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Scarcity of Naira Notes May Disrupt General Elections, INEC Warns
The Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, has warned that the scarcity of the new naira notes may disrupt the general elections, which is just 16 days away. Yakubu made the remarks during a meeting with the Central Bank Governor, Godwin Emefiele at the CBN headquarters, Abuja, on Tuesday.
He explained that many service providers to INEC had no bank accounts.
He, therefore, solicited the support of the apex bank to address the concern related to the CBN cash withdrawal policy which had caused chaos across the country.
The apex bank had last year pegged weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.
It also introduced the currency redesign policy which involves the issuance of new N1000, N500 and N200 notes last December.
But explaining his concern to the CBN chief, Yakubu said the service providers needed to be paid fully or partly, adding that there were fears about the withdrawal limits.
He said, “The Nigerian election is a huge and complex one. It requires the engagement of critical services and in line with the provisions of the exchange laws and regulations, service providers are generally paid by means of electronic transfer to their accounts.
‘’However, there are crucial areas such as transportation and human support services that have to be immediately enumerated, either partially or in full because services are rendered.
“In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked. Over the years we have worked with the Central Bank of Nigeria and commercial banks to pay for such services seamlessly during general elections, as well as off-cycle and by-elections.
‘’Over the years, the commission has migrated all its accounts at national and state levels to CBN and this arrangement has worked without hindrances to our activities.
“In view of the recent policy involving the redesigning of some denominations of our currencies and the limit on cash withdrawals and availability, we consider this meeting important in addressing some of our areas of concern with just 17 days to the 2023 general elections.
‘’We are confident that an aspect of this meeting will reduce the anxiety expressed by some of our service providers. We are determined to make the 2023 general election one of the best elections in Nigeria but we cannot do it alone. That is why the commission is mobilising every critical national institution for the success of the election.”
CBN allays fears
The CBN governor assured that cash would be made available for payment of the service providers and added that the apex bank would not allow itself to be used to frustrate the efforts of the electoral body.
Emefiele promised that the apex bank would do everything possible to support the 2023 election, stressing that it has never failed Nigerians.
He stated, “Now, just aside from the issue of storage of election materials and together with transportation of these election materials from CBN locations to your own specific or designated locations; where do you want these materials to be?
‘’I know that just a few months ago, I visited your office and you raised the issue of how foreign exchange can be procured for you to import your BVAS and other election materials that need to be imported. And I give you my word that foreign exchange will be provided for that purpose.
“I stand here or I sit here to confirm that today, not $1 is owed. All the dollars that are needed to import those items have been provided and those items have been imported.
“So, it is all part of our commitment. Now this issue of payment and logistics for people who are going to be transporting election materials, even to visit wards; the assurance I give to you is that because we regarded the INEC project as a topmost or urgent national assignment, it cannot fail and the central bank would not allow itself either to be used or itself to be seen as an agent that frustrated a positive outcome of that election.’’
Emefiele said the CBN would provide the cash support with the electoral body needed to prosecute the poll.
‘’It is not just about cash and you have done electric electronic payments before and if in this case after making your electronic payments, you require some money to pay transporters, in this case, cash; the assurance I give to you is that we will make it available so it is nothing to worry about,’’ he said.
The Punch
Featured
Celebrating the Legacy of Massad Boulos’s Leadership at SCOA Nigeria
By Magnus Onyibe
Recent media criticisms questioning the breadth of experience and business acumen of Mr. Massad Boulos, the incoming Senior Adviser on Arab and Middle East Affairs to U.S. President-elect Donald Trump, are not only misguided but also dismissive of the remarkable track record of both the man and the companies he has been instrumental in nurturing.
For instance, SCOA Nigeria PLC, where Mr. Boulos serves as Managing Director/CEO, is far from being just another company. It is a formidable force in Nigeria’s industrial and economic landscape. With roots spanning over four decades, it holds the distinction of being the first European automotive assembly plant in Nigeria.
In the 1970’s, SCOA Nigeria PLC made a name for itself by assembling Peugeot 404 and then 504 pickup trucks at its assembly plant at Apapa, Lagos and service center at its Lapal House facility on Lagos Island. Today, the company continues this proud legacy, assembling, distributing, and marketing M.A.N trucks and buses, power generators, tractors, agricultural equipment, industrial equipment and other heavy-duty construction and mining machinery critical to Nigeria’s key sectors.
SCOA Nigeria PLC’s clients include some of the most prominent and respected names in Nigeria’s construction industry, such as Julius Berger—widely regarded as the nation’s leading construction firm—Lafarge Africa PLC, a major cement producer, the Chagoury Group, renowned for developing the prestigious Banana Island, a premier residential enclave in Lagos, the DANGOTE Group, and many others.
Beyond trucks, SCOA Nigeria PLC is a trusted supplier of concrete, road construction and mining equipment, partnering with leading infrastructure companies to drive Nigeria’s development. For example, Julius Berger relies heavily on SCOA’s equipment for large-scale projects, including the 376km Abuja-Kaduna-Zaria-Kano highway and the 43.6km Lagos-Shagamu stretch of the Lagos-Ibadan Expressway and the Abuja-Kano Highway.
Similarly, Hi-Tech Construction, currently working on the 700km Lagos-Calabar Coastal Highway and the Lagos-Badagry-Sokoto road network, depends significantly on SCOA PLC for the machinery and technology required to execute these ambitious projects, aimed at enhancing connectivity and trade across Nigeria’s southern, central, and northern regions.
Similarly,SCOA PLC has also been instrumental in the development of Eko Atlantic City, a groundbreaking urban project built on reclaimed land from the Atlantic Ocean. This visionary initiative, designed to address Lagos’s urbanization challenges and promote sustainable development, has been made possible in part by state-of-the-art machinery supplied by SCOA. Notably, Eko Atlantic City is set to host the United States Embassy, projected to be the largest of its kind globally upon completion, further underscoring the strategic importance of this landmark project.
In fact, SCOA Nigeria PLC’s impact extends beyond Nigeria’s shores. As a member of the FADOUL Group – one of the largest and most successful family-owned businesses in Africa – its influence spans across West and Central Africa. The FADOUL Group, established in 1966, operates numerous successful enterprises, employs over 20,000 people, and is valued at over $1 billion, with hundreds of millions of USD in assets. This legacy highlights the scale and scope of the operations under Mr. Boulos’s leadership.
Contrary to unfounded claims in certain media outlets, the suggestion that Mr. Boulos is not a billionaire is both baseless and misleading. As President-elect Donald Trump rightly described, Mr. Massad Boulos is a “deal-maker,” a characterization grounded in fact. His proven ability to negotiate and execute complex international transactions has facilitated significant partnerships between Nigerian, German, and French businesses, delivering substantial value and mutual benefit.
As a Non-Executive Independent Director of SCOA Nigeria PLC since 2012, I have witnessed firsthand Mr. Boulos’s instrumental role in driving the company’s success. His ability to navigate the complexities of international commerce, exemplified by the supply of a significant fleet of trucks to Lafarge Africa through a tripartite arrangement between a logistics firm, GPC and Union bank plc, has earned him widespread recognition and respect.
Mr. Boulos’s leadership has not only been vital to SCOA PLC’s achievements but also to the broader international business successes of the FADOUL Group. This is precisely the kind of experience and strategic vision he brings to his new role as Senior Adviser on Arab and Middle East Affairs to President-elect Trump.
As noted in a press release by Karoline Leavitt, Trump-Vance Transition Spokeswoman, attempts to smear Mr. Boulos’s reputation are part of a broader effort by opposition elements to undermine President-elect Trump’s nominees. The truth remains that Mr. Boulos played a pivotal role in mobilizing the Arab-American and Middle Eastern-American vote, contributing significantly to the Trump-Vance victory—an achievement that underscores his political and organizational acumen.
Efforts to denigrate Mr. Boulos’s qualifications and achievements are not only futile but also a disservice to the facts. Mr. Boulos’s expertise and accomplishments are well-suited for his new role, where he will undoubtedly deliver impactful results on behalf of President-elect Trump and the United States.
Magnus Onyibe is a Non-Executive Independent Director and Chairman of Audit Committee, SCOA Nigeria PLC
Featured
Timi Frank Condemns Tinubu’s Silence over Wike’s Massive Illegal Demolition of Houses in FCT
Former National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, on Friday, in strong terms condemned the deafening silence of President Bola Tinubu over illegal mass demolition of houses by the Minister of the Federal Capital Territory (FCT), Nyesom Wike.
Frank who made this condemnation in a statement in Abuja, urged the President to urgently call Wike to order and halt the demolitions or suffer the repercussion of the oppressive tendencies of the FCT administration during the 2027 presidential poll.
Frank said: “Mr. President, say, so much has been going on with FCT since Wike took over as Minister of the FCT. In the process of acting sycophantically to impress you, he is demonstrating that he is performing minister, he is inflicting pains for Nigerians. that it’s causing more pains to Nigerians in FCT. That Wike is terrorizing the FCT.
He lamented that the actions of the Minister have resulted in immense loss and pain for the owners of the demolished houses.
Frank said: “It is shocking and unacceptable that President Bola Tinubu has maintained a deafening silence on this matter.
“As the President of the Federal Republic of Nigeria, it is his duty to protect the rights and welfare of all citizens. His silence on this issue is a clear indication of his administration’s endorsement of illegality and disregard for the plight of ordinary Nigerians.”
Frank also condemned comments credited to Senate President Godswill Akpabio who on Thursday said during a motion meant to halt demolitions in FCT moved by Senator Ireti Kingibe, that the Senate cannot stop Wike from demolishing houses in the territory because they are court-ordered.
“Invariably, it means that the resolution of the Senate urging Wike to stop demolitions pending its investigations is dead on arrival, therefore the more reason why the President must wade in and urgently stop the illegal and anti-people actions of Wike,” he said.
He accused Akpabio and his ilks of allegedly being among the beneficiaries of Wike’s land grabbing posture in the name of cleaning and restoring the FCT masterplan and called for something to done urgently to stop the ravaging bulldozers of the FCTA.
Frank, who is the United Liberation Movement for West Papua Ambassador to East Africa and the Middle East, however reminded that President not to be unmindful of the fact that it is him and not Wike that will be on the ballot in 2027 because Wike’s action in making enemies for him is enough to make him lose the election.
“From all indications, it does appear that Wike is carrying out the demolitions with the approval of the President which explains why the President has been mum the face of these tyrannical, dictatorial and illegal demolitions being carried out by Wike in the FCT,” he said.
He accused Wike of being vindictive by taking out his anger of losing his political battle with Governor Siminalayi Fubara of Rivers State on innocent and law-abiding residents of the FCT through demolitions and disruptions.
He described a situation where Wike will tell house owners after demolition of their property to go to court and follow the law, as inhuman when he knows they will not be able to get justice under judicial system he has done all he can to compromise.
He declared that the present demolition exercises by Wike and the inability of house owners with genuine title documents would further scare away foreign investors that the President is making efforts to attract to the country.
“How will investors come to Nigeria when they know they cannot get justice in the event of breaches,” he declared.
Frank added: “It is most unfortunate that Wike is presently administering the FCT like his personal estate even as the President remains silent. The evidences are there everywhere, how Wike has been pulling down houses and taking over lands from companies, private owners and business people, and thereafter reallocate the same plots to himself via proxies, his family members, cronies and political associates.
“We urge the President to take immediate action to address the suffering of the victims of these demolitions. The President must intervene to ensure that the rights of these citizens are protected and that they receive adequate compensation for their losses.
“We equally call on all Nigerians to join me in condemning the actions of the Minister of FCT and the silence of the President on this matter. We must stand together to demand justice and protection for the rights of all citizens.”
Comrade Timi Frank is the ULMWP Ambassador to East Africa and Middle East
Featured
Buhari Polarized Nigeria Along Ethnic, Religious Lines – Ozekhome
A Senior Advocate of Nigeria (SAN), Prof Mike Ozekhome, has insisted that former President Muhammadu Buhari should be blamed for his successor, Bola Tinubu’s preference to appoint persons from his ethnic Yoruba language group to key government positions.
Ozekhome, while delivering an address at a symposium on human rights organised by the International Human Rights Commission (IHRC) held in Abuja on Wednesday, claimed that the Buhari-led administration polarised Nigeria along ethnic and religious lines.
The rights activist noted that it is not surprising that President Tinubu was following a similar trajectory since it was tolerated by gullible Nigerians when Buhari was at the helm.
“When I hear today the northerners complain that Tinubu has ‘Yorubanised’ Nigeria, with so many Yorubas in the highest places in Nigeria, they are indeed making a point. But the question I would ask is: where were you when Buhari, for eight years, literally ‘northernised’ every position in Nigeria? You were either a northerner or a Muslim,” he said.
“I cried, I cried, I wrote and wrote. I wrote tons of articles. One of the 50 books which I presented on my 67th birthday was titled: ‘How Buhari Mismanaged Nigeria.’ Some people called it ‘na we,’ this is our man, and even if he is riding roughshod over all of us, it doesn’t matter.
“Hear no evil, see no evil because he is our man. Even if it is not benefitting us, the fact that he is our man is sufficient. Once it is no longer our man, we must also take up arms. No country grows like that.”
At the event under the theme; “Unity in Diversity: Embracing Freedom, Equality, and Dignity for All,” he warned those in positions of authority against compromising the unity of Nigerians in pursuit of tribalism, ethnicity, and sectionalism.
He described the 1999 constitution (as amended) as flawed, adding that there is a need for a new constitution with inputs from Nigerians, irrespective of their ethnic and religious differences, on the way forward for the country.
“We need to redefine ourselves, not the present system where thieves are rewarded with doctorate degrees,” he said.
The Commission’s Ambassador-at-Large and Head of Diplomatic Mission in Nigeria, Ambassador Dr. Duru Hezekiah, emphasized that this year’s theme presents a significant opportunity, drawing attention to the complexity of human rights linked to the multicultural and multi-ethnic composition of over 250 ethnic groups and more than 500 languages spoken in Nigeria.
He remarked that recurring ethnic and religious conflicts have threatened Nigeria’s national unity and stability, noting that the diversity of Nigeria’s population offers both challenges and opportunities for cultural exchange and understanding, which can promote national unity and cooperation.
According to him, the one-day symposium, held on Wednesday, 11th December 2024, consequently offers a singular opportunity to acquire knowledge and reinforce ties with other stakeholders to promote “Unity in Diversity: Embracing Freedom, Equality, and Dignity for All.”
Additionally, he mentioned that the occasion signifies the official swearing-in of IHRC’s new officials: Ambassador Dr. Malami Shehu Ma’Aji (MFR), who was appointed IHRC Special Advisor on Intergovernmental Affairs for the Africa Region, with Chief John Paul Ochemba serving as IHRC Advisor on Special Monitoring Mission Nigeria, and Dr. Kingsley Nwokoma as IHRC Commissioner in Nigeria, all of whose appointments were duly approved by the IHRC Secretary-General, Prof. h.c. Rafał Marcin Wasik.
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