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Reps Urges CBN to Accelerate Circulation of Naira

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The House of Representatives implores the Central Bank of Nigeria (CBN) to accelerate the circulation of newly printed N200, N500, and N1,000 banknotes while initiating a phased withdrawal of the older notes from circulation.

This resolution comes as the country approaches the December 31, 2024, deadline for the old notes to cease being legal tender, a ruling upheld by the Supreme Court.

The House, in response to a motion raised by Adam Victor Ogene (LP, Anambra), emphasized the urgency of increasing the availability of new notes across Nigeria’s banking system to avoid potential disruptions in the economy.

The motion called for the CBN to ensure that commercial banks are adequately supplied with the new notes to meet the demands of the public, while simultaneously withdrawing the old notes from circulation in a structured manner.

Ogene stressed that without immediate intervention from the CBN, the country risks facing significant economic challenges as the deadline for the old notes approaches. “Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025,” Ogene stated during the House session.

A key concern raised by Ogene and fellow lawmakers is the apparent lack of a comprehensive public awareness campaign to educate citizens on the upcoming changes.

The House noted that the CBN should have launched a nationwide sensitization effort month in advance, utilizing mass media channels such as television, radio, newspapers, and social media.

This, according to Ogene, would ensure that Nigerians are well-informed about the impending phase-out of the old currency notes and the introduction of the new ones.

With just two months left before the deadline, the lawmakers have expressed disappointment over the absence of visible preparations by the CBN to address the currency transition. Ogene remarked,

He stated that the CBN should have initiated public awareness campaigns—including jingles, television and radio announcements, social media posts, flyers, daily newspaper ads, and periodic magazine publications—three months prior to the deadline.

 

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Crashed Helicopter’s Black Box Recovered, 3 Still Missing

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The Nigerian Safety Investigation Bureau (NSIB) has recovered the “black box” the Flight Data Recorder (FDR) and Cockpit Voice Recorder (CVR) of the ill-fated helicopter that crashed into the Atlantic Ocean while conveying workers of the Nigerian National Petroleum Limited from Port Harcourt, Rivers State.

 

The development was announced in a press statement released by the agency on Fiday which was signed by Mrs Bimbo Olawumi Oladeji, NSIB Public Affairs and Family Assistance.

 

The fatal crash had occurred near Bonny Finima, off the coast of Port Harcourt.

Eight persons (six passengers and two crew members) were confirmed to be on board the aircraft when the tragedy happened.

 

The Flight Data Recorder (FDR) and Cockpit Voice Recorder (CVR) from the Sikorsky SK76 helicopter that ditched off Bonny Finima on 24 October were recovered by search teams.

 

Oladeji noted the collaborative efforts of NNPC, Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Navy, and HydroDive in the search.

 

The statement reads: “NSIB, in conjunction with the Search and Recovery partners NNPC, NIMASA, the Nigerian Navy, and HydroDive, has recovered the Flight Data Recorder (FDR) and Cockpit Voice Recorder (CVR) from the Sikorsky SK76 helicopter, registration 5N BQG, which ditched in the Atlantic Ocean off the coast of Bonny Finima on October 24, 2024.”

 

The helicopter, operated by Eastwind Aviation, was transporting eight passengers at the time of the accident.

 

“Since the accident, NSIB and its Search and Recovery partners have coordinated a search and recovery effort in collaboration with local and international partners to locate and retrieve the bodies of the deceased and the critical components necessary for a comprehensive investigation.

 

“The FDR and CVR, commonly referred to as the aircraft’s “black box,” was retrieved early this morning. This device is crucial in helping investigators analyse flight performance and cockpit communications to determine the sequence of events leading up to the accident.

 

“The recovered recorder has been secured for transport to NSIB’s data analysis lab. It will undergo data extraction and analysis by NSIB’s specialists to gain insights into the operational and technical conditions preceding the accident and to help determine the cause of the accident.

 

“As of today, three individuals remain unaccounted for, and long-term search efforts continue in coordination with local and international partners. NSIB Director General Captain Alex Badeh Jr. commended the recovery teams and stressed the importance of the investigation:

 

“The recovery of the Flight Data Recorder and Cockpit Voice Recorder marks a monumental step in understanding what led to this tragic accident. The black box holds vital information that will provide invaluable insight into the sequence of events leading up to the accident, which will help us determine the cause and inform any necessary safety recommendations.

 

“While our thoughts are with the families of those still unaccounted for, concerted efforts are being made to find the missing individuals and provide answers to the families affected by this accident.”

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Over 1 Million Fuel Stations On Way Out

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Fuel consumption has plummet across the nation amid skyrocketing pump price, creating a lull in business and the possibility of over a million fuel stations across the country, being at the brink of closing stations.

With oil marketers voicing alarm over severe losses, no less thanly 10,000 oil dealers are already facing imminent closure.

There are indications that many Nigerians will soon tip the Compress Natural Gas (CNG) for the Premium Motor Spirit (PMS), as the popularity of latter begins to wane drastically, ostensibly, due to lingering harrowing task of sourcing fuel by marketers.

The present administration of President Bola Ahmed Tinubu has embraced the use of CNG as lee-way to cushion the effect of fuel subsidy in Nigeria, as announced by government on May 29, 2023.

In August 2023, the Federal Government had set up the Presidential Compressed Natural Gas Initiative (PCNGI), headed by Michael Oluwagbemi, to give vent to the use of CNG in Nigeria, by setting up conversion centers for non-compliant vehicles while boosting adoption of gas among motorists

According to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, fuel consumption plummeted to 4.5 million litres per day in August 2024, a staggering decrease from 60 million litres per day in May 2023

The situation represents a dramatic 92 percent drop, suggesting a sharp downward slope in demand in the wake of the rising demand for the CNG.

The data further reveals that only 16 out of 36 states received fuel from the Nigerian National Petroleum Company Limited in August, resulting in widespread shortage

Since President Bola Tinubu announced the removal of the fuel subsidy in May 2023, petrol prices have skyrocketed by approximately 488 percent, climbing from N175 to over N1,000.

These relentless price increases have placed immense strain on the economy, hiking transport costs and exacerbating inflation, as struggling Nigerians voice their frustrations over the escalating hardships.

The situation has compelled many motorists to forsake their vehicles in favor of public transportation.

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NCAA to Airlines: Pay for Lost Luggage

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The Nigeria Civil Aviation Authority (NCAA) has decided to reinforce regulations requiring airlines to compensate passengers for lost luggage, setting the compensation at N10,000 for domestic flights and $170 for international flights.

NCAA’s Director of Public Affairs and Consumer Protection, Michael Achimugu, outlined the entitlements that can be claimed by passengers, during a press conference held in Abuja highlighting efforts to improve consumer rights awareness in the aviation sector.

Mr Achimugu noted that NCAA regulations also stipulate that passengers affected by luggage delays are eligible for “first needs” compensation.

This includes a payment of N10,000 for domestic flights and $170 for international flights while the airline conducts its search for the missing luggage.

The Director elaborated on the timelines for recovering luggage, explaining that airlines have between one to seven days to locate a missing bag on domestic flights, while international flights allow up to 21 days for the search process.

“A luggage is said to be lost if not found after seven days search on domestic flights and 21 days search on international flights,” he noted.

Once the luggage is declared missing, the process for compensation commences, “The process for compensation for missing luggage commences after the said luggage is declared missing. Any fees paid for that luggage must also be refunded,” he said

He continued by saying that in the case of flight cancellations or significant delays, passengers are entitled to prompt ticket refunds. For payments made in cash, the refund should be issued immediately.

The authority is addressing these issues through passenger education initiatives, regulatory improvements, and infrastructure development.

Egua highlighted the benefits of informed passengers: “By knowing your rights as a consumer, you can advocate for better treatment and services in Nigeria’s aviation sector,” he stated, emphasizing that passengers play a role in holding airlines accountable.

Mrs. Ifueko Abdulmalik, Senior Special Adviser to the NCAA Acting Director General, stressed the obligations airlines must fulfill to ensure passenger satisfaction and safety.

Abdulmalik outlined that airlines are required to clearly communicate terms and conditions, maintain precise flight schedules, and provide efficient baggage handling to minimize issues related to delays, cancellations, and overbooking.

Additionally, she pointed out that passengers have a right to full transparency regarding flight schedules, fares, baggage allowances, and compensations.

“Passengers have rights to know flight schedule, fare, and baggage allowance; right to compensation for flight delays; right to refund for unused tickets (within 7 days) and right to baggage protection,” she noted.

Abdulmalik highlighted that common passenger concerns include “flight delays and cancellations, baggage loss, damage, or delay, overbooking and denied boarding, refund and compensation disputes,” urging passengers to familiarize themselves with these rights to better advocate for fair treatment.

However, for refunds processed through bank transfers or other electronic means, the NCAA allows up to 14 days for the funds to be returned to the passenger.

Achimugu emphasized that refunds via means other than cash must be made within 14 days. However, some delay might be experienced from submission of required documents for the passenger.

The NCAA urges airlines to adhere strictly to these refund protocols to uphold passenger rights within the aviation industry.

 

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