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Naira crisis: ACAMB, Bank CSOs, Operations Heads harp on benefits of cashless policy

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The Association of Corporate Affairs Managers of Banks (ACAMB), Chief Security Officers in Banks (CSOs), and Committee of Heads of Operations of Banks (CHOBs) on Sunday, February 19, 2023 held an emergency meeting over fallout of implementation of the Central Bank of Nigeria’s monetary policy that led to attacks on bank staff and facilities in some states of the federation. 

There has been unrest and state of uncertainty nationwide over the CBN’s deadline on validity of the old N500 and N1000 notes as legal tender in the last couple of days. But both the Federal Government and apex bank have assured Nigerians that the challenges will ease out soon. 

Reiterating his administration’s support for the CBN’s policy, President Muhammadu Buhari on Sunday pleaded with Nigerians to exercise more patience to enjoy the eventual gains of cashless policy.

‘I am fully aware of the current hardship being faced as a result of some policies meant to bring overall improvement to the country. I’m appealing to you to exercise further patience as we take measures to ease these hardships. God willing, there is light at the end of the tunnel,’ the President tweeted on Sunday evening.  

In a communiqué issued at end of the Tripartite meeting, which held in Lagos and convened by The Chartered Institute of Bankers of Nigeria (CIBN), the three Associations assured the general public that the apex bank and Deposit Money Banks (DMBs) are doing everything possible to make Naira available whilst expressing hope of return to normalcy in the shortest possible time. The banks resolved to continuously engage customers on efforts being made to lessen the current hardship being experienced.

Pending when all the challenges will be resolved, the bank heads appealed to Nigerians, particularly the traders and merchants to embrace and adopt the cashless policy by accepting fund transfers from their customers. They noted that the random glitches associated with recent transfer options will also ease out in no distant time. 

To forestall further attacks, the bank heads appealed to Security Agencies to increase patrol and surveillance on bank locations especially those located in places prone to attacks. 

The traditional institutions, Community Development Association Heads, Leaders in various markets across Nigeria were also enjoined to educate their subjects and members on the immediate and long term benefits of cashless policy. 

Members of the public especially bank customers are also encouraged to leverage several available alternate channels provided by banks to consummate 99 percent of all their transactions and focus less on cash.

The three bodies re-emphasised that Deposit Money Banks (DMBs) neither hide nor hoard money they receive from the CBN, whilst assuring that Banks would make money received available to their customers Over the Counter (OTC) or through the Automated Teller Machines (ATMs).

See action points from the communiqué below: 

A strategic and consistent information should be made available to customers and the general public to keep them abreast of operations and use of alternate payment channels as we jointly work to improve situation.
Market women and traders at every market across Nigeria are encouraged not to reject transfer payment from their customers as doing otherwise runs counter to cashless policy.
Security Agencies are enjoined to increase surveillance, patrol and protection for bank workers, assets, and customers from undesirable elements attacking bank facilities.
Traditional Institutions, CDA Chairmen and market leaders are to assist in educating their subjects, residents and members at grassroots on the benefits of cashless policy while discouraging deviants and other elements within the community to maintain peace and order.
Customers are encouraged to make a habit of effecting 99% of all their transactions through available alternate channels provided by Banks including; Internet banking, mobile banking, USSD, Digital banking Apps, Merchants PoS QR Code, etc.
Banks are advised not to hoard the newly redesigned naira notes but rather make them available to customers.
Customers are encouraged to hold less of cash and transact more digitally.

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Oando Boss, Wale Tinubu, Congratulates [email protected]

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Wale and Bola Tinubu

 

The Group Chief Executive, Oando Group, Mr Wale Tinubu, has described the President-Elect, Asiwaju Bola Tinubu, as an exemplary politician who possesses leadership qualities worthy of emulation.

In a message to felicitate the former Lagos State governor on his 71st birthday on Wednesday, the Oando boss also lauded the selfless sacrifices the President-Elect have made for the enthronement and sustenance of democracy in Nigeria.
In his message Mr. Tinubu wrote:‘ ’Happy birthday H.E Asiwaju Bola Ahmed Tinubu, an inspirational leader and President-Elect! Your selfless dedication to improving the lives of others, most especially Nigerians, is exemplary. As we celebrate another year of your remarkable accomplishment, may Allah (SWT) grant you courage and success in the leadership of our great nation.”
Popularly known as ‘Governor Emeritus’, Tinubu’s political career began in 1991 when he became a Senator of the Federal Republic representing Lagos West Senatorial District. The Third Republic was, however, truncated by the late General Sanni Abacha in 1993, following the June 12 debacle. But for fate, he would have been summarily dispatched for his outspokenness then.
The Lagos State-born politician came back in 1998, preparatory to the advent of the Fourth Republic. This time, he came out better, wiser and more determined. He was elected the governor of Lagos State in 1999 under the platform of the Alliance for Democracy, AD.
He survived the Peoples Democratic Party’s ‘Tsunami’ in 2003 when other AD governors in the South West region were swept away from office.
His political profile has been on the rise since, as he was among the top politicians who formed the ruling All Progressives Congress, APC, in 2014.

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Nigeria Quality Summit 2023: Industry Minister Adebayo advocates more competitiveness among Nigerian businesses

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Nigeria Minister of industry, Trade and Investment, H.E Otunba Adeniyi Adebayo has called on Nigerians manufactures and business owners to intensify greater efforts to improve Nigeria’s competitiveness and ensure economic growth.

 

The honourable minister who stated this at the just concluded Nigeria Quality Summit 2023 and National Quality order of merit awards, held on March 17, 2023 at Nicon Luxury, Abuja with the theme: “Building Sustainable Quality Culture in Nigeria” said, the low quality and unaccredited standards of made in Nigeria goods are major challenges in Nigeria’s industrialisation and export drive.

 

He disclosed that the widespread use and application of sub-standard products and services in the local markets have been a serious threat to the health and safety of consumers, which he said, it’s the concern of the global economy, noting that Nigeria is not an exception.

 

In this regard, Honourable Adebayo said that the Nigerian government through the federal ministry of industry, trade and investment, (FMITI) remains committed to strengthening and upgrading the National Standardization System, Regulatory Framework, Accreditation and Certification to facilitate local production, trade, increase exports, accelerate economic development and protect the environment, health and safety of consumers and improve quality of imported products through well defined legislation of the quality infrastructure.

 

He also disclosed that, FMITI, in collaboration with other stakeholders has developed the National Quality Policy, (NQP) with the objective of strengthening the capacity of Nigeria’s Trade Support Institutions in particular, to facilitate trade and ensure that Nigeria’s exports meet up international standards in the global markets.

 

Towards achieving this objectives, he said: “the government identified the need to support the development of improved and missing standards and quality control bodies and establish strict international standards for quality control for exportable products and services originating from the Nigerian market. The recent appointment of the Chairman of the National Quality Council, is a milestone towards the effective implementation of the policy.”

 

However, he lauded at the organisers for such a summit and chosen theme saying, ” this summit is timely, as it creates awareness on the role and influence of quality management to organisations, nations and individuals while promoting quality of national products and services.

The theme, ” Building Sustainable Quality Culture in Nigeria” was well thought out and is also very apt at this moment in our national life. Achieving this involves the government creating the right environment for quality culture and standards as well as sensitising stakeholders to embrace best practices of sustainable quality management.”

 

The Nigeria Quality Summit is a platform aimed at creating awareness of the role and influence the general public on the quality of organisation, nation and individual. It also seeks to promote national product and services, consciousness on quality management discipline thereby creating sustainable environment for business growth and profitability.

 

While the Nigeria Quality products and services exhibition which was the highlight of the day provides an opportunity for organisation to showcase their quality products and services to international audience.

 

According to the organisers, the essence of the expo is to celebrate excellence, conformance to customers’ needs and deliver quality products and services to consumers.

 

National president, NACCIMA, Ide John Chinyelu Udeagbala, DG, Ghana Standards Authority, Professor Alex Dodoo, Chairman, South Africa Quality Institute, Arno Bashoff WBHO, Acting DG, NAFDAC, Dr Monica Eimunjeze, Chairman, NESG, Niyi Yusuf, DG MAN, Segun Ajaiyi – Kadir, and DG, SON, Mr. Farouk A. Salim were also in attendance at the summit as quest speakers.

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LASTMA NAB ANOTHER FAKE TRAFFIC OFFICER AT IKOYI, LAGOS

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………recover fake identity card and reflective jacket.

……Agency launches manhunt for others in the acts.

Operatives of the Lagos State Traffic Management Authority (LASTMA) over the weekend nabbed another serial fake traffic officer around Ikoyi area of Lagos.

In a press statement released by the Director, Public Affairs Department of LASTMA Mr. Adebayo Taofiq quoted the General Manager Mr. Bolaji Oreagba confirmed that the suspect was nabbed at Olu Holloway Road by Alfred Rewane area of Ikoyi by a Lastma Monitoring/Surveillance team led by Mr. Ashafa Moyosore (Zonal Head).

Mr. Oreagba confirmed further that the Agency carried out a special monitoring/Surveillance operations about the suspect and got him arrested in response to complaints from motoring public (Obinna Kingsley & Adewusi Adebola) via Lastma hotlines/social media handles.

Investigation conducted revealed that the arrested suspect have been extorting huge sum of money from motorists for various traffic offences ranging from seat-belt, obstructions, illegal over-taking and One-way at different locations around the Lagos Island.

Fake LASTMA officer

“It is disheartening getting complaints from road users particularly motorists on activities of these unscrupulous elements impersonating and extorting money from them”

Mr.Oreagba urged the general public to be wary of these fake traffic officers stating that the Agency operates a cashless policy as any violators apprehended are charged to Court with a ‘Referral Notice’ issued to them.

“Let me warned motoring public to desists from inducing traffic officers in any form (money) as both the giver and taker are liable before the law”

The General Manager however warned other impersonators disguising as Lastma personnel to immediately desist from such illegal acts as more surveillance personnel have been strategically deployed to hunt for them.

The arrested suspect Mr. Omotutu Bamidele (55yrs) confessed to have been impersonating with a reflective jacket as a Lastma officer and extorting money from motorists particularly private car owners/ drivers at highbrow areas across the State.

Mr. Bamidele who confirmed to be living with his junior brother inside in one of the Army Barracks in Lagos confessed further to have operated around Ikoyi, Obalende, Apongbon Bridge, Iporin, Olowu areas apprehending both commercial and private cars for various traffic infractions including driving against traffic (one-way).

The suspect who hailed from ‘Atijere Town’ in Ondo State said he and his colleagues are making an average of N35,000 from extortions on daily basis.

“Any motorists particularly private car owners i caught dropping someone at any undesignated bus stop paid between N15,000 to N20,000 while those caught for driving against traffic (One-way) paid a minimum of N35,000”

One Mr. Adewusi Adebola (a complainant) confirmed that the suspect (Omotutu Bamidele) apprehended him for ‘obstruction’ on the 6th of March, 2023 around Spac bus stop by Awolowo Road, Ikoyi and collected N20,000 from him for dropping his colleagues.

While Obinna Kingsley complaint via one of the Lastma social media handles (Twitter) that he was forced to transferred N50,000 to the arrested suspect (Omotutu Bamidele) for ‘Obstruction’ on Awolowo Road by Obalende Bridge towards Tafawa Balewa Square (T.B.S).

According to Mr. Adewusi Adebola owner of a Toyota Corolla (LSR 299 AY) “Honestly speaking i had written series of negative stories about activities of Lastma on social media particularly on ‘Twitter’ since the ugly incidents happened until i was called by Lastma Management that the man i reported that extorted money from me was a fake traffic Officer and that he has been arrested”

Meanwhile, the Director, Legal Department (Lastma) Barr. Akerele Kehinde disclosed that the arrested suspect would be charged to court with all items recovered from him (fake identity card & a reflective jacket) on Monday, 27th of March, 2023) in accordance with the Criminal Code Law of Lagos State.

 

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