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Makinde Reopens Sasa Market, Lifts Curfew

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Governor Makinde Donates Fire-Truck To Ibadan Airport

Oyo State Governor ‘Seyi Makinde has directed the immediate re-opening of the crisis-torn Sasa market, in Akinyele Local Government Area of Oyo state.

The governor, after a meeting with representatives of Yoruba and Hausa communities who are stakeholders in the market today said that he had agreed to reopen the market, having been assured of sustained peace.
The stakeholders were led by the Baale Sasa, Amusa Alabi, and Seriki Hausa of Sasa, Malam Haruna Mai Yasin, to the meeting which held at the Western Hall, Secretariat, Agodi, Ibadan.

Governor Makinde stated that the market was being reopened so that people could continue to make their ends meet.
He also declared that his government had lifted the curfew imposed on the area in the wake of the violence that erupted in the market recently.

According to him, due to the normalcy that has returned to the area, the government will put in place palliatives, while also ensuring that adequate security measures are in place to ensure people go about their normal businesses without threats.
He stated that every effort must be put in place to forestall any outbreak of crisis.

He said: “Since peace has returned to the market and the community, we have given the go-ahead that the market be reopened. I have ordered that some palliatives be done. This is because we also want to see what is happening there at night. So, I instructed that solar light be done so that we will see what is going on there every day and night.

“In our environment, economic activities are very germane and basic. We do not want our people to be hungry and angry so that we do not precipitate another issue.

“So, closing the market for an extended period of time is not sustainable but the fact that all the stakeholders within the community have come together themselves, is a good step in the right direction.”

Makinde also announced the closure of Iroko market, adding that its promoters were reportedly part of the traders who caused the recent clash at Sasha market.

He said: “The Iroko Market will remain shut. From what we heard, the promoters of that market were part of the people causing confusion and problem at Sasa Market. We will take a long-term view of the Iroko Market but in the meantime, it must remain shut.

READ ALSO: Edo Foils Arson Attempt Over Probe Into N30b Storm Water Project

“I thank you because I know what it takes for you to be here. I have listened to you the leaders of Sasa.

“When my brother-governors visited Seriki Sasa’s palace, while we were working around, I realised that both the people I saw at Seriki’s place and those I met at Baale’s place were not happy because they have been deprived of doing their job.

“If you look at Oyo State, even when the COVID-19 was at its peak, I decided not to shut our market places because I know and also explained to the leadership of the country at the national level that in our state, we have people that the proceeds from what they get today will determine if they will eat tomorrow or not.

“So, considering the economic situation and the peculiarities we have with us, I have heard what you said, and we will immediately reopen the Sasa Market.

“The Commissioner for Local Government is here. They will bring bulldozer to the market today or tomorrow morning. They will clear the place and whatever palliatives we can do will be done.

“But I want to appeal to you largely to continue to have a good relationship with the Baale and Seriki of Sasa just the way it has been.

“Please, go back to it and wherever you need our support, we will ensure we give it to you. And if there are challenges, we are all here to fix them for you. Return to the market and Sasa community.

“So, once again, I am coming back to Sasa Market when the commercial activities must have begun fully. “The solar street-light installed at Ojoo will also be installed at the market so that you can trade both day and night and the community also will be well illuminated.”

On behalf of the traders, DIG in charge of South West, David Folawiyo, earlier clarified that peace has returned to the warring communities and urged the governor to reopen the market for traders to continue commercial activities.

The DIG equally appealed to the governor to help the traders clear the motor park and expand the frontage of the market for trailers conveying goods to market.

He said: “We have seen that there is now peace in Sasa. So, we want to urge the governor to expand the market so that trailers can enter there conveniently, even if the market will not be repaired and renovated for now.

“We want the governor to help us clear the motor park, expand the frontage of the market for trailers to park.
“What brought us here is to let you know that there is no division between the Yoruba and Hausa communities in Sasa. But the only division we have seen is only among the traders in the Sasa market.

“When the governor admitted that there would not be two markets there, all of us observed that it is a great inconvenience. And we also saw that after the closure of the market, four days after, everybody was already tired.

“From every corner of the market, they have been asking why we have not begged the governor to open the market. They even said if the market is not opened, their trailers should be allowed to convey goods to the market like before. And that is why we are here today so that we can present this case to the governor by ourselves.”

The meeting had in attendance, Commissioner for Local Government and Chieftaincy matters, Chief Bayo Lawal, Commissioner for Investment, Trade and Industry, Hon.Adebisi Adebiyi, and Commissioner for Public works and Transport, Prof. Dahud Sangodoyin, the DIG David Folawiyo in charge of South West, the Oyo State Commissioner of Police – Ngozi Onadeko and many others

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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

The Central Bank of Nigeria (CBN) on Wednesday reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.

The apex bank stated this in a circular issued Wednesday evening.

In an earlier circular it issued on December 6, the CBN had said that with effect from January 9, 2023, the maximum cash withdrawal over the counter by individuals and corporate organisations per week, will be N100,000 and N500,000 respectively, adding that withdrawals above these limits would attract processing fees of 5 per cent and 10 per cent respectively.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

It further stated that maximum cash withdrawal per week via Automated Teller Machines (ATMs), from January 9, will be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

The apex bank also directed banks to load only N200 and lower denominations into their ATMs.

In addition, the CBN announced that maximum cash withdrawal via Point of Sales (PoS) terminals), from January 9, will be N20,000 daily.

 

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

President Muhmmadu Buhari has informed the House of Representatives that the government will take another N1 trillion loan from the Central Bank of Nigeria (CBN) through ways and means.

He said the additional N1 trillion would take the total obligation to CBN to N23 trillion which the government seeks to convert to bonds.

The letter was referred to Committees on Finance, Banking and Currency, Loans, Aid and Grant.

Buhari also asked the House of Representatives to approve N819.5 billion supplementary budget for 2022.

In a letter read by Speaker Femi Gbajabiamila on Wednesday, President Buhari said the budget would be financed with new domestic borrowing.

READ ALSO: Debt Profile Under Buhari Worrisome – CBN

He noted that if the supplementary budget was approved, it would take a total deficit in 2022 to N8.17 trillion.

Buhari explained that the country decided to explore a supplementary budget because of the impact of flood and the need to complete major roads that were at 85% completion.

“The president writes that 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country,” the letter reads.

He added that “The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”

The letter was referred to the House Committee on Appropriation for further legislative action.

 

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Why We May Withdraw Banks’ Foreign Exchange Dealership Licences – CBN

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Emefiele Sick, Can't Meet With Reps - CBN

Miffed by the violation of its diaspora remittance rules, the Central Bank of Nigeria (CBN) has threatened to revoke banks’ foreign exchange dealership licenses.

The CBN’s warning was contained in a circular by the Director, of the Trade and Exchange Department, Ozoemena Nnaji, that waa published on Monday.

In a bid to boost diaspora remittances, especially through the banking system, the CBN, in November 2020 circular to banks, had directed that beneficiaries of such remittances should be paid in dollars through the designated banks of their choice.

However, the apex bank, noted that some International Money Transfer Operators (IMTOs) engage in illegal activities through banks in violation of this directive, by paying diaspora remittances in Naira.

The circular stated: “The attention of the CBN has been drawn to the increasing illegal activities by Money Transfer Operators in Nigeria, through banks, by terminating payments in Naira contrary to extant regulations.

‘This unwholesome practice has some banks partnering with unlicensed international money transfer operators who disguise their transactions and terminate the same via local inter-bank transfers.

“Henceforth, any bank found to be aiding and abetting any IMTO or unlicensed operator in this activity would be appropriately sanctioned.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

“We also wish to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB. requirements).

“For the avoidance of doubt, all banks and IMTOs are to pay out proceeds of diaspora remittance only in US Dollars and comply with the guidelines on International Money Transfer Operations published by the Bank.

“Any bank found to be aiding/collaborating with IMTOs in terminating remittances in naira will have their authorised dealership licence withdrawn.”

 

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