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JUST IN: Parties Threaten Election Withdrawal If CBN Shifts New Naira Deadline

Published

3 years ago

February 6, 2023

Thirteen political parties out of the 18 political parties in Nigeria on Monday threatened to withdraw from participating in the 2023 general elections slated for February 25 and March 11, if the Central Bank of Nigeria extends the deadline of February 10 for naira swap.

The parties have declared that they won’t be participating in the elections if the new deadline of February 10, 2023 is shifted again.

The coalition of chairmen of the political parties, who commended the President, Major General Muhammadu Buhari (retd), on the redesign of the N200, N500 and N1,000 banknotes, insisted that the policy must stand.

The parties also knocked the Kaduna, Kogi and Zamfara state governments for heading to the Supreme Court to get court injunction to extend the deadline for the validity of three old notes.

The National Chairman of the Action Alliance, Kenneth Udeze, who briefed pressmen, said, “We hereby announce that at least 13 out of the 18 political parties in Nigeria will not be interested in the 2023 general elections and indeed we shall withdraw our participation from the electoral process if this currency policies are suspended or cancelled or if the deadline is further shifted.”

The PUNCH reported on January 29, two days to the former January 31 deadline, that the CBN extended the deadline for the swapping of old naira notes with the redesigned notes till February 10, 2023, after bowing to pressure last Sunday following many pleas from Nigerians across different walks of life.

However, the governments of Kaduna, Kogi and Zamfara state have dragged the Federal Government to the Supreme Court, seeking a restraining order to stop the full implementation of the naira redesign policy initiated by the Central Bank.

In the suits as plaintiffs are the three attorney generals and commissioners of justice for the three states, while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, is the sole respondent.

The three northern states in a motion ex-parte are urging the court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of terminating the February 10 timeframe within which the now older versions of the 200, 500 and 1000 denominations of the naira would cease to be legal tender.

The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. The president subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

President Muhammadu Buhari had assured Nigerians on Friday that in seven days time from then, he would address the woes associated with accessing the redesigned notes, promising to resolve the crisis within the stimulated time.

This is as protests have broken out in various cities across the country, with many angry about the pains and hardship citizens are being subjected to in order to have access to the new notes.

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NiMet Predicts Three-day Rain, Thunderstorms From Monday

Published

16 hours ago

September 21, 2025

Editor

News

JUST IN: Ooni Visits Olubadan-designate Ladoja In Ibadan

Published

21 hours ago

September 21, 2025

Editor

The Ooni of Ife, Oba Enitan Ogunwusi, on Sunday, paid a visit to the Olubadan designate, Rashidi Ladoja, at his Bodija private residence in Ibadan, Oyo State.

The PUNCH reports that Oba Ladoja will be installed as the 44th Olubadan on Friday, September 26, 2025, following the demise of the 43rd Olubadan, Oba Owolabi Olakulehin, who joined his ancestors on Monday, July 7, 2025, at the age of 90 years.

The two paramount rulers are currently exchanging pleasantries.

Details later…

News

JUST IN: FG Revokes 1,263 Mineral Licenses Over Unpaid Fees

Published

22 hours ago

September 21, 2025

Editor

The Federal Government through the Ministry of Solid Minerals Development has announced a fresh revocation of not less than 1,263 mineral licenses.

These licenses, which will now be deleted from the Electronic Mining Cadastral System portal of the Nigerian Mining Cadastral Office, include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.

The minister of Solid Minerals Development, Dele Alake, gave the revocation announcement in a statement issued by his special assistant on Media, Segun Tomori, on Sunday in Abuja.

The minister explained that the directive was issued due to the companies’ failure to comply with the requirement of paying their annual service fees.

The latest revocation brings the total mineral titles revoked under the current administration to 3, 794 including,619 mineral titles revoked for defaulting in paying annual service fees and 912 for dormancy last year.

By opening up the areas formerly covered by these licenses, the revocation is expected to spur fresh applications by investors looking for fresh opportunities.

The statement read, “Not less than 1,263 mineral licenses will be deleted from the portal of the Electronic Mining Cadastral system of the Nigerian Mining Cadastral Office, MCO, following their revocation by the Federal Government.

“These include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.”

Approving the revocation following the recommendation of the MCO, the Minister said applying the law to keep speculators and unserious investors away from the mining sector would make way for diligent investors and grow the sector.

“The era of obtaining licences and keeping them in drawers for the highest bidder, while financially capable and industrious businessmen are complaining of access to good sites, is over.

“The annual service fee is the minimum evidence that you are interested in mining. You don’t have to wait for us to revoke the license because the law allows you to return the license if you change your mind,” the minister said.

He warned that the revocation does not mean the Federal Government has pardoned the annual service debt owed by licensees, adding that the list will be forwarded to the Economic & Financial Crimes Commission to ensure that debtors pay or face the wrath of the law.

“This is to encourage due diligence and emphasise the consequences of inundating the license application processes with speculative activities.”

In the recommendation to the minister, the Director-General of the MCO, Simon Nkom, disclosed that there were 1,957 initial defaulters when the MCO published the intention to revoke licences in the Federal Government Gazette on June 19, 2025.

He informed the minister that the gazette was distributed to MCO offices nationwide to sensitise licencees and encourage them to comply within 30 days in compliance with the Minerals and Mining Act 2007 and relevant regulations.

He observed that the delay in the final recommendation was due to complaints of several licensees who claimed to have paid to the Federal Government through Remita and had to be reconciled.

Earlier this month, the DG MCO had hinted that more mining licences would be revoked as part of ongoing efforts to sanitise the solid minerals sector and protect investors from fraudsters.

According to Nkom, the clean-up exercise, which covers expired, speculative, and inactive titles, is necessary to make room for genuine investors and ensure compliance with the law.

This is part of ongoing efforts at sanitising the sector since the inception of the Tinubu administration, and the salutary effects of the reforms are massive and manifest despite the attempts to push back by defaulters and their agents.