Isola Moses | ����

As the Federal Government walks the talk to begin payment of the Conditional Cash Transfer (CCT) to several millions of Nigerian consumers, it is equally removing dead beneficiaries from the register.

��ñ���� learnt the government would also disqualify Nigerians  without National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) from payments as the exercise begins.

The Nigerian Government is reviewing and expanding the National Social Register to accommodate pensioners and ex-servicemen under its Conditional Cash Transfer scheme, according to report.

The reactivation of the CCT programme coincides with the commemoration of the 2023 International Day for the Eradication of Poverty, when President Bola Ahmed Tinubu, represented Sen. George Akume, Secretary to the Government of the Federation (SGF) Tuesday, October 17, 2023, in Abuja, FCT, launched the disbursement of N25,000 to 15 million households for three months as a “social safety net” intervention, sequel to the recent removal of subsidy on petroleum products.

It was also learnt that the Central Bank of Nigeria (CBN) will make “bulk payments” directly to the beneficiaries of CCT, and not through consultants from next week.

The first batch of bulk payments to beneficiaries would begin for five million households.

About Conditional Cash Transfer scheme

The Conditional Cash Transfer scheme is part of the National Social Investment Programme of the Federal Government, a project created to change the lives of millions of Nigerians living in extreme poverty, upgrade their standards of living, and improve the national economy.

The government has stated the overarching aim of the programme is to mitigate the telling impact of the fuel subsidy removal and help to eradicate poverty across the country.

Explaining the concept further, Rasheed Olanrewaju, Special Adviser (SA) on Media and Publicity to the Minister of Humanitarian Affairs and Poverty Alleviation, told The Punch, that the Cash Transfer scheme had been reviewed and expanded.

Olanrewaju stated: “We are using a verified expanded register that has pensioners and veterans, as well as other vulnerable persons who were not captured.”

Jamaldeen Kabir, National Communications Manager, National Social Investment Programme Agency, also affirmed that beneficiaries who had exited the poverty line were being removed from the CCT register.

Kabir said: “What he (Olanrewaju) told you is very correct, because the register is being expanded. First of all, it has to be verified so that those who are out of the poverty line will be removed from the old register.

“Those in the register, are they still within the poverty line or have they exited the line? The expansion will also include the wives of fallen heroes and pensioners.”

Payments to beneficiaries ongoing, says Olanrewaju

On when the cash transfer would begin, Olanrewaju stated that though bulk payments would commence from next week, some of those who had been verified had already started receiving payment alerts in Nigeria.

The Minister’s media aide noted: “The cash transfer (scheme) has been launched, and once a household is verified, they get paid.

“The batches begin this month, next week to be precise; however, verified people have started receiving alerts.”

Kabir equally stated “actually, when the programme was launched at the Presidential Villa … days ago, some beneficiaries were presented with some cheques.

“So, before this month ends, the beneficiaries in the first phase will receive theirs, and this phase caters to five million households.

“So, we are expecting those five million households to receive money in the months of October, November and December.”

Meanwhile, the Ministry of  Humanitarian Affairs and Poverty Alleviation has restated that the determination of the Federal Government to eradicate poverty is in line with the President Tinubu’s ‘Renewed Hope Agenda’.

It noted the agenda has poverty eradication, food security, economic growth and job creation as priorities.

It is recalled Mrs. Betta Edu, Honourable Minister for Humanitarian Affairs and Poverty Alleviation, recently stated that all stakeholders, including the private sector players, development partners and other countries, should support Nigeria in its drive to eliminate poverty.

Mrs. Edu said of Nigeria’s efforts in this regard: “The cardinal goal of President Bola Ahmed Tinubu’s administration is to give the poor and vulnerable Nigerians a new breath of hope, which is also in line with the SDG target.

“President Bola Ahmed Tinubu will not relent until vulnerable Nigerians are completely pulled out of poverty by 2030.”

The Minister stressed the Conditional Cash Transfer programme is a proven way to alleviate poverty.

According to her, the CCT will give households the financial support to start micro and small enterprises, provide basic health care and food, keep their children in school and attend to the immediate needs of the households.

“Mr. President, during the October 1, 2023, national broadcast, announced this intervention; we have gone through a thorough and rigorous process of verification for the National Social Register, giving us the lead way to begin payments.

“The beneficiaries are drawn from across all states in the country plus the Federal Capital Territory and it is being done in a transparent manner that is traceable and verifiable,” she noted.

Edu further explained: “Beyond this, the government will be providing low-cost shelter for the poor and internally displaced persons as a form of providing that cover for them.

“Several other interventions, including the rural vocational skills intervention, will be carried out on a country-wide scale.

“All of these are targeted at the various dimensions of poverty across the country.”

Isola Moses | ����

It is an indisputable fact that Nigeria and several other economies aroundg the world have been grappling with high inflation rates in recent times.

���� reports the inflation rate in the West African country, for instance, has reached as high as 25.80 percent as the Consumer Price Index (CPI) also increased to 593.60 points as of August 2023, according to National Bureau of Statistics (NBS).

As Nigeria inflation August this year hit annual inflation rate accelerated to an 18-year high of 25.80 percent, Africa’s largest economy had grappled with rising prices ahead of a Central Bank of Nigeria (CBN) interest rate decision in September.

The August inflation figure rose for an eighth straight month from July’s 24.08 percent, according to NBS, compounding a cost of living crisis worsened by Tinubu’s reforms.

The situation was said to have resulted from President Bola Ahmed Tinubu, May 2023, in Abuja, FCT, when he announced the removal of a popular but costly decades-old petrol subsidy and ended exchange controls, leading to a spike in prices from food to transport fares and angering Labour unions who have threatened strikes.

The last time Nigerian consumers experienced this level of inflation was in August 2005, official data showed.

Commenting on the development, Razia Khan, Standard Chartered, Managing Director and Chief Economist, Africa and Middle East, said: “Nigerian inflation rose faster than expected in August, a month that more typically sees seasonally subdued inflation pressures,” reports Reuters.

This development has had a devastating impact on the Nigerian economy and the consumers, who are trying to make ends meet in the West African country’s economy.

What is inflation?

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

High inflation also means that the cost of living is increasing at a faster rate, making it harder for people to afford necessities, such as food, housing and healthcare.

Post-subsidy removal palliatives and Nigerian economy

It has been said that a possible way to combat inflation is to increase wages as the Federal Government has done for its Civil Servants recently, but when it’s not forthcoming, follow these suggestions to manage the impacts, courtesy of Advans La Fayette Microfinance Bank.

Save money on transportation
It the ever-increasing fuel prices in Nigeria are blowing up your budget, your first course of action could be limiting your driving as much as possible.

Running errands in batches, carpooling or using public transportation, or walking anywhere within a short distance can also save you substantial money at the end of the month.

Buy your food in bulk

A typical Nigerian spends up to half of his/her income on food, so lots of money can be saved if you can cut expenses in this regard.

Make sure you pay attention to the prices of goods and choose the family-size package, if it is cheaper per unit.

For example, church members and staff of organisations can pool their funds together towards making a bulk purchase.

Afterwards, the food will be divided according to the contributions made.

Eat out less

Studies have shown that it is cheaper to prepare your meal at home than to eat outside. The amount spent on eating a meal in a standard restaurant will be enough to prepare quality 3 square meals at home. Take a break from takeaway and restaurant meals and you will be surprised at how much you will be able to save in a month.

Negotiate lower prices

You can reduce everyday expenses by negotiating over the price of goods or services until a mutually agreed-upon price has been determined.

Getting goods and services at lower rates each time will have an impact on the general monthly expenses.

Postpone non-immediate needs

Not everything will always be more expensive.

Some price hikes could be temporary, and, in that case, it may pay to hold out as the price might go down later.

Purchases that are not immediately necessary can be deferred and you might be able to get a better deal at a later date.

Earn money on your savings

When inflation happens, there is a fall in the value of money generally because of a sudden increase in the price of commodities.

Putting your money in a high-interest yield savings account where it will earn higher interest can reduce the eroding effects of inflation.

Isola Moses | ����

The Federal Government has said Nigeria will launch the Conditional Cash Transfer policy for 15 million households October 17, 2023.

Mrs. Betta Edu, Honourable Minister for Humanitarian Affairs and Poverty Alleviation, disclosed this development when she featured on a Channels TV programme months after the Federal Government had stopped the payment of the controversial subsidies on the Premium Motor Spirit, otherwise known as petrol.

Edu stated: “With the approval from the President (Bola Ahmed Tinubu), which we hope to get this week, on the 17th of October, we will be officially launching the Conditional Cash Transfer to 15 million households in Nigeria.

��ñ���� learnt the amount per household would be N75,000 as against the N5, 000 given to vulnerable Nigerian consumers in the last administration, and the Minister stressed that the Humanitarian Affairs and Poverty Alleviation is currently working with stakeholders across the West African country to get “a credible register of beneficiaries.

She also noted: “As we speak, we are having a verification exercise. Every state can bear us witness that we have put boots on the ground – persons who are working with the state cash transfer office as well as the governors who are the heads of the steering committee and then several other persons.

“All of this is to be sure those who are on the national social register truly are Nigerians who fall [spend] within the under $1.95 a day [range] and they deserve to have it.”

While admitting that some persons on the register may have died or moved up the economic ladder, Mrs. Edu said the verification exercise is to clean up the register.

The Minister further explained: “Two things: First, as we speak, we are on the field cleaning up that data and doing a complete verification and we are juxtaposing both the BVN, NIM and the rest of it to identify these people and be sure we are dealing with authentic persons.

“And then, of course, there is biometrics to it and you have a capturing of the head of the household as well as a picture of the household so it can be located.”

She added that “on each of these households, they are numbered so people can go there and verify against the register.”

Isola Moses | ����

About 24,000 workers at British Airways (BA) will get a pay rise worth more than 13 percent over 18 months from September 2023, the Unite union has said.

��ñ���� learnt the workers would also get a one-off payment of £1,000, but the Management and pilots are excluded from the deal.

After months of negotiations, the deal eases off the threat of disruption as demand for air travel increases.

Workers are pushing for higher pay in a number of sectors as inflation continues to be high, agency report said.

The pace of general price rises in the United Kingdom (UK) has been persistently high.

Inflation, while it has declined a little, is still running at 7.9 percent, well above the Bank of England’s (BoE) target of 2 percent.

Unite’s pay negotiations are focused on easing off the effects of inflation on workers.

The union said the deal also reversed pay cuts from 2020.

The “sizable pay increase” came after “detailed negotiations”, Unite general secretary Sharon Graham said.

It comes as the aviation industry enters one of its busiest months for travel in the year, with families booked to go away during the school summer holidays in the UK.

Will this summer getaway be hit by travel chaos?

Easyjet cancels 1,700 flights from July to September

Airlines are keen not to repeat the chaos experienced last summer at airports as the sector grappled with a surge in demand following the pandemic, report stated.

Since then there have been further challenges, as walkouts across the industry have triggered delays in flight schedules.

Strikes by air traffic controllers in France have added to airspace congestion across the continent forcing budget carriers like Ryanair and EasyJet to cancel thousands of flights.

More recently, British Airways was able to dodge disruption after a wave of industrial action by ground handlers was called off.

It marks a turnaround for the airline which cut more than 10,000 employees during the pandemic.

British Airways has since taken on thousands more staff as demand for travel approaches.

Web Editor| ����

Babatunde Akeem is a 42-year-old cab driver who has been in the ride-hailing business for the last 10 years.

Akeem has used over five different cars for his ride-hailing business, two of which were Volkswagen Golf cars, popularly known in Nigeria as ‘Pure water’, one of the cheapest cars and mostly used by low-income Nigerians in the early 2000s.

Then, the price of a foreign-used Volkswagen Golf car hovered between N350,000 and N450,000. But now, the market price has grown by over 340 percent to N2 million and above, depending on the model and the year of the car.

This development shows that paying high Customs tariffs on imported cars, inflation and dollar scarcity in Africa’s biggest economy have been having a huge impact on the costs of imported goods in recent times. Today, cars are beyond the reach of millions of Nigerians.

“I bought my first foreign used Volkswagen Golf car in 2011 at about N350,000 and in 2014, when I sold my first car to replace it with another foreign used Volkswagen Golf car, I bought my second car at N450,000,” said Akeem.

He said his clients who would want to buy cars for themselves are unable to do so as prices of both new and used vehicles keep surging.

Just like many Nigerians today, Akeem’s love for the Volkswagen Golf cars has evaporated and he has shifted to Toyota as he now uses a Toyota Corolla car for his ride-hailing business.

“He said he shifted to Toyota when Volkswagen Golf became very expensive in the market.

“A foreign used 2005 model of Volkswagen Golf car now goes for as high as N2.5 million, which means that the car is no longer within the reach of the poor.

“Generally, almost all cars are now very expensive in Nigeria.

“This is why many people opt for Nigerian-used cars to meet their car needs. Even the Nigerian-used cars are now sold in millions of naira,” Akeem said.

Those days, he said, many Nigerians liked to use the Volkswagen Golf car because it was economical, affordable, fuel-efficient, and had cheap spare parts for ease of maintenance.

Findings revealed that prices of foreign used and Nigerian-used cars have skyrocketed over the last eight years.

For instance, the Volkswagen Golf car, which sold for between N400,000 and N450,000 in 2015/2016, now goes for N2.4 million and N2.6 million; the foreign used Toyota Camry model car, which was sold for between N750,000 and N850,000 in 2015/2016, now goes for between N3.5 million and N3.7 million.

While a foreign-used Honda Accord car that was sold for between N750,000 and N800,000 within the same time, now sells for as high as N4.5million and above.

Besides inflation, the Nigeria Customs Service, in 2022, introduced an automated valuation system for imported cars known as Vehicle Identification Number (VIN) valuation system, which led to a hike in tariffs for imported cars.

Tony Anakebe, a Lagos-based Customs-licensed agent, said the introduction of VIN valuation by Customs for determining the duties payable on imported used and new cars not only increased the import duties on cars but also resulted in a drop in the volume of cars coming into the country.

According to him, the new valuation system means that duties payable on imported cars now come directly from Customs headquarters in Abuja.

Due to high tariffs, he said, many car dealers have either reduced volume or left the business.

Confirming that the hike in tariff has led to a drop in volume, Sunny Ugorji, another Customs agent, said the new valuation system has also benchmarked the Customs duty payable on cars coming into the country.

Citing an example, he said an importer of a Volkswagen car now pays over N700,000 as import duty to Customs.

For instance, the volume of imported cars declined in the first quarter of the year to a total of 51,782 units of vehicles from 97,132 units of vehicles that were imported in the same period in 2022.

FX volatility is also responsible for the increasing prices of cars and other commodities in the market, especially imported items.

In 2015, the naira-dollar exchange rate hovered around N197/$-N200/$ at the parallel market but today it has depreciated to around N745/$.

By implication, car dealers will now require more money to buy a car compared to the amount required to buy a similar car in 2015.

This has further increased market prices and reduced the purchasing power of importers, leading to a decline in the volume of imports.

Forex rate impacting tariffs on imported cars

Reacting to this, Adekunle Oloyede, area controller of the Tin-Can Island Port Command of the Nigeria Customs Service, said the exchange rate has a great impact on the tariff importers pay on imported cars.

According to him, the exchange rate was formerly at N400/$ between 2020/2021, but today the rate is way over N740/$ at the parallel market and it affects the tariff importers pay.

“If you were clearing a car at N300,000 Customs duty before now, but with an increase in the exchange rate, it will no longer be N300,000.

“Also, if you were buying a vehicle at the exchange rate of N350/$ before, but the black market today is N745/$, which has automatically more than doubled the amount,” Oloyede added.(Piece extracted from BusinessDay)

Isola Moses | ����

In addition to the external pressure we face from marketing, our own feelings and habits can contribute to excessive spending.

Here are six suggestions to help you keep spending under control, courtesy of :

Resist impulse buying: Do you enjoy the excitement of shopping and finding a bargain? If so, you may tend to purchase on impulse.

To resist, slow down and think realistically about the long-term consequences of buying, owning, and maintaining what you are planning to buy.

Stop and remember past impulse purchases that you later regretted.

Give yourself a “cooldown” period before making your final decision.

Avoid shopping to alter your mood: Shopping can temporarily lift you out of a bad mood.

But when negative feelings return, you may feel even stronger pressure to seek relief through spending.

Instead of shopping to improve your mood, seek out supportive friends or engage in some physical activity, such as taking a walk.

Do not shop for recreation: Lavish shopping malls have turned shopping into entertainment.

Although you may visit a mall or browse the Internet simply for enjoyment, much of what you see is designed to stimulate your desire to buy.

Shop only when you have a specific purchase in mind, and stick to your plan.

Choose your associations carefully: The lifestyle and conversation of your friends greatly influence your desires.

If you are overspending to keep pace with your friends, then choose friends who place less emphasis on money and material things.

Use credit (and debit) cards wisely: Both credit and debit cards make it easy for you to buy while ignoring the consequences.

Try to pay credit card balances in full each month.

Know your credit card’s interest rates and fees, and compare credit offers to find the most affordable cards.

Be wary of premium cards that have higher borrowing costs and offer benefits that you do not need.

Instead of purchasing on credit, save for larger purchases and pay cash.

Know your financial status: It is easier to spend excessively if you are not sure about your financial status.

Keep up-to-date records, and know your total financial situation.

Create a realistic monthly spending plan based on your income and past expenses.

Track your spending, and compare it with your plan. Ask a trusted friend for help in understanding financial matters that are unfamiliar to you.

Protecting children from consumer culture

Children are a special target of advertisers, and understandably so.

Young people are shopping and spending more than ever before.

In the United States, for instance, teenagers represent a multibillion-Dollar annual market.

However, researcher Juliet Schor suggests that children who are highly involved in consumer culture are more prone to childhood depression and anxiety and have worse relationships with their parents. How can you protect your children? Consider the following practical ways some parents have endeavoured to protect their children:

Educate: James and Jessica, who are parents say: “You cannot totally protect kids from advertising because it is everywhere.

“So, we explain to our girls that advertisers have an agenda and that the companies that hire them want money.

“They don’t have our best interests in mind.”

Stay in control: Scott and Kelli, also parents, suggest  as “kids put pressure on you to buy, and they really try to break you down.

“But it is important not to give in. Eventually they learn that they won’t get everything.

“As we were raising our daughter, we often talked together as parents about how to be balanced and what limits to set.”

Limit exposure: “Our family watches very little television. It’s just not a part of our family routine.

“We fill time that could be spent watching TV with other activities.

‘We cook and eat together, and our boys are avid readers,” say John and Jenniffer.

Isola Moses | ����

As the current administration moves to stop fuel subsidy payments, the Federal Government has secured a sum of $800 million from the World Bank as part of its post-subsidy palliative plans for Nigerian consumers.

���� reports Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, disclosed this development to State House correspondents after the Federal Executive Council (FEC) meeting Wednesday, April 5, 2023, in the Presidential Villa, Abuja, FCT.

Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning

President Muhammadu Buhari presided over the FEC meeting Wednesday.

Sequel to a N3.35 trillion petrol subsidy budget in 2022, the Nigerian Government had said it would stop under-recovery payments June this year.

According to the government, subsidy or under-recovery cost the authorities the sum of N3.3 trillion in the first 11 month of 2022.

On the current administration’s resolve on the controversial fuel subsidy removal, the Mrs. Ahmed noted that the government is still working on ending the current subsidy regime June.

The Minister also disclosed that engagements with the newly-established Presidential Transition Council (PTC) and the incoming administration had been initiated.

What’s in $800m palliatives for vulnerable Nigerians?

The Federal Government further said the $800 million received from the World Bank would be disbursed to the 10 million households considered to be most vulnerable to cushion the effect of the subsidy removal.

She explained: “This is a commitment in the Petroleum Industry Act.

“There’s a provision that says that 18 months after the effectiveness of the PIA that all petroleum products must be deregulated, that 18 months takes us to June 2023.”

Ahmed stated: “Also, when we were working on the 2023 Medium-Term Expenditure Framework and the Appropriation Act, we made that provision to enable us exit fuel subsidy by June 2023.

“We are on course, we’re having different stakeholder engagements, we’ve secured some funding from the World Bank, that is the first tranche of palliatives that will enable us give cash transfers to the most vulnerable in our society that have now been registered in a national social register.”

The Minister as well noted “that register has a list of 10 million households. 10 million households is equivalent to about 50 million Nigerians.

“But we also have to raise more resources to enable us to do more than just the cash transfers and also in our engagements with the various stakeholders, the various kinds of tasks that we have go beyond the requirement of just giving cash transfers.

“Labour, for example, might be looking for mass transit for its members.”

On further details of implementation plan

The Minister said: “So, there are several things that we are still planning and working on, some we can start executing quickly, some are more medium-term implementation.”

As regards the plans for the funds, Ahmed further said that the money is currently available for disbursement and concerned stakeholders are being engaged.

She stated: “$800 million for the scale up of the National Social Investment Programme (NSIP) from the World Bank is already secured and ready for disbursement.

“We are currently engaging with all the stakeholders.

“We know that various plans are being considered, including the need for buses by the Labour, amongst several other palliative measures.”

Isola Moses | ����

A total of nine quoted companies on the Nigerian Exchange Limited (NGX) reported accumulated N20.9billion outstanding unclaimed amounts as dividends in the 2022 financial year, compared with N20.08 billion recorded in the past financial year.

���� reports unclaimed dividend refers to dividend, which is being paid by the company but the shareholder has not claimed the dividend.

A company pays it as and when demanded by equity investors, and hence, is a liability for the company.

It is recalled the country’s Securities and Exchange Commission (SEC) had introduced the E-Dividend Management Mandate System (e-DMMS),

The nine companies are: Nestle Nigeria Plc, Nigerian Breweries Plc, Seplat Energy Plc, Dangote Cement Plc, MTN Nigeria Communications Plc, Lafarge Africa Plc, BUA Cement plc, Dangote Sugar refinery Plc, and Nascon Allied Industries Plc.

It is also noted that dividends, which remain unclaimed for a period exceeding 12 years from the date of declaration and which are no longer actionable by shareholders in accordance with Section 432 of the Companies and Allied Matters Act (CAMA), 2020, are included in the profits that should be distributed to the other shareholders of the Company.

Nigeria’s SEC 2022 had disclosed that the N170 billion unclaimed dividends was finally remitted to the Unclaimed Dividend Trust Fund (UDTF), which is being managed by the Commission and the Debt Management Office (DMO).

Analysis of the nine companies’ audited results and accounts for the period ended December 31, 2022, revealed that Nestle Nigeria in 2022 reported N7.58billion unclaimed dividend in 2022 from N6.6billion in 2021, while Nigerian Breweries reported N4.8billion unclaimed dividend in 2022 as against N4.6billion in 2021, ThisDay report said.

Dangote Cement announced N4.4 billion unclaimed dividend in 2022 from N4.6 billion in 2021 while Lafarge Africa announced N1.64 billion unclaimed dividend in 2022 from N1.4 billion in 2021.

Also Nascon Allied Industries saw increase in its unclaimed dividend to N695.8 million in 2022 from N658.16 million in 2021.

Other notable companies with unclaimed dividend are: BUA Cement with N689.54 million unclaimed dividend in 2022 from N474.7million in 2021; MTN Nigeria Communication with N632 million unclaimed dividend in 2022 from N688 million; Seplat Energy in 2022 reported N448.55 million unclaimed dividend in 2022 from N939.25 million in 2021 and Dangote Sugar with N39.27 million unclaimed dividend in 2022 from N88.34 million in 2021.

Experts believe multiple securities subscriptions, incorrect data and lack of sensitisation by market regulators are majorly the challenges contributing to unclaimed dividend in the Nigerian capital market.

Efforts in progress to rebuild e-DMMS platform -SEC

Commenting on the idea of unclaimed dividends, Mr. Lamido Yuguda, Director-General of SEC, last year stated that efforts were ongoing to rebuild the e-DMMS platform in a sustained effort to drive down unclaimed dividends in the capital market in the country.

Yuguda said members of the Capital Market Committee had adopted some measures to increase the number of mandated investors on the e-DMMS and reduce the quantum of unclaimed dividends in the market adding that the e-dividend Committee had been working on the platform and have concluded plans to have it rebuilt.

According to him, this involves having a centralised submission of E-dividend mandate forms, Application Programming Interface (API) for Banks and Registrars, and a revamped Web interface among others.

Mr. Tajudeen Olayinka, CEO, Wyoming Capital & Partners, was quoted to have said: “The truth is that some investors are yet to actualise the E-dividend mandate by SEC, and they appear to be in large numbers. Some of them are outside Nigeria, and have been away from the country for quite a long time.

“Some are late, while some others may have reasons for temporarily staying away.”

Isola Moses | ����

Sequel to the recent Supreme Court’s order to the Federal Government and Central Bank of Nigeria (CBN) to extend the validity for use of old N500 and N1000 notes, many Deposit Money Banks’ (DMBs) branches in the cities, especially in Lagos and some areas of Abuja, FCT, are yet to begin Over-the-Counter or Automated Teller Machines (ATM) cash payments to customers as of Tuesday, March 7, 2023.

��ñ���� reports many consumers early Tuesday besieged their banks’ branches in Lagos, the commercial capital of Nigeria, anticipating to get cash payments either OTC or via ATMs.

Photo collage of Mr. Godwin Emefiele, Governor of CBN, and redesigned Naira notes 

The Supreme Court, Friday last week, had challenged President Muhammadu Buhari’s earlier pronouncement in his national broadcast, that the old N500 and N1000 notes were no more legal tender in Nigeria.

Buhari, in his nationwide address on the burning issue, had directed the CBN to re-issue only N200 notes into circulation for a period of 60 days.

However, the country’s apex appellate court has ruled that the old banknotes would remain legal tender till December 31, 2023, in Nigeria.

It was learnt Monday, March 6, that some banks had started paying the old Naira notes to consumers.

Stranded bank customers

Some commercial banks, especially in Kano City, Northern Nigeria, and Abuja, had commenced paying out the old N500 and N1000 notes to their customers, according to report.

Though as some branches of Guaranty Trust Bank (GTB) Limited issued same old notes Monday in the two cities, others like Polaris Bank Limited, in Abuja, had not commenced payments with old banknotes, report noted.

A member of staff of the commercial bank reportedly said that only the old N200 notes were still being issued, “as we do not have any new directive on what to do yet.”

Still, sources at GTBank Monday also disclosed the commercial bank had received a directive from their Management to begin paying old notes in their vault.

“The problem is that taking the old notes from customers will require the CBN form as we don’t have any directive in that regard,” said a source.

Confusion, dislocations, frustrations continue amid cash cum fuel scarcity

��ñ���� revealed customers at some branches of First Bank of Nigeria (FBN) Limited, Zenith Bank Plc and GTBank Tuesday, March 7 around Ojodu and Ikeja areas of Lagos State, particularly complained about their banks’ needlessly debiting them in various amounts via ATMs without dispensing cash.

Likewise, several banks Tuesday were open for business while others, including First Bank, Ojodu in Lagos, shut their doors against many weary-looking customers who had besieged the bank branch for various transactions.

It was also observed that other customers at the Ojodu branch of the financial institution, who appeared bent on getting their money even tried to use the bank’s ATM points but to no avail.

Nonetheless, a visit to another FBN branch in Ogba-Ikeja, which was open for business revealed the bank actually experienced a branch-wide network failure all through Tuesday.

When asked what the problem really was as regards the bank’s operations, both a customer service executive and some security officials at the FBN branch, who did not want their names in print as they were not authorised to speak on the matter, later attributed the problem to network failure.

The officials said the downtime had affected operations at several branches of the bank since Tuesday morning.

Whereas the waiting game between the Federal Government, CBN and the DMBs continues, scores of consumers, traders, artisans, business people and organisations have continued to experience untold hardships in the economy.

Situation in banks ‘frustrating, annoying’: Abuja customers

Similarly, in Abuja, commercial banks in some satellite towns of the Federal Capital Territory as of Tuesday had yet to start cash payments, leaving customers stranded and frustrated in spite of the Supreme Court ruling, agency report stated.

Visits to banks in Nyanya, Mararaba and Karu Tuesday, indicated that none of the banks had started paying consumers OTC, or via ATMs.

As observed at some banks’ branches in Lagos, the gates to the banks in these areas of the FCT are still being manned by security officials who barely permit the numerous customers with complaints to go into the banking hall in turns.

Some of the customers noted the current development in the commercial banks was frustrating, report said.

Mr. Isa Abdullahi, customer seen at Zenith Bank, said: “I have been here since 10 a.m. and this is 3 p.m. to complain about some failed transactions but I was refused entry.

“The crowd here is discouraging. They are not even listening to anybody here.”

Abdullahi stated: “Some people said that after the Presidential and National Assembly elections, the Naira would be released everywhere, but that is not the case.

“We are suffering so much in this country. You will have money but you cannot access your money.”

Mrs. Angel Abiodun, another customer at the branch of First Bank, Karu Road, in Abuja, also described the situation as annoying.

Abiodun said: “I am helpless. I came to my bank to complain about my expired ATM card, and also to collect some cash but I was not allowed in.

“If I knew that the situation will turn like this, I wouldn’t have deposited all my money in the bank even when they told us to take our old notes to the bank.

“The Central Bank of Nigeria (CBN) should do something and save us from this mess.”

New Naira notes still scarce -PoS Operators

Speaking on the current Naira scarcity cum cash crunch in the country’s economy, some PoS operators also confirmed that the new banknotes were still scarce.

Gami Johnson, a PoS operator, reportedly said: “I wonder what is happening. We are yet to see the old or new Naira.”

Meanwhile, the CBN is yet to respond to the Supreme Court ruling on the legality of the use of old banknotes in circulation till December 31 this year.

Alexander Davis | ����

Pastor Enoch Adejare Adeboye, General Overseer (a.k.a. Daddy G.O.) of The Redeemed Christian Church of God (RCCG), in Nigeria, has related his experience during his encounter with the officials of the country’s Economic and Financial Crimes Commission (EFCC) sequel to his acquisition of a $65 million G550 luxury jet some years ago.

The revered Christian preacher confirmed the officials of the anti-graft regulatory agency came after him when he bought a private jet.

��ñ���� learnt Pastor Adeboye relived the experience with the EFCC during a sermon at the Redemption City Friday through morning Saturday, January 7, 2023, at the Holy Ghost Service of the Church, tagged: “Wonderful”.

According to Adeboye, he returned to God for a solution when the agency’s operatives came to probe him over the ownership of a private jet, report said.

How provision of jet came about

Adeboye said at the time when the provision came for him to own a jet, there was much noise around this, and people were criticising him from all areas.

He recalled: “They sent EFCC to come and probe me.

“Where did he get the money to buy a jet?, etc. The noise was much.”

The renowned RCCG pastor said: “Then, one day, I was flying because I didn’t buy a jet for pleasure.

“The work (ministry) has expanded to the level that there is no way I can do it by commercial travelling.”

Sharing his travel experience and how a private jet became a necessity to his ministry, Pastor Adeboye said: “If you want to travel by commercial, you have to wait for their timetable.

“If I have to wait for their timetable, I won’t be able to do what God wants me to do.

“I mean to give you an example: I finished in our European Convention in Spain one night, 33 nations gathered together; as soon as I dismissed the programme around 12 midnight, I headed straight for the Airport to travel over to Hong Kong.”

He further recalled: “I arrived in Hong Kong the following day, did what I needed to do, and then moved on to Singapore.

“I arrived in Singapore, did what I needed to do and then headed for Australia.

“I got to Australia, did what I needed to do, I headed for Papua New Guinea.

“I needed to touch all those places, minister to them, dedicate the churches, ordain pastors and be back before the next Holy Ghost Service.”

Adeboye admitted that “there’s no way I can do that by commercial plane. That’s what led to the jet. The noise was great, and I was becoming a bit disturbed.”

What I did when EFCC operatives came

Speaking on what he did during the encounter with EFCC officials, the General Overseer said he asked God, saying: “Father, what do I do now?”

He stated that God answered him, as He told him, “Don’t answer them; I have you surrounded.”

Expatiating further on the issue, he stated: “One day, I was flying; it was during the day, far above the cloud. I just felt the Holy Spirit saying, ‘Look out of the window.’

“I looked out of the window and said, Lord, I can’t see anything. He said, ‘look down at the cloud and I saw a rainbow.’

“Now, normally a rainbow is an arc but this rainbow that I saw was a complete circle, and it was extremely big.”

Adeboye as well said: “I looked down into the centre of the rainbow, and I saw the shape of a plane.

“It looks as if the rainbow was moving, always keeping the plane in the middle.

“The Lord said to me, ‘Son, the shadow you see is the shadow of this your plane. I have you surrounded.’ ”

History of Adeboye’s $65 million luxury jet

It is recalled reports had said Pastor Adeboye took delivery of a $65million brand new Gulfstream jet 2015.

The sources familiar with his purchase of the new private aircraft disclosed that the arrival the luxury aircraft in Nigeria coincided with the pastor’s floating of a luxury jet company, ‘Emmanuel Aviation’.

Although the aviation company reportedly existed since 2009, it had just unveiled a Web site to announce its swanky fleet and aviation services, Sahara Reporters said.

Pastor Adeboye’s Gulfstream G550 luxury jet was manufactured 2013, in Savannah, Georgia State in the United States (US), but the G.O. took delivery of his private jet May 2015.

However, following the arrival of the US-registered jet in the West African country, N730EA Gulfstream G550, Pastor Adeboye reportedly jettisoned an older Gulfstream GIV with tail number N707EA that used to ferry him around the world on his preaching missions.

The leader of the Redeemed Christian Church of God “personally owns” Emmanuel Aviation, for which the two jets are registered both in the US and Nigeria, report said.

An aviation expert was quoted to have explained that some Nigerian jet owners, like Pastor Adeboye, prefer registration of their jets in the US because such registration grants them generous landing rights worldwide.