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Cashless Economy ‘ll Check Terrorism Financing – CBN

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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.

 

Chris Oluoh

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Rivers

IYC Demands Apology Over Arrest Of Soboma Jackrich

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The Elders Council of the Ijaw Youth Council (IYC) has demanded for an apology from the security agencies over the recent invasion of the residence of Ambassador Soboma Jackrich where two of his aides were killed.
The council said this in a press release made available to newsmen in Port Harcourt.
Signed by Elder Afonya Horsefall, Chairman Ijaw Youth Elders Council, KalabariSekpangi, said the military, by the invasion has trampled on the inalienable rights of its leader.
According to the organisation, “the wanton destruction of his property and the killing of aides is repugnant to natural justice and must be restituted.
It stressed the need for the security agencies to be professional in their approach to security, adding that every action of the security agencies must be within the ambit of the law.
The group described Ambassador Soboma Jackrich as a prominent Ijaw leader who has contributed immensely towards the development of the Niger Delta and the relative peace in the region.
The IYC also called on President Bola Tinubu and Governor Siminalayi Fubara to come to the aide of the Niger Delta people by ensuring security and development in the region.

By: John Bibor

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Rivers

Fubara Has Demystified Governance-Elder Statesman

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As Governor Siminalayi Fubara’s administration is set to mark itsone year anniversary, an elder statesman, Sir Fubara Hart, says governance in Rivers State under the governor has been demystified.
Hart, two-time House of Representatives aspirant, therefore, called on Rivers people to rally round the Governor in show of support to achieve the desired objective.
Hart, in an interview in Port Harcourt, said under Governor Fubara, infrastructural development and human capital development are given .maximum attention they deserve for the wellbeing of the citizenry.
He said available evidences abound in the State, judging from the thanksgiving rallies organised by the Simplified Movement, saying it is a strong indication that Rivers people are pleased with the wave of development in the State.
He noted that the spread of projects across the nooks and crannies of the State, unlike in the past, has endeared the Governor to the people who are celebrating him.
Hart said under Governor Fubara, Rivers, people can feel a sense of belonging, as governance is being given a human face through the distribution of social amenities across the board.
He maintained that it would be appropriate to support Governor Fubara, rather than distracting him, saying Governor Fubara has shown his determination to change the fortunes of the people, especially the unreached, among the populace .
“In the past, it wasn’t like this, a scenario where one man divided and cornered the wealth of the people is over. Rivers people are pleased, being carried along and being allowed to contribute to the growth of the State.
The multi-billion naira Port Harcourt Ring Road; Trans-Kalabari road project; the low cost housing units; Songhai farm rehabilitation; and job creation can be described as the monumental achievements Governor Fubara has recorded.
“Gone are the days projects are sited in Obio/Akpor Local Government Area alone. Rivers people can now see projects in all parts of the State. We appeal to detractors to allow Governor Fubara serve his people, give him maximum cooperation as it was given to Wike and others who had ruled the State. Others ruled for eight years, so nothing will stop our own.
Governor Fubara is one of the best things that has happened to Rivers State, as his peaceful disposition, accessibility and open-door policy are hallmark of leadership. He came for Rivers people, as seen in his actions and conduct. Anyone fighting him is an enemy of Rivers people and should be jettisoned,” he said.
Hart said the former Governor of Rivers State, Dr Peter Odili was right by endorsing Governor Fubara as the political leader of the State as provided in the PDP Constitution.
The PDP meant well by enshrining it in his Constitution, which the All Progressives Congress (APC) borrowed to implement.
The elderstatesman, therefore, appealed to all PDP members to respect the party’s Constitution as it is supreme.
He urged the 27 lawmakers led by Hon Martin Amaewhule to know that they are no longer lawmakers in the eyes of the law as any law made by them cannot stand.
While urging them to desist from being used by one selfish politician to destablise the peace existing in the State, Hart pleaded with the Governor to remember Bonny Local Government Area in the award of road projects, as Bonny internal roads are begging for attention.

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Monarch Lauds Fubara Over Solicitor-General’s Appointment

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The Eze Oha Evo III of Evo Kingdom, King Leslie Eke, has praised the Rivers State Governor, Sir Siminalayi Fubara over the appointment of Mrs Ibiwari Charity Clapton-Ogolo as Permanent Secretary and Solicitor- General of the State.
Eke  said this at a press briefing to mark his birthday at his palace in Woji in Obio/Akpor Local Government Area.
He said Clapton-Ogolo being a seasoned lawyer will do as expected in an attempt to project and defend the interest of the people.
According to him, such opportunity will also reduce the work-load on the office of the Attorney -General of the State.
The traditional ruler also said the appointment will aid in prompt delivery of justice in the State.
The appointment, he noted, has further demonstrated the Governor’s strength in governance of the State and not weakness as argued in some quarters.
He said those who are not in tune with the modern ways of governance will always be at the sea at each step taken by Governor Fubara.
The Governor, he further explained, is full of wisdom and is prepared to better the lots of Rivers people.
“I am at home with the Governor’s leadership style. He is calculative and he always hits the nail on the head. Well, people are free to say anything they like, but for me, the Governor is a goal getter”, he said.
He re-emphasised the intention of the entire Evo Kingdom’s undiluted support for the present administration as he prayed God to continue to guide and direct the Governor aright in order to enable him deliver credibly on the mandate given him.
It would be recalled that the State has for some time operated with only the office of the Attorney-General of the State until the recent appointment of the Permanent Secretary and Solicitor-General of State by Governor Fubara.

By: King Onunwor

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