National
Despite the Supreme Court’s order, CBN declares N200, N500, N1000 Naira notes illegal tender
Despite Supreme court’s intervention to restrain the Central Bank of Nigeria (CBN) from implementing its 10th of February, 2023 deadline to phase out the old Naira Notes of N200, N500 and N1000 the Apex bank has declared that they ceased to be legal tender in Nigeria as declared.
The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on Monday at the CBN, branch in Bauchi.Recall that Governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) dragged the Federal government before the Supreme Court.
The states sought for a declaration that the Demonetization Policy of the Federation being currently carried out by the CBN under the directive of President Muhammadu Buhari is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.
They also asked the court to make a declaration that the three-month notice given by the FGN and the CBN under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old bank notes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that reasonable notice must be given before such a policy and that the limit cannot be outside that provided under Section Section 22(1) of the CBN Act 2007.
Continuing, Andaza indicated that “In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there which people have been asking about.”
According to him, “So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria.”
“Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has ceased to be a legal tender since the 10th of this month.
“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.
“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange.”
Andaza further explained that “After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit.
“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”
He warned that “If anyone wants to try us by bringing in fake notes, he should be ready to be arrested, so don’t go and print old fake naira notes and bring them to the CBN, whatever happens to you, don’t blame us, you caused it.”
He however assured that “We will receive the money from you and do our internal checks before we give you an acknowledgement which is evidence to show that we have collected that amount from you and we go ahead with our internal processes, after finishing with the internal processes, we now hit your account and credit it through your Commercial bank.
“All the Commercial banks are expected to bring all old notes deposited to us and we will collect, that is the final. Some of the Banks have started depositing with us because they want to close their books, as soon as they do that, they will not collect from customers again, that is the reason CBN decided to open this portal for the general public especially the vulnerable who are still having problems of cash used for trading and now that the deadline has expired, they need to deposit their money.
“The CBN is trying to minimize risk involved in losing that money, we are trying to minimize hardship also, we know that people are having some hardship, people are suffering, we not unmindful of that fact, that why the management of the CBN has magnanimously decided to open that portal to assist those who were unable to deposit the money into their bank accounts, that is our process flow in a nutshell.
“The portal will be there, opened for some time, depending on the circumstances and the directives from the management, we expect that within this period, people should have been able to deposit all they have, it is a privilege given to Nigerians to ensure that they deposited that money even though they are no longer legal tender.
“For the people in the remote areas, if you can recollect, we have gone round virtually all the villages in Bauchi state with some commercial banks asking the people to open accounts which many of them did and were able to deposit their money, I doubt if there are still people who have not keyed into the system now who are still having old money.
“We used the media, NOA and Traditional rulers just to let the people know, no limit to the amount that can be deposited provided the form was properly filled.
“There are a lot of firewalls that can protect the people accessing the portal, no any cause for alarm.”
In his remarks, CBN Team Lead, Bauchi who is the Director, Medical Services of the Apex Bank, Dr Abdulkadir Jibril explained that “It is a point we have made before, I just want to emphasize it, not everybody in Bauchi state is privileged to be at this meeting and so, there is the moral and professional responsibility on their shoulders to ensure that this information gets to every nook and cranny of the state and even beyond.”
He emphasized that “There is a limited time that has been given by the government and the law, just as I have emphasized earlier on, it is the magnanimity of the government, so, this is just an additional time and opportunity to assist people to get their monies into their bank accounts safely so that nobody misses a dime or loses any money.”
Jibrin concluded saying, “I am appealing to our people both men and women to carry or propagate this message everywhere so that people can do the needful.”
National
Senator Natasha Calls for Economic, Cultural Renaissance in Northern Nigeria
The Senator representing Kogi Central in the National Assembly, Natasha Akpoti-Uduaghan has called for a rebirth of Northern Nigeria’s economy and cultural identity, urging the region to reclaim its historical standing as a center of agricultural and industrial prosperity. Speaking at the Sardauna Memorial Day in Kaduna, the senator emphasized the urgent need to revitalize the region’s economic output, which has sharply declined in recent decades.
Senator Akpoti-Uduaghan evoked the legacy of the Sardauna of Sokoto, Ahmadu Bello, whose leadership policies fostered economic growth and industrialization across Northern Nigeria in the mid-20th century.
She stressed that the once-thriving agricultural and industrial sectors in the region have deteriorated, diminishing its economic influence.
A Look Back to Economic Glory
The senator lamented the downfall of key industries, highlighting the sharp decline in Northern Nigeria’s groundnut industry. She pointed out that in 1959, groundnut exports from Northern Nigeria to the United Kingdom were valued at £27 million—equivalent to ₦3.6 trillion today. However, she noted that the industry now generates a meager $3 million annually, signaling a significant loss in economic potential.
“The collapse of the groundnut trade and other key industries represents a tragic loss to our region,” Akpoti-Uduaghan said. “We were once an economic powerhouse, but now, we are seeing a shadow of what we once were.”
The senator also cited the fall of the cotton industry, once integral to both local and global economies, with the Kaduna Textile Mill serving as a vital employment hub. Today, she said, the cotton industry has all but vanished, despite the global market generating $21 billion annually.
Senator Akpoti-Uduaghan urged Northern leaders to adopt a more progressive, developmental mindset to revive the region’s industries. She called for strategic planning and innovation to rebuild the entrepreneurial ecosystems that once flourished.
“It is crucial that we focus on rebuilding our economic resilience. We must move beyond dependence and work towards a prosperous future by harnessing our agricultural and industrial potential,” she urged. “This is the time for bold leadership.”
In her speech, Akpoti-Uduaghan also discussed the importance of economic diversification, acknowledging that while recent tax reforms have raised concerns, the region’s resistance is due to its lack of preparedness. She emphasized that a diversified economy would better withstand such changes, pointing out that a thriving groundnut industry could have alleviated the shock of economic reforms.
“Had we maintained a strong agricultural base like the groundnut industry, these reforms wouldn’t be as disruptive,” she said. “It’s time to stop making excuses and take concrete steps toward economic renewal.”
The senator further stressed the importance of preserving the North’s cultural heritage as part of the region’s revival. She called on all stakeholders—leaders, civil society, and citizens—to collaborate in protecting the cultural values that have defined the North for centuries.
The Sardauna Memorial Day event, which honored the legacy of Ahmadu Bello, saw the attendance of prominent figures such as Kaduna State Governor Senator Uba Sani, represented by Abdulazeez Ishak, and Northern Elders Forum Chairman, Prof. Ango Abdullahi.
Senator Akpoti-Uduaghan’s impassioned address has sparked renewed conversations about the North’s potential to reclaim its role as a major economic force in Nigeria.
With a call for innovative leadership and economic rejuvenation, the senator is leading the charge for the region to restore its economic vitality and cultural prominence.
National
Alaafin Oyo Throne: Makinde Seals Royal Transition Amid Kingmakers’ Rift
Governor Seyi Makinde of Oyo State has officially presented the staff of office to Prince Abimbola Owoade as the new Alaafin of Oyo, solidifying a royal transition that has sparked controversy among the Oyomesi, the traditional kingmakers of Oyo.
The ceremony, held on Monday, comes nearly three years after the passing of the late Alaafin, Oba Lamidi Olayiwola Adeyemi III, and despite resistance from five members of the Oyomesi, who argued that Prince Owoade’s selection was not legally sanctioned.
In a letter addressed to Governor Makinde, the dissenting kingmakers, represented by Adekunle Sobaloju (SAN), maintained that Prince Luqman Gbadegesin was their preferred candidate. The letter was signed by prominent Oyomesi members, including High Chief Yusuf Akínade (Bashorun of Oyo) and others acting as stand-ins for key traditional roles.
However, the state government defended its decision, with Commissioner for Information and Orientation, Prince Dotun Oyelade, stating that Owoade’s selection followed rigorous consultations and divinations, aligning with royal traditions.
The new Alaafin hails from the Owoade-Agunloye royal family and brings a distinguished academic and professional background to the throne. He holds degrees in Mechanical Engineering from both the University of Sunderland and Northumbria University in the UK and has served in key engineering roles, including his current position as a Project Coordinator at Manitoba Hydro, Canada.
This historic moment signifies a fresh chapter for the Oyo monarchy, even as it stirs discussions on the balance of power between the government and traditional authorities. As Prince Abimbola Owoade ascends the throne, the state looks forward to a reign that fosters unity and development for the Oyo Kingdom.
National
Mambilla Power Saga: Nigeria’s Cross-Examination Debacle Looms at ICC Arbitration
****Obasanjo, Buhari, Others Set to Testify as Mambilla’s 52-Year Legacy Hangs by a Thread
The International Court of Arbitration in Paris is set to witness high-profile legal drama as Nigeria faces potential disgrace in its decade-long battle over the $6 billion Mambilla Hydroelectric Power Project. The landmark case, initiated by Sunrise Power and Transmission Company against the Federal Government of Nigeria, reaches its climax this January.
Once a beacon of hope for Nigeria’s energy independence, the Mambilla project, conceived in 1972, now symbolizes decades of political interference, corruption, and bureaucratic bungling.
With the final arbitration hearing on the horizon, Nigeria’s chances of escaping liability appear grim, especially as key witnesses, including former ministers Abubakar Malami and Mamman Saleh, are conspicuously absent.
First awarded in 2003 under a Build-Operate-Transfer (BOT) model, the project has been dogged by abrupt policy reversals, contract cancellations, and re-awards.
The most controversial pivot came under President Olusegun Obasanjo, who shifted from BOT agreements to procurement contracts, fracturing the initial plan. Successive administrations, including those of Presidents Yar’Adua, Jonathan, and Buhari, oscillated between reviving the original agreement and renegotiating settlements.
The hearing promises explosive revelations as former Presidents Obasanjo and Buhari testify alongside ex-ministers and experts. Buhari is expected to defend his administration’s controversial 2017 re-award of the project, while Obasanjo faces scrutiny for altering its trajectory during his tenure.
Both are set for rigorous cross-examination, with Obasanjo’s testimony particularly fraught with detours into past scandals, including his BBC HARDTalk interview where he was labeled “the grandfather of corruption in Nigeria.”
The absence of Malami and Saleh, pivotal to the government’s defense, casts a long shadow over Nigeria’s case. Their negotiated settlement agreements with Sunrise in 2020—a $400 million compensation deal—remain critical but controversial elements of the dispute. Meanwhile, Sunrise’s star witness, former Attorney General Michael Aondoakaa, is poised to dismantle Nigeria’s counterclaims with damning insights into governmental lapses.
Beyond the courtroom drama, the stakes for Nigeria are monumental. A protracted legal battle and possible adverse judgment could further delay the project by six years, exacerbating the country’s energy crisis. With less than 4,000 MW of electricity shared among 240 million citizens, Mambilla’s delay perpetuates a cycle of economic stagnation, industrial decline, and social unrest.
President Bola Tinubu’s administration inheritd a quagmire of broken promises and unmet potential. While hopes for transformative leadership remain, the arbitration outcome will test Nigeria’s resolve to break free from decades of mismanagement.
Without decisive action, the Mambilla dream could remain just that—a dream, leaving millions of Nigerians in darkness.
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