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Bankers Committee Endorses Introduction of N5,000 Notes
The Bankers Committee yesterday endorsed the introduction of N5,000 note by the Central Bank of Nigeria (CBN), saying “it will reduce the cost of doing business’’.
Managing Director of the United Bank for Africa (UBA), Mr Philip Oduoza, made this known while briefing newsmen on the outcome of the committee’s meeting in Abuja.
“Logically, the N5,000 notes will reduce cost of doing business and the total amount spent in printing the currency is going to reduce by 10 times.
“The cost of printing a currency still remain the same, whether you are printing N50 note or N5,000 note.
“So, if we print N5,000 note and print one million of it and do the same with N100, you find out that you have less physical currency as far as the N5,000 is concerned.
“Therefore, the cost will reduce when you are printing a bigger denomination,’’ he said.
According to him, it will encourage service efficiency, assuring that the introduction of the bill would not bring about inflation in the country.
He noted that the new note would facilitate reduction in the lending rate by commercial banks.
“So many things are involved in the lending rate.
“For instance, if the cost of production, management and transaction of currency is reduced, automatically many charges will drop including the lending rate.”
Oduoza also assured that it would be difficult to fake the new currency, “as higher denominations pass through a lot more scrutiny”.
On the recent complaint by the EFCC that banks’ were not cooperating with it in accessing the accounts of those indicted in corruption cases, Oduoza pledged that the banks would continue to work with the commission to ensure service delivery.
According to him, a committee on financial literacy has been established to look at the issues and engage the EFCC to facilitate improvement in relations to enhance the commission’s work.
Also, Managing Director, Standard Chartered Bank, Mrs Bola Adesola, said that the new notes would only be issued to customers on request.
“Those who want the N5,000 note will get it, customers will still have the right to choose the denomination they want to use,’’ she said.
Adesola also noted that the apex bank had tried to maintain a stable inflation rate in spite of all odds.
CBN Director, Cooperate Communications, Mr Ugochukwu Okoroafor, said that the coins and notes would run side-by-side.
This, he said, would dispel the fears that the cost of commodities sold for N50 would automatically rise because N50 was converted to coins.
“Restructuring of the Naira will continue to be done in the best interest of the country and not to raise inflation and other issues as people are speculating,’’ he added.
Meanwhile, the National Chairman, Progressives Action Congress (PAC), Chief Charles Nwodo, said that the proposed introduction of N5,000 note by the Central Bank of Nigeria (CBN) was counter productive and would “throw the nation into inflation”.
Nwodo, who made the remark in an interview with newsmen in Abuja, said the controversy surrounding the proposed introduction of the N5, 000 note had become an argument between the poor and the rich.
He regretted that the upper class saw no reason why people should complain about the idea but the masses who would feel the pinch more carried the public opinion against it.
The chairman said government should realise that panic could influence inflation even though they believed that it was only monetary factors and market forces that could determine inflation.
“A mere rumour that subsidy will be removed raised the cost of fuel, especially at the black market by 3,000 per cent, and based on this, there is every tendency that business people will raise the prices of their goods.”
The chairman said that the proponent of N5, 000 note had gone far to inform the public that it was designed for the rich who could afford to carry huge amount of money.
He regretted that the statement contradicted the new programme of cashless economy of the Central Bank of Nigeria (CBN).
According to him, it is not the quality of the denomination that matters but the value of that currency to the economy.
“ A person with N1,000 note and a person with two pieces of N500 note operate on the same level of currency.
He said N5,000 note could not reduce the amount of money in the market but could only reduce the denomination.
He urged the Federal Government to improve on the productive capacity of the economy, as it remained the major antidote toward building a robust economy.
News
We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA
Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.
The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.
Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.
He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.
He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.
The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.
Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.
“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.
“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.
“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.
The Permanent Secretary of the Rivers State Ministry Works, Mr Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.
He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.
He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.
In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.
On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.
He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.
Rivers State, Sir Siminialayi Fubara, has reaffirmed his commitment to ensuring good healthcare for the people of Rivers State.
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?Governor Fubara stated this when he played host to the Country Director of UNICEF, Wafaa Saeed Abdelatef and her management team in Port Harcourt, last Tuesday.
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?The governor who was represented by the Secretary to the State Government, Dr. Benibo Anabraba, said he would continue to provide the necessary facilities in order to ensure accessible and good health care for all Rivers people.
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?”We are constructing new zonal hospitals across the State. The Ahoada Zonal hospital will be commissioned in December and others are near completion.
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?”We are grateful to UNICEF for all they have done and believe we can always work together to care for the vulnerable in the society. We appreciate your physical presence, and believe that your staff working remotely, can also do more virtually. We have a capable Commissioner of Health, Dr. Adaeze Oreh, to help foster our relationship, communication and greater collaboration,” he said.
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?The Country Director for UNICEF Nigeria, Ms. Wafaa Saeed Abdelatef, assured Governor Fubara of UNICEF’s support to the programmes of the State Government. She appealed that health facilities such as the Oxygen Plant at Eleme Local Government Ares and the New Born Care Units be solarized.
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?”Be assured that UNICEF will continue to work and support the programmes here in Rivers State. We have seen the Oxygen Plant at Eleme LGA which has been effective because of the Public Private Partnership. We appeal that the plant be solarized.
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?”I commend your leadership of the State and assure that we are here to support your effort and assure you that you can count on our support and partnership. Rivers State is one of the states we can showcase how things are working so others can learn,” she added.
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Chairman of the Dangote Group, Alhaji Aliko Dangote, has announced a N100 billion annual education support programme aimed at keeping financially vulnerable Nigerian students in school.
Speaking at the launch of the national scholarship scheme in Lagos, yesterday, Dangote said too many brilliant young people were being forced out of classrooms because of poverty.
He described education as the “strongest engine of social mobility” and a critical foundation for national development.
The initiative, funded by the Aliko Dangote Foundation, will run for ten years beginning in 2026, costing over N1 trillion in total.
Dangote said the scheme would support 45,000 scholars each year at inception, expanding to 155,000 beneficiaries annually by its fourth year, and maintaining that level for the rest of the decade.
By 2036, he said, the programme is expected to have reached at least 1,325,000 students.
“We cannot allow financial hardship to silence the dreams of our young people, not when the future of our nation depends on their skills, resilience and leadership,” he added.
A major component of the fund is the Aliko Dangote STEM Scholars programme, which will provide annual scholarships for 30,000 undergraduate students pursuing science, technology, engineering and mathematics in public universities and polytechnics.
Each beneficiary will receive tuition support aligned with the fees of their institution and course of study. Dangote said the goal is to expand access to higher education, empower innovation, and give young Nigerians the tools to compete globally.
“STEM drives development. If Nigeria must compete globally, our young minds must have the tools to learn, imagine and innovate,” he said.
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