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CBN NAIRA REDESIGN POLICY IS A THREAT TO NIGERIA’S DEMOCRACY AND NATIONAL SECURITY & MUST BE REVERSED NOW!

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2 years ago

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CBN NAIRA REDESIGN POLICY IS A THREAT TO NIGERIA’S DEMOCRACY AND NATIONAL SECURITY & MUST BE REVERSED NOW!

A civil society organization Centre for Social and Economic Rights (CSER) has come out to condemn the naira redesign policy of the Central bank of Nigeria due to the untold trauma, hardship, pain and suffering it has inflicted on innocent Nigerians and businesses in the last couple of weeks.
CBN NAIRA REDESIGN POLICY IS A THREAT TO NIGERIA'S DEMOCRACY AND NATIONAL SECURITY & MUST BE REVERSED NOW!
According to a press statement issued in Lagos today Tuesday 7th February 2023 by it’s executive director Nelson Ekujumi, the group, “frowned at and condemned in the strongest terms the punitive, wicked, satanic, irresponsible, insensitive, provocative, threat to democracy and national security implementation of the naira redesign policy on Nigerians, which was initially applauded as laudable by even CSER in another press statement of the 29th of January 2023 when the deadline for phasing out old naira notes as a legal tender was extended till February 10 and it’s redeemable status extended to 17th February 2023”.
In the last two weeks based on our physical monitoring and observation of developments, the pains, sufferings, trauma, threat to public peace and security that this naira redesign policy has generated within the polity, has exposed to any discerning mind, that the CBN Governor Mr Godwin Emefiele and his associates have employed the naira redesign policy as a ploy to unveil their sinister agenda of inflicting untold hardship, pains and incite Nigerians to anarchy in order to truncate the peaceful conduct of the 2023 general elections.
We have watched in horror how innocent Nigerians have been subjected to unimaginable sufferings in queues at banks, ATM’s points, POS operators points, etc to withdraw their hard earned money to no avail on a daily basis and despite the extension of the deadline on the 29th January 2023, the situation has gotten worse across the country and there is no end in sight.
According the organization, what is even more painful is the exploitation and extortion generated by this wicked and anti people naira redesign policy, whereby innocent and hardworking Nigerians are fleeced of their money as they are forced to pay commission as high as N6000 in exchange for cash of N20, 000. Infact, CSER has been inundated with calls of different phases of extortion that makes one to wonder that only a sadist and a degenerate institution will be happy to see people undergo such amount of torture and suffering in order to take possession of what legitimately belongs to them.
The group stated that, “Even as we speak, the CBN is in default of enforcing and monitoring the implementation of it’s directive issued to deposit money banks via a memo dated 6th December 2022, whereby it instructed banks and other financial institutions to pay customers only a maximum of N20, 000 daily via ATM’s and that it should be in the N200 naira denomination. Till date, since about two weeks ago, customers have been unable to access above N5, 000 daily from their personal accounts, businesses are gradually winding down and dying because customers and petty traders who engage in little daily cash transactions for daily needs have been denied their legitimate money warehoused in the banks”.
By this amount of wickedness unleashed, suffering and torture of innocent Nigerians and businesses by the CBN, the little gains accruing from the advocacy of banking culture that we have struggled for over the years among our rural populace, has obviously been eroded and it is sad and unfortunate.
The traumatizing aspect of the wickedness by CBN and it’s associates in inflicting pains and hardship on Nigerians by this policy which has revealed the sinister plot of Mr Emefiele and his cohorts, is the effontery in mobilizing groups, political parties and politicians to hold rallies, press conferences and even issue shameless threats of a boycott of the 2023 general elections if the naira redesign policy is reversed and the pains of Nigerians ameliorated. We are confident that these agents of anarchy and their sponsors will fail because the victory of evil over good is just temporary.
As the 2023 general elections draws near in a couple of days, Nigerians are enjoined to take note of politicians and political parties gloating over the pains and misery of Nigerians by this policy for political capital in contrast to those who have shown genuine concerns and raised the red flag early enough as caring and respond appropriately to them with their votes at the polls.
At CSER, we sympathize with Nigerians and share in their pains, just as we urge that they keep faith with democracy and remain law abiding even in the face of this needless provocation by agents of destabilization.
CSER then demanded a total reversal of the naira redesign policy because it’s objective which was hidden has become manifest in the untold pains and sufferings visited on innocent Nigerians and businesses which is undemocratic and unacceptable, just as it called on the national assembly to immediately pass a vote of no confidence on the headship of the CBN through a resolution demanding the removal from office of Mr. Emefiele for official misconduct act of undermining national security and democracy and communicate it to President Muhammadu Buhari for executive action.
God bless the Federal Republic of Nigeria.
Thank you.
Yours Sincerely,
Nelson Ekujumi,

Executive Director.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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3 days ago

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December 20, 2024

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

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3 days ago

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December 20, 2024

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank has once again cemented its position as a leader in corporate social responsibility (CSR) by winning the prestigious Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s foremost recognition for impactful community and sustainability initiatives.

The bank was honored at the 18th edition of the SERAS Awards, held at the Oriental Hotel in Lagos, for its unwavering dedication to sustainable development and critical community interventions across Nigeria. The organizers commended Polaris Bank for its consistent efforts to improve lives and foster growth in underserved areas.

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

 

The SERAS Awards, often regarded as the gold standard in sustainability and CSR, celebrate organizations that drive innovation and create lasting societal and environmental benefits. Polaris Bank stood out this year for its extensive portfolio of impactful projects, earning the “Best in Rural Population Integration” award.

Some of the bank’s notable initiatives include:

Sponsoring the planting of 2,000 economic trees in communities like Ajingi, Kano State.
Renovating the Ibeju-Lekki Skill Acquisition Centre and donating essential equipment.
Installing boreholes in underserved rural areas to provide clean water access.
Supporting over 15,000 indigent students in public schools with educational resources, including uniforms, sandals, and books.
Providing free breast cancer screenings to 20,000 women over a decade and supporting survivors through retreats.
Establishing hospitals and rehabilitation centers for victims of sexual violence and vocational centers for women.
Donating ICT labs to skill acquisition centers and promoting financial literacy among students.
Organizing medical outreach programs and aiding Internally Displaced Persons (IDPs).
These initiatives have not only improved living conditions but also reduced rural-to-urban migration by making communities more self-reliant and livable.

Rebuilding Community Resilience
Polaris Bank recently demonstrated its commitment to resilience by rebuilding its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. The bank fully reconstructed and re-equipped the branch, restoring critical banking services and supporting economic recovery in the community.

Commitment to Sustainability
Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, emphasized the institution’s dedication to sustainability. “This recognition underscores our deliberate efforts to drive impactful socio-economic interventions and address the effects of climate change on our environment, economy, and people,” he said.

Lawal reiterated that for Polaris Bank, sustainability is not just a destination but a continuous journey of creating positive change.

Celebrating Africa’s Sustainability Leaders
The SERAS Awards brought together policymakers, business leaders, and global sustainability experts to celebrate organizations shaping Africa’s future through innovative solutions. Attendees used the event to connect with like-minded professionals and reaffirm a shared vision of lasting positive change across the continent.

As a trailblazer in sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion solutions to pressing societal challenges.

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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4 days ago

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December 19, 2024

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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