Naira Redesign: Those Opposing and Abusing the Buhari Over Naira Redesign are Major Beneficiaries of the Buhari/APC Administration | Nigeria Updates- Breaking News, Nigerian News, Politics, Sports, Entertainment and Business - Nigeriaupdates.com Nigeria Updates
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Naira Redesign: Those Opposing and Abusing the Buhari Over Naira Redesign are Major Beneficiaries of the Buhari/APC Administration

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…Urges Nigerian Youth to Resist Efforts by Self-serving Governors and Politicians to Incite them Against the Government in Furtherance of their Private Political and Economic Concerns

….Commends CBN for Releasing Adequate Funds to INEC for the Execution of 2023 General Elections.

Chief Eze Chukwuemeka Eze Erstwhile National Publicity Secretary of the defunct New People’s Democratic Party (nPDP) and chieftain of the All Progressives Congress, says those trying to incite Nigerians against the federal government over the Naira redesign are rampaging saboteurs affected by the CBN new monetary policy who have huge cash criminally gotten from public funds stashed in warehouses, septic tanks and homes.

In a statement made available to media houses in Port Harcourt, Eze said the policy though a difficult one, is necessary and strategic in the restoration of the lost value of the Naira against convertible currencies and one would expect leaders across political divide to support the initiative. The Naira has a long history of progressive downward pressure in the forex market and efforts have been devised to bring it to par with its contemporaries in the money market.

The party Chief however stated that it is disappointing to learn that those who prided themselves as patriots and change agents, who rode to power through the change mantra and who have benefited so much from the Buhari/APC administration are the ones at the forefront of the war against this policy of the federal government because the policy is gradually rendering useless the wads of stolen money stashed in their safes and private warehouses.

He said self-serving individuals who are making very untoward and negative utterances in a bid to incite the people and usurp the authority of the President is unhealthy for the country.

It does appears in fact, that some Governors are running parallel federal governments in their respective states with the counter orders they have continued to dish out against the lawful directives of the President who is the commander-in-Chief and numero uno in the government of Nigeria.

For the Executive Governor of Kano State to turnaround and publicly declare that President Buhari and his administration for eight years didn’t achieve anything is very unfortunate. It is a comment made out of ill-will to serve personal interest.

In other words, the efforts of this administration in the areas of road and rail Infrastructure are no longer noteworthy. For the Governor of Kaduna State to issue a contrary directive to that of the Federal Government and inciting the poor masses against the APC administration is totally unacceptable.

If for the duration of over three months some economically powerful persons could not return the heavy wads of cash stored in their homes to their accounts, it clearly means that such calibre of Nigerians have ulterior motive in not returning such monies into the banking system.

Eze commended President Buhari’s insistence in ensuring that the 2023 elections are free and fair and credible, noting that one good legacy the APC administration will be leaving behind is the record of credible polls and the president must be commended for that.

He said those relying on the use of stoked-up cash to aid their vote buying mechanism to win election should replan or better still get ready to retire because corruption has lost its grip on Nigerian elections beginning from Saturday, February 25, 2023.

The party Chief commended the Central Bank of Nigeria for making cash available for the Independent National Electoral Commission (INEC) to execute the elections without a hitch and expressed confidence that votes will count and the will of majority will superintend at the end of the day.

He urged Nigerians to wash their eyes and ensure that those that have ruined our nation, who are glaringly pursuing personal interests are not brought to power for any reason whatsoever.

Eze expressed fear of the outcome of the general elections particularly if it doesn’t favour some of these elements that are sponsoring the destruction of our banks, they are capable also of causing serious havoc if the elections fail to favour them. In this case, the Security Agencies should up their game to avoid these elements from setting up this country on fire if they fail to win this election

 

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Uganda-GTB Transition Into Tier 2 Credit Institution 

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The Guaranty Trust Bank (Uganda) Ltd has shed more light on why it transited from a Tier 1 Commercial Bank to a Tier 2 Credit Institution.

 

The Management team stated that this became necessary in view of the Bank’s current paid-up share capital position of UGX 41 billion (approx. USD 11.02 million) and the recent increase in the minimum paid-up share capital requirement for Tier 1 Commercial Banks operating in Uganda from UGX 120 billion (approx. USD 32.26 million) effective 31st December 2022, to UGX 150 Billion (approx. USD 40.32Million) by 30th June 2024.

 

 

Disclosing this in a statement made available to the media  on Thursday, GTBank Uganda revealed that continuing operations as a Tier 2 Credit Institution is within the Bank’s current capital base and will allow the bank to play to it’s core strengths in Retail and SME Banking.

 

The GTBank statement reads: “Guaranty Trust Bank (Uganda) Ltd (“GTBank Uganda”) today announced its intention to transition from a Tier 1 Commercial Bank to a Tier 2 Credit Institution. This position has become necessary in view of the Bank’s current paid-up share capital position of UGX 41 billion (approx. USD 11.02 million) and the recent increase in the minimum paid-up share capital requirement for Tier 1 Commercial Banks operating in Uganda to UGX 120 billion (approx. USD 32.26 million) effective 31st December 2022, and subsequently to UGX 150 Billion (approx. USD 40.32Million) by 30th June 2024.

 

“In November 2022, the Ministry of Finance, Planning and Economic Development in conjunction with the Central Bank of Uganda prescribed new thresholds for minimum paid-up share capital unimpaired by losses for Supervised Financial Institutions (SFIs) in Uganda.

 

“Following extensive engagements with all stakeholders including the regulator and our shareholders, we believe that this is the right decision considering global economic realities and it is fully aligned with the objectives of our Holding Company -– “to direct resources to opportunities in alignment with our current strategy of evolving the Guaranty Trust Brand to a full-fledged Financial Services Group.” Commenting on this development, Mr. Jubril Adeniji, Managing Director of Guaranty Trust Bank Kenya and Head of the East African region stated, “Continuing operations as a Tier 2 Credit Institution is within the Bank’s current capital base and will allow us play to our core strengths in Retail and SME Banking. As we make this transition, we will continue to review our positioning within the Ugandan banking sector in line with our objective of maximizing shareholder value.”

 

He further added; “As a Group, we are confident of Uganda’s trajectory as a country and remain committed to championing growth and expanding innovative financial services across Africa and will continue to explore viable opportunities in both existing and new business verticals that guarantee the best use of available capital.

 

“Given the foregoing, we have carried out a thorough review of our existing customer base and put adequate measures in place to continue to meet their banking needs pending final regulatory approvals and further directives by the relevant parties.

 

“We expect the transition to be seamless and commit to continuing compliance with all guidelines and best practice throughout the change process.”

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Eko DisCos Reportedly Sacks CEO

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The board of Eko Electricity Distribution Company has reportedly relieved its Managing Director/Chief Eexcutive Officer, Dr. Tinuade Sanda, of her duties as MD/CEO of the company.

 

In a letter seen by Nairametrics and signed by the company’s Chairman, Dere Otubu, the company explained that the decision was due to a directive from the industry regulator, NERC.

 

“We have received a directive from NERC stating that all staff working for the utility must be employed directly by the utility, bound by applicable service conditions that are applicable to the employees of the utility, and paid through the utility’s payroll.

 

The Disco is obligated to comply with these directives due to the powers of NERC as stipulated in the Electricity Act 2023. In compliance with the aforementioned directive, all seconded staff from WPG Ltd are being released by Eko Electricity Distribution Plc and returned to WPG Ltd.

 

Accordingly, you are hereby relieved of your role, office, and position at Eko Electricity Distribution Plc effectively immediately, and returned to your employer, WPG Ltd.”

 

Nairametrics also obtained a copy of the letter from NERC titled ‘Alleged Ghost Workers In Eko Electricity Distribution Company – Call For Investigation,’ wherein it instructed the distribution company to “ensure all existing WPG secondees involved in the loss of revenue to EKEDC in this matter are withdrawn back to WPG,” indicating that all WPG staff seconded to Eko DisCo should be removed. WPG is the core investor in Eko DisCo.

 

According to the report other executives in the company who were seconded from WPG were also affected by the directive.

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CBN raises interest rate to 24.75% in bid to curb inflation

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In a move aimed at tackling the rising inflation in Nigeria, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has announced a significant increase in the benchmark interest rate.

 

The  Monetary Policy Rate (MPR) which was previously 22.75 now stands at 24.75%.

 

Speaking to journalists after the MPC meeting, CBN Governor Yemi Cardoso, emphasized the committee’s commitment to curbing inflation and restoring the purchasing power of Nigerians.

 

He outlined the various policy adjustments implemented:

 

The most significant change is the substantial increase in the MPR to 24.75%. This makes borrowing more expensive, aiming to reduce spending and slow economic growth, ultimately bringing down inflation.

 

The CBN has also adjusted the Cash Reserve Ratio (CRR) for commercial banks, maintaining it at 45%. However, the CRR for merchant banks has been increased from 10% to 14%.

 

Additionally, the liquidity ratio remains unchanged at 13%. These measures aim to tighten control over the money supply in circulation, further dampening inflationary pressures.

 

Cardoso highlighted the importance of food security in the fight against inflation. He urged the federal government to fully implement its agricultural programmes, aiming to increase domestic food production and reduce reliance on imported food items, which can be susceptible to price fluctuations.

 

The increased interest rate will have a ripple effect throughout the Nigerian economy. Borrowers, including businesses and individuals, can expect to pay more for loans, potentially impacting investment and consumer spending.

 

However, the CBN’s actions are intended to bring down inflation in the long run, which would ultimately benefit Nigerians by stabilizing prices and protecting their purchasing power.

 

The MPC’s decision to aggressively raise interest rates reflects the seriousness of Nigeria’s inflation challenge.

 

Whether these measures will achieve the desired outcome remains to be seen. The effectiveness will depend on various factors, including the government’s success in boosting food production and the overall response of the Nigerian economy to tighter monetary policy.

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