Just In:NIGERIAN ACTIVIST, ARIYO-DARE ATOYE IS DEAD
Ariyo-Dare Atoye, a civil rights campaigner and prominent election reform activist, is dead.He passed on in Abuja on Thursday afternoon after a protracted battle with lung cancer, his friends said from the hospital. He was 42.Mr Atoye, a trained news reporter who spent years covering national affairs for the News Agency of Nigeria, joined civil rights activism in the late aughts. After a brief foray into politics under the PDP administration of Goodluck Jonathan, he returned to activism and co-founded the Centre for Civil Liberty which he monitored out of Abuja.
Under the centre and in partnership with several other civil rights groups and activists that included Deji Adeyanju and Omoyele Sowore, Mr Atoye sought stringent accountability from the Buhari regime, which quickly became a worrisome authority for many rights activists in Nigeria and beyond following its inauguration in May 2015. Over the past half-decade, Mr Atoye has led a campaign for electoral reform in Nigeria, and his contributions to the recent changes to electoral guidelines by the Nigerian parliament were widely acknowledged.After weeks of silence as he battled the ruthless disease that was spreading rapidly through his body, Mr Atoye posted a message on Twitter, acknowledging support from friends and family while asking everyone to keep hope alive.
“I have done nothing to deserve all the prayers, calls, goodwill, generous donations, financial support, efforts, love and affection,” he said on October 23.Anthony Ehilebo, who was friends with Mr Atoye for years, lamented his passing as a major loss to Nigerian civil society and political reform efforts.
“He was very passionate about Nigeria and struggled consistently to ensure sustainable changes to our election and public service accountability,” Mr Ehilebo, a member of the opposition PDP, said. “I am broken.”Additional details about his death have not been released by his doctors, but the development came as plans were being made by his friends to transport him to London for additional treatments.He is survived by his wife and children.
Update; ECONOMY: CBN Justifies Introduction of New Naira Notes
Update
Remarks by Governor Godwin Emefiele on Issuance of New Naira Banknotes
Good afternoon Ladies and Gentlemen, and welcome to this special press briefing of the Bank.
We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.
As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.
In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. These challenges primarily include:
Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks;
Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;
Increasing ease and risk of counterfeiting evidenced by several security reports.
Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.
Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.
In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.
Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.
We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
I thank you for listening.
Godwin I. Emefiele
Governor
News Flash : Terror Attacks- narrow escape as DSS and the US uncover boxes explosives in Abuja
The Department of State Security and the US soldiers have uncovered boxes of explosives, two pistols in an apartment rented by a terrorist in Trademore Estate located in Lugbe, Abuja.
This was contained in a notice issued by the Trademore Estate management to occupants on Wednesday warning them to know their neighbours.
The thrust of the matter was a post on the twitter by one talktose who gave a breakdown of the recovery.
“It’s no longer News that there was a High Powered Sting Operation in Phase 3 this afternoon, culminating in a complete shutdown of our estate. A combination of American Army and our DSS team were responsible.
“We are unable to give full details of the reason(s) behind the operation, however, we can confirm that there was an allegation of terrorist activities.
“It is therefore desperately incumbent on every resident to remain vigilant, KNOW YOUR NEIGHBOURS and report any suspicious movement, person or activities to the Exco, Street Reps and/the Police.
“We will continue to do our utmost best to keep the estate safe for all of us. Everyone is responsible for security and there should be no iota of abdication of this responsibility.”
“Finally, let’s remain calm and continue to carry out our daily activities within the parameters of the Law.”
Breaking; Central Bank of Nigeria Announces plan to redeign Naira Notes
The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500 and N1,000 notes respectively.
CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja.
Details later….
Breaking; Central Bank Of Nigeria Announces Plan To Redesign Naira Notes
The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500 and N1,000 notes respectively.
CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja.
Details later….
Akure Reform Ambassadors Urges Unity for Progress, Marks 10th Anniversary
A former Special Adviser to governor Oluwarotimi Akeredolu on Energy, Tunji ‘Light Ariyomi has stressed the need for all Akure speaking communities to be united and form alliance to promote their culture and tradition.
Ariyomo, an Energy Expert made the disclosure at a lecture and award night organised by the Akure Reform Ambassadors to commemorate the 10th anniversary of the group in Akure.
OSRC’s correspondent, Joseph Ikugbonmire reports that 10 prominent Akure indigenes including the Special Adviser to the governor on Intergovernmental Affairs, Bunmi Ademosu and the late Adedayo Omolafe popularly known as Expensive were honoured at the event.
Mrs Anyanwu-Akeredolu Stresses Importance of Synergy, Commends Visiting USA Medical Team
Wife of Ondo State Governor, Betty Anyanwu-Akeredolu has commended a medical Team from University of California San Diego, USA, Sharing Hope Foundation for its love towards the growth of medical system of the state.
The governor’s wife while playing host to the team at the government house in Akure assured that the group’s visit to Nigeria, and Òndó State in particular, will continue even after her husband’s tenure.
Government House correspondent, Omorinola Hungbeji reports.