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Emefiele Fears Reps’ Arrest Threat, Appears Before House ….Says Banks ‘ll Accept Old Notes After Deadline
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has finally appeared before the House of Representatives which summoned him over the crisis caused by the redesign of some naira notes and the exchange of old naira notes with new ones.
Emefiele yesterday appeared before the ad hoc committee set up by the House to investigate the crisis, which is chaired by Majority Leader, Alhassan Ado-Doguwa.
He told the House of Representatives that commercial banks in the country would still accept old naira notes from customers after the February 10 deadline.
He did not, however, state how long the expired notes would be admitted by the banks.
The Speaker of the House, Femi Gbajabiamila, had accused the CBN governor of breaching Section 20 of the CBN Act which, according to him, mandates commercial banks to accept old notes even after the deadline.
Emefiele, while addressing the ad hoc committee, said he agreed with the lawmakers on Section 20 of the CBN Act.
“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated.
The CBN governor added that, “if you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians”.
Emefiele apologised to the lawmakers for failing to answer the previous summons, which the chairman said was accepted.
He stated that the policy should have been introduced several years ago and that the CBN had only used the opportunity to make the economy more cashless. According to him, Nigerians would soon realise the benefits of the policy.
The chairman of the ad hoc committee, Alhassan Ado-Doguwa, after the hearing that lasted over one hour, called for an executive (closed-door) session with members of the committee.
The Majority Leader and members later proceeded to the chamber where plenary was ongoing.
The report of the committee was laid, considered and adopted by the House.
Recall that the Speaker of the House, Femi Gbajabiamila, was to issue a warrant for Emefiele’s arrest over his repeated failures to answer at least four summons from the House.
The House had shelved its plan to go on break for the presidential and National Assembly elections, which was to commence on Thursday, over the CBN governor’s failure to answer the last summons issued to him by the committee.
Gbajabiamila had threatened to mandate the Inspector-General of Police, Usman Baba, to arrest and force Emefiele’s appearance before the panel, insisting that the deadline breached the provision of Section 20(3) of the CBN Act.
The Speaker partly said, “I have no choice now. On Tuesday (yesterday) when we resume, we will invoke the provisions of Section 89 of the Constitution…The President has been very clear. The President gave the approval based on what he knows and what he has been told.
“We also know the President to be a man of the people. He gave his approval based on what he had been told. But we are saying – what the motion is saying – is that after the President gave his approval, how does the money get to the people? The money is not getting to the people. That is what we sought to clarify and that is exactly what we are going to do.
“So, on Tuesday, this House will follow its procedure – the normal procedure – and invoke the provisions of Section 89 to compel the governor of the CBN and the directors.”
The Deputy Speaker, Ahmed Wase, had also urged the House to allow the leadership to meet with President Muhammadu Buhari and explain the controversial implementation of the policy to him, which the Speaker agreed to.
Though the CBN, on Sunday, extended the deadline on the expiration of the old N1,000, N500 and N200 notes by 10 days – from January 31 to February 10, with the Deposit Money Banks (commercial banks) allowed to accept the notes by seven days more, the House had insisted on Emefiele’s appearance.
Ado-Doguwa, in a statement titled ‘Old Naira Notes: House C’ttee Rejects CBN Extension, Says Position of Law Sacrosanct, Must Be Respected,’ insisted that the apex bank must comply with Sections 20(3), (4) and (5) of the CBN Act.
“Nigeria, as a developing economy and a nascent democracy, must respect the principles of the rule of law. And the House would go ahead to sign the arrest warrant to compel the CBN governor to appear before the ad hoc committee,” the Majority Leader stated.
Emefiele, however, led the leadership of the CBN to appear before the lawmakers yesterday.
Cumulatively, Emefiele has failed to answer summons from the House at least four times within two months.
The House had on December 22, 2022, grilled the Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, over the latest policy by the apex bank which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.
The House had summoned Emefiele but he failed to appear in the two previous appointments with the lawmakers. The CBN had informed the House that Emefiele would not appear before the House in person, rather Ahmad would lead the Committee of Governors before the lawmakers.
Emefiele had also failed to answer two summons from the House’ ad hoc committee to investigate the scarcity of the new naira at the Deposit Money Banks, also known as commercial banks, leading to tension over the January 31 deadline set by the CBN for the exchange of the old notes with the newly designed ones.
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.