News

Naira redesign: Confusion as Buhari, CBN refuse to respond to Supreme Court ruling three days after

Published

2 weeks ago

March 6, 2023

Three days after, President Muhammadu Buhari and the Central Bank of Nigeria (CBN) are yet to respond to the Supreme Court ruling making the old naira notes legal tender until December 31, 2023.

The apex court gave the ruling on Friday, nullifying Federal Government’s decision to stop the old N500 and N1,000 notes being legal tender, which took effect on February 10.

Nearly a month after majority of the old notes were mopped out of circulation, the challenge of cash squeeze persists, as new notes have remained elusive.

Following widespread condemnation of the policy and its accompanying pains on Nigerians, President Buhari addressed Nigerians on February 16, directing that the old N200 be returned into circulation to alleviate the hardship faced by citizens.

However, on Friday, a seven-member Supreme Court panel nullified the policy, faulting government’s handling of the process and declaring its methodology and implementation unconstitutional.

The Supreme Court ruled that though the President had authority to act as the federation’s executive, he was still required to give the federating units adequate notice before implementing the new monetary policy through CBN.

READ Buhari nominates Lauretta Onochie as NDDC board chair

The court said that before the old naira notes were withdrawn, the states had not received reasonable notice as required by section 20(3) of the CBN Act.

As a result, the Supreme Court ruled in its lead decision, read by Justice Emmanuel Agim, that Buhari’s authorisation for the CBN to withdraw the old banknotes was illegal.

As at yesterday evening, the Presidency was yet to react to the ruling, despite issuing three press statements on other matters yesterday. Also, there is yet no word from the CBN in reaction to the ruling.

President Buhari, who is presently attending a United Nations (UN) conference on least development countries in Qatar, had charged Chadian warlords and leaders of the various political factions in Chad to show restraint and patriotism by immersing themselves in the ongoing transition to democracy in the country.

He also charged the Flying Eagles to win the ongoing CAF U-20 Africa Cup of Nations (AFCON) in Egypt as Nigeria prepares to face The Gambia today in the semifinals of the competition. He had earlier also sympathised with the former First Lady, Maryam Abacha, and her entire family on the death of their son, Abdullahi.

READ Bandits kill 12, injure 6 in Katsina community

Meanwhile, business operators, yesterday, said they are anxious to hear from President Buhari or the CBN over validity of the old notes, noting that it was risky to accept the notes until there is a directive from either the Presidency or CBN.

They said their decision was borne out of the controversy that followed a similar Supreme Court pronouncement that was not adhered to.

In a survey in the Federal Capital Territory (FCT), a taxi driver, Abubakar Umar, said he was hopeful that President Buhari or the CBN Governor, Godwin Emefiele, would speak within the week on whether or not they should go ahead and accept the old notes. He said until such directive was given, he would insist that customers paid him only with new N500 or N1,000 notes.

A petty trader, simply identified as Madam Uloma, also said that she won’t accept the old notes, saying “until I hear from the horse’s mouth, I will not collect the old notes.”

Uloma said she would not want to go through the stress she went through when the notes were declared invalid by CBN.

READ APC governors ask Buhari to allow use of old naira, say CBN printed only N300bn new notes

A resident, Fred Oyibo, said he was excited when the pronouncement validating use of old notes was made by the Supreme Court. He, however, expressed disappointment that he could not use the old notes he had, adding that business operators are still rejecting them in spite of the ruling.

“I have about N3,000 of the old N1,000 notes with me and I felt elated when the court gave the ruling, but to my dismay the money was rejected when I went out to buy a few items.

“I tried informing them that the ban had been lifted by the Supreme Court and they asked if the CBN had spoken. I further tried to educate them that once the Supreme Court gives a ruling, everyone was bound by it but they insisted on hearing from the Presidency before taking any action.

“At that point I got discouraged and went back home, and as I speak with you, I still have the money with me,” he said.

Up Next

I will not disappoint you, Tinubu tells Nigerians

Don't Miss

Soldiers shoot dead 15-year-old boy on birthday in Lagos

Click to comment

News

Zulum reelected Borno governor

Published

25 mins ago

March 20, 2023

admin

Borno State Governor, Babagana Zulum has been reelected for a second term .

The candidate of the All Progressives Congress (APC) was declared the winner of the March 18 governorship election in the state having polled 545,542.

Zulum defeated his closest contender, Mohammed Jajari of the Peoples Democratic Party (PDP) who scored 82,147.

The result was announced by INEC Returning Officer, Jude Rabo on Monday afternoon.

So far, the results of 20 governorship polls have been announced. The APC takes the lead with 14 states, the PDP with five states and the New Nigeria Peoples Party (NNPP) with one state. The election in Kebbi was declared inconclusive by the electoral body while the collation of the results of governorship polls in Abia and Enugu was suspended.

Officially, nine of the 11 governors who sought reelection in the March 18 polls held across Nigeria in West Africa have been declared winners by INEC to return to office for another four-year term each.

READ Buhari nominates Lauretta Onochie as NDDC board chair

They include Zulum as well as Governor Babajide Sanwo-Olu of Lagos State, Governor Dapo Abiodun of Ogun State, Governor Seyi Makinde of Oyo State, Governor AbdulRahman AbdulRazaq of Kwara State, Governor Inuwa Yahaya of Gombe State, Governor Abdullahi Sule of Nasarawa State, Governor Bala Mohammed of Bauchi State and Governor Mai Mala Buni of Yobe State.

Of the 28 states, 11 serving governors sought reelection while 17 outgoing governors are in the final weeks of their constitutional two-term limits of eight years, having been sworn in on May 29, 2015.

News

BREAKING: INEC declares Adamawa Gov election inconclusive, Fintiri, Binani in tight race

Published

32 mins ago

March 20, 2023

admin

The Independent National Electoral Commission (INEC) has declared the March 18 governorship election in Adamawa State inconclusive.

The candidate of the All Progressives Congress (APC) in the state, Senator Aishatu Dahiru famously known as Binani scored 390, 275 while the incumbent, Governor Ahmadu Fintiri, the Peoples Democratic Party (PDP) candidate, polled 421,524.

However, INEC declared the election inconclusive due to the margin of votes.

So far, the results of 20 governorship polls have been announced. The APC takes the lead with 14 states, the PDP with five states and the New Nigeria Peoples Party (NNPP) with one state. The election in Kebbi was similarly declared inconclusive by the electoral body while the collation of the results of governorship polls in Abia and Enugu was suspended.

READ Coroner indicts Premier Hospital doctors for medical negligence over death of Peju Ugboma

They are Governor Babagana Zulum of Borno State, Governor Babajide Sanwo-Olu of Lagos State, Governor Dapo Abiodun of Ogun State, Governor Seyi Makinde of Oyo State, Governor AbdulRahman AbdulRazaq of Kwara State, Governor Inuwa Yahaya of Gombe State, Governor Abdullahi Sule of Nasarawa State, Governor Bala Mohammed of Bauchi State and Governor Mai Mala Buni of Yobe State.

More to follow…

News

Yusuf Abba: Kwankwaso’s PA, son-in-law who will be governor of Kano

Published

2 hours ago

March 20, 2023

admin

Yusuf Kabir Abba was declared the winner of the 2023 governorship election in Kano state on Monday. The flagbearer of the New Nigeria Peoples Party (NNPP) beat his arc-rival, Yusuf Gawuna of the All Progressives Congress (APC), to claim victory in the state.

From personal assistant to governor-elect — who is Yusuf Abba, the man who will become Kano governor?

Abba was born in the year Nigeria became a republic, in 1963. He was born on January 5, 1963 in Gaya LGA of Kano state. He would later attend Sumaila primary school and government secondary school Lautai in the old Kano state.

His secondary education was in Gumel LGA, which is now in Jigawa State. Upon graduation from government secondary school in 1980, he went on to the federal polytechnic, Mubi, where he obtained his national diploma in civil engineering in 1985.

He went on to specialise in water resources/environmental engineering in 1989 at Kaduna Polytechnic. Upon graduation, he served in the National Youth Service Corps (NYSC) at Kaduna Environmental Protection Agency from 1989 to 1990.

READ Ban on cash withdrawals from government accounts not targeted at Govs – NFIU

QUICK FACT: On May 29, 2023, he will become the second Water Engineer to be governor of Kano state in the fourth republic.

GOVERNOR’S PA WHO WILL BECOME GOVERNOR

Abba might be the first personal assistant (PA) to a fourth republic governor to become governor. Abba served as PA to Rabiu Kwankwaso, the presidential candidate of the NNPP, while he was governor of Kano state from 1999 to 2003.

He also served in the same capacity and also as special assistant to Kwankwaso, in his role as minister of defence in the Olusegun Obasanjo cabinet from 2003 to 2007.

In a 2019 interview with Daily Trust, Abba said he served as PA to Kwankwaso for 12 years, from 1999 to 2011. In 2011, he served in Kwankwaso’s government as a private secretary to the government and was later appointed commissioner for works, housing and transport.

Abba has been with Kwankwaso for 37 years, serving in different capacities.

“Kwankwaso is my leader. I worked with Kwankwaso even when I was in the civil service in the state. I worked under him and have been with him for almost 33 years,” Abba said in 2019.

READ Naira Crunch: Falana slams CBN over refusal to obey Supreme Court order

“In all these years, he has been over and above me so I know him to be my leader, my oga! So people shouldn’t be surprised if I give him the utmost respect and utmost trust. I was his PA during his first tenure from 1999 to 2011”.

KWANKWASO’S SON-IN-LAW-TURNED AVENGER

In 2014, Kwankwaso supported his deputy, Abdullahi Ganduje, in becoming the governor of Kano state. In a few months after the election, both men fell out. Ganduje launched what became a clear attack on Kwankwaso and the Kwankwasiyya movement.

By 2019, Kwankwaso mobilised against Ganduje and supported Yusuf Abba in unseating Ganduje. Abba went on to win the election in the first round, but his victory was not to be as the Independent National Electoral Commission (INEC) declared a supplementary election in 28 of 44 local government areas in the state.

Following the conduct of the supplementary poll, Ganduje was declared the winner with less than 9,000 votes ahead of Abba, who had initially won with over 26,000 votes.

READ Wicked parents: Police rescue girl in solitary confinement for 10 years

Abba, who is also married to Kwankwaso’s niece, moved with Kwankwaso to the New Nigeria Peoples Party, where they both became flagbearers for presidential and gubernatorial elections. Both men won the elections in the state, but Kwankwaso lost the presidential poll.

As Kwankwaso’s loyalist and son-in-law, Abba will be putting an end to Ganduje’s reign in the state, with expectations that he would be avenging the Kwankwasiyya movement.

He has however said he will not be tied to Kwankwaso’s apron, but be a man for himself, stating that he will only take advice from the former governor.

“He will never interfere in my work. Secondly, if he interferes, in terms of advice, I know that where I go correctly he will encourage me to put in more and where I go wrong he will correct me and tell me what to do. But as far as issues of governance are concerned, believe me, sincerely he is not going to interfere,” he had said.