The Central Bank of Nigeria (CBN), says the old Naira banknotes will henceforth remain legal “ad infinitum ”.
CBN’s Director, Corporate Communications Department, Isa AbdulMumin, said this in a statement on Tuesday in Abuja.
The News Agency of Nigeria (NAN) recalls that the CBN had introduced redesigned N200, N500 and N1,000 denominations in October 2022.
The apex bank also set certain deadlines for legal tender status of the old design of the denominations to cease to exist.
However, in March, the Supreme Court extended the validity of the old N200, N500, and N1,000 till Dec. 31.
The President Sen. Bola Tinubu, during his inauguration on May 29, promised to revisit the Naira redesign policy.
According to Abdulmumin, without prejudice, the CBN wishes to inform the general public of its desire to extend the legal status deadline of the old design of N200, N500 and N1,000 denominations ad infinitum.
“This is in line with international best practices and to forestall a repeat of earlier experiences.
“Thus, all banknotes issued by the CBN, in accordance with Section 20 (5) of the CBN Act, will continue to remain legal tender, even beyond the Dec. 31 deadline,” he said.
The director assured that the CBN was working with relevant authorities to vacate certain subsisting judicial pronouncements on the subject.
He said that all CBN branches across the country would continue to issue and accept all old and redesigned denominations of Nigerian banknotes to and from Deposit Money Banks.
He enjoined the general public to accept all banknotes (old or redesigned) for day-to-day transactions.
He also urged Nigerians to handle the banknotes with utmost care to protect and safeguard their life cycle.
“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for their day-to-day transactions,” he said. (NAN)(www.nannews.ng)
The Corporate Affairs Commission (CAC) has secured the Standard Organisation of Nigeria (SON) ISO 9001:2015 recertification for another three-years.
The certificate is in recognition of the excellent services being rendered by the CAC, the Deputy Director, Budget, Planning, Research, and Statistics, Uzoma Oji, said on Tuesday in Abuja.
Oji who presented the certificate to the Registrar-General of CAC, Hussaini Magaji, said it would expire on July 29, 2026, and urged the commission not to derail in providing efficient services to the public.
He said: ”the milestone achievement follows the re-certification audit of the Commission’s Quality Management System (QMS) by the Standard Organisation of Nigeria (SON) in July.
“The certification is an attestation by the SON that the quality of services rendered by the Commission to her esteemed customers is in conformity with the requirements of the ISO 9001:2015 Standard.”
Receiving the certificate, the CAC’s Registrar-General thanked SON for the recognition and commended staff of the commission for their hard work and delivery of excellent services to customers. (NAN)(www.nannews.ng)
The African Development Bank’s (AfDB) Nigeria Country Director-General, Lamin Barrow, has highlighted some key projects that Nigeria sought to promote at the just concluded African Investment Forum (AIF).
Barrow, in an interview with the News Agency of Nigeria (NAN), said Nigeria had a very strong participation at the 2023 AIF in Marrakesh, Morocco.
He said Nigeria presented not less than six projects on the boardroom for consideration during the meetings.
“These projects range from oil and gas in the pipe line in Nigeria and Morocco. There is the industrial park project in Kaduna and urban development Project in Abuja.
“We have the cancer hospital to be located in different locations in Nigeria and rehabilitation and refurbishment of five major airports including the Abuja Airport.
“This is in terms of equipment, infrastructure, safety and facilities in these airports presented by the FAAN among others; And they enlisted quite some interest in terms of investment.
“So, Nigeria, we are very happy for the strong participation and the level of interest expressed for these projects.” he said.
According to Barrow, the Forum provides a transaction oriented platform where sponsors come, present and pitch their deals and prospective financiers and investors are manifested or confirm their interest.
“And then from there, we take it forward in terms of advancing the documentation and discussion to move towards bankability and also to reach financial close.
“So, depending on where each and every project is, there is usually some follow up work to be done.
“So we expect that the engagement will be strengthened and will move fast to be able to complete the feasibility studies or related documentation that needs to be done.
“Due diligence work, prospective financiers will help reach financial close for most of these projects. And most of them are actually non sovereign or private sector oriented transactions,” he said.
Meanwhile, Dr Akinwunmi Adesina, AfDB’s President, said big ticket deals were considered in food and agriculture and renewable energy and transportation at the AIF.
According to him, other sectors captured at the event are mining, creative industry, ICT, Artificial Intelligence, deep sea seaports, railways, health and special agro industrial processing zones (SAPZs).
Adesina said AfDB was building a formidable power house for investment in Africa through the investment forum which began over five years.
While reiterating some of the projects deliberated upon at the AIF, he said the bank was working at dissuading the ‘japa’ syndrome by youths on the continent.
Earlier, the Director-General of AIF, Miss Chinelo Anohu said the AIF was fully transactional focused at letting Africans know that no one could solve our problems but ourselves.
“We have seen from the words of His majesty King Mohammed VI that Africans must trust Africans to solve their problems ,” she quoted the Moroccan King as saying.
NAN reports that the three-day AIF which began on Nov. 8, ended on Nov. 10 with a renewed hope towards changing the narrative for youths on the continent. (NAN)(www.nannews.ng)
The Chartered Institute of Directors (CIoD) has stressed the need for good corporate governance to unlock the potential in agriculture, solid minerals and the blue economy to diversify the economic landscape.
The President of CIoD, Alhaji Tijjani Borodo, said this during a news conference on Monday in Lagos to announce the institute’s upcoming 2023 Annual Directors’ Conference (ADC) at Transcorp Hotel, Abuja.
The CIoD president stated that the event scheduled for Nov. 16 to 17 with the theme: “Driving Nigeria’s Economic Transformation and Diversification: The Role of Corporate Governance,” would be a gathering of over 500 directors.
He said the reason for the theme was in the light of what the economy was currently going through and the plan as an institute to drive the transformation to support the transformation agenda of the presidency.
He noted that the institute; a thought leader in the advocacy for the entrenchment of good corporate governance in Nigeria, was commitment to entrenching global best practices in the governance of companies and institutions in Nigeria.
“We have and will continue to actively engage with all the necessary stakeholders, both in the public and private sectors of the economy, through our numerous advocacy platforms.
“A major one, amongst these platforms, the Annual Directors’ Conference (ADC) stands out as a pivotal avenue.
“This flagship event forms the core of the institute’s advocacy engagement series, uniting stakeholders from private, public, and not-for-profit sectors to deliberate on crucial issues concerning leadership, ethics, the economy, and business, among others.
“I am optimistic that the presentations and discussions during this year’s conference will serve as a platform for stakeholders across various sectors of the Nigerian economy to foster a deeper commitment to corporate governance best practices.
“We anticipate a positive ripple effect across all sectors, nurturing a better appreciation of the roles played by corporate governance in driving Nigeria’s economic diversification and transformation,” he said.
Fourth from left, Alhaji Tijjani Borodo, President, Chartered Institute of Directors (CIoD), with other executive members of the institute
The Chairman, National Organising Committee, 2023 ADC, Mrs Fatumata Coker, noted that the role of corporate governance in driving Nigeria’s economic transformation cannot be overemphasised.
According to her, corporate governance plays a pivotal role in steering the economy towards sustainability and efficient practices, facilitating the adaptation of ethical principles and transformation.
Coker said the forthcoming conference would not only strengthen governance across all sectors of the Nigerian economy, but set a new trajectory of governance to drive economic growth in 2024.
She said the hybrid event would be declared open by President Bola Tinubu, while the Chairman of the Opening Session would be Dr Ernest Ndukwe, Chairman, MTN Communications Plc.
“Dr Olusegun Aganga, Chairman, Leadway Pension would deliver the key note address, while other notable include Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, Minister of Finance, Mr Wale Edun, and Minister of Education, Professor Tahir Mamman.
“The two-day event will be structured into four plenary sessions, each focusing on sub-themes such as: “How Governance Reforms in the Nigeria Energy Sector Can Help Deliver a New Nigeria”, “Significance of Corporate Governance in Nigeria’s Digital Transformation”.
“Others are Optimising Demand-Driven Talents in Nigeria” and “Agriculture, Solid Minerals, and Blue Economy as Drivers of National Economic Transformation.”
“This year’s conference aims to attract industry leaders critical to the conference’s focus and fostering discussions and engagements.
“It is tailored to appeal to young directors, entrepreneurs, and millennials, offering them mentorship, networking opportunities, and a platform for expanding their knowledge in corporate governance,” she said.
Coker added that the 2023 ADC “Business meet Government dinner” would have Mr Nyesom Wike, Minister of the Federal Capital Territory as the guest of honour and Hon. Tajudeen Abbas, Speaker of the Federal House of Representatives as the special guest of honour. (NAN)(www.nannews.ng)
The Chartered Institute of Directors (CIoD) has stressed the need for good corporate governance to unlock the potential in agriculture, solid minerals and the blue economy to diversify the economic landscape.
The President of CIoD, Alhaji Tijjani Borodo, said this during a news conference on Monday in Lagos to announce the institute’s upcoming 2023 Annual Directors’ Conference (ADC) at Transcorp Hotel, Abuja.
The CIoD president stated that the event scheduled for Nov. 16 to 17 with the theme: “Driving Nigeria’s Economic Transformation and Diversification: The Role of Corporate Governance,” would be a gathering of over 500 directors.
He said the reason for the theme was in the light of what the economy was currently going through and the plan as an institute to drive the transformation to support the transformation agenda of the presidency.
He noted that the institute; a thought leader in the advocacy for the entrenchment of good corporate governance in Nigeria, was commitment to entrenching global best practices in the governance of companies and institutions in Nigeria.
“We have and will continue to actively engage with all the necessary stakeholders, both in the public and private sectors of the economy, through our numerous advocacy platforms.
“A major one, amongst these platforms, the Annual Directors’ Conference (ADC) stands out as a pivotal avenue.
“This flagship event forms the core of the institute’s advocacy engagement series, uniting stakeholders from private, public, and not-for-profit sectors to deliberate on crucial issues concerning leadership, ethics, the economy, and business, among others.
“I am optimistic that the presentations and discussions during this year’s conference will serve as a platform for stakeholders across various sectors of the Nigerian economy to foster a deeper commitment to corporate governance best practices.
“We anticipate a positive ripple effect across all sectors, nurturing a better appreciation of the roles played by corporate governance in driving Nigeria’s economic diversification and transformation,” he said.
The Chairman, National Organising Committee, 2023 ADC, Mrs Fatumata Coker, noted that the role of corporate governance in driving Nigeria’s economic transformation cannot be overemphasised.
According to her, corporate governance plays a pivotal role in steering the economy towards sustainability and efficient practices, facilitating the adaptation of ethical principles and transformation.
Coker said the forthcoming conference would not only strengthen governance across all sectors of the Nigerian economy, but set a new trajectory of governance to drive economic growth in 2024.
She said the hybrid event would be declared open by President Bola Tinubu, while the Chairman of the Opening Session would be Dr Ernest Ndukwe, Chairman, MTN Communications Plc.
“Dr Olusegun Aganga, Chairman, Leadway Pension would deliver the key note address, while other notable include Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, Minister of Finance, Mr Wale Edun, and Minister of Education, Professor Tahir Mamman.
“The two-day event will be structured into four plenary sessions, each focusing on sub-themes such as: “How Governance Reforms in the Nigeria Energy Sector Can Help Deliver a New Nigeria”, “Significance of Corporate Governance in Nigeria’s Digital Transformation”.
“Others are Optimising Demand-Driven Talents in Nigeria” and “Agriculture, Solid Minerals, and Blue Economy as Drivers of National Economic Transformation.”
“This year’s conference aims to attract industry leaders critical to the conference’s focus and fostering discussions and engagements.
“It is tailored to appeal to young directors, entrepreneurs, and millennials, offering them mentorship, networking opportunities, and a platform for expanding their knowledge in corporate governance,” she said.
Coker added that the 2023 ADC “Business meet Government dinner” would have Mr Nyesom Wike, Minister of the Federal Capital Territory as the guest of honour and Hon. Tajudeen Abbas, Speaker of the Federal House of Representatives as the special guest of honour. (NAN)(www.nannews.ng)
The Afreximbank has signed a 150 million dollar trade finance facility agreement with United Bank for Africa (UBA) PLC, under the Ukraine Crisis Adjustment Trade Financing Programme for Africa.
The News Agency of Nigeria(NAN) reports that the agreement was signed on the sidelines of the ongoing Intra-African Trade Fair (IATF) 2023 in Cairo, Egypt on Monday.
According to Afreximbank, the facility, strategically crafted to mitigate the adverse effects of the Russia-Ukraine crisis, aims to support UBA’s clients to increase their financing for businesses across various sectors in the Nigerian economy.
The agreement was signed by Denys Denya, Executive Vice-President, Finance, Administration Banking Services, Afreximbank, and Oliver Alawuba, Managing Director of UBA PLC.
NAN reports that according to Afreximbank , the facility is expected to enhance confidence in the settlement of international trade transactions for strategic imports.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “This facility will further boost our quest to deepen intra-Africa trade which has been severely constrained by the impact of the war in Ukraine.
“We have a long-standing beneficial relationship with Afreximbank, we are delighted of our partnership as we jointly envision better dealings for our customers,” he said.
“The funding is driven by an increased demand for trade finance support to UBA’s clients which will enhance confidence in the settlement of international trade transactions for strategic imports such as food, medications, and agro products.
“This is crucial to Afreximbank’s mandate as it supports small and medium-sized enterprises, particularly those in the manufacturing sector to increase production thereby supporting economic growth and development in Nigeria,” Afreximbank said. (NAN)(www.nannews.ng)
A UK firm, TEXEM, has described the appointment of Mr Abel Igheghe as the Technical Adviser (Downstream) to the Minister of State for Petroleum Resources (Gas) as putting a round peg in a round hole.
TEXEM stated this in a statement on its website (www.texem.co.uk) by the Director Special Projects Caroline Lucas
Lucas said that the appointment exemplifies Igheghe’s extraordinary skills and unwavering commitment to the Nigerian petroleum sector.
He said that as a graduate of Mechanical Engineering from the University of Benin in 2000, Igheghe’s journey was a tapestry of excellence.
“From his role as Head of Gas at the Department of Petroleum Resources (DPR), Lagos Zonal Office, to his impactful initiatives as Chief Mechanical Engineer.
“He has been championing excellence in the implementation of regulations and providing guidance for the oil and gas industry in Lagos, his trajectory is marked by significant milestones.
“Mr Abel Igheghe, an alumnus of the TEXEM October 2022 executive development programme on “Strategic Leadership for Optimised Organisational Performance,” embodies the power of continuous learning,” the director said.
Lucas said that this investment in strategic acumen possibly paved the way for Igheghe’s elevation to the role of Technical Adviser.
In the statement, Dr. Alim Abubakre, TEXEM’s founder also praised the new appointee.
“Mr. Igheghe’s appointment isn’t just recognition; it’s a call to action for even greater milestones in the future.
“This appointment reflects the collective belief that Mr. Igheghe will contribute to development of policy that will propel the Nigerian Petroleum sector to unprecedented heights.
“Embarking on his career in 2003 as Deputy Manager at the Department of Petroleum Resources (DPR), Mr. Igheghe’s journey is a testament to dedication and expertise,” Abubakre said.
He added that Igheghe’s
role as Manager Operations at the Nigeria Midstream and Downstream Regulatory Authority in 2022 showcased his versatility in navigating the complex petroleum industry landscape.
While congratulating Igheghe, Abubakre expressed confidence that his leadership will illuminate the path to a brighter future for the Nigerian petroleum sector.
“May his accomplishments inspire others to aspire to greatness, leaving enduring legacies in technical expertise and leadership,” he said. (NAN) (www.nannews.ng)
Denmark Minister for Development Cooperation and Global Climate Policy, Mr Dan Jorgensen
By Salisu Sani-Idris
The Kingdom of Denmark and the Federal government have agreed to strengthen collaboration towards ensuring the success of green energy transition in Nigeria.
The Denmark Minister for Development Cooperation and Global Climate Policy, Mr Dan Jorgensen, made this known in an interview with newsmen, shortly after a meeting with the Vice President Kashim Shettima.
The News Agency of Nigeria (NAN) reports that the meeting held at the Presidential Villa, Abuja, on Monday.
He said Nigeria had a huge potential in solar energy which was very cheaper and reliable.
” So I will say that we need to do this for the climate yes but even if there is no such climate change, still this will be the sensible thing to do for economic reasons.
” And to make sure that as many people as possible have access to clean affordable energy. Because in my opinion it is human rights that you can have electricity or energy in your home.”
Jorgensen, who commended the bold step taken by the President Bola Tinubu’s administration to reposition Nigeria, said there was a great opportunity for a collaboration between the two countries.
” There is no doubt that Nigeria has embarked on a very ambitious traveled. The new administration has put forward some very bold and visionary plans for the future.
” And I think there is a great opportunity for a collaboration between Denmark and Nigeria.
”We are all ready, collaborating and we are already friends but we can work even closer together, especially on the success of green transition.
” We all know we need to do more to fight climate change certainly that is obvious in Africa and Nigeria climate change is already evident. But it will be even more so in the future.”
The minister said that Denmark had changed its energy system from the Oil, Gas and Coal to using renewables and deployment of energy efficiency measures.
According to him, Denmark is a country with lots of experience in the renewable energy system.
” We have changed our energy system so that we move away from the Oil and Gas and coal and instead use renewables and deploying energy efficiency measures.
” When we started our energy transition in Denmark, we didn’t do it because of climate change or even the environment because that was back in the 1970s, it was not on the agenda then.
” We did it for another reason, we wanted to become independent. We wanted to make the most rational decision from the economic standpoint.
” What has shown in Denmark obviously is different from country to country but we can differently share our own experience.” (NAN)(www.nannews.ng)
An Ibadan-based property merchant, Sufianu Kazeem, on Sunday urged Nigerians to support the efforts of the Bola Tinubu-led Federal Government to revive the nation’s dwindling economy.
Kazeem told newsmen in Ibadan that Nigerians should not forget that the administration of President Tinubu inherited an economy which was already in a comatose state.
The News Agency of Nigeria (NAN) reports that Kazeem, popularly known as Su-Kazeem, is a businessman, public commentator and Chief Executive Officer of Su-Kazeem Property in Ibadan.
Kazeem, who was an ally of the late Chief MKO Abiola, said the country has a brighter future under Tinubu, considering the ongoing policies of his administration.
“Tinubu is a good leader, who is ready to take the nation to prosperity, and I urge all Nigerians to support him while shunning ethnic and political differences.
“Nigerians must embrace attitudinal change, because the nation’s problem can’t be blamed on only the leaders.
“So, Nigerians are expected to adjust to the current economic realities and challenges,” he said.
Kazeem however urged the Federal Government to do more on poverty alleviation by ensuring food sufficiency, regulation of food prices and support for small and medium-scale enterprises (SMEs).
He advised President Tinubu to bring back the food pricing board so as to ensure that Nigerians have access to quality food at affordable prices.
The property merchant joined in the clamour for local government autonomy, saying the current situation had deprived the people access to good governance at the grassroots.
“Most state governments have incapacitated the local governments, which are the closest to the people, and President Tinubu needs to correct this anomaly during his administration,” he said.
Kazeem recommended that state governments should only have the power to only monitor how the local governments spend their finances.
He then charged political leaders to give the people good governance which must be devoid of political, religious and ethnic sentiments.
“The National Assembly should amend the Constitution to grant local governments autonomy and empower governors to only monitor how the spend their finances,” Kazeem said.
He also urged the other candidates in the last presidential elections to support the Tinubu administration.
”The now former candidates, including former Vice-President Atiku Abubakar of Peoples Democratic Party (PDP), former Gov. Peter Obi of Labour Party (LP) and former Gov. Rabiu Kwankwaso of New Nigeria People’s Party (NNPP), should all rally round the Tinubu administration.
“Only such an action from them will justify their self-confessed love for Nigeria, now that the Supreme Court has declared Bola Tinubu as the validly-elected President of the country.
“They should by now place the country’s interest above personal interest.”
The property merchant also called for collaborative efforts from the three tiers of government and private estate developers.
“Government should do all to regulate how houses are being sublet to the people. Government intervention will help a lot,” he said.(NAN) (www.nannews.ng)
An African Collaborative Transit Guarantee Scheme designed to promote seamless movement of goods across multiple national customs borders has been unveiled by the African Export-Import Bank (Afreximbank).
The News Agency of Nigeria (NAN) reports that the scheme – The Afreximbank African Collaborative Transit Guarantee Scheme (AACTGS) was inaugurated in Cairo, Egypt, on Sunday.
The scheme was inaugurated by Prof. Benedict Oramah, Afreximbank’s President and Chairman of the Board of Directors, at the ongoing Intra-Africa Trade Fair (IATF) 2023.
Oramah said the scheme was aimed at improving efficiency and shortening the time for border clearance.
He said the milestone was a realisation of the aspirations of Africa’s foreleaders about six decades ago, at the inaugural meeting of the Organisation of African Unity (OAU).
“Today, we stand on the brink of a new era for Africa, an era marked by collaboration, innovation, and progress.
“We gather to launch the AACTGS, which signifies a monumental achievement in our journey towards continental integration and economic prosperity.
“This groundbreaking project is a bold step towards improving the competitiveness of cross-border trade.
“We also announce the historic issuance of the first-ever multi-border transit bond in the continent and the signing of other facilities that will revolutionise the transit of goods in Africa forever.
Oramah said the bank was happy that the innovative collaboration between the Bank and Common Market for Eastern and Southern Africa( COMESA) had yielded the desired results of issuing a single transit bond.
According to him, this will make it possible for the movement of goods across the continent without hindrance.
“As you may be aware, Afreximbank in 2021 joined the COMESA Regional Customs Transit Guarantee (RCTG) Scheme as a Regional Surety.
“This allowed the bank to issue single transit bonds that are acceptable across all countries in COMESA and also guarantee bonds issued by other sureties within the region.
“We have, through this breakthrough, inched closer to the emergence of a single continental integrated market and dismantling the 110 borders that divided the continent into atomistic countries,” Oramah said.
He said the one billion dollar Collaborative Guarantee Scheme was expected to accelerate cross-border trade in Africa and save the continent about 300 million dollars annually in transit costs.
Oramah stated that Afreximbank was able to provide capacity to national sureties to enable them to issue bonds at affordable rates and facilitate intra-African trade under the African Continental Free Trade Agreement (AfCFTA).
He said the institution signed a 30 million dollar Container Guarantee Facility with BSMART System Solutions, which was another significant step toward seamless international trade and commerce.
“In a world where the movement of goods across borders is the lifeblood of our economies, efficient handling of containers is paramount.
“This will revolutionise the way we manage containers, ensuring their safe and timely transit while minimising risks and enhancing security measures.”
He said the provision of financial guarantees for containers would encourage investment and make international trade more accessible and inclusive for businesses of all sizes.
Oramah said that under Afreximbank support, BSMART System Solutions would also establish 38 Integrated Customs Designated Stop Areas (ICDSA) across the East African Community (EAC) region.
“These ICDSAs will offer various services, including secure truck parking, customs documentation verification, logistics hubs, container yards, vehicle inspection centres, and affordable housing estates.”
He added that the primary objectives of these ICDSAs were to boost economic growth in the countries, enhance socio-economic conditions, and improve cargo security and transit controls.
Under this mandate, Oramah said Afreximbank would provide financial support of up to 1.3 billion dollars to BSMART and would act as the financial advisor for the project.
Addressing the forum, Wamkele Mene, Secretary-General of the African Continental AfCFTA Secretariat, said the AfCFTA adjustment fund played a critical role in advancing Africa’s economic development. (NAN)(www.nannews.ng)
Edited by Vivian Ihechu
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