Connect with us

Headlines

Emefiele, CBN Finally Bow to Pressure, Declare Old Naira Notes As Legal Tender

Published

on

The Central Bank of Nigeria Governor, Godwin Emefiele, on Monday finally bowed to pressure and officially ordered commercial banks to comply with the Supreme Court judgement mandating the use of old N,1000 and N500 notes as legal tender till December 31, 2023, exactly 10 days after.

He also announced that the old N200, N500 and N1,000 would remain legal tender till the end of the year.

Emefiele said the decision followed a meeting with Bankers  Committee that held on Sunday.

The development has put an end to the confusion over the legality of the old naira notes. The action is also expected to ameliorate the suffering of Nigerians who have faced severe hardships over the scarcity of new naira notes amid the controversial ban on the old notes.

The Acting Director, Corporate Communications, Isa AbdulMumin, disclosed the latest development in a statement titled ‘Old N200, N500, and N1,000 banknotes remain legal tender – CBN’

The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Major General Muhammadu Buhari (retd.), and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”

Earlier on Monday, the Nigerian Bar Association and Nigeria Labour Congress had berated the Federal Government and the CBN for failing to obey the Supreme Court judgment on the old naira notes.

On Sunday, the Arewa Consultative Forum in a statement said Buhari’s failure to obey Supreme Court would tarnish the reputation of his regime.

The NBA came down hard on the President and the Attorney-General of the Federation, Abubakar Malami, for failing to obey the Supreme Court judgment.

The Supreme Court had in its March 3 judgment extended the legal tender status of the old N200, N500, and N1,000 notes until December 31.

However, the AGF and the CBN Governor, Godwin Emefiele refused to comply with the order despite pressure from Nigerians. Their actions also encouraged commercial banks to reject the old notes as legal tender.

Worried by the development, state governments involved in the suit threatened to file contempt charges against the two officials on Tuesday (today) should they fail to obey the apex court order.

In the judgment delivered by Justice Emmanuel Agim, the Supreme Court held that Buhari breached the constitution in the manner he issued directives for the naira notes.

The seven-man panel also slammed the President over his February 16 broadcast in which he said only the N200 note should remain legal tender in flagrant violation of the restraining order made by the apex court.

Justice Agim stated, “The rule of law upon which our democratic governance is founded becomes illusory if the President of the country or any authority or person refuses to obey the orders of courts. The disobedience of orders of courts by the President in a constitutional democracy as ours is a sign of the failure of the constitution and that democratic governance has become a mere pretension and is now replaced by autocracy or dictatorship.”

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

We’ve Not Reduced Petrol Pump Price – NNPC

Published

on

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.

Continue Reading

Headlines

Binance Executive Detained in Nigeria Escapes from Custody

Published

on

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

Continue Reading

Headlines

Kidnapped Kaduna School Children Released Three Days to Expiration of Bandits’ Ultimatum

Published

on

The Kaduna State government has confirmed the unconditional release of the 287 school children and teachers who were abducted by bandits on March 7 from the LGEA Primary and Secondary Schools in Kuriga, Chikun Local Government Area.

The release of the hostages was announced through a statement on Sunday morning signed by Governor Uba Sani, which reads:

“I wish to announce that our Kuriga school children have been released.

“Our special appreciation goes to our dear President, Bola Ahmed Tinubu, for prioritising the safety and security of Nigerians and particularly ensuring that the abducted Kuriga school children are released unharmed.

“While the school children were in captivity, I spoke with Mr. President several times. He shared our pains, comforted us, and worked round the clock with us to ensure the safe return of the children.”

Sani who also expressed appreciation to the Nigerian Army and other security agencies for their professionalism in the successful rescue of the pupils, said they played a pivotal role in the whole episode.

“The Nigerian Army also deserves special commendation for showing that with courage, determination and commitment, criminal elements can be degraded and security restored in our communities.

“We also thank all Nigerians who prayed fervently for the safe return of the school children. This is indeed a day of joy. We give Almighty Allah all the glory.”

The rescue of the schoolchildren is coming three days to March 27 ultimatum the bandits had given the government for a N1 billion ransom to be paid for the captives to be freed, failing which they would all be killed.

There was also no mention of any ransom paid for the release of the victims by the government in the statement by Governor Sani.

Continue Reading