All CBN Issued Banknotes Remain Legal Tender, Says Apex Bank, Reassures Of Adequate Supply Old/New Naira Notes

 

Nigeria's apex bank, the Central Bank of Nigeria (CBN) has reiterated that old and redesigned notes issue by it remains legal tender and must not be rejected by anyone in the country. 

This was contained in a statement issued by the Director, Corporate Communications, at the CBN, Dr. Isa AbdulMumin. 

The CBN also reassured Nigeria residents that there are sufficient cash stocks in all locations across the country for normal economic activities. 

According to the statement, the CBN was reacting to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country. 

The CBN's spokesperson, equally noted that there have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes. 

“For the avoidance of doubt, while reiterating that there are sufficient banknotes across

the country for all normal economic activity, we wish to state unambiguously that

every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.

“Accordingly, branches of the CBN across the country have been directed to continue

to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers. 

“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. 

“In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment. 

“Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals”, the apex bank stated. 

The CBN then reaffirmed that “there is sufficient stock of currency notes to facilitate normal economic activities.

“Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment”, the CBN said.

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Bash Ali Supporters To Host Africa's Biggest Boxing Support Championship Concert in Abuja

 

The supporters of Bashiru Lawrence Ali, who is best known as Bash Ali, under the aegis of the Bash Ali Fans Club of Nigeria (BAFCON), are set to host what they described as the loudest concert in Africa tagged ‘Shock D World Concert’. 

Bash Ali, the Cruiserweight Boxing Champion of African descent, holds the title as the only World Cruiserweight Champion who has never been defeated. 

According to the organisers, the Shock D World Concert is scheduled for December 8, 2023, at the VIP Lounge of the MKO Abiola National Stadium, Abuja.

The concert will feature notable Nigerian artists such as Bongos Ikue, Onyeka Owenu, Stella Monye, and 2face Idibia fondly called 2baba, among others. 

The President of BAFCON, Comrade Dickson Ayorinde Oshin, in a statement issued on Tuesday, stated that the concert is part of BAFCON's commitment to promoting the staging of a Guinness World Record Fight, an international bout between Bash Ali and a foreign challenger. 

He noted that the purpose of the Shock D World Concert is to raise awareness about Bash Ali's life, work, and achievements. 

He added that the proposed Guinness Book World Boxing Project, a world boxing title fight, is expected to attract foreign investments to the country and will be televised live across the world. 

If Bash Ali wins the Guinness World Record fight in Nigeria, he will become the oldest boxer in the world to win a world title.

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Kyari: When Competence Meets Courage

 

By William Ochonu

When competence meets courage, momentous occasions can unfold. Individuals with these characteristics are not hesitant to take chances, and they are not afraid to fail. They are also not afraid to stand up for what they believe in, even when it is unpopular. It’s because courage is the linchpin of character.

A man of such competence and courage is Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited(NNPCL). A man who has had a profound influence on the National Oil Company and the petroleum industry in Nigeria. He has been instrumental in the passage of the Petroleum Industry Act (PIA), which is a landmark piece of legislation that has positively transformed the Nigerian oil and gas industry.

Kyari has a wealth of experience in the oil and gas industry, having worked in various capacities at the NNPCL for over 27 years. He is a highly respected technocrat who is known for his integrity and commitment to excellence.

Under Kyari’s leadership, the NNPCL has made significant progress in improving its operational efficiency and transparency. He has also introduced a number of initiatives to boost the company’s revenue and profitability.

One of Kyari’s most notable achievements is the passage of the PIA. The PIA is a comprehensive piece of legislation that will reform the Nigerian oil and gas industry. It is expected to create a more transparent and competitive environment for oil and gas exploration and production. It also led to the establishment of new regulatory bodies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The PIA is a major step forward for the Nigerian oil and gas industry. It will help to attract investment and boost production. It will also lead to increased government revenue from oil and gas.

Kyari has played a key role in helping to midwife the PIA. He worked tirelessly to build consensus among stakeholders and to secure the necessary approvals from the government. He is a visionary leader who has shown great determination and commitment to transforming the Nigerian oil and gas industry.

In addition to his work on the PIA, Kyari has also made significant progress in other areas. He has overseen the expansion of the NNPC’s gas infrastructure and the development of new gas-fired power plants. He has also launched a number of initiatives to improve the NNPC’s corporate governance and transparency.

Being a highly respected leader who has made a significant contribution to the Nigerian oil and gas industry, Kyari remains a man of integrity and commitment, one who is dedicated to transforming the industry and making it more efficient, transparent, and profitable.

In a view of more specific examples of Kyari’s impact on NNPC, it was recorded that:

He initiated the process of divesting NNPC’s non-core assets.

He led the development of the NNPC’s 2020-2024 Strategic Roadmap, which outlines a plan to transform the organization into a more efficient and profitable entity.

He also negotiated a $1.2 billion loan from the World Bank to help NNPC finance its capital expenditure program.

He terminated the contract with Vitol, a Dutch oil trader, which was accused of corruption.

He signed a memorandum of understanding with the Dangote Group to build a new refinery in Nigeria.

He launched the NNPCL’s gas expansion program, which aims to increase Nigeria’s gas production and exports.

Listed above, is just to mention a few in his distinguishable harem of beauties and magnanimous efforts in fostering the growth of our darling nation.

Kyari is a man of courage and he has demonstrated this time and time again in his career at the Nigerian NNPCL. He has never succumbed to pressure from critical situations faced, but instead, he works his way into solutions.

Looking back at the 2016 fuel crisis. At that time, there was a shortage of fuel in Nigeria, and the government was struggling to import enough fuel to meet demand. Kyari took charge of the situation and worked tirelessly to resolve it. He negotiated with oil producers to increase production, and further worked with the government to streamline the import process. As a result of his efforts in the front line struggles, the fuel crisis was resolved within a few months.

Not forgetting the 2017 oil price crash. At the time, the price of oil fell by more than 50%, which had a devastating impact on the Nigerian economy. Kyari took steps to mitigate the impact of the oil price crash, including reducing NNPCL’s spending and increasing its focus on renewable energy in salvaging the situation at the moment . As a result of his efforts, NNPC was able to weather the storm and emerge from the oil price crash in a stronger position.

Being a strategic thinker who has developed a long-term plan for NNPC’s growth and development, he knew that the 2023 fuel subsidy removal wasn’t a mountain challenge to be feared, as it was part of the plans to further fight corruption, and help build the Nigeria of our dream.

Prior to the announcement of the removal of fuel subsidy by Mr President, Bola Hamed Tinubu, Kyari kick-started the classified plans that were projected in different phases of execution, which were meant to cushion the effect of the removal, and also see to the uninterrupted availability and accessibility of fuel all around the country.

Though it appeared like plans are not in full gear because such action like the fuel subsidy removal isn’t what every Nigerian is accustomed to, but in no time, it would be a thing of the past like every other resolved challenges as each phase of the plans subsequently becomes fully implemented one after the other, and this will further prove to everyone that there is no supply issue as stipulated by the unlearned detractors.

Kyari has also demonstrated courage in his dealings with corruption. He has been outspoken in his condemnation of corruptible practices at the NNPC. He has taken steps to get it rooted, and further worked to improve transparency and accountability at NNPCL. As a result of this efforts, NNPCL is now a more transparent and accountable organization.

Kyari’s courage has made him a valuable and indispensable asset to NNPCL. He is a man who is not afraid to take on difficult challenges, and he is always willing to fight for what he believes in. He is a true leader, and he is making a real difference in Nigeria.

In addition to the aforementioned critical situations, Kyari has also faced other challenges during his time at NNPCL. For example, he has had to deal with the Niger Delta crisis, the Biafra agitation, and the COVID-19 pandemic. In each of these cases, Kyari has shown courage and determination in leading NNPC through difficult times.

Kyari’s courage is not limited to his professional life. He is also a courageous man in his personal life. He has faced many challenges, including the death of his wife and the kidnapping of his son. However, he has always shown strength and resilience in the face of adversity.

Kyari’s impact on NNPC has been significant. He has made the organization more efficient, transparent, and accountable. He has also laid the foundation for NNPC’s future growth and development. He is a visionary leader who is committed to making NNPC a world-class oil and gas company.

Kyari is a man of great courage and determination. His pragmatic and decisive leadership acumen has helped to improve NNPCL’s operational efficiency and profitability. He is a leader who is not afraid to make tough decisions, even when they are unpopular.

He understands that the exercise of any virtue requires the capacity to endure hardship, conquer fear and temptation, therefore, he choose the riskier and more strenuous path when he’d rather take the easier way out.

Kyari is results-oriented and has delivered on his promises to improve NNPC’s performance. He is a true leader, and he is making a real difference in Nigeria. He is an inspiration to us all.

Ochonu wrote this piece from NASS, Abuja.

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Taiwo Oludotun: Impacting Lives with Philanthropic Gestures

 

A search on Google, Wikipedia or, even the Encyclopaedia Britannica, if you want do an advanced search will tell you that philanthropy “derives from the ancient Greek phrase ‘phylantropia,’ meaning ‘to love people’.

Today, the concept of philanthropy includes the act of voluntary giving by individuals or groups to promote the common good. Sometimes, certain levels of giving is referred to as charity and there is a good number of people everywhere that give a lot of charity to a huge of people around them.

A recent study concluded that Microsoft’s Bill Gates was number one on the list of the world’s top philanthropists with $27 billion in lifetime donations, followed by Warren Buffet with $21 billion, George Soros at $8 billion, Azim Premji, the Indian-American of Wipro, $8 billion down to Facebook’s Mark Zuckerberg.

In Nigeria, Wealth writers agree that Aliko Dangote. Rochas Okorocha, Tony Elumelu, Jim Ovia, Theophilus Danjuma, Emeka Ofor and Oba Otudeko in this particular order are among top philanthropists in Nigeria. How much each of the above Nigerian free givers has given out over time is, however, not known or documented.

Yet, there are hundreds more Nigerian philanthropists that remain anonymous and will never reveal the extent of their giving to several causes and charities. For instance, Engineer Taiwo Oludotun who is so passionate about his people and their development has poured millions of naira into his community’s development, to the point that his community in Abeokuta North Local Government in Ogun central district of the Gateway state has witnessed a huge transformation from a totally inconsequential community to a giant, well-developed town. 

Recently, he taught it expedient to give the primary 1—6 pupils free holiday coaching to improve their knowledge and understanding of what they will eventually be taught in school whenever they resume back to their various schools of study.

The free holiday coaching to the pupils will prepared them towards their school curriculum and fasten their knowledge in their various departments.

This level of philanthropy is totally unknown not only in this part of the world but even worldwide. For a man or woman to take up the facilitation of infrastructure – roads, bridges, primary and secondary schools, churches of different denominations for his own people is probably the height of giving.

This has not included the number of people he has rekindled their hope in futhering their studies through scholarship scheme, Notable also is the fact that many of those that have benefited from his largesse are not necessarily his relations.

If you witness how he bring relief to people in need you will begin to ask yourself, is this man a Nigerian? Due to his golden heart of giving back to the society. 

Engineer Taiwo Oludotun's huge charitable giving is extraordinary and certainly dwarfs that of other philanthropists in this part of the world. His philanthropy gesture has earned him hundreds of awards from groups, associations in a way of encouragement to do more. 

“I never contemplated this idea of politics when I began caring for my peoples’ welfare, but I was just interested in developing the place and by extension, the whole Ogun state populace and Nigeria ultimately”, Some of my friends and associate do ask me question about venturing into murky water of politics in Nigeria “ Up till this moment, many of my friends always wondered why I am venturing into the murky waters of Nigerian politics, but I believe that if good people abstain from the affairs of the land, there will be no future for our children, particularly the unborn who could be left with no meaningful future in the years ahead.” he said.

Engineer Taiwo Oludotun feels that he cannot sit idly by when his people are enveloped in misery and severe poverty while God has made the kind of provisions he gave him. He said that he cannot wallow in wealth while the bulk of his people are wallowing in poverty, adding, “For God has given me more than I need for my immediate and extended family members and it was only fair that I distributed the huge extras for the welfare of my people.”

In the nearest future, if mandate is given to Engineer Taiwo Oludotun, he will boost his philanthropy gesture through increase in welfare projects that will ease people of his community and beyond. 

His recent representation as commissioner for rural development has further widen his idea in the area of development in each and every area of Ogun state. Also, he served meritoriously as the honorable commissioner of forestry where he made sure our reserve is protected and aforestation of trees are implemented to avoid future dangers. 

– Solanke Ayomideji Taiwo writes from Abeokuta, Ogun state.

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Restore Edo Initiative Announces Awareness-creating Platform

 

Restore Edo Initiative has unveiled a platform to consistently showcase the potential of Edo State.

The Initiative, in a statement issued on Friday, announced that the platform was dedicated to "creating awareness about the vast economic potential of Edo State."

It said that it was focusing on fostering development and growth, even as it called on stakeholders at home and abroad to "tap into the abundant resources that Edo offers, in order to build the Edo of our forefathers' dreams."

The Iniative said it held a strong opinion that "Edo's underdeveloped state is founded in the actions and inactions of its elected leaders."

The Initiative further stated: "As a cardinal function of the project, we intend to investigate, analyze and evaluate the performances of past Edo leaders.

"This, we believe strongly, can reposition the minds of Edo citizens to choose their leaders more carefully and dedicatedly in the interest of restoring Edo to its deserved status among her peers."

According to the Initiative, "Edo State, located in the heart of Nigeria, is a vibrant region with a rich cultural heritage and a history that dates back centuries. 

"Boasting a diverse economy, Edo holds tremendous potential in various sectors, including agriculture, tourism, manufacturing, and technology."

The release explained the mission of the Initiative.

Read it: "RESTORE EDO INITIATIVE aims to highlight these sectors and present opportunities for collaboration and investment that will spur sustainable development and create a prosperous future for the state.

"The driving force behind the initiative is the deep-rooted belief that by harnessing the untapped resources and engaging stakeholders, Edo State can regain its rightful place as a leading economic hub in Nigeria and the international community. 

"By leveraging its strategic location, skilled workforce, and existing infrastructure, Edo has the potential to attract both local and foreign investors, leading to job creation, increased revenue, and improved living standards for its people.

"The platform will equally serve as a tool for accountability of Edo chosen leaders by engaging and constantly giving constructive criticism of their performance in office while also devising means of inclusiveness and active participation of Edo's well-meaning citizens. 

"The EDO RESTORATION PROJECT will serve as an interface between the Government and the people, bridging the deepening canyon that has eroded the positive development of the state.

"As an essential component of the RESTORE EDO INITIATIVE, we are launching a comprehensive awareness campaign to showcase the economic opportunities that abound in Edo State. 

"Through various channels, including digital platforms, media collaborations, and targeted outreach programmes, we aim to educate and inspire stakeholders about the potential benefits of investing in Edo. The message is clear: The Edo you need is coming.

"The RESTORE EDO INITIATIVE welcomes all stakeholders, including investors, businesses, entrepreneurs, government agencies, and individuals, to join hands in realizing the economic dream for Edo State. 

"By working collaboratively, we can unlock the immense potential that lies within Edo and usher in a new era of prosperity, growth, and development.

"The time to act is now. Together, let us build the Edo State our forefathers dreamt of - a state that thrives economically, uplifts its people, and becomes a shining example of progress for Nigeria and the world."

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