BusinessDay
NigeriaDecides2023

Five things to know to start your Thursday

EFCC hails CBN’s move to clampdown on currency hoarders

The Economic and Financial Crimes Commission (EFCC) has applauded the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Naira.

On Wednesday, Godwin Emefiele, the CBN Governor, announced that it had obtained approval from the Federal Executive Council (FEC) to redesign and reissue the N200, N500, and N1000 notes.

Emefiele stated that the new notes will come into circulation on December 15, 2022, while the old notes will cease to be legal tender after January 31, 2023.

Abdulrasheed Bawa, the EFCC Chairman, hailed the move as a “well-considered and timely response” to the challenges of currency management in the country.

Bawa, who spoke through Wilson Uwujaren, the EFCC spokesperson on Wednesday, welcomed the move by the Apex bank to redesign the currencies, stating that it had become unavoidable to carry out this action due to the negative impact the current currency impact is having on the country’s monetary policy.

“The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country’s monetary policy environment.”

“It is heart-warming that the CBN has demonstrated courage in taking this bold decision, which I believe will bring sanity to the currency management situation in Nigeria,” he said.

Marketers link current fuel scarcity to lack of import vessels

Oil marketers under the auspices of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have blamed the ongoing scarcity of Premium Motor Spirit (PMS) in the country on an absence of mother vessels to ship the product to the country.

The organisation also used the opportunity to call for an increase in the pump price of the product following current challenges brought about by the depreciating value of the naira. A situation exacerbated by the lack of product in many Nigerian National Petroleum Company Limited (NNPCL) depots.

A representative of the IPMAN also argued that the flood that ravaged some parts of the country had contributed greatly to the situation. The representative, who preferred to remain anonymous, complained that the price would have to be adjusted upwards again to accommodate the N179-N180 per litre price they buy from many depots.

LP releases updated presidential campaign list for 2023 poll

The Labour Party (LP) released on Wednesday an updated list of its Presidential Campaign Council (PCC) containing 1,453 members for the 2023 general election.

The list, according to Julius Abure, the National Chairman of LP, is final and replaces the earlier list which had 1,234 members. A list that generated much controversy over the absence of some members and the presence of some questionable people.

Abure said this at a news conference in Abuja, adding that the new list was an opportunity to accommodate more people in the Presidential Campaign Council.

According to him, Doyin Okupe remained the Director-General of the Presidential Campaign Council, while Mohammed Zarewa, a retired Assistant Inspector-General of Police, would serve as the chairman.

Some of the members included Oseloka Obaze, who would serve as Deputy Director-General and Campaign Manager, and Alhaji Yusuf Maitama, Deputy Director-General (North).

Also in the council were Yunusa Tanko, who would serve as spokesperson, while Clement Ojukwu would serve as the Secretary.

Denzel Ketenbe will serve as Deputy Director-General (South); Isaac Balami, Deputy Campaign Manager 1, and Eyitemi Taire, Deputy Campaign Manager 2, among others.

The Zonal Officers include Damian Okeke-Ogene, Coordinator South-East zone, Favour Rueben, Coordinator South-South zone, and Balogun Oshuntokun for the South-West zone.

Other state officers were Coordinator North-Central Joseph Ndira, Coordinator North-East Alhassan Fawu, and Coordinator North-West Alhaji Audie Mohammed.

Lagos records 74 deaths from traffic crashes in Q2 2022 – FRSC

The Lagos Command of the Federal Road Safety Corps (FRSC) said a total of 74 deaths were recorded in various traffic crashes in the second quarter of 2022 in the state.

The Zonal Commanding Officer, Asst. Corp Marshal, Peter Kibo, made the disclosure during the 2022 Ember month campaign flag off on Wednesday in Lagos.

Kibo, who was represented by Corps Commander Olusegun Ogungbemide, the Lagos Sector Commander, said that 232 people were injured within the period in question.

He added that 10 deaths were recently recorded in the Ishagamu fire accident.

The News Agency of Nigeria (NAN) reports that the theme of the Ember Months Campaign is, “Avoid Speeding, Overloading, Unsafe Tyres, to Arrive Alive”.

He said that road safety and management were everybody’s business.

Kibo said though the gridlock in Lagos helps in reducing accidents, excess speed, lack of discipline and failure to obey traffic rules have resulted in road crashes in the state.

The zonal commander urged commuters to always caution drivers against speeding and other actions inimical to road safety.

Kibo also cautioned against night travel, saying that 50 per cent of deaths recorded in 2022 happened in the night.

As Meta’s revenue decline accelerates, shares sink 14 percent

Meta Platforms Inc., Facebook’s parent company, has forecasted a weak holiday quarter and significant losses from Metaverse investments next year, sending shares down 14 percent.

According to Al Jazeera, the forecast on Wednesday knocked about $40 billion off its stock market value in extended trade. On top of the disappointing outlook, Meta is contending with slowing global economic growth, competition from TikTok, concerns about significant spending on the Metaverse, and the ever-present threat of regulation.

The Facebook parent company beat quarterly revenue estimates, which fell 4 percent to $27.7 billion in the third quarter ended September 30, from $29 billion the previous year.

That deepened a revenue decline that began in the previous quarter, when the company posted a first-ever revenue drop of 0.9 percent, but was less steep than the 5.6 percent decline Wall Street had expected, according to IBES data from Refinitiv.

Meta also posted user growth figures roughly in line with expectations, including a year-over-year increase in monthly active users on its flagship app, Facebook.