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Buhari receives Emefiele in Aso Rock after Supreme Court order

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President Muhammadu Buhari has received the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele in Aso Rock, Abuja.

This is coming hours after the Supreme Court ruling of Wednesday stopping the February 10 deadline for the validity of three old naira notes.

A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted the interim injunction after an ex parte filed by Kogi, Kaduna and Zamfara state governments.

The highest court also held that the Federal Government and the apex bank must not continue with the deadline pending the determination of the hearing on February 15.

The outcome of the meeting is yet to be known but the visit by the apex bank chief is in connection to the ruling of the Supreme Court.

Sign Executive Order, Buhari Told
Meanwhile, the Coalition of Civil Society Organisations (CSOs) of Nigeria has said that the Supreme Court ruling of Wednesday is designed to enable corrupt politicians to share old N200, N500 and N1,000 notes during the February 25 and March 11 general elections.

“This order is only designed to help politicians in the sharing of old money during elections,” said the group’s National Coordinator, Obed Okwukwe at a press conference in Abuja on Wednesday.

Okwukwe rejected the ruling and urged the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola to vacate the order.

The group further urged President Muhammadu Buhari to sign an Executive Order to overthrow the ruling of the apex court as he is empowered by Section 5 of the 1999 Constitution in Nigeria.

“We call on the President to exercise his constitutional power. We may suggest that he should make an urgent Executive Order to set the terminal date for the new currency to remain February 10, 2023 which he has the powers to do under the law as the ex parte order made outside the jurisdiction cannot stop the Executive Order of the President,” Okwukwe said.

Legal Battle
The pandemonium over the February 10 deadline for the validity of three old naira notes assumed another dimension on Monday as five political parties and three state governments begun legal battles.

Whilst the Kaduna, Kogi and Zamfara governments dragged the Federal government before the Supreme Court, seeking an extension to the February 10 deadline, five political parties took the matter to the Federal Capital Territory (FCT) High Court and secured an order barring the Federal Government and the apex bank from any extension of the deadline.

The CBN had on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500, and N1,000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.

The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.

With cries by many Nigerians, the apex bank extended the deadline from January 31 to February 10, saying it got the approval of the President.

The National Assembly asked for a six-month extension of the policy, amid scathing criticisms by governors, lawmakers and stalwarts of the ruling party, the All Progressives Congress (APC) including the flag bearer of the party, Bola Tinubu; former Edo State governor, Adams Oshiomhole; Speaker of the House of Representatives, Femi Gbajabiamila; Majority Leader of the House of Representatives, Alhassan Ado Doguwa; Minister of Works and Housing, Babatunde Fashola; amongst others.

Buhari on Friday after a meeting with some APC governors asked for seven days to make a major decision on the policy.

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Mushin LG Chairman flags off construction of Yusuf Street road, promises solar lighting

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The Mushin Local Government Chairman, Hon. Emmanuel Bamigboye on Wednesday flagged off the construction of Yusuf Street road in Papa Ajao.

The project is expected to bring relief to residents and traders in the area and is set to be completed within six months.

According to Bamigboye, the project is a fulfillment of his campaign promise to the people of Mushin, and he expressed gratitude to God for the opportunity to execute the project.

He urged residents to cooperate with the contractor and the local government to ensure the successful completion of the project.

The councillor representing the ward, Ayomide Abioye, expressed his joy and appreciation for the project, stating that it is the longest street in Papa Ajao and will bring immense benefit to the community.

Also, the Baba Oloja of Ladipo International Market, Eze Monday, also commended the Executive Chairman for the project, stating that it will make a significant impact on the development of the area.

The project includes the construction of the road and the installation of solar lighting, which is expected to enhance security and facilitate economic activities in the area.

Residents and traders in the area have been warned not to disturb the contractor or disrupt the project in any way.

Meanwhile, the traders applauded Hon. Bamigboye for demonstrating its commitment to infrastructural development and the welfare of its citizens.

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Giving back to community — Prof Oyedokun speaks on motives

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Lead Facilitator Professor of Accounting & Financial Development Founder OGE, Prof. Godwin Emmanuel Oyedokun, has disclosed that giving back to society community is his motive for pursuing his career.

He made the disclosure in an article titled “My motive for running a free professional diploma course in Forensic Accounting and Fraud Investigation is of several folds.”

He said, “Running a free professional diploma course in forensic accounting and fraud investigation is also motivated by my desire to give back to the community.

“By sharing my expertise and knowledge without any financial barriers, I am helping individuals from diverse backgrounds and financial situations to acquire valuable skills and advance their careers.”

The academic reiterated that the motive for running a free professional diploma course in forensic accounting and fraud investigation is centred around education, skill development, community service, and professional growth.

It is a way to contribute to the accounting profession, address a skill gap, and empower individuals in their pursuit of knowledge and career advancement.

According to him, “Promoting Education and Professional Development to contribute to the growth and development of the accounting profession by providing individuals with an opportunity to enhance their knowledge and skills in the specialised field of forensic accounting and fraud investigation.

“By offering this free course, i am enabling aspiring professionals to access valuable education that might otherwise be costly or inaccessible.”

The Don addressing the need for expertise in Forensic Accounting said, “In recent years, there has been an increasing demand for professionals skilled in forensic accounting and fraud investigation due to the rise in financial crimes and fraudulent activities. By offering this free course, I am helping to address this skill gap and aiding in the fight against financial fraud.”

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Airport tolls: Nigeria lost billions under old rules — Keyamo

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that the Federal Government lost 82 percent which is equivalent to N10 billion in revenue that ought to accrue from airport tollgates under old rules.

Keyamo revealed this to State House correspondents during the week at the end of a two-day meeting of the Federal Executive Council.

The minister lamented that the ministry accumulated 82 percent in the negative from the complimentary e-tags printed by the ministry, noting that 82 percent of the e-tags are given free of charge to VIPs.

He stated, “Let me give you the shocking statistics. The negative figure that we get at the end of the day from the complimentary e-tags is 82 percent, in the negative.

“In other words, where we are supposed to have a 100 per cent contract on the e-costs from these e-tags that we print, it is only 18 per cent that we now end up selling. That is how bad it is. 18 per cent and 82 per cent of these e-tags are given out free of charge to VIPs. So, imagine the loss in my sector, and I ask myself,Which other sector will I go to that they give me anything free?’

“Is it because I’m a VIP that you say that in FCT, I should not pay land charges that you waive it for me? I pay for that sector. I pay for power. Yes, I pay for everything. So, why would anybody now come to my own sector and want to get free passage? Not possible. That is how bad it is.”

He added that free e-tags to the VIPs had in the past led to the loss of billions of naira

“So this has led in the past to loss of billions of naira, not millions, annually. Yet, our airport infrastructure, you know, is decaying. I am helpless. I’m looking for concessionaires. I’m looking for help with decaying infrastructure.

“They will be the first to cry out, these same VIPs – ‘why are the toilets like this? Why are your toilets smelling? Why can’t you do this?’ They are the same people, but they don’t pay for the services. So, if we want improved infrastructure at the airport, we must pay for services,” he said.

The minister lamented that due to the policy of exemption, the ministry makes only about N100 million instead of making about N260 million from a particular airport gate every month.

“I’ll give you another example. In one of the access gates, based on the count of the barrier going up and down, we are supposed to be making N250m or 260 million from that gate every month. That gate, because of exemptions, the return to us is less than N100 million every month,” he added.

To end the loss, the FEC decided that the president, vice president, and other top government functionaries would start paying access fees or the e-tag at all 24 federal airports across the country.

Prior to this development, the president, vice president, and some government officials were exempted from paying access fees at the airports’ gates.

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