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Withdrawal Of Naira Notes: Stakeholders Call For Caution

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3 years ago

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The Central Bank of Nigeria (CBN) has debunked rumours that it is planning to withdraw naira notes from circulation and replace it with its digital currency, the eNaira, which was launched  last October by President Muhammadu Buhari.
Recall that stakeholders had warned the apex bank to desist from such move.
Director, Corporate Communications Department of the CBN, Osita Nwanisobi, at the weekend, noted that, the statement purportedly to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State, was misconstrued.
He, therefore called on the public to disregard such information in its entirety.
The eNaira is a Central Bank Digital Currency (CBDC) that was rolled out to improve financial inclusion in the country, reduce the cost of transactions, and boost security in the financial system.
According to Nwanisobi, the digital version of the Naira is meant to complement the existing currency notes and, therefore, will circulate simultaneously as a means of exchange and store of value.
On the benefits of adopting the eNaira, he said the digital legal tender, aside from the safety and speedy features, will also ensure greater access to financial services by the underbanked and unbanked populace, thereby enhancing financial inclusion.
Nwanisobi, therefore, urged members of the public and business owners to embrace the digital currency, the eNaira, saying it offers more possibilities.
Meanwhile, the eNaira speed wallet is expected to have another update which will allow users to pay bills and conumate online shopping payments directly from their wallets.
Stakeholders have, however, queried the decision of the government over planned removal of Naira notes from circulation.
They noted that in civilised societies, physical money exists side by side with other forms of financial transactions.
Speaking in an interview the The Tide’s source, the President of National Union of Banks, Insurance and Financial Institutions Employees of Nigeria (NUBIFIE), Comrade Anthony  Abakpa, expressed wonder how such a policy could be brought out without enough preparation and enough awareness.
“The CBN ought to give enough time to enable Nigerians prepare for it. CBN should know that not every Nigerian is having bank account, talkless of e-money. Most of them who cannot write would not be carried along.

“What CBN needs most is ability to educate everyone on it and save people from demoralisation, because it will demoralise and be cumbersome to many people and they will lose confidence in government.

“CBN should run both physical and e-money together, not total removal of physical notes from circulation”, Abakpa said.

On his part, the General Secretary of Iron and Steel Senior Staff Association of Nigeria (ISSAN), Comrade Lucky Odigie, urged Federal Government to desist from policy summersaults.

He said, “Federal Government should not start what it will not be able to sustain. In fact, this policy has already failed before birth.

“How can Government just wake up with policy that would add more burdens to the masses that have already been pushed to the wall?”

Odigie also advised FG to always put the interest of the masses first in all their planning in order to reduce harsh economic situations that are pushing some into vices.

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Tinubu’s RHI Doles Out N50m To 1,000 Kwara Petty Traders

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January 30, 2025

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 The First Lady, Senator Oluremi Tinubu, Monday, presented N50 million cash grant to 1,000 women petty traders in Kwara State.
Senator Tinubu announced the cash grant in Ilorin, the Kwara State capital, during the inauguration of the National Information Technology Development Agency (NITDA) community ICT centre.
The centre was established in collaboration with the First Lady’s pet project, the Renewed Hope Initiative (RHI), under its Social Investment Programme (SIP).
Mrs. Tinubu said: “In the spirit of today’s event, the Renewed Hope Initiative, under the RHI Economic Empowerment scope, will be presenting a grant of N50 million to the First Lady of the state and RHI State Coordinator to support another set of 1,000 women petty traders with the sum of N50,000 each to recapitalize their existing businesses.
“We had earlier empowered 1,000 women petty traders on August 22, 2024.
“Under the RHI Social Investment programme, 250 elderly citizens were given a grant of N200,000 each on December 17, 2024 to celebrate the Yuletide season.
“In addition, the RHI, under its Education Programme, is collaborating with the Universal Basic Education Commission (UBEC) to build an Alternative High School for Girls in Kwara State.
“This is to provide another opportunity to access education for girls and women who dropped out of school due to early pregnancies, child marriages and other socio-economic reasons.
“Also, Kwara State has been nominated to benefit from the construction of a model Early Childhood Care Development Education (ECCDE) centre, which will be built in Ilorin.
“As part of the fruit of our collaboration with the Tertiary Education Trust Fund (TETFund), the Kwara State University is to benefit from the establishment of an ICT Experience Centre.
“Also, under our RHI Agriculture Programme, women and young farmers will benefit from the N68.9 million Federal Ministry of Agriculture and Food Security Support grant.
“This grant has been made available to Kwara State through the First Lady and RHI State Coordinator, who will be responsible for the implementation of the Women Agricultural Support Programme (WASP), Youth Agricultural Support Programme, Every Home A Garden and Young Farmers’ Club of the Renewed Hope Initiative”.
She continued that “So far, NITDA has constructed four community ICT centres. This centre we are inaugurating today is the second, while Benue and Oyo centres are ready to be inaugurated soon.
“Other digital economy centres have also been fully equipped with computers and other ICT materials in five states, namely: Jigawa, Ebonyi, Cross River, Oyo, Niger, and the Federal Capital Territory (FCT).
“Ten additional digital economy centres in Abia, Edo, Delta, Ondo, Kano, Katsina, Lagos, Nasarawa, Yobe, and Zamfara are also being fully equipped with ICT materials and will be ready for inauguration soon.
“By equipping themselves with ICT skills, women and girls can enhance their educational prospects, be self-reliant, participate in the global economy, and support their families.
“Therefore, today’s inauguration presents us with another opportunity under the mandate of the Ministry of Communication, Innovation, and Digital Economy to further expand digital access to our citizens by providing communities with the resources they require to develop ICT skills.
“This is in line with the priority area of the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, to accelerate economic diversification through industrialisation and digitalisation”.
Governor AbdulRahman AbdulRazaq’s wife, Lady Olufolake AbdulRazaq, noted that the inauguration “speaks to the many engagements and partnerships of Senator Tinubu towards ensuring that Nigerians are adequately supported in the pursuit of their goals and improving livelihoods of the most indigent to complement the efforts of Mr. President Tinubu and the Federal Government in this regard”.
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UBA To Educate SMEs, Business Owners On Withholding Tax

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5 days ago

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January 30, 2025

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, is billed to host a Knowledge Series webinar to educate small and medium business owners on the 2024 withholding tax regulations that went into force this year.
According to a statement from the bank on Monday, the webinar, themed “2024 Withholding Tax Regulations, Specific Emphasis on How They Affect SMEs”, is scheduled to be held today.
The Knowledge Series is a regular seminar/workshop organised by the bank as part of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses.
Expected at the webinar are UBA’s Head of SME Banking, Babatunde Ajayi; Financial Analysts with Anderson Consulting, Adeyemi Adediran and Vincent Okoukoni.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke ahead of the webinar, emphasised the importance of this edition, noting that it will provide a platform for businesses, especially SMEs, to learn more about the new tax regime, implications for their business, and attendant benefits for them and the economy at large.
He said, “Getting first-hand knowledge from experts on this important subject, as put together by UBA, will be invaluable for any business owner looking to build a lasting enterprise”.
Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo, said, “At UBA, we remain resolute in our commitment to empowering businesses of all sizes, and that is why we have decided that we will help guide our customers towards making better business decisions and embracing more opportunities in 2025.
“We have assembled an esteemed panel of speakers who will do justice to this topic by sharing their vast wealth of experience and insights on how best to navigate the new tax regime. This is a must-attend event for anyone serious about the long-term success of their enterprise”.
UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees across groups and serving over 45 million customers globally.
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Nigeria Losing $40b Annually From Maritime Sector – NIMENA

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5 days ago

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January 30, 2025

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Nigeria is said to be losing over $40 billion annually from the maritime sector due to poor regulatory standards and the lack of enforcement mechanisms.
The newly elected Chairman of the Nigerian Institution of Marine Engineers and Naval Architects (NIMENA), Eferebo Sylvanus, disclosed this in a statement, lamenting the significant revenue losses plaguing the sector.
He attributed the challenges to weak enforcement frameworks and substandard regulatory practices.
To reverse this trend, he, among other stakeholders, are canvassing for proper regulation and prioritisation of research and development, which they argued, could unlock the full potential of the sector thereby contributing to the country’s economic growth.
Sylvanus said, “Nigeria has the potential to generate over $40 billion annually from the maritime sector. However, we are losing out on this because of a lack of proper regulatory standards and enforcement mechanisms.
“It is crucial that we focus on strengthening these areas and investing in research and development to solve the sector’s challenges”.
Sylvanus was elected at an extraordinary general meeting held in Port Harcourt, which witnessed the emergence of other members of NIMENA’s Executive Committee.
The Chairman, who described his election as a call to service, emphasised his readiness to reposition NIMENA as a leading institution for maritime research and development, contributing to Nigeria’s and Africa’s economic growth.
Outlining his vision, he said, “My priority is to lead NIMENA to attain international recognition. We will set up a journal house to publish research and development activities that will tackle Nigeria’s and sub-regional maritime challenges. Our collaboration with regulatory agencies, policymakers, and stakeholders will play a critical role in achieving this goal”.
As part of his plans, the new Chairman announced a membership drive aimed at engaging undergraduate marine engineers, young practitioners, and others outside the institution.
 “We have set up a membership committee to address the challenges faced by prospective and existing member, while enhancing their benefits”,  he added.
On his part, the immediate past chairman of NIMENA, Daniel Tamunodukobipi, commended the transparent election process and urged the new leadership to sustain existing initiatives to enhance safety in Nigeria’s waterways.
 “It is important to develop and maintain codes and standards to strengthen the safety framework in the sector. Public enlightenment campaigns are also necessary to educate Nigerians about the activities of NIMENA and the importance of a well-regulated maritime sector”, he said.
Experts also noted that ineffective regulation has created loopholes for revenue leakages, illegal maritime activities, and substandard practices that deter foreign investment.
They called for collaborative efforts between professional institutions like NIMENA, regulatory agencies, and the private sector to restore confidence in the industry.
Sylvanus concluded by assuring stakeholders of NIMENA’s commitment to delivering on its mandate.
 “We will engage in workshops, technical sessions, and collaborations with government agencies to ensure that the maritime sector becomes a major revenue earner for Nigeria. Together, we can transform this industry into a global standard”,  he said.
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