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El-Rufai, Bello, Mattawale Drag Buhari’s Govt to Court over Naira Redesign, Scarcity

Published

2 years ago

February 6, 2023

Eric

The governments of Kaduna, Kogi, and Zamfara have petitioned the Federal government before the Supreme Court to halt the full implementation of the policy ending the validity of old N200, N500 and N1000 denominations on February 10, 2023

The three northern states, in a motion ex-parte filed on their behalf by their attorney, Abdul Hakeem Uthman Mustapha (SAN), are asking the supreme court to grant them an interim injunction to prevent the Federal Government from carrying out its plan to end the period within which the now-outdated 200, 500, and 1000 Naira denominations may no longer be legal tender on February 1.

The plaintiffs in the suit are the three Attorneys-General and Commissioners of Justice of the three states, while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), is the sole respondent.

The plaintiffs claimed that since the new naira note policy was announced, there has been a severe shortage of new naira notes in Kaduna, Kogi, and Zamfara States and that citizens who have dutifully deposited their old naira notes are finding it harder and sometimes impossible to obtain new naira notes to conduct their daily business.

They also mentioned the notice’s inadequacy, how carelessly the exercise is being carried out and the hardship it is causing Nigerians, which has been well-acknowledged even by the Federal Government of Nigeria.

The plaintiffs added that the ten-day extension granted by the federal government is still insufficient to address the problems plaguing the policy.

Although a date for the hearing has not been set, the states are seeking a declaration that the demonetisation policy of the Federation being currently carried out by the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), the Central Bank of Nigeria Act, 2007, and actual laws on the subject.

According to TVC reports, the plaintiffs are also asking the court to make a declaration that the three-month notice given by the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old banknotes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007, which specifies that a reasonable notice be given before such a policy.

The plaintiffs also ask the court to declare that, in light of the explicit provisions of Section 20(3) of the Central Bank of Nigeria Act 2007, the Federal Government of Nigeria, acting through the Central Bank of Nigeria, lacks the authority to set a deadline for the acceptance and redemption of banknotes issued by the Bank, except for the circumstances specified in Section 22(1) of the CBN Act 2007. The Central Bank shall at all times redeem its bank notes.

The Plaintiffs further want the court to direct the immediate suspension of the demonetisation of the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria until it complies with the relevant provisions of the law.

In an affidavit filed in support of the suit and sworn to by the Attorney General and Commissioner for Justice, Kaduna State, Aisha Dikko, she averred that although the naira redesign policy was introduced to encourage the cashless policy of the Federal government, it is not all transactions that can be conveniently carried out through electronic means.

She maintained that several transactions still require cash in exchange for goods and services hence the need for the Federal Government to have sufficient money available in circulation for the smooth running of the economy.

Dikko also pointed out that the Federal Government has embarked on the policy within a narrow and unworkable time frame, and this has adversely affected Nigerian citizens within Kaduna, Kogi and Zamfara States as well as their Governments, especially as the newly redesigned naira notes are not available for use by the people as well as the State Governments.

“That the majority of the indigenes of the Plaintiffs’ states who reside in the rural areas have been unable to exchange or deposit their old naira notes as there are no banks in the rural areas where the majority of the population of the states reside.

“Most people in rural areas of the Plaintiffs’ states do not have bank accounts and have so far been unable to deposit their life savings which are still in the old naira notes.

“There is restiveness amongst the people in the various states because of the hardship being suffered by the people, and the situation will sooner than later degenerate into the breakdown of law and order.

“The Plaintiff State Governments cannot stand by as they are duty-bound to protect citizens in their states and prevent the breakdown of law and order.

“I know that if the Federal Government of Nigeria had given sufficient and reasonable time for the naira redesign policy, all the current hardship and loss being experienced by the Plaintiffs’ State Governments as well as people in the various states would have been avoided.

“I know that the 10-day extension by the Federal Government is still insufficient to address the challenges bedevilling the policy. I also understand that the Federal Government cannot bar Nigerians from redeeming their old naira notes at any time, even though the senior notes are no longer legal tender.

“Unless this Honourable Court intervenes, the Government and people of Kaduna, Kogi and Zamfara State will continue to go through a lot of hardship and would ultimately suffer great loss as a result of the insufficient and unreasonable time within which the Federal Government is embarking on the ongoing currency redesign policy,” she stated.

Tribune

Headline

IBB Set to Launch Long-awaited Memoir, ‘A Journey of Service’

Published

2 hours ago

January 24, 2025

Eric

Former Military President, Gen Ibrahim Badamasi Babangida (IBB), is set to launch his long-awaited autobiography.

Reports said the memoir titled: ‘A Journey In Service’, will be released on February 20, 2025, at the Congress Hall of Transcorp Hilton Hotel in Abuja.

The development is coming 32 years after IBB left office.

The regime of the former Head of State was negatively shaped and defined by the adoption of the Structural Adjustment Programme (SAP) policy, among other regulations, which sparked a nationwide riot by student union and other similar groups.

There was also the unresolved murder of the late journalist, Dele Giwa, and the June 12 annulment, among other controversial issues.

While in office, IBB was popular with the moniker “evil genius” and “Maradona”.

Explaining the nicknames, IBB said they were manufactured by the media because of his “deft political moves”.

“That’s the very good thing about the Nigerian media and Nigerian people. You have to anticipate them.

“If you anticipate them, then you live well with them. They call me ‘evil genius’, I marvel at that. The contradiction, you can’t be evil and then be a genius.”

“The definition of Maradona I got from the media is because of deft political moves. That’s the way the media described it”, he had said.

He succumbed to pressure in August 1993 when he “stepped aside” for the late Ernest Shonekan as the chairman of the Interim Government.

The late General Sanni Abacha would, however, topple the government in 1993 and would subsequently die in office in 1998.

Although IBB granted interviews to local and international media since leaving office, he has somehow found a way around some of these contentious issues that happened during his rule.

About seven years ago, he had expressed doubts about writing an autobiography, saying he was uncertain if Nigerians would “want to read about a dictator”.

He added that the public had a wrong impression of him, citing his role in the June 12 crisis, and some of the policies he unfurled between 1985 and 1993 as head of a junta.

However, he made a U-Turn and wrote the book.

President Bola Ahmed Tinubu will lead former Nigerian leaders and their counterparts in other parts of Africa to grace the much awaited autobiography.

According to an invite dispatched to dignitaries this week, the board of trustees of the IBB Presidential Library Foundation said the book launch will take place alongside fundraising for a Presidential Library.

The organisers said the event would be chaired by former President Olusegun Obasanjo, with President Bola Tinubu as the Special Guest of Honour.

The keynote address would be delivered by the former president of Ghana, Nana Akufo-Addo, while former vice-president Yemi Osinbajo would review the autobiography.

Other guests billed to attend include ex-presidents Muhammadu Buhari, Yakubu Gowon, Abdulsalami Abubakar, and Goodluck Jonathan.

A former Minister of Defence Gen. Theophilus Danjuma and Chairman of BUA Group; Abdul Samad Rabiu, are named chief launchers.

Headline

What is Going on in PDP is Extremely Embarrassing – Dele Momodu

Published

2 days ago

January 22, 2025

Eric

A Peoples Democratic Party chieftain, and celebrated publisher, Chief Dele Momodu, has said that the situation in his party is worrisome and ‘extremely embarrassing’, acknowledging that the one time biggest party in Africa, is facing serious challenges.

Momodu made the remarks while fielding questions on a Channels TV current affairs programme, stressing that he is not ashamed of talking about the problems of the party, and regularly sharing his thoughts on social media.

He further expressed surprise that the party has not suspended or expelled him despite his open criticism.

Momodu described the situation in the PDP as embarrassing, noting that the party should be leading the opposition in Nigeria, but it is not living up to expectations and seems to have lost its direction. According to him, a few individuals have taken control of the party, making it difficult for it to function properly.

“I know that we have very critical problems in PDP, there is no questions. I am not ashamed. Every now and then I tweet or post in Instagram. I speak freely. I am even surprised that they have not suspended or expelled me from PDP because what is going on in PDP is extremely embarrassing. We should be leading the opposition parties in Nigeria but it is like we have virtually given up. We are allowing one or two people to hijack our party,” Momodu said.

Headline

Telecom Executive, Ahmad Farroukh Leaves Globacom

Published

2 days ago

January 22, 2025

Eric

News of the early departure of Mr Ahmad Farroukh from the telecom giant Globacom suggests that he has been eased out in a shakeup by the management, according to an investigation.

“Ahmad Farroukh failed to meet up to expectations within his probationary period and he was politely asked to resign…” said an impeccable source.

“Despite the shake-up, Globacom’s commitment to innovation and expansion continues, reinforcing its competitive edge in a rapidly evolving telecom landscape..” the source further told us.

A former CEO of MTN Nigeria from 2006 to 2010, Farroukh joined Glo in October last year.