Franca Afegbua, Nigeria’s first female senator is dead
Franca Afegbua, Nigeria’s first female senator, died in the early hours of Sunday, March 12, 2023, the family announced. “The Afegbua family of Edo State has confirmed the demise of the first woman senator in Nigeria, Senator Franca Afegbua, whose sad event occurred this morning, Sunday, March 12, 2023. She combined beauty and brains during her service to Nigeria. Funeral details will be announced by the family soon,” the family said.
Afegbua, 79, a native of Okpella town in the Etsako-East Local Government Area of now Edo State, represented the old Bendel-North Senatorial District in the aborted second republic in the national assembly under the then National Party of Nigeria (NPN). She was a high-end, Bulgaria-trained, Lagos-based hairdresser who came into prominence after she won a hair styling competition.
Her political journey only lasted for three months—October 1983 to December 1983.
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Cash mop-up driving millions of Nigerians into penury — CPPE
The Centre for the Promotion of Private Enterprise (CPPE), an economic think tank, said on Sunday that the current cash mop-up by the Central Bank of Nigeria is not only bringing the Nigerian economy to a halt but that it is also driving millions of Nigerians into penury, misery, and destitution. In its report, the economic think tank said that the economy had lost about N20 trillion since it started this cash mop-up and cashless policy objective.
It said that this cash withdrawal policy of the CBN was not only taking away the source of livelihood from millions of Nigerians but was now becoming a national threat likely to result in more civil unrest.
“Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 percent of cash in the economy,” the Director of CPPE, Dr. Muda Yusuf, stated while reacting to the currency redesign policy.
Yusuf called on President Muhammadu Buhari to reconsider this policy, saying that “Nigerians have not been this traumatized in recent history.”
EEDC offers ASAP payment for customers with outstanding arrears
Emeka Ezeh, Head, Corporate Communications of the Enugu Electricity Distribution Company (EEDC), told newsmen on Sunday that EEDC has introduced a new product known as the Accelerated Settlement of Arrears Project (ASAP), which will assist customers with outstanding arrears clear them while enjoying attractive discounts.
Ezeh said that the new product had some unique benefits for the customers in the south-east zone.
He said that the product offers graded discounts, ranging from 25 percent (for a one-time payment) and 20 percent (for three months payment by installment).
“There is also a graded discount of 35 percent (for debts of five years and above) and appeals to only non-maximum demand (NMD) customers,” he said.
To benefit from the product, he said that customers’ accounts must not have benefited from any previous discount scheme offered by EEDC, while the arrears must be before Jan. 1.
“In addition, customers must have subscribed to the MAP metering, with demand notes issued as a conscious way of ensuring that debts are not allowed to accrue further.
“This initiative is introduced by EEDC to relieve its customers of some debt burden, considering the very challenging economic situation in the country,” he said. (NAN)
AfDB supports Komadugu-Yobe basin with €362, 000 grant
The African Development Bank (AfDB) has signed a 362,000 Euro grant agreement with the Hadejia Jama’are Komadugu Yobe Basin-Trust Fund.
The bank, in a statement, said the grant would prepare additional studies under the second phase of developing a strategic plan for managing water resources in the Komadugu-Yobe Basin in northern Nigeria.
“Specifically, the grant will support the preparation of a Resettlement Action Plan (RAP) for the Challawa Gorge Dam Watershed Management Project and a stakeholder engagement plan.
“It will support a grievance redress mechanism and stakeholder consultations involving riparian communities and the Lake Chad Basin Commission, which comprises Cameroon, Chad, Nigeria, and the Niger Republic.
“The project will be implemented over eight months, and the Hadejia-Jama’are-Komadugu-Yobe Basin Trust Fund will execute the project,” the bank said.
US rushes to avert crisis with SVB deposit guarantee, bank fund
US authorities raced on Sunday to stem jitters about the health of the nation’s financial system, pledging to fully protect all depositors’ money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans.
The Treasury Department, Federal Reserve, and Federal Deposit Insurance Corp. jointly announced the efforts, aimed at strengthening confidence in the banking system after SVB’s failure
spurred worry about spillover effects. Concerns spread Sunday when state regulators closed New York’s Signature Bank.
Regulators acted swiftly on a number of fronts to contain the potential fallout—the FDIC said it will resolve SVB in a way that “fully protects all depositors.” Similarly, “all depositors” at Signature will be made whole.
The Fed announced a new “Bank Term Funding Program” that offers one-year loans to banks under easier terms than it typically provides.
The Fed also is relaxing terms for lending through its discount window, its main direct lending facility. (Bloomberg)
