Editorial
That CBN Policy On Cash Withdrawal
Recently, the Central Bank of Nigeria (CBN) came out with a new policy pegging daily cash withdrawal and lodgement by individual at N150,000 and corporate organizations at N1million. According to the apex bank, implementation of the policy would kick off in June, 2012. The aims, the CBN says are to reduce the dominance of cash in the economy, the cost of cash management to the banking industry, security problem and money laundering.
Since the announcement of this policy, there have been scores of protest and contrast views by many Nigerians, whose lives and investments would be affected when this policy comes into effect. Even the die-hard optimists in the nation’s suffocating investment environment, are worried that the policy is coming at an embryonic stage of the economy.
While some investors argue that there is a drop in both internal and external revenue, others add that most small and medium scale entrepreneurs, including majority of the purchasing public in the country’s business environment, still prefer cash transactions as a means of payment for goods and services. They even insist that the Automatic Teller Machine (ATM) has a limit on cash withdrawal that lowers their ability to meet urgent financial needs. In fact, the bottom line of the argument is that the Nigerian society has not developed to the level of operating a cashless economy as it is practiced in most western countries. For them, the CBN is trying to make the economy run when it should be crawling.
However, it was to allay these fears that CBN Deputy Governor, Tunde Lemo, clarified that the limit to withdrawal is not absolute as those who wished to withdraw more than the stipulated amount could do so but with a fee. He said the CBN has already put in place measures to match the ATM by deploying over 10,000 sales points by 2012. According to him, by 2015, Nigeria would be where Brazil is by deploying additional 350,000 ATM terminals.
The deputy governor further said that CBN was also making biometric withdrawal possible so that everyone, including those who cannot read or write, will be covered by the new policy. According to him, the needed infrastructure would be put in place to facilitate smooth take off while a committee had been set up to ensure error free, end-to-end e-payment transaction. He also said that implementation of the new policy would begin in Lagos, the Federal Capital Territory (FCT), Port Harcourt, Kano and Aba, which account for 80 per cent of the volume of cash in the country.
The Tide believes that this CBN policy framework is a welcome development for a growing economy like ours that is striving to drive the Sub-Saharan economic landscape. There is no doubt that if the new policy is successfully implemented, it would bring lots of economic gains to the country. Although we fear that given the poor state of infrastructure and the level of illiteracy in the country, the policy may not get near the anticipated economic breakthrough that would drive the country’s Vision 20-2020, aimed at putting Nigeria in the ranks of the world’s 20 biggest economies in the next nine years.
The Tide notes that the policy is coming at a time when the nation is just recovering from the threat of global recession, and the value of the Naira against other major currencies is greatly undermining the purchasing power of many Nigerians.
Perhaps, it may be apt to draw attention to the fact that Nigeria lacks enough commercial banks to manage their daily financial transactions for several years. Out of about 89 banks before the CBN policy on capitalization in 2004/2005, only about 25 banks are now operational. Even the recent CBN reforms have exposed the vulnerability and liquidity status of some banks, triggering questions of confidence problems in the banking system.
For this new cash withdrawal policy to be effective, therefore, The Tide commends adequate public enlightenment of the banking publics. Besides, the CBN should proceed with the strategic medium and long-term goals in order to achieve the desired results. We say this because in the past, CBN had initiated policies on coins as means of business transactions which suffered setbacks due mainly to the inconveniences of conveying large coins instead of its equivalent denominations in currency notes.
We think that the success of the new policy depends largely on consistency and continuity of implementation and enforcement by the apex bank. We urge the CBN to avoid a flurry of policy changes that may compromise the gains already made. The Tide insists that the CBN should stick to its June, 2012 deadline for the take off of the new cash withdrawal policy in order not to encourage corruption. We say so because previous CBN deadlines, especially that on capitalization of banks, updating of accounts, bank reforms, among others, failed to guarantee sustainable confidence in the banking system.
The Tide, therefore, urges the CBN to adequately address the challenges of the new cash policy, and work to ensure that the Nigerian economy drives national development in such a way that every citizen is confident that their money is not only safe and secure but can guarantee them value for their sweat and hard work.
Editorial
For An Effective Supreme Court
The recent inauguration of 11 additional Justices to the Supreme Court, Nigeria’s highest judicial institution, presents a robust event in the judiciary. This action comes in the wake of a period the court was grappling with high workload pressure because of statutory retirements and unfortunate demise, resulting in the highest court running below its required capacity. However, the induction of the new Justices has brought transformation. The replenishment of the Bench restores the court’s strength to its estimated complement of 21 Justices, in line with the stipulations of the country’s constitution.
During the administration of the Oath of Office to the Justices, the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, reiterated the essence of their role and the responsibility they carry. He emphasised the expectation for them to exhibit utmost integrity and fairness, akin to Caesar’s wife, in delivering justice impartially regardless of whose interests were at stake. According to him, they should see themselves as God’s representatives. Unfortunately, the 11 Justices were assuming their positions on the Supreme Court Bench during a period when the Nigerian judiciary, including the apex court, faces severe criticisms, resulting in widespread skepticism towards judges among the people.
Today, there is a lack of consensus regarding CJN Ariwoola’s assertion that Nigerian judges, across different levels, serve as representatives of God on earth and understand his expectations. While the CJN could have provided his guidance without invoking religious beliefs, he accurately pointed out the heightened scrutiny that the apex court will face, particularly from Nigerian politicians seeking to manipulate judicial outcomes. The legal community will also closely observe the newly appointed Justices, assessing how their promotion and the completion of the judicial panel at the apex court will impact the administration of justice and advance legal principles.
The main concern regarding the depletion of the apex court was the high number of cases on the docket, leading to over-congestion in the court and causing the Justices, who were already few in number, to be overworked. Justice Musa Dattijo Muhammad highlighted in his emotional farewell speech in October 2023 that the Justices were also underpaid and lacked resources. With the recent addition of 11 judges to the apex court, more cases can now be heard, leading to improved performance and efficiency. However, for this to be successful, the administrative processes at the Supreme Court must also be revamped and modernised.
We congratulate the new Justices on their appointment to a position that carries a sense of authority in their decisions while presiding over cases brought before them for adjudication. However, they must remember that their new role comes with great challenges, responsibilities, and heightened expectations, as the judiciary is often seen as the last resort for the common man.
This has become pertinent in light of the demand for justice by Nigerians, both ordinary citizens and those in positions of power, who feel let down by the decisions coming from the courts on various issues, especially those related to politics. Whether rightly or wrongly, there is a widespread belief that the respected institution of justice has been influenced by corruption; that greed and dishonesty have tarnished what was once a highly esteemed establishment that was respected by all.
Many well-meaning Nigerians have been vocal in their calls for the purification of the corrupt judiciary, especially the Supreme Court. It is widely believed that by ensuring a full complement of judges, a new era of swift justice can be ushered in, ultimately leading to the much-needed purification of the system. The hope is that with a reformed and efficient judiciary, the rule of law will be upheld, and justice will be served timely.
The judiciary in Nigeria is a reflection of the larger society, encompassing both the good and the bad. It must be recognised that Justices are human, with all the inherent flaws that come with being human. However, it is believed that through their training, sense of duty, and the discipline required for their roles, they should be able to rise above any shortcomings and fulfil their responsibilities to the public. It is expected that they will meet the presumptions of the people they serve.
From that perspective, and in view of the burden of duty they must discharge, we feel obligated to further contend that for the Justices to be able to, like the blind-folded lady, dispense justice without fear, favour or ill-will, there is the compelling urgency to make the judiciary a member of the tripod, truly independent, especially from the standpoint of funding. It deserves to get its allocation directly from the federation account devoid of the manipulative influence of any other arm of government. This is required if the nation must do away with the negative perceptions of who pays the piper dictates the tune.
Furthermore, the selection of the Chief Justice of the Federation or Chief Judge of a state should not be at the discretion of a single elected official, whether it be a governor or the President of the country. This tendency for one individual to have complete control over who holds these critical positions, often through manipulation and questionable deals, undermines the idea of a judiciary that is truly independent and able to withstand political pressure. Appointments to these offices should be made based on merit, integrity, and public scrutiny rather than political favouritism.
If judicial officers are diligent in carrying out their duties, they deserve to have comfortable working conditions. This means that they should not have to settle for the meager salaries they currently receive. The nation must ensure that we did not repeat the past where Supreme Court Justices had to protest against the poor working conditions they were subjected to. Corruption can be tempting, but with the right incentives and working environment, we can prevent it from taking hold. Justices need to be provided with better working conditions that do not compromise their rectitude.
Given that the Supreme Court has now been completely constituted, there should be no room for cases to drag on in their dockets. It is anticipated that a fully constituted Supreme Court will have all its courtrooms operational and the newly appointed Justices will enhance our legal system and assist the apex court in realising its maximum potential. Despite these recent appointments, more Justices of the apex court are approaching retirement and any resulting vacancies should be promptly filled without delays. With the court now at full capacity, we are optimistic about the future productivity and efficiency of the Supreme Court.
Editorial
IWD: Moving Towards Gender Equality
Today, March 8, marks International Women’s Day (IWD), a global observance devoted to recognising
and honouring the social, economic, cultural, and political accomplishments of women and girls. It is a moment to highlight the improvement made towards gender parity and to accentuate the ongoing work that still needs to be done.
The universal theme for 2024, “Invest In Women: Accelerate Progress,” highlights the relevance of investing in women’s education, healthcare, economic empowerment, and leadership development. By bolstering women through investment, we are not merely enhancing their individual opportunities and well-being but likewise fostering positive social and economic outcomes for communities and countries.
IWD, observed every year on March 8, is a worldwide celebration to honour women for their attainment, acknowledge their contributions to society, and promote gender equality. The day serves to coalesce people around the world and contemplate the growths made towards obtaining gender uniformity, while further recognising the challenges that still prevail.
The origins of IWD can be traced to the early 20th century, when women groups battled for reformed working conditions and social justice. The inaugural National Women’s Day was observed in the United States on February 28, 1909, following a declaration by the Socialist Party of America. In 1910, at the International Conference of Working Women in Copenhagen, Denmark, Clara Zetkin proposed establishing an annual Women’s Day to advocate for women’s rights and suffrage. The proposal garnered unanimous support, leading to the first IWD being celebrated in 1911 by over a million people in Austria, Denmark and Switzerland.
Additionally, IWD sheds light on the ongoing challenges and barriers that women around the world continue to face. These include gender-based discrimination, violence, unequal access to education, denial of employment opportunities, injustice, limited economic prospects, gender-based violence, and inadequate healthcare and education. We have to assess our achievements and renew the search for solutions to promote gender equality and empower women and girls.
Collaborating across different sectors and advocating for systemic change, can build a fairer and more inclusive world where every woman and girl can achieve their full potential and make meaningful contributions to society. As we celebrate the day, we have to recommit ourselves to creating a future where gender equality is not just an aspiration but a lived reality for everyone. We have to embrace this theme and join forces to construct a more just, prosperous, and inclusive world.
To achieve gender equality, men must support this cause. They can do so by dismantling patriarchal systems and creating a society that promotes inclusivity, enabling women to thrive. Men should listen to women’s experiences, amplify their voices, and actively work towards building a more equitable world. Both men and women can work towards a future where discrimination is eliminated and everyone, regardless of gender, can have access to equal opportunities.
Every March 8, Nigerian women join the rest of the world to celebrate IWD. It is an ample opportunity for political leaders to make grand promises to improve the lives of women and help them evade poverty. From the lowest-ranking officials to those in the highest positions, women are promised equal representation, active involvement, and policies that give priority to gender balance. However, by the next day, these same politicians revert to their usual ways, conveniently forgetting the promises they made until the next IWD comes around, and the cycle continues indefinitely.
Women play vital roles in both private and public spheres, and should be granted complete support and respect from society for their contributions. They should be encouraged to engage in governance and public affairs without facing discrimination or obstacles. Consequently, public policies should be intentionally designed to harness their abilities for the betterment and advancement of our nation. Nigerian women have impacted the country’s growth and development, thus investing in them would drive transformation and promote a seamless transition to a more secure and equitable society.
Rwanda, recognised as one of the fastest-growing economies in Africa, boasts one of the highest rate of female representation globally. In a strategic move to rebuild the nation following the post-genocide era, a new constitution was drafted and approved in 2003, allowing for the implementation of proactive measures, including a gender quota ensuring that women occupy a minimum of 30 per cent of political positions. Consequently, Rwanda stands out for having established one of the most effective systems due to the inclusion of women in decision-making processes.
Unfortunately, Nigeria ranks 133rd, globally for female political representation, with only 20 per cent of formal sector enterprises owned by women. Women have less than 6 per cent representation in the National Assembly, with merely 19 out of 469 members serving in the Senate and House of Representatives. This low representation is indicative of discrimination, as only three women serve in the Senate and 16 in the House of Representatives.
Gender equality needs to be at the top of the federal, state, and local governments’ agenda, and acknowledged as a major priority by all people, organisations, and communities, if our country is to achieve inclusive and sustainable development. Restrictive clauses, norms, and traditions that support prejudice and discrimination against women and girls must be addressed and eradicated. Every legislation currently in place that impedes the advancement of women should be examined and reviewed by the state and federal legislature. This would be the most potent way to observe this year’s International Women’s Day.
Editorial
Tackling Weapons Proliferation In Nigeria
On September 26, 2023, the United Nations General Assembly hosted a special event to observe the yearly
International Day for the Complete Elimination of Nuclear Weapons. That year marked the eleventh anniversary of the approval of Resolution 68/32, which was made in December 2013, creating this observance to raise awareness about the dangers nuclear weapons pose to humanity and the need for their total eradication.
Over a decade after the resolution was adopted, the goal of a world, free of nuclear weapons remains unachieved. Even countries such as Costa Rica have repeatedly warned of a new arms race with advanced and dangerous weapons, while states like Kazakhstan, Trinidad and Tobago, and the Holy See have cautioned of unpredictable global consequences. The number of nuclear warheads is increasing, and many delegates condemn the resurgence of nuclear rhetoric and threats. Only recently, Sri Lanka and Mexico noted that 2023 was the closest the world has ever been to nuclear war. And the threats continue to loom, even today.
Indeed, weapons of mass destruction, particularly nuclear ones, pose a serious threat to humanity due to their destructive power. The excessive accumulation of conventional weapons and illicit trade in Small Arms and Light Weapons (SALW) threaten international peace, security, and sustainable development. Explosive weapons in populated areas endanger civilians. And emerging weapon technologies pose a challenge to global security.
On March 5, yesterday the International Day for Disarmament and Non-Proliferation Awareness was observed to help increase the global public’s understanding of how disarmament efforts can contribute to promoting peace and security, preventing and resolving armed conflicts, and reducing human suffering caused by weapons. The day serves as a reminder of the need for working towards, a world free of weapons and violence.
This second International Day for Disarmament and Non-Proliferation Awareness was taking place during a critical time, with increasing military expenditures, escalating geopolitical rivalries, and a rise in violent conflicts worldwide. It is worrisome to see some leaders resorting to apocalyptic language when discussing the potential use of nuclear weapons. It is essential, more than ever, to promote peace, dialogue, and cooperation to prevent the catastrophic consequences of nuclear proliferation.
Yesterday’s event served as a reminder that disarmament and non-proliferation are imperative not just for a peaceful future, but for our very survival. Global leaders must prioritise peace by enhancing the mechanisms and strategies that deter the spread and utilisation of destructive weapons, such as the Treaty on the Non-Proliferation of Nuclear Weapons, and by formulating disarmament resolutions.
There is a pressing need for a renewed effort to combat the mushrooming and trafficking of small arms in Africa. The spread of small arms in West Africa, in particular, is rapidly transforming the region into a key hub for illegal drug trafficking, which in turn is fueling the rise of criminal organisations that possess enough weaponry to pose a threat to national security forces.
It is necessary to increase efforts to fulfil the objective of preventing, fighting against, and eliminating the illegal trade of SALW, as well as regulating the transfer of conventional weapons. The UN should completely execute the 2001 United Nations Programme of Action on Small and Light Weapons, which encourages international cooperation to enhance the capability of states in identifying and tracking illicit arms and light weapons.
Studies indicate that there are over a billion small arms circulating worldwide, with 87.5 per cent of these weapons owned by civilians. The Small Arms Survey of 2018 revealed that there were more than 40,009,000 small arms in the possession of civilians in different African countries. In Nigeria, the widespread availability of small arms and ammunition in various regions has led to increased levels of violence, kidnappings, robberies, mass killings, and socio-economic disruptions in society.
Nigeria is encountering a dangerous issue with the illegal possession of military-grade arsenals by criminals and non-state actors. This build-up of arms has reached an epidemic level, posing national security risks. Efforts by the executive, legislature, and security agencies have made some gains, but they have not been enough to reduce or eradicate the multiplication of SALW in the country.
Illicit SALW are a global concern, especially in Nigeria. These are weapons that are not controlled by a state or non-state entity and are often used in criminal activities or conflicts. The escalation of SALW has led to violence, crime, and insecurity in various parts of the country. SALW circulation has been reported in regions impacted by conflicts, such as the Niger Delta, North East affected by Boko Haram insurgency, and North-West which is presently terrorised by bandits, just as the North-Central has been made a theatre of the absurd by killer-herdsmen.
It is no longer debatable that illegal weapons often end up in the hands of criminal groups and non-state actors, causing instability and posing a threat to national and regional security. With access to these armament, rogue elements become more aggressive and less receptive to peace negotiations. The situation where these swindler elements have more sophisticated weapons than security agents exposes them to harm, weakening their ability to protect the populace, and help government realise one of its cardinal objectives: protection of lives and property of law-abiding citizens.
Unfortunately, Nigeria has the highest number of civilian SALW in any African country, according to the Small Arms Survey. In 2020, the nation had an estimated 6.2 million arms, with 3.21 per 100 persons possessing firearms. The survey also found that Nigeria has more Improvised Explosive Devices (IEDs) than any country in Sub-Saharan Africa. This alarming situation highlights the need for increased security measures in the country.
Therefore, government at all levels should collaborate with civil societies and other interested local and international agencies to effectively decrease the risk of amplification of SALW by confiscating and destroying these weapons. It is mandatory to raise awareness, particularly among children and youths, about the hazards of illicit SALW through a strong and well-coordinated campaign, education, outreach, engagement and representation.
This troubling discovery is not a good sign for Nigeria, particularly in this critical era when the country is facing serious economic and security issues in nearly all regions. The authorities must act to address the illicit intensification of SALW and work towards resolving the nation’s security challenges. The government needs to assert its authority in the use of coercive measures and encourage non-state actors to refrain from attempting to control any part of the Nigerian state. It is time to step up and tackle these issues head-on.
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