Headlines

The Supreme Court of Nigeria has restrained the Federal Government from continuing with the full implementation of the demonetization policy.

Three northern states, Kaduna, Kogi and Zamfara, had, in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria’s naira redesign policy.

A 7-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc, from implementing the February 10 deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.

The court further held that the FG, CBN, and commercial banks must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.
By the ruling, the old Naira notes continue to be legal tenders in Nigeria.

Nollywood star and Lagos gubernatorial deputy candidate of the PDP, Funke Akindele, has lost her mother.

The actress’s older sister, Olubunmi Akindele, broke the news on Tuesday evening on her official Instagram page.

The statement read, “It is with heavy hearts, but in total submission to God Almighty that the ADEBANJO and AKINDELE families announce the passing of their daughter, mother, grandmother and sister, DR. R B ADEBANJO-Akindele, which occurred on Tuesday 07 February 2023.”

“May her gentle soul begin its rest eternal in peace? Amen. Obsequies in honour of her passing shall be announced in due course.” She added.

Details on the cause of death have not been revealed, and the actress has not said anything about the loss.

Funke’s dad, Godwin Akindele, a retired school principal with origins from Ikorodu, died on 7th December 2019 after a brief illness.

An Operations Manager of a leading Commercial bank in Abuja Central Area was on Tuesday, arrested by operatives of the Economic and Financial Commission, EFCC, for refusing to load the Automated Teller Machines, ATMs, of the bank despite having N29 million of the redesigned Naira notes in the branch’s vaults.

This discovery, which indicates a sabotage of the government’s monetary policy by some banks, was made by the EFCC in continuation of the ongoing surveillance and visit to banks across the country to access their vaults and verify whether they were deliberately refusing to dispense the redesigned Naira notes.

According to the statement, “More than five bank branches were covered today by the operatives in Abuja. Similar exercises were ongoing in Zonal Commands across the country.

“The operation will continue until normalcy is restored to the banking system.

“Nigerians finding it difficult to access their funds at any bank and suspects foul play should contact the commission, for immediate intervention.”

European Union Approves Plan To End Physical Presence For Schengen Visa Procedures

According to the Parliament of the EU on Tuesday, the report on the digitalisation of visa procedures in the Schengen area was adopted with 34 votes in favour, five against, and 20 abstentions.

Members of the European Union Parliament, MEPs, have adopted a report that seeks to modernise the visa application procedure in the Schengen area by moving from physical applications and visa stickers to a digital system.

According to the Parliament of the EU on Tuesday, the report on the digitalisation of visa procedures in the Schengen area was adopted with 34 votes in favour, five against, and 20 abstentions.

EU Parliament said that digital visa applications would speed up the process, reduce the efforts and costs required to make an application, and would promote security.

In addition, it was also stressed that the digitalisation of the visa application process would also ensure consistent practices throughout the EU, SchengenVisaInfo reports.

“By digitalising the visa application process for the Schengen area, the proposal aims to reduce the costs and efforts required to make an application, while ensuring harmonious practises throughout Europe and improving its security,” the statement of the EU Parliament reads.

The EU Parliament further notes that by digitalising the visa application for the Schengen area, visa applications would be processed in a single online platform which would let applicants know which country will receive their application.

The new system is designed to work harmoniously with the border management systems as well as databases of the EU, meaning that it would also reduce security risks.

The decision to approve the report which seeks to streamline visa application procedures was welcomed by rapporteur Matjaž Nemec who said after the vote that the digitalisation of the process would help people to see the bloc as a single geographical entity.

“We want to deliver a modern, user-friendly digital solution for EU visa applications, along with simplified application procedures. Replacing the visa sticker with a digital visa would also reduce security risks posed by physical stickers, and a unified system would help people see the EU as a single geographical entity,” Nemec stressed.

At the same time, Nemec has sought to ensure that the new system is more applicant-friendly. Regarding this, MEPs said that they want to see increased language options in the new system as well as safeguards for persons lacking in digital literacy and those with disabilities.

MEPs also want to make sure that certain visa applications do not get refused when they are filed from the same IP address, which may be the case in some areas that have poor internet connectivity.

MEPs also argue that IP addresses should be processed or collected as part of the visa application.

The EU Parliament is now expected to announce the inter-institutional negotiations on the file. If there are no objections, negotiations on the final details can begin.

Some residents of the Federal Capital Territory (FCT) have decried the scarcity of the new naira notes and high charges by POS operators in the territory.

The News Agency of Nigeria, NAN reports that residents in Gwagwalada, Kuje and Abaji Area Councils said customers paid more than 10 per cent on every withdrawal.

The Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele said the apex bank sought and obtained President Muhammadu Buhari’s approval to extend the naira deadline swap to February 10.

However, some POS operators said the sharp increase in their service charges is due to difficulty accessing the new notes from the commercial banks.

A building engineer in Gwagwalada, Abraham Gado, who expressed unhappiness with the development, said that the exploitation strategy adopted by POS operators was not in the interest of the masses.

Gado said that the situation called for a rethink on the side of the POS operators and the commercial banks to do something drastic to address the problem to help cushion the hardship.

“I wish to appeal to the Federal Government, particularly the CBN and commercial banks, to adopt a stress-free strategy in the process of withdrawing old naira notes from circulation,” he said.
Mr Emmanuel Nonso, a trader in the Abaji market, said POS operators were charging N1,000 for every N10,000 transaction.

“The new naira notes are not much in circulation and buyers still bring the old naira notes to buy our goods because they need the new ones.

“The POS operators are charging us N1,000 for every N10,000 transaction, which is not good for our businesses,” he said.

A resident of Kuje Area Council, Mrs Eunice Madaki, said the new notes were not in circulation in the area, adding that the queues at ATM points were worrisome.

Mr Silas Lagi, a POS operator at Kuje Area Council, said the 10 per cent charges on each withdrawal were based on an agreement among POS operators in the area.

Lagi added that the new notes were only available; sometimes they went to withdraw money at the commercial banks in the area.

“If you know what we go through to get money from our banks to do this business, you will not complain or blame us for the increased charges.

“The problems and the struggle associated with getting money from the bank to pay customers who only want to withdraw is something else,” he stated.

The Department of State Services on Monday said its officers have arrested an undisclosed number of persons involved in the sale of the new naira notes.

The DSS, in a statement on Monday by its spokesman, Peter Afunanya, accused some commercial bank officials of aiding the crime.

The statement was titled, ‘DSS intercepted syndicates selling new currency notes, bank official implicated’.

It read, “The Department of State Services hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the new redesigned naira notes. In the course of its operations, in this regard in parts of the country, it was also established that some commercial bank officials are aiding the economic malfeasance.

“Consequently, the Service warns the currency racketeers to desist from this ignoble act. Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address the emerging trend.

“It should be noted that the Service has ordered its Commands and Formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified. Therefore, anyone with useful information relating to this is encouraged to pass the same to the relevant authorities.”

The Central Bank of Nigeria(CBN) has bowed to the demand of the House of Representatives for a gradual phase-out of the old naira notes.

Its Governor Godwin Emiefele, who appeared before the House of Representatives ad hoc Committee, said Nigerians won’t lose the old notes after the February 10 extended deadline.

He said while the old notes cease to be legal tenders after the expiration of the deadline, Nigerians can still take them to the bank for exchange of new notes or deposit the old notes in their accounts.

Section 20(3) of the CBN Act, 2007 provides that the Apex Bank should continue to accept the old notes until they are phased out of circulation.

He said the CBN stands with the position of the House of Representatives on the provisions of section 20(3) of the CBN Act, assuring Nigerians they will not lose their money.

According to him: “You will not lose your money even when it loses its legal tender. You can take it to the bank, pay it into your account. But we should please allow this policy to succeed.”

He however said that the apex bank was aware of the pains Nigerians were going through but assured that they were doing everything possible to address them.

Details Shortly…