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Even after deadline, banks will accept old naira notes -Emefiele to Reps

Banks will continue to accept the old naira notes even after the deadline for swapping with the newly-designed currency notes, the Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said.

The apex bank recently extended the deadline for the swap of the newly-designed N1,000, N500, and N200 notes following an outcry from Nigerians.

But while appearing before the House of Representatives committee on the new naira redesign and swap policy Tuesday, the CBN chief said banks will still accept the old notes after the deadline.

He said subject to Section 20, Subsection 3 of the CBN Act 2007 and even after the old currencies have lost legal tender status, the CBN will continue to accept the old notes.

The CBN chief who had earlier failed to honour the House’s invitations explained to the lawmakers that he was out of the country.

Speaking about the redesign of the naira, he said CBN’s actions were in line with international best practices and the apex bank has to be in control of the currency in circulation.

Mr. Emefiele said in 2015, N1.4 trillion was in circulation, and by last year it had risen to N3.33 trillion.

He explained that the reason for directing banks to ensure only ATM withdrawals was to limit the daily withdrawal of individuals.

The CBN boss decried the trend of the new notes being sighted at parties and stated he was in meetings with commercial banks to mitigate it.

The 61-year-old agreed that the policies would hurt some persons but claimed it was in the interest of the country especially in combating insecurity.

He, therefore, appealed to lawmakers to allow the programme to succeed.

Emefiele had failed to appear before the lawmakers despite initial requests detailing in a series of letters that he was in the United States on an important assignment.

The Speaker of the House of Representatives, Femi Gbajabiamila, would go on to state that he would not hesitate to ask the Inspector General of Police, Usman Baba Alkali, to issue an arrest warrant on Emiefele to compel him to appear before the House.

In November, the apex bank fixed the 31 January deadline for the usage of the old notes.

However, the scarcity of the new notes forced the House to set up an ad-hoc committee to resolve the difficulties between the CBN and commercial banks, despite the insistence of Emefiele that many of the banks were hoarding the notes.

(Channels TV)

January 31, 2023
EFCC Arrests New Naira Note Racketeers in Abuja

The Commission said the operation followed intelligence on activities of unscrupulous currency speculators.

The Economic and Financial Crimes Commission (EFCC) on Monday said it nabbed members of a syndicate of currency racketeers hoarding and trading with redesigned naira notes.

EFCC spokesman, Wilson Uwajaren, said that the arrest happened in separate operations in the Zone 4 and Dei Dei axis of the Federal Capital Territory on Saturday and Monday.

The operation followed intelligence on activities of unscrupulous currency speculators who were exploiting desperate citizens by offering them the new naira notes for foreign currencies at below the going rate, the anti-graft agency said.

He said the suspects have made useful statements, including disclosure that they were acting with some unscrupulous officials of Money Deposit Banks.

The commission vowed to extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade are demobilised.

It also warned financial system operators to desist from the sharp practices or risk arrest and prosecution.

According to a statement on Monday by DSS spokesman, Dr Peter Afunanya, the Service in the course of its operations, also established that some Commercial Bank officials are aiding the economic malfeasance.

Consequently, the Service warned the currency racketeers to desist from this ignoble act.

(Channels TV)

January 31, 2023
Diezani Begins Legal Battle To Recover Seized Assets

She added that the forfeiture orders made in respect of assets linked with her were issued by the various courts without jurisdiction.

The former Minister of Petroleum Resources, Diezani Alison-Madueke has initiated a process at the Federal High Court Abuja to have the forfeiture orders of the Federal Government on Properties Allegedly linked to her vacated.

The Federal Government had last year secured orders for final forfeiture of properties in Nigeria and abroad allegedly linked to the former Minister of Petroleum Resources.

In a fresh motion filed before the Federal High Court in Abuja by her lawyer and senior advocate of Nigeria, Mike Ozekhome, Alison-Madueke wants among others, an order extending the time within which to seek leave to apply to the court for an order, setting aside the public notice issued by the Economic and Financial Crimes Commission (EFCC) to conduct the public sale on her property.

She said the motion is intended against the notice recently issued by the EFCC for disposal of forfeited assets, some of which included those belonging to her.

In a supporting affidavit also, the former minister noted that the EFCC planned to conduct a public sale of all forfeited, beginning from January 9 as contained in its public notice following various court judgments/orders issued in favour of the commission as final forfeiture orders against property and personal effects linked to her.

Seeking five reliefs, Alison-Madueke argued among others that she was not heard before the orders for forfeiture were issued, thereby denying her the rights

She added that the forfeiture orders made in respect of assets linked with her were issued by the various courts without jurisdiction.

Alison-Madueke added, “The various court orders issued in favour of the EFCC and upon which they issued the public notice to conduct public sale of items contained in the public notice, most of which affect her interest, were issued in breach of the right to fair hearing as guaranteed by Section 36 (1) of the 1999 Constitution, as altered, and other similar constitutional provisions.”

She further stated that she was neither served with the charge sheet and proof of evidence in any of the charges nor any other summons howsoever and whatsoever in respect of the criminal charges pending against her before the court.

The ex-minister added further that the courts were misled into making several of the final forfeiture orders against her assets through suppression or non-disclosure of material facts.

In its counter affidavit, the EFCC faulted Alison-Madueke’s arguments, noting that, not only was she represented in some of the proceedings, publications were made in the media to alert interested parties about pending forfeiture applications.

An EFCC official, Rufai Zaki, who claimed to be part of the team that investigated a case of criminal conspiracy, official corruption and money laundering against Mrs. Allison-Madueke and some others involved in the case, said investigation showed that she was involved in some acts of criminality.

He added that the forfeiture orders made in respect of assets linked with her were issued by the various courts without jurisdiction.

Zaki stated that, following the findings of his team, Mrs. Alison-Madueke was charged before the Federal High court in a charge marked: FHC/ABJ/CR/208/2018.

He said the courts differently ordered the commission to do newspaper publications, inviting interested parties to show cause why the said property should not be forfeited to the Federal Government before final orders were made.

Zaki recalled that one Nnamdi Awa Kalu represented the ex-minister in the hearing of one of such forfeiture applications.

He added that not only was the order for the forfeiture of the effected properties made since 2017, and was not set aside on appeal, the assets in question have since been disposed of through due process of law.

(Channels TV)

January 31, 2023
FG under pressure to investigate killing of herdsmen in airstrike in Nasarawa

The Federal Government was, Sunday, urged to investigate the killings of about 40 herders in an airstrike believed to have been carried out by the military at Rukubi village in Doma Local Government Area of Nasarawa State last week.

Sources had told the reporters that the incident happened when the herders were returning from Makurdi, Benue State Capital, where they had gone to retrieve over 1,000 cows seized by the Benue Livestock Guards.

The incident sparked outrage, but military authorities have remained silent on it.

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) on Sunday demanded an explanation for the killings which it described as intentional.

In a statement by its spokesperson, Muhammad Nura Abdullahi, MACBAN condemned the “silence” of the Federal Government and the military on the incident.

The association also said the Benue State Government should be held liable for the incident.

It explained that the trucks carrying the livestock were closely monitored until they reached their destination before an armed drone was unleashed on the pastoralists.

“MACBAN describes the silence as reprehensible and lack of regard for the loss of lives of ordinary Nigerians who are victims of high handedness of Benue State government and the officers of the Makurdi-based Operation Whirl Stroke who deployed an aircraft/drone.”

“The pastoralists went to Makurdi earlier in the day to retrieve their 1,250 livestock earlier impounded by the Benue State Livestock Guards after paying a fine of N29million.

“If nothing, we expect the president to commiserate with the families of the victims of this heinous crime. MACBAN recalls this is the third time in one year that the (Nigerian) Air Force was involved in the bombing of pastoralists and livestock in Nasarawa, Benue and Taraba states.

“The recent killings constitute a war crime and a panel of inquiry must be constituted to find out on whose authority the drone/aircraft was used and punish the culprits.

“The late pastoralists are bona fide Nigerians, have rights like every other citizen and therefore must be protected under the law. The loss of one life is bad enough talk less of over 40 innocent lives in a single swoop. This is an unacceptable and most despicable crime against humanity.

“We find it shameful that while people were being killed, the President was enjoying a state dinner in Katsina State. We also call on the National Human Rights Commission to investigate this case and other cases involving shootings by the Air Force in Nasarawa,” the statement read.

In its reaction, the Arewa Consultative Forum (ACF) yesterday said over 50 pastoralists and butchers were killed in the incident, urging the Federal Government to investigate the circumstances surrounding it.

The ACF, in a statement by its Secretary-General, Murtala Aliyu, demanded the arrest and prosecution of the perpetrators “whoever they are”.

“To our knowledge, only government has the power to deploy armed drones. Sources told the ACF that the drone strike happened while the livestock was being offloaded after the owners were forced to take back their cattle in trucks from Makurdi.

“This incident came barely six months after a similar incident in which hundreds of livestock were killed when a helicopter gunship belonging to the Nigerian Air force from the Makurdi Base Operation carried out the strike killing and wounding the animals and some herders in Awe also in Nasarawa State.”

According to the ACF, the death of one person, in a serious country, is enough to attract the attention and intervention of the government.

“The Nigerian airspace is managed by the Federal Government through the Nigerian Airspace Management Authority (NAMA). So, we expect the Federal Government to immediately fish out the perpetrators of this dastardly act, whoever they are, to face the law,” the ACF said.

It commended the Nasarawa State Government for the intervention it made so far in giving medical attention and support to the survivors and the victims’ families. While condoling the families of the deceased, the ACF called for adequate compensation to the families of the victims.

Also, the Northern Consensus Movement (NCM) called on the federal government to pay compensation to the families of the slain pastoralists.

The group lamented the attitude of some northern leaders, particularly northern governors, for keeping silent despite the fact that all those killed were northerners.

The group’s president, Awwal Abdullahi Aliyu, at a news briefing in Kaduna on Sunday, also asked the National Assembly to ensure the incident was not swept under the carpet.

The group threatened to sue Benue State Governor Samuel Ortom for his alleged act of hatred against Fulani and Hausa residing in his state.

It warned him against harassing northerners in the state, asking northerners to support a northern candidate in the coming presidential election for the survival of the region.

Families deserve compensation – NHRC, lawyer

“The commission feels sad over the erroneous attacks which have been acknowledged, and would support that the families of those Nigerians who lost their loved ones be compensated and negligent officers should be held accountable under the laws of the country,” he said. He regretted that the shortage of funding was hampering the commission’s work in pursuit of justice for victims of human rights violations.

“That’s why we are clamouring for a human rights fund in the amendment to the NHRC Act so that sudden violations like this can be handled.”

Also, the chairman of the Nigerian Bar Association (NBA) Section on Public Interest Law (SPIDEL), Onyekachi Ubani, said the families of the victims must be compensated if it was established that it was an accidental bombing.

“This is not the first time this is happening, it is either the fourth or fifth and shows a clear failure of intelligence in security arrangement,” he said.

A human rights lawyer, Deji Ajare, said the airstrike was beginning to take a systematic dimension which could qualify for war crimes against the Nigerian government.

“If our military is allowed to continue with such reckless attacks without care for precision and verification of security information, then we must know that the lives of every Nigerian will be at risk,” Ajare said.

I have no hand in the killing – Ortom

Benue State Governor Samuel Ortom denied that he and his government had a hand in the killing, describing the allegations as mischievous. He clarified that he did not order anyone to carry out such act as he had no powers to order an air raid operation.

Ortom, in a statement by his spokesman, Nathaniel Ikyur, made available to our correspondent in Makurdi yesterday, indicated that he reacted to the allegations blaming him for the killing during a Thanksgiving Mass for the official commissioning of a Parish House built by him at Holy Cross Parish, Ogbolokuta, Ulayi in Ado Local Government Area of the state.

Ortom said the raid might have been as a result of intelligence gathered by the Military High Command.

The governor added that it was pure mischief for anyone to attempt to rope him into what he had no knowledge of.

The Director, Defence Media Operations, Maj.-Gen. Musa Danmadami, could not be reached for comments last night as calls to his mobile phone did not connect.

But Danmadami had, at a press briefing in Abuja on Thursday, said he would not want to comment on the issue since Nasarawa State Governor Abdullahi Sule had already spoken.

As of the time of filing this report last night, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, had not replied a text message sent to him by our reporter after phone calls seeking the Presidency’s reaction to the allegations by MACBAN.

It would be recalled that President Muhammadu Buhari had on Friday offered his prayers and condolences to the government and people of Nasarawa State over the incident.

(Daily Trust)

January 30, 2023
Death toll rises to 13 as Edo confirms 115 Lassa fever cases

The death recorded from Lassa fever in Edo State has risen to 13, as confirmed cases climbed to 115 since the outbreak of the disease in the state.

The State Commissioner for Health, Prof. Akoria Obehi, who disclosed this to journalists in Benin over the weekend said the fatality figures from Lassa fever have risen to 13 while confirmed cases are 113.

According to him, the government was stepping up efforts to contain the disease across communities in the local governments in the state.

“We have recorded eight new cases, with the new figures; we now have 115 persons affected with the virus who are currently receiving care at the Irrua Specialist Teaching Hospital.”

While noting that the state is adequately prepared and equipped to handle reported cases of Lassa fever, Prof. Akoria, charged the people who experience symptoms such as severe headache, vomiting, and high fever, among others to rush to the nearest healthcare for treatment.

(Daily Trust)

January 30, 2023
9 Dead As Container Falls On Bus In Lagos, 11 burnt to death in Ondo Autocrash

It was a black Sunday in Lagos and Ondo yesterday as no fewer than twenty people lost their lives in separate accidents that occurred in the two South-West States.

While a truck conveying a 20ft container lost control and landed on a commercial bus and killing nine people at Oluejegba in Lagos, 11 persons were reportedly burnt beyond recognition in an auto crash that occurred at Soka Bridge in Ore, Odigbo council area of Ondo state on Sunday.

The fully loaded bus marked KTU 921 YD was said to be waiting to pick up passengers when the incident happened at Ojuelegba Bridge in Surulere with the passengers trapped.

The reporter recalls that there were similar accidents in September 2015; April 2, 2022, and April 19.

Our correspondent reports that traffic in and around Ojuelegba was shut down yesterday as emergency responders struggled to recover the container and the bus.

Eyewitnesses told Daily Trust that the truck was trying to climb the Ojuelegba Bridge when it suddenly lost control while its container detached and landed on the bus.

A source said the truck driver was trying to prevent the bus from overtaking him. “You can see the bus was so close to the pavement and it was pinned down by the container after falling off from the truck”, the source said.

Many residents were said to be helpless when the incident happened before the arrival of the emergency responders, especially LASEMA which immediately deployed its heavy-duty equipment.

“Some of them were still gasping for breath when the accident happened. Though people had called the LASEMA and other agencies, most of the trapped victims died before they arrived as the container pinned them to the ground. Only one woman survived it,” said an eyewitness.

Another eyewitness, who simply identified himself as Adekola said the conductor escaped because he was trying to settle the Agberos (Motor Park touts).

“The driver stopped on the bridge when he realised his conductor was held down by the Agberos. This is how containers fall anyhow around here. It is very tiring. We just wish there would be an end to this loss of life,” he said.

Emergency officers including the State Emergency Management Agency (LASEMA), State Fire Service, Federal Fire Service, and the Police were at the scene to jointly recover the dead.

LASEMA Permanent Secretary, Dr. Olufemi Oke-Osanyintolu said the agency’s heavy-duty equipment was deployed to remove the container on top of the bus while the head of the bus was removed to aid recovery of the trapped passengers.

“After suspending the container load with the aid of the agency’s forklift and cutting off the top of the bus with light rescue equipment, a single adult woman was extricated alive and taken to the trauma centre,” he said, adding that a total of nine fatalities were recovered comprising 4 adult males, 3 adult females, a girl child, and a boy child.

As of the time of filing this report, emergency responders were able to remove the charred bus while the remains of the victims were deposited at the mortuary.

The Sector Commander of the Federal Road Safety Corps (FRSC) in Lagos, Olusegun Ogunbemide said the rescue had been concluded, adding that an investigation had commenced determining the immediate and remote cause of the crash.

Speaker of the House of Representatives, Femi Gbajabiamila, described the incident as unfortunate and sad, saying he was pained that innocent people lost their lives in such a manner.

In a statement by his media aide, Lanre Lasisi on Sunday, the Speaker, however, lauded the quick efforts of the officials of the Lagos State Emergency Management Agency (LASEMA), FRSC, police, and others in evacuating the victims and rescuing one person.

While calling for immediate action and an investigation into the incident, Gbajabiamila said: “This is not the first time such an incident is happening in Lagos. I call for immediate temporary installation of barriers as in the case of Oba Akran – computer village, Ikeja to prevent trailers from using the bridge to avert future occurrences. It is unacceptable for people to die in such a way at the same spot multiple times.”

Meanwhile, the Corps Marshal of, the Federal Road Safety Corps, Dauda Ali Biu has recommended the construction of barricades against articulated vehicles (Tankers, Trucks, Trailers, and other heavy-duty vehicles) on Ojuelegba Bridge as a permanent solution to the reoccurring crashes.

Reacting to the incident that occurred on Ojuelegba Bridge, Lagos State, and another crash that claimed 11 lives at Soka Bridge on Lagos-Benin Highway, he cautioned commuters against route violation as well as driving against prescribed legal speed limits on all roads.

He said according to the FRSC operatives on the ground, the container mounted on the Mack Truck at Ojuelegba fell off the truck while landing on the Suzuki minibus filled up with passengers which obviously led to the death of 9 of the passengers.

He said the Corps Marshal who frowned at the incident underscored the importance of barricading the bridge against articulated vehicles citing some of the dangers that come with their continued use of the bridge as he calls for efforts to be made towards expanding the connecting roads under the bridge to accommodate all articulated vehicles.

(Daily Trust)

January 30, 2023
JUST IN: CBN Extends Old Naira Use Deadline Till Feb 10

The Central Bank of Nigeria (CBN) has extended the deadline for the use of the old notes till February 10

CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.

He explained that the apex bank has sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by 10 days.

“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: A 10-day extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,” the statement read.

“A 7-day grace period, beginning from February 10 to February 17, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender Status.”

The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.

Before the apex bank extended the use of the naira note, many Nigerians experienced difficulty in lodging their old banknotes.

The scramble by many Nigerians to meet the initial January 31 deadline has been chaotic as many of them flood banking halls with huge cash in old notes to exchange them with new ones.

Others are seen in long queues at the few ATM points having the new naira notes in different parts of the country to have access.

The naira redesign was greeted by criticism by some Nigerians, including the presidential candidate of the ruling All Progressives Congress (APC), saying the policy was intended to scuttle his presidential ambition.

(Channels TV)

January 29, 2023
JUST IN: INEC extends PVC collection deadline for the second time

The Independent National Electoral Commission (INEC) has extended the deadline for the collection of Permanent Voter Cards (PVCs).

In a statement on Saturday, Festus Okoye, National Commissioner and Chairman, Information and Voter Education Committee of the commission, said the PVC collection had been moved from January 29 to February 5.

“The Commission met today, Saturday, 29th January 2023 a day after its meeting with the Resident Electoral Commissioners (RECs) from the 36 States of the Federation and the Federal capital Territory, Abuja and deliberated on a number of issues, including the reports from RECs on the ongoing collection of Permanent Voters Cards (PVCs) in its 774 Local Government Offices nationwide.

“It will be recalled that at the meeting with RECs on Friday, 28th January 2023, the Chairman of the Commission, Prof. Mahmood Yakubu indicated that the Commission will not hesitate to consider additional measures to ensure that all citizens have ample opportunity to collect their PVCs ahead of the General Election.

“Having reviewed reports from all the States of the Federation, the Commission is encouraged by the progress made so far as more Nigerians troop out daily to collect their PVCs.

“Arising from reports from the various States and discussions with Resident Electoral Commissioners, the Commission has decided to further extend PVC collection in all its Local Government Offices nationwide by an additional one week.

“The ongoing collection of PVCs nationwide will therefore continue and end on 5th February 2023. This is the second time the Commission is extending PVC collection nationwide and this will be the last extension of the exercise.

“Collection period has further been extended by an additional two hours and will start at 9am and end at 5pm daily including Saturdays and Sundays.”

(Daily Trust)

January 28, 2023
NBA Writes Emefiele, states CBN’s Statutory Obligation To Redeem Old Banknotes After January 31

Maikyau expressed what he described as telling concerns about the fate of Nigerians with the old currency past the deadline, saying, “The law is clear on this issue.”

The Nigerian Bar Association (NBA) says the Central Bank of Nigeria (CBN) is under statutory obligation to redeem the old N200, N500, and N1,000 banknotes after the January 31 deadline.

The apex bank has however remained unequivocal about its decision that only the redesigned currency will be legal tender after the date.

But the NBA President, Yakubu Maikyau, SAN, in a letter addressed to the CBN Governor, Godwin Emefiele, insisted that the law allows Nigerians to redeem their old naira notes at the CBN.

According to a statement by the NBA’s National Publicity Secretary, Akorede Lawal, on Saturday, Maikyau expressed what he described as telling concerns about the fate of Nigerians with the old currency past the January 31, 2023 deadline, saying, “The law is clear on this issue.”

He cited the provisions of Section 20 (3) of the CBN Act which he said provides that “notwithstanding Sub-sections (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 the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand.”

The NBA President noted that “any person who shall be in possession of the old notes which have ceased to be legal tender by 31 January 2023 is at liberty to approach the CBN and demand for the redemption of the notes and the CBN is under statutory obligation to ‘redeem’ the notes.”

In view of the dearth of information in this regard, the NBA President added that “our recommendation, on this issue is that in addition to educating Nigerians on demonetisation itself, a campaign on what happens to old bank notes after 31 January should be launched so as to adequately inform the public on what to do and prevent or reverse the rising panic or agitations caused by concerns about the inability of Nigerians to swap their old notes for the new notes by 31 January.”

See the full statement below:

PRESS RELEASE

CBN DEMONETISATION POLICY:

*NBA PRESIDENT WRITES CBN GOVERNOR,

*MEETS MINISTER OF FINANCE,

*APPEALS FOR URGENT REVIEW OF POLICY,

*SAYS PRESIDENT BUHARI MAY HAVE BEEN WRONGLY ADVISED, INSISTS THE LAW ALLOWS NIGERIANS TO DEMAND CBN TO REDEEM OLD NOTES AFTER THE JANUARY 31 DEADLINE

In reaction to the demonetisation policy of the Central Bank of Nigeria (CBN) which directs that the old naira notes (N100, N200, N500 and N1000) will cease to be legal tender in Nigeria from February, 2023, the Nigerian Bar Association (NBA) has insisted that the law allows Nigerians to redeem their old naira notes at the CBN even after the January 31, 2023 deadline set by the apex bank.

The NBA has also appealed for the urgent review of the demonetisation policy of the CBN.

The NBA’s appeal is contained in a letter signed by the NBA President, Mr. Yakubu Chonoko Maikyau, OON, SAN and addressed to the CBN Governor, Mr. Godwin Emefiele.

While acknowledging that the policy is laudable as it has the potential to stem corruption, votes buying and other criminal activities, the NBA President noted that “the necessary logistical, infrastructural and manpower support, required for the successful implementation of the policy are in short supply and should be greatly improved upon if they are to be leveraged for full implementation of the policy with minimal loss or economic hardship.”

In the letter, the NBA President expressed the telling concerns that there is no information in the public domain as to what would happen to the old currency in possession of Nigerians, by or after the 31 January 2023, even as the law is clear on this issue. Quoting the provisions of Section 20 (3) of the CBN Act which provides that

“notwithstanding Sub-sections (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 the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand”, Mr. Maikyau noted that “any person who shall be in possession of the old notes which have ceased to be legal tender by 31 January 2023 is at liberty to approach the CBN and demand for the redemption of the notes and the CBN is under statutory obligation to “redeem” the notes.”

In view of the dearth of information in this regard, the NBA President added that “our recommendation, on this issue is that in addition to educating Nigerians on demonetisation itself, a campaign on what happens to old bank notes after 31 January should be launched so as to adequately inform the public on what to do and prevent or reverse the rising panic or agitations caused by concerns about the inability of Nigerians to swap their old notes for the new notes by 31 January.”

In a related development, the NBA President on Friday paid a courtesy call on the Minister of Finance, Budget and National Planning, Dr. Zainab Shamsuna Ahmed in Abuja and relayed the concerns of the Nigerian people over the demonetisation policy of the CBN, particularly in view of the scarcity of the new notes and the difficulty Nigerians are encountering in swapping the old notes .

The NBA President informed the Minister that he directed the chairmen of the 128 branches of the NBA to survey and assess the impact of the policy on Nigerians in their respective jurisdictions and the aggregate of report thus far indicated that banking facilities are being overstretched and citizens are uncertain about the policy.

Mr. Maikyau noted that the worse hit are the under-privileged citizens whose life asset may not be up to N10,000 and who do not have access to the new notes and may therefore be denied of their hard earned money in the old naira notes.

The NBA President recalled that the Government ought to avoid the repeat of the harsh experiences of Nigerians in 1984 when a similar demonietisation policy reportedly claimed the life of a trader who committed suicide because he was stranded with about NGN 200,000 of the old notes.

While addressing the Minister, Mr. Maikyau stressed that “President Buhari may have been wrongly advised on the policy because by the provisions of the CBN Act the power of the CBN to call in any of its notes or coins otherwise described as demonetisation, can only become operational upon the directive of the President after giving reasonable notice for the recall.

From the clear wording of the section, these two conditions must coexist before the power to call any of the notes or coins by the CBN can crystallise. The questions that have trailed this policy from our consultations include; “was there a directive of the President? And where there was one, could it be said that the notice, given the prevailing circumstances was reasonable ? The questions seek to interrogate the process leading to the policy and justify the need for extension of the timelines for its implementation.”

Speaking of the condition of reasonable time as provided for in the law, the NBA President added that while the CBN for the first time announced the policy in October 2022, citizens have only been given a mere 45 days to swap naira notes, since the new naira notes only became available from December 15, 2022. Mr. Maikyau noted that when a similar policy was introduced in an advanced economy as United Kingdom’s, the government had announced a date for demonetisation 18 months in advance.

In her response, the Minister of Finance commended the NBA for being the first professional body to express concern over the issue, particularly as it relates to the provisions of Section 20 (3) of the CBN Act which allows Nigerians to approach the CBN to redeem their old currency notes even after the deadline. She added that the government is aware of the concerns over the policy and that the ministry would reach out to the CBN in a bid to consider revisiting the January 31 terminal date of the demonetisation policy.

Akorede Habeeb Lawal

National Publicity Secretary, NBA

(Channels TV)

January 28, 2023
NRC suspends service as Abuja-Kaduna train derails at Kubwa

Train service along the Abuja-Kaduna corridor has been suspended indefinitely following the derailment of the train at Kubwa in Abuja on Friday.

The Abuja-bound train derailed with no casualty or fatality recorded.

An official of the NRC at the Kubwa train station who pleaded anonymity told The Nation that the incident occurred at about 3:15 pm which coincided with the arrival of the afternoon train.

The number of passengers and crew members on board could not be ascertained.

This incident is coming barely a week after train service along the Warri-Itakpe corridor was also suspended due to derailment.

Explaining how the incident occurred, he said: “The derailment occurred close to the station. There were no casualties and all of them (passengers) were successfully disembarked.

“At the moment when the train approached a point where it was supposed to take a turn, it derailed from the rail line.”

The Managing Director of the Nigerian Railway Corporation (NRC), Engr. Fidet Okhiria also confirmed the incident to our correspondent in a brief telephone chat.

He, however, said the reasons for the derailment were unknown at the moment.

He said: “It is true that the train derailed today (Friday) but the good news is that no life was lost.

On the suspension of operations, he said: “Currently trains cannot pass because of the derailment. So, train service has been suspended for now but if our men can work overnight, then we might resume service tomorrow.”

Recall that the train service along the corridor resumed operation on the 5th of December after it was suspended for over eight months due to an attack on the tracks on March 28th, 2022.

The attack which led to the death of eight people, saw several people injured and over 60 kidnapped.

Train operations resumed in December after those who were kidnapped regained freedom.

(Nation)

January 28, 2023
Abia PDP guber primary to hold February 4

…PDP releases timetable for fresh governorship primary in Abia

The National Working Committee (NWC) of the Peoples Democratic Party (PDP) has released the timetable for a fresh governorship primary in Abia State.

Dele Ologunagba, the spokesperson of the PDP, disclosed this in a statement on Friday.

Mr Ologunagba said the decision of the NWC to hold the fresh primary followed the death of the party’s governorship candidate in Abia State, Uchenna Ikonne.

Mr Ikonne, a professor and former vice chancellor of the Abia State University Uturu, passed away on Wednesday, 25 January, around 4 a.m. at the National Hospital Abuja, according to a statement from his first son, Uche-Ikonne Chikezie, on behalf of the family.

The PDP spokesperson noted that the decision was in line with Section 33 of the 2022 Electoral Act.

Timetable

The Independent National Electoral Commission (INEC) was notified on Friday about the primary, according to the statement.

The sale of forms for the primary will last between 27 and 31 January and the last day for submission of purchased forms will be Wednesday 1 February.

Aspirants will be screened the following day, 2 February while the screening appeal was slated for 3 February, the time-table showed.

The primary will be held on Saturday 4 February at Umuahia Township Stadium, the party said.

“Fresh aspirants are permitted to participate in the current exercise alongside those who contested in the earlier primary,” Mr Ologunagba, the party spokesperson, said.

He said the party leaders, members and supporters should be guided by the arrangement.

The position of the law

The PDP must hold a fresh primary to replace its deceased governorship candidate within 14 days from the death of the candidate, according to Section 33 (1) of the 2022 Electoral Act.

The law said political parties cannot change their candidates except in the event of death or withdrawal of such candidates.

“…in the case of such withdrawal or death of a candidate, the political party affected shall, within 14 days of the occurrence of the event, hold a fresh primary election to produce and submit a fresh candidate to the commission (INEC) for the election concerned,” the section of the law stated.

The implication of this section is that the PDP in Abia State must hold a fresh primary election on or before 8 February to produce Mr Ikonne’s replacement or face the possibility of not fielding a governorship candidate in the 11 March election in the state.

The law was silent on the fate of a running mate, implying that a joint ticket is deemed terminated in the event of a flagbearer’s death before the election.

However, a running mate for governorship, presidential and Federal Capital Territory Council Area election, according to Section 34 (3) (a & b) of the law, is only allowed to replace a substantive candidate in the event that the substantive candidate died after the commencement of the poll and before the announcement of the final result as well as declaration of a winner.

(Premium Times)

January 28, 2023
Enugu 2023: Nweke continues APGA Market tour amidst robust engagement with marketers

Frank Nweke Jr of the All Progressives Grand Alliance is enjoying the overwhelming support of residents across Enugu as reflected in the reception of traders and shoppers alike as the APGA team visited markets across the State.

With a rousing reception at every stop in Ogbete market on Friday, Nweke received well wishes, declaration of support and tokens of appreciation from residents who noted their desire for a change in the governance structure of Enugu State.

One of these was Miracle Ezioma, a young fairly used clothing trader who offered a token of N1,000 towards the campaign.

“I will vote for APGA because I like the man. Frank Nweke Jr is a nice man and shows love to everyone. I want to show appreciation for what he is doing in Enugu State and I encourage him with a support of N1000,” she said.

Another trader stated that her support was premised on Nweke’s detachment from any godfather, noting that this would keep him accountable to the people without a need to pay obeisances to any cabal.

The APGA governorship candidate in his remarks charged the people to reject the attempts of political parties and candidates to buy their votes and instead, exercise their rights at the polls to enthrone visionary leadership in Enugu State by voting massively for APGA in the forthcoming election.

January 28, 2023