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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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BREAKING: Former Customs Comptroller-General, Ahmed Aliyu Mustapha, Is Dead

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Dr. Ahmed Aliyu Mustapha, who served as Comptroller-General of the Nigeria Customs Service from 1999 to 2003, has passed away.

Adamawa State Governor, Ahmadu Umaru Fintiri, confirmed his death in a statement shared on his social media pages on Thursday.

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Deeply saddened by the passing of Alhaji Ahmed Aliyu Musdafa, former CG of Customs. A man of service, dignity & duty whose legacy will live on. My prayers are with Lamido Adamawa, the Musdafa royal family & all who mourn him. May Allah grant him Aljannah Firdaus,” Fintiri wrote.

Mustapha, an elder brother to the Lamido of Adamawa, Alhaji Dr. Muhammadu Barkindo Aliyu Mustapha, also held the revered traditional title of Sardauna Adamawa.

READ ALSO: Six Dead, 10 Missing In China Bridge Collapse

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He joined the NCS as a young cadet and steadily rose through the ranks before his appointment as Comptroller-General in 1999, at the dawn of the Fourth Republic.

His tenure was marked by strengthened anti-smuggling operations, and he played a central role in several national task forces established to combat economic sabotage. In 1988, he received the Ministerial Award for Outstanding Performance, a recognition of his distinguished service.

Mustapha retired from the Service in December 2003, after more than three decades of active duty. In retirement, he remained a respected elder statesman within the Customs community and the Adamawa Emirate, where his counsel and influence continued to be widely sought until his passing.

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Lagos Man Killed In Fight, Suspect Arrested

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The Lagos State Police Command has arrested a man, Ebuka Adindu, for allegedly stabbing Sodiq Ibrahim to death during a violent confrontation in the Mandillas area of Lagos on Wednesday.

A social media user, @JackFleet, who first raised the alarm on X.com, wrote, “There’s a fracas going on presently in Lagos Island, Mandillas to be precise.

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Two guys were fighting, and it resulted in the death of one of them. Right now, street urchins have taken the law into their hands, stabbing innocent people on the street.”

Reacting to the post, the command’s spokesperson, Benjamin Hundeyin, dismissed the claim that miscreants had taken over the area.

READ ALSO:Lagos: Police Arrest Security Guard For Stealing Generators, Others

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“Your claim of street urchins taking over the street is false. Please do not cause unnecessary panic. DPOs Lion Building and Ebute-Ero are currently on the ground with their men, maintaining the restored peace.

“Also, the suspect has been arrested and is in custody for further necessary actions,” Hundeyin stated in a post on Wednesday.

In a follow-up message to PUNCH Metro on Wednesday, Hundeyin clarified that the incident was not a tribal clash, as was being speculated.

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The Lagos State Police Command hereby wishes to inform the general public that there was no tribal clash or disturbance between any ethnic groups and others inside Balogun Market today.

READ ALSO:Man Kills Self In Imo Over Hardship, Family Neglect

“There was an incident of a free-for-all between some hoodlums and miscreants in the Balogun Market in the early hours of today at around 11 am.

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“During the fight, one Ebuka Adindu from Abia State stabbed one Sodiq Ibrahim from Kogi State to death, and the said Ebuka Adindu in turn stabbed himself on the shoulder and became unconscious.

“He is currently under arrest in the hospital, where he is being treated. Investigation into the matter will be concluded, and he will be prosecuted after he has been discharged from the hospital,” Hundeyin explained.

The police stressed that no innocent lives were lost, no other injuries were recorded, and no goods or property in the market was destroyed.

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READ ALSO:Bandits Kill Worshiper, Abduct Others In Sokoto Mosque

The statement read, “The Lagos State Police Command wishes to reiterate that the incident is not a tribal clash but purely between miscreants and hoodlums around the Balogun Market. Normalcy has been restored.

“Marketers and the general public on the Island and other parts of Lagos State are encouraged to go about their businesses and other lawful endeavours without fear or apprehension.”

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Hundeyin, quoting the state Commissioner of Police, Olohundare Jimoh, called on Lagos State residents “to remain law-abiding and cooperate with the police command to sustain existing peace in the state and not to spread fear in the mind of the public, as Lagos is generally peaceful.”

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JUST IN: NLC Defies Edo Assembly Resolution, Inaugurates Factional Caretaker Committee

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The Nigeria Labour Congress (NLC) has inaugurated Professor Monday Igbafen as Caretaker Committee Chairman of the Edo State Council despite resistance from the state House of Assembly.

This particular faction is supported by the President of the Nigerian Labour Congress, Comrade Joe Ajero, while the Edo State government is in support of the Comrade Bernard Joman Egwakhide-led faction.

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The swearing-i was initially slated to take place at the Adams Oshiomhole Labour House in Benin City on Thursday, but the venue was locked and secured, apparently in a bid to block the event from taking place.

This came two days after the state House of Assembly passed a resolution urging the NLC to suspend the inauguration and instead recognize Comrade Bernard Joman Egwakhide as the rightful leader of the union in Edo.

READ ALSO: Strike: NLC To Shutdown FCT After Tinubu’s Project Inaugurations Labour

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In spite of this, the NLC delegation from the national secretariat, led by Comrade Oluwole Adeleye Sunday, pressed on with their plans.

The group initially moved to the ASUU Secretariat within the Ugbowo campus of the University of Benin, however, after information about that location was leaked, the team quickly relocated.

The inauguration was eventually conducted at an undisclosed venue under tight security.

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Speaking during the ceremony, Comrade Oluwole charged the newly constituted faction to restore unity within the state chapter.

You are to resolve all contending issues and work towards electing new executives,” he said.

READ ALSO: May Day Shocker: NLC Cancels Celebrations In Rivers, Edo States

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In his acceptance remarks, Professor Igbafen pledged to mend divisions within the Edo NLC, assuring stakeholders of a renewed focus on solidarity and internal cohesion.

At NLC Secretariat, operatives of the Nigeria Police Force sealed off the Edo State secretariat of the Nigeria Labour Congress otherwise known as the Adams Oshiomhole Labour House.

Similarly, the main gate of the University of Benin was beefed up with police personnel.

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Some suspected thugs were also seen loitering around the secretariat.

READ ALSO: NLC Turns May Day Into Protest March For Fubara In Rivers

A police Armoured Personnel Carrier was deployed to the NLC secretariat,
while heavy security at the Labour House and the UNIBEN main gate were present.

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Some NLC leaders from neighbouring states, who were scheduled to attend the inauguration, at the Labour House, expressed regret that they could not access the secretariat.

Speaking, Comrade Augustine Igben from the Maritime Workers Union, said he was embarrassed when he was not allowed entry into the Edo Labour House.

“I felt embarrassed about the whole thing. How can the police barricade the Labour House when there is no war. It is a Labour issue. They should allow Labour to settle the issues themselves.” He said.

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