Echotitbits – Nigeria News

Category: Nigeria

  • Economists Laud Buhari’s Take on Old N200 Notes 

    Economists Laud Buhari’s Take on Old N200 Notes 

    Several financial analysts applaud President Muhammadu Buhari for permitting the use of the outdated N200 notes alongside the newly designed banknotes for a period of 60 days.

    From February 10 to April 10, when the old N200 notes no longer qualify as legal currency, the old N200 banknotes will be accepted in circulation alongside the new N200, N500, and N1000 banknotes.

    In separate interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos, the financial gurus expressed their praise.

    They contend that the old N200 notes will still be used, which will lessen the pain of the majority of the poor people.

    The central bank should expand the availability of lesser denomination notes and raise the maximum cash withdrawal amount to at least N100,000, according to Prof. Uche Uwaleke, professor of capital markets at Nasarawa State University, Keffi.

    READ ALSO: Police Seizes Nearly 1000 Ilegal Weapons and Ammo

    “More Point of Sale (PoS) machines should be procured, especially by petroleum marketers or petrol stations as many of it currently in use are malfunctioning.’’

    Prof. Hassan Oaikhenan of the Department of Economics, University of Benin Benin-City, also agreed that it would reduce the difficulties being experienced by Nigerians due to cash swap policy.

    “It will ease the suffering of the Nigerian people to the extent that they can at least transact business with the old N200 notes alongside the new denominations.

    “Meanwhile, by implication, the president is saying that N500 and N1000 old notes still remain unusable. The question is how does that tie in with the Supreme Court’s position? That all matters should be put on hold until the issue is determined?’’ he asked.

    The President’s comments, according to Dr. Boniface Chizea, Managing Director of BIC Consulting Services, were consoling and demonstrated empathy for the common people.

    “I think it’s a welcome development; the President is compassionate about the poor people and I think we can manage the N200 notes.

    “This will also accommodate one of the central thrusts of this exercise, which is to stop people from buying votes.

    He encouraged the top bank to take ownership of its part in the situation and make sure that bottlenecks were found and removed.

    READ ALSO: Giants of Industry: Adesola Falaiye, MD, AFKAR Printing and Publishing

    He said, “If the obstacle is because the Naira that they have printed and released into the system has been underestimated, then they should print more.’’

    A professor of Economics and Public Policy at the University of Uyo, Akwa Ibom, Akpan Ekpo stated that the decision to circulate the old N200 notes for another 60 days isn’t the solution to the yearnings of the poor mases.

    “The President’s position is not fully reassuring. He should allow the old denominated notes and the new notes to be used side by side. As the banks get the old notes, they keep them, and then later, the central bank can exchange them.

    READ ALSO: Customer Calls Out Interswitch, Wema Bank for Month-old Unresolved Failed Transaction

    “Allowing just the old N200 is just temporary, though it is something, but it won’t solve the problem of the poor people,” Ekpo said.

    According to NAN, some traders and small retail outlet owners expressed relief that the additional 60 days announced by the President would allow their business return to what it used to be before the announcement of the new Naira notes saga. Although, some of them vowed they will not collect any old notes from consumers.

  • Police Seizes Nearly 1000 Ilegal Weapons and Ammo

    Police Seizes Nearly 1000 Ilegal Weapons and Ammo

    Police seize nearly 1000 illegal weapons and ammo

    The top leadership of the Nigerian Police has rounded up thousands of weapons and rounds of ammunition across the nation.

    READ ALSO: Giants of Industry Adesola Falaiye, MD AFKAR Printing and Publishing

    The National Centre for the Control of Small Arms and Light Weapons in Abuja received the cleaned-up weapons today.

    During an handing over event, the Inspector General of Police, Usman Alkali Baba, pointed out that banditry, kidnapping, and armed robbery are all fueled by small arms and light weapons across the nation as he attended the delivery of the rifles.

    READ ALSO: Customer Calls Out Interswitch, Wema Bank for Month-old Unresolved Failed Transaction

    Among the many weaponry given to the center were 265 automatic rifles and rocket launchers.

  • Customer Calls Out Interswitch, Wema Bank for Month-old Unresolved Failed Transaction

    Customer Calls Out Interswitch, Wema Bank for Month-old Unresolved Failed Transaction

    Lagos based integrated payments and digital commerce platform, Interswitch has been called out by a customer for incompetency over a failed transaction left unresolved for about a month.

    The customer, identified as Oluwatoyosi Sokeye on microblogging site, LinkedIn expressed frustration that the issue, which she described as “trivial” could remain unresolved for about a month.

    “Interswitch Group I have never seen more incompetency from any company other than yours. Your level of incompetence is very astonishing for a company such as yours. Please scrap your Quickteller as it is very very useless (sic).

    “A transaction done on the 22nd of December has not been rectified until now. Something that trivial is very very amazing that it can’t be solved” Sokeye lamented.

    While she blamed herself for patronizing the company, Sokeye demanded a quick resolution to the failed transaction carried out via the company’s Quickteller platform.

    READ: Earthquakes: Death Toll Rises in Syria, Turkey

    “I may not be significant and I don’t care but I would like the money I paid for a failed transaction to be reversed to my account as soon as possible”, adding that the company has lost a customer in her.

    Similarly, she accused Wema Bank Plc of negligence over the same transaction, which is believed to involve the two companies.

    “Wema Bank Plc I guess you people are already full and have now become too pompous to work on a failed transaction that happened at your end on the 22nd of December.”

    In a swift reaction, Interswitch Group, through its official account on LinkedIn responded to Sokeye promising to address her situation.

    “This is certainly not the nature of feedback we look forward to reading about our solutions and services, and for this experience, we apologize to you unreservedly.

    “Please rest assured that we are keen to get to the core of the issues and to make this right as soon as possible”, the company stated.

    While the company has resolved Sokeye’s failed transaction issue after about a month, the incident is one of many frustrating experiences faced by customers of financial and payments companies in Nigeria.

    According to a report published in August 2021, The Cable quoted Central Bank of Nigeria (CBN) Governor, Godwin Emefiele saying “commercial banks have refunded N89.2 billion to customers over various financial-related complaints from 2012 to June 2021.

    In a press statement titled– CBN Revises Timelines for Dispense Errors, Refund Complaints, published June 1, 2020, the apex bank mandated that failed “Automated Teller Machine (ATM) transactions,” when customers used their cards on their bank ATMs, would now be instantly reversed from the current timelines of three days.

    According to the statement, where instant reversal failed due to any technical issue or system glitch, the timeline for manual reversal should not exceed 24 hours.

    READ ALSO: Controversial Actor Accuses 2baba of not Giving Scholarship to Sound Sultan’s Children

    The June 2020 statement reads below:

    “The Central Bank of Nigeria (CBN), in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020, as follows:

    1) Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three (3) days. Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.

    2) Refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days.

    3) Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five (5) days.

    4) All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020”.

  • Controversial Actor Accuses 2baba of Not Giving Scholarship to Sound Sultan’s Children

    Controversial Actor Accuses 2baba of Not Giving Scholarship to Sound Sultan’s Children

    Award winning Afrobeats musician, 2Baba has been accused of not giving scholarships to children of late colleague, Sound Sultan, who died of lung cancer in the United States on July 11, 2021.

    Controversial Nollywood actor Uche Maduagwu made the accusation on Friday moments after the African Queen hit maker published a post on his @official2baba Instagram page, expressing how he misses Sultan – Lanre Fasasi.

    “Miss u madly AGuy, Celebrate u till I join u bro (sic)”, 2baba wrote.

    https://www.instagram.com/p/CoNDL_xOVQI/?utm_source=ig_web_copy_link

    Following this, Maduagwu, who is known for having penchant for attacking celebrities on one of the popular blogs to question why 2baba has not given scholarships to children of the late Motherland crooner.

    “Did you give his Pikin Scholarship? No be just to talk, let us assist his Pikin that is True love (sic)”, controversial Maduagwu wrote.

    However, fans responded to Maduagwu quesationing the grounds of his accussation.

    https://www.instagram.com/p/CoNE__5NS1D/?utm_source=ig_web_copy_link

  • Wield ‘freedom responsibly’, President Buhari tells Nigerian media

    Wield ‘freedom responsibly’, President Buhari tells Nigerian media

    On the occasion of World Press Freedom Day, observed globally every May 3, President Muhammadu Buhari recommits to freedom of the press, and urges media professionals to wield freedom responsibly, and without licentiousness.

    The Special Adviser to the President on Media and Publicity, Femi Adesina noted that while celebrating the landmark day with the media, the President notes that freedom of the press is an irreducible minimum in a democracy that would flourish, adding that freedom must, however, be used responsibly.

    “That everything is permitted does not mean that there are no rules of correctness, particularly in a polity seriously challenged as ours now,” President Buhari says. “The media must be sensitive to what we are going through as a country, and anything that would exacerbate the situation, and further inflame passions and emotions, should be avoided.

    The media needs to ensure that while informing, educating, entertaining and setting agenda for public discourse, it does not encourage incendiary words and actions that could further hurt our unity in diversity.”

    Licentious freedom, the President says, is different from freedom with responsibility, and charges the Nigerian media to embrace the latter, rather than the former.

    On the part of government, President Buhari pledges greater cooperation with the media to discharge its duties, in line with the theme of this year’s World Press Freedom Day, ‘Information as a Public Good.’

    He charges those who manage information for government to do everything in public interest, while also encouraging the media to use the Freedom of Information Act available to make its jobs easier.

    The President submits that it is very vital to have access to reliable information in an era of misinformation, disinformation and hate speech, all to cause discord in society.

  • EFCC nabs 33 Internet fraud suspects in Abeokuta

    EFCC nabs 33 Internet fraud suspects in Abeokuta

    Thirty three suspected internet fraudsters have been apprehended in Abeokuta by the Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Office.

    This is contained in a statement signed by the EFCC Spokesperson of the anti-graft agency, Wilson Uwujaren disclosed the arrest of the suspects in a statement made available to newsmen on Thursday in Ibadan.

    The suspects, accused of defrauding unsuspecting individuals through the internet were arrested by the operatives of EFCC on Tuesday at Adigbe, Oloke, Ibara Housing Estate Extension, and Idi Ori areas of Abeokuta, the News Agency of Nigeria (NAN) quoted the agency’s spokesman.

    Uwujaren stated that the arrest, followed actionable intelligence earlier received on the alleged criminal activities of the suspects, which led the operatives to making the arrests at different locations in Abeokuta, the capital of Ogun State.

    According to Uwujaren items recovered from the suspects include: 18 cars, mobile phones, laptops, and several other incriminating documents.

    The suspects are to be arraigned in court after the conclusion of investigations.

  • More Relief Materials for Victims of Bandit Attacks in Niger State, Nigeria

    More Relief Materials for Victims of Bandit Attacks in Niger State, Nigeria

    • Government Working For Their Safe Return Back Home Sooner Than Later – Governor Bello

    Governor Abubakar Sani Bello of Niger State has directed the State Emergency Management Agency (NSEMA) to immediately provide relief materials to the victims of Banditry attacks following influx of more displaced persons from Chiro, Kuchi and Guni to IDP Camp in Gwada.

    In a statement issued by his Chief Press Secretary Mary Noel Berje, the Governor said similar gesture should be extended to other IDP Camps in the state stressing that the urgent intervention is to alleviate their condition in these trying times.

    The Governor, while empathizing with the displaced persons, said security efforts are being intensified to bring an enduring solution to the incessant attacks by the Bandits.

    “Government is not unmindful of the precarious situation you found yourselves in, we are making frantic efforts to intervene and ensure that your communities are rid of those criminal elements and made safe for your return”.

    Governor Sani Bello, who acknowledged the fact that most of the displaced persons are predominantly farmers and needed to go back to their homes ahead of the coming rainy season, said the people will not be rushed into going back to their communities until ‘the Coast is clear’.

    The Governor called for calm and patience from the Internally Displaced Persons assuring that, sooner than later, they would all be safely returned home and reunited with their sources of livelihood.

    He also urged all the communities affected by Banditry activities in the state to cooperate with the joint Military Taskforce in the renewed but undisclosed tactical strategy that will comb-out the miscreants from their hideouts.

    “Once again I sympathize with the displaced persons and, as a government, the situation is regrettable and we are not resting on our oars until we are able to get you back to your homes to live your normal, productive lives”.

  • Afenifere Spokesman, Yinka Odumakin has died

    Afenifere Spokesman, Yinka Odumakin has died

    The National Publicity Secretary of the Pan-Yoruba group- Afenifere, Yinka Odumakinn has died early Saturday at the intensive care unit of the Lagos State University Teaching Hospital (LASUTH).

    The 56 year old outspoken Odumakin died due to a respiratory failure despite showing signs of recovery from complications he suffered from COVID-19, Joe Odumakin, wife of the deceased revealed in a statement.

    Joe, in a shaky voice while confirming the passing of her husband told The Nations that a big part of her is gone.

    She described him as an “irreplaceable soulmate”, stating he died of complications from respiratory issues due to complications from COVID-19 from which she claimed he already recovered from.

    In a statement on Saturday, She said: “With gratitude to the Supreme Being for a life well spent, I announce the passing on of my beloved husband, Comrade Yinka Odumakin to the great beyond after a brief illness.

    “The sad event happened this morning (Saturday, 3/4/2021) at the intensive care unit of LASUTH where he was being managed for respiratory issues due to complications from COVID-19 which he had recovered from about a week ago.

    “I appreciate the outpouring of grief and sympathy from home and abroad as I mourn my irreplaceable soul mate.

    “I urge us all to remain steadfast in the cause of the masses to which he dedicated his life.

    “Burial arrangement will be made public in due course.”

  • Lagos Gov Okays Body Worn Cameras for LASTMA, VIS, Safety Corps, Others

    Lagos Gov Okays Body Worn Cameras for LASTMA, VIS, Safety Corps, Others

    • ‘Initiative Will Enhance Safety, Boost Investors’ Confidence’ – Governor Sanwo-Olu

    Governor Babajide Sanwo-Olu, on Wednesday, rolled out a groundbreaking plan for the enhancement of security and safety in Lagos State. The Governor approved a mass training for the State’s law enforcement personnel on the use of body worn cameras, ahead of the deployment of the digital tools for security operations across the State.

    The three-day training, which will commence in May, will be facilitated by the State’s Law Enforcement Training Institute (LETI), headed by Prince Oyekan Falade. After the training, all State-funded law enforcement officers will be commissioned to wear body cameras for their operations.

    Sanwo-Olu said the move would improve transparency and accountability in the activities of law enforcement agencies, and put the State Government in a better position to respond to security challenges in real time.

    Provision of adequate security, the Governor said, is a key pillar of his administration’s T.H.E.M.E.S. agenda, stressing that the initiative reflected his Government’s resolution to ensure Lagos remained secure for residents and investors.

    He said: “I am pleased to inaugurate the use of body-worn cameras by law enforcement officers in Lagos and this is a groundbreaking move to enhance safety in the State, as well as increase transparency and accountability in the activities of our law enforcement agencies. Lagos State has strategically set the pace among other States in Nigeria to launch the use of body worn cameras by law enforcement officers.

    “The security challenges in different parts of the country are worrisome, but with proactive action, the use of modern technological tools, and a mix of well-trained and intelligent officers, we will successfully combat many of these challenges. With body-worn cameras, our law enforcement officers are better equipped to protect lives and properties, thereby, making Lagos safer for us all.”

    Sanwo-Olu said the launch of the body-worn cameras would take the Government a step closer towards fulfilling its security agenda, stressing that the introduction of devices to frontline security team and officers would enhance their productivity and professionalism, while also fast-tracking law enforcement process.

    The cameras, the Governor pointed out, will help the State Government check abuse of power and excesses by security personnel, while also improving the safety and accountability of officers, who will use the devices for evidence sharing and intelligence gathering.

    “I am hopeful that all officers will optimise the cameras that will be assigned to them for the furtherance of justice and improvement of the law enforcement process. Our Government will continue to prioritise the welfare of our law enforcement officers whose pivotal efforts we acknowledge in the entrenchment of a safe city,” Sanwo-Olu said.

    Permanent Secretary of the Ministry of Justice, Mrs. Khadijat Shittabey, applauded the Governor for approving the initiative, stressing that the body worn cameras would help the ministry in the administration of justice.

    She said: “The cameras will also help to enhance professionalism on the part of the law enforcement agents, provide digital evidence of events and provide additional means of protection for officers. The cameras will be used to establish guilt or innocence of officers when confronted with allegations of wrongdoing.”

    Falade, after demonstrating the operation of the camera on the Governor, said 7,000 officers will be trained in the Lagos State Traffic Management Authority (LASTMA), Vehicle Inspection Service (VIS), Lagos Neighborhood Safety Corps (LNSC), and the Lagos Environmental Sanitation Corps (LAGESC).

    The training, LETI boss disclosed, will be done in 26 batches to reduce crowding of the training centre.

    LETI was established in 2013 through an Executive Order, to set standards for recruitment of law enforcement agents, training and development of the officers.

  • Lagos Govt hammers on adherence to corporate governance in parastatals

    Lagos Govt hammers on adherence to corporate governance in parastatals

    Lagos State Government, through the Parastatals Monitoring Office, PMO, has organised a Workshop tagged “Corporate Governance: Series II” for Chief Executive Officers (CEOs) of Government Parastatals in the State to reiterate the continuous adherence to the journey for a better and more prosperous Lagos.

    The Special Adviser, Parastatals Monitoring Office, Mr. Afolabi Ayantayo, while declaring the workshop open on Tuesday, March 16, 2021, explained that the workshop is to further enlighten the CEOs on the T.H.E.M.E.S agenda.

    “The T.H.E.M.E.S agenda is an elaborate plan of action based on extensive accurate data gathering, empirical studies and research, including projections based on collected data for realistic postulations on derivables expected from all sectors of government, all aimed at uplifting the living standards of Lagosians in a manner that is of both sustainable and enduring for generations to come”, he said.

    In order to achieve this, Ayantayo advised all CEOs of State government parastatals to ensure prompt, proper and excellent service delivery on various mandates in fulfilment of the Greater Lagos Agenda.

    The Special Adviser recalled that the first series of the workshop tagged “Digging Deep into the T.H.E.M.E.S Agenda”, was focused on the sectoral spread of the T.H.E.M.E.S agenda by exploring pillar by pillar, the functionality of each pillar of the agenda that governed with the ideals, tenets and principles of corporate establishments aimed toward enhanced efficiency for better result.

    “Just like we did in the first series, we have facilitators, as well as experts in all the sectoral divisions of the T.H.E.M.E.S Agenda, who will guide participants through and impact further knowledge and expertise that will enhance our grasp in our various fields with capabilities to perform our duties better”.

    He then enjoined all participants to utilise all principles and ideas gathered at the workshop in their respective sectors, towards achieving a Greater Lagos.