News

‘Decision To Redesign Naira Positive For Economy’ …As EFCC Swoops On BDC Operators

Published

3 years ago

October 28, 2022

Some financial experts have commended the Central Bank of Nigeria (CBN) for its decision to redesign the Naira, saying that it would have positive effect on the economy.
The experts spoke in separate interviews with newsmen in Abuja, yesterday.
They spoke against the backdrop of announcement by the CBN that new designs of the N200, N500 and N1,000 denominations would be produced and circulated on December 15.
According to a financial economist and professor of capital market at the Nasarawa State University, Keffi, Prof. Umhe Uwaleke, the decision would be positive for the economy in the medium to long term.
Uwaleke said the measure would go a long way to ensure that the Naira in circulation outside the banking system were brought into the banking system.
He said the measure would also provide enough liquidity for banks, and more money for the banks to lend.
“The measure does not amount to demonetisation of big currency notes often carried out by central banks to curb black money and corruption.
“But it will go a long way in ensuring that a lot of naira notes circulating outside the banks are crowded in.
“If it leads to large deposits in banks, it means the banks will have more money to lend which may reduce interest rates.
“Perhaps, more importantly, with increased currency in circulation now in the vault of banks, I expect to see improvement in monetary policy transmission,” he said.
Uwaleke said it might also have the effect of reducing speculative attacks on the Naira in the parallel market in the medium term.
“I expect that the Financial Intelligence Unit will be on the lookout for huge deposits as a way of monitoring illegitimate transactions.
“Despite the huge cost involved in changing currency notes, I think it’s time to sanitise the system, especially now that electioneering activities have kicked off,” he said.
He, however, said the deadline of January 31, 2023 was too short, considering the number of Naira denominations involved, urging the CBN to consider extending it.
An economist, Dr Tope Fasua, also said the measure would have significant effect on the economy, adding that it was essentially about “black money.”
He suggested that the CBN should take such measures more frequently.
“When central banks do this, they try to pull in monies people are hiding; illegal money, corruption money, kidnapping money. Nigeria has managed to become a hub for these kinds of illegalities.
“I will even suggest that the CBN does this more often, maybe every 10 years. You will see a scenario where the banks are awash with liquidity.
“There are many people sitting on billions in naira, and even in dollars. The CBN should also see how it can pull in the dollars,” he said.
Fasua advised that the idea of individuals operating personal domiciliary bank accounts should be banned, adding that nobody needed it.
“People are speculating against their own currency in their own country. That is not allowed in any economy.
“They should pull in illegal, black naira and then see how they can pull in illegal dollars. The CBN can control these things through the Deposit Money Banks,” he said.
However, a financial expert, and past President of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, said redesigning the Naira was not the most important problem facing the economy.
Unegbu, said the apex bank should have simply ensured that the scarce lower naira denominations, like N100 and N200 were readily available by printing more.
However, the Economic and Financial Crimes Commission (EFCC) has said it would monitor the redesign of Naira notes by the Central Bank of Nigeria (CBN) to ensure that currency hoarders do not undermine the exercise.
The CBN Governor, Godwin Emefiele, had announced that the apex bank obtained the approval of President Muhammadu Buhari to redesign and issue new N200, N500, and N1000 notes that would come into circulation on December 15, 2022.
Speaking on the development, the Executive Chairman of the EFCC, Abdulrasheed Bawa, in a statement issued, yesterday by the spokesperson of the anti-graft agency, Wilson Uwujaren, described the move by the apex bank as “a well-considered and timely response” to the challenges of currency management which has negatively impacted the country’s monetary policy and security imperatives.
Bawa, however, warned that the EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the bureau de change operators do not undermine the exercise.
He also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.
The EFCC boss added that the objectives which the CBN seeks to achieve with the redesign and reissue of the higher denomination naira notes, were in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalises the conduct of cash transactions above a certain threshold.
“According to Section 2 (1) of the Money Laundering Act 2022: No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding— (a) N5,000,000 or its equivalent, in the case of an individual; or (b) N10,000,000 or its equivalent, in the case of a body corporate,” he noted.
Bawa expressed hope that the new currency measure would further boost Nigerians’ embrace of banking culture and encourage the acceptance of cashless transactions, adding that the anti-graft agency had recently taken operational action against currency hoarders in major commercial cities of Nigeria.
“It is, therefore, pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away,” he said.
Noting that currency hoarders readily made their hoard available to criminal enterprise, the EFCC boss further stated that the commission will spare no effort to bring to book any financial services operator who runs afoul of extant laws and regulations.
Earlier, the Central Bank Governor, Godwin Emefiele, had said that the apex bank would redesign the country’s currency.
Emefiele, who announced this at a press briefing in Abuja, said that the exercise would affect the highest denominations: 200, 500, 1000 notes.
He said that the action was taken in order to take control of the currency in circulation.
According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
Emefiele said that the new notes would be released for public use on December 15, 2022.
He also said that the old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender.
Emefiele said that there have been persisting concerns with the management of current series of banknotes, and currency in circulation, particularly those outside the banking system in the country.
He said, “As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.
“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”
The challenges he said included hoarding of banknotes by members of the public, with statistics showing that over 80percent of currency in circulation was outside the vaults of commercial banks.
He added that the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability as well as, increasing ease and risk of counterfeiting evidenced by several security reports were reasons for redesigning the notes.
He said that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier and that in recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.
The CBN boss noted that although global best practice was for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
He said, “On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.
“In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.
“Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centres from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
“For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
“Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.”
The governor said that his team was mindful of those in rural areas and that facilities would be provided for them where bank accounts could be opened for them or their old notes exchanged for the new ones.
He added that the action would also raise its stake in addressing the challenge of inflation.
Reminded that the current regulation allows only N150, 000 free cash deposit, he said that even if a customer wanted to deposit N1billion, the person would be allowed to do so.
Emefiele assured that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
There had been claims even by top government officials that some unscrupulous members of the society were hoarding large volumes of currency notes in warehouse, farms, septic tanks.
Very dirty and smelly Naira notes have been in circulation, especially since political activities heightened across the country.

News

RSG Moves To Diversify Rivers Economy …As Farmers, Others Laud Ibas Over Implementation Of RAAMP

Published

2 days ago

June 20, 2025

The Tide

The Rivers State Government has restated its readiness to diversify the economy of the state from oil to Agriculture.

This is as farmers and other stakeholders have commended the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (Retd) for approving the implementation of Rural Access and Agricultural Marketing project (RAAMP) in the state.

Permanent Secretary, Rivers State Ministry of Agriculture, Mr Maurice Ogolo, said this during a meeting on implementation of RAAMP in Ikwerre, Eleme and Ogba Egbema Ndoni Local Government Areas.

Ogolo said the programme would create an agricultural industrial hub in the 23 local government areas, and urged the people to embrace the project.

Meanwhile, rural farmers and other stakeholders in the State have lauded Ibas for approving the implementation of RAAMP in the State.

RAAMP is a world bank program with support from the International Development Association ( IDA), the French Development Agency and the Federal Government of Nigeria.

According to a statement made available to newsmen, the programme aims to strengthen the institutional and financial base for sustainable management of state and rural networks, fostering historic development to enhance food security, creating access in rural communities to boost agricultural processes through creation of durable access roads and agro logistics centres/hub.

Tide source confirms that the program has been in operation since 2020 with 19 states benefitting.

The benefitting states are Kano, Katsina, Sokoto, Kebbi and Bauchi.

Other beneficiaries are Plateau, Kwarra, Ondo, Niger, Gombe, Anambra, Cross River, Taraba and Benue states.

The source said that 12 new states including Rivers State recently completed their requirements for inclusion into the RAAMP 3.

Speaking at the stakeholders’ meeting at Isiokpo, Nchia and Omoku, headquarters of Ikwerre, Eleme and Ogba/Egbema/Ndoni local government areas respectively, a cross section of farmers described the programme as timely as it would boost food production as well as create markets for agricultural produce.

At Eleme, HRH Emere J D Nkpe warned against politicising the project.

The people also complained against incessant destruction of crops by herdsmen and called for it to be checked.

Also speaking at Omoku headquarters of Ogba Egbema Ndoni Local Government Area,Eze Allison Dan and Barrister Lola Nwaribe commendation the government for the program but warned against it going the way of other programmes.

For Barrister Nwaribe Women in the area needs assistance to break free from subsistence agriculture

Speaking at the three ocal government areas Ogolo said Rear Admiral Ibok Ete Ibas rtd needs to be commended for approving the implementation of the program in the state.

Ogolo said the program is aims at diversifying Rivers economy from oil to Agriculture.

He said the program will also enable farmers to move from subsistence farming to commercial agriculture, adding that access roads will not only be created to farms but markets will be built for farmers to sell their produce.

He listed other benefits to include creation of employment for the youths and helping small traders to boost sales.

Also speaking the state RAAMP Coordinator,Mr Joshua Kpakol said the “the essence of this project is to provide rural access roads and improve agricultural marketing systems across the 23 Local Government Areas of the state”

Kpakol said the project is divided into three components which are improvement of Rural Access and Trading Infrastructure, Sector Reform,Asset management and Agro logistics performance Enhancement and Institutional Development, Project Management and Risk Mitigation.

He urged farmers and traders to embrace the project as it would go along way in changing their fortunes.

At Ikwerre and Eleme local government areas respectively, the sole administrators of the two councils Hon Isaiah Christian and Dr Gloria Obo Dibiah said the councils will work towards the success of the program.

They commended President Bola Ahmed Tinubu and the Sole Administrator of Rivers state for ensuring that their respective councils benefits from the programme.

John Bibor

News

Defamation: Court Grants Natasha N50m Bail

Published

2 days ago

June 20, 2025

The Tide

The FCT High Court in Abuja, yesterday, granted the suspended Senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, bail in the sum of N50 million and one surety who must be a person of reasonable integrity resident in F.C.T Abuja and owns a landed property within the Abuja Municipal Area Council.

The trial judge, Justice Chizoba Orji, made the declaration in a ruling after taking arguments for and against the bail application from the parties in the suit.

The Attorney General of the Federation, in a three-count criminal charge marked CR/297/25, accused Akpoti-Uduaghan, the sole defendant, of making defamatory statements against the Senate President, Godswill Akpabio, during a live television broadcast.

The charge, which lists Akpabio and the former Kogi State Governor, Yahaya Bello, as nominal complainants, alleged that Akpoti-Uduaghan claimed Bello had conspired with Akpabio to orchestrate her assassination outside Abuja, disguising it as a mob or local attack.

According to the Federal Government, these allegations were made during a live broadcast on Channels Television’s Politics Today on April 3, 2025.

The Federal Government claimed that Akpoti-Uduaghan knowingly or recklessly made these imputations, fully aware that they could harm the reputation of the individuals involved.

The charge alleged that she said, “Let’s ask the Senate President, why in the first instance did he withdraw my security, if not to make me vulnerable to attacks? He then emphasised that I should be killed, but I should be killed in Kogi. What is important to me is to stay alive, because dead men tell no tales. Who is going to get justice for me?”

The charge also cites her statements during the programme as saying, “That you, Senator Natasha Akpoti-Uduaghan, on or about the 3rd day of April 2025, during the same Politics Today programme on Channels Television in Abuja, Federal Capital Territory, made the following imputation concerning Yahaya Adoza Bello, former Governor of Kogi State.

“It was part of the meeting, the discussions that Akpabio had with Yahaya Bello that night, to eliminate me. When he met with him, he then emphasised that I should be killed, but I should be killed in Kogi. You knew or had reason to believe that such imputations would harm the reputation of Yahaya Adoza Bello, former Governor of Kogi State.”

The senator is also accused of making defamatory statements about Akpabio during a telephone conversation with Sandra C. Duru in Abuja on March 27, 2025.

The alleged statement is as follows, “That girl that was killed, what’s her name, umm…. Imoren Iniubong, her organs were actually used for the wife, because the wife was really ill… when they killed the girl, and her organs were used for the wife.”

The Federal Government contends that Senator Akpoti-Uduaghan knew or ought to have known that this claim would harm the reputation of Senator Godswill Akpabio.

Meanwhile, the Senate President, Bello, and four others have been listed as witnesses in the trial.

The arraignment of Akpoti-Uduaghan was initially scheduled for June 3, 2025. However, the strike action of the Judiciary Staff Union of Nigeria stalled the arraignment.

Meanwhile, a similar matter is also lodged before Justice Muhammed Umar, of the Federal High Court in Abuja.

While Senator Akpoti-Uduaghan was slated for arraignment before Justice Umar, she, however, did not appear for the arraignment since the prosecution had not been able to serve her as stated in court.

The prosecution, however, applied for a bench warrant to be issued on the suspended senator, which the court refused.

At the commencement of the hearing, the counsel to the Attorney General of the Federation, David Kaswe, told the Court that the matter is for arraignment of the defendant (Senator Akpoti-Uduaghan).

Natasha was docked, and the three-count read to her. She pleaded not guilty to all the charges.

Akpoti-Uduaghan’s legal team, led by Professor Roland Otaru (SAN), afterwards informed the Court that a bail application filed on May 27 has been submitted to the court.

Kaswe, however, informed the court that the Federal Government is opposing the bail application and called the attention of the judge to a counter-affidavit filed before the court to this effect.

He proceeded to ask the court to remand the Kogi Senator in prison as she poses a flight risk.

He said, “In view of the charge, we will be asking for a remand in a correctional facility.

The defence counsel, however, interjected, stating, “We already filed an application for bail. We are in a court of law for Justice. We have a motion on Notice dated May 27, 2025. You represent the Ministry of Justice, not the Ministry of Injustice.

“If your lordship graciously will, we urge your lordship to grant the bail application. This is a case where your lordship has the discretion to grant bail, and nobody can query it, not even the president can query it. Even on self-recognition because it is not a case of murder.”

Referencing the Administration of Criminal Justice Act, Otaru added that anybody who is charged with a criminal offence shall be presumed innocent until proven guilty. “And she pleaded not guilty. As she is standing there, she is innocent until proven otherwise,” he added.

Justice Chizoba Orji, after listening to both arguments, however, granted Natasha bail in the sum of N50 million, with one surety who must be a person of reasonable integrity resident in F.C.T Abuja and owns a landed property within the Abuja Municipal Area Council.

News

Benin Monarch Receives 119 Stolen Artefacts From Netherlands

Published

3 days ago

June 20, 2025

The Tide

Oba of Benin, Ewuare II, has received 119 stolen artefacts from the Netherlands.

The Oba who disclosed this on Wednesday in Benin, the Edo State capital, said plans by some international cartel to re-loot the artefacts were thwarted after he prayed to God and the ancestors.

He said, “I thank President Bola Tinubu for supporting and committing to the efforts former President Buhari put in place to ensure the artifacts are not re-looted because there were groups in this country believed to be an international cartel that had all sorts of conspiracy to re-loot our artifacts.

“They stole and burnt our Kingdom. They killed my people and tried to kill their spirit and their morale. Today, the boldness, courage, and bravery of the Benin people are still there. Events of 1897 reduced that to a significant level that Sometimes when I see my people, they are afraid of the unknown.

“The return of these objects has reawakened the courage we had in our people. We do not want modern-day politics and partisan politics to diminish the courage of our people.

“The Director General of the National Commission for Museums and Monuments has been doing wonderful work. His predecessor was part of the conspiracy to re-loot our artefacts. We had a running battle in this hall.

“I addressed my Chiefs in Benin language, and I said these artefacts belong to my ancestors, and I will not sit on the ancient throne and watch the artefacts re-looted. They would rather remain where they are than be re-looted. I thank the government of the Netherlands for working with us. This is part of the efforts to reawaken the morale and spirit of my people.

“After 1897, the kingdom was reduced. There was a government in this state that wanted to reduce the kingdom more and scatter it. I am angry when I speak about it. Why would anybody want to scatter the kingdom.

“The youths were courageous like the youths of those days. They were not afraid of anybody. I vowed that it would not happen. Not in my reign. Not while I am sitting on this throne. God heard my prayers. My ancestors heard my prayers. This throne is not partisan, but I should support what is good for my people.

“I urge the youths to be tough and strong in the face of adversity. This is not for anybody else. It is for my ancestors.”

The Benin Monarch further prayed for the return of more artefacts.

The NCMM DG, Olugbile Holloway, said the commission and the Benin Royal Palace were working hard to ensure more artefacts were returned.

Edo State Governor, Monday Okpebholo, who was represented by the Secretary to State Government, Barr. Musa Ikhilor said his administration would continue to build necessary infrastructure to preserve the returned artefacts as well as collaborate with the Federal Government to improve the storage system for the artefacts.

The General Director of the Wereld Museum, Marieke Van Bommel, said, “The artefacts are looted, and we have a policy in the Netherlands to bring them back. We are bringing back 119 artefacts. We don’t have more. These are the collections in the Netherlands. There are more collections in Europe, but that is not up to us. They have been with us for over 100 years.”