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New Naira: Why We Are Backing CBN In court – Edo Govt

Published

3 years ago

February 16, 2023

Editor

The Edo State Government on Thursday disclosed why it joined in the Naira redesign suit in the Supreme Court.

A statement by the state’s Attorney General and Commissioner for Justice, Oluwole Iyamu, said the need to make legitimate cash available to the ordinary citizens and prevent the flooding of the nation with massive quantities of old notes which have been allegedly stockpiled in anticipation of the forthcoming elections made the state government join the suit.

Iyanya said it was not true that the plaintiffs in the case had suddenly become the people-loving patriots they presented themselves as.

“The object of the suit is to create a legal opening to flood the nation with massive quantities of old notes which have been stockpiled in anticipation of the forthcoming election.

“The position of the Edo State Government is that what is required is the availability of legitimate cash for our ordinary citizens. Pressure needs to be brought on the CBN and the Federal Government in this regard.

“The Supreme Court suit as presently constituted only serves the interest of the ruling party faction which believes that huge infusions of illicit cash can aid their electoral fortunes.

“We do not consider it our duty to assist these illicit interests by supporting their suit. The reality is that as of today, most legitimate N200, N500 and N1,000 notes have been deposited. The real problem is the availability of replacements from the banking system.

“Our intervention to seek adjustments in the implementation process is already yielding fruits despite the strident cries and inflammatory rhetoric of those born-again people advocates who disguise their malevolence as concern for the masses,” the AG said.

The AG said Edo’s position which the government believed was in line with the best wishes of the people shall be vindicated in few days.

The Supreme Court sitting in Abuja had on Wednesday adjourned a hearing in the suit banning the use of the old naira to Wednesday, 22nd February 2023.

Three states filed the suit against the Federal Government seeking a restraining order to the full implementation of the naira redesign policy of the Central Bank of Nigeria.

In a new development, nine states had filed to join the suit initially filed by Kogi, Kaduna and Zamfara states.

The states are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states bringing the new total of plaintiffs to 10.

On the other hand, Edo and Bayelsa had filed to be joined as respondents.

The seven-man panel led by Justice John Okoro ordered them to amend their processes to be heard as one.

Meanwhile, pending the hearing, the order by the apex court to suspend the ban of the now older 200, 500 and 1000 naira notes subsists.

However, President Muhammadu Buhari, in his address on Thursday said only the old N200 note would still remains as legal tender till April 10, while the N500 and N1000 ceased to be legal tender.

Related Topics:Edo State government Obaseki

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Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.