Connect with us

Business

FG move to stop ponmo consumption, says it has no nutritional value

Published

on

Abuja—The federal government of Nigeria says it is proposing legislation to ban the consumption of animal skin, locally known as ponmo, in the country.

The Federal government said the move is to revive the tanneries and the comatose leather industry in the country.

TheCable reports that Muhammad Yakubu, director-general, Nigerian Institute of Leather and Science Technology (NILEST), Zaria, stated this in Abuja on Sunday.

He said the habit of eating animal skin, which has no nutritional value, should be stopped to save the industry and boost the nation’s economy.

The director-general added that the institute, in collaboration with stakeholders in the industry, would approach the national assembly and state governments to bring out legislation banning “ponmo” consumption.

“To the best of my knowledge, Nigerians are the only people in the world that overvalue skin as food, after all, Ponmo has no nutritional value,” he said.

“At one point, there was a motion before the two chambers of the national assembly, it was debated but I don’t know how the matter was thrown away.”

According to him, the consumption of animal skin is partly responsible for the present comatose state of tanneries in Nigeria.

He also said the current National Leather Policy had addressed some fundamental problems of the sector.

“If we get our tanneries, our footwear and leather production working well in Nigeria, people will hardly get pomo to buy and eat,” Yakubu said.

“When implemented fully, it would turn around most of the comatose tanneries and ginger greater output in production.”

Yakubu appealed to stakeholders to support the legislation and the national leather policy to revive the sector.

Business

Naira redesign: CBN denies plan to print ₦‎5,000 note 

Published

on

By

Port Harcourt—The Central Bank of Nigeria (CBN) said there’s no plan to introduce N5,000 denominated bank note following the naira redesign.

Daily Post reports that Ahmed Umar, CBN Director of Currency Operations made the clarification on Tuesday in Port Harcourt, Rivers State.

Umar attended the Nigeria Deposit Insurance Corporation (NDIC) workshop for Financial Correspondents Association of Nigeria (FICAN) and Business Editors.
We are not introducing any new note. Some people have seen one N5000 note that we don’t know about”, NAN quoted him saying.
ReAd also: Newspaper publisher retracts defamatory publication against, ex-Maritime University VC
Umar was represented by Amina Halidu-Giwa, Head of Policy Development at CBN Currency Operations Department.

The official said note restructuring would mean that lower bills like the N100 note would become coin.

Umar added that the focus of the apex bank is printing notes that would replace the currencies to be withdrawn.

“What we are printing is going to be very limited because we want other means of settling transactions to be used,” he explained.

Continue Reading

Business

If elected president, I will name, shame oil thieves—Atiku to business leaders

Published

on

By

Lagos—The 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has threatened to name and shame oil thieves in the country if elected Nigeria’s President in 2023.

Channels TV reports that Atiku made this known on Saturday when he interacted with the Business Dialogue Stakeholders Forum at Eko Hotel in Lagos.

Atiku also said he would confiscate all oil blocs allocated to some Nigerians who have failed to make them operational.

“If you are not going to develop oil blocs given to you, we will take it away and give it to those who will develop it.

“We will also assemble the names of those involved in oil theft, publish same and prosecute them,” Atiku told the stakeholders.

He reiterated his commitment to privatizing the refineries in Kaduna, Port Harcourt and Warri.

Atiku was at the event with his running mate and Delta State Governor, Ifeanyi Okowa.

Both Governors Udom Emmanuel and Aminu Waziri Tambuwal of Akwa Ibom and Sokoto states; who are the Chairman and Director General of the Atiku/Okowa presidential campaign team, urged the stakeholders to support Atiku for a better Nigeria.

Continue Reading

OPINIONS/OTHER NEWS ARTICLES

CBN to redesign N200, N500 and N1000 notes

Published

on

By

Abuja—The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500, and N1,000 notes.

CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja. The new design and issues will be effective from December 15, 2022, according to reports by Channels TV.

It was reported that the action was taken in order to take control of the currency in circulation, according to the CBN boss.

The apex bank, Emefiele stated, has secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.

“In line with the provisions of Sections 2(b), Section 18(a) and Section 19, Seb section(a) and (b) (2007), the management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,00 levels,” he said.

“In line with this approval, we have finalised arrangements for the new currency to begin circulation from December 15, 2022 after its launch by President Buhari.

“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be a legal tender.”

Once the new notes are designed Nigerians are expected to take old notes to banks for the new notes.

The CBN Governor is also concerned about how Nigerian currency is being stored currently.

According to him, the bulk of the nation’s currency notes was outside bank vaults and the CBN would not allow the situation to continue.

Emefiele added, “To be more specific, as of the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public.

“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022. I must say that this is a worrisome trend that must not be continued to be allowed.”

According to him, the initiative by the CBN will help address some of the nation’s security threats, especially kidnapping and terrorism.

He believes that terrorists and kidnappers capitalise on the large excess of money to carry out their nefarious activities.

Continue Reading