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Today's Headlines: Sack EFCC Chairman - CSOs, CBN Yet To Release Old Notes To Banks

Sack EFCC Chairman - CSOs

Photo Credit: Punch Newspapers)

Civil society organisations demanding the sacking of the Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, over his disregard for court orders, resumed the call on Tuesday.

The activists during a joint press conference in Lagos, on Tuesday, stated that their demand was also connected to Bawa’s alleged politicisation of the EFCC and infringement on human rights of Nigerians.

The CSO were joined by lawyers, led by Mogbojuri Kayode of the Citizens Rights Advocacy Group.The protest against the EFCC chair began in February.

But in a swift reaction, the Director, Media and Publicity, EFCC, Wilson Uwujaren, in a statement on Tuesday, said that the allegations are unfounded. He stated that the claims are being made by the same set of people whom the agency responded to during the agency's last press briefing earlier this year in February.

Photo Credit: Google

CBN Yet To Release Old Notes To Banks

Photo Credit: Daily Trust)

The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation despite asking commercial banks to commence their recirculation, findings have revealed.

This is amid the struggle by commercial banks to meet the increasing demands of customers who besiege their branches across the states and the Federal Capital Territory (FCT).

Traders, artisans, PoS operators, and students, among others, who visited bank branches, said they were disappointed as they could not withdraw the amounts they wanted.

Those who spoke to our correspondents said they were only given between N5,000 and N10,000 while a few others managed to get N20,000.

The CBN said Monday in a statement by its spokesman, Isa AbdulMumin, that deposit money banks operating in the country have been directed to comply with the Supreme Court ruling of March 3 which said the old N1,000, N500 and N200 remain legal tender until December 31.

Nestle SA Buys N90bn Stake In Nigerian Arm

Photo Credit: Punch Newspapers)

Food and beverage company, Nestle South Africa, has acquired N90.29bn worth of shares in its Nigerian subsidiary (Nestlé Nigeria Plc).

 In a corporate notice on insider dealing on Tuesday, signed by its Company Secretary, Bode Ayeku, the acquisition took place in two tranches on Monday and Tuesday on the floor of the Nigerian Exchange Limited in Lagos. In one tranche, 40,000 ordinary shares of Nestle Nigeria were sold at N1,092 per share, amounting to N48.68bn.

A second tranche saw 37, 967 shares sold at N1,096. It was worth N41.61m. This is a total of N90.29bn worth of shares.

The new stakes would further cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary.

Nestle Nigeria in its 2022 financial report disclosed revenue of N446.8bn, an increase of 27 per cent over the N351.8bn recorded in the previous accounting year.

Lebanese Lose Bid To Quash Charges, Extradition Order

Photo Credit: Punch Newspapers)

The Federal High Court in Lagos on Tuesday dismissed an application seeking to quash a criminal charge and extradition order filed against two Lebanese, Nabil Maukarzel and Halawi Fidaa, by the police.

The defendants were accused of defrauding Ecobank Plc of the sum of N9.4bn.

The foreigners, who were said to have since fled to Spain, were charged with three counts bordering on conspiracy, obtaining by false pretence, and fraud to the tune of N9.4bn

The Force Criminal Investigation Department told the court that the defendants became elusive and failed to appear in court to take their plea.

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