CBN withdrawal policy: Oyo motor dealers call for caution
BY STEPHEN GBADAMOSI
The newly-elected chairman of Motor Dealers Association of Nigeria (MODAN), Oyo State chapter, Alhaji Musibau Sulaimon Maito, has called on the Federal Government to prevail on the Central Bank of Nigeria (CBN), to rescind its decision to peg daily cash limit withdrawal to N50,000.00.
Maito made the appeal during his acceptance speech at the association’s election where he was re-elected for another four years, after polled 55 out of the 57 votes cast.
He said as businessmen who deal with cash on a daily basis, the policy would no doubt affect a vast percentage of their transactions, even in the face of already escalating economic challenges.
The MODAN boss appealed to the Federal Government to take note of not only the businesses of motor dealers, but also those of Nigerians who engage in similar financial activities that require daily handling of cash.
The election which took place at the New Garrage area of Ibadan, the Oyo State capital, and had in attendance elders of the association, among whom were Alhaji Mutiu Oloye Arikutaku, Elder Adebayo Adebisi and Alhaji Abdul-Waheed Olawale.
While speaking after the election, the chairman, Electoral Committee of MODAN, Elder Olusegun Okeowo, expressed satisfaction about the peaceful conduct and calmness of the delegates who were drawn from all the zones of the association in the state.
He thanked other members of the committee for doing the job without bias.
The Iyaloja of Motor Dealers of Oyo State, Chief (Mrs.) Remi Akerele, in her remarks, commended the peaceful electioneering process and activities of the Credentials Committee for a job well done, noting that the returning chairman should continue in line with his commitment to encouraging members of the association.
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Alhaji Maito, who was highly elated, pledges to carry the elders along in taking decisions about the association, calling on the zones to ensure they worked according to the regulations of the association.
Although other executives were yet to emerge, the association had zoned the positions thus: Oke-Ado Zone, assistant treasurer and market corporate officer, Old Ife Road Zone, assistant financial secretary and chief whip.
Others included Bodija Zone, task force control and assistance social welfare; Ring Road Zone, assistant Public Relations Officer (PRO) and social welfare secretary; and New Garage Zone, transport officer and assistant secretary.
