Reps order CBN to withhold introduction of N5000 note

…Declares Arunma Oteh’s reinstatement as SEC DG illegal.

Channelstv: 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.

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