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Why We Settled For Redesign Of N200, N500, N1000 Notes – Buhari

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President Muhammadu Buhari, Thursday morning, briefed Nigerians on why his administration decided on the naira redesign policy, especially N200, N500 and N1000 notes.

Buhari said the need to fight corruption and insecurity headlong, including controlling inflationary trend partly necessitated the decision to redesign the currency denominations mentioned above.

The President, however, directed that the N200 naira old notes be allowed to circulate with the new ones in the interim.

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He said, “I feel obliged to avail you of a few critical points underpinning the policy decision. These include:

“The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.

“The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;

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READ ALSO: JUST IN: Deadline For N500, N1,000 Notes Stands – Buhari

“The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;

“Economic growth projections make it imperative for the government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population.

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“Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for the government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria.”

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Terrorism Conviction: Nnamdi Kanu Lawyer, Ejimakor Reveals Next Step After Life Imprisonment

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Nnamdi Kanu’s lawyers have vowed to appeal his conviction, insisting that the judgment does not hold water.

Addressing the press at the Federal High Court shortly after Justice James Omotosho delivered the judgment that sentenced Kanu to life imprisonment, his lawyer, Aloy Ejimakor, who was at the court as a consultant, said they were heading to the upper court.

He argued that a man cannot be convicted for mere spoken words, questioning why that should be the case at the Federal High Court.

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“What kind of precedent is being laid here? We are heading to the Court of Appeal,” he said.

READ ALSO:BREAKING: ‎Court Sentences Nnamdi Kanu To Life Imprisonment For Terrorism

The Court of Appeal is the only court in this country, or the next court in this country that sits as a jury. We are going to approach justices there to check out what happened in court today.

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“And we are pretty sure the justices will agree with us that today was the symbol of the travesty of justice that everybody has been suspecting.”

He said further: “If the Court of Appeal disagrees with us, we head to the Supreme Court. Nnamdi Kanu is not going to stand convicted. He’s going to get overturned.

‎READ ALSO:JUST IN: Nigerian Govt Demands Death Sentence On Nnamdi Kanu

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This is the only day I have witnessed a man being convicted for mere pronouncements, just for what he said from his mouth, not what he did with his own hands.

“The verdict is not consistent with the evidence laid before the court. The sentence is overbroad, cruel and unusual.

“How can you convict a man for making a mere broadcast from a location that was never named and he never tied that broadcast to any single incident of violence, or even someone slapping someone, not to talk of terrorism.”

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BREAKING: ‎Court Sentences Nnamdi Kanu To Life Imprisonment For Terrorism

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Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), has been sentenced to life imprisonment by a Federal High Court in Abuja after being convicted on all seven counts of terrorism filed against him.

Justice James Omotosho, delivering judgment in Kanu’s trial, described him as a terrorist whose actions have led to bloodshed and destabilization in the South-East.

He said Kanu, who portrayed himself as a defender of his people, has instead endangered lives and national security.

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READ ALSO:JUST IN: Nigerian Govt Demands Death Sentence On Nnamdi Kanu

The court finds that the defendant, Nnamdi Kanu, is an international terrorist and must be treated accordingly,” Justice Omotosho declared.

The judge emphasized that the prosecution presented credible and sufficient evidence to prove the case against Kanu. He also noted that Kanu failed to enter a defense, choosing instead to rest his case on the prosecution’s evidence.

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Justice Omotosho is still delivering the remaining part of the judgment.

 

 

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JUST IN: Nigerian Govt Demands Death Sentence On Nnamdi Kanu

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The Nigerian government has demanded the imposition of death sentence on Nnamdi Kanu following his conviction on terrorism charges.

Counsel to the Federal Government, Adegboyega Awomolo, SAN, informed the court that the sections of the law under which Kanu was charged and convicted carried death sentence without any option.

Addressing the court after the pronouncement, the senior lawyer said the court has no discretion to exercise than to impose maximum punishment on him in line with the dictates of the law.

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READ ALSO:BREAKING: Judge Orders Kanu Out Of Court Over ‘Unruly’ Conduct

Awomolo held that Kanu throughout the trial did not show remorse for the offences he committed against the Federal Republic of Nigeria but chose to be militant, arrogant and unruly in his attitude.

He also demanded that all properties seized from Kanu be forfeited to the Federal Government.

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The prosecution counsel equally demanded that Kanu be taken to prison where his security will be guaranteed till when the judgment against him would be executed.

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