Emefiele accuses politicians of mop-up

Godwin Emefiele, the governor of the Central Bank of Nigeria, on Tuesday, accused politicians of a massive panic mop-up of new naira notes, which he said was behind the scarcity.

Emefiele stated that it conducted extensive research and consulted experts before concluding that the redesign policy would benefit the economy in the long run.

He made this remark during a briefing to the diplomatic community on recent monetary policy decisions of the CBN at the Ministry of Foreign Affairs in Abuja.

He said, “Currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2(b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy, are some of the hallmarks of a great central bank.”

Manufacturers endorse SON’s mobile calibration equipment for industrial development.

Manufacturers in Nigeria have praised the Standards Organization of Nigeria (SON) for the recently introduced mobile calibration vehicles and measurement equipment.

They spoke at the inauguration of SON’s mobile calibration vehicles and measurement equipment in Lagos on Tuesday.

Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, said the move by SON would provide access to new markets, prevent trade barriers, and open up the global market.

He added that the development would also increase market share, increase productivity, reduce costs, minimise errors, and guarantee consistency and uniformity of product. (NAN)

Naira notes: Ganduje threatens to sanction erring banks, business owners

Governor Abdullahi Ganduje of Kano State has warned major business owners of the possibility of revoking their operational licences if they continue to refuse to accept the old notes as a means of transaction in the state.

Ganduje gave the warning in a statement issued by the commissioner for information and internal affairs, Malam Muhammad Garba, in Kano on Tuesday.

The governor said that the old naira notes were still legal tender.

He explained that the Supreme Court was adamant in its interim injunction on the issue of old naira notes, which would be used as legal tender alongside new ones until a gradual and final phase-out.

Ganduje said that the state government observed that business owners such as supermarkets, malls, banks, restaurants, hotels, traders in markets, filling stations, and motor parks, among others, were in the habit of rejecting the old naira notes in business transactions.

PDP vows to petition DSS over alleged attacks on Lagos Island’s supporters

The Jandor-Funke Campaign organisation and the Lagos PDP chapter have vowed to petition the Directorate of the State Security Service (DSS) and other security agencies over the recent attack on its supporters on Lagos Island on Sunday.

The party made this pledge on Tuesday when it paid a solidarity visit to victims of political attacks by thugs of opposition parties on Lagos Island and Eti-Osa Local Government Areas, promising that it would not bow to pressure arising from attacks on its supporters.

The team included Hakeem Amode, the PDP’s state publicity secretary; Niyi Adam, the director of strategy for the Jandor-Funke Campaign Council; and others.

Niyi Adams said that no amount of intimidation and harassment would stop the victory of the PDP in the coming elections.

Musk donated around $1.95 billion in Tesla shares last year

A filing with the U.S. Securities and Exchange Commission (SEC) showed on Tuesday that Elon Musk, Tesla’s chief executive officer, donated shares worth $1.95 billion in the world’s most valuable automaker to charity last year.

Musk donated about 11.6 million shares between August and December last year, according to the filing, which did not say which organisation or organisations were the recipients.

The world’s second-richest person now owns around 13 percent of Tesla.

Tesla did not immediately respond to an email seeking details on which charity or charities received the donations.

Musk donated about $5.74 billion in 2021. (Reuters)