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

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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.

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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.”

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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.

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“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.”

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1 Comment

1 Comment

  1. Smar Omoghene Agbawe

    September 25, 2024 at 10:41 am

    Nearly all banks in warri Delta State you hadly see their atm machine working.
    Mostly first bank at Ekpan.
    All banks in Delta state give money to Pos operators for business thereforeby, denying people of getting money from pos. The CBN should work on it.
    Thanks

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Akwa Ibom on a standstill as fuel scarcity paralyses economic activities

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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.

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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.

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“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.

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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.”

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Court Sentences Three Persons To Death By Hanging Over Murder Of Army Colonel In Oyo State

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By Kayode Sanni-Arewa

Three persons—Agada Solomon, Taiwo Adeniyi, and Bibisoye Kehinde—were sentenced to death by hanging on Tuesday for the murder of Colonel Anthony Okeyin, commandant of the Nigeria Army Secondary School, Apata, Ibadan.

The sentencing took place at the Oyo State High Court, presided over by Justice Ezekiel Ajayi.
The convicts also received 14-year prison terms for conspiracy and armed robbery.
The court case, which dates back to 2016, originally involved six defendants on charges of conspiracy, murder, and armed robbery, News Agency of Nigeria (NAN) reports.

However, the other three defendants—Ewere Andrew, Udobata Oruza-Uzie, and Ephraim Obi—were discharged and acquitted.

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Justice Ajayi stated, “The first, second and third defendants gave confessional statements while the phone of the deceased commandant was found with the first defendant and are therefore convicted accordingly.”

He added that while Obi’s car was used to commit the crime, no evidence linked him to armed robbery, leading to his acquittal alongside Andrew and Oruza-Uzie.

The prosecution, led by Mrs. K.K. Oloso, had argued that the convicted individuals committed the crimes on December 12, 2016, at 6:15 a.m. at the Commandant’s Quarters of Nigeria Army Secondary School.
“They allegedly caused the death of Okeyin, age 52, by breaking his skull while armed with an offensive weapon and robbed him of his Samsung X4 phone and N45,000 cash,” said Oloso.

The offences were found to be in violation of Sections 316, 319, and 324 of the Criminal Code, Laws of Oyo State, 2000, and Sections 1(2)(a), 1(2)(b), and 6(b) of the Robbery and Firearms (Special Provisions) Act, Laws of the Federation of Nigeria 2004.
Counsel for the convicts, Mr. F.O. Awonusi, had earlier pleaded for leniency.

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Just in: Court Fixes Oct 31 To Decide Fate Of NDDC’s Chairman, Ebie

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By Kayode Sanni-Arewa

Massive jubilation in the Oil and Gas producing communities of Delta State as Justice Joyce Abdulmalik of the Federal High Court, Abuja, fixed October 31, to deliver ruling as well as judgement in a suit seeking the sack of the Chairman of the Board of the Niger Delta Development Commission (NDDC), Mr Chiedu Ebie, over alleged wrongful appointment.

Justice Abdulmalik fixed the date for both ruling and judgement on Tuesday, shortly after parties in the suit adopted their written addresses as their arguments for and against the originating summons

Recall that some Niger Delta communities had sued President Bola Tinubu, for allegedly violating the NDDC’s Act by appointing Ebie as NDDC.

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The plaintiffs from Bayelsa and Delta States communities had told the court that Ebie was not qualified to occupy the seat of Board Chairman haven not come from, “the oil producing area with the highest quantum of oil production”.

Those who filed the suit include; Chief Goodnews Gereghewei, Chief Eddy Brayei and Mr Jonah Engineyouwei, who sued on behalf of themselves and Bisangbene, Agge and Amatu1 communities in Ekeremor Local Government Area of Bayelsa State.

President Tinubu, Senate President, Attorney-General of the Federation, NDDC and Ebie are 1st to 5th respondents respectively.

Meanwhile, Jerry Mulade-Aroh representing Gbaramatu Kingdom, Mr Mathew Itsekure, representing Itsekiri Oil and Gas producing communities and Hon Friday Ugedi, representing Egbema Kingdom all in Delta also sought to be joined as plaintiffs in the suit, demanding that is the turn of Itsekiri or Ijaw to produce the chairman as the highest quantum producers.

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At Tuesday’s proceedings, plaintiffs through their lawyer Mr Egberipou Sotonye Barakemi, urged the court to dismiss the preliminary objection filed by President Tinubu and the AGF, adding that the court should dismiss the entire case of all the respondents for lacking in merit.

Mrs Maimuna Lami Ashiru, representing President Tinubu and the AGF, Umaru Jibril, representing the National Assembly and Emmanuel Akumaye, representing NDDC and Ebie, in their respective reply urged the court to dismiss the suit for want of jurisdiction.

After listening to all parties, Justice Abdulmalik announced that ruling in the preliminary objection to the suit as well as her judgement in the main suit would be delivered on October 31, this year.

In the suit marked: FHC/ABJ/CS/28/2024, and filed January 11, 2024, the plaintiffs claimed that both President Tinubu and the National Assembly contravened the NDDC Act by screening and appointing Ebie Chiedu as NDDC Board Chairman.

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Niger Delta activist Comrade Mulade Sheriff insists that although Ebie is from an oil producing State but, was however not qualified for appointment as board chairman because he was not from the highest oil producing area in Delta State.

Mulade argued that Ebie’s appointment “was done horribly in error for political reasons and is against the clear provisions of the NDDC law. Therefore, called on President, Bola Ahmed Tinubu GCFR to immediate replacement him with someone with the requisite capacity and competence from core host communities in Delta State to give sense of belonging for participatory inclusiveness.

The Niger Delta-born renowned environmental rights activist has again urged the National Assembly lawmakers to adhere strictly to the provisions of the law irrespective of political affiliation for the interest of Nigerians, especially host communities because we cannot continued to play politics with our daily bastardized environment and future.

“That the screening and confirmation of the 5th defendant by the Nigerian Senate was also done in error and was against the clear provisions of the law.

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“That as a result of the facts above and in particular the facts in paragraphs 2 – 11, the appointment of the 5th defendant is null, void and of no effect”.

The plaintiffs through their lawyer, B. B. Abalaba, had asked the court to determine whether Ebie who is from a community with minimal oil production is qualifed to be the chairman of the 4th defendant (Niger Delta Development Commission)?

Other issues raised for determination are: Whether the appointment of the 5th defendant by the 1st defendant as the chairman of the 4th defendant is not in contravention of the NDDC Act?

“Whether the appointment of the 5th defendant by the 1st defendant as the chairman of the 4th defendant is not Illegal null and void?

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They therefore prayed the court for an order “setting aside the appointment of the 5th defendant as the chairman of the 4th defendant by the 1s defendant.

“An order of injunction restraining the 5th defendant from assuming office or in any way acting as the chairman of the 4th defendant.

“An order of injunction restraining the 4th defendant from recognizing the 5th defendant as its chairman or allowing him access into its premises for the purpose of beginning or continuing work as its chairman.

“An order of injunction restraining the 5th defendant from holding himself out as the chairman of the 4th defendant”.

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