My Blog

Category: Governance

  • Old naira notes remain valid indefinitely – CBN

    Old naira notes remain valid indefinitely – CBN

    The Central Bank of Nigeria has clarified that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely, refuting claims that the notes would cease to be legal tender by December 31, 2024.

    In a statement released on Thursday by The acting Director of Corporate Communications, Sidi Hakama, the CBN emphasised that such reports are false and intended to disrupt the nation’s payment system.

    The statement read, “The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.

    “For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.”

    The CBN reaffirmed its commitment to ensuring that all Nigerian banknotes, including both the old and redesigned series, remain in circulation.

    “Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks remains in force,” the apex bank noted in its statement.

    The bank reminded the public that the Supreme Court’s order for the continued use of old naira notes alongside the redesigned versions is still in effect.

    “Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.

    The CBN urged Nigerians to disregard any suggestions that the old series of banknotes will cease to be valid from the end of 2024.

    It also called on citizens to continue using both old and redesigned naira notes for transactions and advised them to handle the notes with care to preserve their quality and lifespan.

    The CBN further encouraged the public to embrace alternative payment channels to ease the demand for physical cash.

    ReplyForwardAdd reaction
  • Minister Clarifies NDDC’s Status Amid Ministry Changes

    Minister Clarifies NDDC’s Status Amid Ministry Changes

    Minister of Regional Development, Abubakar Momoh, has confirmed that the Niger Delta Development Commission (NDDC) continues to operate, despite rumours suggesting its dissolution. 

    These rumors surfaced following President Bola Tinubu’s decision to create the Ministry of Regional Development, a move that involved the restructuring of several government departments.

    Recent changes led to the closure of the Ministry of Sports Development and the Ministry of Niger Delta. Abubakar Momoh, previously the Minister of Niger Delta Affairs, now leads the new Ministry of Regional Development. 

    This expanded ministry is responsible for overseeing the NDDC, the North East Development Commission (NEDC), and the South East Development Commission (SEDC).

    The NDDC remains fully functional within the Ministry of Regional Development, which aims to coordinate the efforts of various regional development agencies.

     This reorganization is intended to provide a unified structure without altering the NDDC’s ongoing role in the Niger Delta. 

    Momoh assured the region’s residents that the changes are administrative and do not impact the NDDC’s core objectives.

    ReplyForwardAdd reaction
  • Tinubu Orders Ministers, Heads Of Agencies to Travel in Convoy of Three Vehicles, Five Security Personnel

    Tinubu Orders Ministers, Heads Of Agencies to Travel in Convoy of Three Vehicles, Five Security Personnel

    In a feeble effort towards cost cutting President Tinubu orders ministers and heads of agencies not to travel in a convey of more than three vehicles in their official convoys.

    A release by Bayo Onanuga, the Special Adviser to the President (Information & Strategy) on Thursday said this was a “reduction in cost of governance” measure by the Tinubu’s administration.

    The presidency added that Tinubu also ordered all ministers, ministers of state, and heads of agencies to have at most five security personnel attached to them.

    The security team would comprise four police officers and one Department of State Services (DSS) officer.

    The release said, “President Bola Tinubu has restricted Ministers, Ministers of State, and Heads of Agencies of the Federal Government to a maximum of three vehicles in their official convoys.

    No additional vehicles will be assigned to them for movement.”

    The cost-cutting measure was announced today in a statement signed by the President.

    In January this year, President Tinubu took significant steps to reduce government expenditure by reducing his entourage on foreign trips from 50 to 20 officials.

    For local trips, he reduced it to 25 officials. “He similarly reduced the Vice President’s entourage to five officials on foreign trips and 15 for local trips.

    In the directive issued today, President Tinubu also ordered all ministers, ministers of state, and heads of agencies to have at most five security personnel attached to them.

    The security team will comprise four police officers and one Department of State Services (DSS) officer.

    No additional security personnel will be assigned, he ordered.

    “President Tinubu instructed the National Security Adviser to engage with the Military, Paramilitary and Security Agencies to determine a suitable reduction in their vehicle and security personnel deployment.

    “All affected officials are expected to comply with these new measures immediately, underscoring the urgency and seriousness of these changes.”

  • Old, dirty Naira notes: House of Reps demands immediate replacement by the CBN

    Old, dirty Naira notes: House of Reps demands immediate replacement by the CBN

    The House of Representatives has urged the Central Bank of Nigeria (CBN) to ensure wide circulation of new notes of N200, N500 and N1000 as well as begin a gradual withdrawal of the old notes from circulation.

    This call was made after a motion raised by Adam Victor Ogene (LP, Anambra), demanding that the Central Bank of Nigeria (CBN) should kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.

    Contributing to the discussion, the Labour Party lawmaker recounted the hardship, frustration, controversy and chaotic situation the implementation of the policy earlier caused in 2023.

    He added that the scarcity of the new currency notes led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.

    “Going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025,” the lawmaker said.

    In 2022, a controversy erupted in Nigeria after the Central Bank of Nigeria (CBN), under the leadership of then-Governor Godwin Emefiele, announced plans to redesign and introduce new versions of three denominations of banknotes: N200, N500, and N1000.

    The existing notes were to remain valid until January 31, 2023.

    The move had sparked widespread debate and discussion across the country.

    According to Emefiele, the decision was reached due to persisting concerns around the number of naira notes outside the banking system.

    Over one year after, findings showed that the CBN policy which was reported to have gulped over N74 billion failed.

  • EFCC Seeks Adjournment In Case Against Ex-Governor, Yahaya Bello

    EFCC Seeks Adjournment In Case Against Ex-Governor, Yahaya Bello

    The Economic and Financial Crimes Commission (EFCC) has requested an adjournment of the hearing against the immediate-past Governor of Kogi State, Yahaya Bello, and two others until November 14, 2024.

    The request was made during a session at the FCT High Court, where complexities arose regarding the arraignment process.

    Rotimi Oyedepo, SAN, representing the EFCC, explained that the adjournment was necessary to ensure the presence of Yahaya Bello, who had been previously summoned through public notice.

    Oyedepo clarified the situation around the summons and the pasting of charges, following Justice Maryann E. Anenih’s interjection that only the summons were ordered to be publicized.

    The legal proceedings became contentious as JB Daudu, SAN, who represented the second defendant, objected to the EFCC’s request for adjournment.

    Daudu argued that all defendants should be treated independently and criticized the EFCC’s approach, equating it to using one defendant as a “human shield.”

    He expressed readiness for arraignment and opposed the unnecessary delays affecting his client.

    A.M. Aliyu, SAN, representing the third defendant, aligned with Daudu’s stance and sought to move an application for bail.

    However, Oyedepo countered that since the charges involved allegations of conspiracy, a joint arraignment was necessary, making individual bail applications premature.

    Despite the heated exchanges and legal arguments, Justice Anenih decided against the immediate consideration of bail, directing that formal applications should be submitted in writing.

    The judge then set the dates of November 14th and 20th for the response to the summons and potential arraignment of the defendants.

  • Tinubu asks senate to confirm seven ministerial nominees

    Tinubu asks senate to confirm seven ministerial nominees

    President Bola Tinubu on Thursday sent a letter, demanding the Senate to confirm seven new ministerial nominees.

    This was contained in a letter from the executive and read by Senate President Godswill Akpabio on the floor of the upper legislative chamber.

    President Tinubu on Wednesday sacked at least five ministers and scrapped two ministries.The president also assigned new portfolios to some Ministers in the Wednesday cabinet shake-ups.

  • FG confirms plans to raise VAT to 15%, limits increase to luxury goods

    FG confirms plans to raise VAT to 15%, limits increase to luxury goods

    The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has confirmed that the federal government plans to raise Value Added Tax (VAT) to 15%, but clarified that the increase would primarily affect luxury goods.

    Speaking at an investor meeting during the ongoing IMF/World Bank Annual Meetings in Washington DC, Mr. Edun explained that a bill currently before the National Assembly aims to gradually raise VAT on luxury goods, while essential items consumed by poorer and vulnerable Nigerians would remain exempt from VAT or attract a zero rate.

    “In terms of VAT, President Bola Tinubu’s commitment is that while implementing difficult and wide-ranging but necessary reforms, the poorest and most vulnerable will be protected,” Edun said. “So, the Bills going through the National Assembly in terms of VAT will raise VAT for the wealthy on luxury goods, while at the same time exempting or applying a zero rate to essentials that the poor and average citizens purchase.”

    He added that the list of essential goods exempted from VAT will be made available to the public in due course.

    Mr. Edun also expressed optimism regarding Nigeria’s oil sector, noting that improved security in oil-producing regions and new investments, particularly by Total and ExxonMobil, would result in increased oil production and boost foreign exchange inflows.

    Addressing the issue of fuel subsidy removal, Edun disclosed that while subsidy reform was announced earlier, the full implementation only took effect last month. He emphasized that the savings from the removal would start to have a more significant impact on the economy going forward.

    In response to a question about the possibility of Nigeria entering an IMF program, Mr. Edun revealed that the Tinubu administration went ahead with the issuance of Domestic Dollar Bonds despite advice from the IMF against such a move.

    ReplyForwardAdd reaction
  • Gov Alia suspends attorney general over EFCC legality suit 

    Gov Alia suspends attorney general over EFCC legality suit 

    Benue State Governor, Hyacinth Alia, on Wednesday, suspended the State Attorney General and Commissioner for Justice and Public Order, Fidelis Mynin.

    The commissioner was suspended for joining the suit challenging the legality of the Economic and Financial Crimes Commission without informing his principal.

    The Apex Court had on Tuesday reserved judgment on the suit filed by 19 states of the federation.

    However, three out of the nineteen states challenging the constitutionality of the laws that established the Economic and Financial Crimes Commission were reported to have withdrawn from the suit.

    The three states, according to the report are; Anambra (9th plaintiff), Adamawa (16th plaintiff), and Ebonyi (18th plaintiff) separately submitted applications for withdrawal before the Court.

    The Attorney General of Anambra State, Professor Sylvia Ifemeje, informed the court that she wishes to withdraw from the suit, having filed a motion for withdrawal on October 20.

    Similarly, the Attorney General of Ebonyi State, Ikenna Nwidagu, stated, “My Lord, I filed a notice of withdrawal dated and filed on October 21. My Lords, we pray this honourable Court strikes out the name of the 18th plaintiff.”

    However, Alia, who was taken aback that the state joined other states to challenge the legality of the anti-corruption agency, was said to have ordered the suspension of the attorney general.

    Confirming the suspension to our correspondent, the governor’s spokesperson, Kula Tersoo, said, “It’s true, His Excellency today suspended the State Attorney General and Commissioner for Justice and Public Order for joining the suit challenging the legality of EFCC without informing the governor.”

  • Nigeria Set To Become West Africa’s Ammunition Hub

    Nigeria Set To Become West Africa’s Ammunition Hub

    The House of Representatives Committee on Defence has outlined a vision for Nigeria to emerge as a key supplier of ammunition and military equipment for West Africa.

    This follows the recent enactment of the DICON Act by President Bola Ahmed Tinubu.

    This legislation empowers the Defence Industries Corporation of Nigeria (DICON) to manufacture ammunition and other military hardware domestically.

    During an oversight visit to key military establishments, including the Nigerian Defence Academy (NDA) and the Armed Forces Command and Staff College (AFCSC), the Committee Chairman, Hon. Babajimi Benson, emphasized DICON’s progress in producing firearms and military gear.

    He noted that this capability not only enhances the operational efficiency of the Nigerian Armed Forces but also reduces dependence on foreign suppliers.

    Benson, who played a crucial role in advancing the DICON Bill through the National Assembly, highlighted the importance of self-sufficiency in defence production for Nigeria’s sovereignty.

    He urged DICON to focus on innovation and research to ensure the highest quality in its military outputs.

    The goal is not just to meet domestic needs but also to establish Nigeria as a regional leader in defence exports, thus supporting economic growth.

    Reflecting on the purpose of the oversight visit, Benson reported that the Committee was impressed with the institutions’ management, stating they have managed to excel despite economic challenges.

    The NDA continues to train disciplined officers for national and international service, while the AFCSC cultivates strategic leaders critical to national security.

    DICON has been recognized for its advancements in producing locally made firearms, which enhances the operational capacity of Nigeria’s military.

    The Chairman reiterated the interconnectedness of these defence agencies, which collectively fortify Nigeria’s national security.

  • LG Autonomy: FG explains delayed implementation

    LG Autonomy: FG explains delayed implementation

    The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has declared that the federal government did not give state governments a moratorium in the implementation of the Supreme Court judgement on full financial autonomy of the local government areas.

    The AGF explained that there is a delay in the full implementation of the apex court verdict due to the measures being put in place by the federal government towards achieving a successful implementation.

    Fagbemi spoke on Monday while addressing newsmen after he was honoured with an honorary degree during the 12th convocation ceremony and 15th Founder’s Day Event of the Afe Babalola University Ado-Ekiti (ABUAD).

    According to him, there is no going back in the implementation of the judgement for the 774 local government areas to be given financial autonomy in order to ensure development at the grassroots level.

    He warned states not to commit contempt of court by disobeying the verdict of the Supreme Court, adding that the administration of President Bola Tinubu was determined to ensure all duly constituted and elected local government administrators received their allocations directly from the federation account.

    Fagbemi said, “Unfortunately, I know it has been in the media that they gave them (the governors) a three-month moratorium, which is not the position. The position is that yes, the judgement was delivered, but we felt that there is a need to put some things in place before the full implementation. That it is going to be implemented is sacrosanct; nobody can run away from it.

    ReplyForwardAdd reaction