The Nation May 25 2011

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Nigeria’s truly national newspaper

News Briton, Nigerian engineer die in Kaduna aircrash Sport Odemwingie to sign new contract at West Brom Business More governors back out of N18,000 minimum wage

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TR UTH IN DEFENCE OF FREEDOM TRUTH

VOL. 6, NO. 1770 WEDNESDAY, MAY 25, 2011

•Skye Bank Plc Chairman Mrs Morenikeji Onasanya addressing the bank’s 5th Annual General Meeting at Oriental Hotel in Lagos ... yesterday. Listening are Group Managing Director Mr Kehinde Durosimi-Etti and Company Secretary Mrs Bimbo Izu.

N150.00

•Zenith Bank MD/CEO Godwin Emefiele reading his speech at the opening of the Iga Idunganran Comprehensive Health Care Centre in Lagos ... yesterday. Listening are (from left) Governor Babatunde Fashola, Oba Rilwan Akiolu of Lagos and Oba Lamidi Adeyemi, Alaafin of Oyo. Stoy on page 7.

PHOTO: DAYO ADEWUNMI

PHOTO: ADEJO DAVID

House crises: Mark leads Bankole to beg Jonathan S

ENATE President David Mark has led Speaker Dimeji Bankole on a peace mission to President Goodluck Jonathan, sources said yesterday. The goal: to tackle the suspicion between the Presidency and the House over the amendment of the voting method to pick a new speaker of the House. It was gathered that the peace meeting also covered differences over the 2011 Budget, the House’s cash crisis and some “outstanding” issues. Jonathan was said to have accepted the olive branch, but he told Bankole to ensure that the amendment of the voting method for the

President demands 70 sign up for retention of reversal of voting method Speaker in the Southwest From Yusuf Alli, Managing Editor, Northern Operation, Abuja

election of the Speaker is reversed. The President also reportedly insisted on the passage of the proposed amendment to the 2011 Budget before the House winds up. Once the two conditions are met, the Presidency will step in to rescue the House from its financial crisis, in which some of its members’ allowances are trapped, it was learnt.

Also yesterday, a new group, the National Consensus Forum (NCF), emerged to lead the campaign for the reversal of the amendment of the controversial voting method. The meeting at the Villa was attended by some members of the National Working Committee of the Peoples Democratic Party (PDP). The House, last Tuesday, adopted an Open-Secret voting system, a development which upset the Presidency and the PDP.

A source, who spoke in confidence, said: “Mark actually brokered the meeting as a result of pressure from the House, following irreconcilable differences with the Presidency. “The President and party leaders expressed displeasure over the decision of the House to violate the zoning formula of the PDP by amending the voting method in the House to leave the contest for Speaker open. “The President also reiterated how he had been bend-

ing over backwards to accommodate the House on the 2011 Budget. He insisted that the inflation of the vote by N700billion cannot stand. “He called for the reversal of the Open-Secret voting amendment and the adjustment of the budget as desired by the Presidency.” Another source, who also pleaded not to be named, said: “The Speaker explained the challenges confronting the House, including the grievances of members, nonpayment of outstanding al-

lowances, intimidation and outright blackmail of the House leadership over the controversial N10billion loan and threats from antigraft agencies. “The House leadership actually came to beg the President, but it has to fulfil these two conditions before there could be peace. “Do not be surprised, if in the next few days the House accedes to the President’s request to amend or adjust Continued on page 4

Why CBN plans to curb cash withdrawal, by Sanusi

W •Sanusi

ITH the Central Bank of Nigeria (CBN) and banks spending an average of N200 billion yearly on cash management, there seems to be no going back on the cash withdrawal limit policy billed to become effective in June, next year. The banking watchdog is to peg the daily cumulative withdrawals at N150,000 for individuals and N1

•Interest rate rises to 8% By Ayodele Aminu, Group Business Editor

million for companies. Specifically, the apex bank said withdrawals above these limits would attract extra costs. It said the objectives of the policy are to enhance the efficiency of the Nigerian payment system, re-

duce cost of cash management and check money laundering. The measure is also meant to pull the economy from being cash-based, as well as reduce the amount of money in circulation. CBN Governor Sanusi Lamido Sanusi said yesterday after the Bankers’ Committee meeting that the policy was conceived, based on the data avail-

able. He said eight per cent of the banking public withdraw above the prescribed limits daily. “Throughout last year, less than eight per cent of cash transactions by individuals were above N150,000. We have the statistics. It costs the industry almost N200 billion to process, secure, transport, and destroy cash. The top Continued on page 4

•POLITICS P14 •LIFE P29 •MONEY P43 •SPORTS P60 •FOREIGN P62


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