Presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu has expressed sympathy for petty traders and those dealing in perishable goods that are worst affected by the current Federal Government cashless policy. Tinubu, who spoke today, February 17 at a town hall meeting with market leaders from around the country in Abuja, said confessed that he was fed and trained by his late mother with money from trading and that he could identify with the pains and gains of traders. He cited the example of a carrot seller he observed while on a recent campaign trip to Gombe, who was standing under the sun tending to his wares with no one to patronize him “because there was no currency.” The APC presidential candidate called on the traders to remain resolute and not allow difficulties arising from the naira swap exercise to overwhelm them. He promised that if elected, his government would provide low interest loans for traders and address their concerns in other areas of their businesses. He stressed that he knows where the shoe is pinching them, saying: “this man is from the market and is from the city.” Representatives of market leaders who addressed the participants spoke glowingly of the APC candidate who they described as one of them. They promised to mobilize for the victory of Tinubu who, they said, is the best candidate on the ballot. Tinubu was joined at the event by Governors Muhammad Badaru Abubakar (Jigawa) and Abubakar Sani Bello (Niger), Secretary of the APC Presidential Campaign Council, Hon. James Faleke, among other chieftains of the party
The Chief of Staff to Kogi State Governor, Abdulkareem Muhammad Jamiu Asuku has picked his Expression of Intent and Nomination Forms ahead of the April 10th gubernatorial primary election of the ruling All Progressives Congress ( APC) He picked the forms today, February 17, at the APC’s national secretariat in Abuja and was accompanied by government appointees, some House of Assembly members, family, friends and supporters. Speaking to newsmen in Abuja shortly after he picked the forms, Asuku appraised his boss, Governor Yahaya Bello for the opportunities and support, and thanked the people of Kogi State for their support for the administration. Asuku who described Governor Yahaya Bello as his mentor, assured of his continued loyalty to his leadership and the people of the state. He called the electorates to continue in their support for the APC and vote overwhelmingly for the party in the forthcoming general election.
The Central Bank of Nigeria (CBN) has described news trending that it directed commercial banks in the country to start accepting old N500 and N1,000 from customers as fake. In a statement today, February 17 by the Director of Corporate Communications, Osita Nwanisobi, the apex Bank said that no such directive was issued. “Attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes. “For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.” The apex Bank asked members of the public to disregard any message and/or information not formally released by the Bank on this subject. The statement advised media practitioners are to verify any information from the correct sources before publication.
The Inspector General of Police (IGP), Usman Alkali Baba, has given details about how310,973 personnel in the Force will be deployed, along with other security formations, to guard 176,846 polling units in 8,809 wards of the 36 states of the federation and the Federal Capital Territory (FCT0 in the nation’s general elections, beginning with Presidential and National Assembly poll next week Saturday, February 25.
The IGP, who spoke to news men today, February 16 in the series of ministerial media briefing at the Presidential villa, Abuja, said that a total of 404,106 personnel from various security agencies would be deployed for the conduct of the general elections.
“From INEC records, there exist 176,846 polling units in 8,809 wards of the 36 states of the federation and FCT, where the elections will be conducted.
“The Nigeria Police, with the support of other security agencies, has perfected plans to deploy, in a coordinated and collaborative manner, to cover all these locations.
“The deployment will cover the National Collation Center in Abuja, as well as other collation centres across states of the Federation, the FCT and the 774 local areas of the Federation.
“In view of the above, Nigeria police will deploy 310,973 personnel for the elections security operations. This will comprise of the conventional policemen, the mobile policemen, the special counterterrorism unit, the special forces, the intelligence response team and other sections of the police.
“The manpower requirement for this exercise will be complemented by the military and other security agencies.
“In this regard, aside from the military and the DSS, other security agencies will contribute a total of 93,495 personnel for the election security operations. These include the Nigerian Security and Civil Defence Corps, which will deploy, through the Police, 151,000 personnel; the Federal Road Safety Corps, 21,000; Nigerian Correctional Service 11,336; the National Drug Law Enforcement Agency, 9,447; Economic and Financial Crimes Commission, 350, totalling 404,106 to police the elections.
“With this layout, a minimum of at least two personnel, drawn from the above agencies, will be jointly deployed to man each of the polling units across the country while the armed personnel will secure the public space, INEC facilities, vulnerable locations, border areas, as well as undertake armed escort duties for INEC personnel, materials and local and international observers.
“We also expect the military to complement this situation by providing armed protection to critical national assets, ensure that the enforcement of movements is curtailed through the blocking of exit points and entry points to various states, local governments and so forth.”
The IGP, who listed some threats against the conduct of the elections including fuel scarcity and cash squeeze, assured that the situation with both would stabilise before the commencement of the exercise.
“We are very sure the situation of cash and petrol will stabilize before the conduct of the election.”
The police boss said that an intelligence unit has been put in place to track and apprehend those who might engage in vote buying and others who might want to disrupt the exercise.
“As part of efforts to address the menace of votes selling and buying, a special intelligence unit of the force has been constituted to clandestinely monitor the trend and work with EFCC, ICPC and INEC in identifying the network that may be involved in this illegality and apprehend them where possible.
“In addition, the unique technical intelligence assets of the force are also being deployed towards identifying adverse elements that may be planning to disrupt the process.”
The Governor of River State, Nyesom Wike has said that Asiwaju Bola Ahmed Tinubu, the All Progressives Congress (APC) Presidential candidate, has the character and courage needed for Nigeria. Wike said that he owes nobody apology for making the declarative endorsement while wishing Tinubu luck in his presidential bid. He spoke when he received Tinubu at the Government House, Port Harcourt, shortly after the APC candidate’s campaign rally yesterday, February 15. “I have no apology to anybody to say nobody born of a woman can intimidate me. You have never changed party one day. That tells of your character and courage and that is what we require in this country.” Governor Wike, however, advised Tinubu not to encourage further funding on the APC governorship candidate in Rivers State Tonye Cole, saying that he has no chance against Siminaliayi Fubura, who is the candidate of the Peoples Democratic Party (PDP). Wike acknowledged that Tinubu, a former Lagos Governor has never changed political party and holds firm to what he believes in, saying that he copied some of his (Wike’s) governorship policies that have brought him praise, particularly quality welfare for judicial officers, from the policies of Tunubu when he was Lagos Governor. “Let me advice you, don’t spend any more money on your governorship candidate here (Rivers), because he doesn’t stand the chance of winning.” Wike Berated the PDP presidential candidate, Atiku Abubakar, for lacking character in switching political parties and not being a promise keeper in the agreement to let party chairmanship go to South after he won the party ticket.
The Finnish Government has reportedly given Simon Ekpa 48 hours to reverse all his pronouncements amounting to international terrorism against Nigeria or be arrested and charged with international terrorism. A statement today, February 16, signed by Sanna Mirella Marin for Prime Minister of Finland, warmed Ekpa to desist from such nefarious activities which are capable of disturbing the peace and causing bloodshed. The Finnish Government expressed worry over his imposition of sit-at-homes on days slated for democratic elections in Nigeria. “Following complaints by Nigerians in Finland and the Nigerian Government about your various pronouncements, using social media outlets, to impose sit-at-homes in Nigeria, you are hereby warned to desist from such nefarious activities which are capable of disturbing the peace and causing bloodshed. “More worrying to the Finnish Government is your imposition of sit-at-homes on days slated for democratic elections in Nigeria. This is an act of international terrorism. You are hereby directed to call off your planned sit-at-homes by pronouncing through the same media outlets, you used for your illegal pronouncements, a reversal of your sit-at-home orders. “Mr Simon Ikpa, you have 48 hours to reverse course or you will be arrested and charged with international terrorism. This is an act of international terrorism. You are hereby directed to call off your planned sit-at-homes by pronouncing through the same media outlets, you used for your illegal pronouncements, a reversal of your sit-at-home orders. “Mr Simon Ikpa, you have 48 hours to reverse course or you will be arrested and charged with international terrorism,” the statement read. The Prime Minister also directed his Attorney General, Raija Toiviainen, to ensure that his directive is immediately carried out.
President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to continue to accept the old N200 note as legal tender up to April 10 this year while old N500 and N1,000 notes can be redeemed henceforth, only at the CBN designated points.
In a nation-wide broadcast this morning, February 16, the President said that the shift in the implementation of the new monetary policy is meant to further ease the supply pressures, particularly to Nigerians.
“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.”
President Buhari said that in line with Section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes remain redeemable at the CBN and designated points.
“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.”
Buhari assured Nigerians that his government would continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened.
He said that the CBN would also ensure that new notes become more available and accessible to the citizens through the banks.
Full text of the Presidential broadcast is reproduced here:
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.
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.
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.
In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
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.
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.
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:
The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.
The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
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
Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
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.
This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
A strengthening of our macro economic parameters;
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;
Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
Exchange Rate stability;
Availability of Easy Loans and lowering of interest rates; and
Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.
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.
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.
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.
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.
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.
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.
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.
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.
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.
I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
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.
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.
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.
I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
Nigerian Content Development and Monitoring Board (NCDMB), has signed a memorandum of understanding (MoU) with the Technical Secretary of the National Content Monitoring Committee of Senegal (ST-CNSCL), on regional collaboration to deepen local content.
The Senegalese National Content Monitoring Committee is an agency that is responsible for the coordination and supervision of the development and implementation of the local content strategies in the Senegalese oil and gas sector.
Under the terms of the MoU, NCDMB will offer ST-CNSCL strategic advice and guidance in the areas of laws, frameworks, knowledge exchange, procedures for baseline study, data collection on capacities that exist in Senegal, design of strategic plan for local content implementation in Senegal and other capacity development initiatives.
The Executive Secretary of the NCDMB, Engr. Simbi Kesiye Wabote, while signing the MoU at the opening of the 7th SAIPEC Sub-Saharan Africa International Petroleum Exhibition and Conference in Lagos on Tuesday, proposed strategies that would break down barriers and promote cross-border collaboration amongst governments and businesses.
He stressed the need the need for peer review mechanisms, and sharing of experiences and ideas on industry sustainability and growth.
Wabote drew the attention of sub-Saharan Africa’s Ministers of Petroleum to the relatively high crude oil price levels and upswing potentials experienced from 2021 to date and the geo-political dynamics at play, highlighting the challenge for African oil and gas service providers “to partake in the development and maintenance of oil fields,” which could be best facilitated through a deliberate action plan.
In his paper entitled: “Sub-Saharan Africa Local Content Collaboration Strategies,” the Executive Secretary said the action plan under consideration centres on legal framework, funding, infrastructure, human capacity development, and research and development. He equally highlighted initiatives and grounds covered by the Nigerian Government through the NCDMB in local content development and how other African oil producers could benefit from these.
A legal framework, as he pointed out, is an enabling legal or regulatory framework, a basic requirement “to drive and develop local content sustainability.” That would be the critical instrument “to forge a collaborative Africa local content strategy.” That requirement, he observed, has been taken care of by the African Continental Free Trade Agreement (AfCFTA), which he noted “created the world’s largest free trade area by integrating 1.3 billion people across 54 African countries, with the objective of tapping into a combined Gross Domestic Product (GDP) of over $3 trillion.”
In the area of infrastructure, he cited Dangote Integrated Refinery and Petrochemical Company, with an installed capacity of 650,000 barrels per stream day (bpsd), which he noted would “afford Nigeria and other African countries the partnership opportunities for sourcing petroleum products and fertilizer.” Other critical infrastructure cited were Lekki Free Trade Zone, SHI-MCI FPSO Fabrication/Integration Yard, Lagos, West African Gas Pipeline Project, the ongoing AKK gas transmission pipeline, and NCDMB’s seven Nigerian Oil and Gas Parks (NOGAPS), two of which are due for commissioning in 2023.
The occasion provided an opportunity for the Executive Secretary to invite business organizations from the sub-Saharan region interested in the manufacture of equipment, components and spares relevant to oil and gas operations to apply for spaces in the industrial parks at Emeyal II in Bayelsa State, and Odukpani, Cross River State.
With regards to funding, he expressed satisfaction for progress made towards establishing an Africa Energy Bank to address financing challenges of Africa’s oil and gas projects in an era of declining investments in fossil fuels.
For human capacity development, the NCDMB boss noted its importance “to the successful implementation of local content as every intervention will be powered by humans – either through intellect, skill set or both.” Research and Development is similarly pivotal to successful implementation of local content.
Engr Simbi was profusely thankful to the Petroleum Technology Association of Nigeria (PETAN) for “graciously hosting and dutifully organizing this auspicious event year after year.” In his concluding remarks he expressed the hope that the Association would look into “how to develop and showcase indigenous technology at SAIPEC.”
Lawyer to the Kaduna, Kogi and Zamfara State governments on the old naira notes which the Supreme Court ruled that it should continue to be legal tend, Abdulkareem Mustapha has described the action of the Central Bank of Nigeria (CBN) defying such ruling, as executive lawlessness.
“The (Supreme) Court’s order has been flouted by the government. We are talking of executive lawlessness here. We have filed an affidavit to that effect… We want the court to renew the order for parties to be properly guided.”
Speaking today, February 15, during the proceeding, lawyer Mustapha said that the Federal Government and its agencies have allegedly directed the rejection of the old notes thereby failing to comply with the 8 February court order, Punch reports.
He said that the plaintiff filed a notice of non-compliance with the order of the court order made on 8 February.
“The order has been flouted by the government. We are talking of executive lawlessness here. We have filed an affidavit to that effect… We want the court to renew the order for parties to be properly guided,” he said.
Responding, Justice Okoro asked Mustapha to file a proper application and put forward his complaints, which according to him, would enable the respondent to respond appropriately.
Justice Okoro said that there was no need for a renewal of the court’s order since the order made by the court on 8 February was made pending the determination of the motion for injunctions filed by the plaintiff.
He maintained that the order still subsists since the motion was not yet heard.
In a unanimous ruling, a seven-man panel of the Supreme Court had last week Wednesday, granted an interim injunction restraining the Federal Government of Nigeria from implementing the Central Bank of Nigeria’s 10 February deadline for the swapping of the old naira notes with the new ones.
The judgment followed a motion ex-parte on behalf of three northern states Kaduna, Kogi and Zamfara, who on 3 February filed a suit seeking to halt the implementation of the CBN’s policy.
The Supreme Court, today, February 15, adjourned hearing in the suit banning the use of the old naira to next week Wednesday, 22 February 2023. This is coming after nine governors joined the suit initially filed by Kogi, Kaduna and Zamfara states.
The States are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto, bringing the new total of plaintiffs to ten. On the other hand, Edo and Bayelsa have filed to be joined as respondents.
The seven-man panel led by Justice John Okoro ordered them to amend their processes to be heard as one.
Four persons, including a nursing mother, were reported to have died in Benin, the Edo State capital, in protest by angry residents around the Central Bank of Nigeria (CBN), over the scarcity of naira notes.
It was reported that two persons were killed on the Akpakpava road where the CBN office is located, one at Sakpoba road, while the nursing mother was killed by stray bullet while waiting at the ATM spot to withdraw cash.
Report had it that angry residents had today, February 15, besieged the CBN to swap old notes, following its rejection by banks, fuel stations and market women.
Trouble started when an unmarked Toyota Hilux which the protesters believed was from the government office, coming to the CBN to collect new cash wanted to enter the bank
This was said to have angered the customers, who rejected and started throwing stones at the vehicle before security agents brought the situation under control.
The protest snowballed into crisis when other protesters from Mission road and Sakpoba road started attacking the CBN by throwing stones and other objects with the attempt to break in.
One of the protesters who gave his name as Abraham, alleged that government officials wanted to collect new notes from the CBN, hence the people had to stop them.
He said the police responded by firing tear gas and bullets in the air and in the process three people were killed.
The angry protesters later moved into the town attacking and vandalizing banks offices across the state.
It was gathered that UBA, First Bank, Keystone, Access bank, Unity banks, Polaris banks had their ATMs vandalised.
Following the development, banks across the state hurriedly closed down so hoodlums.
Another protester, Godwin Osemwingie, told Daily Trust that he saw three corpses on the ground while others sustained injuries.
“The problem right now is that I went to the bank to deposit my old naira notes, they said they are not accepting it and even the bus drivers are also rejecting it,” he said.
On his part, Osasere Enadaghe, said he went to Bureau D’ Change (BDC) to exchange 50 euro currency for naira and was given old naira notes of N30,000, but when he got to where he intended buying some items, the sellers rejected it.
“What I see in this place now is very peculiar to us. We are passing through a difficult time. We don’t know where we are going or where we are coming from.”
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Presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu has expressed sympathy for petty traders and those dealing in perishable goods that are worst affected by the current Federal Government cashless policy.
Nigerian Content Development and Monitoring Board (NCDMB), has signed a memorandum of understanding (MoU) with the Technical Secretary of the National Content Monitoring Committee of Senegal (ST-CNSCL), on regional collaboration to deepen local content.
