Forget About It For Now: Reps order CBN to withhold introduction of N5000 note

The House of Representatives in
a unanimous resolution on
Tuesady, ordered the Central
bank of Nigeria (CBN) to hold on
the proposed introduction of the
N5000 note.
The lawmakers in their first session
after a long recess ordered the apex
bank to withhold the planned
release of the N5,000 pending the
outcome of the investigation of the
House Committee on Banking and
Finance.
The House resolved that the
committee will investigate the
planned introduction of the N5,000
note and redesigning of the N10,
N20 and N50 into coins.
The resolution followed a motion
moved by the minority leader, Femi
Gbajabiamila, who called on the
National Assembly to ‘urgently’
reform the CBN Act to curtail the
expenditure of the apex bank which
is carried out without any
appropriation by the lawmakers.
Mr Gbajabiamila said the CBN is
proceeding with the policy due to
the Act establishing the institution
which allows the bank to expend
money without the National
Assembly’s appropriation.
Illegal reinstatement of Oteh
The members also resolved that the
reinstatement of Aruma Oteh as the
Director General of the Security and
Exchanges Commission (SEC) is
illegal following the
recommendation of the House of
Representatives adhoc committee
which investigated the near collapse
of the capital market.
The Committee had called for the
removal of Ms Oteh noting that she
is unqualified to serve as the head
of the SEC.
The Federal Government had in July
recalled Ms Oteh, who was sent on
compulsory leave in June by the
board of SEC in the wake of an
investigation into the near-collapse
of the capital market launched by
the House of Representatives.
Following Oteh’s suspension, the
commission’s board had engaged
the services of Price Water Coopers
Limited, a audit firm to examine the
records of the commission’s
transaction covering the SEC project
50 which Oteh had supervised.