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

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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.

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The court said that before the old naira notes were withdrawn, the states had not received reasonable notice as required by section 20(3) of the CBN Act.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

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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  CBN has my backing to redesign naira notes, says Buhari

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.

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Soldiers’ Killings: Army transfers surrendered Delta monarch to Abuja

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The Army has reportedly flown the Ovie of Ewu kingdom in Ughelli South Local Government Area of Delta State, HRM Clement Ikolo,  who surrendered himself to the Police in Asaba on Thursday to Abuja.

 

The Delta State Police Command handed over the king, who the Defence Headquarters, Abuja, declared wanted with seven others over the killing of 17 soldiers at Okuama on Friday morning.

 

The Commanding Officer Commanding Officer, 63 Brigade,  Nigeria Army, Asaba, the Delta State Police Commissioner,  and other senior military officers escorted the monarch to the Asaba International Airport.

 

The monarch was reported to have boarded an Air Peace airline, and the plane departed Asaba Airport tarmac at about 9.10 am to Abuja.

 

 

 

 

 

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Don’t condemn or curse Nigeria in your sermons — this is a beautiful land, Tinubu urges clerics

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President Bola Tinubu has appealed to religious leaders to desist from laying curses on the nation in their sermons.

The president spoke on Thursday while breaking the Ramadan fast with traditional rulers and religious leaders at the presidential villa.

Tinubu harped on the significant role of religious leaders in shaping public opinion and promoting unity in the country.

The president asked the clerics to be constructive in their criticisms of government officials, saying his administration is determined to address Nigeria’s challenges.

 

“The love of the nation is in your hands. Pray for our country. Educate our children. The sermons we preach to the members of our churches and mosques are important,” Tinubu said.

 

“Do not condemn your own nation. As a Yoruba man and as our fathers will say: ‘no matter how slippery the bottom of your child is, you must leave the beads there’.

 

“Leave the beads there. This is your country, do not condemn it in sermons, and do not abuse the nation. Leadership is meant for changes.”

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Tinubu said instead of condemning the country, “bad” leaders should be shown the exit during elections.

 

“Yes, this leader is bad, fine. Wait until the next election to change him, but do not condemn your country. Do not curse Nigeria. This is a beautiful land,” Tinubu said.

 

Also speaking, Kashim Shettima, vice-president, advised religious leaders to continue to “build bridges that transcend ethnic and religious divides”.

 

“The president means well for the nation, and he has continued to redefine the meaning and concept of modern leadership,” he said.

 

”For many years, fuel subsidy was an albatross. The president took a bold decision from day one, and he hit the ground running. Now the economy is turning the corner.”

 

Speaking on behalf of the Traditional Rulers Council of Nigeria, Adeyeye Ogunwusi, Ooni of Ife, said the monarchs are in support of Tinubu’s administration.

 

“You are not alone, Mr. President. The prices of food items and goods are gradually coming down. You are doing your best on security, and we cannot allow you to do it alone. We will join hands to support your vision for the betterment of our nation,” Ogunwusi said.

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Ahmed Bamalli, Emir of Zazzau, who spoke for the Nigerian Supreme Council for Islamic Affairs (NSCIA), said Ramadan is a period of reflection, empathy, and unity.

 

“I am happy to see representatives of Muslim and Christian communities in this room. I pray God Almighty blesses the president for him to do more to take the country to the Promised Land,” he said.

Samson Fatokun, general secretary of the Christian Association of Nigeria (CAN), commended Tinubu for fostering unity in the country.

 

”We are encouraged that your administration has shown great determination in tackling the challenges of kidnapping and banditry and bringing to justice the perpetrators of this dastardly act,” he said.

”We shall continue to show our support to your administration so that you can execute your noble intention for the nation.”

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Tompolo rejects Tinubu’s wish for low-key birthday, buys out frontpage of dailies

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Government Ekpemupolo, popularly known as Tompolo, has rejected President Bola Tinubu’s wish for a low-key birthday celebration by buying the frontpages of a slew of national newspapers to celebrate the 72nd birthday of President.

Tompolo is the chairperson of Tantita Security Services Nigeria Limited, an oil pipeline surveillance firm that tackles crude oil theft in the Niger Delta region.

 

Last Sunday, the presidency announced that Tinubu will not celebrate his 72nd birthday on March 29 “in deference to the challenging times” in the country.

The presidency said the president “does not want any of his associates and numerous well-wishers across the country to organise any celebratory event on his behalf or in his name”.

Tinubu also “enjoins friends and associates who may wish to place goodwill advertorials to kindly donate the money to charity organisations of their choice in his name”.


However, on Friday, Tompolo placed birthday messages for Tinubu on the frontpages of at least eight national dailies.

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TheCable understands that a frontpage newspaper advert of the size Tompolo splurged on costs an average of N10 million.

 

This is not the first time the Tantita boss will use the frontpage of dailies to celebrate Tinubu.

In October 2023, after the supreme court affirmed Tinubu’s victory in the 2023 presidential election, Tompolo bought the frontpages of several dailies to celebrate the judgment.

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