Governor Bello Matawalle of Zamfara has ordered the arrest of anyone who refuses to accept the old currency notes of two hundred, five and one thousand naira in the state. He said the old currency notes remain legal tender until the final verdict of the case instituted against the Central Bank of Nigeria (CBN) and the federal government by three Northern Governors of Kaduna, Kogi and Zamfara States at the supreme court. Matawalle stated this at the swearing-in ceremony of new High Court Judges and newly appointed special Advisers held at the Government House, Chamber II in Gusau, the state Capital. He explained that, he and his counterparts of Kogi and Kaduna states approached the supreme court to order the extension and validity of the old 200, 500 and 1000 naira notes. “As you are all aware, the economy of the country as a whole has been plunged into a serious crisis by the decision of the Central Bank to cease recognition of the old naira notes as legal tender from February 10th. This decision compounded the already dire situation of our State occasioned by banditry and sundry crimes, which significantly disrupted economic activities in the State and the subregion over the years,” Gov. Matawalle said. “It was in consideration of the grave consequences of this disruptive policy which was not well thought out, that I took the decision to team up with the sister states of Kaduna and Kogi to seek the intervention of the Supreme Court to ensure that both the new and old naira notes remain as legal tender beyond February 10th. Gladly, the Supreme Court has given an interim injunction barring the CBN from enforcement of its plan of derecognizing the old notes as legal tender from today, pending its final ruling on the matter on February 15th.” Matawalle also commended the Supreme Court for “doing the needful”, which he said will alleviate the suffering of the masses. “This courageous decision by the Supreme Court has no doubt saved the country from sliding into a crisis of great proportion that may affect the peace and stability of the country and possibly prevent the holding of the general elections billed for this month.” “I have joined in this salvaging mission, notwithstanding my proximity and good rapport with His Excellency, President Muhammadu Buhari,” he maintained. Nigerians have had a hard time getting the new notes amid scarcity and rising tension across the country, forcing the apex bank to extend the deadline by 10 days. President Buhari had on February 3 implored Nigerians to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the CBN. The president made the call while speaking to the Progressive Governors Forum (PGF) who paid him a visit to seek solutions to the cash crunch, which they said was threatening the good records of the administration in transforming the economy. The Council of State had asked the CBN to make new notes available or recirculate the old ones.

  Zenith Bank has temporarily shut down some of its branches in some states in Nigeria due to insecurity, TheCable understands. A source told TheCable on Friday that the bank’s management decided to close branches where the lives of staff members are being threatened by citizens who are seeking to withdraw cash. Commercial banks, including Zenith, have been at the receiving end of the rancour spreading across Nigeria following the scarcity of the new naira notes. A video seen on social media showed angry citizens damaging facilities at a Lagos branch of Zenith bank in order to gain access for ‘cash withdrawals’. In another video, some Nigerians alleged to be the bank’s staff members were seen fleeing through the back fence as customers besieged the gate of one of Zenith’s branches to get cash. TheCable had reported that the bank shut down a branch in the Fagba area of Lagos after management received information of a possible attack. Other locations where some branches have shut down in the state include Egbeda, Costain, Awolowo Way, and Ogba, Ikeja. Another branch in Uyo, the capital of Akwa Ibom state, was also closed. Further speaking on the issue, the source also debunked claims that Zenith Bank has closed its branches nationwide. “That is not true. Branches were closed for security purposes. It is not a nationwide action,” the source said. “Wherever we notice that the lives of our staff are being threatened, we closed such branch temporarily. “Customers can also use the bank app to carry out other forms of transactions.”

  Nyesom Wike, governor of Rivers, says the “PDP has brought us shame” comment by Iyorchia Ayu, the chairperson of the Peoples Democratic Party (PDP), shows he is working against the party. Speaking on Thursday at the party’s presidential campaign rally in Kano state, Ayu had said: “PDP has brought us shame”, but after a few seconds, he corrected himself and said “APC”. Reacting to the development on Friday at the flag-off rally of the Rivers PDP campaign council in Eleme LGA, Wike said the national leadership under Ayu is bringing shame on the party. “When you see undertakers, you will see those who came to kill this party. But the party will not die; they will die first. I didn’t know they are wicked to this party. No wonder they left this party and joined ACN before,” he said. “He (Ayu) said they will not allow PDP to be in power. Is that a good chairman? Is that not anti-party? Is the chairman not doing anti-party? Out of the abundance of the heart, the mouth speaks. For us in Rivers state, our own party is a good party. Our own is a party that has done Rivers state well.” On the lingering cash scarcity in the country, Wike said as an opposition party, the PDP should stand by the masses who are victims of the policy. “This is supposed to be an opposition party; is it not? A party that is supposed to identify with the masses. This is a party that is saying the ruling party is not doing well. It is not? It means that for anything that affects the masses, we must be in support of the masses,” he said.   “Are you happy that you have money in the bank and you can’t get your money? Will you be happy? Are you happy?. “Since the central bank came with this madness, is it not affecting you? But you see my problem, instead of our party identifying with the masses, the leadership of the party at the national level is now saying they are happy with what the central bank is doing. Is that good? “Instead of us identifying with the masses who are suffering, you’re saying that you are happy with the policy that the central bank and the cabal brought that is making us suffer. You’re saying that it is good. We in Rivers state, we will not support it.”

  Traders, filling stations, and drivers in Imo have started rejecting the old naira notes as the Central Bank of Nigeria’s (CBN) February 10 deadline ends today. Last month, the CBN announced February 10, 2023, as the deadline the old currency notes would cease to be legal tender, but also said Nigerians could still be able to deposit the notes directly with the CBN until February 17, 2023. In a move to override the apex bank’s decision, the supreme court, temporarily restrained the federal government from banning the use of the old naira notes from February 10. Going by the supreme court order, which the federal government had said it would obey, Nigerians can continue to use the old notes until February 15, when the verdict would elapse. But despite this, TheCable’s reporter observed that commercial activities in various markets in Imo state have been affected due to the scarcity of the new naira notes. A recharge card seller was said to have rejected the old notes, insisting that they would no longer be valid after today. Stella Amagwula, a petty-trader who also refused to accept the old notes said, “it was the only way she could escape and beat the deadline”. Amagwula also said she could not go through the hassle of queuing at a bank for cash. Some filling stations in Owerri had inscriptions that read, “no new notes, no fuel”. Other business centers in the state capital also had similar warning signs for customers who may be in possession of the old currency notes. In separate interviews with TheCable, residents expressed distrust over the supreme court’s ruling. Justifying their decision to reject the old notes despite the court order, they reasoned that such a ruling may not “hold water since both the federal government, CBN, and the court work hand in hand”. On the flipside, some residents who are still in possession of the old notes expressed hope that the deadline would be further extended. TheCable also understands that traders in the federal capital territory (FCT), Abuja; and Calabar, Cross River state, have also been rejecting the old naira notes. In Calabar, traders were said to have refused to accept the old notes, and showed support for government’s deadline — insisting that they prefer a statement from the CBN.

  An economic expert, Bismarck Rewane, on Friday, projected a three-to-five-percent drop in the gross domestic product (GDP) of Q1 2023 as a direct result of the naira swap policy of the Central Bank of Nigeria (CBN). The CBN, in October 2022, announced that it would redesign the N200, N500, and N1,000 banknotes with a January 31 ultimatum set for the old notes. President Muhammadu Buhari’s unveiled the redesigned notes the following month. Though the Central Bank extended the deadline by 10 days, resulting nationwide scarcity fueled outrage amid point-of-sales (PoS) charge hikes and reports of several banking outlets hoarding the new notes. The Supreme Court later ordered the apex bank to suspend implementation of the deadline. Rewane, who is the CEO of Financial Derivatives Company Limited, shared some insights of the policy’s effects during a live appearance on The 2023 Verdict, Channels Television’s special election programme. “The impact at the end of the day is that it will affect GDP this quarter, conservatively, by three percent, and aggressively it could reduce GDP in this quarter by five percent, if nothing is done in a hurry,” he stated. Data made available by the economist showed that the average number of people in front of an automated teller machine (ATM) in Lagos had increased sharply. According to Rewane, the number of ATM users in Downtown Lagos (Ikoyi, Victoria Island, Lekki) used to be three to four. Midtown (Ebute Meta), the number of ATM users at average times was eight, while one uptown (Alimosho) typically had 15. He explained that the downtime to get one’s money out of the ATM used to be five minutes in Ikoyi, seven minutes in Ebute Meta, and 10 minutes in Alimosho. “Fast-forward to now. The average number of people in front of an ATM in Ikoyi and Victoria Island is now 40. In midtown, Ebute Meta, it’s about 100 people. And in Alimosho, it’s about 600 people. “The consequences are that flour sales in Lagos are down 30 percent. The rams in Kano are down 70 percent. And cement in Kogi is down 40 percent of sales,” Rewane said.   Impact On Elections Asked if the fallout of the currency swap policy would have any repercussions on the forthcoming elections, the economist did not see any direct effects. “I’m not sure that it will have any direct impact on the elections. The only thing is that in this quarter, the same institution that is handling currency is also handling the movement of election material. “And in another month from now, you will also be dealing with the census. In our note that we sent out in late November, I warned that even an efficient government will suffer from policy indigestion. Now, it has come to pass. “The indigestion has come out and the country is now constipated. So, what we should be looking for is a laxative to take care of this problem,” he said.

  Senator Emmanuel Bwacha has won the All Progressives Congress (APC) rerun primary ahead of the March 11 governorship election. He polled 778 votes to defeat senator Yusuf Yusuf who polled 5 votes out of the 796 accredited delegates. Two Federal High Courts in Jalingo and Abuja had at various times nullified the APC governorship primary election and ordered for a fresh primary within 14 days. Bwacha was, however, reinstated as the party’s candidate in the state by the Court of Appeal in Yola. But that decision of the appellate court reinstating Bwacha as the candidate of the APC was challenged at the apex court by fellow aspirant, Sabo Kente. In a judgement, a five-man panel of the Supreme Court set aside the decision of the Court of Appeal, and upheld the judgement of the trial court which had ordered for a fresh primary election.

  A petition written by the Human Rights Writers Association HURIWA against Governor, Dave Umahi of Ebonyi state has been duly received and acknowledged by the United States Embassy. The petitioners sought a visa ban on the governor for what it termed his “barbaric use of the Ebubeagu militia to commit crimes against humanity.’ They solicited other foreign missions to vehemently deny Umahi or his family trips outside the Nigerian shores. HURIWA, who had earlier on addressed a World Press Conference, had said it would continue its campaign against the governor until he stops using the private police to intimidate citizens. In a 5 page letter signed by HURIWA’s country director Amina Mohammed, the group outlined the nefarious activities of the militia group and its numerous attacks on opposition politicians. It also cautioned the nation’s security to beam it’s searchlight on Governor Umahi collusion with the body to cause harm to opponents, stressing the need to disband the outfit. Relatedly, the erstwhile commissioner of police in the state mentioned in the petition, Aliyu Garba, has since been redeployed out of Ebonyi. A new Commissioner of Police has taken over. Garba removal was one of the reliefs sought by petitioners.

  Enugu-East Senator, Dr Chimaroke Nnamani says the National Working Committee (NWC) of the PDP has no powers to suspend or expel him from the party. Nnamani explained in a statement in Abuja on Friday that NWC did not follow due process and strict compliance with the provisions of the PDP constitution. According to him, the NWC, therefore, lacked the powers to suspend or expel him as a member of the National Assembly. Nnamani in a letter to the PDP NWC, through his Counsel, Olusegun O. Jolaawo, SAN, stated that the NWC had no powers to suspend or expel him, except the National Executive Committee ( NEC).   He quoted copiously the relevant sections of the PDP constitution allegedly breached by the NWC: “Article 57(7): “Notwithstanding any other provision relating to discipline, no Executive Committee at any level, except the National Executive Committee, shall entertain any question of discipline as may or concern a member of the National Executive Committee. Furthermore, “Deputy Governors or members of the National Assembly, provided that nothing in this constitution shall preclude or invalidate any complaint submitted through the National Working Committee to the National Executive Committee concerning any person whatsoever”. According to him, “Article 59(3) stated that: “Notwithstanding any other provision of this constitution relating to discipline, no Executive Committee at any level, except the National Executive Committee, shall entertain any question of discipline relating or concerning a member of the National Executive Committee. Such members include the President, Vice President, Governors, Deputy Governors, Ministers, Ambassadors, Special Advisers or members of any of the legislative houses. “ On Jan 20, the NWC conducted a preliminary disciplinary hearing against our client and approved his suspension from the party for one month, purportedly acting pursuant to Article 57(3) of the Constitution of the PDP. “It is evident on the basis of Articles 57(7) and 59(3) of the Constitution of your party that no organ of the party, including the National Working Committee, has the competence to entertain any question of discipline against our client, except the National Executive Committee of the party. He stated that the purported “proceeding of the National Working Committee of the party held on Jan 20 and the decision reached there at, suspending our client from the party is null and void. ” Our client was neither invited to the meeting nor given the opportunity to be heard before the decision against him was taken. “See Article 57(6) of the Constitution of your party; the National Working Committee lacks the requisite powers to entertain any question of discipline against our client to the extent of suspending or expelling him from the party. “The proceeding and decision reached at the meeting of the National Working Committee of your party which was held on Jan 20 is therefore, both illegal and a nullity. “It therefore gives us great concern, that your proposed disciplinary hearing of Feb 8, 2023 as stated in your letter of 1st Feb is built and erected on the illegal and invalid meeting and decision taken by the National Working Committee of your Party. “Your letter to our client dated 1st Feb made it abundantly clear that the complaint against our client was made to your committee by the National Working Committee. He said by virtue of the proviso to Article 57(7) of the constitution, the National Working Committee was required to complain on any disciplinary matter against a member of NASS, only to the National Executive Committee of the Party. Your committee had not claimed to be the National Executive Committee of the PDP and in fact, is not. “Your committee, therefore, has no powers under the constitution of the party, to entertain or hear any question of discipline against our client as he is a member of the National Assembly. “Only a properly constituted National Executive Committee of the party can entertain the such question of discipline against him. “ We, therefore, urge you to reconsider your proposed disciplinary hearing against our client and abort it immediately. ” We have only requested your committee to comply strictly with the clear provisions of the constitution of the party under which you claim to be proceeding. ” Your proposed disciplinary hearing of Feb. 8 is wholly erected on illegality and your committee equally has no powers under the constitution of the party to invite our client for the purpose of entertaining any disciplinary matter against him.”