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Naira scarcity: We never anticipated behavioural problems trailing redesign policy — CBN

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…As Malami, Tinubu fight dirty over Supreme Court ruling

…Nigerians ignore FG’s Feb. 10 deadline, continue transactions in old notes

…Shun banks for deposits

Olaseinde Gbenga, Abuja

After fierce resistance, protracted heat on Nigerians and  aggressive reactions leading to protest, authorities of the Central Bank of Nigeria (CBN) on Thursday, admitted that the ongoing problems associated with the Naira redesign and cash withdrawal policy were not anticipated.

A Deputy Governor of the apex bank, Folashodun Shonubi, made the admission at the 22nd Fellowship Conferment Lecture and Ceremony organised by the Nigerian Society of Engineers (NSE) in Abuja.

While delivering a lecture titled, “The intricacies of the naira redesign and its benefit to Nigerians,” Shonubi explained that contrary to public opinion, the redesign plan which has been in the works for two years was not to punish anyone but to improve the economy.

According to him, some extraneous behaviour which were not envisaged took over the stage to worsen situation beyond control.

The Deputy Governor who stated that challenges faced were caused by a new line of business created by indigenous Nigerians, revealed that numerous benefits have been achieved which include retrieval of N2 trillion to the banking system.

He said, “As you know, Nigerians are very ingenious and we created a whole new line of business for people that we never envisaged.

“An aspect of that is queuing, where you sell your position on the queue for money. Night crawling, where you wait till night, collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.

“So, it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour.”

Shonubi, however, noted that the challenges would be short-lived as the apex bank will do everything within its reach to salvage the current situation.

“I believe that sooner rather than later, the stress ongoing in relation to money would reduce,” he assured.

…Malami, Tinubu fight dirty over supreme court ruling on old notes

The All Progressives Congress (APC) presidential candidate, Asiwaju Bola Tinubu has lambasted the Attorney General of the Federation (AGF), Abubakar Malami for asking the Supreme Court to dismiss a suit challenging the Naira redesign policy of the Central Bank of Nigeria (CBN).

The preliminary objection was filed on Wednesday by the AGF through his lawyers – Mahmud Magaji and Tijanni Gazali.

Recall that on Wednesday, the Supreme Court temporarily halted the Federal Government’s move to stop the use of old Naira notes on February 10, 2023.

This was stated in a ruling given by a seven-member panel led by Justice John Okoro for an ex parte application brought by three northern State Governments of Kaduna, Kogi, and Zamfara.

The three States had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

On Wednesday, Mr. A. I. Mustapha, SAN, counsel for the applicants, urged the Supreme Court to grant the application in the interest of justice and the well-being of Nigeria.

He stated that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land.”

While referring to Central Bank of Nigeria (CBN) statistics indicating that more than 60 per cent of Nigerians do not have bank accounts, Mustapha lamented that the few Nigerians who do have bank accounts are unable to access their funds as a result of the policy.

However, the Nigerian government in its preliminary objection argued that the Supreme Court lacks the jurisdiction to entertain the suit.

President Muhammdu Buhari’s government is also asking the court to strike out the suit.

According to the defence lawyers, the suit falls within the exclusive jurisdiction of the Federal High Court in matters of monetary policy of an agency of the Federal Government.

“The claims or reliefs are not against the federation, but the Federal Government and its Agency, the Central Bank of Nigeria. The Federal Government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria. The Plaintiffs have no grievance whatsoever against the federal government.

“This suit has disclosed no dispute that invokes this (Supreme) Court’s original jurisdiction as constitutionally defined,” the AGF said.

However, reacting to the move by the AGF, spokesman for the Presidential Campaign Council of the APC, Bayo Onanuga, branded the Minister of Justice and Attorney-General of the Federation (AGF), Abubakar Malami (SAN), as well as the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, as Nigeria’s “public enemies.”

In a tweet he posted on his official Twitter account, @aonanuga1956, on Wednesday night, Onanuga condemned the objection filed by Malami, tagging him along with the CBN Governor as an enemy of Nigeria.

“Abubakar Malami is also a public enemy like Emefiele,” he said.

In another tweet, the Tinubu spokesman wrote, “Never in our history have we witnessed a Central Bank governor such as Emefiele desecrating the office as he does.

“Now he is organising protest against the Supreme Court for quashing the unreasonable deadline of his naira swap.”

This came amid numerous protests and attacks on banks by angry Nigerians due to the inability to access cash for their regular transactions.

….Nigerians ignore FG’s Feb. 10 deadline, continue trade in old notes

Meanwhile, Nigerians appear to have disregarded the February 10 (today) deadline set by the Federal Government through the CBN for the termination of old notes from being legal tender, as the masses in cities across the Country were still largely trading in the old notes.

Checks in major cities across the Country and suburbs, on Thursday evening, revealed few hours to the deadline, the old notes were largely still in use for transactions by citizens, while many shunned banks to deposit the old notes.

The scarcity of the new Naira notes of N200, N500, and N1,000 has left Nigerians with no choice than to hustle for the old notes which were still much more in circulation than the new equivalents. The scarcity had created tension as bank customers whose money have been inaccessible from banks due to unavailability of the Naira notes have resorted to protests in some States in-country over the hardship inflicted by the scarcity. The development had led to destruction of some banks’ facilities, leading banks shutting their doors in some States in the Country.

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Lagos Govt seals over 840 event centres, social facilities over safety violations

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By Sodiq Adelakun

The Lagos State Government has taken unwavering action against event centres and social facilities that violate safety regulations, sealing over 840 of them in the last one year.

This was disclosed by the Commissioner for Special Duties and Intergovernmental Relations, Gbenga Oyerinde during the ongoing Ministerial Press Briefing at the Bagauda Kaltho Press Center on Monday.

According to him, the Lagos State Safety Commission has carried out enforcement actions at various facilities, including event centres, clubs, lounges, hotels, and construction sites, to ensure compliance with safety standards.

Notable examples of sealed facilities include the Lekki Conservation Centre and Quilox.

In addition, the Commission has inspected over 7,819 facilities to ensure safety, issuing fire safety compliance certificates to 5,220 of them.

It was gathered that the Commission has carried out at least 365 advocacy initiatives to promote environmental safety.

In his words, “Our ministry in working in line with the THEMES Plus developmental Agenda of Mr. Babajide Sanwo-Olu, to mitigate risks and protect life and property of government and citizens of Lagos’ State, have sealed eight hundred and forty event centres and social facilities for safety violations and non-compliance of extant laws.”

The Commissioner also stated that fire safety officers from the States Emergency and Fire Rescue body successfully rescued 376 victims, preserving an estimated property worth of N152.22 billion, albeit with a regrettable loss of 82 casualties and N25.37 billion in property.

He also revealed that additional fire stations were added in Ibeju Lekki, Ifako Ijaiye among other locations across the state.

“In line with efforts to bolster infrastructure, three new fire stations are nearing completion in Ijegun-Egba, Satellite Town, and Ijede, while an ultramodern workshop at the Alausa headquarters is nearly finished to cater to the agency’s fleet maintenance needs.

“Additionally, land spaces have been identified for the development of additional fire stations in Ibeju, Lekki and Ifako Ijaiye,” he reiterated.

He added that Lagos State Fire and Rescue Service had prioritised fire mitigation and Emergency Response Strategies

He also said “the Lagos State Fire and Rescue Service is sustaining its focus on enhancing fire mitigation and emergency response strategies, aligning with the administration’s THEMES Plus Agenda. Under the leadership of Governor Babajide Sanwo-Olu, a collective effort was emphasised to address the challenges posed by fire incidents effectively.

“Key statistics from the year’s emergency calls revealed a total of 2,537 incidents, including 1,627 fire calls, 191 rescue calls, 93 salvage calls, and 4 explosions, alongside 607 false alarms.

“This highlighted the critical need for increased awareness of fire safety measures to combat the impact of negligence and non-compliance with safety codes,” he stated.

The Commissioner also highlighted the collaborative efforts with the Ministry of the Environment to improve the NYSC Temporary Orientation Camp (Youth Hostel) at Iyana-Ipaja.

Furthermore, he also revealed that the Lagos State Emergency Management Agency (LASEMA) responded to a total of 1,906 incidents between January 1, 2023, and March 31, 2024, comprising 1,461 incidents in 2023 and 445 incidents in the first quarter of 2024.

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State police, solution to Nigeria’s security challenges — Senate Leader

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Senate Leader, Opeyemi Bamidele, has said that the establishment of state police will go a long way in addressing the insecurity situation across the country.

Bamidele, who stated this in Abuja on Monday in a release issued by his media office, described the current state of policing in Nigeria as “ailing and dysfunctional.”

The statement read in part, “We must admit that the system can no longer guarantee the dignity of human lives and the security of collective assets considering our security dynamics in the Fourth Republic.

“The proposal for the creation of state police has been a subject of intense debate in the last decade or more.

“This, in part, can be attributed to the rise of armed attacks orchestrated by diverse interests either pursuing divisive agendas or seeking predatory ends in virtually all geopolitical zones.”

He noted that Nigeria, one of the world’s fastest-growing nations in terms of population, could not continue to operate a centralised policing system.

“Such a policing model cannot meaningfully address existential threats to our internal cohesion and stability. Unlike in 1979, when we had a population of 70.75 million, Nigeria is now a federation of about 229 million people and is currently the world’s sixth-biggest country.

“This is as shown in the demographic data of the United Nations. Contrarily, as revealed in the recent presentation of the Inspector-General of Police, Kayode Egbetokun, Nigeria has a police-citizen ratio of one to 650. “This ratio is a far cry from a ratio of one to 460, which, according to the United Nations, is a minimum requirement for every sovereign state or territory worldwide,” the Senate leader said.

The lawmaker further noted that the ongoing review of the 1999 Constitution would allow stakeholders to interrogate the nation’s security framework and take a position on the desirability or otherwise of state police in the country.

“We must go about it (state police) with a clear sense of self-realisation. We must, first and foremost, realise that the present police system is ailing and dysfunctional.

“We must also admit that the system can no longer guarantee the dignity of human lives or the security of collective assets.

“With this admission, it is evident that the option of adopting state police is no doubt inevitable as an antidote to the diverse security challenges that threaten us as a federation,” he said.

The Senate leader further said that as the debate for a more efficient police model continued, the National Assembly was under obligation to provide a legal framework with clearly defined preconditions.

“Sub-national governments must conform to the preconditions before establishing their policing formation. The role of all 36 state Houses of Assembly is equally indispensable in the quest to adopt the decentralised police system,” he said.

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Cement price hike causing building collapse – COREN

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Cases of building collapse in the country have been attributed to the arbitrary increase in the price of cement by producers of the product.

The President of the Council for the Regulation of Engineering in Nigeria, Sadiq Abubakar, stated this on Monday in his remarks at the investigative hearing organised by the House of Representatives Joint Committee on Solid Minerals, Industry, Commerce and Special Duties, to probe the price increase of cement in recent times.

This was as the Chairman of the Joint Committee and member representing Karu/Keffi/kokona Federal Constituency, Nasarawa State, Gaza Gbewfi, summoned the Chairman of the Cement Producers Association of Nigeria, David Iweta, for questioning over the development.

Iweta, who did to turn up for the investigative hearing on Monday, was summoned after previously turning down two invitations by the committee.

The committee also charged the association to desist from using frivolous court injunctions to interfere in its work as guaranteed by the provisions of the 1999 constitution (as amended)

“You will agree with me that an increase in the price of cement is one of the key culprits of building collapse. I am trying to connect the hike in the price of cement with the standardisation in our building and the direct connection of building collapse.

“There is a connection with that, and I think this something we must interrogate,” the COREN President said.

Gbewfi, while agreeing with Abubakar, also argued that the cost of cement has also brought about an increment in housing rents across the nation.

“Anything that has to do with livelihood should be treated as an emergency’” the committee chairman said.

At the investigative hearing, the joint committee also queried representatives of the Nigeria Building and Road Research Institute and the Federal Competition and Consumers Protection Council on the arbitrary price increase.

Gbewfi also chided the representative of the Chief Executive Officer of the FCCPC, Boladale Adeyinka for not doing enough to protect the consumers of cement in line with the Act establishing the agency, saying, “You are a mother that has forgotten your children.”

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