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Behold the New Redesigned Naira Notes

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President Muhammadu Buhari has unveiled the new naira notes.

Buhari unveiled the new currency notes on Wednesday morning before the Federal Executive Council (FEC) meeting at the state house, Abuja.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was in attendance during the unveiling ceremony.

The unveiling today, marks the first time in 19 years, Nigeria will be redesigning it’s currency notes.

At a briefing after the ceremony before the Federal Executive Council meeting, the CBN governor debunked insinuations suggesting that the early unveiling of the new notes is a means to target some Nigerians.

Mr Emefiele appealed to members of the public, urging them to desist from making such speculation, adding that that there is no need to perpetuate any such information.

According to him, the CBN will intensify the monitoring process and interrogate the process of withdrawals.

Emefiele maintained that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.

The redesigned currency note he asserts can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.

Following the unveiling of the new notes which begins circulation today, the CBN governor announced that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.

During the ceremony which held before the council meeting, President buhari underscored the importance of re-designing the new naira notes. He explained that it will aide the country address the issue of Illicit financial flows, corruption, improve the nation’s economy, as well as ensure and advancement in the value of the naira.

Noting that the currency redesign will also boost the CBN’s Monetary policy initiative, President Buhari stated that the first set of currency which was printed locally by the Nigeria printing and minting company, will fundamentally prevent counterfeiting of the naira notes.

The president, however, appealed to Nigerians and urged them to embrace the new policy to re-design the naira.

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KFC Reacts As FAAN Shuts Down Lagos Airport Outlet Operations

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The Management of Kentucky Fried Chicken (KFC) has reacted to the Federal Airport Authority of Nigeria (FAAN)’s move to shut down its branch at the Muritala Muhammed Airport, for violating laws protecting the rights of people with special needs.

The action was confirmed through a statement released on Thursday by FAAN’s Director of Public Affairs and Consumer Protection, Obiageli Orah.

The official statement, titled ‘FAAN shuts down KFC outlet at MMIA,’ highlighted that the closure was in response to the outlet’s breach of the Lagos State law on People with Special Needs, specifically referencing Part C, Section 55 of the General Provisions on Discrimination.

Responding to the development, KFC posted on its official X account that it opposes bias and discrimination, stressing that the incident did not reflect its standards.

The organisation disclosed that it had embarked on efforts to address the situation and urgently implemented sensitivity training for all its employees.

The statement read, “KFC is unwavering in our stance against bias or discrimination in any form, with inclusivity and respect as non-negotiable pillars of our values.

“However, this recent incident has underscored the pressing need for immediate action. We have embarked on efforts to address the situation and extend apologies and deeply regret the frustration and distress experienced by our guest.

“In response, we are urgently implementing sensitivity training for all our employees. This incident is not reflective of our standards, and we will act swiftly to rectify it.

“We are actively exploring solutions to equip our team members and establishments better to ensure that every guest feels genuinely welcomed and that we deliver empathetic customer service that proactively addresses the diverse needs of each guest.”

KFC had during the week, denied Adebola Daniel, son of former Ogun State Governor, Gbenga Daniel, access to their facility at the Muritala Muhammed International Airport  because of his disability.

Daniel had recounted his experience at the KFC outlet of the airport in a series of tweets posted on Wednesday via his X handle, @DebolaDaniel.

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We’ve Not Reduced Petrol Pump Price – NNPC

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The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.

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Binance Executive Detained in Nigeria Escapes from Custody

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One of the two Binance executives detained in Nigeria for alleged tax evasion and other offences, Nadeem Anjarwalla, has escaped from lawful custody, according to PREMIUM TIMES report.

Our sources said Mr Anjarwalla, 38, escaped on Friday, 22 March, from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

The Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja using a Middle East airliner.

It remains unclear how Mr Anjarwalla got on an international flight despite his British passport, with which he entered Nigeria, remaining in the custody of the Nigerian authorities.

Authorities are also said to be working to unravel his intended destination in a bid to get him back into custody.

An Immigration official said the Binance executive fled Nigeria on a Kenyan passport. He, however, said authorities were trying to determine how he obtained the passport, given that he had no other travel document (apart from the British passport) on him when he was taken into custody.

Another source said the two officials were held at a “comfortable guest house” and allowed many rights, including the use of telephones, a privilege Mr Anjarwalla is believed to have exploited to plot an escape.

When contacted Sunday night on the escape of the Binance executive from detention, the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, said he would enquire and revert. He has yet to do so as of the time of filing this report.

Mr Anjarwalla, Binance’s Africa regional manager, and Tigran Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, were detained upon their arrival in Nigeria on 26 February 2024.

A criminal charge was filed against the two executives before a Magistrate Court in Abuja. On 28 February 2024, the court granted the Economic and Financial Crimes Commission (EFCC) an order to remand the duo for 14 days. The court also ordered Binance to provide the Nigerian government with the data/information of Nigerians trading on its platform.

Following Binance’s refusal to comply with the order, the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The court then adjourned the case till 4 April 2024.

Also on 22 March, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Mr Anjarwalla and Mr Gambaryan, accusing them of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the Service and in so doing, committed an offence, contrary to and punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).

The defendants were also accused of offering taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes and, in so doing, committed an offence contrary to and punishable under S.29 of the Value Added Tax Act of 1993 (as amended).

Count Three of the charges accused the three defendants of offering services to subscribers on their Binance trading platform for the buying and selling of cryptocurrencies and the remittance and transfer of those assets while failing to deduct the necessary Value Added Taxes arising from their operations and thereby committing an offence contrary to and punishable under Section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).

The last count of the charges wants the defendants punished for allegedly aiding and abetting subscribers on their Binance trading platform to unlawfully refuse to pay taxes or neglect to pay those taxes and, in so doing, committing an offence contrary to and punishable under the provisions of S.94 of the Companies Income Tax Act (as amended).

The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged are using the Binance platform for criminal activities

The Nigerian government said over $21.6 billion was traded by Nigerians whose identities were concealed by Binance.

Source: Premium Times

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