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Scarce New Naira Notes After CBN Deadline Creates Uncertainty 

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Nigerians have continued to face challenges in their financial transactions due to inadequate circulation of the newly redesigned Naira notes.
This follows the February10 deadline for the legal tender status of the old notes which expired on Friday.
The Tide source reports that stakeholders across the country are expressing frustration in accessing the new Naira notes.
While traders and other small business owners have stopped accepting the old Naira notes across the country, Nigerians who are still in possession of the old notes are left stranded.
This is in spite of a Supreme Court ruling, which urged the Federal Government to accept the old notes as legal tender until Feb. 15.
The apex court’s ruling was on a suit brought before it by the governors of Kaduna, Kogi and Zamfara states, seeking to halt the Naira redesign policy.
The Supreme Court had in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the Central Bank of Nigeria (CBN’s) Feb. 10 deadline for the swapping of the old naira notes with the new ones.
A financial expert, Mr Okechukwu Unegbu, urged the government to obey the ruling.
Unegbu, who is a past President of the Chattered Institute of Bankers of Nigeria (CIBN), said there was no need for Nigerians to panic.
He said the law mandates the CBN to accept the old Naira notes in exchange for the new ones anytime they were presented.
He urged the apex bank to obey provisions of the act that set it up, adding that the Naira redesign policy and currency swap were supposed to be long term projects.
“The President should imstruct the CBN governor to hold on until when the Supreme Court will consider the matter on February 15.
“The apex bank should also obey Section 20 of the CBN Act, which provides that it should continue to accept the old notes for swap, even when they cease to be legal tender,” he said.
Meanwhile, the National Council of State on Friday, urged the CBN to immediately make enough of the new Naira notes available to Nigerians or resort to circulating the old notes.
Rising from a meeting presided by President Muhammadu Buhari, the council, however, declared its support for the Naira redesign policy.
It said that there was the need for the CBN to ensure adequate provision of Naira notes in the system.
The CBN has also assured Nigerians of its capacity to meet the country’s Naira demand.
It denied a report that had gone viral on the Internet that the Naira shortage was due to challenges faced by the Nigeria Security Printing and Minting Company (NSPMC).

According to a statement by Osita Nwanisobi, CBN’s Director, Corporate Communications Department, at no time did the apex bank make such disclosure.

“What the CBN governor told the National Council of State meeting was that the NSPMC was working on printing denominations of the Naira to meet the transaction needs of Nigerians.

“For the avoidance of doubt, the CBN remains committed to performing its monetary policy function as stipulated in the CBN Act.

“We also wish to reiterate that the NSPMC has capacity and enough materials to print the required indent of the Naira,” he said.

He said that the apex bank was working assiduously to increase the circulation of new notes in the country.

Similarly, the NSPMC also expressed its capacity to produce and circulate adequate quantities of the new notes.

According to a statement by the company’s Managing Director, Ahmed Halilu, NSPMC has made adequate arrangement to continously produce redesigned banknotes as well as other denominations in line with the CBN indent for the year.
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ICT Centre Set To Be Establish In Omuku

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An Information and Communication Technology (ICT) Centre is set to be established in Omoku, ogba/egbema /ndoni local government area of Rivers state .

The initiative is being championed by the Omoku People’s Forum, a global association of Omoku elites, under the leadership of its President-General, Dr. George Ada Ubah.

As part of efforts to ensure the successful execution of the project, a prominent son of Omoku, Chief (Barr.) Dennis Masi, has been appointed by the Forum as the Chairman of the ICT Centre Project Committee, entrusted with the responsibility of coordinating and driving the initiative to fruition. Upon completion, the ICT Centre is expected to serve as a major hub for the training and empowerment of youths in digital and technological skills, equipping them to actively participate in the increasingly technology-driven global environment.

The project is also widely regarded as a significant step towards positioning Omoku as an emerging ICT hub within Rivers State, fostering innovation, digital literacy, and economic development in the region.

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Concerned Rivers Chiefs For Peace And Development Denies Political Affiliations

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Concerned Rivers Chiefs For Peace And Development has said it formation was not politically motivated or has any links to political parties or candidates.

The group which said this at a media briefing at Abuloma in Port Harcourt City Local Government Area said it’s formation has nothing to do with politics.

According to the text for the briefing jointly signed by Chief Boma Kele Oyika it’s chairman and Chief Inemo T Ikama Deputy Secretary General said the organization is expected to focus on conflict Resolution, community engagement, collaboration with government and private sector actors

‘it mandate also includes promoting peace building initiative, supporting local economic empowerment programms and strengthening traditional institutions in our state and beyond as partners in governance ”

It said the body is led by a team of respected traditional leaders serving as trustees

“Their collective leadership reflects a blend of experience cultural authority and grassroots connection
“Key elements considered vital for addressing long standing,socio economic and security challenges in the region”

The release further says ” the formation of this organization comes at a time when communities in Rivers state continue to navigate between issues ranging from youth unemployment, environmental concerns and intermittent conflicts amongst the traditional rulers and beyond
“By bringing together influential traditional figures under a unified platform, the group aims at serving as stabilizing force while advocating for inclusive development policies ” it said

It also described its emergence as a new chapter in grass roots leadership and regional development

Earlier,  chairman of the body, Chief Boma Kele Oyika said the organization will work with relevant authorities to promote peaceful coexistence in the state, reduce crime and promote economic development.
He said it is open to all Chiefs from the 23 local government areas.

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NDCCTMA, NDDC MDS Challenge Niger Delta Indigenes on Investment in The Region

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The Chairman of The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture  NDCCTMA,Ambassador Idaere Gogo Ogan and the Managing Director of the Niger Delta Development Commission ( NDDC ) Dr Samuel Ogbuku have challenged Niger Delta entrepreneurs to close the gap in Gross Demostic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.

The two leaders  spoke at a business round table organized by NDDCTMA in Port Harcourt

Chairman of NDDCTMA Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.

He said no other persons can  do this except sons and daughters from the region.

“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here”
Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.

“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase “he said
Ogan said the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where
“That is why we are gathered here in this room “he said.

Also speaking Managing Director/Chief Executive officer of the Niger Delta Development Commission( NDDC) Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment  as every part of the country have in one time or the other experienced crisis.

Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.

“With little threat we have left the city,we have gone to Lagos,we have moved  our families to Abuja and Lagos
“If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.

The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.

He said time has come for potential investors from the region to have a change of heart by coming home to invest.

 

John Bibor

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