News

I sympathise with you, but it’s a necessary pain! Buhari’s broadcast on Naira swap pains

Published

1 year ago

February 16, 2023

NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023

My Dear Compatriots,

I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:
The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
A strengthening of our macro economic parameters;
Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
Exchange Rate stability;
Availability of Easy Loans and lowering of interest rates; and
Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.

Thank you for listening. God bless the Federal Republic of Nigeria.

News

BREAKING: FG hits Dana! Grounds operation 24 hours after Lagos crash

Published

12 hours ago

April 24, 2024

Whirlwindnews

A day after a plane belonging to Dana Airline, with registration number 5N BKI, skidded off the runway at the Murtala Muhammed International Airport (MMIA), the Federal Government, on Wednesday, announced the suspension of the operations of the airline, as it continues investigation into the incident.

Festus Keyamo, Minister of Aviation, who announced the measure against the airline, whose plane was involved in a fatal accident that killed all the passengers and crew on June 4, 2012 along Ishaga area of Lagos state, said the it had to do with concerns surrounding the safety and financial viability of their operations.

The plane said to be carrying 83 passengers on board, which had reportedly overshot the runway leading to the diversion of other flights to the international airport, had with social media abuzz with a video of passengers, making quick their escape from the ill-fated flight, only this time, there were no casualties as with the incident, 12 years ago,

Kingsley Ezenwa, spokesman of the company, who gave some details of the development, while confirming that all the 83 passengers and crew members onboard were unharmed, had explained that all relevant authorities had been informed of the incident.

He said in a statement, shortly after the incident: “We have also updated the AIB and NCAA on the incident, and our maintenance team has grounded the aircraft involved for further investigation. We wish to thank the airport authorities and our crew for their swift response in ensuring the safe disembarkation of all passengers following the incident.

“Our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding. We wish to reassure our passengers that their safety will always be our top priority, and we are cooperating fully with the relevant authorities to investigate the circumstances surrounding the incident.”

Business

Rebranding, customer-centric policy, paying off – Berger Paints MD

Published

1 day ago

April 23, 2024

Whirlwindnews

The Managing Director and Chief Executive Officer of Berger Paints Nigeria Plc, Mrs. Alaba Fagun, has ascribed the outstanding performance of the company for the financial year ended December 31, 2023, to the market appreciation of its rebranding, customer-centric policy, deployment of modern technology to ensure quality products and availability of strong human capital.

Despite the inclement operating environment, Berger Paints, a leading manufacturer of coated paints and allied products in Nigeria, has proposed a dividend of N231. 9 million for the 2023 financial year up from N202.9 million paid in 2022 and would be paying a dividend of N.80 kobo per share for its shareholders, subject to the ratification at its 64th Annual General Meeting (AGM), scheduled for Tuesday, May 14, in Lagos.

The dividend will bring the final dividend for the review period to N1 per share. At the AGM, the company shall seek ratification of payment of an interim dividend of 20 kobo per share, which amounts to N58.0 million.

Other performance indicators of Berger Paints include its profit for the financial year, which grew to N468,797 from N208,670 in 2022, and basic earnings per share, which jumped from 72 kobo to 162 kobo, an increase of 125 percent respectively.

“Despite the myriad challenges in our operating environment, impacting both our business operations and the daily lives of our customers and team members, we achieved a remarkable 125% growth in our bottom-line figure compared to 2022.

A review of the company’s other performance indicators shows that its revenue hit N7.91 billion, an increase of 25 %, Year-on-Year, Operating Profit, N730.18, an increase of 84 %, and total assets, N6.61 billion, an increase of 20 % amongst others

According to the Managing Director, the year 2023 underscored the enduring Nigerian love for vibrant experiences and Berger Paints rose to the occasion by exceeding customers’ expectations in the quality of products and service delivery. “With Berger Paints, you can never go wrong. Our commitment to customer satisfaction has been the bedrock of our success since 1959’, she added.

‘Throughout the year, we revitalized our corporate ethos by reshaping our brand. More than just a logo, our brand embodies a commitment to quality assurance and customer-centric values: Professionalism, Integrity, Innovation, customer focus, and Teamwork which helped us to achieve a strong position in the market’ the MD stated.

‘’Looking forward, we aspire to conquer the African market landscape with our products and services. Our dedicated team is poised to leverage resources efficiently, and innovate to deliver exceptional service to our customers,” explained Fagun.

In March last year, Berger Paints took the Nigerian manufacturing sector and the financial market by storm, when it unveiled its new brand identity. The rebranding was prompted by the need to capture the younger demography especially those aged 25-45 to ensure business continuity and success.

News

BREAKING: Why Ihedioha quit PDP *Weighs next political option

Published

1 day ago

April 23, 2024

Whirlwindnews

Emeka Ihedioha, Governor of Imo State from May 29, 2015 to January 14, 2020, has finally ditched the Peoples Democratic Party (PDP), the platform under which he became Deputy Speaker for eight years before he ran for the number one job in his state – one of the major outcomes of the current crisis in the nation’s main opposition party.

Ihedioha, announced his resignation in a letter to the ward Chairman in Mbutu, Aboh-Mbaise Local Government Area of the state, on Tuesday, five days after the National Executive Committee (NEC) of the party, citing his unhappiness with the way its affairs were being handled, which he could no longer live with.

An acolyte of Atiku Abubakar, former Vice President and two-time presidential candidate of the party in 2019 and 2023, it is believed that the position of former Deputy Speaker had to do with the inability of the PDP NEC, the second highest organ to deal decisively with the issues that have been beleaguering its leadership since the 2023 elections, in which it was split down the middle.

One of the issues was the failure of the party to take action against some renegades, who worked against Atiku in the last election, particularly the G-5, a group of five governors on the platform of the party before the election, led by Nyesom Wike, former Governor of Rivers State, now Minister of the Federal Capital Territory (FCT).

The group, which also included Samuel Ortom of Benue, Ifeanyi Ugwuanyi of Enugu, Okezie Ikpeazu of Abia, whose tenures ended in 2023 and Seyin Makinde of Oyo, currently in his second and final term, had stood staunchly against Atiku on the ground that he did not support the removal of Iyorchia Ayu, as National Chairman of the party, since both of them came from the North.

Against the backdrop that Wike and his group would be sanctioned with possible suspension or outright expulsion from the party, the NEC took a middle ground in what was not only seen as a slap in the wrist, but a victory for Wike against the Atiku camp, which had favoured full sanctions.

It is believed that this was what Ihedioha, was referring to when he lamented in his letter dated April 23, and delivered to the PDP headquarters on Tuesday, where he pointed out that he has no doubt whatsoever that his decision to quit was the right course of action, given that the party had deviated from its original character.

He wrote: “Since 1998, I have contributed my quota to the development and transformation of the Peoples Democratic Party (PDP) as one of the founding members. All these years, I have taken pride in the fact that the PDP is a party that will always look inward for internal reforms and provide credible leadership for the people, whether in power or outside power.

“I have had the benefit of serving and benefitting from the party at various levels. Regrettably, in recent times, the party has taken on a path that is at variance with my personal beliefs. Despite my attempt to offer counsel, the party is, sadly no longer able to carry out internal reforms, enforce its own rules or offer credible opposition to the ruling All Progressives Congress.

“It is in the light of the foregoing, that I am compelled to offer my resignation from the Peoples Democratic Party effective immediately. While this decision was difficult to take, I, however, believe that it is the right one. Despite this resignation, I will always be available to offer my services towards the deepening of democracy and good governance in Nigeria.”

It is however not certain where the former governor is headed, as one source is saying that he could be heading to the All Progressives Congress (APC), having helped Hope Uzodimma, the incumbent governor, who incidentally ousted him through the Supreme Court, in 2020 win his second term elections on the promise of a payback in 2027.

However, another source told Whirlwindnews.com.ng that the former Deputy Speaker, considered the ruling party too dirty and a no-go area to achieve his ambition, preferring the more popular Labour Party (LP) as the next destination.