Business

Court declines application to stop CBN’s cash withdrawal policy

Published

2 years ago

December 16, 2022 12:43 pm

BodexNG

A federal high court in Abuja has declined an application seeking to halt the new cash withdrawal policy of the Central Bank of Nigeria (CBN).

The applicants, numbering about 10, had on behalf of themselves and 20 million unbanked Nigerian citizens, sued President Muhammadu Buhari; Abubakar Malami, the attorney-general of the federation; CBN, and its governor, Godwin Emefiele, over the cash withdrawal limit and the new currency redesign.

The applicants prayed the court to grant injunctions restraining the respondents from proceeding with the January 31, 2023 deadline on the use of the current N200, N500 and N1,000 notes.

They argued that there is no “realistic plans or workable guidelines to cover the over 20 million unbanked Nigerians who are vulnerable to information and the use of technologically-driven platform without the possibility of financial inclusion”.

The plaintiffs also asked the court to grant another injunction restraining the respondents from implementing the revised cash withdrawal policy, which limits the maximum over-the-counter (OTC) cash withdrawal by individuals and corporate organisations to N100,000 and N500,000 per week, respectively.

According to the plaintiffs, the new policy constitutes a flagrant violation of their fundamental rights as guaranteed under the 1999 constitution as well as the African charter on human and peoples rights (ratification and enforcement) act.

They also asked the court to grant an order for accelerated hearing and also an order for substituted service on the parties.

The applicants further prayed for the order of court mandating the CBN to produce a detailed plan and guidelines covering the over 20 million unbanked citizens who are vulnerable to the use of telecommunication and technologically-driven money platforms.

After listening to their submissions, Sylvanus Oriji, a judge, refused to grant the prayers for injunction.

Ruling on the application, Oriji rather directed that all the respondents be put on notice to come and show cause why the order for injunction should not be granted against them.

Subsequently, the judge adjourned the matter to January 10, 2023 after granting orders for accelerated hearing and substituted service.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

23 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

1 day ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

1 day ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others