Connect with us

Politics

Senate Wants CBN’s Cash Withdrawal Limits Reviewed 

Published

on

Senators were Wednesday divided over plans by the Central Bank of Nigeria (CBN) to  limit cash withdrawal by any individual to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023.
The senators who kicked against the proposed policy, said that Nigeria was not ripe for it as the rural people would suffer, describing it as nonsensical, vague, nebulous and anti- people, just as they warned  that it may lead to mass revolt in the rural areas across the country.
Consequently, the Senate issued a fresh order to the CBN over the cash withdrawal policy as it  called on the apex bank  to make upward  adjustment of  the proposed N100, 000 per week for  individual and N500, 000 per week for Corporate bodies in response to public outcry.
The Upper Chamber, accordingly, mandated its Committee on Banking, Insurance and other Financial Institutions led by Uba Sani (APC Kaduna Central) to embark on aggressive oversight of the Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.
The Senate however  supported  the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.
Resolutions of the Senate on Wednesday were sequel to the adoption of the report of  Banking, Insurance and other Financial Institutions after heated debate by Senators on the  proposed policy following the presentation by the Chairman.
While presenting the report, Senator Sani argued that the planned Cash  Withdrawal Limits was well conceived by the CBN for transformation of the nation’s economy and that the action falls within the  mandate of the apex bank as provided for in section 2(d) and 47 of its extant Act.
According to him, the implementation of the Cashless policy in 6 states resulted in reduction in the cost of currency management by 15.20% from N36 97 billion to N31.35 billion between 2013 and 2014.
The trend however reversed in 2014 following the suspension of cash deposit charges in the six states, causing currency handling cost to increase by 17.20% between 2014 and 2015. The cost of currency management has been on the increase since then. Total cost of currency management for 10 months to end October 2022 was N47.25 billion.
During debate on the  report and recommendations that were later  adopted as resolutions,  Senator Ajibola Basiru, APC Osun Central, who said that  the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively was unrealistic, adding that “Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people, we need to intervene”.

Continue Reading

Politics

INEC Sets Rivers South-East Senatorial By-Election For June 20

Published

on

The Independent National Electoral Commission (INEC) has scheduled June 20, 2026, for a series of by-elections into vacant National Assembly seats, with particular focus on the Rivers South-East Senatorial District, where the death of Senator Barinada Mpigi has created a significant political vacuum.

The Rivers contest is expected to draw heightened attention in the oil-rich state, as political actors position for influence in a district long regarded as strategic to the balance of power in Rivers State.

INEC disclosed that the by-elections will hold concurrently with the Ekiti State governorship election, underscoring what promises to be a politically charged day across several parts of the country.

Beyond Rivers, the electoral body listed other affected constituencies to include Nasarawa North Senatorial District, Dawakin Kudu/Warawa Federal Constituency in Kano State, Ondo South Senatorial District, and Enugu North Senatorial District.

The vacancies, according to INEC, arose from a combination of deaths, resignation, and other constitutional developments. In Nasarawa, the demise of Senator Godiya Akwashika has left a gap in a district considered a stronghold of the All Progressives Congress (APC). In Enugu, the passing of Senator Okey Ezea has set the stage for a competitive race in the South-East.

Similarly, the Ondo South seat became vacant following the resignation of Senator Jimoh Ibrahim, who now serves as Nigeria’s Permanent Representative to the United Nations, while the Dawakin Kudu/Warawa seat in Kano opened up after the death of Hon. Muhammad Danjuma Hassan.

Analysts say the Rivers South-East by-election, in particular, could reshape political alignments in the state, as parties jostle to fill the void left by Sen. Mpigi and consolidate their foothold ahead of future electoral contests.

Continue Reading

Politics

2027: Bayelsa Senator Gets Critical Endorsement For Second Term

Published

on

Stakeholder from Bayelsa East Senatorial District, on Monday, endorsed the incumbent Senator representing them to run for a second term.

 

Leading the stakeholders, the former  Commissioner for Culture and Tourism and Special Adviser to Governor Douye Diri on Political Affairs (iii), Dr Iti  Orugbani, said the reason for the endorsement was based on the federal lawmaker’s trajectory of good deeds and massive execution of projects across communities of the Senatorial district.

 

Dr Orugbani highlighted some of the projects to include landing jetties, telecommunication masts and town halls amongst others, noting that Sen. Agadaga’s performance has exceeded those of others who hitherto represented the oil rich area.

 

Bayelsa East Senatorial District comprises Ogbia, Brass and Nembe Local Government Areas of the State.

 

The Governor’s aide who called on the State’s Eastern political enclave to respect the 2022 new zoning agreement, which guaranteed second term for Senators from the District, stressed the need for political tolerance and peace in the forthcoming 2027 polls.

 

“In 2022 the leaders and stakeholders across party lines from Bayelsa East held a meeting and altered the old single term for Senators from the district’s agreement and signed that begining from 2023 any Senator emerging from the district must serve for a minimum of two terms.

 

“In 2023, Senator Biobarakuma Degi-Eremienyo, then an incumbent Senator representing the Senatorial district under the platform of the All Progressives Congress (APC) was given a second term ticket by the party. Though he lost to the PDP.

 

“Now that the entire state is now APC and the District has an APC Senator in the person of Benson Agadaga from Ogbia LGA, why not also give him a second tenure?

 

“The stakeholders in 2022 changed the old political agreement because they saw that it wasn’t beneficial to the district any longer. And so, because it was Ogbia Local Government Area that started the old zoning arrangement by producing the first Senator in 1999, I want to plead that let Ogbia also begin the new two terms zoning agreement”, he said.

 

Also speaking, the duo of woman leader of a support group, ‘Agadema Women’, Mrs. Owadaba Jokori and the Information Officer of the Ijaw Youths Council (IYC), Central Zone, Comrade Ikio, stated that the incumbent Senator has done well for the district in the past three years that he has been in office.

 

They lauded the federal lawmaker for his infrastructure projects, especially the construction of landing jetties in select communities of the three local government areas of the district, commending stakeholders for supporting the lawmaker in his second term bid.

 

In his remarks, Senator Agadaga thanked the stakeholders for the confidence reposed in him and the endorsements he has received lately from constituents and admirers across political parties.

 

The lawmaker noted that within the past three years that he has been Senator, he has delivered dividends of democracy to his constituents across the Senatorial District, emphasizing that  the call for him to be senator from the Brass Senatorial District came to him as a surprise, noting that he accepted the clarion call when the clamour became so loud.

 

“I was Chief of Staff to the State Governor, Senator Douye Diri, when various groups from the zone came calling on me to contest the 2023 Senatorial polls.

 

“Ever since winning the elections as a senator, I’ve continued to deliver on my mandate in both representation, lawmaking, oversight, project execution and support for constituents when called upon.  And I shall continue to do more if elected for a second term”, the Senator said.

 

By Ariwera Ibibo-Howells, Yenagoa

Continue Reading

Politics

2027: Court Sets Deadline For Suit Seeking To Disqualify Jonathan

Published

on

Justice Peter Lifu of the Federal High Court in Abuja has set May 15 as deadline for definite hearing in a suit filed by a lawyer, Johnmary Jideobi, seeking to stop former President Goodluck Jonathan from contesting the 2027 presidential election.

The judge on Monday shifted the hearing date following the absence of the plaintiff, Mr Jideobi, and his lawyer in court without any information.

Apart from the absence of the plaintiff, who is a legal practitioner, the Independent National Electoral Commission (INEC) and the Attorney General of the Federation (AGF) and Minister of Justice, who are 2nd and 3rd defendants in the matter, were also not in court.

Following the absence of the plaintiff and the two defendants, Chris Uche, SAN, representing Dr Jonathan, applied to the court to strike out the suit for lack of diligent prosecution.

Having joined issues with each other, Mr Uche said, the suit is liable for dismissal with a N5 million cost to be awarded against the plaintiff and payable to Dr Jonathan.

He argued that from all indications, the plaintiff has abandoned the suit and ran away upon sighting the preliminary objections raised against the suit, adding that the court is a busy place and not for unserious matters.

Justice Lifu, however, noted that there was no evidence of service of hearing notice on INEC and AGF to appear in court for the suit, adding that lack of service of hearing notice is fundamental.

The judge said rather than striking out the suit, he prefers to bend backward to accommodate the plaintiff and the two defendants for the last time.

While adjourning the matter to May 15, Justice Lifu ordered that hearing notice be served on the plaintiff and the 2nd and 3rd defendants who were not in court on Monday.

The plaintiff, Mr Jideobi, had filed the case seeking an order to restrain Dr Jonathan from presenting himself to any political party as an aspirant for the 2027 election.

He is also asking the court to stop INEC from accepting, processing or publishing Dr Jonathan’s name as a presidential candidate.

 

Continue Reading

Trending