THERE were demonstrations in some parts of Lagos State, yesterday, with residents, mostly youths, protesting in Mile 12, Iyana-Ipaja, Abule-Egba and Ojota against the scarcity of new naira and rejection of the notes by commercial banks, filling stations and even courts, as well as commercial buses.

   Although security agencies promptly brought the situation under control by dispersing the protesters, but that was not before some of them had caused some damages, destroying tables and kiosks of petty traders, while setting burn-fires in the middle of the roads to obstruct vehicular movement.  

  In Agege, what was initially reported as a protest was actually a fight broke out between a food vendor who rejected the old naira notes and a customer over payment in old naira notes.

   At Ikeja, Oshodi, Mile 2 and Ojota, virtually all transporters insisted that only passengers with new naira notes or N200 notes should board the bus.

  Reacting to the protest, the Lagos State Government, in a statement by the Commissioner for Information and Strategy, Mr. Gbenga Omotoso, said Governor Babajide Sanwo-Olu believed there should be no need for violence, as the Supreme Court was already looking into the matter and would make its position known on February 22.  

  “Lagos State has since joined the legal dispute, all in the interest of our people, in the belief that the highest court in the land has the capacity to adjudicate on the matter. The fuel situation is easing following some steps taken by government.  

   “Government praises Lagosians for showing understanding, despite the pains the Federal Government’s measures have brought. Residents should continue to be law-abiding by shunning any form of incitement by mischief-makers.

  “Mr. Governor is working with his colleagues to ensure that this hardship does not go on,” Omotoso said.  

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.

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 macroeconomic 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 successful General Elections.

Thank you for listening. God bless the Federal Republic of Nigeria

A LAGOS State High Court, presided over by Justice Olukayode Ogunjobi, on Wednesday, February 15, ordered convicted kidnap kingpin, Chukwudumeme Onwuamadike (a.k.a Evans), to refund 233,000 Euros he collected as ransom from one of his victims, Donatus Dunu.

  The Judge also ordered the convict to pay N50million to Dunu as general damages.

  Onwuamadike and his gang kidnapped Dunu, a pharmacist and Chief Executive Officer of Maydon Pharmaceutical Company, on February 14, 2017 and held him hostage before he managed to escape, after which he filed Suit No: LD/5243GCM/2018, demanding the refund of the 223,000 Euros he paid as ransom while in the custody of the kidnap kingpin, as well as N50 million as damages.

  In his testimony before the court, Dunu added that Evans asked him to instruct his brothers, Anslem Dunu and Innocent Dunu, to pay the ransom, adding that the 233,000 Euros was paid, but Onwuamadike refused to release him until he eventually escaped from his captivity.

  Dunu’s brother, Anslem, who also gave evidence, said on February 14, 2017, his other brother, Innocent, informed him that the claimant had been abducted, recalling that on February 15, 2017, a day after Dunu’s abduction, he spoke with the claimant on phone and he instructed him to pay his abductors N100million as ransom for his release.

  Anslem stated that the abductors later demanded for one million Euros, saying it was one of his relatives, Uchenna Okagwu, that delivered the sum of 233,000 Euros to the abductors.

 Onwuamadike, in his defence, contended that the strength of the claimant’s case was predicated majorly upon the criminal trial against him and others in Suit No. 1D/5970C/2017, submitting that the only evidence before the court as to the payment of the 233,000 Euros was the evidence of Okagwu, who allegedly delivered the money to the abductors.

  He added that in the criminal trial in Suit No. 1D/5970C/2017, Okagwu testified that he dropped the said sum on the ground and fled and that he did not see anybody or deliver the money to anyone, arguing that Okagwu’s evidence was the only direct evidence and must be proved beyond reasonable doubt.

  According to the defendant, the judgment delivered by Justice O.H. Oshodi on February 25, last year is now subject of an appeal at the Court of Appeal, Lagos Division.

  In his judgment, Justice Ogunjobi held that the defendant (Evans) gave inconsistent evidence and could not be recognised as a witness of truth.

  The Judge ruled: “It is settled law that no witness who gives materially inconsistent evidence on oath is entitled to the honour of being accorded with any credibility and such does not deserve to be treated as a truthful witness.

 “Aside adducing conflicting pieces of evidence on oath, I have watched the demeanour of the defendant in the witness box when giving evidence and came to the conclusion that the defendant is not a witness of truth.

  “I accept the unchallenged and uncontroverted evidence of the claimant and his witnesses. Their evidence is consistent with the reliefs sought.

  “Consequently, the claimant is entitled to be repaid and or recover from the defendant, 233,000 Euros ransom coercively paid by the claimant to defendant when the defendant kidnapped him in 2017 and held him hostage for months.

  “The sum of N50 million is awarded as general damages in favour of the claimant.

  “Post-judgment interest is also awarded on the said sum of 233,000 Euros at the rate of 10 per cent per annum from judgment day until final liquidation.”

  Justice Ogunjobi declared that the sum is to be paid or recovered from the assets of the defendant.

THE Economic and Financial Crimes Commission (EFCC), on Tuesday, February 14, alleged that “the activities of an amorphous group of so-called civil society organisations,” who recently embarked on street protests, calling for the removal of its Chairman, Abdulrasheed Bawa, were being sponsored by corrupt persons the agency standing trial for fraud and corruption.

  Speaking at a press briefing in Abuja, the Commission’s spokesperson, Wilson Uwujaren, said the activities of the group were aimed at discrediting the EFCC chairman and inciting the public against the Commission.

 He said contrary to their claims that they were motivated by the need to strengthen the fight against corruption, the “group has no interest in the fight against corruption and their allusion to disobedience of court orders by the EFCC chairman is an alibi to manipulate facts around judicial pronouncements and processes to pitch the public against the Commission.”

  “Information available to the Commission indicates that the group is sponsored by persons under investigation by the Commission and has been mobilised and mandated by their paymasters to embarrass the person of the chairman through choreographed street protests across the country until he is removed from office.

  “It is significant that this group found its voice after the EFCC launched an investigation into the mindless looting of the treasury of one of the states. This same group shouted that the Commission lacked the power to investigate the theft of the state’s resources. Their latest dance in the market square came a few hours after family members of a sitting state governor were arraigned at an Abuja court for allegedly stealing the state’s funds.”

 Uwujaren expressed worry that the spectre of rented crowd, rented CSOs, etc. are blights in our social fabric and manifest demonstration of how deep-seated corruption has permeated every sector of our society, appealling to the public to disregard the campaign by this group, saying they do not represent the genuine interest of millions of Nigerians who are desirous of seeing progress in the fight against Corruption.

  On claims that the Commission had been disobeying court orders, Uwujaren reiterated that the EFCC has never and will not take any steps to undermine the judiciary, noting: “As a law-abiding institution, EFCC has conducted all its activities within the ambit of the law. Where judicial decisions were made against it, it has never resorted to self-help, but availed itself of remedies under the law, as it did in the instant case of committal orders of court.”

  Explaining the circumstances around the two committal orders against the EFCC chairman, Uwujaren pointed out that the first order of November 8, 2022 was made in respect of a 2018 judgment, three years before Bawa became chairman of the EFCC, and that as soon as he became aware of the judgment in June last year, he directed the release of the seized assets, a Sport Utility Vehicle to the applicant and activated the process for the release of the sum of N40million to the applicant, in compliance with the court ruling. 

  Hesaid this gesture does not show contempt for the court or the judiciary, which, he noted, Bawa holds in great esteem.

  On the case of the last order by Justice R.O. Ayoola of the Kogi State High Court, Uwujaren explained that the court, in invoking Form 49, failed to take cognizance of a pending appeal of its ruling of November 30, which directed the Commission to produce a fraud suspect, one Ali Bello.

  He added: “It also failed to transmit records of appeal to the Court of Appeal. The Commission believes it was denied fair hearing, as the alleged infringement of the rights of the applicant happened in Abuja, which is outside the jurisdiction of the Kogi High court.

  “As a law-abiding institution, EFCC approached the appellate court for a stay of execution. This is a valid and lawful remedy by law and does not evoke any aura of impunity or disregard for the judiciary.”

  He said it was evident that those claiming that Bawa had a penchant for flouting court orders were simply up to mischief, but assured that the EFCC will not be distracted by this campaign of calumny, “as we believe that this agenda will fail.”

THERE was confusion on Wednesday, February 16, in Ogijo area of Sagamu Local Council of Ogun State, bordering Lagos State, following the killing of a soldier by a Police officer during an altercation.

  It was gathered that the Police officer, who was popularly called Mopol by residents, shot the soldier after the disagreement degenerated, with both security agents threatening to kill each other.

  While the altercation heightened, the policeman was said to have reached out for his pistol and shot the soldier.

  It was further gathered that after the soldier was pronounced dead about 6 pm, his colleagues decided to launch a reprisal attack on Ogijo Police Station, where the mobile Police officer was deployed by the Ogun Police Command, setting it ablaze, along with patrol vehicles and an armoured tank within the area.

  Spokesman of Ogun State Police Command, Abimbola Oyeyemi, while confirming the incident, however, said it happened in the Odongunyan area of Ikorodu in Lagos State, adding that when the soldiers came for a reprisal attack, they attacked Ogijo Police Station and burnt down the station patrol vehicle and armoured personnel carrier.

  He stated: “Though the cause of disagreement between the Police officer and the soldier is still sketchy as I speak with you now. The incident really happened in the Odongunyan area of Ikorodu, in Lagos State and when the soldiers came for reprisal attack, they came to Ogun Police Station, burnt station, armoured personnel carrier and patrol vehicle.

 “The commandant of the barracks at Ikorodu had been contacted and he is looking into the matter.”

DELTA State Governor and vice presidential candidate of the Peoples Democratic Party (PDP) in next week’s presidential election, Dr. Ifeanyi Okowa, has appealed to residents of the state and Nigerians to remain calm in the face of scarcity of new naira notes in the country.

  The governor’s appeal followed protests by some residents of Orhuwhorun community in Udu Local Council, who allegedly torched a bank’s ATM gallery.

  A statement by the Commissioner for Information, Mr. Charles Aniagwu, in Asaba yesterday, the governor called on the people to remain calm, while also appealing to the Central Bank of Nigeria (CBN) and the monetary authorities to take further steps in increasing the quantity in circulation to ease the pains of the public.

  He stated: “We appeal to our brothers and sisters across the state to keep calm in spite of the current travails they are going through as a result of the scarcity of naira notes in the country.

  “As a government, we are not unaware of your sufferings, but we appeal to you to be patient with the monetary authorities as they take steps to improve on the money supply in the country.

  “We are very much aware of your pains and concerns, but burning down a bank that employs our people will not augur well for us as a nation, even as it will not also solve the problem, but will further compound the situation.

  “Once again, we appeal to you all to sheath your swords, while we continue to engage the CBN to ensure more funds are released to the banks in the country.” 

*Presidency Dismisses Reports On Disobeying Ruling, Says FG, CBN Will Act After Supreme Court Judgment

THE Supreme Court has adjourned the suit filed by some state governments challenging the naira redesign policy of the Central Bank of Nigeria (CBN) until Wednesday, February 22 for hearing of the consolidated suits by 10 states.

  Kogi, Kaduna and Zamfara States had earlier last week approached the court, seeking to restrain the CBN from going ahead with the deadline on the use of the old naira notes.

  The apex bank had originally fixed January 31 as deadline for old notes to be in circulation, but extended it in response to pressure from Nigerians.

  But the Supreme Court on Wednesday, February 8, issued an interim injunction restraining the Federal Government from suspending the acceptance of the old naira notes from the new deadline of Friday, February 10.

 In the midst of the ruling, banks and some commercial service providers started rejecting old naira notes, even as the CBN, on Tuesday, February 14, said old naira notes of ₦‎200, ₦‎500, ₦‎1000 notes were no longer legal tender in the country since Friday, February 10, despite the Supreme Court ruling.

  CBN Branch Controller in Bauchi State, Haladu Idris Andaza, while speaking to journalists, stated: “In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes. Be that as it may, there are so many questions here and there which people have been asking about.

  “So, for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the bank (CBN) and deposit which they cannot do at the commercial banks anymore, because the currency has ceased to be a legal tender since the 10th of this month.

  “Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the federation, including FCT, to deposit their money.”

  Meanwhile, the Presidency has dismissed as false, the reports that the Federal Government or the CBN had refused to recognise old N200, N500 and N1, 000 notes as legal tender despite the apex court ruling.

  Recall that the Governor of the CBN, Mr. Godwin Emefiele, at a meeting with diplomats in Abuja on Tuesday, February 14, said the old notes were no longer legal tender from February 10, saying there was no need to extend the deadline.

  Senior Special Assistant to the President on |Media and Publicity,

Mallam Garba Shehu, in a statement on Tuesday night, however, said:

“We wish to state that it is not true that the Federal Government or the 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 (yesterday).”

  With the adjournment of the suit by the Supreme Court, the suspense and confusion about the old naira notes continue, with no respite to Nigerians eager to know the next move from the apex court.