Tuesday March 14, 2023
Ondo State Government has given final warning to all Financial Institutions in the State to complied fully with the Supreme Court Judgement on the new Naira policy or be prepared to face sanction.
Government directive was given through the State Deputy Governor, Hon Lucky Aiyedatiwa while presiding over sensitization meeting on implementation of Supreme Court Judgement on new Naira policy with the State Central Bank of Nigeria (CBN) Branch Controller, Kennedy Nwannunu and representatives of other commercial Banks in the State, held at Cocoa Conference Hall, Governor’s Office, Alagbaka Akure on Monday.
Other members of government sensitization Team at the meeting are, Commissioner of Finance, Hon Wale Akinterinwa, Commissioner of Budget and Economic Planning, Pastor Emmanuel Igbasan, Commissioner of Mine, Energy and Minerals Resources, Engr Rasaq Obe, Attorney General and Commissioner of Justice, Sir Charles Titiloye, Commissioner of Youths and Sports, Otunba Dele Ologun and Commissioner of Commerce, Industry and Cooperatives, Hon Akinwunmi Sowore .
Others are, Special Adviser on Gender, Mrs Olamide Falana, Chairman Akure South LG, Hon Gbenga Olaniyi, Senior Special Assistant to Governor on Special Duties and Strategy, Dr Doyin Odebowale, Senior Special Assistant to Governor on Youth and Students Affairs, Hon Muyiwa Ogunyemi, Accountant General, Mrs Toyin Oni and Press Secretary to Governor, Office of Deputy Governor, Kenneth Odusola-Stevenson.
The Deputy Governor at the meeting said, ” this is a challenging period in the life of our Country and our dear State, when our people are made to stay on line for hours to even get their own money from the banks”.
“On behalf of Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN, CON, I empathize with our people, especially the poor Masses who have been made to bear the brunt and pains of the CBN Naira policy despite Supreme Court judgement which clearly stated that both the old and new Naira Notes remain legal tender till December 31, 2023”.
Aiyedatiwa said, the redesigned monetary policy which was not well implemented forced the State Government to join the suit against the CBN at the Supreme Court to ameliorate the hardship faced by the people.
“On the Supreme Court Judgement, we are not begging CBN, we are set to enforce the rulling, and whoever want to sabotage our efforts will face sanction” , he warned.
“Banks and other enterprises in the State cannot do anything to hinder our operations except they don’t want to operate in this State” , he further said.
The Deputy Governor equally said it was an offence to reject the old #500 and #1000 notes in the State after Supreme Court had pronounced it as a legal tender till December 31.
“To CBN and others commercial Banks in the State, enough is enough, .. accept both Old and New notes” , declared Aiyedatiwa.
Attorney General and Commissioner of Justice, Sir Charles Titiloye, said, ” security and welfare of our people is paramount to us as government, our people are suffering, commercial activities is grounded, the rural area is even worse.. Ondo State was one of the State that went to court, and the position of Supreme Court is the position of Ondo State Government”.
Also speaking at the meeting, the Commissioner of Finance, Wale Akinterinwa stated, “the public is not the problem, but CBN, Commercial Banks and POS operators” .
Commissioner of Budget and Economic Planning, Pastor Emmanuel Igbasan warned that the naira crisis has the possibility to morphed into serious social disorder leading to possible breakdown of law and order.
He said 10 days were long enough time for federal government and CBN to find ways towards complying with the court order which import was central to the achievement of peace, order and good government in the country .
The day-long enlightenment campaign also took the Deputy Governor, Hon. Aiyedatiwa and his Team to Ondo State chapter of Independent Oil Marketers Association, Oja-Oba Market, Ondo State Park Management Committee at Ado Motor Park, Akure and Hausa Market, Shasha, all in Akure of which leaders and other stakeholders in all the associations were in joyful mood with the State Government latest position on the new Naira policy.
They were excited by the latest development because positive changes are expected especially on the side of financial Institutions in the State.
They all expressed readiness to make government directives work as government ongoing sensitization would boost the confidence of stakeholders.
The State Government further charged CBN and Commercial Banks on the needs to make both the old and new Naira notes readily available to people.
The CBN Branch Controller, Kennedy Nwannunu disclosed at the meeting that commercial Banks has been told to start taken and paying old and new Naira notes.
He also promised an improvement in the amount of liquidity in the system.