January 31 Deadline: Banks Work Saturday, Sunday as Nigerians Rush to Return Old Naira Notes
Following the insistence of the Central Bank of Nigeria (CBN) on its January 31, 2023 deadline for the return of old notes of N200, N500 and N1000, many banks have decided to operate today (Saturday) and tomorrow (Sunday).
Investors King had reported that the governor of the apex bank, Godwin Emefiele, had shunned pleas from various quarters for the bank to shift ground and extend the deadline.
The National Assembly, business people, operators of Points of Sales (POS) among other stakeholders had complained over what they described as brevity of period in mopping up the old cash.
They hinged their displeasure and call for extension on the fact that the apex bank couldn’t make available the redesigned notes sufficiently available.
Bank customers had lamented over he scarcity of the new notes.
Most traders had been rejecting the old notes even when the new notes were yet to be abundantly in circulation.
Not minding these controversies that have shrouded the naira redesign and appeals for change of deadline, Emefiele has been adamant and had declared for umpteenth time that tye deadline remains sacrosanct.
In a bid to give their customers more window opportunity to return the old notes, some banks across the country decided to add this Sunday to their working days.
Since the deadline was announced late last year, CBN had directed commercial banks to start working on Saturdays which is specifically to collect old notes.
In about three days to the end of January 31, the commercial banks disclosed that they would add the last Sunday before the deadline to their working days for customers to return the old notes.
The development was contained in separate public notices made available to the public by the management of the banks on Friday.
According to the messages, said the weekend operations were for receiving of old naira notes alone.
The messages on the notices issued by some of the banks including Guaranty Trust Bank, First Bank, Wema Bank among others, read, “This is to notify the general public that all our branches will be open on Saturday and Sunday just to receive cash.
“All old Naira notes of series 200, 500 and 1000 will cease to be in use from the 31st of January. Thank You.”
Meanwhile, findings by this medium on Saturday revealed that Nigerians are making use of the opportunity to return their old notes.
Most of the people who had thronged various banks as from 9am on Saturday included traders and POS operators who trade with cash daily.
They expressed delight in the decision of the banks to include the weekend as their working days for the purpose of the old naira notes return.
However, sources from some commercial banks said that most banks would be returning the mopped up old notes to CBN on Tuesday, January 31.
The sources told Investors King that the banks would stop receiving the old notes at the end of Monday working hour.
“We are presently working and we will also work tomorrow (Sunday). This is only to collect the old notes as deposits from customers. The January 31 deadline is real. In just hope most Nigerians know that at the end of Monday working time, we won’t be collecting the old notes again because on Tuesday, we will return them to the CBN,” a bak official who did not want his name mentioned said.
Osinbajo Lauds China on Loans Offered to Africans, Repayment System
Nigeria’s Vice President, Prof. Yemi Osinbajo has commended the Chinese government for the loans given to African countries and its repayment system.
According to Osinbajo, the Chinese loans have reduced the reliance of Africans on international financial institutions like the World Bank, and International Monetary Fund amongst others.
He stated these at King’s College, London on March 27, 2023 while delivering a public lecture on ‘China’s Investment in Africa, Investors King reports.
The Vice President lauded China for constantly meeting the needs of African countries which has reduced the burden on the western institutions.
He further mentioned that the loan servicing system was made easy to aid the African economies, especially during the Covid-19 Pandemic in 2020.
Through its Debt Service Suspension Initiative (DSSI), China offered 73 low income economies suspension of principal and interest payments.
“Chinese banks provided 63% of the total debt relief while being only owed 30% of the debt service payments due,” Osinbajo noted.
The VP pointed out that China is the largest provider of foreign direct investment which provides jobs for hundreds of thousands of Africans.
On Chinese investment in Africa, Osinbajo stated that $254 billion was disbursed in 2021 which was calculated as four times the volume of US-Africa trade.
“China remains by far the largest lender to African countries. Chinese companies have also taken the lead in exploiting minerals in Africa, many now in lithium mining in Mali, Ghana, Nigeria, DRC, Zimbabwe and Namibia. Most African countries are rightly unapologetic about their close ties with China. China shows up where and when the west will not or are reluctant.
“And many African countries are of the view that the ‘beware of the Chinese Trojan loans’ advice from the west is wise but probably self serving. Africa needs the loans and the infrastructure. And China offers them.”
“All of Chinese lending to Africa is only 5% of all outstanding public and publicly guaranteed debt in low and middle income countries, compared to 23% held by the World Bank and other multilaterals. Chinese lenders account for 12 per cent of Africa’s private and public external debt,” the vice president stated.
FirstBank Announces a Name Change of its Subsidiaries, Reiterates its Commitment to Boosting Cross-border Payments
First Bank of Nigeria Limited, Nigeria’s premier financial services institution, has announced a phased corporate name change of its subsidiaries in the United Kingdom and Sub-Saharan Africa.
FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are the first set of subsidiaries effecting the name alignment. They are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia and FirstBank DRC. The Ghana, Senegal and Guinea subsidiaries will be next in the phased name change implementation.
The name change is being implemented to align the subsidiaries with the parent brand and to enjoy the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of banking leadership. This will further enhance the quality-of-service delivery resulting in better brand clarity, uniformity and consistency across all the markets where the Bank operates.
A leading financial inclusion services provider, FirstBank Group is committed to its nation-building goal. It has taken giant performance strides on its unique growth trajectory as it continues to build distinctive capabilities through partnerships and the constant drive to reinvent itself.
This performance is evidenced in the numerous awards and recognitions bestowed on the institution. These awards include Best Private Bank for Sustainable Investing in Africa 2023 by Global Finance Awards; Best Corporate Bank in Western Africa 2022 by Global Banking; Finance; Best CSR Bank Africa by International Business Magazine in 2022; and ranked as number one in Nigeria in terms of Overall Performance; Profitability; Efficiency and Return o Risk by the Top 100 African Bank Rankings 2022 released by The Banker Magazine from the stables of Financial Times.
In addition, in Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc., the Bank was crowned: Market Leader in Corporate and Social Responsibility (CSR); Market Leader in Environmental, Social and Governance (ESG); Highly Regarded in Corporate Banking and Digital Solutions and Notable: in SME Banking.
Speaking on the name change, Dr. Adesola Adeduntan, CEO of FirstBank Group, said ” the name change which coincides with FirstBank’s 129th founding anniversary (March 31 st , 2023) is indeed a milestone reflective of our resolve to continuously provide the gold standard of excellence and value as we put our customers First. The new identity of the subsidiaries contributes to an enhanced brand presence. It helps our customers and stakeholders better appreciate the value of the diversified products suites, competitive pricing and extensive business networks the FirstBank Group offers. These include our commitment to boosting cross-border businesses including trade and investment opportunities essential to enhancing trade relations amongst countries, thereby strengthening the economies of host communities and reducing poverty,” he concluded.
First Bank Denies Forgery Allegation in Face of Legal Battle with Loan Defaulter
First Bank of Nigeria Limited has issued a denial against the forgery allegation made by Francis Chukwumah Nwufor, the owner of Whiteplains British School.
In the lawsuit marked CR/266/2023, the federal ministry of justice had accused the bank of forging a “tripartite legal mortgage without the consent of Mr Francis Chukwumah Nwufor, with intent to commit fraud.”
In an official statement, First Bank described the accusation as a spurious allegation made by a delinquent debtor, which is aimed at tainting the bank’s loan recovery efforts and legal enforcement of its security collateral interest in line with the terms of the loan.
The bank emphasized that it operates by the highest standards of ethical conduct and will under no circumstances involve itself in any act of illegality. It further assured its numerous customers, stakeholders, and the general public that it remains focused on its mission of providing the best financial services.
The case has been adjourned until May 8th, as the prosecution lawyer stated that all the defendants had yet to be served with the charge.
It is common for loan defaulters to resort to legal battles with banks and this case is no different. However, it is important for both parties to ensure that the matter is handled in a transparent and legal manner.
First Bank’s denial of the allegation is a clear indication that it is standing firm against any attempt by recalcitrant debtors to fritter away depositors’ funds under its custody. The bank’s focus on its mission of providing the best financial services to its numerous customers is commendable and should be the guiding principle for all financial institutions.
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