The Trade Union Congress has threatened to take “constitutional and legal” actions against the Federal Government over the naira scarcity and fuel price hike that the country is currently witnessing. The national president of the trade union, Festus Osifo, at a press conference in Abuja on Thursday, noted that many Nigerians are “on the brink of financial collapse” due to the policy by the Central Bank of Nigeria, CBN. He said, “The problem as you know is that Nigerians have been betrayed by the banking system which has been unable to pay them their money on demand. “They have also been failed by the Federal Government which unilaterally decided to change the three highest denominations of the currency, fixed dates for the change, and is utterly incapable either to deliver on its promises or protect the populace from financial strangulation,” he said. Proffering a solution to the issue of fuel scarcity and the planned hike in pump price, Osifo called for the construction of local refineries. He said, “The lengthy explanations on why there are long queues at fuel stations and prices of PMS being far above the official price can no longer be tolerated. All we demand is that petrol returns to fuel stations and is available at the official price across the country. “As we have often stated, the answer to the fuel shortage question, is the local refining of our petroleum product needs. Local refining would add value to our crude oil, provide local jobs and not only save us foreign exchange but would enable us earn far more income.”. Osifo said, if the government refuse to settle the pressing issues, “The TUC has no choice but to defend the populace and prevent any tragic scenario or situation. “In furtherance of this and should these issues not be resolved in the coming days, the TUC and its comrades in the labour and social movements would begin consultations with various groups in the country to work out democratic, constitutional and legal ways and means to save the populace and our beloved country. “The constitution states that sovereignty belongs to the Nigerian people and that all powers in the country must derive their legitimacy from the People’s sovereignty.”

  The Central Bank of Nigeria may bow to mounting pressure and contract the printing of the redesigned N1,000, N500 and N200 notes to foreign contractors in the coming days in order to boost the circulation of the currency. Saturday PUNCH gathered that this had become imperative as sources said the Nigerian Security Printing and Minting Plc, which had been responsible for the printing of the naira, appeared to lack the capacity to meet the demand for the new notes. This is as the National Council of State advised the apex bank to print more naira notes or re-circulate the old notes, which it had mopped up from circulation, in order to ease the pressure on hapless Nigerians, who had been suffering from the scarcity of the new notes. A top banker told one of our correspondents on Friday that information available to him indicated that the Mint had succeeded in printing N500bn worth of the new N1,000, N500 and N200 notes and might not have the capacity to do more than that at the moment. The top banker, who spoke on condition of anonymity because of the sensitive nature of the subject and because he had not been authorised to speak officially on it, said, “It is obvious that what has been printed is not enough. How can you withdraw about N2.1tn from circulation and only print N500bn to replace that? “Is it not obvious that the NSPMC does not have the capacity to print more than N500bn? With the Mint’s current capacity, to print N2tn will take about a year. Even the N500bn printed has been hijacked by politicians, especially governors. You heard one governor saying one of his colleagues was able to withdraw N500m. “What the CBN is doing is to give us only 10 per cent of the worth of the old notes we deposit with it. For instance, if a bank takes N1bn to the CBN branch office in its area of operation, it will be given N100m new notes to distribute to its branches nationwide and load onto its ATMs.” A former top official of the CBN, who spoke to Saturday PUNCH anonymously, echoed a similar sentiment that the Mint might not have the capacity to print more naira notes and that could be responsible for the scarcity of the notes. The ex-CBN official said, “I think it is a matter of capacity on the part of the Mint. The NSPMC has been solely responsible for the printing of the local currency and its role wasn’t an issue before now because it periodically printed notes, which the CBN released into the system along with those already in circulation. Only mutilated notes were withdrawn by the apex bank and destroyed. “As it is now, the CBN may have little or no choice but to contract the printing of the new N1,000, N500 and N200 notes to foreign contractors in order to make the new notes go round the country quickly and save the nation the embarrassment caused by the current scarcity and its attendant consequences.” Efforts to get a response from the CBN through its Director of Corporate Communications, Osita Nwanisobi, were futile as calls made to his mobile telephone did not connect, while he had yet to respond to WhatsApp messages sent to him. However, an official of the CBN, who pleaded that his identity should be concealed, said there was no problem with the supply of the new notes by the NSPMC, adding that it was a deliberate policy to print limited amounts in order to encourage Nigerians to embrace other means of transaction other than cash. “We don’t have an issue with what the Mint is doing regarding the printing of the new naira notes. There is no problem with the mint’s capacity. The fund it has expended so far on the printing of the new N1,000, N500 and N200 notes is its budget for the fourth quarter of last year.” When a telephone number listed on the website of the NSPMC was called on Friday, it rang out. A message sent to the same number had not been replied as of the time of filing this report. The NSPMC stated on its website, “The MINT has been in charge of the production of local currency notes since they were introduced in 1965. It does this on behalf of the Central Bank of Nigeria. “For decades, the MINT has produced Nigeria’s naira notes. The notes are among the most secure in the world, with features that are almost impossible to replicate outside of our production systems.” The CBN had stated in December that it spent over N800bn between 2017 and 2021 to maintain the naira. The apex bank’s Deputy Governor, Financial System Stability, Aisha Ahmad, who appeared before the House of Representatives, added that the amount had spiked by N10bn annually and attributed over 90 per cent of the currency management cost to the production of naira notes.

  Amidst the cash crisis bedevilling the country and the expectations of Nigerians that President Muhammadu Buhari would resolve the matter in seven days as promised, the governor of the Central Bank of Nigeria (CBN) has said the apex bank does not have the capacity to print adequate new naira notes. Emefiele made the disclosure on Friday when he briefed the emergency meeting of the National Council of State, sources who attended the meeting told PREMIUM TIMES. On Friday, Mr Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes. “The Mint has run out of papers to print N500 and 1,000 notes. They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list, so their orders cannot be met now. Ebonyi APC Chairman, guber candidate survive road crash From Kano to Abuja: The British Council’s Creative Hub for Nigerians “The Mint had received CBN’s request to print 70million copies of the new notes, totalling N126billion to be pumped into circulation by today (yesterday), The Mint doesn’t have the capacity,” a source told PREMIUM TIMES. Meanwhile, Mr Buhari was non-committal at the meeting and barely spoke, the source added. He left the meeting as the time for the Muslim’s Jummah prayer drew close and his deputy, Vice President Yemi Osinbajo, took over. Osinbajo said the president would take a decision. Meanwhile, seven days after President Muhammadu Buhari promised to address the cash crisis that hit the country following the naira redesign and old notes swap policy of the Central Bank of Nigeria (CBN), the new and old naira notes have remained elusive, Daily Trust Saturday reports. Last December, the Godwin Emefiele-led CBN introduced the new notes amid efforts to fight corruption, terrorism, counterfeiting and related crimes, with a January 31, 2023 deadline. However, 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, which was due yesterday, February 10. 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. Buhari, in a statement by his spokesman, Malam Garba Shehu, noted that he had seen television reports on cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension would be used to crack down on whatever stood in the way of its successful implementation. There has been a flurry of suits at the Supreme Court by some state governors, challenging the apex bank’s policy over the hardship the policy has brought on the people. The apex court had issued an order asking the CBN and the federal government not to go ahead with the implementation of the policy pending the determination of substantive suits before it.   No respite, 7 days after But seven days after Buhari’s assurance, Nigerians have expressed disappointment over his inability to resolve the issue as long queues persist in banks across the country. A meat seller at Agege, Lagos, Shakiru Alabi, said he knew President Buhari was not going to solve the problem within seven days. He said, “From his body language, Emefiele is working for him. I was not expecting him to do anything. He should come to Lagos and see how people are suffering to get their money. People will leave their work to queue at banks from 5am to collect N2,000,” he lamented, saying the situation has drastically affected their business. For Comrade Yusuf Ibrahim Yara, a resident of Kurna in the Dala Local Government Area of Kano State, the promise by the president failed due to improper coordination in his team. Yara said he would not blame the president alone for the failure but his cabinet, who he said failed to understand and believe in the suffering Nigerians are facing as a result of the policy. Another resident of Kano State, Abdullahi Usman, an engineer, said people had already given up and didn’t put much expectation on the promise by the president. “I think the government lacks the sincerity of purpose. Instead of improving the economy, it has brought hardship,” he said. (DailyTrust)

  Rabiu Kwankwaso says many of his supporters are not on social media, faulting polls predicting the presidential elections. Many polls have been released ahead of the elections with majority of them predicting victory for Labour Party’s Peter Obi But Kwankwaso who is running under the New Nigeria Peoples Party (NNPP) has dismissed such projections, saying they don’t represent the realities on the ground. “These things [polls] are on the telephone. Over 90 percent of my supporters don’t even know Twitter. They don’t even know social media,” he said Thursday when he was featured on Channels Television’s election programme The 2023 Verdict. “If you want to meet them, go to Wuse Market, go to the markets in Kano; go to the market in Sabo, Ibadan, go to markets in Rivers and the roads and so on, and ask people.” Sponsored Polls? According to him, the sample size for these polls is insufficient and does not reflect the wishes of the people. He claimed that some of those polled are not in Nigeria and cannot vote during the election. But these polls, he argued, have a few goals one of which is to get donations. “These [polls] are being sponsored mainly to get donations and give an impression that some of us are not in the race,” he said, warning that such polls may throw the country into trouble if the projected winner fails during the election. “Let me tell you, these things they are doing are very dangerous and I want the security agencies and the Federal Government to take note of it,” Kwankwaso said. “If these things are allowed to go on, I foresee a real crisis at the end of the day,” the former Kano State said, calling on the organisers of the polls to conduct more robust ones which he believes would turn out different. “In our opinion, that paper (polls) should be put upside down and number four (himself) should be number one,” the former lawmaker maintained.

  Police Detectives of the Imo State Criminal Investigation and Intelligence Department have arrested one prophet, Osinachi Makuo ‘m’ aged 34yrs of Ehime Mbano LGA, Imo State, and a woman, Nwabueze Maria ‘f’ aged 50yrs of Umuekwe Mgbidi in Oru West LGA, Imo State. The two were arrested for various criminal offences ranging from conspiracy, abduction, causing grievous bodily harm and attempted murder of a young man alleged to be the only son of the woman’s ex-husband. According to the command’s spokesperson, Henry Okoye said the arrest is sequel to a petition of Conspiracy, Abduction, Attempted Murder/Grievous Bodily Harm written to the Commissioner of Police, Imo State, by Ike Ezenyi ‘m’ of Umuehi Mgbidi in Oru West LGA, Imo State, the father of the victim, Ikenga Ezenyi ‘m’ aged 24yrs against the aforementioned names. Okoye said, “CP Barde on receipt of the said petition promptly ordered a comprehensive investigation into the matter by detectives of the State CIID. The intelligent and curious detectives quickly swung into action and apprehended the suspects while the cohorts of the self–styled prophet are still at large. “Investigation into the matter has revealed that both suspects conspired and abducted Ikenga Ezenyi ‘m’, took him to a holy Sabbath Mission at Uzunamu Mgbidi in Orlu L.G.A for prayers and deliverance where both of his hands were tied to a tree for three days and his feet chained. the suspects equally tortured him severely in the most inhuman conditions till both of his palms were swollen, rotten and flesh ruptured before he was rescued by his father and youth of Uzunamu Community and taken to the hospital for treatment. Meanwhile, the evil treatment of the victim led to the amputation of his palms in the hospital in order to save his life from the rotten palms. Suspects will be arraigned in court upon completion of the investigation. “The indefatigable Commissioner of Police, Imo State, CP Mohammed Ahmed Barde, psc(+) has cautioned Imolites and other residents in the state to be mindful of criminals who operate in disguise as prophets and prophetess, prayer warriors, healing homes to commit heinous crimes in the state. CP Barde has also vowed to uncover all crimes of similar nature in the State. “The CP has equally encouraged the good people of the state not to hesitate in reporting abnormalities of similar nature and all other kinds of crimes within the state to the police or call the Command’s emergency numbers: 08034773600 or 08098880197 or the PRO on 08148024755. The ‘NPF rescue me app’ is also available for free download on both Android and Apple IOS for Android and iPhone users respectively.

  Imo State University of Agriculture and Environmental sciences, Umuagwo, has urged the federal Government to swiftly intervene following a fire outbreak which destroyed some staff offices in the university. The Vice Chancellor of the university, Prof Christopher Eze, who spoke when he conducted some staff of National Emergency Management Agency round the university campus on Friday said that the institution was unhappy with the effect of the fire outbreak on the structures. Eze, said that the management of the institution which he heads was committed to ensuring that both staff and students of the institution had comfortable atmosphere for academic activities. The professor of agricultural economics promised that under his watch, the university would be reckoned as one of the best in its areas of speciality. The VC said ” these staff offices got burnt on January 25. We made efforts and men of the federal Fire service came and we were able to rescue the situation. But these ones got burnt. I therefore urge the federal government through National Emergency Management Agency to intervene. At this university, we are committed to conducive environment for academic activities for both staff and students.” “The Federal Government through the NEMA should come to our rescue. The outbreak destroyed these staff block offices. Though we lost academic documents but we get any intervention from the federal government it would go a long way in cushioning the effects of this outbreak.”

  Saturday 11 February 2023 Filling stations, traders reject old naira in Imo, Abuja Print More Money Or Allow Co-Circulation, Council Of State Urges Buhari New note crisis: CBN may print naira abroad to ease cash crunch PDP expels Nnamani, Fayose, 5 others TUC threatens to sue  FG over naira, fuel scarcity Ebubeagu: US Govt acknowledges petitions against Umahi South African rapper AKA shot dead Bwacha floors five others in fresh Taraba APC gubernatorial primary Atiku campaign DG in Rivers in assassination claims My purported expulsion a nullity, says Nnamani APC gov’ship candidate escapes death in Ebonyi Naira Swap Policy May Affect Q1 2023 GDP By 5% – Rewane 90 Percent Of My Supporters Not On Social Media, Says Kwankwaso Obasanjo Faults Appointment Of Retired IGP As PSC Chairman Kano sues FG, seeks reversal of naira redesign policy Sources: Why Zenith Bank closed some of its branches amid cash scarcity ‘Anti-party campaign’ — Wike knocks Ayu over ‘PDP has brought us shame’ comment INEC has no excuse to fail — four years enough to plan for polls, says CAN Visit a newspaper stand this morning, buy and read a copy for yourself…