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Just In: Supreme Court Restrains CBN From Implementing Deadline For Old Naira Notes Validity

Published

4 months ago

February 8, 2023

Supreme Court Restrains CBN From Implementing Deadline For Old Naira Notes Validity

…The implication of this ruling is that the old N200, N500, and N1000 notes remain valid after the February 10 deadline given by the CBN.

Olushola Okunlade Writes

The Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline for the old 200, 500, and 1000 naira notes to stop being legal tenders.

Three northern states – Kaduna, Kogi, and Zamfara – had in a motion ex-parte filed on February 3rd, by their lawyer, Abdul Hakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.

A seven-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 this ruling, the old Naira notes continue to be legal tenders in Nigeria.

‘Why Kaduna, Kogi, Zamfara Approached Supreme Court’

After the ruling, the lawyer to the three state governments, Mustapha said Zamfara, Kogi, and Kaduna dragged the Federal Government and the apex bank to the highest court because the policy is causing hardship for Nigerians, especially those in the rural areas.

“We invoke the original jurisdiction of the Supreme Court when there is a dispute between the state government and the Federal Government. It is one of the few occasions where the Supreme Court act as the original jurisdiction. So, we invoked the powers of the Supreme Court to hear this application,” the senior advocate said.

“The reason for it is that as well-intentioned as this policy of the Federal Government on this naira redesign, it is causing hardship all over the country. As we can all see, banks are being harassed, and Nigerians are suffering, especially the downtrodden, even in the urban areas they are having difficulty, but it is more excruciating in the rural areas.

“So, the three state governments – Zamfara, Kaduna, and Kogi deemed it fit for us to invoke the powers of the Supreme Court to intervene.”

Legal Fireworks

The pandemonium over the February 10 deadline for the validity of three old naira notes assumed another dimension on Monday as five political parties and three state governments began legal battles.

Whilst the Kaduna, Kogi, and Zamfara governments dragged the Federal government before the Supreme Court, seeking an extension to the February 10 deadline, five political parties took the matter to the Federal Capital Territory (FCT) High Court and secured an order barring the Federal Government and the apex bank from any extension of the deadline.

The CBN on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500, and N1,000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.

The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.

With cries by many Nigerians, the apex bank extended the deadline from January 31 to February 10, saying it got the approval of the President.

The National Assembly asked for a six-month extension of the policy, amid scathing criticisms by governors, lawmakers, and stalwarts of the ruling party, the All Progressives Congress (APC) including the flag bearer of the party, Bola Tinubu; former Edo State governor, Adams Oshiomhole; Speaker of the House of Representatives, Femi Gbajabiamila; Majority Leader of the House of Representatives, Alhassan Ado Doguwa; Minister of Works and Housing, Babatunde Fashola; amongst others.

Buhari on Friday after a meeting with some APC governors asked for seven days to make a major decision on the policy.

Source: Channels TV

Related Topics:#cbn #newnairanotes #oldnairanotes #supremecourt

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Union Bank Reaffirms Commitment to Sustainability; Partners NCF To Commemorate World Environment Day 2023

Published

2 hours ago

June 6, 2023

Business Echo Magazine

Union Bank Reaffirms Commitment to Sustainability; Partners NCF To Commemorate World Environment Day 2023

Rashidat Okunlade Writes

As part of its continuous efforts to champion environmental responsibility and promote sustainable practices, the leading financial institution Union Bank of Nigeria partnered with the Nigerian Conservation Foundation (NCF) to celebrate World Environment Day 2023.

World Environment Day, observed annually on June 5th, is a global platform to raise awareness, and mobilise action towards pressing environmental issues.

The 2023 campaign #BeatPlasticPollution; Solutions to Plastic Pollution, calls for global solutions to combat plastic pollution.

Plastic pollution has become a global crisis, threatening our ecosystems, wildlife, and human well-being. This year’s World Environment Day aims to raise awareness and mobilise individuals, communities, and organisations to take action and make a positive impact on the environment by reducing their plastic consumption, embracing sustainable alternatives, and advocating for responsible plastic waste management.

To create awareness of environmental responsibility and encourage collective action, Union Bank employees, together with the Nigerian Conservation Foundation volunteered to educate students at Aguda Junior Grammar School, Surulere, Greg Girls Junior High School, Surulere, and Okun Ajah Community Senior Secondary School, Okun Ajah.

The students were educated on the detrimental effects of plastic pollution on the environment, highlighting the importance of reducing plastic consumption, reusing plastic, and practical tips for sustainable recycling. The Bank also donated waste bins to each school to encourage recycling and make it easier for students to do their part in reducing plastic waste.

Speaking on the Bank’s activities to mark World Environment Day, Union Bank’s Chief Brand and Marketing Olufunmilola Aluko said: “At Union Bank, we are resolute in our commitment to be a sustainability champion. This year’s focus on tackling the pervasive issue of plastic pollution resonates deeply with our commitment to environmental sustainability. We proudly partner with NCF to educate students on solutions to beat plastic pollution. By raising awareness and advocating for responsible plastic waste management, we can collectively and significantly preserve our planet for future generations.”

With its focus set on the future, Union Bank continues to lead the way in shaping a better, more sustainable future for generations to come.

Money Market

Iconic Encounter: Music Superstar Davido Meets Wema Bank’s New MD/CEO

Published

7 hours ago

June 6, 2023

Business Echo Magazine

Iconic Encounter: Music Superstar Davido Meets Wema Bank's New MD/CEO

In what will be recorded as a historic occasion in the worlds of entertainment and finance, globally acclaimed Nigerian music artist, Davido met with Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, to explore opportunities for collaboration and transformation between the finance and entertainment industries.

The momentous meeting of minds took place at the bank’s headquarters in Marina, Lagos and according to Oseni, signifies the convergence of visionary leadership, creative brilliance, and a shared commitment to innovation. Wema Bank Plc, a leading financial institution in Nigeria, recently welcomed a new Managing Director, injecting fresh perspectives and a dynamic vision into the organization.

Left-Right: Executive Director, Retail and Digital Bank, Wema Bank, Tunde Mabawonku; Deputy Managing Director, Wema Bank, Wole Akinleye; Divisional Head, People, Brands & Culture, Wema Bank, Ololade Ogungbenro; Nigerian Artists, David Adeleke (a.k.a) Davido; MD/CEO, Wema Bank, Moruf Oseni; Head, Brands & Marketing Communications, Wema Bank, Mabel Adeteye; Executive Director, North and South – South Bank, Wema Bank, Emeka Obiagwu and Chief Operations Officer, Wema Bank, Tajudeen Bakare, during Davido’s Visit to Wema Bank’s new MD/CEO, Mr. Moruf Oseni, in celebration of Alat At 6, today, 26th May, 2022 at Wema Bank’s Head Office, Marina, Lagos.

“Wema Bank and Davido are both innovative brands that recognize the immense potential that arises from the fusion of finance and entertainment, setting the stage for groundbreaking initiatives that will captivate audiences and revolutionize customer experiences”, Oseni said in his welcome address to the global music sensation and trendsetter who has captured the hearts of millions worldwide. Oseni further acknowledged Davido’s entrepreneurial prowess and influential persona which have propelled him beyond the music industry, making him a force to be reckoned with in various business sectors. “Davido is well known for his unwavering dedication to excellence and having a finger on the pulse of the ever-evolving entertainment landscape.”

The meeting with Davido serves as a catalyst for transformative change and positions Wema Bank as a pacesetter in the intersection of finance and entertainment. The bank’s commitment to customer-centric innovation and providing accessible banking solutions aligns seamlessly with Davido’s mission to empower and uplift his fan base.

Oseni insisted “We are fusing finance and entertainment with the aim of delivering innovative solutions that resonate with our customers. Together, we will drive positive change and create extraordinary experiences.”

In celebration of the sixth anniversary of ALAT, Wema Bank’s digital banking platform, Davido also Wema Bank’s brand ambassador, has been brought on board to curate a series of exciting giveaways. It is an opportunity to showcase the strength and growth of the ALAT brand, offering customers and fans a chance to win exclusive prizes and experiences. The giveaways are tokens of appreciation for the continuous support and loyalty shown by customers over the years.

By leveraging their combined strengths, Davido and Wema Bank aim to further set new benchmarks in their respective industries while driving social impact and financial inclusion.

It promises to be a remarkable collaboration that will reshape the landscape of finance and entertainment, creating lasting experiences and opportunities that transcend traditional boundaries.

Money Market

Naira Devaluation’s Fake News, Says CBN

Published

1 day ago

June 5, 2023

Business Echo Magazine

The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the naira to N631 per dollar at the Importers and Exporters (I&E) window.

A top official of the apex bank, who told this medium that the report is completely false, warned that such reports could have serious adverse consequences for the economy.

According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.

“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”