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Emefiele meets Buhari over naira scarcity, pledges increased circulation of N200 note

Harrison EDEH
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Emefiele meets Buhari over naira scarcity, pledges increased circulation of N200 note

IN a determined effort to resolve the current cash crunch triggered by the currency redesign policy of the Federal Government, President Muhammadu Buhari again met with the embattled Central Bank of Nigeria (CBN) Governor Godwin Emefiele today at the Presidential Villa, Abuja.

Emefiele, who spoke to State House correspondents after the meeting, disclosed that his engagement with the President centred on the naira redesign, scarcity of the currencies, and how best to ensure that things normalise quickly.

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He also spoke on efforts to flood the commercial banks with the old N200 note, as well as the other notes as approved by President Buhari in his nationwide broadcast today.

He disclosed he had earlier today held a crisis management meeting with no fewer than 15 chief executives of commercial banks in Abuja on the new strategies to resolve the scarcity crisis.

“Mr. President has given directives in a nationwide broadcast, so the CBN is favourably disposed to carrying out the directives to the latter. We are going to release the old naira notes back in circulation to ease the pressure.

“I have met with 15 commercial banks in Abuja on ways to ameliorate the sufferings of Nigerians due to the new policy, but it’s for the benefit of the country. I plead with Nigerians to give the policy the chance to succeed,” he said.

Emefiele further said safeguards had been put in place to ensure that the banks work closely with the apex bank to make both the redesigned naira notes and old notes available to customers.

Bayelsa health sector to benefit as US returns $954,000 Alamieyeseigha loot

Vincent Ufuoma
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Bayelsa health sector to benefit as US returns $954,000 Alamieyeseigha loot

THE United States (US) Government has returned $954,000 allegedly stolen by Bayelsa State former governor, Diepreye Alamieyeseigha.

The US Ambassador to Nigeria, Mary Beth Leonard, announced this at a press briefing in Abuja on Thursday, February 16.

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The money was returned to Bayelsa State through the Federal Government.

Leonard revealed that the official salary of the former governor during his tenure as a public servant from 1999 to his impeachment in 2005 did not match the said amount.

“However, during that time, he accumulated millions of dollars through abuse of office, money laundering,” she said.

Meanwhile, President Muhammadu Buhari has immediately directed that the said sum be utilized in developing the public healthcare sector in Bayelsa State.

Alamieyeseigha was a Nigerian politician who served as the governor of Bayelsa State from 1999 to 2005. He was born on November 16, 1952, in Amassoma, Bayelsa State, Nigeria, and died on October 10, 2015, in Port Harcourt, Rivers State.

Alamieyeseigha was a member of the Peoples Democratic Party (PDP) and was elected as the governor of Bayelsa State in 1999, following Nigeria’s return to democracy after decades of military rule. He was re-elected for a second term in 2003 but was impeached by the Bayelsa State House of Assembly in 2005 over allegations of corruption.

After his impeachment, Alamieyeseigha went into exile in the United Kingdom, where he was arrested in September 2005 on money laundering charges.

He was later released on bail but jumped bail and returned to Nigeria in 2007, where he was rearrested and charged with corruption.

In July 2007, Alamieyeseigha pleaded guilty to corruption charges and was sentenced to two years in prison.

He was, however, released the following day on the grounds that he had already served his sentence while in custody in the UK.

Despite his legal troubles, Alamieyeseigha remained a popular figure in Bayelsa State and was referred to as the “Governor-General of the Ijaw Nation” until his death.

Port Harcourt refinery to begin operations 2nd quarter 2023 – NNPC

Beloved JOHN
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Port Harcourt refinery to begin operations 2nd quarter 2023 – NNPC

THE Nigerian National Petroleum Company Limited (NNPC) has said the Port Harcourt refinery will commence operations by the second quarter of 2023.

The company’s Executive Vice President, Danladi Inuwa, disclosed this while speaking at a workshop in Abuja on Thursday, February 16.

Inuwa also disclosed that the Warri and Kaduna refineries are also being rehabilitated.

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According to him, the move is aims at reducing fuel scarcity and increasing dependence on natural gas.

Inuwa noted that by becoming a limited liability company, the NNPC has been able to invest in infrastructure and initiate various corporate responsibility initiatives that can spur development.

He also said the company is actively working to ensure energy security in the country.

“We have the mandate to ensure energy security for the nation. We are focusing on monetising our gas which is evident in some key projects like the AKK project. This is all done to ensure NNPC is fulfilling its mandate and spurring development.

Under Kyari and Dikko, Port Harcourt refinery makes zero revenue, employs 487 new staff, pays N23bn salary in 2020

“We are working on revamping our refineries. For instance, the Port-Harcourt refinery will be functioning by the second quarter of 2023, the area five of the refinery will be functioning. Also, Warri and Kaduna refineries will have been signed on a quick rehabilitation to refine our petroleum product in the country,” he said.

Policeman detained for killing soldier in Lagos

Ijeoma OPARA
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Policeman detained for killing soldier in Lagos

A policeman has been detained over the murder of a soldier in the Ikorodu area of Lagos State.

The incident occurred on Wednesday, February 15.

This was disclosed in a statement by the Deputy Director of Public Relations, 81 Division Nigerian Army, Olabisi Ayeni, on Thursday, February 16.

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According to the statement, the suspect was kept in military custody and later handed over to the Nigeria Police Force (NPF) for prosecution.

The incident occurred following an argument between the deceased and the suspect.

“The corpse of the soldier has been moved to 174 Battalion Medical Centre in Ikorodu. However, an angry mob, who witnessed the unfortunate incident, took advantage of this and attacked the Police Station in the community.

“Troops have been deployed around the vicinity of all police stations in Ikorodu area to prevent breakdown of law and order. The situation is under control as normalcy has returned to the community,” the statement said.

According to a report, the deceased soldier was stabbed to death in the Odogunyan area of Ikorodu, Lagos, on Wednesday. However, the soldier’s colleagues carried out a reprisal attack on the Ogijo police station in Ogun state.

Public Relations Officer (PRO) of the Ogun state police command Abimbola Oyeyemi disclosed that patrol vehicles and armoured personnel carriers were set ablaze during the attack.

However, the PRO of the Lagos State Police Command Benjamin Hundeyin noted in a series of tweets that the incident did not occur in Lagos State.

Buhari overruled Supreme Court in decision on naira notes – Lawyers

Bankole ABE
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Buhari overruled Supreme Court in decision on naira notes – Lawyers

SOME lawyers have faulted President Muhammadu Buhari’s decision on naira notes, hours after the President addressed Nigerians in a national broadcast on Thursday, February 16.

Buhari, in the broadcast, directed that the old N200 note will remain a legal tender until April, while the old N500 and N1000 notes go out of circulation.

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Reacting to the development, a Senior Advocate of Nigeria (SAN) Ebun-Olu Adegboruwa described Buhari’s action as ‘contempt of court’.

Adegboruwa said the President erred by overruling the Supreme Court of Nigeria.

The ICIR reported that some state governors took the Federal Government to the Supreme Court over the naira redesign policy of the Central Bank of Nigeria (CBN).

The CBN had introduced new N200, N500 and N1,000 banknotes and directed that the old notes cease to be legal tender from February 10.

A seven-member panel of Justices of the apex court led by Justice John Okoro ordered the suspension of the policy while ruling on an exparte motion filed by the governors.

On Wednesday, February 15, the Supreme Court adjourned the suit to February 22 and ruled that the old notes should remain legal tender until the determination of the suit.

But Buhari, in a nationwide address on Thursday, announced that the old N500 and N1,000 bills are no longer recognized as legal tender.

In a statement on Thursday, Adegoruwa knocked Buhari for disobeying the principle of separation of powers.

“Under Section 235 of the 1999 Constitution, the Supreme Court is the final authority in legal pronouncements in Nigeria.

“Under Section 287(1) of the Constitution, the President is statutorily obliged to obey, enforce and give effect to the decision of the Supreme Court.

“Section 287(1) of the 1999 Constitution:

“(1) The decisions of the Supreme court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court.”

Adegoruwa added that the President’s broadcast was “sad for our democracy”.

“Since he already admitted that the matter is subjudice, the President should not have proceeded to vary the order of the Supreme Court.

“The President and indeed the executive should not give the impression that citizens can brazenly disregard lawful orders of any court, as that will only encourage anarchy and lawlessness.

“It amounts to executive rascality and brazen disregard and contempt of the Supreme Court for the President to separate the denomination of the old notes for legality. It is not open to the President to choose which portion of the order of the Supreme Court that will be obeyed,” the Senior Advocate Of Nigeria said.

Also speaking on the matter, the Chairman of the Nigerian Bar Association (NBA) Section on Public Interest and Development Law (SPIDEL), Monday Ubani, said Buhari overruled the Supreme Court with his Thursday declaration that old N500 and N1,000 notes are no longer legal tender.

Ubani, a human rights lawyer, spoke on Channels Television’s The 2023 Verdict program on Thursday.

“The President has actually overruled the Supreme Court decision. That is what I understand by what the President said this morning.

“But unfortunately, what the President has done this morning has actually ignored whatever is going on at the Supreme Court.

“When you say you will only allow old N200 to be in circulation, meaning that (old) N1000 and N500 notes are no longer legal tender.

“He’s clearly not mindful of what is going on at the Supreme Court with what he has just done,” Ubani said.

He added that the President had not set a good precedent because the international community is watching and won’t have confidence in the country’s democracy and judicial process.

“If you cannot obey your court orders, how do you instil confidence in the international community to come into your country to make investments?” he asked.

He noted that Buhari should have allowed the court to settle the matter rather than intervening early in the process.

In a national broadcast on Thursday morning, President Buhari ordered the Central Bank of Nigeria (CBN) to circulate the old N200 notes alongside the new N200, N500, and N1,000 notes from February 10 to April 10, 2023.

Buhari approves use of old N200 till April 10

Harrison EDEH
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Buhari approves use of old N200 till April 10

OSTENSIBLY to ease the problem being experienced by Nigerians in the currency redesign policy, President Muhammadu Buhari has approved the use of the old N200 note for the next 60 days.

The old N200 note, Buhari said in his nationwide address this morning, would be allowed to circulate as legal tender with the new N200, N500, and N1000 bank notes until it ceases to be legal tender on April 10.

The President, who acknowledged the harrowing experiences of Nigerians on the implementation of the policy, noted, however, that “these activities are being carried out within the ambit of the Constitution, the relevant law under the Central Bank of Nigeria (CBN) Act 2007 and in line with global best practices.”

He cited the need to restore the statutory ability of the CBN to keep a firm control over money in circulation as a key factor underpinning his decision to support the apex bank’s currency redesign policy.

According to the President, “In 2015 when this administration commenced its first term, currency in circulation was only N1.4 trillion.”

The proportion of currency outside banks grew from 78 per cent in 2015 to 85 per cent in 2022, he noted.

The President observed that by October 2022, currency in circulation had risen to N3.23 trillion, out of which only N500 billion was within the banking system, while N2.7 trillion remained permanently outside the system, thereby distorting financial policy and efficient management of inflation.

He expressed concern that the huge volume of bank notes outside the banking system had proven to be practically unavailable for economic activities and, by implication, retard the attainment of potential economic growth.

He pointed out that apart from the initial setbacks experienced, the evaluation and feedback mechanism set up revealed that gains had emerged from the policy initiative.

“I have been reliably informed that since the commencement of this programme, about N2.1 trillion out of the bank notes previously held outside the banking system had been successfully retrieved. This represents about 80 per cent of such funds,” he said.

Reacting to the President’s speech, the Executive Director, Centre for the Promotion of Private Enterprises (CPPE), Muda Yusuf, said the CBN governor, Godwin Emefiele,  did not advise the President wisely, pointing out that Nigerians should not be sleeping at automated teller machine points to access cash.

Yusuf said, “This policy has crippled the rural and the informal sector of the economy and has made them vulnerable. People are struggling with inflation and the cash crunch is worsening it. This might trigger recession, especially the largely informal Nigerian economy.”

Another development economist, Kelvin Emmanuel, attributed the gaps being being witnessed in the policy to poor strategic planning.

“See the way we are going back and forth on this, and also the disregard for the Supreme Court. This is also a threat to our democracy. We can do better subsequently. The fragrant disregard of court order on this is my worry, and it is sending wrong signals about our economy,” Emmanuel added.

 

 

 

Naira redesign: N600bn old notes still with Nigerians – Buhari

Marcus FATUNMOLE
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Naira redesign: N600bn old notes still with Nigerians – Buhari

PRESIDENT Muhammadu Buhari has said that N600 billion worth of old N200, N500 and N1,000 notes are yet to be returned to banks as directed by the Central Bank of Nigeria (CBN).

He also confirmed that the old N500 and N1,000 notes would no longer be legal tender in the country.

The President said he authorised the CBN to introduce the new notes and directed the apex bank to return the old N200 notes into circulation because of the scarcity of the new notes.

The N200 notes will remain in circulation for two months, the President said.

Besides, he assured that the Presidential and National Assembly election would hold as scheduled by the Independent National Electoral Commission (INEC) on February 25, 2023.

Buhari asked Nigerians to vote for candidates of their choice at the election and be law-abiding.

He said the decision to discontinue the use of the old N500 and N1,000 notes before the 2023 elections would stop politicians from buying votes and would fulfill his promise to bequeath the legacy of conducting a free and fair election in 2023.

In an address to Nigerians Thursday, February 16, over the nationwide confusion caused by the implementation of the naira redesign policy, Buhari expressed sympathy with people in the country because of the pain they are facing over it.

The President listed the reasons for the policy and its gains.

The ICIR reported how the CBN introduced the new notes on December 15, 2022, and made the old notes cease to be legal tender on February 10.

Since its introduction, the Naira redesign policy has brought hardship to Nigerians because they have been very scarce in banks and at Point of Sale centres.

Buhari said in his address that the policy implementation fulfilled his pledge to strengthen the economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity.

He said all actions taken were within the ambit of the Constitution, the relevant law under the CBN Act 2007, and in line with global best practices, adding that the need to restore the statutory ability of the CBN to keep a firm control over the money in circulation necessitated the policy.

Buhari explained that when he assumed office in May 2015, the currency in circulation was only N1.4 trillion and had grown to N3.23 trillion in October 2022; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system.

“The huge volume of banknotes outside the banking system has proven to be practically unavailable for economic activities and, by implication, retard the attainment of potential economic growth.”

He said he was briefed that since the commencement of the policy, about N2.1 trillion out of N2.7 trillion of the banknotes previously held outside the banking system had been successfully retrieved, which is 80 per cent of the notes with the public.

He further argued that economic growth projections made it imperative for government to expand financial inclusion in the country by reducing the number of the unbanked population.

Here are the gains the newly redesigned notes are bringing to the country, according to Buhari:

  •  Strengthening of macroeconomic parameters;
  • Reduction of broad money supply leading to a deceleration of the velocity of money in the economy, which should result in fewer pressures on domestic prices;
  • Lowering of Inflation as a result of the accompanying decline in the money supply will slow the pace of inflation;
  • The collapse of illegal economic activities, which would help to stem corruption and the acquisition of money through illegal ways;
  •  Exchange rate stability;
  • Availability of easy loans and lowering of interest rates; and,
  • Greater visibility and transparency of the country’s financial actions, translating to efficient enforcement of its anti- money laundering legislation.

 

How Nigerian passport can get higher global rating – Ex-envoy

Theophilus ADEDOKUN
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How Nigerian passport can get higher global rating – Ex-envoy

A FORMER Nigerian ambassador to the Philippines, Yemi Farounbi, has said Nigeria’s economy must be strengthened to improve the global rating of the country’s passport.

In an interview with The ICIR on Wednesday, February 15, the erstwhile diplomat stated that Nigeria’s economy has a direct influence on the position of the country’s passport.

Farounbi stressed the need to strengthen Nigeria’s bilateral relations with numerous countries to improve the present status of Nigeria’s passport.

He said, “There was a time Nigerians did not need a visa to enter the United Kingdom (UK). But Nigeria didn’t reciprocate by granting such privilege to citizens of the UK. Eventually the UK government cancelled the privilege.

“We have to rebuild our economy to a considerably high level, in terms of total GDP and per capita income.”

He also pointed at mass migration of Nigerians as another factor affecting the country’s passport.

“A country where almost every citizen wants to ‘Japa’ cannot be given the privilege of entry without a visa.”

Farounbi added: “We must regularly hold joint commissions with other countries where agreement can be reached on such issues as  visa-free entry.”

The former diplomat further urged Nigerians in the Diaspora to be good ambassadors and representatives of the country.

“Nigerians must refurbish our national image. Nigerians are projected as drug carriers, fraudsters, ritualists, 4-1-9 fraudsters to the international world and no country would want to grant visa-free entry to such Nigerians.

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“Also, no country is ready to admit persons who cannot add value to its country’s economy or increase liabilities. No country wants to admit liabilities. They only want people who will become assets to enter their country,” he added.

The ICIR reported that Nigeria’s passport has been ranked 96th out of 108 countries globally.

According to the report released by the Henley Passport Index, Nigeria’s passport is ranked below those of countries like South Africa, Kenya, Zambia, Namibia, Malawi, Uganda, Ghana, Morocco, Benin, Burkina Faso, Rwanda, Senegal, Niger, Mali, Chad, Algeria, Burundi and Congo.

How Buhari govt lied to govs about burning N500, N1,000 notes – El-Rufai

Marcus FATUNMOLE
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How Buhari govt lied to govs about burning N500, N1,000 notes – El-Rufai

KADUNA State Governor Nasir el-Rufai has revealed how the President Muhammadu Buhari-led Federal Government told some Nigerian governors a lie about the Central Bank of Nigeria (CBN) burning the old N500 and N1,000 notes.

The governor further revealed that he and other governors had information that the Nigerian Security Printing and Minting Company Limited would need at least 12 months to print the minimum amount of one trillion naira he said was needed to ensure a functioning economy in Nigeria.

In a statement signed Wednesday night by his Special Adviser on Media and Communication, Muyiwa Adekeye, the governor said the disclosures were necessary following what he called a misleading report by a national online newspaper (not the ICIR) about the meeting between the Buhari government and some governors over the currency swap stalemate.

El-Rufai said the Buhari’s officials suggested an out-of-court settlement of the litigation some governors, including himself, brought against the Federal Government at the Supreme Court over the naira redesign policy.

The governor and others had dragged the Buhari government to the Supreme Court to halt the policy which they said was bringing untold hardship to Nigerians.

He described the alleged burning of the old notes as fictitious, claiming he got information that the notes were still with commercial banks.

The governor clarified that there was no physical meeting between the governors and the Federal Government but telephone calls and chats.

“Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today. They knew that, and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1000 notes.

“This is contrary to the fact available to the governors to the effect that the old notes were in the custody of commercial bank branches throughout Nigeria until the evening of Monday, February 13, and not a single N500 or N1000 had been destroyed.”

He added, “The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the FG negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium.

“The plaintiff governors rejected the draft proposal as insincere and invested our hopes in the Supreme Court of Nigeria.”

The governor promised to address the people of his state on Thursday, February 16, over the “currency mess” and the consequences of the extension of the injunction of the Supreme Court of Nigeria and related matters.

Earlier on Wednesday, The ICIR reported Ondo State Governor Rotimi Akeredolu as saying the ruling All Progressives Congress’ rating had depleted nationwide because of the Naira redesign policy implementation, which he described as ill-timed.

Akeredolu was worried because of the coincidence of the policy implementation with the nation’s general elections, which kick off on February 25, 2023.

The ICIR reported how the Federal has continued with the implementation despite its suspension by the Supreme Court.

The ICIR reported how the Naira redesign policy has brought hardship to Nigerians.

Since the CBN introduced the new N200, N500 and N1,000 notes on December 15, they have been very scarce in banks and at Point of Sale centres.

On Tuesday, February 14, the CBN governor told the diplomatic community in Abuja that the apex bank is standing by its decision to stop using the old notes on February 10, despite the Supreme Court order against it.

Meanwhile, the Supreme Court adjourned the case between the governors and Federal Government over the matter till February 22 on Wednesday, in Abuja.

Accused killers of Abeokuta family remanded in prison

Vincent Ufuoma
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Accused killers of Abeokuta family remanded in prison

SIX suspects have been remanded in prison for their alleged involvement in the murder of a couple and their only surviving son in Abeokuta, the Ogun State capital.

The suspects were brought before an Abeokuta magistrate court II on 11 counts, including murder, conspiracy to commit a felony, arson, stealing, and escape from a lawful authority.

The suspected killers – Lekan Adekanbi, Ahmed Odetola, and Waheed Adeniyi – were remanded in Oba Correctional Centre, while their accomplices, Fadairo Temitope and Adekanbi Adenike, were remanded in the Ibara Correctional Centre.

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Two other suspects, Owolaja Anuoluwapo and Usman Azeez, suspected buyers of a vehicle stolen from the victims’ compound, were also remanded in Oba prison for 60 days.

Pleas for the accused persons were not allowed due to the nature of the case, but an application for remand was moved by the applicant’s counsel, Oluwatosin Jackson.

The court chief, Esther Idowu, ordered the suspects’ remand pending legal advice from the Department of Public Prosecution (DPP).

Adekanbi, Odetola and Adeniyi had confessed they killed the couple, Kehinde Fatinloye and his wife inside their victims’ residence located in the Government Reservation Area (GRA) of the state capital on Sunday, January 1.

They also confessed to killing the couple’s only child, Oreoluwa, by abducting him from the house and throwing him into a river at Adigbe in Abeokuta. Oreoluwa’s body was recovered from the river the day after the murder of his parents.

According to the police, Adekanbi, who was the driver to the couple, masterminded the killings over their refusal to increase his salary and grant him a loan.

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