…says APC fueling crises to force election postponement
A former Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, on Thursday, said that accused the APC was fueling agitations and riots over the scarcity of new Naira notes to heat up Nigeria to procure a recipe for the postponement of the election.
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According to him, the APC has chosen a dangerous route to retain power by instigating killings and destruction of property by paid irate mob protesting scarcity of Naira.
He advised President, Major General Muhammadu Buhari not to bow to pressure and blackmail through ongoing sponsorship of riots to trigger election shift.
Frank, Ambassador to United Liberation Movement for West Papua (East Africa and Middle East), expressed these views in a statement issued in Abuja.
He insisted that the APC was fueling the crisis to enable them perfect their vote buying and rigging strategies ahead of the elections.
“It is unfortunate that the APC has chosen a dangerous route to retain power by instigating killings and destruction of property by paid irate mob protesting scarcity of new Naira notes.
“I dare say that the country is bigger than any political party or party candidates. Instigating crisis to provoke a postponement of the elections is least expected of the APC”, Frank said.
He called on President Buhari and the Independent National Electoral Commission to be resolute in their commitment to conduct the elections notwithstanding the evil machinations of the APC to get the polls shifted.
The activist called on the international community especially election observers already deployed by statutory bodies to monitor the elections to put pressure on the nation’s election management body to hold the election as scheduled.
He insisted that if elections are being held in countries in worse security situations or experiencing full blown war, there is no justification to postpone the forthcoming elections on the basis of protests over scarcity of new Naira notes.
Frank said, “Even though the riots seem localized in the southern parts of the country, we have information that very soon APC will cause it to spread to states in the North.
“This to enable them sustain their blackmail and pressure on INEC and Buhari to postpone the elections under the guise of widespread violence.
“We condemn this resort to violence being masterminded by the APC and we call on all well meaning Nigerians and international development partners not only to condemn this shenanigans by the ruling party but to hold it responsible for all deaths and properties being destroyed at this time as well as any postponement of the election.”
The Ebonyi State Government has said Ebubeagu security outfit will continue to operate legitimately as it was properly established by the law.
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The state government Wednesday disclosed this, during a joint press briefing by the Commissioner of Information and state orientation, Barr. Uchenna Orji, the Principal Secretary, Emmanuel Obasi and the State Security Consultant, Stanley Okoro Emegha, at the old government house Abakaliki.
Recall that Justice Riman Fatun had delivered judgement at a Federal High Court sitting in Abakaliki, declaring Ebubeagu illegal and unconstitutional.
Justice Riman had in his judgement disbanded the Ebubeagu security outfit and called on the Nigeria Police and other security agencies to disarm Ebubeagu Operatives.
But, the state government, during the press briefing through Barr Uchenna Orji and State Security Consultant, Stanley Emegha described the judgement as biased, which according to their belief cannot stand.
The State government revealed that the Ebubeagu security outfit was established by law 005 of 2021 of Ebonyi State and as such will continue to exist, and carry out its legitimate duties as stipulated under the law.
Orji said, “It’s our firm belief that the judgement cannot stand. We have got nothing in conflict with the constitution, in the way and manner the supreme court handled Ebubeagu. Ebubeagu has not done anything that is in conflict with the Nigerian Police.
“It’s a judicial misapplication and misinterpretation, having regard to the principle of judicial and judicious decision. The judgement of Justice Fatun Riman is a miscarriage of justice that is dead on arrival” he stated.
He revealed that the judgement by the Federal High Court had been appealed adding that the state will soon get a stay of execution.
Also, Security Consultant to the State, Chief Stanley Emegha stated that Ebubeagu have been working tirelessly, in union with other security agencies to ensure the security of lives and property of Ebonyians are protected.
He stated that most of the allegations levelled on Ebubeagu outfit are politically motivated, and however
expressed optimism that the appellate court would reverse the verdict in due time.
NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
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2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
7. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:
a. 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.
b. 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;
c. 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;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
8. Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9. I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
10. This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macro economic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
11. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
13. I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
14. During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
15. I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
16. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
18. Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
19. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
20. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
22. This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
23. I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
24. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
…Says God has raised Kwakwanso to deliver the Country from evil
From Mba Nnenna- Abakaliki
Vice Presidential Candidate of New Nigerian Peoples Party, NNPP, Bishop Idahosa Isaac has said his party will deliver the country from all evil.
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NNPP VP Candidate, Idahosa stated this Wednesday during the party’s rally at Abakaliki, Ebonyi state.
Addressing supporters at the rally, Idahosa lamented over the poor condition of Nigerians, ravaged by hunger, starvation, and insecurity. He affirmed that God has raised their National leader, Kwakwanso to deliver the country.
“I bring you greetings from my principal, the National Leader Kwakwanso. The Nation is faced with affliction of all manner of ills. God has raised Kwakwanso to deliver you and me from all these evil- joblessness, suffering, insecurity, poverty.
“We are coming to deliver freedom, equity, justice, peace, and prosperity. God said he will bless the fruit of our labour. So we are possessing the fruit basket, which is the party’s logo.
He called on the supporters to pray over their PVC come 25th February, before going out to cast their votes for their preferred candidates. He equally urged them to vote all NNPP candidates from top to bottom for liberation from wickedness.
The party’s guber candidate in Ebonyi state, Prophet Adol Awam Chris said the party is God’s project which has come to stay, stating that nothing will stop it.
“God will have his way, that is why we march round the state. Light has come to take over, and darkness cannot stop it”, he added.
Meanwhile the National Woman leader, NNPP, Dr. Mrs Mariam Yasin explained that the party will salvage the country. She affirmed that security is one of their priority, adding that education will be free at all levels, from primary to tertiary institution and free health care.
Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested one Chidozie Kingsley Nwachi, (a.k.a Dozie) for allegedly marrying an American: Nicole Kierulff Sayers falsely, and defrauded her $200,000(Two Hundred Thousand United States Dollars) in the process.
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Nwachi was arrested in Abuja on Wednesday, February 15, 2023, based on the claims of Sayers, alleging that the suspect lured her into a false marriage and defrauded her of her savings.
“I was accustomed to transferring money to him and further felt I had no choice, since I had just married him, even though I did not feel confident in my choice to have married him”, she said.
Nwachi’s ploy of defrauding his “wife” was the offer of a phony contract by the Federal Ministry of Works and Housing, Abuja. He allegedly made Sayers finance the execution of the contract until the petitioner contacted the Ministry with the contract papers and discovered that they were fake.
Realising that Nwachi had sold her a dummy, Sayers lamented that: “I have been suicidal on and off, when I realized he was a fraud, as I was drowning financially and facing bankruptcy”.
Items recovered from the suspect include two cars: Toyota Venza and Lexus ES300, expensive wrist watches, two Apple iPhone, two iPhone laptops, an international passport and multiple Automated Teller Machine, ATM, cards. A sum of $2204( Two Thousand, Two Hundred and Four United States Dollars) was also recovered from him.
He will be charged to court as soon as investigations are concluded.
Presidential elections play a crucial role in shaping the future of a country, either affirming the policies and actions of the incumbent government and party or repudiating them. This is only true, however, if the elections are free and fair and reflect the preferences and wishes of the majority of the people.
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For some reason, Nigerians believe that the 2023 presidential election will be the most crucial in their lifetime; even more important than the 1999 presidential election that marked the return to democratic rule. This may be due to two reasons: the implementation of electoral reforms and the state of the country.
Electoral reforms such as the electronic transfer of results and BVAS, which makes only for digital accreditation of voters, have raised the specter of truly free and fair elections. Additionally, even more crucial, the country is in bad shape. The economy and security are in the doldrums. Inflation is at an all-time high at about 22 percent. kidnapping has become almost routine. The unemployment rate is 33 percent. Interstate road trips are at your risk only. Ninety million Nigerians are estimated to be poor and living from hand to mouth. The country has the highest number of out-of-school children at 20 million. Corruption is endemic and so is banditry….and the list goes on and on.
In eight years, it appears that President Muhammadu Buhari’s administration has not made a significant impact on the numerous challenges facing the country, despite being elected with a promise of ‘change.’ Based on major economic indicators, President Buhari will be leaving Nigeria worse than he met it in 2015; in addition, critics say, to running one of the least inclusive governments in the country’s history, leading to strident complaints of nepotism and provincialism.
Perhaps, it is for the above reasons that young Nigerians seem more invested in this particular presidential election than any other one before it. This so-called Twitter generation or Gen Z appears to have come of age at this important intersection in Nigeria’s history and want to make their voices heard through the ballot. Would they succeed? Would this be the epic coming-of-age story of Nigeria’s young people swaying the outcome of the presidential election in whichever direction they choose? Would this be the generation to save Nigeria by demonstrating the power of the vote?
Nigeria has a large youthful population, which is a significant demographic. It is in fact a country of young people with a median age of 18 years. Nigerians who constitute the youth bracket of 18-34 are about 64 million. This number increases to 97 million (46 percent of the total population) if the definition of youth is expanded to include those between 18 and 40.
So going by the numbers alone, the youth population is formidable and dominates the country. No other age demography even comes close to it. But the challenge with this demography is that the ‘youth identity’ is weak. A typical Nigerian has several identities, including national, religious, gender, ethnic, regional, party, and so on. Of these, the most important forms of identity appear to be ethnic (regional in some cases) and religious for most people. Nigerians often build their persona and relationships around these two forms of characterization and there are ingrained beliefs, attitudes, prejudices, and stereotypes attached to religion and ethnicity.
This has made it difficult to build a true nation, one in which the citizen’s first loyalty is to the country and not to his tribesmen and women, or people who share the same faith as him. This problem preceded Nigeria’s independence. The founding fathers drew political support primarily from people of the same ethnic or regional stock as themselves. Over the years, the issue has only gotten worse as tribalism and nepotism have become major hindrances to the public sector’s efficiency, with jobs being awarded based on these considerations rather than merit.
So, a typical young Nigerian does not consider his youth identity the primary aspect of his life. He tends to see himself first as a Yoruba, Hausa, or Ijaw, and next to that would possibly be his faith. As a result, even though young Nigerians have the numbers, they do not necessarily vote uniformly based on shared concerns and interests. For example, a young person in Zamfara may have very little in common with a young person in Yaba, Lagos, due to differences in their faith, education, outlook on life, and vision. Thus, the presidential candidates they choose to support may vary widely.
Given this lack of national youth identity, it is unlikely that the youth demographic could significantly influence the presidential election results. Instead, young people’s voting behavior would likely be determined by local dynamics, influenced by the society in which they live. Therefore, the youth vote in Kano would probably not come as a unified bloc, but instead would resemble the voting behavior of other age demographics in the state and differ from the vote of a young person in Bayelsa, for instance.
That said, however, the youth identity is gaining traction in the southern part of Nigeria, especially after the Endsars protests led by young southerners. These young people increasingly promote an identity based on mutual interests, concerns, and a shared vision of a prosperous and stable Nigeria. They do not prioritize ethnicity or religion in forming relationships or characterizing themselves, but rather see themselves as young Nigerians above all else.
This jeun-soke generation is highly educated, leans towards the left politically, and tends to come from the wealthiest segment of Nigerian society. Due to their significant influence on social media, especially Twitter, they dominate national online conversations and may appear to speak for all young Nigerians. But they don’t. They are only a vocal minority whose time may well come in the future. But not in time for this presidential election.
Ogunro is Director Research and Strategy at the Future Now Initiative
…targeted kidnap victim escapes as 2 vehicles riddled with bullets
By Chuks Eke
Bullets allegedly aimed at a fleeing kidnap victim by unknown gunmen suspected to be kidnappers on Tuesday night killed a woman beggar at Nkpor in Idemili North Local Government Area of Anambra state.
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The incident, according to eye witnesses, occurred at about 9 p.m. Tuesday at Our Lady’s Bus Stop, Nkpor, along Enugu/Awka/Onitsha old road.
According to the source, the suspected kidnappers were chasing the owner of a moving Honda Crosstour SUV and as he was swerving his vehicle up and down looking for an escape route, they continued firing gun shots at his vehicle.
At the last count, the car owner hit an electric pole standing beside the road leading to our Our Lady’s Industrial Centre, Nkpor put off his engine, opened the door, jumped out of the vehicle and took to his heels in a life threatening battle to escape being kidnapped alife or shot dead in the process by the vicious gunmen.
It was gathered that by Providence, he barely managed to escape, while the stray bullets fired by the suspects killed the woman beggar instantly and at the same time, riddled two vehicles parked opposite OVL petrol station with the bullets.
The sources stated that suspects’ anger was aggravated when they were shooting indiscriminately and operatives of a vigilante group guarding the area, responded fire for fire.
The gunmen, on hearing a harassing gun fired by the vigilante operatives, allegedly drew closer to the direction of the vigilante men to gun them down as they have more sophisticated guns, but could not get the vigilante men.
In anger they riddled the two cars used as cover by the vigilante men with bullets.
An eye witness who pleaded anonymity said that the yet to be identified gunmen drove in two exortic cars and three motorcycles when they carried out the operation.
“They came with two costly cars and about three motorcycles, they were about seven in number but four were trying to kidnap the owner of the Honda Crosstour SUV. They blocked him to kidnap him but he jumped the drainages with the car and as the electric pole prevented him from driving further, he jumped out of the car and fled”.
“It was because the local vigilante group responded fire for fire that the gunmen then came for them and they ran away as the gunmen have more sophisticated guns. They angrily riddled the cars the vigilante operatives used as cover, with bullets”.
“The body of the dead woman was yesterday morning removed by men of the Ogidi Police Division in an ambulance to a nearby morque, while the partially smashed SUV belonging to the escaped kidnap victim was driven to the Ogidi Police Division.
All efforts to reach the state Police Public Relations Officer, PPRO, DSP Tochukwu Ikenga proved abortive as his phone rang without response, but the Divisional Police Officer at Ogidi, DPO, Sani Armed, (CSP), who simply confirmed the incident, said the body of the dead woman had been moved to a nearby mortuary, while investigations are in progress.
Complains have trailed the alleged evasion of a Town Hall invitation, by the Senator representing Anambra South Senatorial Zone, Senator Patrick Ifeanyi Ubah, who is also the 2023 senatorial candidate of the Young People’s Party, YPP, for the zone.
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The Town Hall, organized by indigens of Nnewi South Local Government Area of the state, affords the constituents opportunity to interact directly with their representatives at the various levels of government and the candidates of different political parties who are seeking elective positions in the area. It also affords the constituents the opportunity to ask the candidates questions border on their integrity, their achievements and their plans for the people if voted in the forthcoming election.
It was however disappointing to many of the constituents that their invitation to Senator Ubah to appear in the Town Hall was turned down for no coherent reason.
It was gathered that Senator Ubah was the first to be invited to the Town Hall, being the occupant of the highest legislative and representative position in the area. He, however, allegedly declined to honour the invitation, where he knows he would be asked questions on his achievements at the Senate for three and half years now and still counting, and also be requested to tell the people why they should vote and support him to retain the position after 2023 general election.
According to the Moderator of the Town Hall, Mr. MacDonald Ifeme, Senator Ubah, who spoke through some of his aides insisted that the organizers should first invite one of his major opponents in the senatorial race and member representing the Nnewi North/Nnewi South/Ekwusigo Federal Constituency, Hon. Chris Azubogu, who is also the senatorial candidate of the All Progressive Grand Alliance (APGA) for Anambra South.
Ubah’s aides, according to Mr. Ifeme, said Hon. Azubogu should first be invited and interviewed before he would appear on the show, as he cannot afford to be the first to address the constituents.
It was gathered that Senator Ubah, eventually did not honour the invitation nor send any representative, and has also not tendered any apology to the people for cunningly dodging to address them.
This, expectedly has generated a chain of actions, reactions and complains among the constituents, some of whom felt disappointed with the Senator’s evasive response.
All efforts made by this reporter, Izunna Okafor, to hear directly from Senator Ubah on his reason for evading the Town Hall, proved abortive, as he also refused to pick his calls or respond to his message as at the time of this publication.
It would be recalled that many Nigerian politicians seeking elective position in the 2023 general election have similarly evaded Town Hall, to the general disappointment of the electorates who were waiting to hear them personally respond to questions and speak directly to the people on the reason they should be voted into power.
Justice E. A. Obile of the Federal High Court sitting in Port Harcourt, Rivers State, has convicted and sentenced an oil thief, Wazo Marcus to prison for unlawfully tampering with exhibit, contrary to Section 32 (1) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
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He was jailed on Tuesday February 14, 2023, after pleading “guilty” to a one count charge preferred against him by the Port Harcourt Zonal Command of the EFCC.
The charge reads: “That you, Wazo Marcus and Ofor Otubo (now at large) on the 11th of December, 2022 at Trailer Park, 6 Division, Nigerian Army, Port Harcourt, Rivers State within the jurisdiction of this Honourable Court without authorization from Economic and Financial Crimes Commission, dealt with a Tanker Truck, Registration Number: UMA 42 YW with EFCC Exhibit Tag Number CR: 380/2019 CTGI-PS1, which is subject to an attachment and thereby committed an offence punishable under to Section 32 (1) of the Economic and Financial Crimes Commission (Establishment) Act, 2004″.
He pleaded “guilty” to the charge preferred against him by the prosecution.
In view of his plea, prosecution counsel M. T. Iko prayed the court to convict and sentence the defendant as charged.
Justice Obile convicted and sentenced the defendant to one month Community Service at the premises of the EFCC.
Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday, said the apex bank had noticed that some politicians were buying the new N200, N500 and N1, 000 for political purposes.
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That was as a coalition of 472 civil society organisations (CSOs) alleged yesterday at a press conference in Abuja that 10 state governors were mopping up the new naira notes in circulation in order to discredit the policy.
Addressing the diplomatic community in Abuja, the CBN governor craved the support and understanding of the foreign missions and Nigerians, in general, towards the implementation of the cashless policy and in achieving the overall objectives of the naira redesign programme.
“The CBN has also noticed that some politicians are buying the new notes and storing them for political purposes,” he said.
Emefiele said the principal aim of the currency redesign initiative was to make monetary policy decisions more effective, adding that inflation has been trending downwards while the exchange rate has recorded some stability since the implementation of the policy.
He said the apex bank remained committed to ensuring a seamless, inclusive, and equitable implementation of the exercise for the overall benefit and growth of Nigerians, the financial system, and the economy as a whole.
He also said the programme sought to increase financial inclusion in the country by reducing the number of the unbanked population.
Emefiele noted that there had been five reversals in the bank’s attempt to go cashless and promote financial inclusion since 2014, when he was first appointed CBN governor. He explained that the reversals were born out of the need to deepen the country’s payment infrastructure, adding that the payment system in Nigeria is now among the best six in the world.
He said, “So, we believe that we have put in place enough infrastructure that would help us attain or achieve a cashless policy that will be in line with global practices.”
The CBN governor told his audience, “You are all foreign dignitaries representing your countries in Nigeria and you know and you would agree that the level at which people carry cash in Nigeria is unacceptable.
“In your countries, you do not carry cash anyhow. If you carry cash and you are seen, you are questioned and profiled continuously.”
He added, “We want to look at your country and that is why we are saying that Nigeria, being the largest economy in Africa and with the largest population in Africa, really must go cashless. And we are delighted at the CBN that with the support of President Muhammadu Buhari, we would achieve this.
“We know that at these initial stages, Nigerians will go through what we call temporary pains and we call it transient because they would come with those kinds of shocks; indeed, I must describe this shock as unprecedented.
“And that is why I would continue to appeal to everybody – Nigerians and those of you that constitute our diplomatic community – to give us all the needed support for us to achieve this objective. We want our country to look like your country and we will continue to seek your support for us to be like you.”
The central bank governor further stressed that the cashless and currency redesign progamme sought to support efforts of the security agencies in combating banditry and ransom-taking in Nigeria. He pointed out that through the redesign, “The military are making good progress in this important task.”
Specifically, Emefiele said the naira redesign policy was expected to curb inflation in the market, as less cash holding reduces currency outside banks and retards money circulation.
He said the accompanying decline in money supply would slow the pace of inflation, adding, “We have started to see inflation trending downwards following general price stability in almost all genre of market, including for goods and financial products.”
Emefiele also said the effective implementation of the policy could scrap four percentage points off the current level of inflation, which stood at 21.34 per cent, as it steadily slowed inflation rate to about 18 per cent by mid-2023.
He said, “This is quite achievable, as data from our market sources indicate that the prices of grains and key staples, around Suleja and Lambata markets, for instance, have generally been on the downward trend since the beginning of the policy.
“The price for soya beans has dropped from N30,000 to N22,000. Maize from N18,000 to N16,000. The price of a bull fell from N400,000 to N330,000 and ram from N75,000 to N50,000.”
He also said the policy had brought some stability to the exchange rate regime, and explained that prior to the announcement of the policy, the huge cash haul outside the banking system had exerted significant pressures on the exchange rate at all windows, but more so at the parallel market as it engendered asset substitution by speculators, and rent-seekers.
Emefiele said, “While the policy was initially estimated to lead to more speculations due to panic moves, as most people try to understand the policy action, it is expected to reduce speculation in the medium- to long-run.
“Today, the limited circulation of the new naira notes has forced the hands of speculators and we are beginning to witness some stability. The initial pressure is projected to further moderate as the implementation of the policy takes-off and a wider understanding pervades the system.”
Emefiele said the central bank was mindful of the challenges citizens faced and was currently addressing them.
He noted, “There have been reports of occasional failures in e-channel platforms. Our monitoring suggests that whilst there has been an expected surge in electronic transactions, these have not risen to unprecedented levels and the payment system is well equipped to handle even higher transaction volumes.
“Whilst transaction failures are bound to occasionally occur, the public is encouraged to have full confidence in Nigeria’s globally recognised payment system infrastructure.
“Banks have also been instructed to ensure 24/7 service availability and promptly address any customer refunds arising from such service failures.”
The CBN governor further acknowledged the widespread inconveniences due to the policy.
He said, “We have observed pervasive incidences of hoarding and predatory activities of some vendors and unscrupulous Nigerians. The principal causes of the hardship to the citizens following the redesign policy include hoarding.
“We have noticed that some members of the public are hoarding the new notes, thereby restricting their flow through the economy.
“Cash kept at home will not circulate but may fuel a perception of scarcity, which leads to higher demand for the currency, signalling to those who don’t have an urgent or immediate need to store cash.”
Emefiele pointed out that there had been tremendous tension and elevated agitation by leaders who should be calming frayed nerves among the citizens.
However, he said, “We believe that a large proportion of these agitations are staged and sponsored propagandas or an exaggeration of the reality. No doubt that there are pockets of pressures in some areas, the CBN is working hard to shift resources to those areas in order to ease the tension.
“The situation is substantially calming down since the commencement of the Over-the-Counter payments to compliment ATM disbursements and the use of super agents.”
On the panic queues at bank ATMs and banking halls, he said “Whilst some of these withdrawal requests are genuine, some are simply the reprehensible activities of miscreants who do not have the genuine intention of making a withdrawal but are seeking quick-earnings by queuing up just to sell their spaces to make money.”
Emefiele alleged, “We have also noticed that some Nigerians are capitalising on the transition to charge exorbitant fees or demand cash payment on the false pretext that PoS don’t work, especially at petrol stations. These selfish actions for personal monetary gain are creating hardship for Nigerians and may come at the expense of fellow citizens’ lives and livelihood.”
Emefiele reiterated the availability of an appropriate amount of the redesigned N200, N500, and N1,000 denominations and current N100, N50, N20, N10 and N5 denominations to support economic activities. He said the bank was collaborating with the entire financial ecosystem, including DMBs, OFIs, MMOs, Super Agents, MFBs Payment System Providers, and EFCC, ICPC and other law enforcement to ensure that Nigerians had a variety of options for financial transactions either through electronic channels or in exceptional circumstances, cash.
He stated, “We tried as much as possible to make this available in a way that it goes out to all Nigerians. But we found the unscrupulous activities by some people – and I will not be too direct – but, of course, when people who don’t own bank accountants begin to go and stay in queues; they wake up 4 a.m. to go and stay in the queue for the ATM and then, when it gets to their turn, they sell their turn and go back and start queuing again.
“And in a day, they could do that four times and then earn between N8,000 to N10,000…POS agents who are to help us deepen financial inclusion are getting involved in this kind of unscrupulous activities.”
The CBN governor stressed, “We have told EFCC, ICPC working with our CBN monitoring team to arrest any POS agent that charges any fee because we have made it clear that whatever is their fee which is not meant to be more than N200 for any amount you exchange, that we CBN we will pay as part of the cost to lessen the burden of this problem.
“And let me make it clear, we started to arrest them and we will prosecute them; they’ll go to jail for getting involved in illegal activities and making our work difficult.
“We are trying to make things good for our country, we cannot allow even some of our countrymen who want to get involved in illegal and illicit kind of businesses to truncate our efforts in making the country a good place. They will be arrested.
“We have seen videos of people who are also stamping money on people in parties and we have said that it is illegal; it is there in our law that it is illegal to stamp money and those who have been caught – they will go to jail because we need to do things right as a country. They have to go to jail so that can set example that we must be law abiding citizens in our country.
“We should not take advantage of situations to create pain for people who generally want to conduct economic activity in the country.”
Governors Mopping Up New Notes, CSOs Allege
A coalition of 472 civil society organisations (CSOs) alleged that 10 governors were mopping up the new naira notes in circulation in order to discredit the policy. National Convener of the Coalition under the aegis of Council of Civil Society Organisations, Obed Okwukwe, stated this at a world press conference.
Okwukwe alleged that the state chief executives he described as “G-10 Governors,” were determined to undermine all constitutional means of achieving the policy aimed at sanitising the economy. He said the group had uncovered a plot by the 10 governors to make Nigeria ungovernable if the policy was not reversed.
Okwukwe said, “These governors are mopping up the money and stopping it from circulation. The CBN had announced that it deployed N300 billion in cash as the first tranche of cash it disbursed.
“We all can agree that the money was hijacked and did not trickle down to the people and the people who took hold of it from the commercial banks have not brought it out to circulate.
“They are withholding the money using various means, including deploying agents, who use multiple ATM cards to withdraw the money, colluding with their banker agents to continue to trap the moneys in the banks and buying off cash from business places that ordinarily make huge cash transactions, like petrol stations, supermarkets and departmental stores.
“This has made some of these businesses insist on only cash payment as the profit they make from the sales of the naira covers for the loss of business from those who do not have the cash to pay.”
He alleged that the governors who approached the Supreme Court against the currency redesign policy did so without the love of their people.
Part of the text of the speech Okwukwe delivered read, “Since the implementation of the new naira policy, Nigerians and, indeed, the system have started seeing the gains.
“Except for the hitches of the unavailability of cash, particularly for small businesses, which is caused by sabotage from those who do not want the policy so they can continue with their illicit trade, other major indicators show that the impact of the policy on our economy is quite positive.
“Also on security, the impact is being felt, as kidnappers now know that there is no cash to pay for ransom. On our electoral process, it is now obvious to Nigerians that it is only the vote buyers that are complaining.
“This policy is facing a syndicated attack from a group of governors who we have termed the G10 Governors. These governors have vowed that this policy will not see the light of day.”
He added, “They are willing to go the extra mile, including making our country ungovernable and undermining constitutional governance and bring the entire country to a halt, all for their own reasons, which are selfish.
“Money moves in cycles. Banks pay out money and money is paid into banks. That is how cash circulates in an economy. So do we not wonder why banks pay out money and the money is not paid back into the bank?”
Okwukwe further said, “We have uncovered a grand plot, I repeat, we have uncovered a grand plot by 10 governors who have resolved to make Nigeria ungovernable for President Muhammadu Buhari if he refuses to reverse the new naira policy.
“It is amazing to note that the governors behind this plot were the same governors a couple of years ago who took advantage of every opportunity to praise President Muhammadu Buhari to high heavens.
“However, obviously, because the second tenure is coming to an end, these governors now believe that the president is not deserving of their respect.
“That is quite hypocritical. It means all they were showing the president was sycophantic solidarity, hence, we must, therefore, remind them at this point in time that President Muhammadu Buhari is and still remains the President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria until the 29th May, 2023 and not one day before.”
Meanwhile, supporters of the new currency policy, who embarked on a peaceful street protest yesterday in Abuja came under heavy attack by thugs and street urchins.
The Civil Society Organisations Central Coordinating Council, which is the apex organ of all civil society organisations in the country, briefed the press before embarking on their march. They had set out to march to the office of the Attorney General of the Federation before they were attacked.
Their attackers were wielding machetes, sticks, iron rods, charms and other dangerous weapons. The attack left many injured while the whereabouts of some of their leaders remained unknown at press time.
One of the peaceful protesters, who spoke to journalists, Audu Emmanuel, said, “They just came out from nowhere and attacked our peaceful march. They were hitting everyone in sight, snatching phones, bags and everything they could lay their filthy hands on especially from the women.”
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