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Nigeria Lawmakers Quiz Presidential Committee Over Sale Of FRCN Building

Nigeria lawmakers quiz Presidential Committee over sale of FRCN building

The House of Representatives has questioned the Presidential Implementation Committee (PIC) on landed property over the sale of Federal Radio Corporation of Nigeria’s (FRCN) six storey building in Lagos to Seamen Traders Limited without prior notice to the agency.

The PIC told the ad hoc committee of the House of Representatives, which is investigating the abandonment of Federal Government property across the country that it has the powers to sell or lease out any property of the Federal Government without prior knowledge of the ministry, department or agency using it.

The Secretary of the PIC, Bala Sanusi, while speaking at the resumed investigative hearing of the committee, noted that it would be cumbersome for the presidential panel to inform all the MDAs of its intention to sell or lease out the over 25,000 property handed over to it.

Sanusi said this while responding to questions on the sale of a property located on 45, Martins Street, in Lagos State, which belonged to the Federal Radio Corporation of Nigeria, to Seamens Traders Limited for ₦100 million.

The Director-General of the FRCN, Mansur Liman, also testifying before the committee, had informed the lawmakers that the property was sold without the corporation’s knowledge.

When the lawmakers sought to know whether the property was sold at a cheap price of ₦100million because it was a burnt property, the PIC secretary declined the question, saying he was not in a position to say since he was not the secretary of the PIC when it was sold.

“I will inform this gathering that the mandate of this committee is by the President-in-Council. (The Federal Executive Council) gave us the mandate to lease Federal Government property in Nigeria and outside Nigeria.

“We are not selling, we are leasing and after the expiration of the lease, the property will revert back to the government,” Sanusi said.

“The mandate was initially restricted to Lagos. But later, (the) Council expanded the mandate of the committee to other states except the FCT. We have been exercising this mandate for a long time.”

Chairman of the committee, Ademorin Kuye requested the PIC to provide detailed report of all property seized from former Nigerian leaders

“We want a report on all seized assets from our leaders, particularly Abacha, in and out of Nigeria. We need to know the state of those properties and to also know if the properties have titles”, he said.

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New Naira Notes Ready For Issuance- CBN

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the newly redesigned Naira notes are already in banks and ready for issuance.

In a statement on its official twitter handle, the CBN quoted Emefiele to have made the disclosure in Daura, Katsina State, while on a visit to brief the president on the Naira redesign and the recently reintroduced cashless policy.

“The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public,” the statement said.

The CBN governor clarified that the currency redesign and reintroduced cashless policies were not targeted at anybody but were for the good and development of the Nigerian economy, and urged Nigerians to embrace the various electronic channels available for banking and financial service transactions in Nigeria.

Emefiele further said the CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure.

He, therefore, advised Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before the January 31, 2023 deadline.

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NIBSS Says e-Payment Transactions Hit N38.9trn In November

The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N38.9 trillion were performed electronically in November through the NIBSS Instant Payment platform (NIP).

This is the highest monthly transaction record on the platform.

Compared with the N34.5 trillion recorded in the preceding month, the November figure also shows a 12.7 per cent increase.

The latest data also shows that the November figure brought the total value of NIP deals in the last 11 months to N345 trillion.

Year on year, the e-payment value increased by 50 per cent compared with the N25.9 trillion recorded in November last year.

The value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 492.2 million in November, showing a 53.8 per cent increase over the N319.9 million recorded in the same period last year.

The NIP is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc. to their customers.

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CBN Insists It Won’t Reverse New Withdrawal Policy

Godwin Emefiele, Governor of the Central Bank, says there would be no reversal on the new cash withdrawal policy adding that the limitations was not intended to hurt anyone.

He disclosed this on Thursday following his visit to President Muhammadu Buhari in Daura, Katsina State.

The National Assembly had earlier faulted the CBN’s unveiling of revised cash withdrawal limits with a maximum of N100,000 for individuals and N500,000 for companies, claiming that it might worsen the current economic situation.

But while reacting to the objections from the National Assembly and the public outcry over the cash withdrawal policy, Emefiele said;

“And we think Nigeria, as the biggest economy in Africa, needs to leapfrog into the cashless economy.

“We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank.

“More and more countries that are embracing digitisation have gone cashless,” he said.

He added that there would be no rigidity on the policy and no reversal, appealing to Nigerians to embrace the new policy.

According to the Governor of the CBN, the new naira notes have already been disbursed to the various commercial banks and expects that the banks would begin distribution to the public.

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