TheNewsGuru

Tag: Naira

  • Presidency denies disobeying Supreme Court ruling on Naira notes

    Presidency denies disobeying Supreme Court ruling on Naira notes

    The Presidency has dismissed as false the assertion that the Federal Government or the Central Bank of Nigeria (CBN) had refused to recognise old N200, N500 and N1,000 notes as legal tender despite a Supreme Court ruling.

    Recall Zamfara, Kaduna and Kogi had approached the Supreme Court of Nigeria for reliefs on behalf of their citizens to challenge the Feb. 10, CBN deadline for old naira notes to cease to be legal tender.

    The Supreme Court in it’s ruling on Feb. 8, directed all parties to maintain the status quo abd quashed the Feb.10, 2023 deadline till the determination of the case which was adjourned to Feb. 15, 2023.

    However, financial institutions including banks as well as filing stations, supermarkets and other business owners have continued to reject the old Naira notes despite the Supreme Court ruling.

    Some banks were reported to have based their decision of rejecting the old notes on a circulation emanating from the CBN.

    The Governor of the CBN was also quoted at a meeting with diplomats in Abuja on Tuesday as saying that the old notes were no longer legal tender from Feb. 10, 2023.

    Malam Garba Shehu, the President’s spokesman, late Tuesday night in a statement, however, said:

    ”We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.

    ”The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow.”

  • Saboteurs behind naira, fuel crises – Gbajabiamila

    Saboteurs behind naira, fuel crises – Gbajabiamila

    Speaker of the House of Representatives, Mr. Femi Gbajabiamila, has attributed the current hardship occasioned by fuel and naira scarcity to the activities of saboteurs.

    Gbajabiamila made this known in Lagos on Tuesday, during the launching of the second phase of a transport initiative called “Gbaja Ride”, designed to empower his Surulere constituents.

    35 low-fare buses that would ply different routes in Surulere and its environs were inaugurated.

    He said the fuel crisis and the lingering scarcity of naira notes were carefully contrived by some elements to derail the successes of President Muhammadu Buhari-led administration to achieve political motive.

    He said the House of Representatives was working hard to rescue citizens from the current hardships towards bringing relief as soon as possible.

    “As your representative and Speaker, I have a good understanding of the current hardships and discomfort being faced by many Nigerians, without exception to my constituents.

    “The lower legislative chamber under my leadership has been on the side of the people, working tirelessly to rescue them from these difficulties.

    “I am glad that the judiciary has also confirmed our position on the implementation of  the policy of  naira redesign ”

    He said the naira swap policy was a  well-thought-out one, which had unfortunately been hijacked and politicised.

    He alleged that some elements had created crisis around the policy just to stop the All Progressives Congress(APC ) presidential candidate, Bola Tinubu, from winning the presidential election.

    He said the plot seemed to be failing as Nigerians were still keeping faith with the APC and Tinubu in spite of what they were going through.

    “Nobody can convince me that it is not a plot to stop Asiwaju from becoming the president of this country.

    “But I am glad that our God is a wonderful being, as the plot these people sat together to hatch he has intervened.

    “I  have followed the campaign team to the East, North and everywhere with Asiwaju and I doff my hat for Nigerians.”

    Gbajabiamila urged Nigerians to cast their votes for Tinubu on Feb.25, saying he would not disappoint Nigerians if elected.

    He said none of the candidates vying for the presidency had the capacity or competence to lead the country, except Tinubu.

    Speaking on the  “Gbaja ride”, the Speaker said the first edition kicked off in June 2018 with 30 new buses,160 motorcycles, and 25 tricycles.

    it was designed to empower the constituents and ease movements.

    He said the second phase had been better structured to offer better bus services to the people of Surulere at very low fares.

    Gbajabiamila said the new 35 buses would be run in partnership with members of Lagos State Park and Garages Administrators and that many routes would be covered by the buses.

    He, however, said the buses would offer free rides to teachers, students, and residents who are above 70 years.

    He explained that  the scheme was one of his many interventions geared toward improving  the lot of the people of the constituency

    Earlier, Mr. Sulaiman Yusuf, Chairman, Surulere Local Government, commended Gbajabiamila for the initiative.

    He said the scheme was another proof that the Speaker was committed to the wellbeing of the people of his constituency.

    “This is another proof that the Speaker cares .He has done so much for the people of Surulere and we are so proud of him.

    Mr. Fouad Laguda, APC Chairman in the area, also thanked Gbajabiamila for the initiative, saying it would ease the movements of people in the area as well as  provide job opportunities

    He urged the people of the area to continue to keep faith with APC and vote for all the party’s candidates on Feb.25.

  • PVC, petrol and redesigned Naira as weapons for election 2023 – By Magnus Onyibe

    PVC, petrol and redesigned Naira as weapons for election 2023 – By Magnus Onyibe

    Forget the loud noises about who is more corrupt amongst the three leading contenders for the office of the president of Nigeria from 29 May -Asiwaju Bola Tinubu of All Progressives Congress,APC, Wazirin Atiku Abubakar of Peoples Democratic Party,PDP and Mr Peter Obi of Labor Party,LP.

    Who is guilty or not of graft which was at one point in time occupying the left and center of the activities leading to one of the most consequential elections in the life of our beloved country,has now paled into nothing.

    In other words ,corruption as the lightning rod for election 2023 has been replaced by the scarcity of petrol, difficulty in obtaining Permanent Voters Card,PVC and hoarding of the redesigned naira which are the existential challenges that have been piling on each other and which have been keeping most Nigerians on queues to obtain for hours, days and even weeks on end.

    Without a tinge of doubt,the three (3) highlighted factors would be the deciding issues or elements for the 25 February and 11 March general elections.

    That is simply because they are the issues on top of the minds of practically all Nigerians,no matter their socioeconomic status.

    The aforementioned maladies afflicting the entirety of Nigerians started manifesting after October last year when the Central Bank of Nigeria,CBN announced its naira redesign initiative to replace some old denominations of the naira from 15 December and the Department of State Security Services,DSS attempted to arrest the governor,Mr Godwin Emefiele for alleged involvement in sponsoring terrorism, following the introduction of the redesigned notes in the middle of December.

    A high court judge in the Federal Capital Territory, FCT Justice John Tshoho denied the DSS the arrest warrant that it sought and the governor of the apex financial regulatory authority went under ground where he was hibernating until the dust settled and he returned to work in January.

    Rather than be fazed and perhaps because the CBN governor had the full backing of President Mohammadu Buhari,swapping of the redesigned naira with the old remained a hot button issue.

    Before the siege on Emefiele was eased off, the chairman of lndependent Electoral Commission, INEC Professor Mahmoud Jega was also in hot water for alleged impropriety relating to the declaration of his assets when he was taking up the role. He was to be arrested but the same FCT high court judge gave him reprieve by ruling in his favor.

    So,once again tension rose and fell with regards to the conduct of the much anticipated 2023 general elections which comes up in a couple of weeks as Nigerians were gripped with anxiety on whether it would hold or not as many eligible voters scrambled get registered and receive Permanent Voters Cards, PVC.

    Remarkably, the managing director of Nigerian National Petroleum Corporation, NNPC,Mr Meele Kyari who is Incharge of importation and distribution of petroleum products in Nigeria which has been in short supply for the better part of the last two years is also one of the three (3) stress points causing the populace a lot of anguish as they struggle in queues to get the commodity,but he has not been in the eyes of the storm in the manner that Mr Emefiele and Professor Yakubu have been under siege.
    At least not from the Secret Police,but only from the motoring public that have been highly distressed and emasculated by the shortage of Premium Motor Spirit,PMS.

    And the very stressful and energy sapping queues in petrol stations were persisting up to the moment l was writing this piece. So,there is every likelihood that Nigerians would vent their anger on their oppressors with their votes on 25 February and 11 March election days.

    It is rather curious that elder statesman,Tanko Yakassi has been credited by the media to have called for the sack of the CBN governor for failing to ensure equitable supply and distribution of the redesigned naira by President Buhari.

    But he did not make a similar demand for the sack of NNPC’s group managing director,even when petrol scarcity had become perennial.

    The situation with petrol shortage is quite unlike the redesigned naira scarcity issue which is a challenge that has existed for barely one month.

    And the shortage is owing to the hoarding of the sum of money that the CBN had released into the system by banks and individuals who believe that there is not enough redesigned currency available which is a misinformation that fake news purveyors had peddled by claiming that only about N300 billion had been printed,whereas about N2 trillion had been mopped as at 31 January.

    That lie is what is further exacerbating the redesigned naira scarcity situation.

    Because those that already have some of the redesigned are not putting them back into the system to recirculate.

    Instead they are holding on to the cash tightly more so because withdrawals of cash from across bank counters have been reduced to as little as N20,000,which is far below what most people need.

    And to debunk the notion that not enough cash has been pushed into the economy,the CBN should do well to share with Nigerians the volume of the redesigned currencies that it has printed and the quantity that has been distributed to each of the banks.

    That would compel the Deposit Money Banks,DMBs to release the funds to the long suffering masses.
    Then each of the banks should in turn give Nigerians a break down of how they are redistributing the funds region by region,state by state and city by city through power point presentations.

    Once Nigerians believe that supply would match demand,the compulsive hoarding habit would abate.I can not understand why the CBN and banks are being timid instead of bullish and aggressive about it.

    These are critical times that call for patriotism,not profit making.

    If the CBN makes it clear that enough cash has been pushed into the system , as it is claiming,yet it seems not available as it should,then members of the public would realize that the redesigned cash is being hoarded by some politicians for sinister motives as being alleged in some quarters.

    The CBN needs to be tough in the manner that the apex financial institution encouraged banks to publish in the mass media the names of chronic bank debtors and the naming and shamming compelled some of the debtors to pay up.

    In like manner,if members of the public are aware of the amount that has been pumped into the banking system and believe it is sufficient,they would not engage in hoarding the currency in the manner that folks panic-buy petrol or any other commodity for that matter,when they suspect that the supply is inadequate.

    It may also reveal that the cash is in the hands of some unscrupulous politicians and shift the blame and anger from CBN and banks where the venom of the people is currently directed hence the masses are venting their spleen on infrastructure of banks.

    Now,returning to the comment by the elder statesman Yakassai demanding the sack of Emefiele as CBN governor, l would argue that it smacks of parochialism even as it tends towards being in the realms of prebendal politics driven by narrow ethnic sentiments.

    In any case,the presidency had responded rather sarcastically to the octogenarian’s un altruistic demand by stating that the elder statesman needs help.And I consider such snide remark distasteful.
    No matter how out-of-order they may be,we must not disrespect our elders by chiding them or being cheeky with them publicly, especially past leaders.

    ln my view,we can not ridicule our statesmen,but only correct their errors,while according them respect.

    It is saddening that it is the scenario of literally jumping into each other’s throat by political actors and purveyors of identity politics described above,is the new low that the politicization of the redesign of naira has dragged our country.

    In a piece titled: “Comparative Analysis Of Buhari and Tinubu Chatham House Presentations”first published in my column on 15 December last year and widely shared on other traditional and online media platforms,l compared President Buhari’s visit to Chatham house- a British foreign policy think tank-during the run up to the elections in 2014 to Asiwaju Bola Tinubu’s visit in December last year to the same Chatham House in preparation for the February 2023 general elections.

    One of the the significant differences that l had identified was that Buhari attended Chatham house after the elections were postponed by six (6) weeks and which gave him a bounce because it was assumed that the postponement was a desperate attempt by then PDP leadership to forestall Buhari’s imminent victory,while Tinubu was at Chatham house without the ugly event of postponement of 2023 elections,hence he failed to gain any momentum after the trip:

    “Given that the circumstances surrounding Tinubu’s Chatham House presentation compared to Buhari’s are different in the sense that the 2023 election date has not been shifted: instead, president Buhari has been emphatic that it is sacrosanct, just as the Independent National Electoral Commission, INEC chairman, Professor Mahmood Yakubu has also been exuding similar confidence by harping on the fact that elections must hold despite the attacks on INEC personnel and facilities; the outcomes of both Buhari and Tinubu Chatham House attendance had to also be distinct from each other”

    The assertion above was my opinion about three (3) months ago.

    But with the current strident calls for the postponement of 2023 general elections that are presently rending the air, it would appear as if l was hasty in my conclusion.

    That is if those calling for the postponement of the elections should have their way.

    However, l doubt if president Buhari would buckle by reversing himself on 2023 elections because conducting an untainted, credible and fair election for a new set of rulers presents the last opportunity for him to leave a significant and positive legacy.

    In my personal assessment, president Buhari appears resolute on doing the right thing.

    But as things currently stand,election 2023 is not only looking like some events that happened in 2015 may be re-enacted,the ghosts of 1993 also appear to be looming large in the horizon.

    And there are a plethora of reasons for the above assertions.

    A cursory look at recent history of politics and elections in our country would reveal the parallels between 1993,2015 and the unfolding political events in present election season.

    At least in terms of the current legal wrangling between the state and federal governments as well as the involvement of the judiciary in ways that could make or mar the 2023 general elections.

    We are all well aware of how after military president Ibrahim Babangida,lBB annulled 12 June 1993 elections adjudged to have been won by late MKO Abiola.

    Owing to the schisms that it precipitated,an interim government was instituted with Chief Ernest Shonekan, former chief executive officer of UAC – a British behemoth as the head.

    However,it only lasted for about ninety (90) days before then military secretary, General Sani Abacha , a veteran of several military coup detats, overthrew Chief Shonekan.

    The first to fly the kite for interim government in this dispensation is Chief Afe Babalola,the legal luminary and foremost educationist.

    He is the one who first mooted the idea of an interim government as far back as roughly one year ago.

    The legal Titan did so with the intention that it would facilitate the production of a people driven constitution that would be truly owned by Nigerians such that the first stanza of the constitution “We The People” would be correct both in letter and spirit.

    But the unworkability of the idea based on the reality that it would entail suspending the current constitution and dissolving a legitimately elected government which can only be achieved via a military coup detat rendered the idea inchoate, unattractive and implausible.

    Typical of how some odd occurrences could grow from quaint to mainstream,the hitherto lonely voice of Chief Afe Babalola that seemed like the mewing of a kitten from a distance has developed into the roar of a lion nearby.

    That is what might have prompted APC presidential flag bearer,Asiwaju Tinubu to raise the alarm to the effect that there are elements in the corridors of power that have sown the seed and having germinated are watering the Interim Government concept plant with the hope that it would become a tree and produce fruits soon.

    Right now legal fire work’s reminiscent of the sort filed and procured by the infamous Association of Better Nigeria ,ABN in 1993 to stall the elections that produced MKO Abiola have filled the political space.

    I had stated in a piece titled: “Why Were Heads Of CBN And INEC Under Siege By Security Agencies”published in my column in daily independent newspaper of 24 January 2023 and subsequently disseminated via other traditional and social media platforms that the dark clouds of 1993 is menacingly handing over our country. Below is how l had put it:

    “It also necessary to recall that after June 12,1993 elections,late Chief Arthur Nzeribe and a certain Abimbola Davies riding on a civil society platform known as Association for Better Nigeria,ABN,went to court with the intention of scuttling the process of transition from military to multi party democracy.

    “Based on the nefarious activities of ABN,civil rights and democracy advocate, Beko Randlsome-Kuti (of blessed memory) went to court to obtain an injunction against ABN that was allegedly engaged in subversive activities inimical to democracy.

    And ABN was then restrained by a court judgement issued by Justice Dolapo Akinsanya.
But,late Nzeribe and his group,two days before the election,approached a high court in Abuja headed by Justice Bassey Ikpeme, which granted them an order lifting the restraining restraint.
“The rest they say is history because the June June 1993 election that is believed to have been won by Moshood K.O Abiola of blessed memory degenerated into a debacle that has had a reverberating and highly consequential effect on our country some thirty (30) years ago.
Do we have a copy cat scenario of the events that happened to 1993 general elections in our hands ?”

    Events in these last few days to 25 February are increasingly appearing like dejavu encore to me as they bear too much resemblance to events leading up to 12 June 1993 national tragedy in a drip,drip, drip fashion.

    Meanwhile, some Governors from the APC stable had on 3rd day of February visited president Buhari in Aso Rock Villa to solicit for the lifting of the deadline of 10 February that the old naira notes would seize to be legal tender and the president had responded by telling them to give him seven(7) days to revert.

    Becoming impatient and taking advantage of the law that allows states having issues with the federal government to bypass the high court and appeal court routes and go straight to the Supreme Court,three(3) of APC governors-Kaduna,Kogi and Zamfara sued the federal government of Nigeria, FGN and CBN to the supreme court with the prayer that the apex court should bar the apex bank and government from enforcing the 10 February ban on the use of N1000, N500 and N200 notes as legal tender.

    And the apex court has given the order that both the plaintiffs and defendants should maintain status quo antebellum and come back for hearing on the 15th of February which is five(5) days past the deadline.

    What this means is that the plaintiffs may have succeeded in gaining five (5) more days in addition to the ten (10) days that president Buhari and Emefiele had granted after the expiration of the last deadline on 31 January.

    While the CJN has stated that the FGN would comply with the order, but CBN did not reverse its order that the old naira seizes to be legal tender from 10th of February. Technically, the CBN was not joined in the suit against the FGN for which the Supreme Court granted exparte order and the president who is constitutionally empowered to give the CBN governor orders,might not have done so,hence the situation is in a flux.

    As such,Nigerians are in a quandary on whether the old naira should be shunned or accepted after 10 February.

    Meanwhile, some state governors of the APC stock have threatened to arrest traders or individuals who fail to accept the old notes and a couple of them have even gone ahead to shut down supermarkets/department stores that fail to comply with their order.

    More chaos and anarchy seem imminent if the supremacy of the FGN over items in the exclusive list such as monetary matters under the purview of the CBN is not regained.

    What is very intriguing to me is that it is a case of APC against APC which is unprecedented and it reinforces the notion that the ruling party was just a contraption of ethnic and regional groups with opposing ideological leanings cobbled together to win the 2015 election without having a common ideology or philosophy. And till date the multiple legacy political groups have not blended into one and they are ferociously charging into election 2023 like wounded bulls ready to gore all the oxen that may stand on the way.

    With president Buhari on his way out on 29 May of which he has even set up a transition committee,the fault lines within the ruling party are falling into greater relief as the centrifugal forces that formed the 2013/14 /15 are pulling against each other.

    That validates my oft repeated suspicion that the ruling APC has not undergone,as it should,the entity creation stages of Forming,Storming,Norming and Performing as enunciated by Bruce Tuckman,the social scientist.

    Evidently,after the Forming stage which happened in 2013/14/15,the APC might have stopped at the Storming stage which is the next level after Forming.

    The Storming process manifested in the form of major upsets during the party’s primary elections in June last year wherein some northern governors did not accept the current senate president,Dr Ahmad Lawan as the northern consensus candidate as proposed by the party chairman, senator Abdulahi Adamu and national organizing secretary, Suleiman Arugungu acting on behalf of president Buhari who had earlier implored the governors to grant him the honor and privilege of choosing his successor.
    So,the Norming and Performing stages which are the 3rd and 4th levels are yet to be attained by the APC.

    As a sign that the party has not risen beyond puberty into maturity by blending into one party speaking with one voice,the governors did not oblige president Buhari his request which is why Asiwaju Tinubu is now the party’s flag bearer.

    And one wonders why the same governors that snubbed mr president by failing to oblige him a fervent request expect that he would accede to their request to halt the naira redesign initiative which they believe is inimical to their cause.

    Perhaps,that is why a bare knuckle fight between some APC states and FGN is currently afoot with all the gloves off.

    Against the backdrop of the forgoing,readers can discern why the irrepressible governor Nasir El Rufai of kaduna state pointed fingers at those who lost out in the party primaries as the masterminds of the naira demonetization exercise which he alleges as being ill timed and therefore a scheme aimed at making it impossible for the ruling party at the centre to win its re-election bid.

    It depends on how magnanimous president Buhari elects to be,the current turn of events appear to be payback time now that the tide is against those who ostensibly dishonored him by not letting him have his way in his choice of a successor.

    As a retired army general, the military dictum of no retreat, no surrender may galvanize President Buhari’s resolve to see his mission of naira redesign policy through without conceding defeat after losing out six (6) months ago to the governors during the party’s convention when the presidential standard bearer of the party was elected.

    As the popular aphorism goes: there is no smoke without fire.

    So, when PDP’s presidential campaign council mocks the APC presidential candidate that he is not enjoying the support of the incumbent president and the candidate Tinubu intermittently throws jabs at the presidency alleging that he is being sabotaged and which his handlers often try to walk back,readers now have an idea of the forces at play.

    With the parties struggling for the heart and soul of our beloved and beleaguered country,three striking agendas or outcomes are being pursued by the three leading parties and their candidates.

    These are:

    (1)Those canvassing for interim government with the hope that it would afford their camp enough time to consolidate on their current accomplishments in order to catch up with the big parties – APC and PDP that already have structures across the country and rich pedigree built over the past 23 years of the return of our country to multi party democracy since 1999.

    Chief Afe Babalola,the chief proponent of interim government is known to have expressed open support for Mr Peter Obi and LP. The biggest masquerade suspected to be pushing the interim government agenda in the shadows has also openly endorsed LP party’s candidate for president via an open letter to Nigerians, particularly the youth.

    And the LP presidential candidate himself has spoken in favor of the Naira redesign policy which he acknowledged as a good policy that is producing short term pains, but with potential long term gains.

    (2) With respect to those seeking the suspension of the naira redesign initiative until the 25 February and 11 March election are held and concluded,they are not making any bones about it.

    They are members of the faction of the ruling party that recently visited President Buhari in Aso Rock Villa seeking the extension of the redesigned naira swap with the old notes,at best till the end of 2023 and at worse,after the scheduled 15 February and 11 March federal and state governments elections.

    These are particularly those who voted for Asiwaju Tinubu as opposed to senate president Ahmad Lawan during the party primaries and who feel that the naira redesign policy that has restricted access to cash has wrecked their plans.

    However, from the president’s side,the redesigned naira shortage is a temporary discomfort to the masses which president Buhari is willing to stoically take responsibility for as a man of honor. And he has encouraged the masses to bear with him knowing that the temporary pain would transform into long term gain when the elections have been lost and won and politicians have no more need to hoard the redesigned notes.

    It is an ostensibly selfless attitude that president Buhari has adopted,but which his opponents within the party detest because they feel it is selfish,hence they have approached the courts to stop him.

    (3) The third prong of the triumvirate expectation is the main opposition PDP and its candidate Wazirin Atiku Abubakar that want the naira redesign policy of which president Buhari and CBN governor had already granted distressed Nigerians reprieve for ten (10) days to truly end on the 10th of this month which is contrary to the desire of a faction of the ruling APC that has been given legal backing by Supreme Court order compelling maintenance of status quo antebellum up to 15 February.

    The PDP supports the notion that discontinuing with the demonization of some denominations of the naira would enable politicians that have stashed up billions of naira as war chest have their way in either using the stashed up old currencies or hoarded redesigned notes in buying up votes and thus subvert the will of Nigerians,if both old naira and redesigned currencies are allowed to be used concurrently which is part of the rebellious governors prayer in the case that they filed in the Supreme Court.
    Even as the PDP empathizes with the suffering masses who are inconvenienced by the redesigned naira scarcity,the party’s presidential candidate Wazirin Atiku Abubakar has been pleading with Nigerians to endure the temporary hardships that they are currently grappling with due to the dearth of naira notes arising from its limited circulation.

    And he has assured the long suffering masses that their sacrifice would be a precursor to a better life ahead when the PDP becomes victorious at the polls on the 25th day of this month and 11th of next month.

    It is significant to note that thirteen (13) of the eighteen (18) registered political parties for the 2023 ballot have put the nation and electoral authorities on notice that they would boycott the elections if the naira redesign policy that renders the old currency as not being legal tender from 10 February is nullified or reversed.

    That is huge and l wonder if the threat is carried out would not diminish the authenticity of the elections.
    With the Supreme Court giving an interim order in favor of those against President Buhari’s naira redesign policy continuation,FGN and CBN or their agents must not proceed with the policy as the apex court has asked the parties to maintain status quo antebellum and come back for hearing on the 15th of this month.

    What this means is that the plaintiffs may have succeeded in gaining five (5) more days in addition to the ten (10) days that president Buhari and Emefiele had granted after the expiration of the last deadline on 31 January.

    With the Supreme Court ruling and FGN/CBN complying, would the thirteen (13) of the parties on the ballot carry out their threat of boycott?

    Given the implications of the Supreme Court order,powerful legal minds have jumped into the fray by offering their interpretations of the judgement from multiple perspectives which appear to be more than meets the eyes.

    Some aver that Federal Republic of Nigeria to which the relief sought by the rebellious governors applys,is not the same as Federal Government of Nigeria,FGN to which the CBN is an agency and which the judgement does not apply since it is distinct from the federal republic of Nigeria.

    And others argue that not complying with the law would amount to contempt of the court which would be interpreted as the federal government denigrating and undermining the judiciary which would be an invitation to anarchy.

    The Attorney General of Federation, Abubakar Malami who has briefed lawyers to defend FGN by filing preliminary objections,has added that he is studying the Supreme Court judgement of which another hearing is scheduled for 15 February-five (5) days after the 10 February deadline.

    One striking thing that the drama with APC has revealed in the past couple of weeks is that it is not only PDP that has a divided house in this election season as it had appeared to be via the activities of the rebellious five(5) governors famously known as G-5 (who l like to refer to as Famous Furious Five) that have been causing prickly heat for the main opposition party by not decamping,but remaining in the party like a tsetse fly perched on a scrotum that can not be smashed due to the risk of crushing the scrotum in the process.

    Recent conflicts within the ruling APC have revealed that activities inside the ruling party indeed epitomize “Fuji House of Commotion’ a popular situation comedy that used to be on national television featuring a family that on a daily basis thrives on calamity with catastrophic consequences.

    So,APC is also in disarray as the presidential candidate’s campaign council and some governors from its platform have been acting as an opposition party by disparaging the misery contents of the incumbent government’s policies and programs such as outrageous petrol pump price and its scarcity,skyrocketed naira / dollar exchange rate and some naira denominations redesign and demonetization resulting in starving the economy of cash amongst others causing Nigerians unprecedented hardships.

    One great opportunity for the PDP which it must not fail to harness is the fact that thirteen (13) registered political parties have spoken with one voice against changing the 10 February date for the use of the old currency notes which is in tandem with PDP’s Point of View, PoV.

    That means both the 13 parties and PDP have a common ground for negotiations towards entering into some form of partnership with the PDP to produce the next president of Nigeria in the person of Wazirin Atiku Abubakar in exchange for roles in the federal government if or when the election is won.

    Such an arrangement is not unprecedented.

    Even Mr Benjamin Netanyahu,a reincarnated prime minister of Israel had to enter into unholy but strategic alliances with fringe parties,some of which have diametrically opposing philosophy or ideology,just to clinch victory.

    By the same token,Mr Luiz Lula Da Silva also a former president of Brazil also recently returned to power by beating incumbent Jair Bosinaro after it formed strategic partnerships with strange bed fellows.

    The aforementioned critical maneuverings are not so much different from the path that APC took to victory in 2015 by stringing opposition parties together to form one party formidable enough to dethrone then ruling PDP.

    So,Wazirin Atiku Abubakar and PDP should set up a task force to accomplish that mission without further delay.

    The tendency for the fringe parties to prefer to join PDP based on the fact that it is more on solid ground than APC that is on sinking sand and LP whose head is still in the clouds is a positive factor and motivation for PDP to act fast.

    And l have had cause in the past to liken the ruling APC and incumbent central government to the hilarious comedy show ‘Fuji House Of Commotion’.

    And that assessment is just being further validated by the current chaotic atmosphere within the APC stirred up by its rebellious governors that did not only label elements within the presidency as saboteur,but have also sued the APC led federal government to court underscoring the theater of the absurd status which our beloved country has degenerated into.

    As l had predicted in previous media engagements,arising from the incongruities playing out and the financial scandals swirling around our country,there has been a gale of downgrading of the financial rating of our country and banks by Fitch and Moodys global rating agencies.

    And better or worse ratings would follow depending on the integrity and outcome of the elections when they are concluded on 25 February and 11 march all of which are within the first quarter of the new year.

    In light of the state of organized chaos into which our country has descended, especially in the last one year,the next president of Nigeria that is likely to be Wazirin Atiku Abubakar of PDP who is poised to garner the required 25% in 24 states of the federation after the first ballot,(despite LP’s forays in the south east and south south as well as NNPP’s influence in Kano and Jigawa states) should be ready to manage the socioeconomic and political crisis that have assumed gargantuan proportions which he would be inheriting.

    One question that an Abuja based socialite Mr Terry Wiya recently posed to me in curiosity is: why are APC governors crying loudest since the naira redesign policy equally affects Peter Obi of LP, Musa Kwakwanso of NNPP , Atiku Abubakar of PDP and indeed all the 18 registered political parties?
    Is it because the introduction of the redesigned naira has disrupted, disorganized and upended what they had planned to do with the cash that they had stashed up with the plan to deploy same in vote buying,but now the cash must go into the banking system as it would seize to be legal tender after the deadline thus making it impossible to carry out their nefarious intentions as being speculated in the media?

    I have no answer to the question because l am also in quandary and bewilderment.

    Now, the earlier cited visit by APC governors to president Buhari in Aso Rock Villa on the 3rd day of February and their subsequent suing of the president and FGN to the Supreme Court over the discontinuation of the use of old naira notes and it’s replacement with the redesigned naira notes might have earned those rooting for the old notes not to seize being legal tender additional five (5) days to change their old naira war chest into the redesigned notes based on supreme court’s directive that all the parties should hold their peace and let all things remain the same till 15 February when the case would be heard.

    But the integrity of 2023 election may be in jeopardy if indeed huge amounts of cash get into the hands of the politicians who may be planning to engage in vote buying as being alleged.

    And as l was wrapping up this piece,someone sent me the amazing and striking social media post below which l have reproduced here in its original format:

    “Twitter ban,- No APC governor visited PMB.
    High inflation,- No APC governor visited PMB.
    Kidnapping,- No APC governor visited PMB.
    Killings,-No APC governor visited PMB
    Fuel scarcity,-No APC Governor visited PMB.
    8Months ASUU strick No Gov.visited PMB.

    APC Governors can only appear to meet PMB when their interests are threatened.”
    Dear readers,what else can l say than “ beware of the ides of March” while advising you to draw your own conclusions.

     

    ONYIBE, an entrepreneur, public policy analyst ,author, development strategist, alumnus of Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA and a former commissioner in Delta state government, sent this piece from lagos.
    To continue with this conversation, pls visit www.magnum.ng

  • An angry Supreme Court and bolekaja judgments – By Mideno Bayagbon

    An angry Supreme Court and bolekaja judgments – By Mideno Bayagbon

    Chief Justice of Nigeria, Justice Olukayode Ariwoola, was boiling with anger all through last week. And to those who stoke his anger, he issued a stern warning. To them and to those Nigerians, who, he says, want to bring opprobrium on the Supreme Court of Nigerian Justices, he promised them a red eye. No one, he declared, should dare the authority of the Supreme Court and its ability to wield the big gun.

    As we all know, we are in a season of general, overflowing anger; a season of collective pain. It is a season, the authorities, which have made life a living hell for most Nigerians upped the ante and compounded the woes of the people, with an ill-thought-through policy which the politicians and saboteur-bankers latched on to, to wreak havoc on the citizenry. i am of course talking about the instigated hooplas, the fiasco which attended the withdrawal of three denominations of the Nigerian currency. It turned out a week of boiling mischief, anger and frustration.

    Nigerians are hopelessly at their wits end. No Light. No money. No Fuel. They are engulfed in a death-and-life situation. This for a fault traceable to politicians, the CBN, corrupt bankers and the federal government. They are moaning and groaning. Their inability to get the new Naira notes, or at worst the old ones, to buy even groceries or transact ordinary daily chores, has become a death sentence. Politicians are shouting from impure mouths, both in favour and against. All, nonetheless, agree that something needs to be done to ease the pains of the ordinary people on the street. Meaning: “CBN, don’t interfere with our ability to use money to influence the outcome of the proposed elections.”

    Then the Supreme Court attempted an intervention which will either be solidified today or thrown to the dogs when it rules on the objection brought before it by the CBN and the Attorney General. The CBN order came in the form of a rather controversial pronouncement. Almost all were taken unawares. To some pleasantly and to others, a curious, raised eyebrow. This is because not many were aware that a case had been instituted at the Supreme Court or any court for that matter, not to talk of an order emanating therefrom, unexpectedly.

    Attempting to douse the tension in the land, the Supreme Court ruled that the Central Bank of Nigeria and the federal authorities should not implement the then new deadline to roll out fully, and end the use of the old N1000, N500 and N200 notes till the determination of a case brought before it by three northern states All Progressives Congress, APC, governors. The old notes were to cease to be legal tenders since last week Friday, the 10th of February, 2023. A fact the CBN reiterated yesterday.

    Recall that the APC and its presidential flag bearer, Alhaji Bola Ahmed Tinubu, have been up in arms against the Naira Redesign policy which they claimed was specifically targeted at them. They decided to use the services of the Supreme Court in thwarting the full implementation of the policy. Without joining the CBN and other critical stakeholders, they got the Supreme Court to grant them an ex parte order which the opposition parties, especially the Peoples Democratic Party, PDP, squirmed at. A potpourri of commentaries have since flooded the media space, coating the Supreme Court in demonic hues of an appendage to certain individuals and party.

    This has prompted a riled CJN to warn that the Supreme Court’s silence, on attacks on its judicial officers, must not be mistaken for weakness or cowardice. Of course, the CJN did not just get angry over the muted criticism of this particular judgement alone. For truth be told, he has not had an easy time with the media and some critics since he went to Port Harcourt and committed a faux pax that needed a massive re-interpretation of what he said and/or did not say. Controversial Rivers State Governor, Nyesom Wike, hosted him to a dinner where he made comments which were widely interpreted to mean that he was in agreement with the G5 Governors. To growing criticism, the Supreme Court came out with a denial. After that there was also the need to issue another rebuttal, a statement to debunk an alleged interrogation of the CJN by the DSS over these comment and other contrived ones.

    Add to this the public disbelief, when assumed clear cases of senatorial aspirants under the APC who lost at the lower courts were all given a clean bill by the Supreme Court. Starting with Governor Dave Umayi of Ebonyi state, to Godswill Obot Akpabio of Akwa Ibom state; and recently, Senate President, Ahmed Lawan, who wanted to be president and so didn’t contest in the party’s initial primaries for senatorial candidates. The Supreme Court gave all of them their tickets. This is even against the background that there is already a Governor of Imo State, who the opposition till today calls the Supreme Court governor of Imo State. Recall that in the elections, he came a distant fourth but went to court pleading what not. He had a bullion van of votes which INEC said were not part of the electoral votes on the day. Based on some technicalities, the impossible happened. He was pronounced the elected candidate by the Supreme Court to the utter shock and disbelief of the people of Imo State and the Peoples Democratic Party, PDP, whose candidate, INEC had earlier declared as duly elected; and had been sworn in.

    It is getting to a stage that not a few Nigerians are losing respect for some judgements of the Supreme Court. It is from this angle, I think, Justice Ariwoola will do more than just issuing a threat to deal with those who make a mockery of the justices of the court and their judgements. The CJN can always remember that the impression is out there, like Richard Akinnola once pointed out, that Justice Ariwoola should not be seen as trying to muscle and put the press on a leach. That will bring him more odium than he can ever live down. He should work to win the respect of Nigerians.

    That said, Chief Justice Ariwoola is gradually acquiring an unsavoury reputation, swarmed by controversies and rebuttal press releases.

  • Protesters shut Lagos-Abeokuta expressway over Naira scarcity

    Protesters shut Lagos-Abeokuta expressway over Naira scarcity

    Protesters shut the Lagos-Abeokuta Expressway at Sango-Ota on Tuesday over their inability to withdraw money from Automated Teller Machines (ATMs).

    They made bonfires of disused tyres on both sides of the highway causing serious traffic gridlock.

    Some of the protesters disclosed that the current cash crunch had created serious pains and agonising moments.

    Leader of the protesters, Mr Kazeem Sanni described the situation where bank customers could not access their money as unfortunate.

    He said it had been double jeopardy for bank customers as the banks would neither load their ATMs with money nor allow depositors into the banking halls to make withdrawals.

    CBN already instructed banks to load their ATMs with cash and to also allow depositors to withdraw a maximum of N20,000 across the counter.

    “The situation is really pathetic as this has grounded and paralysed business activities,’’ Sanni lamented.

    “We decided to demonstrate to show our grievances as we can no longer bear this hardship,’’ he stressed.

    He called on the CBN to urgently print more new notes and ensure that banks complied with its directives.

    A protester, Mr Rotimi Odubanjo, noted that the inability to withdraw money from banks had inflicted untold discomfort on the people.

    “We need the Federal Government to come to our assistance and ease this cash and fuel scarcity,’’ he said.

    He said the twin-scarcity of fuel and money had crippled economic activities and was leading to hunger.

    A correspondent, who monitored the situation, reports that banks in area were closed to customers and the ATMs were also not dispensing cash.

    Police, military and paramilitary personnel were scene at the scene of protest calming the protesters.

  • Fuel scarcity, cash scarcity and jaga jaga governance – By Hope Eghagha

    Fuel scarcity, cash scarcity and jaga jaga governance – By Hope Eghagha

    Last week, amidst the biting, humiliating, and infuriating cash and fuel scarcity and the attendant confusion all over the land, I couldn’t help but recall Eedris Abdulkareem’s perspicacious song titled ‘Nigeria Jaga Jaga’ which was released in 2004. Across the country, millions of Nigerians of every ethnic group -Christians, Muslims, animists- could not access cash to carry out simple mundane but obligatory tasks, like buying food, getting medication, and moving from one location to another. It was clear that chaos caused by government incosmpetence and corruption, spares no one on account of their religion or ethnicity. Yet, fools most of us remain, voting along ethnic or religious lines!

    The ordinary food stuff seller along the road, the market man, and woman whose total cash possession was usually under twenty thousand naira went to bed hungry, angry, and frightened about the jagajaga state of things. Automated Teller Machines (ATMs) could not dispense cash. Banks which initially gave out little sums to their customers had nothing to give, while, it was alleged, hoarding billions of cash. The CBN insisted enough new currency notes had been disbursed to the banks. Their word against theirs!

    There were reports too that some men of ways and means had seized millions of the cash which the banks were given; better still, the banks had sold millions of fresh notes to the big politicians, the very reason the new policy was introduced. Point-of-Sale operators became the most sought-after merchants of cash. Nigerians bought naira notes with cash, with some observing that the rate of exchange between old and new currency or access to the new currency was stronger than that of the American dollar. There was tension in banking halls where some customers, men, and women, railed and cursed in the nude. In a video shot in front of GTB in Aba, some customers brought a camp cooking gas and prepared the popular pasta meal ‘Indomie’ and the boisterous men ate the stuff directly from the pot while the meal was on fire! It was funfair! Suffering and smiling’ if I may reference the inimitable Fela Anikulapo-Kuti!

    The end of January deadline for the currency swap was extended by ten days and everyone thought there would be some respite. But we were hoping against hope. The President asked for seven days to reconsider its decision on the new currency. At a meeting with members of the House of Representatives, Mr. Godwin Emefiele changed policy and said that the old notes would be accepted after February 10, that is, after the legislators pointed out the relevant provision of the law in the CBN Act.

    In the early days after the currency change was announced, the nation’s Finance Minister stated publicly before legislators that she was not aware of the new policy. It showed clearly that this policy initiative was not arrived at after broad consultations in the finance sector. Emefiele boasted that he had the approval of the President, and a presidential spokesman authenticated the governor’s claim! But more chaos was in the making!  Which modern state changes its currency without the input of the Ministry of Finance?

    Early in the month of February, a meeting of some state governors with the president to ease the cash crunch did not achieve the desired result. Three state governments- Kaduna, Kogi and Zamfara- finally took the federal government to the Supreme Court which granted an interim order that the old currency should remain legal tender beyond the 10th of February. No one knows what the next week will bring! Some have said the Supreme Court’s decision is not enforceable. To increase the confusion, there was talk about the possibility of postponing the general elections scheduled to start on 25th of February. The Supreme Court, the highest judicial body in the land jumped into the fray of official confusion by giving victory to two appellants to the court; ironically, these men did not contest the party primaries of the APC! The spirit of jagajaga has moved squarely and perfectly into the country.  Apparently, there is nothing we can do. The spirit of Buharian democracy seems to go with the maxim: ignore the masses!

    In the song under reference which I have appropriated to title this essay, the young man poignantly lamented: ‘Nigeria jaga jaga/Everything scatter scatter/ Poor man dey suffer suffer/Gbosa gbosa gun shoot inna the air’. I recall that then President Olusegun Obasanjo chided Eedris for those ‘negative words’ in the lyrics and there was a threat to ban the music from the airwaves in Nigeria.

    In the light of the infinite madness of last week, what can we say about Nigeria jagajaga and the state of governance in our beloved country? Also, during this period, Ras Kimono’s Under Pressure musical album in which the reggae artist crooned that ‘some are crying/ some are dying/some are weeping, some are weling/everywhere/ let me go/under pressure under pressure’ which was released in 1989 started circulating freely on social media.

    Certainly, this is not how to govern a people or a country. The stone Age tactics which the military employed in their hypocritical years in power are antithetical to modern and scientific processes. A nation must take planning seriously. Planning requires the inclusion of all stakeholders both in the conception and implementation stages. Had there been broader consultations, the currency change would have taken place late last year or at a more appropriate time. The idea of taking people by surprise is old hat. Shocks are not good for the modern economy. There is too much anger and hunger in the land. In Turkey and Syria, the people are battling with the jagajaga caused by nature’s wrath. In Nigeria, the people are crying, suffering, and dying because of a disaster brought about by state officials’ foolishness and pusillanimous doddering. It is baffling that a party which seeking re-election in two weeks’ time could afford to unleash such sorrow, tears, and death on citizens. It is a recipe for a rejection at the polls.

    Governance is too serious a contractual arrangement to be left in the hands of asphyxiated minds and emotions. The federal government should put together a group of experts to advise it on the way forward. The CBN has been severely and fatally compromised and cannot be trusted to take sound economic decisions. If the spirit of jagajaga continues to reign over the people, there is no guarantee that civil strife will not be the last resort of the people. Mr. President, just release cash to the people of this country, especially the poor and lowly!  They are not the ones who will hoard money for elections!

  • Ekiti joins states suing FG, CBN over Naira crisis

    Ekiti joins states suing FG, CBN over Naira crisis

    Ekiti Government has applied to be joined as a co-plaintiff in a suit against the Federal Government at the Supreme Court on the Naira redesign policy and the deadline by the CBN for the swapping of old notes for new ones.

    Mr Yinka Oyebode, the Special Adviser to Gov. Biodun Oyebanji on Media, announced this in a statement made available to newsmen in Ado-Ekiti on Sunday.

    According to him, the application for joinder was filed on Friday at the Supreme Court by the Ekiti Attorney General and Commissioner for Justice, Mr. Dayo Apata, SAN, seeking three reliefs.

    The statement said the suit, with the number SC/CV/162/2023, had Attorneys General of Kaduna State, Kogi State and Zamfara State as Plaintiffs, while the Attorney General of the Federation as the defendant.

    The reliefs being sought by the Attorney General of Ekiti included leave of the court to join the applicants as a co-plaintiff.

    Some of the grounds of the application included acute shortage in the supply of Naira notes in the state since the announcement of the policy by the Federal Government through the CBN.

    The applicant, Ekiti Government, declared that the directive of the Federal Government had affected the livelihood and inflicted excruciating pain and hardship on all Nigerians, including citizens of the state.

    The state government equally averred that the directive of the Federal Government had adversely affected the revenue, levies and taxes acruable to the coffers of Ekiti Government as economic activities in the state were now paralysed.

    He further averred that the directive of the Federal Government on the Naira redesign had also created palpable anxiety among the citizens of Ekiti.

    Another ground was that Ekiti, as a federating state of Nigeria, therefore, had interest in the determination of the Originating Summons in the suit, earlier filed by the three states in the federation.

    Ekiti Government said having common interest as other plaintiffs, and also in the outcome of the suit, sought the leave of the court to be joined as a co-plaintiff in order to be bound by the outcome of the suit.

    It stated that no injustice or embarrassment would be occasioned to any of the parties on record, if joined, as a co-plaintiff to ventilate the grievances of Ekiti.

    ”The sole issue formulated for determination is whether the applicant has made a case for the court to favourably consider the application.”

    ”This was supported by an argument that the court had always been of position that anyone whose presence is crucial and fundamental to a suit must be made a party to the proceedings.”

  • Spring of Discontent – By Chidi Amuta

    Spring of Discontent – By Chidi Amuta

    December 17, 2010 marked the beginning of the Arab Spring, a modern day revolution sparked by an assault on human dignity. Mohammed Bouazizi, a Tunisian street corner vegetable vendor had his produce and weighing scale confiscated by a female police officer ostensibly because he did not have a permit. The police officer not only slapped him but also spat in his face. Bouazizi subsequently went to complain to the governor and requested to at least have his scale back. Neither the governor nor any of his officials gave the aggrieved man audience. He returned to the street, doused himself in gasoline and set himself ablaze with an unanswered question of desperation as his last cry: ‘How do you expect me to make a living?”

    The rest of what followed that self immolation is history. Wild street protests and rioting followed. In less than a month, Tunisia’s long standing dictator, Zine El Abidine Ben Ali was ousted. Protests spread to other Arab capitals. Long entrenched dictatorships in Egypt, Libya, Yemen, Syria and Bahrain were rattled and mostly sacked. The Arab Spring was born and spread like a wild fire. It did not however bring about the spread or acceptance of liberal democracy in the entire Arab World but it shook the foundations of the prevailing order.

    It has however left in its aftermath a few better democracies (Tunisia), some failed states (Libya and Yemen) and reinforced autocracies (Egypt, Iran, Bahrain and Saudi Arabia). But in all of the region, protests based on the dignity of individual citizens are not likely to be ignored any more.

    I recount this prefatory scenario in order to foreground the developments in Nigeria in the last fortnight or more. On the eve of a decisive general election, the Central Bank of Nigeria with the express authority of lame duck President, Major General Muhammadu Buhari, sprang the surprise of a currency change on Nigerians. Ostensibly, a colour tweaked version of the Naira’s three highest denominations was to replace the existing ones in a swift economic guerilla operation. After all, as a military despot back in 1984, Mr. Buhari had changed the nation’s currency in a bid to impoverish Second Republic politicians who were suspected to have stashed away huge troves of cash. That earlier maneuver was a resounding thoughtless disaster.

    Now again, another currency change shock has been deployed. As it turns out, the new policy is backed by neither informed policy design thinking nor even basic mathematical common sense. More embarrassing is the ignorance about the danger that a defective economic policy poses to national security and political well being. Apparently, not enough of the new notes were minted to replace the old ones. So, the new notes became instantly scarce and have become the object of illicit underhand trade and black marketeering. Meanwhile, most honest people had turned in their old notes in obedience of deadlines that have now been shifted twice. Suddenly, the nation of over 200 million has been hit by a scarcity of both new and old currencies. What was initially touted as a move towards an automatic ‘cashless’ regime has become an unintended descent into a primitive moneyless economy. For a people that were waiting for democracy to alleviate their other hardships, an instant democratization of penury is the new reality.

    Belated official explanations of the intention of the policy have since tumbled out of the incoherent voice of a government famous for speaking in several tongues about the same subject. Some court economists said the currency change was aimed at fighting run away inflation. They quickly cited instance of other countries that have carried out similar changes. India is their favourite reference. Another school of Central Bank rationalizers has insisted that the policy is aimed at deepening the nation’s cashless economy so that most Nigerians can be forced to transact via online digital channels and abandon their habitual reliance on cash.

    The more political wing of official town criers has belatedly confessed that the policy was actually aimed at preventing wealthy political barons from buying up most votes in the forthcoming elections. The primitive calculation is that government would deny such politicians of access to excess old Naira notes they had stashed away in private vaults and thus prevent them from converting the February and March elections into yet another bazaar of transactional democracy.

    The various excuses advanced as the basis of this currency change have all turned out somewhat foolish. The excuse of fighting inflation has neutralized itself. Scarcity has made access to the Naira subject to upwards of 10%-20% premium. Instead of inflation meaning too much money chasing too few goods, Nigeria’s Central Bank has redefined it to mean no money at all chasing available goods or expensive money chasing available expensive goods! When you add the new cost of the local currency to the sky high exchange rate and of course the elevated prices of goods, the anti inflation arguments bursts like a two penny balloon.

    The phantom cashless argument has almost unraveled. Whatever cashless mechanisms were in place before this recent currency change have gone up literally in smoke. In any event, the cashless policy has been with us since the early 2000 if not earlier. It has achieved some commendable success without a currency change or deliberately inflicting hardship on an already distressed public.

    At present, cash scarcity has stretched existing online platforms for financial transactions to their limits. The channels have been over burdened and now hardly work. ATM machines of the various banks deployed all over the country have neither new nor old notes to dispense. Most are empty to begin with. Most online Bank transfers hardly work as the channels and platforms are either not functioning or are over congested. In the rural and semi rural areas, illiterates and poor people cannot access cash.

    Most of those who have bank accounts have now come to see banks as that place where you deposit your hard earned money and can no longer get it out. The very credibility of the formal financial sector has been eroded. Even the last line POS operators that helped cushion rural and poor people from the tyranny of the cashless regime have been knocked out of the system by the sheer logjam in the banking system and the real scarcity of cash in the system. Out of fear of spreading vandalism and attacks, most banks have shut their branches to safeguard their assets and the lives of their staff. Cashless has now come to mean ‘moneyless’!

    On the matter of the vote trade, many questions have emerged. Why would a responsible government unleash a far reaching economic policy based on a one factor political intent? As a factor of the entire population, how many bad politicians can buy enough votes to vitiate the outcome of a free and fair technology based election?

    More worrisomely, the political meaning of the policy in terms of vote buying has been tilted by political parties and interests. In the popular lore, the Naira redesign gimmick is understood as a ploy deliberately designed to stall the vote buying schemes of the APC presidential candidate, Mr. Bola Tinubu. For some reason, Mr. Tinubu has become synonymous in the popular imagination with excessive wealth and a readiness to deploy an armada of cash to achieve his political ends. The readiest symbolism of his attachment to ‘cash and carry’ politics is the bullion van. More uncharitable commentators have come to characterize Mr. Tinubu as the bullion van politician. The veracity of this attachment remains contentious but it seems to have stuck to the man and his complicated reputational liabilities.

    Yet the conundrum of the moment remains that of Mr. Muhammadu Buhari. The readiest question is this: if indeed this policy was targeted at Mr. Tinubu, why would the president authorize the Central Bank to initiate a policy that would limit the electoral chances of the candidate of his own ruling party? But there are even more fundamental questions since Mr. Buhari is himself a product of the transactional politics he now seems to want to combat.

    The more far -reaching concerns of the raging Naira crisis touch on the credibility and very integrity of the current Nigerian state. Ordinarily, the Central Bank has no business with politics even if its economic policies could have political consequences. But to design and roll out an economic policy and openly own up to its political intent does not become a credible Central Bank. And this is what Mr. Godwin Emefiele, Governor of the Central Bank, has repeatedly done throughout this crisis. He has even expressed an unusual readiness to provide cash to INEC to support the elections if necessary!

    Curiously, President Buhari seems to have repeatedly turned a blind eye to the serial transgressions of Mr. Emefiele. In the run up to the party presidential primaries, Mr. Emefiele was a card carrying member of the ruling APC . He even acquired the N100 million nomination form for the presidential slot of the party. He mobilized huge political followership, bought and branded countless campaign vehicles and floated a huge underground campaign. In his recent altercations with security agencies and political interests, Mr. Emefiele has shown that he is more of an engaged political agent than a professional economist or banker for that matter. And yet he continues to insist that he derives all the authority for his curious actions from the president.

    Meanwhile in the entire national space, all hell has now been let loose. The nation has been hit by an unprecedented scarcity of both new and old notes. Most honest people had surrendered their old notes in obedience of deadlines that have kept shifting in a habitual government culture of flip flops. Across the country, ordinary people have been hit by an embarrassing scarcity of cash. Online channels are mostly off. Banks have no new notes to dispense to irate customers who have occasionally resorted to acts of vandalism to vent their frustration.

    Meanwhile the worst hit are the poor and rural masses. Small businesses who thrive on hand –to- mouth cash flows have literally been wiped out. Most people cannot find cash to pay their basic bills. The rural majority and the unbanked amounting to over 50% of the population have been knocked off the economic wagon. In the villages, ancient modes of transaction such as trade by barter have resurfaced to meet basic needs but to no avail.

    In desperate bids to protest the injustice and lack of compassion in the currency exchange exercise, innocent people have had their basic dignity assaulted, their esteem denigrated and their psychological balance dislodged. In one instance, a gentleman went stark naked in a Lagos banking hall in the hope that his dangling nudity would force the bank officials to avail him of some of his hard earned cash to meet his urgent needs. No luck! Another woman, driven to the limits by the same experience, opted to go half naked exposing her top end while screaming in the banking hall because she cannot find cash to feed her children.

    Open public protestations against the inhumanity of this policy have spread. Sporadic instances of protest and vandalism of banking halls and ATMs have been reported all over the country. In places like Abeokuta, wild protest has been visited by the police with live bullets leading to some deaths. Most of these protests are driven by the implicit assault on human dignity by an officialdom that has since lost all compassion. In the interim, most banks have taken the common sense precaution of shutting their branches in major cities till further notice thereby deepening a hardship and frustration that non one saw coming.

    The political reverberation of this thoughtless policy are loud and clear. The most immediate and consequential implication is the threat it now poses to the elections of February 25th and March 11th. As an added self -imposed strategic obstacle to the elections, the Naira scarcity is a clear and present danger. It has become a major national security concern. Election logistics needs to be funded seamlessly. INEC needs a functioning economic landscape to fund its massive nationwide logistics throughout the country. Contractors, transporters and service providers must be funded in a seamless manner.

    People need to have access to their own cash resources to get to polling booths. Political parties need money to pay their agents, pay for the services that fuel their activities before, during and after the elections. All these processes from the private and individual to the corporate and institutional all need a free flowing financial system. People and organizations need access to resources to function as free agents of a free society. You cannot have free and fair elections in a constricted economic space.

    In the interim, there is scant evidence that the end of the nightmare is any where in sight. President Buhari has held endless meetings with the Central Bank, security agencies, governors and party people with miserable outcome. He has now scheduled a meeting of the National Council of State to seek additional adult intervention in a self inflicted crisis. But in the interim, conflicting judicial injunctions and court orders are climbing over each other as to when the deadline should be for the exchange of old naira notes. The Central Bank has gone to court to push its own autonomy from the federal government. Three state governors have sued the federal government seeking an indefinite extension of the deadline. Even the Supreme Court has entered an interim injunction seeking an extension of the old Naira exchange deadline from the 10th to 15th of February. As things stand, we have a judicial anarchy on a matter that touches the very livelihood of the people. The interests encouraging this judicial mayhem and its implicit political mischief had better find an alternative country if their enterprise prevail.

    I began this piece by drawing attention to how the state’s assault on and insensitivity to the dignity of the individual citizen can spark off far reaching unintended political and social consequences. The spreading discontent about this Buhari/Emefiele Naira change is pushing too many Nigerians across the brink. By accident or deliberate mischief, it is all happening at a bad moment. This widening mass anger and discontent must not be allowed to graduate into protests that could imperil the forthcoming elections.

    Popular anger and discontent must not be allowed to derail the greater good of democratic transition. A faulty democracy is better than the slide into anarchy and an undemocratic pretension to order. It is bad enough to live in a state devoid of all the protections and guarantees that a responsible sovereign owes its citizens as we currently do.

    On a good day, present day Nigeria resembles a state in anarchy. To formally enable or invite a descent into something worse would transform a bad dream into an endless nightmare. Yet, there may be a democratic dividend to the present discontent. At least people now know what party and what kind of leadership not to vote for in the imminent election.

  • NASS to CBN: Allow old, new Naira notes co-exist

    NASS to CBN: Allow old, new Naira notes co-exist

    The Leadership of the National Assembly has again stressed the need for the Central Bank of Nigeria (CBN) to allow the old and new Naira notes to be used concurrently to cushion the hardship being experienced by citizens.

    President of the Senate, Ahmad Lawan, made this position known when he fielded questions from State House correspondents on Friday in Abuja.

    Lawan stressed the need to have another look at the policy on the redesign of Nigeria’s currency, saying that doing so will reduce the hardship currently being faced by citizens in accessing the new currency notes.

    He said: ”For us in the Senate, initially we felt that this policy is not a bad policy but we are also feeling that there is no need for any time limit; allow the old and the new notes to co-exist until the old is phased out.

    “This is not going to be the first country to do it that way. Other countries have been doing it that way.

    ”To say that in three months it will be okay, it is not okay, especially in a country like ours where 80-90 per cent of the population have no access to banks,”  he said.

    According to the Senate President, now is the time to take a decision on the matter and have a second look at its mode of implementation.

    “We had a private audience with the President after the Council of State meeting where we informed him in detail the resolutions of the two chambers of the National Assembly with respect to the redesign of our currency and the crisis of exchange or swap of the old currency with the new one.

    “It is a known fact to everyone how life has been so difficult for the majority of Nigerians, especially the most ordinary Nigerians across the country.

    ”We felt that this is the time to take a decision that will ease the problems Nigerians are facing with respect to this,” he added.

    Lawan, who was accompanied by the Speaker, House of Representatives, Femi Gbajabiamila, said they advised that any policy that would be introduced must have a human component that will make it friendly to the livelihood of the people.

  • Council of State gives CBN two options to address Naira scarcity

    Council of State gives CBN two options to address Naira scarcity

    The Council of State has presented two options to the Central Bank of Nigeria (CBN) with which to address the current shortage of Naira notes in the country.

    TheNewsGuru.com (TNG) reports the National Council of State asked the CBN to print more new notes or recirculate the old Naira notes to ease the current hardship being faced by Nigerians.

    However, the Council of State expressed support for the Naira redesign policy of the apex bank but stressed that the hardship on Nigerians was too much.

    Attorney General of the Federation and Minister of Justice, Abubakar Malami briefed State House reporters on the key issues after the Council of State meeting at the Presidential Villa, Abuja on Friday.

    According to Malami, the Council of State advised the CBN to urgently ensure the availability of Naira notes to douse tension and ameliorate the suffering of citizens across the country.

    “The two major resolutions that were driven by the deliberations of the Council are: one, that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.

    “And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” Malami said.

    While corroborating the comments made by the Attorney General, Gov. Darius Ishaku of Taraba State said the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election.

    He said the governor of the CBN gave details of the Naira redesign policy as well as the merits and demerits of the policy.

    “The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation.

    ”He gave us the merits of that policy that is being implemented.

    ”What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.

    “But the major issue is that of implementation. So many views were proffered particularly that the CBN governor should look into making sure that the new money is available in quantum.

    ”And there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension particularly for the poor people in the society who will need a little money to buy their food or drugs on daily basis,” he said.

    Ishaku said all deliberations at the Council were advisory, but the president would take the final decision.

    Gov. Babajide Sanwo-Olu, who also briefed newsmen, assured that the president would take the right decision at the end of the day for the benefit of all Nigerians.

    “All we said or discussed were advisory and the president will retire back to his office and I think with all of this advice, the executive knows what to do as we move on.

    ”I’m sure the president will make his thoughts and views known to the nation,” he added.

    TNG reports present at the Council of State meeting are former presidents Goodluck Jonathan, Yakubu Gowon and Abdulsalami Abubakar, Olusegun Obasanjo, who joined the meeting virtually.

    Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, the CBN Governor, Godwin Emefiele, and the Inspector General of Police, Usman Baba were also present to brief the council.

    The Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policy making.

    This would be the first Council of State meeting held in 2023, coming 14 days to the presidential elections and amid the twin crisis facing the economy: fuel scarcity and a cash crunch occasioned by the CBN’s Naira redesign policy.