News
Just in: CBN To Deal With Banks For Not Dispensing Cash Via ATMs
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
Money Laundering: More drama as Yahaya Bello heads to Supreme Court
By Francesca Hangeior
The Federal High Court in Abuja on Wednesday adjourned the money laundering case against former Kogi State Governor, Yahaya Bello, brought by the Economic and Financial Crimes Commission until October 30, 2024, for a ruling.
Justice Emeka Nwite granted the adjournment following Bello’s move to appeal to the Supreme Court, seeking to overturn the arrest warrant issued by the trial court on April 17.
During the hearing, defence counsel A.M. Adoyi informed the court that the matter of Bello’s arraignment, which is under appeal, had been taken to the Supreme Court.
He noted that the Court of Appeal ruling on August 28, which directed Bello to appear before Justice Nwite for arraignment, had been challenged at the apex court.
Adoyi also brought the court’s attention to the September 23 affidavit of record filed in connection with the appeal.
“The appeal number is SC/CR/847/2024 and SC/CR/848/2024. That means the most appropriate thing to do is to await the decision of the Supreme Court in the aforesaid appeal before taking any step for arraignment so as not to render the appellant’s appeal null or to pull the rug out of the feet of the Supreme Court,” He said.
The EFCC counsel, Kemi Pinheiro wasn’t having any of it. He told the court that the defendant and his counsel had turned the court into a place for entertainment.
He said the various applications are a gross abuse of court, he urged the trial judge to use his powers and sanction Adoyi for contempt of court and being irresponsible.
Pinheiro said, “The first thing I want to say is that this court is not vaudeville (a vaudeville is a place of variety entertainment). No party must turn a court into a vaudeville, that court must resist it.
“This court has adjourned four times for the defendant to appear for arraignment.
“The defendant has refused to respect the Constitution and this court. Rather than respect the sanctity of this court, the defendant and his solicitors have deployed all manner of deception to achieve a purpose.
Arguing against the defendant’s applications, Pinheiro said, “They have three applications on this – two before your lordship and one before the Supreme Court. I will now urge your lordship to demonstrate audacity of coercive power on him.
“Secondly, an appeal the defendant filed at the court of appeal disputing the mode of service of the charge and proof of evidence on their counsel was dismissed by the Court of Appeal on the 28th of August this year.
“The Court of Appeal said the mode of service was good and proper service. The appellant shall not take any further steps until he submits himself. But they took another step. The appellant was ordered to present himself for arraignment and not take any further steps on this until he honours this order.”
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ASUU To Embark On Fresh Strike, Issues 14-Day Ultimatum To FG
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.
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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