The governor of Kaduna State, Mallam Nasir El-Rufai, has said that the old naira notes of 200, 500 and 1000 denominations shall remain a legal tender in his state, contrary to the directive of President Muhammadu Buhari. In a nationwide broadcast today, the president said that the old 200 Naira notes will remain in circulation with the new one but the 500 and 1000 notes won’t be in circulation but can be changed by the holders in any CBN office. However, El-Rufai in a State Broadcast on 16th February, 2023 dismissed the President’s directive, insisting that “all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court of Nigeria decides otherwise. I therefore appeal to all residents of Kaduna State to continue to use the old and new notes side by side without any fear.”   Speaking further, the Governor threatened that: “The Kaduna State Government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law.” He assured the residents of the state that non of them shall lose their money and all arrangements will be made to help them change their money to the new notes after the election. “Let us stay calm and peaceful, and support the lawful means being utilised to solve our problems. On behalf of the Kaduna State Government, I wish to assure you that none of you would lose the money you have in old notes. Let no artificial and illegal deadline frighten you. Whether you live in towns, villages or in our isolated rural communities, do not feel stampeded to deposit your old notes in the banks. Hold on to them. Continue to use them as legal tender as ordered by the Supreme Court of Nigeria. No deadline can render them worthless, ever. The law is on your side. The Central Bank of Nigeria Act, 2007 and the Bills of Exchange Act, both oblige the CBN to recognise your old notes and give you value in new notes whenever you bring them to the CBN, even in the next 100 years. “Therefore, as your governor, I wish to assure you that the Kaduna State Government, in collaboration with elected legislators, traditional institution, elected local government councils, markets, and traders associations will help you collect, record, document, collate and deliver all your old notes to the Kaduna branch of the Central Bank on your behalf into the new ones immediately after the elections. We will also ensure the delivery of your new notes to your various locations without any hardship or expense on your part. We shall save you any panic and the stress of a long journey from your community to the CBN office in our state capital, from March until December 2023 if need be,” the statement reads in part.

  Members of the National Assembly have told President Muhammadu Buhari that going into the election without “hard cash” will put them at a disadvantage irrespective of the political party they belong to. Ouk advert Chairman of the House of Representatives Special Ad-hoc Committee on Cashless Policy, Naira Redesign and Currency Swap and Leader of the House, Ado Doguwa, stated this after leading the committee on meeting with President Muhammadu Buhari at the Presidential Villa, Abuja on Thursday. The meeting was also attended by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; Inspector General of Police (IGP), Usman Baba; representatives of the Minister of Finance and Secretary to Government of the Federation (SGF) among others.   Fielding questions from correspondents, he affirmed that each member of the House of Representatives is entitled to N70 million cash to pay polling agents and for other election running costs, saying that if they have no hard cash, they will be disadvantaged in the exercise. Doguwa explained that his committee was mandated by the House and by extension, the National Assembly, to interface with the president and the CBN on the implementation of the policy. He said that even though most of what they wanted to discuss with the president had been taken care of by his broadcast earlier in the day, especially the extension of the validity of the old N200 notes, there is a need to do more to ensure that his directive to the apex bank to make the money available, is carried out immediately. He said: “Now that the President has issued the directive, how do we ensure that the president’s directive is being carried out on the ground? “This is what we came to iron out today. No matter how professional a policy is, it is counterproductive if it induces suffering in Nigerians.”

  President Muhammadu Buhari NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023 My Dear Compatriots, ​I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors. 2.​ Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering. 3.​ Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times. 4.​ In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes. 5.​ For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender. 6.​ In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices. 7.​ Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include: with NNPC if elected President a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion. b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation; c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth; d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria   8.​ Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative. 9.​ I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved. 10.​ This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be: a. A strengthening of our macro economic parameters; b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices; c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation; d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways; e. Exchange Rate stability; f. Availability of Easy Loans and lowering of interest rates; and g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations. 11.​ I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes. 12.​ To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits. 13.​ I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law. 14. ​During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation. 15.​ I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made. 16. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

  President Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to recirculate the old N200 bank notes, which will remain legal tender with the newly re-designed N200, N500 and N1,000 notes until April 10, 2023. The President disclosed this in a national broadcast to Nigerians on Thursday morning in reaction to the escalating cash scarcity in the nation as a result of the redesigning of the N200, N500 and N1,000 notes and the nationwide uproar which had attended the cash scarcity. He assured the CBN would continue to ensure the new notes are released into the system for citizens to have access to them as the administration continues to monitor the success of the policy to ensure Nigerians are not unnecessarily suffering.   Speaking on reason for the current hardship experienced as a result of the policy, the President noted the situation had been occasioned by the activities of those he described as unscrupulous banking operators and expressed sympathies with citizens for the hardship so far faced. “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender. “In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points. “Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN,” he said.

  Kaduna State Governor, Nasir El-Rufai, on Wednesday alleged that some Federal Government officials are seeking out-of-court settlement over the controversy trailing the naira redesign by the Central Bank of Nigeria (CBN).   Earlier on Wednesday, the Supreme Court adjourned the suit filed by state governments to challenge the naira redesign policy of the apex bank till February 22.   In a statement released a few hours after the apex court’s adjournment, El-Rufai dismissed reports that some governors had held a meeting with the Federal Government over the issue. The governor, in a statement by his media aide, Muyiwa Adekeye, said the terms proposed by Federal Government’s officials were to allow only the old N200 note to remain legal tender and be circulated by the CBN till 10 April 2023.   According to El-Rufai, they claimed that the CBN had already destroyed the old N500 and N1000 notes that had been deposited but that those persons who still held the old notes could redeem them up to 10 April 2023. “These were not considered as serious proposals, for obvious reasons. Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today. They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1000 notes,” El-Rufai stated. He added, “It is also a non-starter to insist on a new cut-off date without first assuring that sufficient new notes would have been printed and circulated. The information available to the governors also indicate that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria. “The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the FG negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium. The plaintiff governors rejected the draft proposal as insincere, and invested our hopes in the Supreme Court of Nigeria.”   El-Rufai further announced that he will be addressing the people of Kaduna State on the currency redesign mess, the consequences of the extension of the court’s injunction and related matters on February 16.

  The Spokesperson for the Peoples Democratic Party Presidential Campaign Council, Daniel Bwala, has told the Federal Government to remove the Rivers State Governor, Nyesom Wike before the 2023 general elections commence. Bwala, who spoke Wednesday on Arise TV, said the only solution to the unending crisis in the PDP in the state is the removal of the state governor, adding that the Federal Government should declare a state of emergency in Rivers. Bwala said that Wike’s antics may deter free and fair conduct of the forthcoming elections in the state. He said, “If the chief executive officer of the state cannot allow a free and fair conduct, then the proper thing to do is to declare a state of emergency, remove him and conduct election there and this wouldn’t be new in Nigeria.” Speaking further, Bwala said that the PDP presidential candidate, Atiku Abubakar, would win the presidential election even in Rivers State, adding the PDP cancelled its presidential rally in the state is to “avoid bloodshed.” He added that Atiku, when he wins the elections, will go to Rivers State to celebrate with its people. Bwala further stated that the state had leaders who would ensure Atiku wins. Mentioning the party’s former National Chairman, Uche Secondus, as “people that matter to deliver votes,” Bwala noted that such leaders had consistently delivered votes for Atiku when he ran in the past adding that “they are the ground soldiers who know the people at the base.” The Rivers State Governor, Wike along with four other PDP governors; Ifeanyi Ugwuanyi, Enugu; Okezie Ikpeazu, Abia; Samuel Ortom, Benue; and Seyi Makinde, Oyo State, have consistently demanded the resignation of the PDP National Chairman, Iyorchia Ayu, as a prerequisite to supporting Atiku in the forthcoming polls, stating that the national chairman and the presidential candidate should not be from one region of the country, which in this case is the North.

  The Lagos State High court, sitting at the Tafawa Balewa Square, on Lagos Island has ordered kidnap kingpin, Chukwudumeme Onwuamadike, popularly known as Evans, to refund the sum of €233,000 ransom he coercively collected from one of his victims, Chief Donatus Dunu. Justice Olukayode Ogunjobi also ordered the convicted kidnapper to pay N50 million as general damages in favour of the Claimant. The claimant, a pharmacist was abducted on February 14, 2017 for ransom and held hostage, before he managed to escape from captivity. Upon his escape, he alleged that the Defendant collected the sum of €233,000 as ransom prior to his escape from abduction. Consequently, the claimant, who is the CEO of Maydon Pharmaceutical Company filed a suit demanding the return of the sum of £223,000 he paid as ransom while in the custody of the kidnap kingpin. The claimant also demanded the sum of N50 million as damages. In his testimony before the court, the claimant said that he was abducted on the 14th day of February 2017 for ransom and held hostage, before he escaped from captivity. Upon his escape, he alleged that the Defendant collected the sum of €233,000 as ransom prior to his escape from abduction. The claimant added that the Defendant also asked him to instruct his brothers, Anslem Dunu and Innocent Dunu to pay the ransom. He stated that the sum of €233,000 was paid but the Defendant refused to release him. He eventually escaped from captivity. He was not cross-examined by the defendant despite several adjournments for cross-examination. The claimant’s brother, Anslem Dunu also gave evidence and adopted his witness statement on oath sworn to on 16th May, 2022. In his evidence, he told the court that on 14th February, 2017, another of his brother, Innocent Dunu informed him that the Claimant was abducted. The next day he said he spoke with the Claimant on the phone who instructed him to pay his abductors N100 million as a ransom for his release. He stated that the abductors later demanded £1 million. His relation, one Uchenna Okagwu delivered €233,000 to the abductors. He was also not cross-examined. However, in his defence, the defendant contended that the strength of the Claimant’s case is predicated majorly upon criminal trial against him and others. The defendant also submitted that the only evidence before the court as to the payment of €233,000 and to whom if any it was paid to was the evidence of Uchenna Okagwu who allegedly delivered the money to the abductors. He added that in the criminal trial, Uchenna Okagwu testified that he dropped the said sum on the ground and fled and that he did not see anybody or delivered the money to anyone. He argued that the evidence of Uchenna Okagwu who delivered the said ransom to the abductors which is the only direct evidence must pass the test of proof beyond reasonable doubt. The defendant submitted that the judgment delivered by Justice Hakeem Oshodi on the 25th day of February 2022 is now the subject of an Appeal at the Court of Appeal, Lagos Division. In his judgment, Justice Ogunjobi held that the defendant gave inconsistent evidence and cannot be regarded as a witness of truth. The Judge also stated that having watched the demeanour of the defendant in the witness box while giving evidence, he came to the conclusion that his evidence cannot be trusted. Justice Ogunjobi held “Its settled law that no witness who gives materially inconsistent evidence on oath is entitled to the honour of being accorded with any credibility and as such does not deserve to be treated as a truthful witness. “Besides adducing conflicting pieces of evidence on oath, I have watched the demeanour of the Defendant in the witness box when giving evidence and came to the conclusion that the Defendant is not a witness of truth. I do not believe his evidence. I accept the unchallenged and uncontroverted evidence of the Claimant and his witnesses. The evidence support the reliefs sought by the Claimant. “Consequently, the Claimant is entitled to be paid or repaid and or recover from the Defendant, the sum of Euro 233,000 (Two Hundred and Thirty-Three Euros) ransom coercively paid by the Claimant to Defendant when the Defendant kidnapped the Claimant in the year 2017 and held the Claimant hostage for months. “The sum of N50,000,000.00 (Fifty Million Naira) is awarded as general damages in favour of the Claimant against the Defendant. “Post judgment interest is awarded on the said sum of Euro233,000 at the rate of 10% per annum from judgment i.e. 14th of February, 2023 until final liquidation. The adjudged said sum of Euros €233,000 and N50,000,000 is hereby ordered to be paid or recovered from the Assets of the Defendant. This is the Judgment of the Court.” The court however refused the claim for prejudgement interest of 40 percent per annum on the €233,000.