All Posts in "Day: November 29, 2022"

IGP Unaware Of Court Order Reinstating Dismissed Officer-Spokesman

The Force Spokesperson, Chief Superintendent of Police (CSP), Olumuyiwa Adejobi, says Inspector-General of Police (IGP), Usman Alkali Baba is unaware of court order for the reinstatement of a dismissed officer of the force.

Adejobi,in a statement,disclosed that the IGP did not “disregard Court Order or rule of law as the office is not aware of any court order, during the current IGP’s tenure, with respect to a matter making the round in the media that the IGP disobeyed a court order for the reinstatement of a dismissed officer of the Force.”

He said:”It is instructive to note that the case in point concerns an officer who was dismissed as far back as 1992, a few years after the current IGP joined the Nigeria Police Force, based on available facts gleaned from the reports.

“The most recent judgement on the matter was given in 2011 which should ordinarily not fall under the direct purview of the current administration of the Force. Thus, the news is strange and astonishing. The IGP has however directed the Commissioner of Police in charge of the Force Legal Unit to investigate the allegation in a bid to ascertain the position of the court and profer informed legal advice for the IGP’s prompt and necessary action.”

The spokesman quoted his boss as reiteratimg his commitment to upholding the rule of law and synergizing with the judiciary to ensure quick dispensation of justice for an improved criminal justice system.

admin by — November 29, 2022 in News 0
FG Approves 2 Weeks Paternity Leave For Civil Servants

The Federal Government has announced the approval a 14-day paternity leave for serving male officers whose spouses deliver babies.

The Head of the Civil Service of the Federation (HCSF), Dr. Folasade Yemi-Esan, stated this in a circular with ref no: HCSF/SPSO/ODD/NCE/RR/650309/3, dated 25th November, 2022.

The Federal Government has also approved the commencement of 14-working-day paternity leave for federal civil servants.

The circular entitled, “Computation of Leave Based on Working Days and Approval of Paternity Leave in the Public Service,” explained that this is in line with the provisions of the Public Service Rules, 2021 Edition, that the computation of all leave shall be based on working days.

“Government has also approved Paternity Leave for serving male officers whose spouses deliver babies.The period of the leave shall be 14 working days. The leave shall not be more than once in two years, and a for maximum of four children.

“Where the family of a male officer adopts a child under four months old, the officer will similarly enjoy paternity leave for a period of 14 working days,” Yemi-Esan said.

She said that request for such leave shall be accompanied by the Expected Date of Delivery’s (EDD) report of the officer’s wife or evidence of approval of the adoption of the child by the relevant government bodies.

She also said that the effective date of the circular is 25th November, 2022.

The Federal Executive Council (FEC) in September this year, had approved a 14-day paternity leave for men in the federal civil service, to make men properly bond with their newborn babies or adopted ones.

The Federal Government explained that the bonding was necessary to help the newly-born or adopted baby properly bond with the father in the early period.

“We’ve also gotten approval to include paternity leave. This is something that is new. And this is something that the unions in the service asked that we include, and luckily, we’ve been able to include it.

“We’ve also been able to ensure that leave now is calculated based on working days, not on calendar days, that also has been approved.We also have introduced the transition from paper service to a digital service. So these are some of the new things that are in the new Public Service Rules(PSR) that has just been approved by the Federal Executive Council,” she said.

admin by — November 29, 2022 in Labour/Human Resources 0
CBN: Nigeria’s Currency Outside Banking Sector Hits N2.7tr

Of the N3.2 trillion in circulation, N2.7 trillion is outside the banking sector,the Central Bank of Nigeria CBN has said.

Mrs. Amina Giwa, the Deputy Director, Currency Department of the apex bank disclosed this in Port Harcourt, the Rivers State capital, at the ongoing 2022 Nigeria Deposit Insurance Corporation (NDIC) FICAN workshop programme .

Presenting a paper entitled: ‘Redesign of Naira: Benefits to financial system and the Nigerian economy’, she said 85% of cash in circulation found to be constantly outside the banks over the years.

Speaking on the reasons for the redesigned of the Naira,she explained that it was to fight against counterfeiting of the currency and discourage hoarding among other things.

According to the Deputy Director, 99% of counterfeit discovered are in the three highest denominations including N1000, N500, and N200 notes, adding that the circulation of counterfeit bank notes can undermine financial stability and also weaken national economies and jeopardize livelihoods.

She enumerated the benefits of the steps taken by CBN to include streamlining the volume of banknotes in circulation, disrupting and blocking underground economy such as terrorism, money laundering among others.

She added that the move will also disrupt counterfeit activities and promote adoption of e-transacting channels (enhance financial inclusion), enhance visibility and control of the money supply, and reduce cash management expenditure.

Presenting a paper entitled: Role of the Nigeria Deposit Insurance Corporation: Beyond Deposit Insurance’ Dr Kabir Katata, disclosed that NDIC has developed curriculum for teaching financial inclusion in Nigerian universities.

Mr. Bashir Nuhu, the Director, Communications, Public Affairs Department CPAD, who prepared the paper,said the move is all part of efforts to ensure financial awareness is taken to all the nook and cranny of the countries, adding that special events such as trade fairs, are used to enlighten the public on the services of the Corporation.

He implored the media and all stakeholders to work hard to improve financial inclusion, stressing that it is the only way to reduce poverty in the country.

According to him, NDIC among other things, serves as a safety net for bank Depositors to ensure that the monies are safe and can be recovered in the event of any liquidation.

He noted that all NDIC works hard to ensure are that ‘those who put their monies in the banks do not loose anything, distress resolutions, to ensure financial system stability”.

admin by — November 29, 2022 in Banking&Finance 0
CBN Gives N81bn Rebate To Exporters Of Non-Oil Products

The Central Bank of Nigeria (CBN) has disbursed about N81 billion in rebates to Nigerian exporters.

Governor of Central Bank of Nigeria,Godwin Emefiele spoke on Tuesday in Lagos at the second Edition of the RT200 bi-annual conference with the theme: “RT200 Non-Oil Export Program: The Journey So Far”.

He noted that of this amount, only $1.966 billion qualified for the rebate program, but only $1.559 billion was sold at the Investors and Exporters (I &E) window or for own use.

He said events in the last three quarters have shown that when the bank makes a commitment, it keeps that commitment to the latter.

“I know that there have been calls to make all exporters eligible for the rebate, and not just limit it to finished and semi-finished products.While we see some justification for this, one of the goals of the RT200 program is to help quicken the process of industrialization and encourage exporters to earn more from their export business,” Emefiele stated.

He said the conference looks at what has been achieved since the first summit and the result of the collaborative efforts by all stakeholders in the export value chain as well as areas for further improvement and collaboration.

He said for exporters, flying the flag of Nigeria in the international market,the Bankers’ Committee and the CBN stand ready to partner with them to achieve their goals.

He said exporters can benefit from the many financial programs introduced by the CBN through their bank to grow their businesses.

He also said export can transform the economic structure of countries, from simple, slow-growing, and low-value activities to more productive activities that enjoy greater margins driven by technology.

He added:“We must help our exporters and our economy by adding value to what we produce and export. We are already getting feedback from banks on the interest of exporters to add value to the products they export in order to allow them to benefit from the program.

“We are happy that this is happening, and we encourage more exporters to find ways to add value to their export products so that they can benefit not only from the scheme but get better value for their exports.

“We are already getting feedback from banks on the interest by exporters to add value to the products they export in order to allow them to benefit from the program. We are happy that this is happening, and we encourage more exporters to find ways to add value to their export products so that they can benefit not only from the scheme but get better value for their exports.”

admin by — November 29, 2022 in Agriculture 0
NDIC Assures Of Safety Of Depositors’ Funds

The Nigeria Deposit Insurance Corporation (NDIC) has assured bank depositors of the safety of their monies in banks even in unlikely event of bank failure.

Dr Kabiru Katata, Director, Research Policy and International Relations Department of NDIC, said this on Tuesday in Port Harcourt in a lecture at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN).

He said the corporation had a strong safety net system in collaboration with the Central Bank of Nigeria (CBN).

According to him, the corporation welcomes complaints of bank customers seeking redress against unfair treatment.

He added:”No CBN, NDIC staff will tell you that any bank is having issues so, if you hear the rumours, discard them.In an unlikely event where it is true, it will be announced and be assured that 99.9 per cent of your deposits are safe.Once in a while, there might be issues but the safety net system is strong. NDIC has its resolution power, CBN have their own too”

He said that no country would achieve development without the majority being involved in the financial system.

Katata said that without financial inclusion, poverty would not be effectively eradicated from the country.

He listed some challenges faced by the corporation to include legal challenges to revocation and liquidation activities and lack of public awareness of the Deposit Insurance System (DIS).

He added that the corporation also conducted cyber-security examination in conjunction with the CBN to review the adequacy of information technology controls put in place by banks.

admin by — November 29, 2022 in NAICOM 0
Adeleke Begins Probe Of Oyetola’s Administration

Osun State Governor, Ademola Adeleke,has constituted panel and review committees to oversee a comprehensive assessment of the state of governance in the state in the last three months.

The constitution of the panels are in line with Executive Order 6, which the Governor signed on Monday,a statement by Olawale Rasheed, the spokesperson to the governor,said.

It said Dr. Muyiwa Oladimeji will spearhead the committee to undertake staff audit, appointments and promotions, while Dr. B.T. Salam will chair the committee on state’s assets inventory and recovery.

According to the statement,former Attorney General and Commissioner for Justice, Barr. Niyi Owolade chairs the contracts, agreements and M.O.U Review Committe while Reverend Bunmi Jenyo will lead the chieftaincy affairs review committee.

admin by — November 29, 2022 in News 0