Connect with us

News

Governors direct states to join suit against FG over naira swap

Published

on

 

Ahead of Wednesday’s sitting of the Supreme Court to decide on the naira redesign policy of the Central Bank of Nigeria (CBN), the Nigeria Governors’ Forum (NGF) has urged its members to support the legal battle on the policy against the Federal Government at the apex court.

In a communiqué issued on Sunday, after its meeting on Saturday in Abuja, the NGF directed Attorneys General of the 36 states to review the suit at the Supreme Court with a view to consolidating the legal reliefs pursued by states.

The case was originally instituted by governments of Kaduna, Kogi and Zamfara states before Kano, Niger, Ondo and Ekiti states joined the suit last week.

Rising from the meeting, the governors said the country is at risk of recession, which will be the result of CBN’s naira exchange policy.

In the communiqué signed by NGF chairperson and governor of Sokoto State, Aminu Tambuwal, the governors, across party lines, criticised CBN over the handling of the policy, adding that the resulting naira scarcity is causing hardship for Nigerians.

See also  Man arrested for raping, impregnating own daughter in Delta

They accused the apex bank of conducting a ‘currency confiscation’ programme that is causing suffering for Nigerians. The governors also called “for the halting of CBN’s plan to end the use of the old currency notes after two deadlines failed to end naira scarcity across the country.

“The argument by CBN for what it describes as the astronomical increase in the currency in circulation as the basis for this policy is not supported by its own data.

“According to CBN, the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in October 2022. CBN appears not to have taken into consideration the increase in the size of the country’s nominal GDP over this period, the doubling of consumer prices, rising population and the impact of the humongous Ways & Means advances to the Federal Government by CBN over this period.

“In the circumstances, it is safe to draw either of two conclusions – the CBN data may be incomplete or in fact, Nigerians may have done exceptionally well in the transition to a cashless economy.

See also  CBN to stop sale of forex to banks by end of year

“In addition, considering the sizeable informal sector in the nation, the amount of banknotes created in exchange so far by the CBN implies it vastly underestimated the economy’s actual cash needs.

“The inability to use the new notes has had far-reaching economic effects, leading to the emergence of the naira black market, severe food inflation, variable commodities prices based on the method of exchange, and long queues as well as crowds around Automated Teller Machines (ATMs) and banking halls across the country. The country runs the risk of a CBN-induced recession.

“It is our considered view that what CBN is at present pursuing is a currency confiscation programme, not the currency exchange policy envisaged under S20(3) of the CBN Act, 2007. Currency confiscation in the sense that the liquidity provided to the general public is grossly insufficient due to the restrictions placed on the amount that can be withdrawn regardless of the amount deposited.”

See also  CBN sells dollars to BDCs at N1,590/$

The governors’ stance comes amid suffering by Nigerians who have found it difficult to access cash for their daily transactions. The currency scarcity is a product of CBN’s decision to redesign the notes of the three largest naira denominations: N200, N500 and N1,000.

The governors, therefore, “called on the Federal Government and CBN to respect the rule of law and listen to the voice of reason expressed by Nigerians and other stakeholders, including the Council of State, before the damage to our economy becomes too great to fix by the next administration.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Good morning! Nigerian Newspapers Headlines: PCC inauguration: APC banks on Tinubu’s record for re-election

Published

on

By


1. The All Progressives Congress on Wednesday inaugurated its Presidential Campaign Council for the 2027 election, expressing confidence in President Bola Tinubu’s record and reforms while rallying party leaders and politicians from other political parties to secure his re-election.

The inauguration and federation general assembly, held at the State House Conference Centre, Abuja, drew opposition figures who pledged to back his re-election bid.

2. The re-election campaign will not stop governance because the economy needs all hands on the plough, the President declared yesterday. President Bola Ahmed Tinubu spoke at the Banquet Hall of the Presidential Villa, Abuja, during the inauguration of his Presidential Campaign Council (PCC) for the January 16, 2027 election, an event that turned into a political carnival.


3. The Federal Government has approved plans to build a new eastern-western electricity grid as part of efforts to address Nigeria’s recurring power grid collapses. The Minister of Power, Joseph Tegbe, disclosed this at the recent HBSAN energy conference in Lagos, where he outlined plans to address longstanding weaknesses in the country’s electricity transmission infrastructure.

See also  Teacher jailed seven years for touching female student's breasts

4. Popular gospel singer, Olayemi Bayonile Bolaji, popularly known as Toluwanisings, has passed away. His family confirmed the news in a public announcement shared on his verified Instagram page on Wednesday night.
According to the statement, the gospel minister passed away in the early hours of Wednesday, October 14, 2026



5. The Chairman of the Independent National Electoral Commission, INEC, Prof. Joash Amupitan, has said algorithms will not determine the outcome of the 2027 general elections, insisting that the decision on who governs Nigeria rests solely with voters. He warned that although artificial intelligence could influence electoral administration and the information available to voters, the technology must remain subordinate to human judgment and democratic institutions.

6. Inspector-General of Police (IGP)  Olatunji  Disu  has assured Nigerians that the police will demonstrate professionalism before, during and after the 2027 general election.
Disu said the police  reviewed their performances in recent elections and would  apply  the lessons learned in order to make Nigerians proud.



See also  Soludo declares war on native doctors making charms for kidnapper

7. The Federal Government has proposed a new examination timetable that will see candidates sitting the 2027 West African Examinations Council (WAEC), National Examinations Council (NECO) and other major external examinations receive their results by August, ahead of the September admission process into tertiary institutions.

8. The Minister of the Federal Capital Territory, FCT, Nyesom Wike, has urged All Progressives Congress, APC, governors to work hard in their respective states to ensure President Bola Tinubu wins next year’s election. Speaking at the inauguration of the APC Presidential Campaign Council in Abuja on Wednesday, Wike said any governor who failed to deliver his state for the President should not join others in claiming victory if Tinubu is re-elected in 2027.

9. The Kwara State Police Command has arrested four men in connection with two separate incidents involving the alleged removal of human heads from exhumed graves and the possession of suspected human hands allegedly intended for money-making rituals. The Commissioner of Police, Ojo Adekimi, disclosed the arrests on Tuesday while briefing journalists at the command headquarters in Ilorin, where he provided details of the investigations into the two cases.

See also  We injected $7.6bn into FX market in five months to stabilise naira - CBN

10. The Police Special Fraud Unit in Lagos State has arraigned a banker and seven other defendants before the Federal High Court in Lagos over an alleged N710 million proof-of-funds fraud. The defendants — Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome — were arraigned on a 12-count charge.

Continue Reading

News

‘Delusion of grandeur’ — Shettima calls Peter Obi master of bogus statistics

Published

on

By

Vice President Kashim Shettima has knocked former Anambra State Governor, Peter Obi, describing him as “the master of bogus statistics and incoherent economic prescriptions”.

Shettima made the remark on Wednesday at the inauguration of the All Progressives Congress Presidential Campaign Council at the State House Banquet Hall, Presidential Villa, Abuja.

Calling Obi “my very good friend”, the Vice President mocked his habit of comparing Nigeria with other countries, especially Bangladesh.

Shettima stated. “He seems convinced that a size 36 shirt tailored for Bangladesh will somehow fit Nigeria’s size 52 frame.”

He said Obi’s “fascination with foreign comparisons overlooks the peculiarities that distinguish one nation from another”.

According to Shettima, “Governance is an art that demands mastery of context, whether social, economic, political or institutional.

“What succeeds in Bangladesh cannot simply be transplanted to Nigeria without accounting for the differences in our population, economic structures, institutions and national circumstances.

See also  CBN threatens to sanction banks rejecting mutilated naira notes

“A country of over 250 million people cannot be governed through borrowed statistics and economic prescriptions detached from its peculiarities.”

The VP said he respected Obi but accused him of making a “bogus claim” about winning the 2023 presidential election without evidence to support the assertion.

“This is called delusion of grandeur.
Our contest is with the politics of yesterday dressed as tomorrow’s deliverance,” he said.

Obi has frequently cited Bangladesh in his criticism of the Tinubu administration’s economic management, including its borrowing.

In February, he said Nigeria’s challenge was fund mismanagement, not borrowing.

Obi ran as the Labour Party candidate in 2023 and finished third behind Tinubu and Atiku Abubakar.

He challenged Tinubu’s victory in court, and the Supreme Court dismissed his appeal and affirmed Tinubu’s election in October 2023.

Obi is seeking the presidency again in the election on January 16, 2027, on the platform of the Nigeria Democratic Congress.

See also  Suspected kidnapper of Bayelsa SSG’s mother arrested

The APC will flag off its campaign in Kaduna on October 24.

Continue Reading

News

El-Rufai’s associates earmarked $600,000 to compromise EFCC probe, DSS witness tells court

Published

on

By

A forensic investigator with the Department of State Services (DSS), Segun Kayode, has told a Kaduna state high court, sitting in Kawoa, that Nasir el-Rufai, former Kaduna state governor, and some of his associates earmarked $600,000 to pay officials of the Economic and Financial Crimes Commission (EFCC) and intermediaries.

Kayode, who is the first prosecution witness in the ongoing trial, made the allegation on Tuesday while testifying before the court presided over by Justice Darius Khobo.

According to the witness, $500,000 and $100,000 were allegedly set aside for the payments, adding that forensic audio recordings captured conversations involving el-Rufai and some of his suspected associates.

According to Kayode, the recorded conversations centred on alleged efforts to frustrate an EFCC investigation into a company identified as Singularity.

He said a senior advocate of Nigeria (SAN), another individual and Bashir el-Rufai, were among those allegedly mentioned in the conversations.

Kayode told the court that the SAN and the other individual were allegedly directed to meet one Ahmadu Sule to obtain a template previously used to liquidate another company, with the intention of applying a similar process to Singularity.

See also  Soludo declares war on native doctors making charms for kidnapper

The investigator further alleged that the discussions included plans to liquidate the company in Nigeria and Mauritius, where it was reportedly under investigation by the Nigerian Financial Intelligence Unit.

He also alleged that the recordings contained discussions about preventing the EFCC from investigating a company he said was listed on the New York Stock Exchange.

The allegations formed part of the prosecution’s evidence against the former governor and have yet to be established by the court.

Proceedings lasted nearly eight hours, from 12:26pm to 8:18pm, with about two hours devoted to playing the recorded conversations.

After Kayode submitted a hard copy of his findings to the court clerk, the defence objected, saying the document should have been served earlier to allow the legal team to study its contents.

The judge ruled that the defence could obtain a certified true copy of the document admitted as Exhibit One for examination.

The court adjourned the case until November 30 and December 1, 2026, for the continuation of cross-examination, following agreement by the prosecution and defence.

See also  Again, court orders forfeiture of $1.4m linked to Emefiele

Recall that El-Rufai is facingtrial over alleged money laundering and conversion of public property.

The DSS is also prosecuting the former governor before the federal high court in Abuja over allegations of wiretapping.

He has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) since February 19, after being released by the EFCC.

On April 13, the ICPC arraignedthe former governor at the Kaduna high court on an amended nine-count charge bordering on alleged fraud and abuse of office.

Continue Reading

Trending News