BREAKING: Central Bank of Nigeria Finally extends Old Naira Collection Date.

The Central Bank of Nigeria has extended deadline for the swapping of old naira notes till February 10, 2023.

The CBN stated this in a release on Sunday.

The apex bank said it added a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes…”

“10-day extension of the deadline from January 31, 2023, to February 10, 2023; to

legitimately held by Nigerians and achieve more success in cash swap in our rural

communities after which all old notes outside the CBN lose their Legal tender Status.

“Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.

“A 7-day grace period, beginning on February 10 to February 17, 2023, in

CBN Bows to Pressure, Announces New Deadline

It will be recalled that the CBN on October 26, 2022, had announced its plan to redesign the three banknotes. The president subsequently unveiled the redesigned N200, N500, and N1000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.

But the supposed President, Major General Muhammadu Buhari (retd.) on Saturday said the naira redesign is not meant to target innocent citizens but corrupt persons and terror financiers hoarding illicit monies.

This is as calls from various quarters have poured in pleading and demanding with the apex bank to shift grounds and extend the deadline in order to allow Nigerians more time to return their old notes to deposit money banks, better known as commercial banks.

The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, was one of the latest persons to plead with the CBN for an extension of the deadline, saying as much as the policy was welcomed; a slight extension would ease the discomfort of Nigerians

Meanwhile, Nigerians are complaining that banks up till now are still dispensing the old naira notes to customers through their Automated Teller Machines (ATM) with the deadline only three days away.

It was also reported  that the House of Representatives as well as the Senate had also pleaded with the apex bank to extend the deadline by six months, till July 31, 2023, siting an unspecified monitory policy of the Apex Bank.

But refusing to yield to pressure, the apex bank, via its verified Twitter page, insisted on Saturday evening that the 1-31-23 deadline remains.

The CBN Governor, Godwin Emefiele, from the just concluded Monetary Policy Committee meeting said, “Deadline for the return of old series of 200, 500, and 1000 naira notes remains January 31, 2023.”

He also said, “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.

“The reason is that just like the president has said on more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accepting deposits.”

The Central Bank of Nigeria has again said that the January 31 deadline for the validity of the old 200, 500, and 1,000 naira notes remains unchanged.

THE UNRECOGNIZED FORCE BEHIND THE STATISTICS.

Who is that FORCE?

Unrecognized by who?

Why? and Why Now not Latter?

In Africa it is a common practice to wait until one is dead then we can eulogize them when we could as well as give them the deserved tributes when they are still breathing. why should I wait for some 70 years from now to do what I could have done yesterday? What is the assurance that I would be there when that time comes? Let us cultivate the habit of "now or never!"

As I reflect upon one of the great and noble one, the man whose work and work ethic has left the mouth of many waging and wonder, how does he do it? This fast?

The organization within which he works, obviously could not be perfect as none is but could have done better when he was wrongly accused and had his image dented among those who never knew him nor his work.

People from all classes were crucifying him without asking the right question, some are doing so based on perception, others out of ignorance, some out of the pain of the past due to his "no nonsense" nature, but others were out of being mischievous. In the eyes of this storm, even his best friends abandoned him, some do so in secret but pretend to sympathize with him in the open, some said "well his time is past, he should've been behind bars by now if not for ...... we have to move on," others said, he brought it upon him, while orders stood by him just because that is the only side they could be on, but some truly not only sympathized with him but empathized with him, they felt he was just trying to help, they felt for his family and others within his care, they wondered, "Do these people not know he has a family? How could they be this wicked, why is he being punished by those who are worst, ( if at all he was what they said he was, which WE are sure he isn't)".

Some even advocated for a corresponding sanction at home which his travail abroad had nothing to do with.

Another Victory for Men! A Landmark Ruling on Distribution of Matrimonial Property after a Divorce.

 

The Supreme Court of Kenya has ruled that spouses are not entitled to a 50/50 share of matrimonial assets after divorce anymore.

The court ruled that a proven individual contribution shall be the only determinant of the distribution of property after divorce.

The Court also stated that while Article 45(3) of the Constitution deals with equality of the fundamental rights of spouses during the dissolution of a marriage, such is not an automatic conferment of the entitlement of a 50% share of the property just by the fact of being married to each other.

“That a party must prove contribution to enable a court to determine the percentage available to it at the distribution of matrimonial property and that the test to determine the extent of contribution is one of a case-to-case basis,” reads the ruling in part.

“That while Article 45(3) of the Constitution deals with equality of the fundamental rights of spouses during the dissolution of a marriage, such equality does not mean the re-distribution of proprietary rights or an assumption that spouses are automatically entitled to a 50% share by fact of being married.” According to the ruling by a five-judge bench led by Deputy Chief Justice Philomena.

The ruling was in response to an appeal filed by Joseph Ombogi Ogentoto, who sought to overturn a decision by the Court of Appeal that ordered the matrimonial property and rental units in the property be shared equally between himself and his estranged wife, Martha Bosibori Ogentoto.

The two were married under Abagusii customary law in 1990 and later formalized their union under the repealed Marriage Act in 1995. During the subsistence of the marriage, the couple acquired a matrimonial home and constructed rental units on the property. However, in 2008, the marriage broke down and the couple decided to dissolve the marriage.

The Supreme Court dismissed the appeal and in its judgment, stated that there is no retrospective application of the Matrimonial Property Act and that the applicable law to claims filed before the commencement of the Act is the Married Women Property Act, 1882.

However, the Court clarified that there is nothing that bars the provisions of Article 45(3) of the Constitution from being applied retrospectively.

The Supreme Court’s ruling provides clarity on the criteria for determining the distribution of matrimonial property in cases filed before the Matrimonial Property Act came into effect and emphasizes the importance of proving contribution in such cases.