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Reps order CBN to stay action on cash withdrawal policy

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House of Representatives on Tuesday insisted that the Central Bank of Nigeria must not proceed with its cash withdrawal policy.

Although the CBN Governor, Godwin Emefiele, for the second time, failed to appear before the House, the lawmakers said their December 8 directive to the apex bank to put the policy on hold had not changed.

Amid protests and condemnation, the lawmakers rescheduled the CBN governor’s appearance for Thursday.

Checks however indicated that the apex bank had not circulated any counter directive to banks and other financial institutions stopping the policy despite the resolution of the lawmakers.

The House at its plenary on December 8 summoned Emefiele to appear before it on Thursday last week to explain the latest policy by the CBN which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

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Among others, the CBN, in a statement on December 6, indicated that beginning from January 9, 2023, the amounts individuals and corporate organisations could withdraw per week would not exceed N100,000 and N500,000, respectively.

The lawmakers wanted to grill Emefiele on the policy on Thursday last week but he failed to appear at the green chamber.

The Deputy Governor, Corporate Services, CBN, Edward Adamu, in a communication to the House told the lawmakers that Emefiele was part of the entourage of the President, Major General Muhammadu Buhari (retd.), on an official trip to the United States.

Deputy Speaker of the House, Ahmed Wase, who read out the letter at the opening of plenary said Gbajabiamila had rescheduled Emefiele’s appearance to Tuesday (yesterday).

At the opening of plenary on Tuesday, the Speaker of the House, Femi Gbajabiamila, notified members that Emefiele would not be appearing before them.

Gbajabiamila said, “First, I think it is important that I communicate back to the House because a couple of weeks ago, the House resolved to, and in compliance with the Central Bank Act and the Constitution of the Federal Republic of Nigeria; we invited the Central Bank governor to brief us last Thursday on policies and what was going on; to brief the House on both the redesigning of the naira and, more importantly, the new cash policy.

“The Central Bank governor was supposed to come in last Thursday but he wrote to the House stating that he was unavoidably absent as he was in the United States on an official visit with Mr President. The House did write back to give him another date since he was officially out with Mr President, and that other date was for today, Tuesday, 10 am.

“Just yesterday, I received a letter from the Central Bank…rather, the Clerk (to the House) received a letter which I have with me. It was not addressed to me, but to the Clerk, since he was the one that wrote the invitation letter in the first place.”

The Speaker went on to read out the latest letter from the Deputy Governor, Corporate Services, CBN, Edward Adamu, titled ‘Re-Invitation for Briefing.’

It read in part, “We refer to your letter of December 15, 2022, inviting the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to appear before the House of Representatives on a rescheduled date of Tuesday, December 20, 2022.

“Regrettably, the governor is unavailable to brief the House of Representatives at this time because he has other pre-scheduled official engagements he is currently addressing abroad.

“Accordingly, he has requested that we respectfully convey his inability to honour the invitation on the rescheduled date. The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment.”

Gbajabiamila then sought the opinion of members on the next line of action.

A member of the House, Yusuf Gagdi, said he was not going to comment on the policy “but about your powers and our powers, and the need to respect the Nigerian people.”

He stated that the crafters of the Constitution did not err by creating the House to call public office holders to account for their activities on behalf of Nigerians.

Gagdi said, “I think at this point in time, it is quite important for us to let such public office holders know that it is not Right Honourable Femi Gbajabiamila that is summoning the CBN governor or Honourable Yusuf Gagdi or the Deputy Speaker or any member; it is the collective whims of the Nigerian people that are inviting the CBN governor to come and explain some of the policies that Nigerian people needs explanation for.

“I am not against any policy but I am against disrespect to you and to the Nigerian people. The Speaker is a symbol of this House and Nigerian people. So, if you disrespect Mr Speaker, you are disrespecting Nigerian people; you are disrespecting the House.”

The Speaker interjected to say that he wanted to put the matter in the proper context.

Gbajabiamila said, “The invitation was not from the Speaker, the invitation was from the House; that is one. Two, in fairness, at the time the invitation went out, he was already out of the country officially. So, I don’t want to see it as disrespect, as such.

‘’He was already out of the country. I get your point…once, twice and there cannot be a third time. And I don’t think he can be out of the country for so long. I am just thinking that we can give another date on Thursday.”

Dissatisfied, Gagdi stated, “Mr Speaker, we have names to protect. As much as I agree with you 100 per cent and I am guided, I wish to equally say that we should be mindful of the impression the House is giving out there.

“I have to commend the House for even inviting him in the first instance. But Mr Speaker, you are coming together for a policy that is commencing in the next few weeks. I believe coming back to address some of these daunting challenges is quite imperative than any other thing they are doing.

“It is important for the CBN governor to know that we will not tolerate further excuses in terms of non-appearance before the House to explain to Nigerian people some of these policies.”

In his submission, Femi Bamisile said he agreed with Gbajabiamila, urging other lawmakers to be patient with the CBN governor.

Also, Abdulganiyu Olododo-Cook asked if the House was sure that Emefiele would appear on Thursday, being the last plenary for the year.

Gbajabiamila noted that the most important thing was for the House to get “a proper, full briefing and it behoves the CBN governor, in accordance with the law, to brief this House.”

He said Olododo-Cook raised a valid point as to Emefiele staying outside the country beyond Thursday.

The speaker said, “At this point, we will be requesting to find out what that official assignment is that will keep the CBN governor away for almost two weeks. I would like to know that official assignment at this critical point in Nigeria that will keep him away for two weeks.’’

“In my humble opinion, because this House will also more than likely close on Thursday for the Christmas break, I think we should resolve to invite the CBN governor to brief this House on Thursday morning. And if for any reason it is verified that he is unavoidably out of the country on Thursday and he has a deputy governor or anyone who is well equipped to fully brief this House, so that we do not carry this unto next year. So, the CBN governor for Thursday or his deputy who is fully equipped with all the facts.” he said.

However, the Minority Leader, Ndudi Elumelu, however, reminded members that the resolution suspending the policy was still in force, whether Emefiele appeared or not.

Elumelu argued, “Mr Speaker, I think we are missing something here. The House, in the interim, has taken a position. The issue of him coming was just to fulfil all righteousness, in compliance with the law. We have already passed a resolution asking him to suspend the implementation of that policy. And the Senate has equally concurred with the resolution we passed.

“So, whether he comes or he doesn’t come, we have passed a resolution asking him to suspend, and the Senate has concurred. So, what we should be looking at is whether he will disregard the concurrent resolution of both chambers. I think we should work towards and reinforce that, pending when he appears before us to brief the House.”

Gbajabiamila agreed with the minority leader that both resolutions still stand.

In his contribution, the Majority Leader, Alhassan Ado-Doguwa, urged the lawmakers to give Emefiele another opportunity on Thursday.

Asked if banks would continue with their preparations for the commencement of the new cash withdrawal limits on January 9, 2023, the President, Association of Corporate Affairs Managers of Banks, the umbrella body for banks’ spokespersons, Mr Rasheed Bolarinwa, said, “Yes, Deposit Money Banks have prepared for the implementation of the policy effective Jan 9, 2023 up till this moment, except otherwise advised by the CBN.”

Efforts to get comments from the Director of Corporate Communications of the CBN, Mr Osita Nwanisobi, were futile as he did not respond to a text message sent to him on the directive from the House of Representatives, and calls did not go through.

Meanwhile, northern youths under the umbrella of Arewa Youth Assembly on Tuesday stated that criminally-minded politicians against the cash withdrawal limits policy masterminded the alleged failed arrest of the CBN governor by the Department of State Services.

The youths said the World Bank, Internal Monetary Funds, African Development and other development partners should “intervene to save Nigeria and pay special attention to what is happening in CBN and its governor, to ensure that his tenure is not truncated on false charges.”

The Publicity Secretary of the AYA, Alhaji Ali Muhammad, during a press conference in Abuja, described those against the new policies by the CBN as enemies of the country.

He, therefore, called on the President to sack the Director-General of the DSS, Yusuf Magaji Bichi, without further delay.

The Arewa youths maintained that politicians who had stockpiled funds to rig the 2023 poll were behind the move to remove the CBN governor.

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Alleged $1bn arms fraud: Funds given to Defence Ministry, not military — Gen. Buratai

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Former Chief of Army Staff, COAS, Lt. Gen Yusuf Buratai, retd., disclosed yesterday that the $1bn approved for defence procurement during his tenure as Army Chief by the federal government was released to the Ministry of Defence and not the services.

Gen Buratai disclosed that the funds, which were approved by the National Economic Council, NEC, did not pass through his hands or the accounts of the Nigerian Army, Navy and Air Force.

He said allegations surrounding the funds turned out to be “political and malicious,” noting that “they first emerged during the 2019 election period when the opposition alleged that the money had been diverted for electoral purposes”

His words:  The $1 billion was approved by the National Economic Council, NEC, for defence procurement. Not a single dollar of that fund passed through my hands or through the accounts of the Nigerian Army, Navy, or Air Force.

“The funds were released to the Ministry of Defence, and the entire procurement process was handled by that ministry. The Army, Navy, and Air Force never had a single dollar from that fund to make procurement directives.

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“I have described these allegations as political and malicious. They first surfaced during the 2019 election period when the opposition alleged the funds had been diverted for electoral purposes, a claim the federal government publicly refuted. Yet the stain remained, attached to the service chiefs, rather than the institution that managed the funds.”

The former COAS said the federal government publicly refuted the allegation at the time but lamented that the controversy continued to affect the reputation of service chiefs.

He faulted the ministry for not publicly explaining how the funds were disbursed or how contracts were awarded.

“The ministry, since then on its own, had not publicly explained how the funds were disbursed or contracts awarded. Accountability must be properly located,”he said.

While calling for greater transparency in military procurement, Buratai recommended the establishment of a defence procurement transparency portal to publish information on contracts awarded, contracting entities and delivery timelines, subject to national security considerations.

“The Ministry of Defence must own procurement record. The $1 billion arms procurement controversy festered because the institution that managed the funds, the Ministry of Defence, remained silent while service chiefs absorbed criticism.

“I recommend a Defence Procurement Transparency Portal that publishes, within national security limits, broad categories of contracts awarded, contracting entities, and delivery timelines.

“When the media asks where the money went, the answer should come from the ministry that spent it, not from military officers who never touched it,” he said.

Furthermore, Buratai proposed quarterly accountability bulletins summarising court martial outcomes relating to human rights violations and operational conduct, provided the publications did not compromise the rights of accused personnel or ongoing military operations.

Speaking on alleged human rights violations by members of the Nigerian security forces, Buratai said credible claims should be investigated and, where substantiated, prosecuted.

“I have always maintained that where credible allegations exist, they must be investigated and, where substantiated, prosecuted. The military is not above the law,” he said.

He acknowledged the need for the military to demonstrate that its disciplinary processes were credible, transparent and capable of addressing allegations at all levels.

He said that improved communication by the military and the Ministry of Defence would help address public concerns and ensure that media reports reflected the full context of security operations.

In his remarks, Former Senate President and Chairman Senate Committee on Defence Senator Ahmed Lawan, called  for a dedicated percentage of Nigeria’s revenue to funding of the Armed Forces of Nigeria and other security agencies to procure more platforms.

He noted that the National Assembly had been supporting the Armed forces and other security agencies by way of budgetary approvals.

He said:  “For us in the National Assembly, it is our duty to support the arm of government, to ensure that whatever resources are available and are required, are requested by the arm of government, we support that and we even give more.

‘’As at today, I am over 27 years as a member of the National Assembly, I have not seen any request sent by the executive for the armed forces and other security agencies that has not been approved. In fact, in most cases, they were always approved because we believe that security is first.’’

The Minister of Defence, General Christopher Musa, in his remarks, said:  ‘Today’s security threats are increasingly complex, adaptive and interconnected. Terrorist groups, criminal networks and other adversaries exploit information, technology, financial systems and gaps in coordination to pursue their objectives.

Represented by Air Commodore Steven Ogunmodede, retd., Senior Special Assistant on Foreign Relations, the minister said:  “Consequently, our response must combine effective combat operations with timely intelligence, technological capability, sound planning and cooperation among relevant security institutions.

“This is the essence of intelligence-led operations. The ability to identify a threat early, understand its networks, anticipate its intentions and act with precision can make the difference between preventing an attack and responding after lives have been lost.

“Technology can strengthen our surveillance, reconnaissance, communications and analytical capabilities, but it must be supported by trained personnel, reliable systems, effective doctrine and sound operational judgement.

“Technology is a force multiplier, it does not replace the human judgement, discipline and professional competence upon which military effectiveness ultimately depends.

“At the Ministry of Defence and across the Armed Forces of Nigeria, we recognise the importance of these capabilities and continue to pursue approaches that improve situational awareness, intelligence coordination and operational effectiveness.

“We must remain willing to learn, adapt and innovate, while ensuring that investments in technology translate into practical improvements in our ability to protect lives, defend our territorial integrity and respond to emerging threats.

“Equally important is the need to strengthen cooperation across our security architecture, because no single institution possesses all the information or capabilities required to address today’s security challenges.’’

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Rochas Okorocha arrested, released after one-hour Interrogation — Police

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Former Imo State Governor, Senator Rochas Okorocha, was arrested by the Nigeria Police Force (NPF) on Monday night.

The Nigeria Police Force Public Relations Officer, CSP Aniete Iniedu, confirmed the development to Channels Television.

Okorocha, who was arrested at REIZ Continental Hotel in central Abuja, was, however, released on bail by the NPF following an hour of interrogation over allegations of criminal conspiracy, forgery and impersonation.

CSP Iniedu, who confirmed the arrest and subsequent release on bail to our correspondent, noted that the former governor was asked to return to the Force Headquarters on Tuesday for further interrogation as investigations into the allegations continue.

The arrest reportedly followed Okorocha’s failure to honour previous police invitations in connection with the ongoing investigation.

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He was initially invited to the Force Headquarters on September 2, but the appointment was rescheduled to September 8 at the request of his lawyers, a date he reportedly failed to honour.

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BREAKING: Soludo, Wike, Adeleke, others appointed member of APC Presidential Campaign Council

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Anambra Gov, Prof Chukwuma Soludo
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Anambra State Governor, Prof. Chukwuma Soludo, has been appointed a member of the All Progressives Congress (APC) 2027 Presidential Campaign Council list released last night.

This is despite the fact that he is the National Leader of the opposition All Progressives Grand Alliance (APGA).

Similarly, Federal Capital Territory (FCT) Minister Nyesom Wike, the National Leader of the opposition Peoples Democratic Party (PDP) and Osun State Governor, Senator Ademola Adeleke of the opposition Accord Party (AP), are on the expanded and all-inclusive team headed by President Bola Ahmed Tinubu.

Other members include Presidential Adviser on Policy and Coordination, Hadiza Bala Usman, former Ogun State Governor Ibikunle Amosun, former Lagos State Governor Akinwunmi Ambode, Aviation Minister Festus Keyamo, and former House of Representatives member Patrick Obahiagbon.

Also named as members are former Osun APC governorship candidate Bola Oyebamiji, former National Legal Advisers Dr. Muiz Banire and Babatunde Ogala, Chief Ayiri Emami, Victor Giadom, Magnus Abe, and former Ogun State Governor Gbenga Daniel.

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The list, according to a report by The Nation, reflects inter-party cooperation and harmony based on the shared vision of propelling the country to the horizon of progress.

The report quoted a statement by APC National Secretary, Senator Ajibola Basiru, as saying that the campaign council will be inaugurated tomorrow in Abuja.

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