News

Naira Redesign: Suspicion, Anxiety Grow As Malami Opposes El-Rufai, Others

Published

3 years ago

February 9, 2023

Twenty-four hours to the deadline set by the Central Bank of Nigeria, CBN, for the swap of the old naira notes, there is a high level of anxiety across the country.

The Supreme Court had on Wednesday temporarily halted the move by the Central Bank of Nigeria, CBN, to ban the use of the old naira notes from February 10, 2023.

A 7-member panel led by Justice John Okoro halted the move while ruling in an ex-parte application brought by three northern States of Kaduna, Kogi and Zamfara.

The three States had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigerians.

He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land.”

The ruling has since generated mixed reactions from across the country.

While some citizens, including the camp of the APC Presidential candidate, Bola Tinubu are hailing the ruling, others have asked President Muhammadu Buhari to override it with an executive order.

Few hours after the ruling, the Governor of the CBN, Godwin Emefiele met with President Buhari at the Aso Rock Villa.

Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, has already filed processes challenging the jurisdiction of the Supreme Court to suspend the scheduled deadline.

Malami, in a preliminary objection he filed on behalf of the Federal Government, applied for an order striking out the suit that three Northern States filed to halt the full implementation of the new monetary policy that was introduced by the Central Bank of Nigeria, CBN.

He is the sole defendant in the suit marked: SC/CV/162/2023, where he applied for its outright dismissal on the basis that the three States lacked the locus-standi.

Listing his grounds for challenging the power of the Supreme Court to intervene in the matter, Malami accused the three States of opposing FG’s power, through its agency, the CBN, to withdraw old banknotes and introduce new ones.

Nigerians are anxiously awaiting the next step of the CBN, especially with the deadline ending on Friday, February 10, just as President Buhari had earlier asked for one week to take a major decision on the matter one way or the other.

Speaking to DAILY POST on Wednesday, the Head of the Peoples Democratic Party, PDP, Digital Media, Barrister Tony Ehilebo claimed of a certain intelligence that the ruling party, All Progressives Congress, APC, is planning to swap N21 billion it had set out for vote-buying.

He, however, said that the efforts of Governor Nasir El-Rufia of Kaduna State and his cohorts to stop the CBN policy will fail because the States lacked such powers.

He alleged that, “The intelligence reaching us is that the APC, especially in States that they control are using the instrumentality of the State government and trying to swap N21 billion.

“We don’t know if this has gone through or if it has happened but we have raised all the necessary alarms.

“These are the questions we should be asking. We expect that the NFIU which has direct access to any suspicious cash transaction should be on top of its job.

“I’m one of the advocates, one of the drafters of the creation of the National Financial Intelligence Unit Bill and I expect it to live up to expectation, which is why I don’t have any problem with the CBN policy.

“It may not even favour the PDP as far as I’m concerned but it is in the best interest of Nigeria. We’ll really like whoever Nigerians want, which I believe is the PDP at this point in time.”

Speaking further on the recent Supreme Court injunction, he added, “It is a normal procedure of the court. When you run to the court with the cry that lives are being affected, it is the Court’s duty to first intervene and then bring all parties to the table and provide opportunity for response.

“That is why injunctions only have a lifespan of seven days at most. However, I suspect that this will be reversed. If you notice, it was given on 7th and it expires on 15th and that is when the hearing proper is.

“If I were the CBN, on the 15th I’ll carry on with that policy. Of course, the CBN is legitimately carrying out its function and I don’t think the States have any say whatsoever to impede on functions that are constitutionally guaranteed by the banks and other financial institutions’ acts.

“The CBN is guaranteed to be independent of the judiciary and free from the encumbrance of people like El-rufai and his cohorts.”

But reacting to the allegations of planning to buy votes and rig the forthcoming election, Comrade Okpokwu Ogenyi, Convener, Concerned APC Members and member APC Presidential Campaign Council and Civil Society Directorate, wondered why the APC whose government introduced the BVAS and signed the Electoral Act 2022 into law, should be the one being accused of planning to rig elections.

Speaking to DAILY POST, he said, “Yes. Some members of my party are in court to challenge the policy of the Central Bank of Nigeria and some of the reasons they gave were very clear.

“El-Rufia made it clear that in the entire Borno State, it is only two local governments that banks are operating.

“The same in Yobe State. He said that he was campaigning against the effect of the policy on the people. He even said the policy has nothing to do with the CBN but Mr. President who changed currency even in his first tenure as military head of state.

“That the timing is wrong. In my personal opinion, I want to tell you that Governor El-Rufia is in court to seek redress in his capacity as governor of Kaduna State. He is speaking for the people of Kaduna State not for the entire All Progressives Congress.

“On the allegations of swapping over N21b for vote, let me say that just yesterday, the party launched the Renewed Hope Ambassadors of Nigeria to mobilise 20-man canvassers in each of the polling units.

“A party that is resorting to vote-buying will not initiate such a volume of projects. I want you to also know that my party is not ready to buy votes. The BVAS was introduced by my party.

“The Electoral Act 2022 was signed by my party. So the party is putting up measures to checkmate some of the excesses during elections, such as rigging, vote-buying and all of that.”
DAILY POST

News

Reps Move To Regulate Cryptocurrency, POS Operations

Published

9 hours ago

October 6, 2025

Editor

Concerned about the growing cases of cybercrime, money laundering, and terrorism financing linked to digital finance platforms, the House of Representatives has set up an ad hoc committee to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria.

Speaker of the House, Abbas Tajudeen, who inaugurated the committee on Monday in Abuja, said the move became necessary amid increasing concerns over fraud and consumer exploitation in the country’s rapidly expanding digital finance ecosystem.

He noted that while Nigeria’s resilient economy has the potential to support cryptocurrency growth, the risks associated with its unregulated operations, including its use for illicit financial flows, cannot be overlooked.

Abbas explained that the absence of clear regulatory guidelines, coupled with the volatility and complexity of digital assets, compelled the House to intervene and establish a regulatory and consumer protection framework for Virtual Asset Service Providers (VASPs), including cryptocurrencies and crypto-assets.

He said Nigeria’s economy has consistently demonstrated resilience, often recovering from recessions and recording growth in non-oil sectors, making it a potentially strong environment for cryptocurrency trade. However, he cautioned that the vulnerabilities inherent in digital currency operations must not be underestimated.

“It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets,” Abbas said.

He added that the committee’s mandate includes conducting public hearings to gather input from stakeholders that would guide the House in developing legislation for a comprehensive regulatory framework governing cryptocurrency and other digital finance platforms.

The Speaker urged members of the committee to discharge their duties with patriotism and integrity, ensuring that the best interests of the nation guide their work.

In his remarks, the Chairman of the Committee, Olufemi Bamisile (APC–Ekiti), described the assignment as one of national importance aimed at striking a balance between financial innovation and national security.

“We have been entrusted with a task of national significance — to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria,” Bamisile said.

He added that the committee would work closely with key regulatory and security agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.

News

World Habitat Day: Okpebholo Commends Building Control Agency For Developmental Milestones

Published

10 hours ago

October 6, 2025

Editor

Governor Monday Okpebholo of Edo State has commended the management and staff of the Edo State Development and Building Control Agency (ESDBCA) for their significant contributions to urban growth and infrastructural development across the state.

The governor gave the commendation on Monday when he played host to the delegation of the agency in his office as part of programme to mark this year’s World Habitat Day celebration.

The deputy governor, Hon. Dennis Idahosa who received the team on his behalf, commended the agency led by the Managing Director, Mr. Imoisili Igabali, for its “selfless contributions” to the development of our dear state.

In a statement by his Chief Press Secretary, Mr Friday Aghedo, Idahosa noted that the agency had played a pivotal role in driving urban renewal and enforcing modern building standards in the State, describing their efforts as vital to the government’s vision of sustainable city planning.

“We want to thank you for being part of the growth and development of our dear state. Your work has not gone unnoticed.

“What is most important to us is that we have the political will to ensure that this agency continues to fulfill its mandate effectively,” he stated.

He expressed optimism on the future of urban development in Edo State and pledged continued government support for the agency’s initiatives.

“On behalf of His Excellency, Senator Monday Okpebholo, I want to thank you for this wonderful day.

“We congratulate you as a state, and we thank God for giving us a capable leader in Mr. Igabali, whose dedication and teamwork continue to yield results,” he said.

Earlier in his remarks, the Managing Director of the agency expressed appreciation to the Governor and his deputy for their support and for taking the time to receive the agency’s delegation during the World Habitat Day observance.

The 2025 World Habitat Day celebration in Edo State was marked with renewed calls for sustainable housing, improved infrastructure, and enhanced urban management — key pillars of the Okpebholo administration’s development agenda.

News

UNFPA Launches Technical Working Group On Disability Inclusion In Northern Nigeria

Published

10 hours ago

October 6, 2025

Editor

The United Nations Population Fund (UNFPA) has supported Bauchi State to inaugurate the first Disability Inclusion Technical Working Group (DITWG) aimed at promoting equity, inclusion, and human rights for persons with disabilities.

Speaking during the inauguration of the group in Bauchi on Monday, Ms Muriel Mafico, UNFPA Representative in Nigeria said that out of the 19 Northern states in Nigeria, Bauchi was the first to inaugurate the group.

According to her, the inauguration marked a significant milestone in the collective commitment in advancing inclusion, equity, and human rights for all persons with disabilities.

Represented by Olawunmi Akande, an official of UNFP, Mafico said that disability inclusion is central to achieving the Sustainable Development Goals (SDGs) and the vision of the 2030 Agenda.

“Disability inclusion is not an act of charity, but a matter of human rights, development, and justice.

“UNFPA is committed to ensuring that persons with disabilities, especially women, girls, and young people have equal access to sexual and reproductive health services, education, and opportunities to participate meaningfully in decision-making processes.

“UNFPA stands ready to support this Working Group through evidence generation, capacity building, inclusive programming, and technical assistance,” she said.

Also speaking, Mr Abubakar Sambo, an official of the Bauchi State Agency for Disabled Persons, said that the objectives of the group was to promote, coordinate and collaborate through a multi-sectoral approach to disability inclusion by bringing together relevant stakeholders and Organizations of People with Disabilities.

He also explained that the group would provide technical support and expertise in areas such as inclusive education, accessible infrastructure, health services, and disability-inclusive employment practices.

Sambo also emphasized on monitoring and reviewing policies and programmes in Bauchi State to ensure alignment with international standards and best practices.

He added that the technical group would also advocate for disability rights through public awareness campaigns, policy dialogues, and engagement with key decision-makers, Amongst others.

Earlier, Mrs Brisca Jerome, Executive Secretary, Bauchi State Agency for People with Disabilities, said the support from UNFPA would complement the state government’s efforts toward inclusive governance.

She appreciated the support of the UN agency and the state governor for creating an enabling environment for partners to strengthen activities and programmes targeting persons with disabilities.

She said that the DITWG consists of a 36 man group from all stakeholders in the sector.

The DITWG is to be chaired by the Executive Secretary, Bauchi state Agency for People With Disabilities.