News

Just in: CBN To Deal With Banks For Not Dispensing Cash Via ATMs

Published

5 hours ago

September 25, 2024

By Kayode Sanni-Arewa

The Central Bank of Nigeria (CBN) has announced that it will sanction banks failing to dispense cash through their automated teller machine (ATMs), as part of efforts to ensure sufficient cash in circulation.

This Nigeria news platform understands that CBN Governor, Yemi Cardoso said this during a press briefing at the end of the 297th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The governor emphasized that all deposit money banks must ensure there is always enough cash available for withdrawals.

CBN monitors banks
The CBN governor said that the apex bank has set up a monitoring system to ensure compliance, and any bank not adhering to this directive will face penalties.

Cardoso reiterated that the CBN’s monitoring and spot-checking system would keep track of banks’ compliance, and those failing to meet the requirement would be sanctioned.

He said: “We ourselves, have devised a monitoring system, a spot-checking system, whereby we will go to the banks and just ensure that these things are done in the way and manner in which they are meant to be done.

“And if they are not, again, there will be sanctions but I believe that at the stage we are in now, everybody realises that stakeholders play their part in ensuring that cash gets to the desired places they are intended to be.”

N1.4 trillion to be released in next three months
Cardoso further disclosed that the CBN plans to release an additional N1.4 trillion into circulation over the next three months to improve cash flow within the banking system.

This move, he said, is aimed at ensuring sufficient cash availability in ATMs and across bank branches, addressing the challenges of cash insufficiency that many customers have faced.

He said: “Another N1.4 trillion is likely to be delivered in another three months to aid that whole process of cash within the system and cash velocity.

“So, from our perspective, we are doing everything possible to ensure that there is sufficient cash in the system. There is no excuse for not having sufficient cash in the system.

“Now it goes to the deployment of that cash and quite frankly, we are working very, very closely, we are engaging with all the deposit money banks to ensure that they are putting these things through their ATMs, effectively dispensing cash to those that are in need.

“And whether they are in need or not, that’s the function of the deposit money banks. And at all points in time, there should be sufficient cash in their system that nobody should go there without being able to withdraw.”

News

HoR Directs NEMA To Investigation Recent Earth Tremors in FCT

Published

6 mins ago

September 25, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has directed the National Emergency Management Agency (NEMA) to conduct a comprehensive assessment of the potential hazards of the recent earth tremors experienced in the Federal Capital Territory, Abuja and to develop immediate safety measures to address the ongoing tremors.

This was sequel to a motion of urgent public importance by the House Minoritqy Leader, Rep. Kingsley Chinda, on Wednesday at plenary calling for an urgent investigation into the recent earth tremors experienced in the Federal Capital Territory (FCT).

This motion was presented in the House following rising concerns over the unusual seismic activities in the nation’s seat of power.

Rep. Chinda noted that the FCT, being a symbol of Nigeria’s social integrity, stability, and strength, is of immense national importance.

He expressed worries over media reports and complaints from residents in various districts, some as far as Pape area who have also experienced similar tremors and vibrations over the past few months.

The Minority Leader emphasized that despite ongoing investigations, there is yet to be any conclusive explanation for these occurrences and highlighted growing fears among residents that these tremors might be precursors to more severe seismic events that could cause significant structural damage to the FCT’s infrastructure.

While the FCT is not generally known for being a seismic hotspot, Rep. Chinda acknowledged that certain regions within the territory have experienced climate-related tremors in the past. This, he said, underscores the need for proactive measures to prevent potential disasters.

“The House is deeply concerned about the possible damage to critical infrastructure, including office buildings, roads, and essential public facilities. If these tremors escalate, there is a real risk of loss of life, displacement of residents, and severe economic losses,” Chinda stated.

In light of these concerns, the House mandated its Committees on the Federal Capital Territory, Environment, and Emergency Disaster Preparedness to investigate the cause of these tremors and propose necessary legislative actions.

News

ASUU To Embark On Fresh Strike, Issues 14-Day Ultimatum To FG

Published

8 mins ago

September 25, 2024

Naijablitznews

By Mario Deepromoter

The Academic Staff Union of Universities has issued a 14-day strike deadline to the Federal Government to resolve some lingering issues dating as far back as 2009.

ASUU President, Emmanuel Osodeke in a statement issued on Wednesday, said the body is seeking the conclusion of the renegotiation of the 2009 FGN/ASUU Agreement based on the Nimi Briggs Committee’s Draft Agreement of 2021.

It also demanded the release of withheld salaries due to the 2022 strike action, and expressed frustration with the government’s lack of commitment and delay tactics.

It stated that these actions were generating a crisis in the public university system.

“In view of the foregoing, ASUU resolves to give the Nigerian Government another 14 days, in addition to the earlier 21 days, beginning from Monday, September 23, 2024, during which all the lingering issues must have been concretely addressed to the satisfaction of the membership of the union.

“The union should not be held responsible for any industrial disharmony that arises from the government’s failure to seize the new opportunity offered by ASUU to nip the looming crisis in the bud,” ASUU said

ASUU is also demanding the release of unpaid salaries for staff on sabbatical, part-time, and adjunct appointments affected by the Integrated Payroll and Personnel Information System, and the payment of outstanding third-party deductions such as check-off dues and cooperative contributions.

It added that it wants funding for the revitalisation of public universities, partly captured in the 2023 Federal Government Budget, and the payment of Earned Academic Allowances partly captured in the 2023 Federal Government Budget.

Other issues include the proliferation of universities by Federal and State Governments, the implementation of the reports of visitation panels to universities, the reversal of the illegalG dissolution of Governing Councils, and the adoption of the University Transparency and Accountability Solution as a replacement for IPPIS.

News

Akwa Ibom on a standstill as fuel scarcity paralyses economic activities

Published

1 hour ago

September 25, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Akwa Ibom on a standstill over strike by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG) over the seizure of a tankers by the Joint Task Force (JTF).

The absence of fuel in the state has brought economic activity to a grinding halt, as businesses struggle to operate without transportation or power.

“This is unbearable! I have had to close my shop for three days because my customers can’t find a means to come and buy from me. Even the little I have in my fridge is getting bad because there is no light,” lamented an angry shopkeeper in Uyo.

Others said that the fuel scarcity has had a ripple effect on every aspect of daily life, with school and work attendance taking a hit as people are unable to commute. Even hospitals have not been spared from the consequences of the crisis, as ambulances are unable to transport patients in need of critical care.

The crippling effect of the ongoing strike in Akwa Ibom has prompted the state chapter of the Nigeria Labour Congress (NLC) to announce that they will commence a “sit-at-home” this evening. This was confirmed in a statement signed by the NLC Chairman, Comrade Sunny James, who expressed deep concern over the situation and called for urgent intervention by relevant authorities.

GOVERNMENT KEEPS MUM

Government agencies that regulate petroleum products has remained silent on the matter despite the growing outrage from citizens and the NLC’s protest announcement. The absence of a statement or public address from the agencies and Akwa Ibom Government has fueled concerns over the government’s handling of the situation, as many fear that the prolonged crisis could have dire consequences for the state’s economy and overall well-being.

“We are tired of this silence from those who should talk. We want answers and action now. This is affecting the livelihoods of every person in this state. What is he waiting for?” cried a frustrated resident of Uyo.

REASON FOR STRIKE BY NUPENG

A source close to the matter revealed that NUPENG did not take the necessary steps to engage with authorities, including the DPR Coordinator and the Chief of Army Staff, to resolve the issue of seized trucks.

The source also claims that the product was illegally diverted to an unlicensed fuel station for export, which may have further exacerbated the situation.

According to the source, the Governor’s hands may be tied in this matter due to the alleged illegalities involved, stating,

“NUPENG didn’t do enough to address the issue. The product was diverted illegally. Even the Governor might not be able to intervene in such a situation.”