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N5,000 Note: Mixed Reactions Trail CBN Decision

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The Central Bank of Nigeria’s decision to introduce into
circulation a single N5,000 currency note by early 2013, has generated mixed
reactions from financial experts across the state, who see the move as a
contradiction of much publicised cashless policy.

Speaking in an interview with The Tide in Port Harcourt last
Friday, the former Head of Department, Banking and Finance and Senior Lecturer,
University of Port Harcourt, Dr Prince Nwakanma said the pronouncement by CBN
last week is  a contradiction of the
cashless policy which the apex bank is yet to fully enforce.

Dr Nwakanma said cashless policy encourages lower
denomination in circulation, wondering why the N5,000 note should be introduced
now when naira has lost considerable value.

‘What CBN should be thinking is how to raise the value of
naira like other countries”, he said, noting that, there is no wisdom in that
introduction, which definitely will fuel inflation with adverse effects on our
economy.

He stated that by the policy, CBN only aims to reduce the
cost of printing the naira.

The General Manager, Hencon Group of Companies, Mr Silas
Igwe in his opinion, aligned with Dr Nwakanma, adding that the cashless policy
will reduce inflation, armed robbery and indiscipline on the part of leaders
who lack accountability and probity.

Igwe, a fellow of the Institute of Chartered Accountants of
Nigeria (ICAN) warned that the reference made by CBN to USA and other developed
countries’ economies  is a clear evidence
that  ‘we are treading on a dangerous
ground, adding that “ for every monetary policy there is an effect on the
economy.

He noted that the re-introduction of the coin amounts to
policy inconsistency on the part of CBN, which according to him, had
de-emphasised the policy, saying  I think
there is confusion in the  system”.

In a related development, the Project Director, BroadBase
Engineering Services Limited, Mr Temple Nwichi has said the policy is a conduit
through which the political elite plans to siphon the Nigerian economy and
pocket the entire money in circulation, using a very small bag”.

Nwichi, also a financial expert noted that aside
contradicting the cashless policy, CBN should know that conversion of currency
notes to coin is  a sure way of
eliminating them from circulation”.

He called on CBN to withdraw the N1,000 note in circulation
and go back to what the former CBN Governor, Chukwuma Soludo planned to do to
strengthen Nigerian currency, adding that those listed for immortalisation
should be honoured through other means.

But on the contrary, the Special Adviser to the Rivers State
Governor on Special Projects, Mr Austine Nwakoh expressed  satisfaction with the introduction of the
N5,000 note, adding that most developed countries even have higher currency
denominations which are also in circulation.

Nwakoh stressed the need for CBN to enforce the use of coins
by Nigerians, pointing out that the  use
of  coins has a multiplier effect on the
economy.

Meanwhile, Nigeria‘s foremost opposition party, Action Congress
of Nigeria(ACN) has asked the Central Bank of Nigeria (CBN) to have a rethink
on its intention to introduce the N5,000 note as the highest denominated legal
tender in Nigeria by year 2013, stressing that its demerits far outweigh the
merit.

In a statement issued in Lagos, yesterday, by its National
Publicity Secretary, Alhaji Lai Mohammed, the party warned that though the
introduction of this new high denomination may serve the dual purpose of
raising revenue for government on the one hand and reduce the cost of
transactions on the other hand, the unintended consequences and collateral
damage of introducing the N5,000 may far outweigh the benefits of the new
measure .

According to the party, there is a strong historical
evidence that the introduction of higher and higher face value currency notes
in an economy often signifies a regime of increased and sustained fiscal
deficit financing.

The party said the issuance of such high value currency
notes is likely to be perceived as an indication of government’s failure to
effectively control inflation.

The party stated that the issuance of the N5,000 currency
note runs counter to the recent policy of the Central Bank of Nigeria to
promote a “cashless” economy by encouraging the increased use of non-cash transaction
instruments.

“This policy which is aimed at reducing the use of cash had
been justified by the need to reduce the burden of the cost of printing and
distributing currency notes. The introduction of a high face value currency
note actually does the opposite because by reducing the unit cost of printing
and transportation, it actually would promote the use of cash.

He further stated that the issuance of the new N5,000
currency note also runs counter to the government’s often repeated commitment
to fight corruption. It is widely recognised that large scale corruption tends
to be facilitated by the ease with which unrecorded and large cash transactions
can be made,” the party stressed.

The party, said, the introduction of the denomination would
lead to increased illegal/criminal, drug related and terrorist activities, as
well as money laundering. “The ease with which the new N5,000 currency notes
can be transported will make it an ideal instrument for the facilitation of
these undesirable activities,” the party said adding that the close
relationship between inflation and the issuance of high value currency notes is
perhaps best illustrated with real life experiences of a number of countries
including Argentina, Bolivia, Peru, Poland, Angola, Zaire/DRC and Zimbabwe, and
called for policy reversal.

However, some politicians have advised the Central Bank of
Nigeria (CBN) to do a thorough cost and effect analysis of the planned
introduction of the N5,000 note early next year on the economy.

The politicians, who spoke in separate interviews with
newsmen in Lagos yesterday, also urged the apex bank to carry Nigerians along
in the processes leading to the implementation of the policy.

Our correspondent recalls that the CBN Governor, Sanusi
Lamido Sanusi last Thursday announced the planned introduction of the N5,000
note and the conversion of N5, N10, N20 and N50 notes to coins.

Sanusi said that new currency would be introduced early next
year under the CBN’s currency re-design programme tagged ‘Project Cure.’

Similarly, a chieftain of the Congress for Progressive
Change (CPC), Mr Denis Aghanya,  also
urged the CBN to educate the people for better understanding of the advantages
of introducing the N5,000 note.

“There is need for CBN to educate Nigerians for them to know
that the introduction of the N5,000 note is in order because we need to reduce
the volume of cash in circulation and possibly imbibe the cashless economy.’’

He, however, said that the conversion of the lowest
denominations to coins would not work because Nigerians would abuse it and melt
it into aluminium products.

The Secretary of the Campaign for Constitutionalism and
Human Rights (CCHR), Mr Toyin Raheem,  an
NGO, also said that government needed to enlighten the people before
introducing a new denomination.

According to him, the introduction of a higher naira
denomination always brings about unanticipated challenges.

“The government needs to assure us that this new N5,000 note
will not cause inflation because we believe that this is the genesis of
inflationary trend,’’ he said.

He expressed doubts that the introduction of coins would go
down with majority of Nigerians, noting the fate of the existing ones.

However, the National Publicity Secretary of the Advanced
Congress of Democrats (ACD), Dr Breakforth Abraham said he was not in support
of the introduction of the new denomination.

“The N5,000 note will do Nigerians bad than good as it will
devalue our currency and fuel inflation.’’

He argued that the CBN had not deemed it fit to enforce the
usage of the existing coins, the hence the conversion of smaller notes to coins
would not work.

The Deputy National Chairman of the Alliance for Democracy
(AD), Alhaji Musa Umar,  also flayed the
introduction of N 5,000 note.

“The proposed introduction of N5,000 note is a surrender
move by the CBN to the inflationary assault on the economy.

“This is an indication that we are losing the economic
battle and mega inflation is foreseeable,’’ he said.

Umar advised that the economy be diversified to return peace
and stability to the polity so as to pave way for foreign direct investments.

“The case of Zimbawe really depicts more graphically how
rapidly things can get out of control on the introduction of high value
denomination currency notes. On the 5th of May, 2007, Zimbabwe issued currency
notes with face values of Z$100million and Z$250 million. On 15 May 2007 a new
bank note of Z$500million was issued, followed by the issue on 20th May 2007 of
currency notes in denominations of Z$5billion, Z$25 billion, and Z$50 billion.
Finally, on 21 July 2007, bank notes with a face value of Z$100 billion were
issued.

“Eventually, Zimbabwe abandoned its own currency and
legalised the use of only foreign currencies. Curiously enough already in
certain places in Nigeria today the American dollar is the accepted legal
tender. In conclusion the party warned that the introduction of the five
thousand Naira currency note may be a step in the wrong direction, and down a
slippery slope towards hyper -inflation and that it is time to abandon failed
inflation-control policies and inadequately thought- through experiments,” the
party recalled.

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Rivers DPOs Receive Awards For Outstanding Performance In Crime Prevention …As Students, Media Group Honour CSP Worgu, CSP Yusuf

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Two Divisional Police Officers (DPOs) in Rivers State have been honoured by separate groups for their contributions to security, crime prevention and improved community-police relations in their respective areas of responsibility.

The beneficiaries are the DPO of Afam Police Division, CSP  Endurance Worgu and his counterpart at Oyigbo Police Division, CSP Bello Yusuf.

CSP Worgu was honoured by a group of students under the aegis of Rivers State Graduate Students Associations for what they described as his commitment and outstanding performance in the discharge of his duties.

The students, led by  Chidi John Enyie, Esq. said CSP Worgu was selected based on his track record and status as one of the longest-serving young DPOs of Rivers State origin.

According to the group, CSP Worgu has made significant contributions to the protection of lives and property in the area since assuming office following the #EndSARS period.

The students said they were particularly impressed by the improvement in community-police relations under his leadership, noting that professionalism had remained a key feature of his service.

Enyie represented by Comrade Briggs Soku, said the students community was pleased to identify with a Rivers indigene who had distinguished himself in the police force.

He said the students considered it necessary to encourage and celebrate CSP Worgu because of his achievements as a young Rivers man excelling in a profession that many people from the state were often reluctant to join.

Receiving the award at his office in Afam, CSP Worgu expressed gratitude to God and the students for finding him worthy of the honour.

The DPO said the recognition had boosted his morale and encouraged him to sustain his efforts towards maintaining peace and security in the area.

He said he least expected the honour, particularly because it came from the students, adding that the recognition would further motivate him to serve the people better.

CSP Worgu assured residents of Afam that the police would sustain the existing peace in the area.

He appealed to members of the public to support the police by providing credible and timely information, stressing that useful information from residents would make the job of security personnel easier.

Meanwhile, the Ikwerre/Etche Media Association has also honoured the DPO of Oyigbo Police Division, CSP Bello Yusuf, for his efforts in tackling criminal activities in the area.

The media group presented the award following the swift tracking and arrest of five suspected kidnappers who had allegedly terrorised residents of the Kom-Kom axis and other parts of Oyigbo.

The group commended CSP Bello for what it described as his determined efforts to restore confidence and security in the affected communities, particularly Kom-Kom and Obeama.

According to the group, the arrest of the suspects demonstrated the DPO’s commitment to tackling criminality and safeguarding residents.

The media association said residents had received the development with relief, noting that the police action had sent a strong message to criminal elements operating in the area.

Responding, CSP Yusuf appreciated the group for the recognition and reaffirmed that there would be no room for criminality in Oyigbo.

He also commended the media for its role in disseminating credible information to the public, saying the media had remained supportive of the police in the fight against crime.

CSP Yusuf warned criminal elements operating in Oyigbo to leave the area or be prepared to face the full weight of the law.

He assured residents that the police would continue to pursue criminals and work to dismantle their hideouts, regardless of where they might be operating.

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College Of Bishops Endorses Tinubu, APC Candidates  For 2027 Polls

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The 5000 Achievers Christian Forum and Colleges of Bishops, Archbishops and Apostles, a Christian interdenominational organisation, has endorsed President Bola Ahmed Tinubu and all candidates of the All Progressives Congress (APC) in Rivers State for the 2027 general elections.

International President of the forum, Archbishop Lucky Aroh, disclosed this during the ordination and consecration of three new Bishops, as well as an award ceremony held in Port Harcourt.

Aroh said the performance of the APC-led Federal Government had endeared the party to the organisation, prompting the forum to declare its support for President Tinubu and other APC candidates in Rivers State.

He said the forum would support all APC candidates in the state during the 2027 elections and urged Nigerians to vote for the party.

Aroh, who is also the General Overseer of Caring Peoples Church, Port Harcourt, charged the newly consecrated Bishops to see their new positions as a great responsibility and dedicate themselves to the advancement of the kingdom of God.

He cautioned them against conduct capable of bringing their offices into disrepute, stressing that their activities would be closely watched by members of the public.

“As Bishops, the eyes of the public are on your activities. You must therefore conduct yourselves in a manner worthy of your calling,” he said.

Also speaking, the International Coordinator of the forum, Bishop Saint Robinson, urged the newly consecrated Bishops to work diligently towards winning souls for the kingdom of God.

Robinson, who was the guest speaker at the event, stressed that the activities of Bishops must at all times be guided by godly principles.

He also called on members of the church to support and cooperate with the newly consecrated Bishops in the discharge of their responsibilities.

The Secretary of the College, Apostle Elizabeth Ayadi Abaye, said the organisation was established to advance the kingdom of God and promote spiritual development.

According to her, the forum has organised several crusades, conferences, prayer meetings, ordinations, consecrations, enthronements, empowerment programmes and other spiritual development activities across the country as part of efforts to win souls for Christ.

Abaye said the organisation has members across the world and disclosed that more programmes had been scheduled to promote the spiritual development and wellbeing of humanity.

The three Bishops consecrated at the ceremony were Prince Alban Chike, Testimony Omenihu Shedrach and Prince Ifemena.

Among those honoured at the event were the Chairman of the Community Development Committee (CDC), Abali Community, Port Harcourt City Local Government Area, Manuchimso Prince Lemmy Wopara, and Clifford Oko Jaja, Coordinator of the 5,000 House-to-House for President Tinubu.

By: John Bibor

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Police Arrest Fake Soldier, Others For Armed Robbery, Kidnapping

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The Rivers State Police Command has arrested a 49-year-old suspected fake soldier, Andrew Atausi, and several other suspects in connection with various criminal activities, including kidnapping, armed robbery, cultism, one-chance robbery and the alleged murder of police officers.

The State Commissioner of Police, CP Olugbenga Adepoju, disclosed this in Port Harcourt, recently during a press briefing at the Command Headquarters, where he said the arrests formed part of the operational achievements recorded by the Command between June and August 2026.

Adepoju said Atausi was arrested on August 10 by police operatives along Ada George, Port Harcourt, while dressed in military uniform and driving a Toyota Hilux painted in Army colours.

The Commissioner said investigation revealed that Atausi was not a member of the Armed Forces, adding that he was suspected to be a serial car snatcher, with three suspected stolen vehicles recovered from him.

He said the recovered vehicles included three Toyota Hilux vehicles without registration numbers and a Toyota Corona Premio with registration number BNY 380 ES, noting that the chassis and engine numbers of the vehicles had allegedly been tampered with.

Adepoju added that an axe and military accoutrements were also recovered from Atausi, as investigation continued into the circumstances surrounding the vehicles and other items recovered from him.

On the June 29 attack on police officers at Aluu Division, the Commissioner said three members of the gang allegedly responsible for the incident had been arrested by operatives of the Violent Crime Response Unit, VCRU-AKU.

The suspects, identified as Maduabuchi Emeka, 34, alleged gang leader; Doctor Chinedu Owhor, 42, and Kamachi Joe, 28, alleged armourer, reportedly led operatives to their hideout at Omagwa where two AK-47 rifles stolen during the attack were recovered.

Adepoju recalled that two police officers were killed during the Aluu attack, while others were wounded and one officer had his leg amputated, stressing that efforts were ongoing to apprehend the fourth suspect.

On kidnapping, the Commissioner said five members of a suspected kidnapping syndicate were arrested in Oyigbo Local Government Area, adding that they allegedly confessed to operations in Kom-Kom, Railway, Obeama and Afam communities.

He said two other suspects from the same network, Anele Ogbogu, 35, alleged to be the gang’s armourer, and Kenneth Eke, 38, were arrested on July 27, with one AK-47 rifle and one SMG rifle recovered.

The Commissioner further disclosed the arrest of suspects in connection with alleged firearm offences, armed robbery, cultism and one-chance robbery, with firearms, ammunition and other exhibits recovered during the operations.

Adepoju assured residents that the Command would sustain intelligence-led, proactive and community-oriented policing in collaboration with other security agencies, while urging members of the public to continue providing credible information that would assist the police in combating crime across Rivers State.

By; King Onunwor

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