CBN begins disbursement of old naira notes
The Central Bank of Nigeria (CBN) on Thursday began the disbursement of old naira notes to Deposit Money Banks (DMBs) as government authorities stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide.Apex bank directs DMBs to pick up old notes
The apex bank had directed DMBs to pick old N1,000, N500 and N200 notes at its offices across the country for onward disbursements to customers, following a meeting between the CBN Governor, Godwin Emefiele, and Bank Chief Executive Officers on Wednesday.Banks confirmed receipt of old notes
It was gathered that commercial banks truly got old naira notes from CBN offices across the country.Bank queues could remain next week
However, top bank officials said it would take about two weeks for the situation to normalize, adding that bank queues might not disappear until later next week.N500k per customer to be paid next week
They also hope to pay N500,000 per customer by next week.Situation might not normalize immediately, says bank union
Bank workers union also said the situation might not normalize immediately.Some banks yet to receive old notes
Further findings showed that only a few banks began disbursements on Thursday. It was learnt that several bank branches got the funds from the CBN very late. As such, they could not begin the disbursement.CBN to monitor bank compliance on disbursement
But the CBN has reportedly concluded plans to dispatch a team of officials to monitor compliance on the part of banks.CBN meets with Nigerian Labour Congress
Delegates from the CBN on Thursday met with Nigeria Labour Congress over the planned protest due to the scarcity of naira notes in the country.Strike will still hold, says NLC
When asked by one of our correspondents on Thursday evening if the strike would still go ahead despite the meeting with the CBN officials, Ajaero said, “The strike will hold until the situation in the country normalizes.”CBN disbursed N20bn to banks nationwide
Meanwhile, a reliable source who was privy to the meeting explained that the CBN said it had disbursed N20bn to banks nationwide, adding that banks in Lagos got N4bn while the lenders in Abuja received N2bn.Cash rationing still prevalent in some banks
Further findings showed that banks were still rationing cash in their custody despite the CBN’s latest directive on the release of old N1,000 and N500 notes.Banks yet to receive old notes in Abuja
Some banks in the Federal Capital Territory did not release cash to their customers despite the directive by the apex bank.
]The leadership of Nigeria Labour Congress (NLC), on Wednesday, directed all workers to picket all the offices of Central Bank of Nigeria nationwide starting from next week over current cash crunch in the country.
NLC President, Joe Ajaero, gave the directive at an ongoing press briefing at Labour House in Abuja.
He said the directive became imperative following the expiration of one week ultimatum given to the apex bank to make cash available for Nigerians.Credit: https://dailytrust.com/breaking-nlc-directs-members-to-cripple-activities-at-cbn-offices-nationwide/
The Nigeria Labour Congress (NLC) has directed public sector workers in the country to embark on strike. The strike is billed to commence on Wednesday next week. Joe Ajaero, the NLC president, gave the directive at a media briefing in Abuja on Wednesday.
He also directed that affiliate unions constituting the NLC should be on standby for picketing exercises across all branches of the Central Bank of Nigeria (CBN) nationwide.
Last week, the NLC issued a seven-day ultimatum to the federal government to end the petrol and cash scarcity being experienced in the country. Speaking with journalists, Ajaero said the industrial action became the last resolve of the NLC following the expiration of the ultimatum.
He said the decision to picket CBN branches became necessary as the federal government and the CBN have failed to show any commitment to addressing the situation. Ajaero lamented that despite the supreme court order that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023, the situation kept getting worse.
He said workers could not access cash to pay fares to work nor buy food for their families. He also criticised the pricing irregularities in the petroleum sector.
“Last week, we gave an ultimatum for the review of the cash crunch bedeviling the country, but we have discovered to our dismay that as at this moment not much effort has been made to ameliorate the situation, government is still foot dragging on these issues we raised,” Ajaero said.
“Based on this, we met again this morning to review our position and resolved that by Wednesday next week all CBN branches will be picketed, workers are directed to stay at home too because people cannot eat, workers can no longer go to the office, we have been pushed to the wall. We have decided to take our destiny in our hands, we have mobilised our workers on this exercise.”
President of the Nigeria Labour Congress, Joe Ajaero has directed public sector workers in the country to embark on strike beginning from Wednesday next week.
He also directed that affiliate unions constituting the Nigeria Labour Congress should also be on standby for picketing exercises across all branches of the Central Bank of Nigeria, CBN, nationwide.
The directive followed an earlier ultimatum issued by the Central Working Committee members of the NLC last week criticising the cash swap policy of the Federal Government.
Ajaero said the decision to picket CBN branches became necessary, as the Federal Government and the CBN have not shown any commitment to address the situation.
He lamented that despite the Supreme Court order allowing the old N500 and N1000 notes to circulate with the new notes till December 31st this year, the situation appears to be getting worse as workers cannot access cash to pay fares to work, nor can they buy food for their families.
Briefing reporters on Wednesday at the headquarters of NLC, the apex Labour union also criticised the pricing irregularities in the petroleum sector, which was also a cause for concern.
“Last week, we gave an ultimatum for the review of the cash crunch bedeviling the country, but we have discovered to our dismay that as at this moment not much effort has been made to ameliorate the situation, the government is still foot dragging on these issues we raised.
“Based on this, we met again this morning to review our position and resolved that by Wednesday next week, all CBN branches will be picketed.
“Workers are directed to stay at home too because people cannot eat, workers can no longer go to the office, we have been pushed to the wall, we have decided to take our destiny in our hands, we have mobilised our workers for this exercise,” Ajaero stated.
According to Ground Up, the Special Investigating Unit (SIU) head Advocate Andy Mothibi seemed to confirm that Terry Pheto's non-profit organisation, Sunguti Projects, of which she is the sole director, was one of the companies that benefited from the Lotto funds. Ground Up did more digging and found out that not only did Terry's Sunguti projects obtain the R3 million that everyone is aware of, but another R1 million was also allegedly paid to the non-profit organisation.
On March 2, the SIU auctioned Terry's Bryanston home after she was implicated in the National Lotteries Commission (NLC) scandal. The investigators claimed Pheto used the R3 million she was accused of stealing to build the luxury home. Briefly News reported that the decision came as an order from the Gauteng division of the Court of South Africa. The SIU discovered Pheto allegedly used the non-profit organisation Sunguti Projects to obtain the R3 million.
Tweets from the SIU claimed that even president Cyril Ramaphosa favoured the auction. In related news, Briefly News reported that Terry Pheto's luxury mansion did not get any buyers. The Tsotsi actress' Bryanston home went under the hammer on Thursday, March 2. The Special Investigations Unit (SIU) is auctioning the house to get some of the money she allegedly stole from the NLC.
@TVwithThinus shared a tweet announcing the new findings in Terry's fraud case, and people were angry. Many South Africans are frustrated by the misuse of public funds and the lack of accountability, given that such fraud and corruption cases happen regularly.
TimesLIVE reports that 22 participants logged in for the online auction as no bidders were on the property. The star allegedly built the three-storey, triple-bedroom house with the money she reportedly looted from the National Lottery Commission (NLC) grant fund.
The investigation into allegations of fraud and corruption at the National Lotteries Commission has led to several individuals and organisations being implicated, including Terry Pheto. It is unclear what will happen next in Pheto's case, but it is clear that the South African public is fed up with such misuse of public funds and that they demand action and accountability.
An unnamed social media influencer in South Africa has been in the spotlight for allegedly receiving R4mn ($300,000) from the National Lotteries Commission. The influencer reportedly received R1mn of this amount without a signed agreement, the Daily Maverick reported.
The R1-million is in addition to the R3-million she allegedly received and purchased a house in Bryanston with, which has since been put on auction to recover losses suffered by the National Lottery Commission. The R3-million was reportedly given to her for 'funding intended for the rollout of a public campaign and culturally sensitive medical intervention projects to achieve traditional circumcision', reports Drum Magazine.
The report states that the 'National Lotteries Commission (NLC) awarded a grant of more than R10-million to a non-profit entity to stage a South African Youth Awards ceremony'.
The National Lotteries Commission has long been embroiled in controversy, often receiving criticism for lack of transparency and corruption. In August, the National Lotteries Commission was ordered by the Western Cape High Court to disclose how it had spent the proceeds of the lottery, Business Day reported.
The influencer has not been named, but speculation is rife on social media. She did, however, take to Instagram and shared a 'beautiful message' with her followers, sparking more controversy, according to TimesLive. Many felt her message was insensitive in the light of the allegations against her.
The allegations have undoubtedly raised questions about the use of lottery funds and the role of influencers in promoting campaigns, as well as highlighting the importance of transparency and accountability.
On Thursday, an auction for Terry Pheto's 3-bedroom house in Bryanston, featuring two bathrooms, open-plan dining area and a rooftop garden, took place.
Auctioneer Graham Renfrew described the event as "difficult", since the opening bid of 4 million Rand received no offers.
The Special Investigating Unit (SIU) had previously announced the auction, as the house was linked to siphoning from the National Lotteries' Commission (NLC) grant funding meant for the public campaign around circumcision.
Although 28 people had participated in the online auction and the opening bid was lowered to 2.5 million Rand, no offers were made.
Therefore, Renfrew had to stall the auction, and instead wait for any offers in writing post-auction.
President Cyril Ramaphosa had authorised the SIU to investigate allegations of corruption concerning the NLC's affairs.
Overall, the auction for Terry Pheto's house ended as a flop, with no offers received after 84 days in the market.
Renfrew had to resort to wait for written offers, while President Cyril Ramaphosa had authorised an investigation of the NLC's activities.
Terry Pheto, award-winning actress and film director, is seeing her Johannesburg home auctioned off due to an Asset Forfeiture Unit freezing the house.
This came from a preservation order from the Special Investigating Unit in regards to the siphoning of money from the National Lottery Commission (NLC).
The funds are said to have come from an NLC-funded, non-profit organisation, set up to roll-out a public health campaign.
It is estimated that the house and property are together worth around five million rand.
Pheto’s legal team have accepted the preservation order.
The story of Terry Pheto’s home is but one of many tales of corruption in South Africa, where misappropriation of the National Lotto Commission funds meant for public health campaigns have led to the crippling of non-profit organisations.
These types of stories demonstrate the challenges faced by the country in trying to fight abuse of funds meant for civic-minded activities.
Terry Pheto’s house will be sold to help recover some of the missing funds, and hopefully bring about justice for those affected.
South African film star Terry Pheto has recently announced her decision to end her ongoing legal proceedings against the Special Investigating Unit (SIU).
This comes after their investigation revealed that the money used to purchase and build her luxury home in Bryanston, Johannesburg was taken from non-profit organizations who received National Lottery Commission funds.
The estimated value of the property is R3 million and bidding began at 11am on Thursday, March 2.
As advertised by the auction house, Asset Auctions, the house had a bidding range of R3 million to R6 million.
The online auction only lasted for five minutes and was publicized by the SIU on their Twitter page, where they described it as built using funds linked to the siphoning of NLC grant funding.
Pheto's legal representatives contacted the SIU and the Asset Forfeiture Unit (AFU) after the high court granted a preservation order, confirming they wouldn't be contesting the decision.
Following this, the SIU announced the details of the sale.
The actress had previously released media statements denying any involvement in fraud related to NLC funding and with her decision to no longer fight the legal case, her Bryanston property is now sold.
James Cassidy is a campaigner who is determined to increase the number of pedestrian crossings in the North Lanarkshire area.
He is pushing that two crossings are added on Alexander Street in Airdrie and Locks Street in Coatbridge due to their hazardous nature, especially for people with mobility issues.
Cassidy has spoken out to the Lanarkshire Live App, commenting on North Lanarkshire Council's criteria to assess the sites.
Although Alexander Street was noted, Locks Street was not evaluated.
From his research, Cassidy found that the council mainly considers financial aspects and, in one instance, developers being asked to improve the road network.
This is unfair, as the public opinion is not taken into account on the decision-making process.
A woman he spoke to bring this fact to life, where she needed to take a bus round to cross the dangerous Alexander Street due to her mobility issues.
According to the Council's policy for the Prioritisation of Road Safety Improvements, if vehicular traffic were to exceed more than 50% of the speed limit, a mere 40 points would be reached in the assessment.
Cassidy believes that this does not take into account how far above the limit vehicles are traveling, and the people most affected by the roads - the community - should hold more weight in the decisions.
He is disappointed with the current process, which he believes is neglecting the opinion of the public and caused by a prohibitive system which fails to meet the criteria.
A representative of NLC stated that their budget is too small to meet the 300 requests they have and have to assess the requests against the frameworks.
Cassidy hopes that NLC will take into account the potential danger of these roads, instead of making decisions based purely on financial aspects.