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Banks announce plans to discontinue use of old cheques by December 31

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Customers have been warned that old standard cheques will not be accepted and will not be cleared from January 1, 2024.

According to some messages sent out by the DMBs, customers were informed that the bank would discontinue the use of the old standard cheque in accordance with the CBN directive on the discontinuation of old cheques for transactions.

According to the CBN circular issued in 2019, DMBs were urged to stop accepting the old chequebooks and an initial deadline for the parallel run where the old and new chequebooks were accepted was fixed on August 31, 2020.

However, due to the COVID-19 outbreak, the deadline was moved to December 31, 2020, while the Full enforcement of the second edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 was billed to commence by Åpril 1, 2021.

The CBN in a recent circular signed by Sam C. Okojere, Director, Banking Services Department (BSD), however, noted that most banks did not adhere to the earlier announced deadline.

The statement read, “The cut-off date for the parallel run was March 31, 2021, and from April 1, 2021, only new cheques are admissible in the clearing system.

However, it has come to our notice that some Deposit Money Banks (DMBs) are still using old cheques for in-house purposes. in view of this, it has become imperative for the Bank to direct all DMBs to ensure that the use of old cheques for any form of transactions, will cease to be acceptable on or before December 31, 2023,

Consequently, any DMBs who use the old cheques for in-house purposes at the expiration of December 31, 2023, or transmit any instrument that is not in conformity with NCS/NICPAS 2.0. would be penalised in accordance with the Sanctions Grid.”

Recent checks revealed that some DMBs have started intimating their customers about the update by asking them to check at their branches for the new chequebooks.

Customers were further warned that from January 1, 2024, the old standard cheques will not be accepted and will not be cleared

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Economy

NNPC Reacts As Lamido Says Tinubu Should Not Double As Petroleum Minister

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The Nigerian National Petroleum Company Limited (NNPCL) has reacted to the allegations made by the former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi.

Recall that Sanusi had said President Bola Tinubu should not double as the Minister of Petroleum.

Sanusi made the submission on Thursday while speaking at The Bank Directors Summit held at the Congress Hall of the Transcorp Hilton in Abuja.

According to him, the advice is necessary in order to have someone who can be held accountable because if anything goes wrong in the petroleum sector, people would not want to speak against the President.

The former Emir of Kano also called for the Nigerian National Petroleum Company Limited (NNPCL) audit, noting that this call cost him his job as the CBN Governor.

However, speaking on the matter during an interview with Punch, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, said there would be no need for an official response to the claims made by the ex-CBN boss.

The NNPC said it was focused on delivering the task set for the national oil company, stressing that everyone was free to air their opinion.

He explained that constant responses could hinder the enormous task before the oil company, adding that NNPC would rather concentrate on handling the work that it was established to deliver.

“Everyone is entitled to their opinion. Constant responses to every individual can hinder our work. Our focus remains on delivering energy security, managing ongoing projects, and implementing reforms,” Soneye stated

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Economy

Kyari seeks just energy transition for Africa at COP 28

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The Group Chief Executive Officer (GCEO), Nigeria National Petroleum Corporation (NNPC) Ltd, Mr. Mele Kyari, yesterday reflected on the search for sustainable solution to decarbonised energy.

He said the African Continent needed “a just, differentiated transition” to harness its resources for the benefit of its future generations.

Kyari spoke at a Regional CEO Panel organised by McKinsey & Company on the sidelines of the ongoing United Nations Conference on Climate Change (UNCCC) in Dubai, United Arab Emirate (UAE).

The GCEO, who joined other global energy leaders from the United States, Holland, and Oman to highlight energy perspectives and insights on the evolving energy market, said the world must understand Africa’s peculiarities in addressing the effects of climate change on energy businesses.

In a statement by NNPC’s Chief Corporate Communications Officer, Mr. Olufemi O. Soneye, the GCEO called for a differentiated energy transition.

Kyari said: “I have always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world.

“In Africa today, 75 per cent of our population doesn’t have access to electricity, leaving us with biomass as a key energy source. The world needs to recognize that the most practicable thing today is to substitute what we have in the short term to close the energy gap for our rising population.”

Noting that Nigeria may be among the global top 10 economies by 2035 and third in terms of the global population, Kyari said the energy poverty question should be discussed as nations unite to achieve net zero by 2050.

He said with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria is currently utilizing gas to drive its journey towards energy transition.

Kyari said NNPC Ltd was creating a regional gas pipeline network to supply natural gas across the African continent and boost its Liquefied Natural Gas (LNG) supply to the foreign market.

He said the idea of eliminating gas flares from gas projects was meant to deploy the gas towards developing power plants nationwide.

Kyari said the move will boost national electricity supply, create employment opportunities, and trigger the nation’s industrial and economic development.

He said that to demonstrate NNPC Ltd’s commitment to a net-zero future by 2025, the Company recently signed up as a participant in the United Nations Global Compact in New York, becoming the first state-owned oil company to join the global initiative

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Economy

CBN gets new spokesperson

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The Central Bank of Nigeria (CBN) has appointed a professional Public Relations practitioner, Mrs Hakama Sidi Ali, as its new Acting Director of Corporate Communications.

Mrs Ali is a recognised member of the Nigeria Institute of Public Relations (NIPR), who served as Deputy Director in the same Department at the Bank before her latest appointment.

The NIPR has for years sustained the campaign to stop government agencies, individuals and corporate organisations from the illegal practice of appointing non-professionals and quacks as spokespersons.

The Economic Confidential gathered that The new CBN spokesperson is a 1992 graduate of the Bayero University, Kano, where she bagged a Bachelor of Arts degree in Mass Communication.

She also has an MSc in Mass Communication and PGDE in English Language.

Apart from NIPR, Mrs Ali is also a member of other reputable professional bodies like the Chartered Institute of Loan and Risk Management (CILRM), Chartered Institute of Personnel Management of Nigeria (CIPMN), Africa Development Studies Centre (ADSC), Toastmasters International and many others. (By PRNigeria)

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