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Ex-finance Minister Blames CBN For New Naira Crisis

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A former Minister of Finance, Dr Idika Kalu, has faulted the logistics of the Central Bank of Nigeria for the crisis that has characterized the distribution of new N1000, N500 and N200.

Speaking on Channels Television on Friday, he noted that the new naira scarcity was a result of a huge logistic mistake.

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He said, “It is obvious that what we are dealing with is huge logistic mistakes that have been made.”

READ ALSO: Naira Scarcity: Protesters Attack Banks In Lagos

Kalu added that the CBN ought to have done its preliminary assessment of how long and what it would take to ensure the efficient distribution of the new notes.

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“You have to assess the timing, which is predicated on how long it will take to do the exercise that you want to do. So, that is where it is really up to the central bank and its advisers to come up to the government to say, you have agreed we will do this. This is how much time we need, every aspect of it, procuring the papers for printing, whether it is imported or locally made, the printing process itself, the logistics of identifying the various constituencies, the banks, the communities, the rural areas and all segments of this country.

“The people are not interested in all these details but you have to take into account how you are going to deliver. Is it by air, road, train or a combination of all that?,” he added.

He explained that the reason the new notes were not in banks when people needed them was due to poor logistics.

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The logistics have to be very carefully put together. It is very apparent that we did not do that. I think the logistics are really the problem not the question of jurisdiction,” Kalu noted.

He further faulted the CBN’s reasons for redesigning the old notes, stating that countries don’t change their currencies because they want to improve the effectiveness of monetary policies.

He also noted that there were other policies that the CBN and the Federal Government could have introduced if they wanted to tackle corruption and the high amount of currency in circulation.

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Kalu also said that the naira redesign plan of the CBN would likely lead to a contraction in the economy.

READ ALSO: VIDEO: Protest In Ibadan Over Naira Scarcity, Gunshots Heard

He further questioned the metrics of inflation used to measure the effectiveness of the naira redesign policy.

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“If you curtail the money supply, it will bring down inflation. But they will have to check on what it does to production and employment. So, it is not a one-dimensional measure of success,” he said.

He further described the naira redesign policy of the CBN as draconian, noting that there was something wrong with what the CBN was trying to do.

 

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Flood: Residents Chide Edo Govt Over Failure To Show Concern

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Residents of Ekpoma in Esan West Local Government Area of Edo State have lambasted the Governor Monday Okpehbolo-led state government over failure to show concern on the tragic incident where a cocoa merchant, Frank Omoruyi, was swept away by flood.

Recall that it was reported on Tuesday that flood swept away a man earlier identified as motorcyclist.

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The residents, while expressing displeasure over the state government’s failure to send any rescue team to help recover the corpse, said they paid what they termed ‘good money’ to divers from Benue State to recover Omoruyi’s corpse from a burrow pit at Uwenbo area after two days of intense search.

READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute

The residents who lamented that no state government or local government official joined in the rescue operation, threatened to protest and stop further construction work of the Benin-Auchi highway.

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A resident, Samuel Osarenkhoe said: “Two Benue boys were hired to get the body out. We paid them handsomely. He was a cocoa merchant. He was our member and a good friend.

Another resident, Luis Ebabulu, said: “They were saddened that no government official visited the community two days after the incident occurred.

READ ALSO:Edo PDP Knocks Okpebholo Over ₦2.5b Donation To UBTH

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No government official has been here since the incident occurred. We have been contributing money to pay people to search for the body. We are coming out tomorrow to protest to stop the project. They cannot be doing roads and be killing us.

“Flooding and erosion problems have been worsened by the construction of the Benin-Auchi highway. The contractor channeled flood water to the borrowed pit.”

Edo State Commissioner for Information and Orientation, Hon. Paul Ohonbamu, said Governor l has desilted drainages across the state.

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Police Disown Viral Recruitment Notice, Warn Against Fraud

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The Nigeria Police Force has disowned a recruitment notice circulating on social media, describing it as fake and warning Nigerians not to fall victim to fraudulent schemes.

The document, titled “Nigeria Police Force Recruitment Exercise 2025”, had invited applications from SSCE, OND, HND, and B.Sc. holders, listing requirements such as age limits, fitness standards, and academic qualifications. It also outlined an alleged application process through a supposed police recruitment portal scheduled to open on September 23, 2025.

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The notice claimed that candidates were expected to be Nigerian citizens by birth, hold a valid National Identification Number, and meet minimum height and academic criteria. It also warned against membership of secret societies and directed applicants to submit various documents, including birth certificates and guarantor declarations.

READ ALSO:Police Vows To Arrest Killers of NSCDC Officers In Edo

In a post on its verified X handle on Thursday, the Nigeria Police Force dismissed the claims and stamped the document “FAKE” to alert the public.

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The Police Service Commission (PSC) had earlier issued a similar warning. On August 30, PSC spokesperson Ikechukwu Ani clarified that no recruitment exercise had been announced for 2025.

The advertorial currently in circulation is fictitious and diversionary,” Ani said. “The Commission has repeatedly urged young Nigerians eager to join the police to be patient and await the official process.”

READ ALSO:Police Vows To Arrest Killers of NSCDC Officers In Edo

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He added that the forged documents being circulated bear no resemblance to the Commission’s official communication.

The police authorities reiterated that any official recruitment exercise would be publicly announced through verified government platforms.

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Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute

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Edo State governor, Monday Okpebholo, has issued a stern warning to companies attempting to exploit the lingering boundary dispute between Edo and Delta states.

Okpebholo cautioned the companies to desist from encroaching on Edo territory while the matter remains before the National Boundary Commission (NBC), for adjudication and adjustment.

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The governor’s stance follows a recent reports of encroachment on Edo territory by the Delta State Government and companies allegedly attempting to establish operations on disputed lands.

Okpehbolo, accompanied by the Assistant Inspector-General of Police (AIG), Zone 5, Salman-Dogo Garba, and other top security officials, spoke when he paid a fact-finding visit to the disputed areas.

READ ALSO:Textile, Garment And Tailoring Workers Assault Journalists In Edo

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The disputed territory lies between Urhonigbe Community in Orhionmwon Local Government Area of Edo State, and Umutu community in Ukwuani Local Government Area of Delta State.

Represented by his deputy, Hon. Dennis Idahosa, Okpebholo, while addressing residents of Urhonigbe community, assured them of his administration’s commitment to safeguarding their interests, but urged restraint.

He further urged the affected communities to remain peaceful and law-abiding, stressing that the dispute was being handled at the highest level of national authority.

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“We are here at the boundary to see the disputed area and the actual demarcation. We are appealing to the Federal Government and President Bola Ahmed Tinubu to ensure that the NBC steps in and expedites action so that this dispute is resolved once and for all.

READ ALSO:NDLEA Destroys Over 18,000 KG Of Cannabis In Edo Forest

“This River Ethiope is a natural boundary. We don’t want any crisis in the South-South or between Edo and Delta states. We are brothers, having once been Bendel State before Delta was created. We want peace, and we want the right thing done quickly.”

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“Please don’t take laws into your hands. As a government, we will protect the territorial integrity of Edo State. But we must maintain peace and harmony with our neighbors while this matter is before the NBC,” he pleaded.

Okpebholo emphasised that while his administration was committed to defending Edo territorial claims, it would do so with fairness, peace, and respect for due process.

Our ultimate goal is to ensure justice, preserve harmony, and protect the integrity of our people and our State,” he affirmed.

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In his remarks, AIG Salman-Dogo Garba urged restraint, describing both Edo and Delta as inseparable partners in peace and development despite the dispute.

“I appeal to the communities, Edo and Delta are still brothers despite this land dispute. Be peaceful, avoid violence, don’t take up arms over this matter as it is already before the NBC,” he advised.

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