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CBN Urges Nigerians to Embrace Alternative Payment Channels in Line with Cashless Policy
The Central Bank of Nigeria (CBN) has called on Nigerians to embrace alternative payment channels in line with its cashless policy. The apex bank has urged citizens to use eNaira, USSD, and other internet banking facilities as the country moves towards an alternative payments policy regime, which is the trend all over the world.
Dr Abdulmumin Isa, the Acting Director of the Corporate Communications Department at CBN, made the call during CBN’s Special Day at the 34th Enugu International Trade Fair on Friday in Enugu. He added that Nigeria could not afford to be left behind in the global financial ecosystem but rather needed to embrace digital payment channels.
Mr Imoh Esu, the Assistant Director of the Communication Department at CBN, represented Abdulmumin during the event. He said that CBN had continued to seek creative ways to ensure that Nigeria took full advantage of opportunities and benefits of digital payment channels. This led to the launch of the eNaira in October 2021 aimed at broadening the payment possibilities of Nigerians and fostering digital financial inclusion, with potential for fast-tracking inter-governmental and social transfers.
CBN has also recently launched the National Domestic Card Scheme in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) – the first of its kind in Africa. This move is expected to lower operating costs for banks and reduce the huge foreign exchange costs associated with operating foreign card schemes.
Abdulmumin reiterated that the policy of redesigning some denominations of the naira, which was approved by President Muhammadu Buhari, was in the overall interest of the country and the economy. The policy also aligns with international best practices. He further stated that the policy has started strengthening macroeconomic fundamentals, moderating inflation, and upscaling the financial inclusion rate. It has also led to relative stability in the exchange rate and supported the efforts of security agencies in combating banditry and ransom-taking in the country.
In his welcome address, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr Jasper Nduagwuike, lauded the various intervention schemes of CBN in supporting and encouraging the growth of businesses in various sectors of the economy. However, he urged CBN to fine-tune policy measures to save indigenous businesses and the industrial sectors. Nduagwuike stated that the chamber was worried that the recent increase in the interest rate by the apex bank to 18% would have an adverse effect on accessing credit from banks.
In conclusion, CBN’s call for Nigerians to embrace alternative payment channels is a step towards aligning the country with global trends. The eNaira and other digital payment channels offer convenience and faster transaction times, which are essential in today’s fast-paced world. The launch of the National Domestic Card Scheme is a commendable effort that will save banks operating costs and reduce foreign exchange costs. Overall, CBN’s policies have started strengthening macroeconomic fundamentals, moderating inflation, and upscaling the financial inclusion rate. However, there is a need to fine-tune these policies to save indigenous businesses and the industrial sectors, as expressed by the Enugu Chamber of Commerce, Industry, Mines and Agriculture.
Lagos State Police Command Launch Investigation into the Death of Yul Edochie’s Son
The Lagos State Police Command has launched an investigation into the death of Kambilichukwu, the son of popular actor, Yul Edochie. According to reports, Edochie had reported the death of his son to the Lagos State Police Command and the state’s Police Public Relations Officer, SP Benjamin Hundeyin, confirmed the development on Friday, saying that the matter would be forwarded to the State Criminal Investigation Department today.
Kambilichukwu, who was only 16 years old, died on Thursday morning after developing a seizure and was rushed to the Mother and Child Hospital in Lagos. This tragic news has sent shockwaves throughout the entertainment industry and beyond, as people struggle to come to terms with the sudden loss of such a young life.
Yul Edochie had celebrated his son’s 16th birthday just two months prior to his untimely death, sharing a heartfelt message on his verified Instagram account. He wrote, “A very happy 16th birthday to my first son, Kambilichukwu Leo Yul-Edochie. May God lead and protect you always. With many more happy years. Daddy loves you.”
It is reported that Kambilichukwu developed a seizure while playing football, which led to his untimely death. The exact cause of his seizure is not yet known, and the police investigation aims to shed light on what happened and provide answers for the grieving family.
This devastating news serves as a reminder of the fragility of life and the importance of cherishing every moment we have with our loved ones. Our hearts go out to Yul Edochie and his family during this difficult time, and we hope that the investigation provides them with the closure they need to begin the healing process.
TASUED Lecturer Arraigned by ICPC for Demanding Sexual and Monetary Gratification from Female Student
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned a lecturer of the Tai Solarin University of Education (TASUED) for demanding sexual and monetary gratification from a female student of the institution. Dr Balogun Olaniran, who was the Head of the Department of Religious Studies at TASUED, was brought before Hon. Justice Osinuga of the Ijebu-Ode High Court, sitting in Ijebu Ode, Ogun State on a one-count charge for violating Section 8(1) (a) of the Corrupt Practices and Other Related Offences Act, 2000.
According to the statement by the ICPC’s spokesperson, Mrs Azuka Ogugua on Friday, the defendant was arraigned on Monday 27th March 2023. The ICPC Counsel informed the court how the defendant demanded sexual benefits or a payment of N100,000 from a female student with a promise to alter her academic grades between October and November 2021.
The charge read, “within the jurisdiction of this honourable court, corruptly demanded sexual benefit or payment of the sum of N100,000 for himself from (name withheld), a female student, on account of a favour to be afterwards shown her in the discharge of his official duties as a lecturer and Head of Department of Religious Studies at the Tai Solarin University of Education, Ijagun, Ijebu Ode, to wit, offering to alter her academic grades from fail to pass in courses with codes EDU 311 and EDU 312.”
Despite pleading not guilty, the trial judge, Justice Osinuga admitted the defendant to bail of N500,000 with a surety in like sum. The surety must provide evidence of 3 years of tax clearance and evidence of means. The matter was then adjourned to the 11th of May 2023 for the commencement of trial.
It is important to note that the Tai Solarin University of Education (TASUED) had previously suspended Dr Olaniran Balogun, who was declared wanted by the ICPC for allegedly abusing his office and demanding gratification on August 28th, 2022. The university management had relieved Balogun of his position and had placed him on interdiction until he cleared himself of all allegations of misdemeanours brought against him by the anti-graft agency.
This case highlights the rampant issue of sexual harassment and corruption in educational institutions in Nigeria. It is important for authorities to take strong actions against such actions to ensure that students are not subjected to such unethical practices. The ICPC’s action against Dr Olaniran Balogun is a step in the right direction in addressing the issue.
Canadian Government Condemns Uganda’s Anti-Homosexuality Bill
The Canadian government has recently condemned the Anti-Homosexuality Act of 2023, which was passed in Uganda and is now awaiting President Museveni’s assent. Canadian Prime Minister Justin Pierre James Trudeau has strongly denounced the law, calling it “despicable” and stating that it directly violates the rights of LGBTQ communities around the world. He urged world leaders, particularly those in the Commonwealth, to reject the legislation and condemn it in the strongest terms possible.
In response to the passage of the Anti-Homosexuality bill, the Canadian government summoned Uganda’s envoy to Canada, Ambassador Joy Ruth Acheng, who is also the Dean of the African Group. She was grilled for hours by the Canadian authority, and it was demanded that the Ugandan government withdraw the law immediately. The Canadian government threatened to sever all bilateral engagements and partnerships, including suspending visa rights, if the Anti-Homosexuality law is not repealed.
It has also been revealed that the Canadian government has withdrawn various mandates from Acheng as the Dean of the African Group and has revoked her invitation to attend the address by US President Joe Biden to the Canadian parliament. The Canadian authority has further announced the decision to suspend permission to allow Acheng to participate in any subsequent high-level meeting until the law is withdrawn.
The Canadian government is considering options to support the LGBTQ community in Uganda and has warned that no tourists or investors from Canada will come to Uganda if the bill is not withdrawn. Trudeau has asked lawmakers to “reconsider” the bill, which has been described as “appalling and abhorrent.” Canada also intends to cut diplomatic ties with Uganda once the proposed law is not withdrawn by the government.
The US government has also urged Museveni to block the legislation passed by lawmakers, and officials are publicly floating the idea of economic sanctions on Uganda, even if it hampers development dollars aimed at preventing the spread of AIDS. The United States government warned Uganda of dire consequences if the bill is not withdrawn. US President Joe Biden emphasized the need for more synergies to defend human rights across the world during his address to the Canadian parliament last week.
The actions of the Canadian and US governments demonstrate a commitment to protecting the rights of the LGBTQ community and promoting equality worldwide. These countries are leading by example in condemning discriminatory legislation and taking concrete steps to support marginalized communities. It is hoped that other world leaders will follow suit and take similar actions to ensure that the rights of all individuals are protected and upheld.
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