At last, banks get CBN approval to dispense old N500, N1000 to customers
Some commercial banks in Lagos have started issuing the old naira notes to customers at their various automated teller machines (ATMs) terminals and over the counter.
The development is in compliance with the new directive of the supreme court, extending the validity period of the old notes to the end of the year.
Following the controversy that trailed the naira redesign policy of the Central Bank of Nigeria (CBN) from October last year, several states sought the supreme court’s intervention in extending the validity of the old N200, N500, and N1, 000 notes.
On February 8, the court restrained the CBN from enforcing the February 10 deadline following an ex parte application brought by the states.
It later insisted that the old notes remained legal tender while adjourning the hearing of the case brought against the CBN on the policy on February 15.
Setting a new deadline in its final judgement on the matter last week, the apex court ruled that the old N200, N500, and N1,000 notes should continue as legal tender until December 31, 2023.
Checks by TheCable on Tuesday show that some commercial banks have stated to comply with the court order, despite silence from the CBN and President Muhammadu Buhari.
It was observed that a Zenith Bank branch in Festac Town paid out the old notes to customers over the counter.
“It has been approved by CBN for circulation till December 31 and that’s why we can dispense to our customers,” a bank official said.
Another bank official said the branch had “received orders to begin dispensing old notes to our customers”.
The ATMs at the branches of the United Bank for Africa (UBA) close to Agege-Pen Cinema Bridge, and Guaranty Trust Bank (GTB) in the Ikeja area Lagos, were also dispensing the old notes when TheCable reporters visited.
Isa Abdulmumin, CBN spokesperson, said both the old and new notes are legal tender and banks are currently issuing to customers.
However, he said the CBN was yet to issue an official statement on the matter.
“Banks are paying old notes as well as new notes. They are all legal tender,” he said.
“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”
Abdulmumin expressed concern on the continued rejection of the old notes by some traders and transporters.
He said the old notes should not be rejected as they are still a valid means of exchange.
“No. They can’t reject it. It’s all legal tender,” he said.
Yusuf Abba: Kwankwaso’s PA, son-in-law who will be governor of Kano
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.
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.
“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.
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.
APC’s Reverend Father Alia wins Benue guber election
Hyacinth Alia, the candidate of the All Progressives Congress (APC), has won the Benue state governorship election.
Alia, a reverend father, garnered 473,933 votes to defeat Titus Uba, the candidate of the Peoples Democracy Party (PDP), who polled 223,913 votes, to be declared the winner on Monday.
Herman Hembe of the Labour Party (LP) scored 41,881 votes.
Faruk Kuta, vice chancellor of the Federal University of Technology, Minna, and the returning officer of the Benue state gubernatorial election, announced the results on Monday at the Independent National Electoral Commission (INEC) collation centre in Makurdi, the state’s capital.
Out of the 23 LGAs in Benue, Alia secured 17, while Uba clinched four and Hembe got one.
TheCable had reported how elections were rescheduled in Kwande LGA over following a mix-up of ballot papers on Saturday.
However, Kuta, said Alia was declared the winner in line with the electoral act and the INEC guidelines.
The law provides for a winner to be declared if the margin of lead of the candidate surpasses the number of registered voters or those who have collected their permanent voter’s cards (PVCs) in an LGA.
Breaking: APC’s Otu wins Cross River governorship election
The Independent National Electoral Commission (INEC) has declared Senator Bassey Otu of the All Progressives Congress (APC) winner of the governorship election in Cross River State.
He defeated Sandy Ojang Onor of the Peoples Democratic Party (PDP) and the Labour Party.
Otu polled 258,619 votes to emerge winner of the election, while Onor of the PDP scored 179, 636 votes to come second, while Labour Party’s candidate polled 5,957 votes.
Eleven political parties contested the election in Cross River State.
See full results below:
Total registered voters: 1, 766,460
Total Voters Accredited: 466, 294
PDP: 179, 636
Valid Vote: 451, 933
Rejected votes: 8923
Total valid votes: 460826
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