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Senate to Question CBN Chiefs over Cash Withdrawal Limits Friday

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The Senate will on Friday grill two deputy governors of the Central Bank of Nigeria over the cash withdrawal limit policy unveiled by the apex bank on Tuesday.

The red chamber planned to seek clarifications on the new directive which restricts over-the-counter cash withdrawal by individuals and organisations to N100,000 and N500,000, respectively, per week.

It also limits cash withdrawals via point-of-sale machines and automated teller machines to N20,000 daily and N100,000 weekly, respectively.

According to a memo signed Tuesday by the CBN’s Director of Banking Supervision, Haruna Mustafa, withdrawals above the thresholds would attract processing fees of five per cent and 10 per cent, respectively, for individuals and corporate entities going forward.

In addition, third-party cheques above N50,000 shall not be eligible for OTC payment while extant limits of N10m on clearing cheques still remain.

The circular also directed banks to load only N200 and lower denominations into their ATMs and restricted withdrawal to N20, 000 per day from ATMs.

The policy which will become effective on January 9, 2023, had generated criticisms but the CBN clarified on Wednesday that PoS operators could apply for waivers.

Deliberating on the policy on the floor of the Senate on Wednesday, senators said there was a need to debate the policy on the floor of the red chamber.

However, the Senate President, Ahmad Lawan, directed the Senate Committee on Banking to grill the two re-appointed deputy governors of the CBN, Aisha Ahmad, and Edward Adamu, who will be screened on Friday, on the new cash withdrawal policy.

Senators raise motion

The resolution on the new CBN policy followed a move by Senator Philip Aduda (PDP FCT) to move a motion on the development.

Aduda had sought to rally other senators to deliberate on the policy but the Senate President, Lawan, interrupted him, saying it was too early to debate the circular.

Also, Senator Gabriel Suswam (PDP Benue North-East) supporting his colleague and pushed that the motion should be allowed to fly considering the innocent Nigerians that would be affected by the CBN policy.

Addressing Lawan, he said, “I think you should have allowed us to discuss this motion for the sake of Nigerians.”

But Lawan, who appeared not to favour the move, stopped Aduda and Suswam, saying, “No, distinguished (Senators), there is a misunderstanding here. I told you what my personal opinion is. My personal opinion is that this weekend is off. Maybe but we have an opportunity; the Committee on Banking will be screening two deputy governors of the CBN. This is one major issue they should raise with them.

“As good as the cashless policy may be, it shouldn’t be jumped at, at once.  The way the CBN is going about the policy, many Nigerians would be cut off and that won’t be accepted. Motion on the policy will be thoroughly debated in the Senate on Tuesday next week after adequate information has been gotten on it.”

Lawan noted that the newly re-appointed deputy CBN governors would be screened between Thursday and Monday so that by Tuesday, they would have been equipped with enough information to raise a motion in support or shoot down the policy.

He said, “Before Tuesday next week, our committee on Banking, Insurance and other Financial Institutions mandated to screen the re – appointed deputy governors of the Central Bank should focus its questions on the planned policy.

“The CBN deputy governors must be thoroughly grilled on the policy after which extensive debate on it will be made by Senators on Tuesday next week.”

However, the lawmaker representing Kaduna Central and Chairman, Senate Committee on Banking, Insurance and other Financial Instructions, Senator Uba Sani confirmed to The PUNCH that the CBN deputy governors would be screened on Friday.

He said, “We are working on their letters, the letters will be served tomorrow (Today)  and the deputy governors of the CBN will be screened on Friday.’’

The Punch

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2025: Again, Kenyan, Ethiopian Athletes Win Lagos City Marathon

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The 2025 edition of the annual 42km 2024 Access Bank Lagos City Marathon has been once again dominated by East African runners from Kenya and Ethiopia.

Kenya’s Edwin Kibet on Saturday emerged winner in the men category, clocking a time of 2:14:06 to win the $50,000 price money.

Kibet came third last year behind his compatriot Bernard Sang who won it with a time of 02:16:49 and another Kenyan Cheprot who came second.

It is Kibet’s second win in the competition following his first victory in the 2023 edition.

In the women’s category, Ethiopia’s Guta Meseret Hirpa emerged victorious clocking a time of 2:37:04 for her first win in the competition.

First Nigerian to finish the race, Nyango Gyang Boyi, made history by finishing in the to 10 positions.

He finished the race in 8th place, clocking a time 2:25:41.58 which will earn him a prize award of $4,000. As the first Nigerian to finish the race, Boyi also won the N2million top prize in the Nigerian category.

The governor of Lagos State, Babajide Sanwo-Olu, was also one of the participants in this year’s Lagos City Marathon.

The 42km race commenced at Western Avenue, in front of the National Stadium Surulere, and finished in front of Eko Atlantic City, Victoria Island.

This year’s edition of Access Bank Lagos City Marathon had thousands of runners competing for the top prize.

The annual event was to a gold label by the World Athletics in 2023 less than eight years after its first edition.

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CDS Visa Denial: No Comments, Canadian Embassy Declares

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The Canadian High Commission in Nigeria has refused to make further comments on circumstances surrounding the denial of visas to some senior Nigerian military officials, including the Chief of Defence Staff, General Christopher Musa, citing privacy policies.

The Authorities however, acknowledged social media reports of the situation.

Musa and some military officials were denied visas to attend an event in Canada honouring war veterans, a situation the CDS revealed during an event in Abuja on Thursday.

Responding on Friday, via its social media handle, the Canadian High Commission stated, “The High Commission of Canada in Nigeria is aware of media reports related to planned travel by senior officials. However, for privacy reasons, we are unable to comment on the status of visa applications of specific individuals.”

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PDP Crisis Deepens As Anyanwu Defies Party, Court, Resumes As Secretary

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The embattled National Secretary of the Peoples Democratic Party (PDP), Senator Samuel Anyanwu, has defied the directive of the party’s National Working Committee (NWC) amid the ongoing contention for his position.

Anyanwu, on Thursday, resumed at the PDP National Secretariat and continued his duties from his office, despite the position of the party’s NWC.

In a video call with Lere Olayinka, the spokesman of FCT Minister, Nyesom Wike, Anyanwu said: “As you can see, I’m in my office. These are my people and we are working.”

Showing Olayinka around during the call, Anyanwu said: “You can see them jumping over the fence, that was how I stayed in my office to catch them through the CCTV.”

The video was posted by Olayinka on his Whatsapp status on Thursday.

The battle over the position of PDP National Secretary started when Anyanwu left to contest for the Imo State governorship election.

Following his departure, the South-East caucus of PDP endorsed the party’s National Youth Leader, Sunday Ude-Okoye, as his replacement.

Anyanwu lost the election and attempted to force his way back as the PDP’s National Secretary, a move which was vehemently opposed by Ude-Okoye.

On December 20, 2024, an Appeal Court ruled in favour of Ude-Okoye as the PDP’s National Secretary.

On January 28, a fight broke out between Anyanwu’s supporters and Ude-Okoye at the PDP National Secretariat during the party’s Board of Trustees, BoT, meeting.

The PDP Governors Forum had affirmed Ude-Okoye as the authentic National Secretary while the party’s NWC also took the same stand.

Similarly, the party’s National Legal Adviser, Kamaldeen Ajibade also backed Ude-Okoye for the position.

On Thursday, the NWC affirmed Ude-Okoye as the party’s National Secretary.

The development was disclosed in a statement issued by the party’s National Publicity Secretary, Debo Ologunagba.

The statement reads: “After due consideration of the Memo and the attachments, the NWC overwhelmingly recognizes, acknowledges and confirms Rt. Hon. S.K.E Udeh Okoye as the substantive National Secretary of the PDP in full compliance with and obedience to the Judgement of the Court of Appeal, recognizing that there is no subsisting or superseding Judgment or Order from any Court of superior authority or hierarchy.”

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