Group demands N2trn compensation from CBN over impacts of

A Civil Society Organisation, Save Nigeria Movement (SNM), said the Central Bank of Nigeria (CBN) should compensate Nigerians with two trillion naira for losses, during the naira redesign by the suspended Governor, Godwin Emefiele.

The group said this in a letter to the CBN dated July 6 through its legal representative, Sorkaa & Associates.

The group said the amount represents one trillion naira compensation for Nigerians with bank accounts and another one trillion naira for those without bank accounts.

The group warned that it would take legal action if the apex bank failed to act within 30 days of their notice.

“We have been briefed by Save Nigeria Movement (SNM), a Non-Governmental Organisation (hereinafter referred to as ‘our client’), and our legal services retained.

“The brief of our client reveals that the CBN Naira Redesign Policy introduced in December 2022 to expire in February 2023 brought enormous hardship to Nigerians as attested by the former Senate President, Ahmad Lawan.

“President Bola Tinubu faulted the suspended Governor of CBN for harshly implementing the Naira redesign policy, stating that there are many Nigerians that suffered within the implementation of the policy.

“The brief of our client further reveals that the Governor’s court case against the CBN at the Supreme Court, which they won, ordered that the new and old naira notes remain legal tender until Dec. 31, 2023.

“This confirmed the illegality of the CBN’s entire policy.

“We hereby demand on behalf of our client the immediate payment of one trillion naira only as compensation to every Nigerian with a bank account who suffered from the economic terrorism of the suspended CBN Governor.

“We hereby also demand on behalf of our client the immediate payment of one trillion naira only as compensation to every Nigerian without a bank account who suffered from the economic terrorism of the suspended CBN Governor.

“Take note that should you fail or refuse to meet the demands of our legal correspondence upon receipt within the next seven days, that is counting from July 6 when we sent the letter, we will not hesitate to take legal steps forthwith without recourse to you.

“Remember, a stitch in time saves nine; please act wisely and pay compensation to Nigerians who had bank accounts and those who did not have bank accounts,” the group said.

Fuel subsidy removal, FX reform, yielding positive results, says Tinubu

President Bola Tinubu says the Federal Government is receiving support and commendations from the global communities over the removal of fuel subsidy and the foreign exchange regime policies, saying they are yielding positive results.

Tinubu stated this at a Gala/Award Night on Saturday, organised by the office of the Head of the Civil Service of the Federation (HOCSF), to recognise and honour outstanding civil servants to mark the 2023 Civil Service Week.

Represented by the Secretary to the Government of the Federation, Sen. George Akume, President Tinubu appreciated civil servants for their numerous contributions to the economic development of the country.

The president, who accepted the fact that the policies had in one way or the other affected the masses, said the government was working on measures to cushion the effects.

“We shall without delay cushion the pains being experienced by our people as a result of these measures through a number of well targeted interventions aimed at giving adequate relief and succor to a great number of our long- suffering citizens, ” he said.

He, however, pledged to give more supports to the civil service sector, being the custodian of public trust to consolidate on the gains of the ongoing reforms in the sector.

Earlier, in her opening remarks, the HOCSF, Dr Folasade Yemi-Esan, said every human being had an inherent desire to be appreciated or acknowledged for their efforts, and so hard-working civil servants deserve reward for their services to the nation.

According to Yemi-Esan, when an individual feels valued and recognised for hard work, he or she is more likely to be committed and enthusiastic next time around.

She used the occasion to present prizes namely, a brand new 2022 JAC JS4 Luxury Model SUV, a 2 Bedroom semi-detached bungalow; and a plot of land to the top three outstanding civil servants.

The gesture, which is in collaboration with the Aig-Imoukhuede Foundation, also favoured 29 other outstanding civil servants who went home with other awards while few got N500,000 each.

“The Star Prize of a Brand New 2022 JAC JS4 Luxury Model SUV won by Mrs Juwon Olayiwola of the Federal Ministry of Education; a 2-Bedroom Semi-Detached Bungalow was won by Mr. Nwachukwu of Service Welfare Office, office of the HOCSF and the 3rd prize, a Plot of Land, was allocated to Mrs. Chukweke Stella Oluchi, Office of the Secretary to the Government of the Federation (OSGF).”

While urging heads of MDAs to reward outstanding workers, the HOS said recognition/rewards could serve to inspire employees to go the extra mile to innovate and achieve excellence in the course of discharging their jobs.

“In this ever-evolving corporate world, fostering a positive and motivating work environment has become crucial for the success of any institution.”

Also, the Chairman, Federal Civil Service Commission, Dr Tukur Ingawa, represented by Dr Simon Etim, a Commissioner in the Commission, said rewarding a worker is critical innovative factor for motivation in executing the needed jobs in any organisation.

CAC to delete 100,000 companies over failure to file annual returns

The Corporate Affairs Commission (CAC) has announced plans to strike off 100,000 companies that have failed to file their annual returns in the last decade.

The registrar-general/CEO of the CAC, Alhaji Garba Abubakar, made this revelation during a Training Workshop on the Use of the Beneficial Ownership Register(BOR) in Lagos.

According to Garba Abubakar, the affected companies will receive notices of striking off before the commission takes action, as stipulated in section 692 of the CAMA, 2020.

However, he said, these companies have the opportunity to be relisted upon payment of their outstanding debts and an order from the court, as provided by the law. He urged companies to ensure timely payment of their annual returns to avoid being struck out.

Speaking about Africa’s first Beneficial Ownership Register, which was built by the CAC with the assistance of the World Bank, the registrar-general emphasised its potential to curb corruption, money laundering, and terrorism financing.

He called on stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organisations, to utilise the BOR effectively in fulfilling their responsibilities.

The chairman of the Nigerian Bar Association(NBA) section on Business Law, Dr. Adeyeye Adefulu, applauded CAC for achieving another significant milestone and pledged the NBA-SBL’s continued support and collaboration with the commission. He urged members to utilise the knowledge gained during the training to benefit the Nigerian economy.

While highlighting the importance of the BOR in combating money laundering and terrorism financing, the president of the Association of Bureau De Change Operators of Nigeria (ABDCON), Aminu Gwadabe, emphasised the need for professionals to exercise due diligence when dealing with clients.

The workshop featured presentations from the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC), providing valuable insights into the fight against financial crimes and illicit activities.

As CAC takes decisive steps to enforce compliance and promote financial transparency, stakeholders are called upon to play their part in ensuring the integrity of Nigeria’s business landscape.