Business

Reps Urges CBN to Accelerate Circulation of Naira

Published

7 months ago

October 24, 2024

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.

Abuja Reports

Abuja: Tinubu, Akpabio Lead Talks on Real Estate Reform

Published

2 weeks ago

May 5, 2025

Samson Adeyanju

By Ekaete Bassey

President Bola Ahmed Tinubu and Senate President Godswill Akpabio are billed to headline the 55th Annual National Conference and Annual General Meeting of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), in Abuja.

The week-long event, themed “Transform, Invest, Thrive: Optimising Real Estate Finance and Taxation,” will run from May 5 to 10 at the Abuja Continental Hotel.

A statement by NIESV’s National Publicity Secretary, ESV Richard Olodu, confirmed Tinubu will serve as the special guest of honour, while Akpabio will attend as guest of honour.

The conference aims to chart a transformative path for real estate development through deeper fiscal reforms and investment strategies.

Also expected at the high-powered gathering are Minister of the Federal Capital Territory, Nyesom Wike; Minister of Housing, Ahmed Dangiwa; and Minister of Finance, Wale Edun.

Chairman of the Federal Inland Revenue Service and Presidential Adviser on Revenue, Dr. Zacch Adedeji, will deliver the keynote address, expected to dissect current tax policies and their impact on property financing.

NIESV President, ESV Victor Adekunle Alonge, has extended an open invitation to estate professionals, public sector leaders, investors and diaspora stakeholders to partake in what he described as a defining moment for Nigeria’s real estate sector.

The conference is projected to offer insights capable of unlocking economic growth, with real estate positioned as a strategic anchor.

Business

Jubilation as MTN, Kogi End Tax Row

Published

2 weeks ago

May 1, 2025

Samson Adeyanju

By Adenike Lawal

Full telecom services have returned across Kogi State following the resolution of a prolonged dispute between MTN Nigeria and the Kogi State Government.

The disagreement, which had forced a shutdown of several network masts, disrupted connectivity for weeks, leaving businesses and residents frustrated.

Traders and digital service users, particularly in Lokoja, were hit hard by the blackout.

Gbenga Adebayo, Chairman of the Association of Licensed Telecoms Operators of Nigeria, confirmed that the matter has been amicably settled and that service providers can now operate without hindrance.

The shutdown stemmed from claims by the Kogi State Utility Infrastructure Management and Compliance Agency that MTN failed to meet regulatory requirements and had outstanding taxes related to its fibre optic network.

With the standoff now resolved, both parties have agreed to a compliance framework to avert future service interruptions.

The resolution has brought much-needed relief to thousands who rely daily on digital access for communication and business.

Business

Nigeria’s Cotton Industry Set to Reap $90bn by 2035

Published

3 weeks ago

April 28, 2025

Samson Adeyanju

By Ifeoluwa Odunayo

Nigeria’s cotton industry is poised for a major resurgence following the approval of the Cotton, Textile, and Garment Development Board (CTGDB) by the National Economic Council (NEC).

The initiative, a key part of the government’s economic strategy, is expected to generate up to $90 billion by 2035.

Funded through the Textile Import Levy from the Nigeria Customs Service, the CTGDB will be based in the Presidency.

While Nigeria has the potential to grow cotton in 34 states, current production remains low at just 13,000 metric tons annually.

The new plan aims to revive the industry, reduce textile imports, and create jobs, marking a significant step towards economic diversification.