Boss Picks

Supreme Court Judgment: Buhari, Emefiele Mum As Naira Crisis Persists

Published

3 years ago

March 11, 2023

Eric

By Eric Elezuo

More than one week after the apex Supreme Court ruled that the old N1000 and N500 notes be allowed to exist side by side with the newly redesigned notes, President Muhammadu Buhari and the Central Bank governor, Mr. Godwin Emefiele, have remained silent, and unable to give Nigerians the directives to follow amid prolonged suffering occasioned by the cash crunch.

On March 3, 2023, after a long drawn legal battle between some state governors against the Federal Government, the Supreme Court had ruled that the validity of the N200, N500, and N1,000 Naira notes be extended till December 31 when they would have been easily eased it.

A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians, stressing that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid.

Reading the lead judgement, Emmanuel Agim, a member of the panel, also condemned the President’s disobedience of the court’s February 8 order that the old N200, N500, and N1,000 notes should continue to circulate alongside the new ones.

He said the president’s broadcast of 16 February that only N200 notes should remain legal tender made Nigeria’s democracy look like a mere pretension while democracy is replaced with autocracy.

He said: “It is not in doubt that the President refused to comply with the order of the court that the old 200, 500, and 1,000 naira notes should continue to be legal tender,” the court said.

“Interestingly, there is even nothing to show that that the President’s directive for the release of N200 notes was implemented.

“I agree that the first defendant ought not to be heard when the president has refused to obey the authority of this court.

“Disobedience of order of court shows the country’ democracy a mere pretension and now replaced by autocracy. This suit is meritorious.”

Recall that the CBN in October 2022 introduced what many has labelled a controversial monetary policy which birthed newly redesigned 200, N500, and N1,000 notes with tight deadline to mop up the old notes from circulation. A January 31 deadline was initially set for the complete mopping up of the old naira notes. The policy and its implementation was challenged at the Supreme Court.

As envisaged, the policy led to scarcity of currency notes, bringing untold hardship to millions of citizens in an economy significantly driven by the informal sector with a large proportion of unbanked persons.

The end of January deadline initially set for ending the legal tender status of the old Naira notes was extended to February 10 as the supply of the new notes fell far short of the volume needed by citizens to meet their most basic needs across the country.

On February 3, three state governments – Kaduna, Kogi, and Zamfara – citing the hardships the continued scarcity of naira notes brought to their people – sued the federal government at the Supreme Court for a reversal of the policy.

Five days later, the court issued an interim order suspending the implementation of the deadline set by the federal government, and directed that the old and new Naira notes should continue to circulate pending the resolution of the case.

Unmoved by the court’s order, the CBN insisted that the old notes had stopped being legal tender after the February 10 deadline while the scarcity of the new notes persisted.

But the final judgement of March 3, which allowed the old naira notes back into circulation has been kept on mute mode by the executive as neither the president or the CBN governor has given a clear cut directive as to the next step to take. This act has returned the masses to the pre-judgment era and money has remained scarce and standard of living a total mirage, especially for families that depend on daily transactions to make a living.

At various banks across the country, customers line up endlessly to collect cash, but are disappointed at the end of every day. A cross section of the customers, who spoke to The Boss, lamented that appearing at the banks has remained a daily routine, and after each day, it remains a tale of woe as the much sought after naira notes are nowhere to be found.

But some customers, who were able to get access to the bank vaults lamented that they were paid the old bank notes, which in rejecting tried to lodge it bank with the bank. But the banks themselves rejected it.

“So the old bank note is just good to give to the customer, but cannot be deposited in the banks,” an angry customer lamented. Those that risked taking the money to the markets or to buy one thing or another are still telling sad stories as its rejection remains paramount. Yet, Buhari and Emefiele have remained silent.

“I don’t understand why Mr President and CBN governor would keep silent this long on a matter this sensitive. Yes, the Supreme Court has ruled. Am I the executive that will execute the judgement? Is it no longer the duty of the executive to execute judgements of the courts?” Another customer querried.

In the same vein, DailyPost reported that a public analyst and economist, Dr. Charles Imole expressed dissatisfaction over the continued silence from President Muhammadu Buhari and the Central Bank of Nigeria Governor, Godwin Emefiele days after the Supreme Court judgment validating old Naira notes till 31 December.

According to Imole, the economic situation showed that the nation is drifting aimlessly.

“The Supreme Court gave a verdict and 5 days later, nothing has been done to officially give effect to that verdict by the President or the CBN Governor. What kind of nonsense is this? The nation just appears to be drifting and coasting aimlessly. How long will this madness continue?” He tweeted.

Meanwhile, The Punch gathered on Friday that cash had dried up in most banks in Lagos and Ogun states due to what senior bankers described as the inability of the CBN to supply them with new naira notes.

It wrote: “A branch manager of a Tier-1 bank told Saturday PUNCH that his branch last received cash last week Tuesday, adding that bankers were also frustrated about the currency crisis affecting the nation.

“The Lagos-based branch manager said, “There have been no supplies of new naira notes to my branch and other neighbouring branches this week. The last supply we got was N5m last week Monday and another N5m the following day. Members of our bullion van team have been on standby throughout this week awaiting signals to come to the CBN to pick cash, but there has been no signal. The N10m we got last week didn’t last up to Wednesday.

“Following the Supreme Court judgment, we were initially paying out the old N1,000 and N500 notes deposited with us and which had not been deposited with the CBN to desperate customers, but we had to stop when the customers came back to complain that people were not accepting the old notes from them.”

“Another senior banker corroborated this, adding that his first generation bank had not been supplied new naira notes to disburse to customers.

“He said, “Even me as a banker, I can only boast of N100 as I am speaking to you. We have not been supplied with cash this week. The Nigeria Inter-Bank Settlement System Instant Payment platform is not working; the digital payment systems are overwhelmed. When you see crowds at our branches now, we are not giving them cash, what we are doing is to deal with complaints arising from digital payments.

“I think it is deliberate not to supply naira notes to the banks because the government and the CBN don’t want politicians to mop them up. Politicians are desperately looking for cash to pay their agents now. I know of a candidate for the Lagos State House of Assembly, who has launched a passionate appeal to his friends to raise money to pay his party agents, who were not paid after the presidential and National Assembly elections and threatened not to take part in the governorship and state House of Assembly.”

It is still not known how much longer Nigerians will be made to go through the sorrow of naira scarcity or how much longer their patience will linger as reports of unavoidable deaths, illnesses and many other vices have made the rounds as a result of the naira scarcity, and Buhari and Emefiele’s undignified silence.

Boss Picks

Glo Celebrates Executive Director, Sade Michael-Adenuga at 31

Published

3 weeks ago

July 1, 2026

Eric

By Eric Elezuo

Communications giant, GLOBACOM, has celebrated its Group Executive Director, Madam Sade Michael-Adenuga, as she clocks 31.

In a message via the Group’s X account, Globacom celebrated the go-getting abilities Ms Michael-Adenuga, recognising her dedication, professionalism and unwavering commitment, which have continued speak loud in the growth and development of the Gbobacom Group.

The message reads:

“Today, we celebrate Madam Sade Michael-Adenuga, whose dedication, professionalism, and unwavering commitment continue to make a meaningful difference.

“As you mark another year, we wish you good health, happiness, and many more years of fulfilment and remarkable accomplishments. May the year ahead bring every opportunity to continue making an enduring impact.

“Happy Birthday, Madam Sade Michael-Adenuga.”

Sade Michael-Adenuga is the last daughter of the billionaire businessman, philanthropist and founder of the Glo brand, among many other business concerns.

Beautiful and highly ceregral, Sade is a certified Barrister and Solicitor of the Supreme Court of Nigeria. She currently serves as a Group Executive Director of Globacom Group, and is the founder of QuickLaw.

Boss Picks

Adeleke and Momodu: A Classic Tale of ‘Twin’ Brothers

Published

2 months ago

May 18, 2026

Eric

By Eric Elezuo

The story of the Chairman, Ovation Media Group, Chief Dele Momodu, and the Governor of Osun State, Senator Ademola Adeleke, is one told from a multiple dimension. It encompasses passion, love, friendship, camaraderie, collaboration, and more importantly, brotherhood.

Here’s a classic tale of two individuals, who started as acquaintances, transmuted into being friends, and today has become inseparable, not just as brothers, but as ‘twin’ brothers. No wonder the Bible says, there’s a friend that sticks closer than a brother; that’s the story of ‘Demola and Dele. A typical example of Double D. A classic tale of friendship made in heaven.

Both have seen measured successes in their various fields of endeavours. Adeleke, besides being an accomplished entrepreneur, has in his own way, conquered the field of politics, having served as a distinguished Senator of the Federal Republic of Nigeria, and presently serving as the Executive Governor of Osun State.

Momodu, on his part, has not in any way lacked behind. Beyond establishing and sustaining Africa’s number one celebrity magazine, Momodu is an iconic journalist, publisher, businessman and a motivational speaker, who has both working and personal relationships with many influential world leaders. He has been one shot away from the highest office in the land, having contested for the Nigerian presidency, first as a candidate in 2011, and as an aspirant in 2023.

Born same year, 1960, same month, May, the brothers have from time in memorial, shared a common bond that has given onlookers the apertite to ask more questions about their originality. But while one is from Edo State, the other is from Osun. However, the state barriers notwithstanding, Adeleke and Momodu has proved to the world what true friendship means.

Over the weekend when Momodu celebrated his 66th birthday, just three days after Adeleke celebrated his at the Government House, in Oshogbo, the Governor gladly referred to Momodu as his ‘twin’ brother, a motion that everyone readily agreed with. It is worthy of note that while Adeleke was born on May 13, 1960, Momodu was born on May 16, 1960. Friends and associates always insist that Adeleke is three days older than Momodu, and that one fact Momodu has come to live with, and joyously celebrates.

In his message at the birthday celebration, held with incisive discussion on the theme, Ignorance and The Danger of Xenophobia, at the Dele Momodu Leadership Centre, Alalubosa, Ibadan, the Governor extolled the qualities of Momodu, fondly referring to him as ‘my twin brother’. He hailed Momodu for always using his birthday to speak to the conscience of Africa, especially in the last three years.

At the event, organized by The Dele Momodu Foundation, with the theme, “Ignorance and the Danger of Xenophobia.” Speakers at the occasion condemned the rising tide of xenophobic attacks, particularly those targeting Nigerian citizens in South Africa, warning that such hostility undermines regional progress, peace, and continental unity.

Taking the podium to honour the celebrant, whom he affectionately described as his “twin brother,” Adeleke praised Chief Momodu not only as a towering figure in African journalism and publishing; serving as the CEO and Publisher of the celebrated Ovation International magazine but also as an advocate for unity. The governor further called for urgent action to protect Nigerian citizens abroad in relation to the theme of the day, and the body language of the continent as a result of the present situation in South Africa, where black foreign population is being persecuted and threatened.

“Xenophobia is a cancer that eats away at the fabric of our shared humanity,” Governor Adeleke said. “The attacks on our citizens in South Africa and elsewhere demand serious and immediate attention. As leaders, we must come together across borders to ensure that these hostilities stop. We cannot speak of a united Africa while our brothers and sisters are targeted simply for being Nigerian,” the governor said.

The governor further pledged his administration’s full support for initiatives aimed at ending xenophobic violence against Nigerians in the diaspora, emphasizing that diplomatic and collaborative efforts are necessary to safeguard the dignity of African citizens everywhere.

The event drew a distinguished array of guests. The keynote lecture was delivered by Professor Eghosa Emmanuel Osaghae, Director-General of the Nigerian Institute of International Affairs, who provided an incisive analysis of the socio-political roots of xenophobia and its impact on pan-African integration.

The Chairperson of the occasion was Her Excellency Jewel Howard-Taylor, former Vice President of the Republic of Liberia, whose presence emphasized the pan-African significance of the gathering. A somber yet inspiring musical performance was delivered by Sir Shina Peter, the guest musician, who paid tribute to a life well lived in service of journalism and humanity.

In his remarks, the celebrant thanked the governor, the dignitaries, and the foundation for turning his birthday into a platform for meaningful dialogue and action.

DELE MOMODU – MAY 16, 1960

Dele Momodu, without an iota of doubt stands tall among those who have been diligent in businesses, and it is therefore, no surprise that he has stood, and is still standing not just before kings but with kings.

Born Ayòbámidélé Àbáyòmí Ojútelégàn Àjàní Momodu on May 16, 1960, some 63 years ago, Chief Dele Momodu as he is known in the business circle, and Bob Dee, in the social stage, is by every standard a man who is diligent in his business. And it is no wonder that he has not only stood before kings, he had and continues to dine with kings. There is practically no influential person that Dele Momodu does not know across the length and breadth of Nigeria, Africa and on the inter-continental stage. He is that large!

By every standard a rare breed, Momodu is many things in one; journalist/publisher, businessman, philanthropist, actor, politician and motivational speaker. Among all these he considers himself simply as a reporter, and even with a retinue of seasoned staff still ventures into the field to scoop exclusives. Those who have referred to him as a workaholic are not far from the truth. Even he, himself has an oft quoted line thus “those who come from poor background cannot afford to sleep too much”.

A beacon of the Momodu family, Dele, the last of three siblings, was ‘privileged’ to lose his father at the age of 13, and was therefore sentenced to the complete tutelage of his mother, and sometimes relatives. His mother became practically his mentor, teacher and soulmate until she passed away on May 18, 2007, two days after Dele’s 47th birthday. According to him, one of the many morals his mother, who he revered next to God, taught him, is never to despair even when times are tough. Even in her near poverty state, Dele maintained that ‘she didn’t give up on me.’

The accomplished journalist, whose first name was derived from Ayobamidele, meaning “my joy has followed me home”, is a proud 1982 graduate of the University of Ife, (now Obafemi Awolowo University, Ile-Ife) where he obtained a degree in Yoruba Language, and followed it up in 1988 with a master’s degree in English Literature.

He kicked off his professional career as a lecturer at the Oyo State College of Arts and Science in Ile-Ife, between 1982 and 1983 while serving as a corps member. He went on to become the private secretary to the former Deputy Governor of Ondo State, Chief Akin Omoboriowo, a position he held from 1983 till 1985. In 1986, he was elevated to serve the Ooni of Ife, Oba Okunade Sijuwade Olubuse II, managing his Motel Royal Limited.

Momodu is the proprietor of the no 1 celebrity journal, Ovation International Magazine, The Boss Newspaper and Ovation Television.

The Akinrogun of Gbonganland, who is also the Aare of Iwoland, has also been honoured with the Prestigious Value Leadership award by an organisation, Nigeria, which is a subsidiary of Moonlite Integrated Concept, among an avalanche of awards, honours and tags. Momodu us consistently praised for his admirable efforts, which have not gone unnoticed.

ADEMOLA JACKSON ADELEKE – MAY 13, 1960

Born of the Adeleke family of Ede in Osun State on May 13, 1960, Adeleke commenced his primary education at Methodist Primary School, Surulere Lagos State before he was privileged to relocate to Old Oyo State to continue his education at Nawarudeen Primary School, Ikire.

Adeleke was born Nurudeen Ademola Adeleke to a Muslim father and Nnena Esther Adeleke, an Igbo Christian mother. Like him, Adeleke’s father, Raji Ayoola Adeleke was a Senator and the Balogun of Ede land in Osun State. His father, Raji Ayoola Adeleke was also the leader of the Unity Party of Nigeria (UPN).

On completion of his primary education, he moved on to The Seventh Day Adventist Secondary School, Ede to begin his post primary schooling. In the later years however, he attended Ede Muslim Grammar School Ede, where he completed his secondary school education and subsequently relocated to the United States of America, joining his two older brothers, who were also studying there.

In the United States, he joined Jacksonville State University, Alabama, and studied Criminal Justice, with minor in Political Science.

To prove doubting Thomases, who wiped up controversies around his educational qualification, wrong, he went back to school and got enrolled at Atlanta Metropolitan State College in the United States, where he obtained a Bachelor of Science degree in Criminal Justice in 2021.

A businessman and administrator of no mean repute, Adeleke was the humble Group Executive Director at his brother’s company, Pacific Holdings Limited from 2001 to 2016, where his credible performances shot the company to enviable heights; a height it is still enjoying till date.

It is imperative to note that before he joined Pacific Holdings Limited, Senator Adeleke worked with Quicksilver Courier Company in Atlanta, Georgia, US, as a service contractor from 1985 to 1989. His dexterity to work earned him a progression in career, and he berthed as Vice President at Origin International LLC, Atlanta, Georgia, US, a flavours and fragrance manufacturing company. His meritorious stewardship lasted a period of five years, from 1990 to 1994.

Not a few has described Adeleke as the philanthropic capital of Ede, as his influence in aiding the less privileged and downtrodden remains top notch. He is a voracious believer in community development, and has not spared any expense to see that his community receives global influence.

Politically, Adeleke is a beacon of light and hard nut to crack, having remained an albatross to opposing powers and a reference point to ideal administration.

Shortly after he lost his brother, Senator Isiaka Adeleke, who died in April 2017, he contested the Osun West 2017 Senatorial by-election, emerging as the winner under the Peoples Democratic Party, where he decamped to from the All Progressives Congress (APC).

Having emerged senator, Adeleke’s political influence waxed stronger, an on July 23, 2018, he emerged as the governorship candidate of PDP in Osun State.

Adeleke ran for Osun state governorship election under the PDP against top contenders Alhaji Gboyega Oyetola of APC and Iyiola Omisore of SDP on 22 September 2018. The election was declared inconclusive by the Independent Electoral Commission (INEC) while Adeleke was leading, and a rerun slated on September 27, 2018. The candidate of the APC Oyetola was declared winner after the run-off. Adeleke protested the result describing the election as a “coup”.

Much as on March 22, 2019, the tribunal sitting in Abuja declared Adeleke the winner of the election, the Supreme Court later affirmed Gboyega Oyetola as the authentic winner of the 2018 Osun State governorship election on Friday, July 5, 2019

Popularly known as the Dancing Senator because of his penchant to joyfully react to the sounds of music, Adeleke is uncle to one of Nigeria’s popular musicians, Davido.

Governor Adeleke is married to two beautiful women. They are blessed with three children who are all entertainers. They are B-Red and Shina Rambo and a daughter, Nike Adeleke. He is the uncle of one Nigeria’s primus inter pares in entertainment, Davido.

As expected, Adeleke is moving Osun State to the greatest of heights as he promised, and many who know him agree that there are still very many more in the offing even as he navigates his political prowess to win again on August 15.

These ‘twin’ brothers have become a toast of reference. They are hardworking, philanthropic in nature, and always happy.

Yes, always happy as the smiles and dance in their gaits at all times are unmistakable.

Cheers to brotherhood!

Cheers to Ademola Adeleke and Dele Momodu!

Boss Picks

Koumagnon Family Pledges Unalloyed Support for Romuald Wadagni As President

Published

3 months ago

April 9, 2026

Eric

By Eric Elezuo

The Koumagnon Family and Allied Families of Seme-Kpodji, of the Republic of Benin, led by Monsieur Alberto Koumagnon, has declared their unflinching support for the candidacy of Romuald Wadagni as he steps out on Sunday to vie for the presidential seat of the Republic of Benin.

In statement of declaration, the families observed that Wadagni is propelled by a ‘vision embodied in this ambitious, realistic project, resolutely focused on the future of our country’.

The declaration is presented in full:

DECLARATION OF SUPPORT BY THE GREAT KOUMAGNON FAMILY AND ALLIED FAMILIES OF SÈMÈ-KPODJI FOR CANDIDATE ROMUALD WADAGNI

The great KOUMAGNON family and allied3 families of Sèmè-Kpodji, deeply committed to the values of peace, progress, and development, followed with particular interest the presentation, on Saturday, March 21, 2026, of the “Further Together” (Plus loin ensemble) social project by our dear candidate, President Romuald WADAGNI.

Following this important political event, and gathering on this day, 04/04/2026, we wish to express our full support for the vision embodied in this ambitious, realistic project, resolutely focused on the future of our country.

From the outset, we, descendants of the KOUMAGNON family and allied families, commend the enlightened leadership of President Patrice TALON who, faithful to his commitment to building a modern and prosperous Benin, has been able to propose to the presidential majority a competent, credible candidate who brings hope for consolidating achievements.

In this dynamic of continuity and progress, the candidacy of President Romuald WADAGNI is fully in line with the continuation of the structural reforms undertaken over several years in all sectors, particularly in infrastructure.

In this regard, we recognize and commend the many achievements of the government, especially road infrastructure, which has significantly improved mobility and living conditions for the populations of the communes of Sèmè-Kpodji and surrounding areas.

Moreover, these remarkable efforts reflect a constant determination to connect localities, stimulate economic exchanges, and sustainably strengthen the attractiveness of our territories.

Building on these achievements and firmly oriented toward the future, we are convinced of the relevance of the “Further Together” project.

Therefore, the great KOUMAGNON family and allied families of Sèmè-Kpodji give their firm, committed, and unconditional support to candidate Romuald WADAGNI, as well as to his running mate, Mrs. Mariam Chabi Talata Zimé Yérima.

In the same spirit, we call on all daughters and sons of Sèmè-Kpodji, as well as all citizens committed to peace and development in our country, Benin, to mobilize massively in support of this hopeful momentum by turning out in large numbers on April 12.

We also wish to assure our dear candidate of our commitment to mobilize widely to ensure a high voter turnout in the commune of Sèmè-Kpodji.

Together, let us continue the efforts undertaken.

Together, let us consolidate our achievements.

Together, let us go further.

Long live Benin on its path toward progress!

Long live the WADAGNI–TALATA ticket!
Thank you.

Done at Sèmè-Kpodji, on 04/04/2026

The great KOUMAGNON family and allied families