emefiele cannot continue to resume as CBN governor having purportedly joined partisan politics.

    He described Emefiele’s continued stay in office as one that is unhealthy for the nation’s financial regulatory sector, calling on the anti-graft agencies to beam its searchlight on the CBN governor.

    “Now that Mr Emefiele has joined politics and reportedly obtained the N100 million presidential aspirant form from the APC, he cannot continue to resume at the CBN which is the commonwealth of our nation,” the PDP spokesman said.

    “By this, Mr. Emefiele has become a clear and present danger to the health, integrity and reputation of the CBN and our nation’s financial sector. His continued stay as CBN Governor will further destroy investors’ confidence in the integrity of our nation’s financial regulatory Institution.

    “Mr. Emefiele’s involvement in partisan politics while still holding office as CBN Governor underpins the impunity, lawlessness and recklessness of the Muhammadu Buhari-led APC administration. It further confirms that the CBN under Emefiele has all along been the finance department of the APC.

    “I stand with Nigerians in demanding the immediate arrest, investigation and prosecution of Emefiele by security and anti-graft agencies, particularly the EFCC for alleged financial malfeasance and abuse of office in the CBN under his watch.”

    Emefiele reportedly picked up the expression of interest and nomination forms of the All Progressives Congress (APC) for the 2023 elections.

    The N100 million form was picked up on behalf of the CBN Governor by a group of supporters from the party’s organising secretary at the International Conference Centre (ICC) in Abuja, on Friday morning.

    There had been speculations that the Central Bank Governor was interested in vying for the Presidency in 2023 with campaign banners flooding parts of the country.

  • 2023: I Have Not Decided To Run For Presidency – CBN Governor, Emefiele

    2023: I Have Not Decided To Run For Presidency – CBN Governor, Emefiele

    The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, says he has not made a decision on running for the presidency, hours after a group purchased the All Progressives Congress (APC) nomination form for him.

    In a series of tweets on his official handle on Saturday, the apex bank boss thanked those who raised money for the purchase but said he would buy the form with his money if he is seeking the post.

    “I am humbled by the growing interest of those asking that I run for the Office of President in the 2023 general elections: I have not come to that decision. I note and salute the sacrifices of those farmers and patriots going as far as raising personal funds and offering me Presidential Nomination Forms: I thank them most profusely,” he wrote.

    “However, should I answer their calls and decide to seek presidential nomination, I will use my own hard-earned savings from over 35 years of banking leadership to buy my own Nomination Forms without proxies in an open and transparent manner in full compliance with the laws and Constitution of The Federal Republic of Nigeria.

    “And should I not run for elected office, I will continue to serve and sacrifice for the good people of Nigeria under the able leadership of President Muhammadu Buhari. This is a serious decision that requires God’s divine intervention: in the next few days The Almighty will so direct.”

  • 2023: Gov Akeredolu calls for Emefiele’s Resignation as CBN Governor

    2023: Gov Akeredolu calls for Emefiele’s Resignation as CBN Governor

    Rotimi Akeredolu of Ondo State has asked the Central Bank of Nigeria (CBN) Governor Godwin Emefiele to resign over the latter’s move to join the 2023 presidential race.

    The Ondo governor’s comment came hours after a group of supporters purchased the All Progressives Congress (APC) presidential nomination form for Emefiele.

    In a statement on Friday night, Akeredolu argued that Emefiele cannot combine his work with partisan politics.

    “Consequently, we admonish Mr Emefiele to leave the office, immediately, for him to pursue his interest,” he said.

    “He cannot combine partisan politics with the very delicate assignment of his office. Should he refuse to quit, it becomes incumbent on the President and Commander-in-Chief of the Armed Forces to remove him forthwith.”

    The governor said before the purchase of the form, Emefiele had been linked with partisan politics.

    “Pictures of branded vehicles, ostensibly purchased for electioneering campaigns, were also posted on social media,” the statement read.

    “The audacious moves by those who claimed to be supporting this interest have been unsettling.”

    He said while the CBN governor is constitutionally qualified to belong to any group, Emefiele’s position makes the recent move “brazen”.

    “There is no gain asserting the obvious. The combined effect of the Public Service Rules, CBN Act, and the 1999 Constitution, as amended, exposes not only the oddity inherent in this brash exercise of presumed right to associate,” the governor added.

    “It also confirms the illegality of the act should he proceed to submit the forms while occupying the seat as Governor of the Central Bank of Nigeria.”

  • 2023: CBN Governor, Godwin Emefiele Picks APC’s N100m Presidential Form

    2023: CBN Governor, Godwin Emefiele Picks APC’s N100m Presidential Form

    Governor of the Central Bank of Nigeria, Godwin Emefiele, has picked the All Progressives Congress N100m presidential nomination and expression of interest form.

    He reportedly picked up the form on Friday in the Federal Capital Territory.

    When contacted on Friday for a reaction, a leader of the Emefiele Mobilisation Team, Attah Jacob, in a telephone chat with our correspondent, said, “Glory to God.”

    60-year-old Emefiele was appointed CBN governor in 2014 and has since remained at the apex bank. Under him, the naira has wobbled against the dollar and now exchanged at N560/$1 from around N150/$1 when he came into office.

    In February, while reacting to the controversy around his interest in the much-coveted seat, Emefiele had reportedly said he would leave his fate firmly in the hands of God.

    According to Section 9 of the CBN Act, 2007, the apex bank governor must not venture into any other vocation while in office and must resign in writing to the President if he nursed such intention.

    It read, “The Governor and the Deputy Governors shall devote the whole of their time to the service of the bank and while holding office shall not engage in any full or part-time employment or vocation whether remunerated or not except such personal or charitable causes as may be determined by the Board and which do not conflict with or detract from their full-time duties…”

  • CBN Governor Emefiele takes Delivery of Presidential Campaign Vehicles

    CBN Governor Emefiele takes Delivery of Presidential Campaign Vehicles

    Nigeria’s Central Bank governor and presidential aspirant, Godwin Emefiele, has taken delivery of his campaign vehicles ahead of the 2023 general elections.

    Several cars branded with Mr Emefiele’s pictures, adorning traditional outfits of the three major ethnic groups in Nigeria, were seen by Peoples Gazette.

    On March 26, campaign posters publicising the CBN governor as presidential aspirant of the All Progressives Congress flooded Eagle Square, during the party’s national convention in Abuja.

    Although the central banker is yet to announce that he will be contesting for the party’s ticket, a source familiar with the arrangement told The Gazette Mr Emefiele has yet to authorise deployment of the campaign vehicles.

    “The governor said the vehicles should not be deployed yet because nothing has been cast in stone as far as his running or otherwise is concerned,” said the source under anonymity because they weren’t authorised to speak for the governor or the institution.

    Mr Emefiele enjoys the support of members of the Igbo ethnic group who believe his tenure as the nation’s central bank governor qualifies him to be Nigeria’s next president.

    Meanwhile, the Peoples Democratic Party has repeatedly called for Mr Emefiele’s resignation, affirming that his partisan affiliation and entanglement with the APC violated section 9 of the Central Bank of Nigeria (Establishment) Act which provides that “the governor and the deputy governors shall devote the whole of their time to the service of the bank and while holding office, shall not engage in any full or part-time employment or vocation, whether remunerated or not…”

    PDP also accused Mr Emefiele of being the “cash cow” to the Muhammadu Buhari regime, whose reckless borrowing and inability to settle outstanding debt and tackle rising inflation has regressed the nation’s economy.

    Mr Emefiele’s refusal to resign from the CBN governorship position to pursue his presidential ambition may be a ricochet effect of Mr Buhari’s request to delete section 84(12) of the Electoral Act which mandated resignation of political office holders before contesting in any election.

    Other political bigwigs who are eyeing the presidential seat include vice president Yemi Osinbajo, Bola Tinubu, Nyesom Wike, Rotimi Amaechi, Peter Obi, Dele Momodu among others.

  • Reps Summon CBN Governor, Army Chief Over Arms Purchase

    Reps Summon CBN Governor, Army Chief Over Arms Purchase

    The Chief of Army Staff, Lieutenant General Ibrahim Attahiru, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, have been summoned to appear before an ad-hoc committee of the House of Representatives next month.

    Members of the ad-hoc committee, chaired by Olaide Akinremi, summoned both men on Monday after they failed to honour an earlier invitation extended to them.

    The motion for their summon was moved by a lawmaker, Bede Eke, who was furious that the army chief, for a second time, did not appear before the committee despite having rejected his representative on the first day of the hearing which held on March 12.

    The lawmakers are among the committee that is reviewing the purchase, use, and control of arms, ammunition, and related hardware by the military, paramilitary, and other law enforcement agencies in the country.

    They had invited Attahiru and Emefiele to appear before them on Monday to answer questions relating to the purchase of arms for the security agencies.

    The army chief and CBN governor, however, failed to appear before the committee, an action which was condemned by the lawmakers.

    Thereafter, the lawmakers passed a resolution to summon Attahiru and Emefiele to appear before them on April 7, 2021.

    Recently, it was alleged that funds meant for the purchase of arms were missing under the leadership of the former service chiefs.

    The claim was credited to the National Security Adviser (NSA), Major General Babagana Monguno, during an interview with BBC Hausa Service earlier in March.

    While the former service chiefs have since denied the allegation, the office of the NSA also said Monguno was quoted out of context and did not categorically make such a claim.

    The Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, also clarified the controversy triggered by the claim during an interview on Channels Television’s Politics Today.

    “I want to assure you that nothing of that money is missing … the reference by it in the interview with Hausa Service of the BBC by the National Security Adviser, I think, has been misconstrued and mistranslated,” he said.