The Central Bank of Nigeria (CBN), says cashless economy initiative proposed by the bank, to be in full implementation soon, has the capacity to track down all major movement of money including terrorism financing, bribery and all attempts to compromise financial transparency.
The Controller Port Harcourt branch of the apex bank, Mr. Ken Effa who stated this in an exclusive interview with the Tide in Port Harcourt Monday said, to grow the economy, there was every need to exploy more modern instrument of payment in the system.
“This new system is electronic means of payment which would not require cash to effect payment of goods and services”, Mr. Effa said.
Describing the system as one with a lot of benefits to individuals, financial institutions, government and companies, the CBN branch controller stressed that “with cashlight the fear of being robbed of large sum of money would not be there again because the robbers know also that you don’t carry cash”.
He further stated that with cashlight, transaction would be consummated faster as you do not need to pass through the apex bank to effect payment abroad in any international business transaction.
“It will also reduce cost of processing so much notes for CBN and for the commercial banks, it will reduce cash flow or movement of cash from one location to the other to effect customers needs.
Explaining further, the controller noted that the system which has become operational in Lagos was yet to pick up fully because defaulters of the requirement of not exceeding N150,000.00 per day have not began to suffer the penalty but expressed confidence that by the ending of March, defaulters would face the wrath of the law.
CBN, he said, is thinking of providing a large number of Point of Sale (POS) machines that would take care of the whole country, will equally check the syndrome of counterfeit and ‘Ghana Must Go’ which has bedevilled financial transaction and Nigerian economy.
He disagrees with the term “Cashless economy”, as being used, as according to him, the term implies that cash would not be in use, “the accurate term is cashlight not cashless”, he said.
According to him, cashlight economic system takes into cognisance, the fact that cash payment will still be allowed for small transactions and for the rural communities.
On the problem of poor power envisaged in the system, he disclosed that apart from the plan by the federal government to improve power sector, the UP system that would enable the machine to store up power would go a long way in checking the poor power supply situation in the country.
PHED Intensifies Fault Clearing Amidst Rising Threats By Afam Youths
The management of Port Harcourt Electricity Distribution Plc., PHED, says it has commenced intensive fault clearing in its franchise area, particularly in Rivers State amidst rising threats by Afam youths.
In a statement released to the media, The PHED management said the move became imperative as the company intend to keep its commitment to customers notwithstanding the prevailing restriction in movement that may impede fault clearing at odd hours, especially in Rivers State.
The PHED management declared that, “We therefore wish to use this medium to publicly discountenance the fake story clogging the media space about PHED destroying its own equipment.
Contrary to the report, the aforementioned community is known for its violence and intimidation towards PHED staff”.
The statement pointed out that the habitual hostility towards the staff of the company informed management’s decision to engage security operatives in its drive to clear faults on the lines over the weekend.
It added that the hostilities of Afam Community and the eventual shut down of PHED business operations on three occasions: January 2017, January 2018 and August 2020, amidst threats of bodily harm to our staff, were widely reported through different media
The PHED management, however, frowned at such destructions and threats to their operations, stating that the company will not hesitate to invoke the law to bring perpetrators to book.
The company advised its esteemed customers to use the 24/7 call centre on 070022557433 and verify social media handles @PHEDconnect to channel their specific complaint, and encourage its customers to partner with PHED by paying their bills promptly to enable the company deliver on its promises.
Police Move Against Use Of Unauthorised SPY Number Plates In Rivers
The Police have started the enforcement of the ban on use of SPY number plates by unauthorised persons in Rivers State.
They have also suspended the issuance of permits to use tinted glasses in vehicles.
Inspector-General of Police, Alkali Usman, directed the moves to check rising wave of insecurity across the country.
Commissioner of Police in Rivers State, Mr Eboka Friday, directed the enforcement in the state, according to a statement issued in Port Harcourt yesterday by the command’s spokesman, SP Nnamdi Omoni.
Omoni stated that CP Friday ordered strict compliance with the directive by the command’s heads of tactical units, divisional police officers and heads of departments.
“The command has started the retrieval of spy plate numbers from unauthorized users as well as suspended the issuance of new tinted glass permits.
“Members of the public, particularly residents of the state are expected to immediately re-adjust and comply with the directives, as machinery has been put in place to ensure total compliance.
“To this end, officers have been deployed in this regard, and they will be going round to monitor compliance,’’ he stated.
Omoni quoted CP Friday as saying, however, that vehicles with permits issued before the IGP’s directive remained in the clear and could continue to enjoy their permits.
According to him, the issuance of new permits is currently halted pending the release of a new protocol that will regulate permits in accordance with extant law.
He added that the commissioner of police said: “officers are sternly warned to be courteous, polite and professional as well as by all means necessary, avoid acts inimical to the police force.
“Officers are expected to conduct themselves professionally in the discharge of this all-important national assignment aimed at strengthening our internal security.’’
Monarch Seeks Policy To Checkmate Illegal Mineral Extraction
The Chairman, Rivers State Council of Traditional Rulers, and the Amanyanabo of Opobo, King Dandeson Douglas Jaja, has called on the Federal Government to promulgate a policy that would checkmate illegal extraction of resources in the North and South of the country.
Jaja made the call while playing host to the participants of the Senior Executive Course 43, of the National Institute of Policy and Strategic Studies (NIPSS) during an interactive session at the council’s auditorium in Port Harcourt recently.
The monarch opined that a general policy to checkmate the illegal extraction of mineral resources in the country should be put in place, rather than prohibiting those in the South and allowing those in the Northern part of the country without check.
According to him, any society that fails to ensure equity and fairness amongst its citizens is bound to face agitations and threat of all kinds, adding that what is good for the goose is good for the gander.
The monarch noted that before the amalgamation of Southern and Northern Protectorates into the Nigerian nation, animal herding had been a popular farming system without any form of hostility, pointing out that it is unfortunate that herders now abandon their bush tracks through which they bred their animals in the past and prefer to go through farmlands.
He therefore urged the herders to stick to the peaceful practices of the past so that the citizens of the country would continue to live together in peace as one people.
He frowned at frantic efforts being made by some disgruntled elements to destroy the peace of the nation, stressing that irrespective of the many man-related problems currently plaguing the nation, all hands must be on deck for a friendly dialogue that would help the people of this great country to forge ahead than killing and destroying lives and property.
Jaja called on the participants to help persuade the management of multi-national oil companies to consider creating job opportunities for the teeming youths of Rivers State, regretting that the companies, instead of carrying out their corporate social responsibilities to their host communities, create factions among the youths to foment trouble in the communities.
In his speech, the leader of the delegation, who is also the Director of Staff, Prof Fatai Aramu, said the group decided to visit the council in order to tap from the wealth of experience of the traditional rulers who are the custodian of the traditions and customs of the people in order to enhance policy and programme implementation in Nigeria, pointing out that Rivers State was chosen because of its outstanding performance in policy programme and project execution.
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