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Naira Scarcity: el-Rufai, APC Governors Dare Buhari
Published
3 years agoon
By
Eric
By Eric Elezuo
With the presidential election just a few days away, it appears that these are not the best times for the ruling All Progressives Congress (APC). The party has been enmeshed in one internal crisis after another and cohesion seems to be a far flung option. The ruling party’s myriads of crisis and suspicion against one another resurrected and took a different turn with the designing policy of the naira notes, which affected the higher denominations of 1000, 500 and 200 naira notes.
On October 26, 2022, the Central Bank of Nigeria announced the introduction of redesigned 200, 500 and 1,000 naira notes into the country’s financial system. However, since the notes were unveiled, Nigerians across different parts of the country have been struggling to access them from banks and ATM cash points, prompting the question as to what happened to the new naira notes, and who is hiding them. The scarcity has led to series of frustrations and uprisings including protests in different parts of the country with bank facilities vandalised and lives lost.
The frustration caused by the scarcity of the new notes, which also worsened trade and business transactions, made the CBN to extend the deadline for the phasing out of the old notes from the original January 31 deadline to a new February 10. The measure did not in any way help the situation with blames and counter blames continue to trail the polity as many Nigerians working in both the formal and informal sectors of the economy have been scrambling for the new currency, but all to no avail.
In what looked like respite to some politicians, the Supreme Court gave an interim order for the continued use of all the old notes until it finally rules on a lawsuit brought by three northern states of Kaduna, Kogi and Zamfara challenging the new currency redesign. Though nine other states have so far joined in the suit. In its sitting, the Supreme Court did not reverse that order, but adjourned the suit to 22 February, with a clear indication of maintenance of status quo.
It would be recalled that the APC presidential candidate, Bola Tinubu, had accused Buhari for causing the fuel and naira scarcity so that his presidential ambition could flop. He alleged at a rally in Abeokuta that he (Tinubu) was the target of all the policies being churned out as well as the fuel crisis that has lingered for close to six months.
However, despite acknowledging the Supreme Court interim ruling in a broadcast President Muhammadu Buhari made, he insisted that the old notes ceased to be a legal tender in what many called frontal attack against the Supreme Court. Though the president said he consulted widely before arriving at his decision, lots of condemnation followed majorly from his party men with Kaduna State governor, Nasir el-Rufai leading the pack.
“As an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made, I similarly consulted widely with representatives of the State Governors as well as the Council of State,” the president had said in defence.
“To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender,” the president added.
Barely 24 hours after Buhari’s broadcast, the governor of Kaduna State, who also ascribe to himself the status of founding member of the ruling APC, in a statewide broadcast, said that all old naira notes will remain in use the state until and unless the Supreme Court declares otherwise in total defiance of the order made by President Muhammadu Buhari in a nationwide broadcast.
In el-Rufai’s broadcast to the people of Kaduna state, the governor said, “for the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court of Nigeria decides otherwise.”
According to him, “it is bad economics to so curtail economic activity and the velocity of circulation of money. It is also insensitive to deliberately cause cash shortage and then seek to instigate the public against the mostly innocent commercial banks. Even the most honest and prudent action by banks cannot magically make N400bn to look like N2.1 trillion.”
The governor said “the Kaduna State Government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law.”
In his broadcast titled “let us stand up strongly for democracy, peace and national unity”, the governor appealed to all residents of Kaduna State to continue to use the old and new notes side by side without any fear.
El-Rufai said “we have been officially informed that the currency redesign policy is to reduce money laundering and render useless stashes of high denomination Naira that many politicians and public officers have accumulated through corruption and other illicit activities.
“We had privately expressed concerns about the timing of the currency design policy and the unrealistic timeline for its implementation. We were assured that all steps have been taken to ensure that we avoid the recent experience of India, where implementation of a similar demonetisation policy targeted at politicians ended up hurting the poorest and small businesses the most.
“In official briefings to the President, the Central Bank of Nigeria constantly alluded to the fact that the policy also targets politicians who have accumulated a huge war chest for vote buying during the elections. It is now clear that the President has been deceived by the Central Bank of Nigeria and some elements in his government into buying into this overarching narrative, in the name of ensuring free and fair elections in 2023.
“It is important for the people of Kaduna State, and indeed Nigeria, to know that contrary to the public pronouncements and apparent good intentions, this policy was conceived and sold to the President by officials who completely lost out in the Gubernatorial and Presidential Primaries of the APC in June 2022.”
In the same vein, the Chairman of the APC, rising from a meeting with some governors elected on the party’s platform and the presidential candidate, Asiwaju Bola Ahmed Tinubu, threw their weight behind el-Rufai and the Supreme Court, asking Buhari to reverse his orders.
Addressing the press after the meeting, which about seven governors, including Kano Governor, Abdullahi Ganduje, boycotted, Adamu said; “I am sure you are quite aware of the fact that a meeting comprising of APC governors was held today and the leadership of the NWC of our great party was summoned for this afternoon and we had discussions and at the end of the discussions, we have resolved as follows and this resolution is without prejudice whatsoever to the case that is lying at the Supreme Court at this point in time. This has to do with the issue of currency redesign.
“We note very seriously that the programme and its implementation is causing tremendous difficulties to the people of Nigeria and to the national economy.
“That, we urge the Attorney General of the Federation and the Governor of the Central Bank of Nigeria to respect the Supreme Court order of interim injunction which is still subsisting.
“That the meeting is urging His Excellency, Mr President to intervene in resolving issues that are causing this great difficulties to the economy”.
Resonating the chairman’s position, the Chairman of the APC Progressive Governors Forum PGF, Atiku Bagudu of Kebbi state, said all the parties at the meeting endorsed the resolution.
He said; “We are on the same page. The APC Governors Forum, the NWC is one party. We are all together.
“The chairman said the governors and the party are one and the same and I am very proud about the conduct of our campaigns by our presidential candidate under the able leadership of our party led by Abdullahi Adamu and the DG of the Campaign Council and the governors alongside all our APC candidates across the country who have been doing a tremendous job of mobilizing Nigerians.”
Earlier, Ganduje, had accused President Buhari of plotting to scuttle the forthcoming general election and form an interim government with the naira redesigning policy, adding that he was trying to ensure that the candidate of the APC, Tinubu loses the presidential election.
Ganduje’s outburst was contained in an audio message aired on local radio stations in Kano, where he said Buhari’s “anti-democracy policies” would affect the electoral fortunes of the ruling All Progressives Congress, APC.
He lamented that it was unfortunate that Buhari was hellbent on redesigning the currency even to the detriment of his party.
He said: “No doubt, we know the value and worth of a politician. That’s why if you look at the things going on now, you will feel like crying.
“This is someone who had contested many times and lost. We now formed a merger, and he won. But look at what he’s doing now. He is just after destroying the party that brought him to power. Otherwise, how do you explain the essence of this naira redesign policy?
“Have you weighed the implications of this policy in an election period? What is the intention behind this for God’s sake?
“Why can’t he wait till after the election, or why didn’t he introduce it seven and a half years ago?
“So every politician will be suspicious of the motive behind the policy at this time,” Mr Ganduje lamented.
He said it was regrettable that the federal government is still adamant about enforcing the new monetary policy despite warnings from the World Bank and some world leaders.
“How can you allow the CBN governor, who isn’t a politician and lacks knowledge, to influence such a decision.
“As a leader, you allowed the banking sector to be in crisis. If not that our democracy is in shambles, who will allow such a thing to happen.
“So he (Buhari) doesn’t have answers to all these questions, and democracy doesn’t support such decisions. And that’s why we took the matter to court to express our misgivings because we see it as a plot to scuttle the forthcoming election and set up an interim government,” Ganduje concluded.
However, knocks and kudos have trailed the opponents of the president’s decision as well as the APC governors. Constitutional lawyers including Prof Mike Ozekhome, Mr. Monday Ubani and Olu Adegboruwa have faulted both the CBN and president on one hand for flaunting the orders of the Supreme Court, and el-Rufai and his APC colleagues on the other hand for daring the pronouncements of the president. They unanimously agreed that such utterances and affronts are capable of dragging the nation into anarchy.
While the president has maintained a dignified silence ever since, presidential aide, Adamu Garuba, challenged Ganduje and el-Rufai, claiming that it is only those that have stocked up stolen money for vote buying are the ones complaining.
In all these, it is only the APC attacking the APC!
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Otunba Adekunle Ojora: Farewell to a Good Man
Published
1 day agoon
February 1, 2026By
Eric
By Eric Elezuo
The curtain dropped on the elitist life of prominent Lagosian, traditional custodian, boardroom guru, refined journalist and elaborate philanthropist, Otunba Adekunle Ojora, on January 28, 2026, bringing to an over nine decades of spreading good tidings, prosperity, unity and humanity. He was 93 years.
His death was announced via a statement by his daughter, Mrs Toyin Ojora-Saraki, on behalf of the Ojora Family, saying he died early in the morning in full submission to the will of Almighty Allah (SWT)
“With total submission to the will of Almighty Allah (SWT), the Ojora family of Lagos hereby announces the passing of our beloved patriarch, Otunba Adekunle Ojora, the Otunba of Lagos and Lisa of Ife, who returned to his creator early this morning.
“We say Alhamdulilahi for a life well lived, and we comply with Allah’s words: ‘Surely, to Allah we belong, and to Him we will all return’ (Q2:156),” the statement reads.
A distinguished businessman, people-oriented-person, the Olori Omo Oba of Lagos and the Lisa of Ife, Adekunle Ojora’s passing came with a much ancipated heartbreak, wailings and regrets, among his hugely extended family members, circle of friends, mentees, colleagues in and across business and traditional terrain, associates and the well impacted general public.
With the announcement of his death came the heavy traffic of personalities, dignitaries and nobles to his Ikoyi palatial home, where his adorable wife, Ojuolape Ojora, and one of his distinguished daughters, Mrs Toyin Saraki, who is the wife of the former Senate President, Bukola Saraki, played significant hosts.
President Bola Tinubu was one of the first mourners with a statement signed by his spokesperson, Bayo Onanuga, acknowledging the dimunitive personality of the deceased, noting how he had affected humanity in a positive light.
Tinubu commiserated with the government and people of Lagos State, as well as the Ojora and Adele royal families.
“The passing of Otunba Ojora is a significant loss to the country, the private and public sectors, and traditional institutions,” the President said, describing the late industrialist as a man whose life was defined by humility, perseverance, hard work and generosity. He further noted that his values shaped his long and distinguished career.
“He remained a towering figure whose counsel and experience benefited institutions at both national and subnational levels,” Tinubu added.
In his condolence message, former President Olusegun Obasanjo described Ojora’s death as painful, saying his absence would be difficult to fill, according to a statement released by his Special Assistant on Media, Kehinde Akinyemi.
The ex-president described Ojora as “an amiable and distinguished Nigerian who, during his lifetime, built a remarkable legacy of integrity, wisdom, and unwavering dedication.”
“By his death, the country has lost a notable captain of industry and commerce, but there is no doubt that his memory lingers on through his many landmark contributions to the development of the South-West zone in particular, and the country in general,” Obasanjo added.
He also stated that “He was a remarkable entrepreneur whose vision, determination, and resilience added value to the community and to hundreds of families who depended on his commercial activities. He was a role model and exemplar whose personal life and achievements inspired a generation of entrepreneurs, industrialists, and merchants. Over the years, with his wise counsel, unquestioned strength, and gentle guidance, Otunba Ojora commanded respect and reverence, and took particular pleasure in mentoring younger men and women to succeed in life.”
Also reacting, a former Minister of Communications, Major General Tajudeen Olanrewaju (Rtd) described Ojora as a “veteran journalist and boardroom titan”.
The former General Officer Commanding (GOC) 3 Division Nigerian Army noted that he made positive contributions to the industrial and entrepreneurial sectors of the economy, lightened up the social fabric of his time in Lagos, in particular, and across our nation.
Among dignitaries that called to the home of the Ojora’s to express heartfelt condolences were the Governor of Osun State, Senator Ademola Adeleke and his elder brother, Dr. Deji Adeleke; Africa’s richest man, Alhaji Aliko Dangote, Mr. Femi Otedola and former governor of Akwa Ibom State, Udom Emmanuel.
As a revered Muslim, versed in Islamic doctrines, the nonagenarian’s burial followed the very next day, drawing an avalanche of well wishers and mourners to the Central Mosque, on Lagos Island, where the funeral rites or the Janazah, led by the Chief Imam of Lagos, Sheikh Sulaiman Abou-Nolla, and assisted by other prominent Islamic clerics, were conducted, and finally to the Vaults and Garden, Ikoyi, where the remains were committed to mother-earth. The events were a meeting point of some sort, as they drew together prominent Islamic scholars, family members, political bigwigs and other distinguished guests.
A roll call of the elite callers at the events include the deceased’s wife, Erelu Ojuolape Ojora; his daughter, Toyin Ojora-Saraki, and her husband, former Senate President and Kwara State Governor, Bukola Saraki. Also in attendance were Lagos State Governor Babajide Sanwo-Olu, former Ogun State Governor Ibikunle Amosun, former Speaker of the Kwara State House of Assembly Ali Ahmad, former PDP National Chairman Kawu Baraje, Mufti of Ilorin Sheikh Sulaiman Onikijipa, and National President of Ansar-Ud-Deen Society of Nigeria Prince Adeniji Kazeem.
The burial ceremonies began with a recovery of the remains, which were borne by pallbearers for a burial procession before it was a motorcade bore it to the venue of the Janazah.
The long convoy of dignitaries that accompanied the body to the mosque spoke volumes of the personality of Adekunle Ojora. As the solenm approached, Imam Sulaiman Abou-Nolla led the congregation in prayers, asking for the repose of the siul of the deceased.
At the conclusion of the prayers, the body was conveyed to the Ikoyi Vault, where pallbearers and Muslim Ummah as well selected members of the family and notable dignitaries accompanied the remains, amid chants, to its final resting place.
THE MAN, OTUNBA ADEKUNLE OJORA
The highly principled businessman was born Isiaq Adekunle Ojora on June 13, 1932, into the distinguished Ojora Royal Family of Lagos, where he grew with a deeply-rooted tolerance for the history, culture and traditional governance of the Yoruba race and Lagos in particular.
His lineage placed him among the foremost royal families in the state, a heritage he upheld with dignity throughout his long life. Over several decades, he emerged as one of the most influential figures within Lagos’ traditional institutions, commanding respect across royal, cultural and civic circles.
Ojora was a member of the Ojora and Adele royal families of Lagos and was himself the holder of the chieftaincy of the Otunba of Lagos. He studied journalism at Regent Street Polytechnic, with the intention of developing a career in journalism. He started work as a staffer at the BBC where he rose to become an assistant editor.
In 1955, he switched his services to the Nigerian government as a reporter with the Nigerian Broadcasting Corporation. He was soon transferred to Ibadan as an information officer in the office of the regional premier. Ojora’s stint with NBC lasted until 1961 when he took up appointment as the public relations manager at United African Company.
Ojora soon developed interest in the commercial units of enterprises, he became an executive director of UAC in 1962. After a military coup truncated the first republic, Ojora was nominated as a member of Lagos City Council in 1966. A year later, he was given political appointments in two government agencies, in 1967, he was managing director of WEMABOD, a regional property and investment company and also in 1967, he succeeded Kola Balogun as chairman of Nigerian National Shipping Line.
After leaving WEMABOD, he became an investor in various firms including AGIP petroleum marketing and NCR Nigeria. He also founded the private firms Nigerlink Industries, Unital Builders and a holding company Lagos Investments. After the Nigerian Enterprise Promotion Act, he took equity interest in some foreign companies operating in Nigeria such as investments in the Nigerian operations of Bowring Group, Inchape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers and Seven-Up. He married Erelu Ojuolape, and among their children is Toyin Saraki.
Beyond royalty, Otunba Ojora was widely regarded as a bridge between tradition and modern governance.
The Otunba Adekunle Ojora would be remembered as a quintessential gentleman, astute businessman, excellent in speech, dignified in conduct, and deeply respected across generations.
For as many as those who know him, Ojora has for decades, remained a familiar and revered presence in elite social and cultural spaces, where his highly sought-after counsel and calm disposition have proved relevant and needful.
He is also known for his refined lifestyle and strong family values, an embodiment of a “brand of old-school nobility that earned him admiration well beyond wealth or status. He was often described as a man of honour whose life reflected discipline, tradition, and unwavering integrity.
Otunba Adekunle Ojora is survived by his wife, Erelu Ojuolape Ojora, his children, grandchildren and great-grandchildren.
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Incumbency Factor Will Not Determine 2027 Election, Atiku, Obi, Others Talk Tough
Published
4 days agoon
January 29, 2026By
Eric
The 2027 general elections will not be determined by incumbency, control of State power or wave of political defections, opposition leaders have declared.
They argued that voter choice, opposition unity, and the integrity of the electoral process would ultimately decide the outcome.
The opposition leaders made the declaration at the public launch of “The Loyalist,’’ a memoir by National Publicity Secretary of the African Democratic Congress, ADC, Bolaji Abdullahi, in Abuja.
The event drew a wide mix of opposition leaders, former public office holders, lawmakers, intellectuals and party stakeholders.
Speakers included former Vice President, Atiku Abubakar; former Anambra State governor, Peter Obi; former Minister of Interior and ADC National Secretary, Rauf Aregbesola; former Senate President and ADC National Chairman, David Mark, and veteran columnist and public intellectual, Hakeem Baba-Ahmed, who reviewed the book.
Although convened as a book presentation, the gathering quickly assumed a strong political tone, with speakers repeatedly returning to the issues of opposition unity, leadership responsibility, and the limits of incumbency power, ahead of the next general election.
Addressing what he described as a growing misconception in Nigerian politics, Aregbesola argued that governors and incumbents do not automatically determine election outcomes.
Drawing on the 2023 electoral results, he said the belief that political office guaranteed victory was not supported by evidence.
“The fact that certain governors are defecting to the APC shows that our unity is weakened, but the statistics do not support the belief that governors win elections,” Aregbesola said.
Using the South-West as an example, he said ruling party dominance at the state level had not translated into overwhelming electoral success.
“In the South-West, the APC controlled all the states except one, yet the maximum performance of the party was 55 per cent, with the other parties sharing the rest,” he said.
On his part, former Vice President, Atiku Abubakar, speaking as special guest of honour, linked the political moment to the theme of the book, describing loyalty as both a moral test and a personal burden in public life.
Atiku, who noted that his participation was informed by his own role in the political history examined in the memoir, said: “I am honoured to be part of this launch because I was also involved in the eventual inauguration of the Bukola Saraki administration, which this book deals with in very great detail.’’
He praised the author for taking on difficult questions about loyalty and conscience, saying “this is a work that dares to question loyalties, illuminate conscience, and broaden our public imagination.’’
Drawing a contrast between military discipline and political life, Atiku said loyalty in politics was rarely absolute and often exacted a heavy price.
“For those of us who come from the military and paramilitary professions, loyalty is non-negotiable; there is only absolute obedience. But in political life, loyalty is not as rigid, and it comes with consequences,” he said.
The former vice president also spoke candidly about his own experiences.
“Many of us have suffered because of loyalty. I have faced exile as a result of loyalty. I have survived assassination attempts as a result of loyalty,” he said.
Atiku warned that loyalty should never become blind allegiance, adding that “loyalty should strengthen the common goal, not narrow the circle of belonging.’’
Similarly, a former Governor of Anambra State, Peter Obi, who arrived late due to flight delays from Lagos, apologised for not observing traditional protocol before addressing the audience.
Obi also signalled political solidarity and regional commitment, saying: “I have been directed to represent the South-East, and I want to assure you that you will not be disappointed.’’
In one of the most direct political moments of the event, the author, Bolaji Abdullahi, appealed to opposition leaders to rise above rivalry and present a united front, ahead of 2027, adding that Nigerians were ready for change, though political leaders were not yet matching that urgency.
“For 2027, Nigerians are ready. But I don’t think we are ready. Nigerians look at us and see different enclaves and different entities. They see competition, rather than cooperation,” Abdullahi said.
Reviewing the book, Hakeem Baba-Ahmed said it initially provoked skepticism but ultimately impressed him.
“I brought to the book some prejudice and heightened curiosity. I expected the author to fall on his face somewhere. I was wrong,” he said.
He described the memoir as revealing and historically significant.
“This book is easily one of the most readable and revealing books I have read in a long while. It captures the essence of our contemporary social and political character,” Baba-Ahmed said.
Former Senate President, David Mark, described the task of rescuing Nigeria as a shared responsibility and praised Abdullahi’s character.
“He is a straightforward person. Even when I disagreed with him, his advice was always adopted,” Mark said.
He also clarified the long-standing controversy around the Doctrine of Necessity, saying “it was the sole responsibility of the Senate and had nothing to do with Kwara State or anyone from Kwara State.’’
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Coup: Investigators Widen Probe Scope to Unmask Civilian Financiers
Published
5 days agoon
January 28, 2026By
Eric
Fresh intelligence details have surfaced on the foiled coup attempt against President Bola Tinubu’s administration, shedding light on how a serving Army Colonel allegedly assembled a covert, cross-service network to undermine the constitutional order before security agencies moved in.
The Defence Headquarters had announced the arrest of 16 officers for acts of indiscipline and breaches of service regulations, following weeks of quiet tension within the Armed Forces.
In October 2025, rumours of an alleged coup plot against President Tinubu’s administration spread across social media. At the time, the Defence Headquarters (DHQ) dismissed the claims as “false and misleading,” yet the sudden cancellation of the Independence Day parade fuelled speculation about deeper security concerns.
However, fresh findings from an interim investigation report, sighted by Punch Newspapers, suggest that the alleged architect of the plot was a Colonel whose repeated failures in promotion examinations reportedly bred resentment and alienation. Rather than nursing his grievances quietly, he is said to have turned them into a recruitment tool, drawing officers from the Army, Navy and Air Force into a loose but coordinated network.
According to the report, members of the group were allegedly assigned to discreetly study sensitive installations, including the Presidential Villa, the Armed Forces Complex, Niger Barracks in Abuja and international airports in Abuja and Lagos, mapping access routes, routines and vulnerabilities. What began as expressions of dissatisfaction soon graduated into early-stage operational planning.
Security sources say searches on the officer’s vehicle uncovered charms and anti-government materials, while a raid on his residence in Lokogoma, Apo, yielded sensitive documents detailing assigned roles and outlining how key national dignitaries were to be handled once the operation commenced.
The plotters are also said to have exploited insider access, infiltrating the Presidential Villa and compromising workers linked to construction firm Julius Berger to obtain security information on the premises. Encrypted communication platforms were allegedly used to coordinate movements, logistics and funding, while discreet vehicle repairs and unusual cash flows pointed to preparations for mobilisation.
Investigators traced financial inducements of between N2 million and N5 million to some principal actors, with intelligence agencies now analysing the money trail through the Nigerian Financial Intelligence Unit.
One of the suspects, Lt-Col S. Bappah, reportedly turned a critical witness, admitting his role and providing details on recruitment methods, funding channels and communication patterns within the network.
The danger, security officials note, lay in the cross-service reach of the conspiracy, which cut across the Army, Navy and Air Force and involved officers up to the rank of Brigadier-General.
The alleged plan, uncovered ahead of its execution date of October 25, 2025, was described as lethal in scope, with the President, Vice-President Kashim Shettima, ministers, service chiefs and other top officials marked as targets.
Beyond the military hierarchy, investigators are now widening the probe to civilian financiers and political contacts who may have interacted with the core suspects. Communication trails, financial flows and external interfaces are being reviewed as part of efforts to dismantle every layer of the network and secure strategic national assets.
With the investigation concluded and reports forwarded to superior authorities, the Defence Headquarters has confirmed that indicted personnel will face appropriate military judicial panels, as Nigeria’s security establishment moves to ensure that what officials describe as a well-funded, coordinated threat never advances beyond the planning stage.
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