Connect with us

News

Naira scarcity: Gbajabiamila faults Buhari, slams Emefiele over CBN policy

Published

on

 

Femi Gbajabiamila, Speaker of the House of Representatives, has criticised the declarations made by President Muhammadu Buhari on new and old naira notes in a national broadcast on Thursday morning as negating the ruling by the Supreme Court.

Gbajabiamila, while commending the President for his intervention, stated that the Supreme Court had ruled that the old N1,000, N500 and N200 notes remain legal tender.

“It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law,” he stated.

The speaker, in a statement issued on Thursday, which he personally signed, said Governor of the Central Bank of Nigeria, Godwin Emefiele, had failed to publicly admit error in the monetary policy of the apex bank.

 

It will ve recalled that Buhari, while addressing the nation, had said the old N500 and N1,000 banknotes were no longer legal tender in the country. He, however, said the old N200 note would be legal tender for the next 60 days, till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

Gbajabiamila said, “Today, citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities. This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria. It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.

See also  Buhari orders military to 'wipe off terrorists, insurgents'

“Section 20(3) of the Central Bank of Nigeria Act, 2007 provides the statutory authority for the Central Bank of Nigeria to initiate and implement policies for the recall of Nigerian currency. The extant provision is reproduced below: Notwithstanding subsections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of such notice cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand.”

The Speaker noted that there are three conditions precedent for the CBN to recall existing naira notes. According to him, the first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given, and the third is that the apex bank shall pay the face value of the recalled currency upon receipt.

See also  Amnesty International, SERAP urge Tinubu to release 76 #EndBadGovernance protesters

“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the CBN has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided,” he stated.

Gbajabiamila added that the scarcity of cash is happening “because the CBN did not sufficiently replace the old currency it pulled out of circulation across the country.” According to him, this created an artificial scarcity that “put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country.” He stressed that businesses cannot operate as neither they nor their customers have access to cash while the electronic banking platforms “appear to have uniformly collapsed.”

The statement further read, “It is unclear what interest is served by persisting in this erroneous course towards an unfolding economic disaster that the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.

See also  Anybody who misbehaves needs to be whipped into line -Femi Adesina

“It is disheartening that the CBN has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure. It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court 1s sufficient to cause the Governor of the CBN to review the decisions that have brought us to this entirely avoidable moment.

“This morning, President Muhammadu Buhari, GCFR, announced that he has authorised the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation, pending when the Bank can make sufficient amounts of the new currency available. This is a step in the right direction and I hope it helps curb Nigerians’ suffering. However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation. It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law. It will be better for us to strictly adhere to the court’s order in this matter pending the adjudication of the substantive suit.”

News

Wale Tinubu, Rabiu, others Join President Tinubu in Makkah for Umrah

Published

on

By

The Group Chief Executive Oando Plc, Jubril Adewale Tinubu; Chairman of BUA Group, Abdul Samad Rabiu, and several other Nigerian business mogul have joined President Bola Ahmed Tinubu in Makkah, Saudi Arabia, for the performance of Umrah, the lesser Islamic pilgrimage.

The presence of the prominent Nigerian business leaders alongside the President in the holy city has drawn attention, bringing together three influential figures from Nigeria’s political and business communities in a moment of religious observance.

Tinubu and Rabiu, both prominent names in Nigeria’s corporate landscape, were seen alongside the President dressed in the traditional white Ihram garments worn by Muslim pilgrims performing Umrah.

Umrah, unlike the obligatory Hajj pilgrimage, can be undertaken at any time of the year. It involves a series of religious rites in Makkah and holds profound spiritual significance for Muslims across the world.

For the Nigerian business community, the appearance of the corporate leaders alongside the President also offers a glimpse into the intersection of faith, business and public life, particularly when influential figures come together outside the usual settings of boardrooms, corporate engagements and official functions.

See also  Four killed as explosion rocks Kogi monarch’s palace

The development comes as President Tinubu undertook the pilgrimage to seek divine guidance and offer prayers for Nigeria’s peace, unity, stability and progress.

According to the Presidency, the President performed the Umrah rites early Friday, October 30, at the Grand Mosque, Masjid al-Haram, where he circumambulated the Holy Ka’abah.

Speaking after completing the spiritual exercise, Tinubu described the pilgrimage as significant, linking it to his commitment to Nigeria and its people. He also expressed gratitude to Allah for the opportunity to pray for the country.

The President’s prayers reportedly centre on national harmony, security, economic prosperity and the need for Nigerians to live together peacefully.

Rabiu also used the occasion to express his hopes for the country, describing it as an honour to accompany the President on the spiritual journey. He prayed for lasting peace, unity and prosperity in Nigeria.

For Tinubu, whose Oando Group occupies a prominent position in Nigeria’s energy industry, the journey offered a departure from the familiar world of corporate leadership and business engagements. Rabiu, similarly, is a major player in the country’s industrial sector, with interests spanning manufacturing, cement and food production.

See also  Amnesty International, SERAP urge Tinubu to release 76 #EndBadGovernance protesters

Their appearance in Makkah alongside the President underscores the presence of leading figures from Nigeria’s private sector at an important spiritual moment for the country’s leader.

Umrah, often described as the lesser pilgrimage, is a significant act of worship in Islam. Unlike Hajj, which takes place during a specific period in the Islamic calendar, Umrah can be performed throughout the year.

President Tinubu is expected to return to Nigeria next week after completing his spiritual engagements in Saudi Arabia.

Continue Reading

News

Atiku’s son Abba Abubakar promises to deliver Adamawa for Tinubu

Published

on

By

Abba Abubakar, son of former Vice-President Atiku Abubakar, has promised to deliver Adamawa, his father’s state, for President Bola Tinubu in the 2027 elections.

He spoke on Friday at the All Progressives Congress (APC) national secretariat in Abuja during the Haske Bola Tinubu Organisation (HBTO) unveiling and the launch of its subsidised public transportation support scheme.

Abubakar, HBTO founder, said his decision to back Tinubu is not an attempt to antagonise his father, the African Democratic Congress (ADC) presidential candidate.

“I recognise that political decisions, particularly those that differ from the positions of individuals with whom one shares personal and family relationships, often attract considerable public attention,” he said.

“However, political conviction is a matter of personal judgment, conscience, and the freedom of every individual to make independent choices.

“My decision to establish and lead the HBTO is a deliberate political choice made with a firm belief in the direction we have chosen.”

See also  Insecurity: Buhari cries to God to end killings in Nigeria

He said democracy is strengthened when individuals can make independent political choices, engage in constructive dialogue, and support the leadership and political platforms they believe best represent their aspirations.

“It is within this spirit that HBTO was established,” he said.

He commended the economic reforms introduced by the Tinubu administration, citing the Nigerian Education Loan Fund (NELFUND), national infrastructure investments, increased statutory allocations to state governments, and transport support schemes as some of the key social intervention programmes.

Asked whether he would ensure the president gets maximum votes in Adamawa, Abubakar said: “Yes, yes, yes. We are going to deliver Adamawa state.”

He, however, said his decision should not be seen as a betrayal of his family ties or his father’s political aspiration.

“I’ve always supported my father since I started acting in politics, and I supported him because of what he has done for the country,” he said.

“But I believe that whenever a government comes out with policies that will help the people, I will join them.

See also  Lai Mohammed says 2023 election is credible, gives reasons

“It’s not just because it’s my father. I don’t think I am antagonising him; I simply believe in the current government’s policies and the reforms taking place.”

Abubakar joined the APC in January 2026, vowing to mobilise support for Tinubu’s re-election.

Continue Reading

News

Good morning! Nigerian Newspapers Headlines: How AI-generated photos entered voter register, by INEC

Published

on

By

1. The Independent National Electoral Commission (INEC) yesterday  blamed some of its registration officers across the country  for the appearance of suspected artificial intelligence (AI)-generated photographs and other irregularities in its preliminary voters’ register.

The commission alleged  that some officials  exploited their authorised access to its registration system to introduce questionable records into the database.

2. Rising temperatures, compounded by erratic electricity supply, are forcing residents in many states to sleep outdoors, take repeated night-time baths and spend more on alternative power sources as households struggle to cope with the heat. While many Nigerians who spoke with Saturday PUNCH reported prolonged blackouts and inadequate water supply, others said the conditions had made nights uncomfortable.

3. Troops conducting internal security operations across the country killed more than 217 terrorists and other armed criminals in October, the Defence Headquarters, DHQ, has said. The operations, conducted between September 30 and October 30, also led to the rescue of hundreds of kidnapped victims, the arrest of suspected terrorists and their collaborators, and the surrender of more than 50 terrorist fighters and their family members.

See also  Ohanaeze tells Buhari to name sponsors of killer herdsmen, Boko Haram, bandits

4. A businessman, Akinbolusere Kayode, popularly known as Tolufe, has allegedly committed suicide at Igba town in Ondo State, after lamenting his personal and business challenges in a video that has gone viral on social media. Akinbolusere, 46, reportedly died in his office beside BOVAS Petrol Station, Igba Town, at about 3 pm on Thursday. The State Police Command confirmed his death in a statement issued by its spokesperson, Jimoh Abayomi, in Akure on Friday evening.

5. Omoyele Sowore, presidential candidate of the African Action Congress, AAC, and the Ekiti State Police Command have given conflicting accounts of an incident at a restaurant in Ado-Ekiti, Ekiti State, on Friday. While Sowore insisted that he and members of his team were violently attacked, the police described the incident as an altercation with some individuals, saying the activist sustained a minor injury.

6. The Federal Capital Territory Police Command has arrested a pastor, Edwin Nwabueze, and another suspect, Sadiq Jamiu, over the alleged theft of a Toyota Camry in Abuja. The vehicle was reportedly stolen at UTC Plaza in the Garki area of the Federal Capital Territory. The police said Nwabueze, who identified himself as a pastor with Salvation Power Bible Ministry in the North Bank area of Benue State, was arrested, following investigations into the theft.

See also  2023 presidency: I'm yet to decide, CBN gov Emefiele speaks on running for presidency

7. Kemi Badenoch, leader of Britain’s Conservative Party, says “racist attacks” against her are “not going to work”, after Raheem Kassam, a former aide to Nigel Farage, called her a “Nigerian scammer”. Badenoch spoke during an interview on ITV’s Good Morning Britain on Thursday, following a series of posts by Kassam criticising her.



8. Senator Adams Oshiomhole has defended President Bola Tinubu’s decision not to attend every campaign rally ahead of the 2027 general elections. He insisted that there is no contradiction between the President’s religious activities and his responsibility to govern the country. Oshiomhole said Tinubu’s decision to limit his participation in campaign activities was a matter of choice and the prerogative of the ruling All Progressives Congress.

9. The Nigeria Security and Civil Defence Corps, Kano State Command, has busted an illegal diesel refining site at Panisau, Ungoggo Local Government Area of Kano State, leading to the arrest of five suspects. This was disclosed on Friday in a statement signed by the command’s Public Relations Officer, Ibrahim Abdullahi.

See also  Buhari working on Amaechi/Lawan ticket - Lamido

10. A 15-year-old Ghanaian boy, Javits Frimpong, has been shot and killed in the Bronx, New York, while on his way to school, with his father alleging that bullying at school may have contributed to the incident. Frimpong was shot in the stomach near East 171st Street and Third Avenue shortly after 9 a.m. on Thursday, according to law enforcement officials. The shooting happened just steps from his home. 

Continue Reading

Trending News