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

Published

3 years ago

February 9, 2023

Editor

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

JUST IN: Senate Confirms Amupitan As INEC Chairman

Published

4 minutes ago

October 16, 2025

Editor

The Senate has confirmed Professor Joash Amupitan as the new Chairman of the Independent National Electoral Commission.

The Red Chamber confirmed Amupitan after a voice vote conducted by Senate President Godswill Akpabio and after undergoing screening and answering questions posed by the lawmakers.

Amupitan had earlier arrived at the National Assembly complex earlier, exchanged pleasantries with Senators.

He was accompanied to the chamber by the Governor of Kogi State, Ahmed Ododo, and other dignitaries.

At about 12:50 p.m., the nominee was ushered into the Senate chamber by the Presidential Adviser on National Assembly Matters (Senate), Senator Abubakar Lado, and was already seated ahead of the commencement of the exercise.

Amupitan was allowed into the hallowed chamber after the Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), moved that Order 12 be set aside to allow visitors into the chamber, and he was seconded by the Senate Minority Leader, Senator Abba Moro (PDP, Benue South).

Senate President Godswill Akpabio welcomed Amupitan, his family members, and well-wishers to the Red Chamber, commending them for their presence.

Before introducing himself to the Senators for the question and answer session to take off, Akpabio disclosed to his colleagues that the nominee had been cleared by the office of the National Security Adviser after vetting.

According to Akpabio, the office of the Department of State Services had also cleared him.

The Senate President also said that the Office of the Inspector-General of Police, having done a fingerprint search on him, cleared him and said that he had no criminal records with the police.

The screening exercise commenced at about 12:55 p.m. following Akpabio’s opening remarks, during which he outlined the procedures to be followed by the lawmakers in considering the nominee’s credentials.

The screening session focused on Amupitan’s vision for credible elections, his plans for institutional reforms within INEC, and measures to deepen the use of technology in Nigeria’s electoral process.

Following his confirmation by the Senate, Amupitan will oversee preparations for upcoming off-cycle governorship elections and lay the groundwork for the 2027 general elections.

President Bola Tinubu had nominated Amupitan, a Professor of Law from the University of Jos, to succeed Prof. Mahmood Yakubu.

The President’s letter conveying Amupitan’s nomination was read on the floor of the Senate by Akpabio during plenary on Tuesday.

A Senior Advocate of Nigeria and former Dean of the Faculty of Law at the University of Jos, Amupitan, is widely regarded for his expertise in constitutional and international law.

News

IPF Commends Tompolo’s Commitment To Security In Delta, Nigeria

Published

4 hours ago

October 16, 2025

Editor

Ijaw Publishers’ Forum (IPF) has commended High Chief Government Ekpemupolo, popularly known as Tompolo, for his remarkable commitment to improving security in Delta State, Niger Delta and Nigeria at large.

In a press statement by its national president, Comrade Ozobo Austin, the IPF described Tompolo’s gesture towards Delta Security Trust Fund as a demonstration of his firm commitment to promoting peace, security, and progress in the atate, Niger Delta and Nigeria.

The group’s leadership lauded Tompolo’s philanthropic efforts, which according to them, portrayed his dedication to the well-being and prosperity of the country.

Recall that Tompolo promised continued support for the Delta State Security Trust Fund after making a handsome donation at the event held at the government house yesterday.

“The unprecedented donation and firm commitment to peace and security in the country by High Chief Tompolo are shining examples of his leadership and dedication to the development of Delta State, Niger Delta and Nigeria as a whole.

“We commend him for his vision and generosity, and we urge others to follow his footsteps in supporting initiatives that promote peace and security in Delta State and Niger Delta region.

“High Chief Tompolo’s support will go a long way in enhancing security measures in Delta state and contributing meaningfully to the overall development of the country,” the statement reads.

News

University Suspends Students’ Union Over Controversial ‘Gender Swap Day’

Published

7 hours ago

October 16, 2025

Editor

The management of Taraba State University (TSU), Jalingo, has suspended the Students’ Union Government (SUG) indefinitely following allegations of misconduct during the recently concluded 2025 Students’ Week celebration.

The decision came after photos and videos from the event’s controversial “Gender Swap Day” surfaced online, sparking outrage from members of the university community and the general public. The university said the activities violated its values, dress code, and moral standards.

In a statement signed by the Vice-Chancellor, Professor Sunday Paul Bako, on Tuesday, October 14, 2025, the management described the incident as “regrettable and disappointing,” noting that some students’ actions were inconsistent with the institution’s core principles.

An emergency management meeting held on Monday, October 13 reviewed the incidents and blamed poor supervision and coordination by the current SUG leadership for the disorder that occurred during the week-long celebration.

As part of the resolutions reached, the SUG has been suspended indefinitely to pave the way for a complete restructuring of student leadership and representation. The university also announced plans to introduce a new framework promoting accountability, discipline, and inclusiveness among student leaders.

“Students who were involved in actions that misrepresented the university’s image will face disciplinary action,” the statement read.

“Those whose behavior involved criminal acts have been arrested and will be handed over to law enforcement for further investigation.”

In response, the SUG led by Victor Mishak Abednego, tendered an official apology to the university management, expressing regret over the embarrassment caused by the event and promising stricter adherence to university rules in future activities.

The university reaffirmed its commitment to academic excellence and moral integrity, warning that such conduct will not be tolerated in any future student-organized events.