COVER
Buhari Launches New Currency
President Muhammadu Buhari has unveiled the new naira notes of N1000, N500, and N200 at the Council Chamber of the Presidential Villa, Abuja.
The unveiling of the new redesigned notes took place yesterday shortly before the weekly Federal Executive Council (FEC), meeting presided over by President Buhari.
Speaking to State House correspondents after the brief ceremony, the governor of Central Bank of Nigeria (CBN), Godwin Emefiele said that in line with the global practice, the naira was supposed to be redesigned and re-issued between five and eight years.
He regretted that in Nigeria, the naira has not been redesigned for about 19 years now because of lack of political will from the previous leaders.
According to him, “In the past, I have to confess that attempts by the CBN to redesign and reissue the naira notes have been resisted. It is only President Muhammadu Buhari that has the courage to do so.”
Emefiele said it was the mandate of the CBN, to redesign and reissue the notes, assuring that henceforth, the exercise would take place after five to eight years.
“After today, the CBN will begin to redesign and reissue the naira for every five to eight years,” he said.
The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.
He said there was no need to insinuate that the policy was targeted at anyone.
Emefiele said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.
“The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.
For those calling for extension of time for the usage of the old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was re-issued will become a legal tender.”
He said there is no local government area in the country where there is no bank agent, adding that there is over one million point across the country that people should go and deposit the old notes.
He also assured that they new notes cannot be counterfeited because of the features in them.
The Governor of the CBN the practice worldwide is that currencies should be redesigned or replaced or reissued every five to eight years. But for Nigeria, we have not had the opportunity of redesigning and reissuing currency in the last almost 19 years.
The Central Bank of Nigeria by law has a mandate to reissue and redesign currency for the country and for Nigerian people, every five to eight years and he hoped that after the event of today, the Central Bank of Nigeria can just take it as part of its programmes to see to it that every within five to eight years, the currencies are designed or reissued.
“It is because mainly the central bank should be able to have control full of the size of currency in circulation, that is the sole mandate of the Central Bank of Nigeria, because it has implications for monetary policy management in the country,” Emefiele said.
According to him, there is no need for anybody to think that the this programme is targeted at anyone. Like you heard the President speak in the chambers, he said that this discussion to redesign and reissue this currency started earlier in the year.
In the past, the CBN governor said, “attempts by the Central Bank of Nigeria to redesign our ratio currencies have been resisted. And that is the reason I also read in my speech, that is only a president of the esteem and statute of President Muhammadu Buhari that could have done this. And I want to seize the opportunity to appeal to members of the public that there is no need for any insinuations, giving the impression that this is targeted at any individual there is no attempt at that. We are doing our work and we would continue to do our work.”
The CBN governor said that their policy of redesign and reissue is not targeted at anyone.
“But of course, we have the laws and we will indeed be more intense in ensuring that the provisions of the law and our cbn regulations about the size and volume of currency that people can carry, or hold or withdraw we will insist that this is done going forward,” he said.
“In other countries you will find, say in the US want to withdraw $10,000 from the counter, you will be interrogated, you will fill numerous forms, they will even track the use of that $10,000 cash that you are withdrawing or you want to withdraw £10,000 from the counter, they will refuse and if you insist then you will fill forms.
“There is no economy that is inbuilt thinking that it has to be cash economy. The world has moved away from predominantly cash to cashless economy and I think Nigeria and the Central Bank of Nigeria is prepared at this time to move towards a cashless economy and that is the reason why with the reissue of these notes, we will insist that cashless would be nationwide; we will restrict the volume of cash that people can withdraw over the counter.
“If you need to withdraw large volume of cash, you will fill uncountable forms. We will take your data, whether it is your BVN, your NIN so that enforcement agencies like EFCC or ICPC can follow you and be sure that you are taking that money for good purpose.
“We have to work as a country, Nigeria is the biggest country both in population and economy in Africa and we have to ensure that we do things the right way that also positions us as leader in Africa and one of the leading countries in the world. We must do things right and i think it would start from today,” the CBN boss explained.
On the call for extension of tender of the old notes, the apex bank governor said, it is in their minds when they said that the time is too short; adding that “we will not go with them on that destination.”
“What we are saying is this, we announced this programme October 26th, 2022 and we have said that from today, this currency that is reissued will be legal tender in Nigeria and all over the world wherever it’s going to be accepted. So we believe between October 26th, 2022 to January 31st, 2023, we believe that is more than 100 days. Like the president has said, if you have cash it should not take you more than 100 days to be able to deposit it in your bank and take whatever little quantity you need for use.
The CBN said they have made adequate arrangement, the banks have been told that they will keep their currency processing center open from Mondays to Saturdays even to late hours every day.
“We have also offered that the Central Bank of Nigeria currency processing centers across all 36 states including Abuja, 37, will be available to process cash from Mondays to Saturdays.
“It might interest us to know that on a daily basis, the deputy governor operations calls the banks, the CBN currency processing centers to find pit of there are queues or if there are some form of congestion about people depositing cash. There is none. We have also made available through our agency banking arrangement people in the villages can use POS and their stores to receive and pay cash.”
He disclosed that in 2018, we had 86,000 touch points of agency banking, as at October the number of those who have financial system touch points are 1.4 million, saying, “there is no local government that you don’t have agent bankers that can do this on our behalf. So it’s as good as saying we have over one million points or branches of banks where you can deposit or take your cash to. There is no reason for anyone to say he cannot access cash or be able to pay his take into a bank. So we are not going to go with those people on their journey to say that time is short. In our wisdom and the wisdom of Mr. President, time is not short, we have more than ample time to do so.”
The CBN governor boasted that these new notes cannot be counterfeited because of the security features in them, “nobody can counterfeit them. What you could only find will be people making photocopy of these notes. If you follow due process to check the authenticity of a currency, take them through the UV light, you will find that this currency cannot be counterfeited.
“The best you will find is photocopies. What I am trying to say is that to reduce that incidence of counterfeiting or photocopying, that is why we are saying the CBN must now without waiting every five to eight years must redesign and reissue these notes, so that those who think they can take advantage of the system by counterfeiting will know that the game is over for them,” he said.
Asked to disclose the how much has been mopped up so far by the apex bank, Emefiele said, “Those kind of volume we don’t like to disclose. Like we told you, N3.23 trillion is in circulation and out of that N2.72 trillion is outside the bank vault. And we will insist that those N2.72 trillion must return to the bank vault by January 31st, 2023. If you chose to hold it after January 31st, 2023 it will become useless in your hand that’s all.”
By Tony Obiechina, Abuja
The Securities and Exchange Commission (SEC), Nigeria has stressed the need for the mobilisation of capital markets to bridge the colossal financing gap for climate adaptation in Africa.The Director-General of SEC, Dr Emomotimi Agama said this while speaking on The Role of Capital Markets in Closing Financing Gaps for Climate Adaptation presented at the African Development Bank (AfDB) meeting.
He urged project developers and private sector actors to present bankable, pipeline-ready projects with robust environmental and social metrics in a bid to closing financing gaps for climate adaptation. Agama said that African capital markets could be achieved through market integration, aligning standards and adopting the International Sustainability Standards Board (ISSB).”Closing the climate adaptation financing gap in Africa is not a distant aspiration but a development imperative, and one that demands our collective ingenuity and capital””By integrating our markets, aligning standards, adopting the ISSB framework, and mobilising institutional capital across borders, we can build a climate-resilient future for all Africans,” he said.He noted that Africa, which contributes less than four per cent of global greenhouse gas emissions, bears over 25 per cent of climate-related losses.”Experts estimate our continent faces an annual climate adaptation financing shortfall of up to $100 billion by 2030.”The 2022 Africa Economic Outlook by the AfDB estimated that the continent needs around $500 billion of climate finance by 2030.”Africa will also need to invest more than three trillion dollars in mitigation and adaptation by 2030 in order to implement its Nationally Determined Contributions.”These figures are more than statistics, they translate into lost livelihoods in the Sahel, vanishing fish stocks in the Gulf of Guinea, and more frequent flooding in Lagos and Nairobi,” he said.According to him, these figures reflect a deepening divide between vulnerability and resilience.”The stark reality is undeniable. Africa, contributing minimally to historical emissions, faces severe impacts of a changing climate which includes devastating droughts threatening food security, rising sea levels, engulfing coastlines, and intensifying storms disrupting lives and economies,” he said.Agama added that the 2023 United Nations Environment Programme Adaptation Gap Report said Africa needs between $212 and $387 billion annually for developing countries’ adaptation by 2030.”Meanwhile, our current flows and commitments are a mere fraction of this amount. For Africa specifically, the gap is immense, estimated to be up to 50 times current funding levels,” he saidAgama said in 2017, Nigeria launched its sovereign green bond, the first in sub-Saharan Africa. Within months, it was oversubscribed by 2.5 times, driven by Nigerian pension funds and diaspora investors seeking both yield and impact.This he said demonstrated that local institutional capital can be mobilised for climate projects when the right instruments and confidence-building frameworks are in place.The SEC Boss posited that the ISSB Standards serve as the game-changer as the experiences in Nigeria for example, are not only innovating climate finance products but also shaping global standards for sustainability disclosures.According to him, “The Securities and Exchange Commission (SEC) Nigeria represents the country on the International Sustainability Standards Board’s Adoption Readiness Working Group (ARWG), which was tasked with implementing the new IFRS S1 & S2 Sustainability Disclosure Standards.“The ARWG finalised its Roadmap for Adoption, publicly exposed by the Financial Reporting Council of Nigeria and SEC Nigeria between February 3 and March 14, 2024. Feedback was rigorously reviewed and integrated. The roadmap outlines early Adoption, Voluntary Adoption (January 1, 2024 through December 31, 2026) and Mandatory Adoption (beginning January 1, 2027) All entities, excluding government bodies, must comply with staggered timelines.“This leadership positions Nigeria at the forefront of transparent, comparable, and decision-useful sustainability reporting across Africa.Agama noted that adaptation finance was critically underserved due to three major reasons namely perception problem, data and measurement gaps and risk aversion.”This is where our capital markets must step in, and where the ISSB becomes vital,” he said.To scale adaptation finance, the SEC DG urged deeper regional market integration, harmonised ESG standards, and deployment of tools like credit enhancements to de-risk early-stage climate investments.“Closing the climate adaptation financing gap in Africa is not a distant aspiration but a development imperative, and one that demands our collective ingenuity and capital. The recent journey in Nigeria proves that it can be done. By integrating our markets, aligning standards, adopting the ISSB framework, and mobilising institutional capital across borders, we can build a climate-resilient future for all Africans.“Let us seize this moment, as regulators, investors, governments, standard-setters, and development partners, to deepen African capital markets and finance the resilience of our continent and our people” he added.
By Andrew Oota, Abuja
The Economic Community of West African States (ECOWAS) has said the Dangote Petroleum Refinery is more than just a feat of engineering but also symbolizes hope for Africa.President of the ECOWAS Commission, Dr Omar Alieu Touray, Stated this during a visit to the state-of-the-art 650,000 barrels-per-day facility and declared the refinery as a beacon of hope for Africa’s future.
Touray said the facility was a clear demonstration of what the private sector can achieve in the drive for regional industrialisation. The delegation also included ECOWAS Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Prof. Nazifi Abdullahi Darma; Director of Private Sector/SME, Dr Tony Luka Elumelu; and Dr Touray’s Chief of Staff, Hon Abdou Kolley, among others. “What I have seen today gives me a lot of hope, and everybody who doesn’t believe in Africa should come here. Visiting here will give you more hope because this is exactly what our continent should focus on.”“We have seen something I couldn’t have imagined, and really the capacity in all areas is impressive. We congratulate Alhaji Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage.”Dr Touray noted that the refinery, which produces fuel to Euro V standard, is critical for enabling the ECOWAS region to meet its 50ppm sulphur limit for petroleum products—a standard many imported fuels fail to meet, posing health and environmental risks across member states.“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements,” he said. “The private sector must take the lead in ECOWAS industrialisation.”The ECOWAS Commission President used the visit to call for stronger collaboration between governments and the private sector, stressing that policy decisions must reflect the real challenges and opportunities experienced by African industrialists.“We believe our visit also serves as an opportunity to hear directly from Mr Dangote, about what the private sector expects from the ECOWAS community,” Dr Touray remarked, noting that as ECOWAS celebrates its 50th anniversary, the community is more committed than ever to bringing the private sector to the table—to listen to their perspectives and to understand how best to create an environment that works for them.“We cannot continue to make decisions on behalf of the private sector from a distance. Visits like this provide us with first-hand experience and direct insight into the challenges they face—challenges that authorities and government officials must work to address,” he added.Dr Touray said the time is ripe for the region to pursue an industrial strategy capable of addressing deep-rooted challenges such as youth unemployment, poverty, and insecurity.“We often speak about poverty eradication and youth employment, but the government alone may not have the capacity to achieve these goals. Only the private sector can deliver the scale of impact required, and it is essential that we listen to them, understand how these objectives can be met, and identify the bottlenecks they face so that they can be effectively addressed. This is the only realistic path to creating jobs and fostering genuine prosperity across our economies.”
By Attah Ede, Makudi
The Nigerian Catholic Diocesan Priests Association (NCDPA), Makurdi Diocese has raised the alarm over continued deadly attacks by armed herdsmen in Benue State, revealing that over 50 people have been killed and 15 Catholic parishes have been forced to shut down in just one month.
At a press conference yesterday, the Chairman of NCDPA in Makurdi Diocese, Rev Fr. Joseph Beba, condemned the wave of violence, describing it as a calculated and coordinated effort to wipe out Tiv communities. He accused security forces, particularly the military stationed in the affected areas, of complicity and inaction.“Among those affected are Catholic priests, and this has led to the closure of 15 parishes in Makurdi Diocese alone,” Fr. Beba said, decrying what he described as the military’s silence and passivity while communities were being attacked.The priests detailed a series of recent attacks, including the shooting of Rev. Fr. Solomon Atongo, the priest in charge of St. John’s Quasi Parish, Jimba. Fr. Atongo was reportedly shot just 500 meters from a military checkpoint at Tse Orbiam, with no response from the stationed personnel. The community itself was later attacked.Other communities listed as victims of the violence include; Tse Orbiam, Ahume, Jimba, Nagi-Camp, Aondoana, Yelewata and Abegana — all located within the Makurdi Diocese.According to the priests, these assaults have resulted in numerous deaths, including women, children, and even a pregnant woman.“These acts are inhumane, barbaric, and a gross violation of the sanctity and dignity of human life,” the priests stated. They further suggested that the attacks may be linked to Bishop Wilfred Anagbe’s recent testimonies in the U.S. and Europe about the persecution of Christians in Nigeria.“These attacks are a direct assault on the Bishop of Makurdi Diocese and the Catholic Church he represents. They appear coordinated and retaliatory,” they said, adding that the bishop’s home village of Aondoana was also attacked on May 25, with clergy and nuns fleeing into the bush for safety.In yet another attack on May 26, terrorists invaded Nagi-Camp, only five kilometers from a Nigerian Army base in Agagbe, and still, there was no military intervention. The following night, Yelewata community in Guma Local Government Area was attacked, with an entire family wiped out and Revd. Fr. Jonathan Ukuma narrowly escapes assassination.The priests lamented the growing sense of abandonment, noting that neither the federal nor state government had visited the victims or shown solidarity, even as communities were displaced and religious leaders attacked.“We are not sure whose side the military is on. Their behavior raises serious suspicions of complicity,” they said, citing the increasingly unsafe Naka-Makurdi and Taraku-Naka roads as further proof of the deteriorating security situation.They issued a direct call to Governor Hyacinth Alia, urging him to act decisively against what they called “ethnic cleansing” of the Tiv people. They also demanded that President Bola Tinubu declare full-scale war on the terrorist elements identified by Governor Alia as foreign invaders.“Failure to act decisively will be seen as indifference or complicity. To be silent is to die twice,” they warned.The priests also called for immediate government compensation for victims and the return of displaced persons to their ancestral lands, insisting that the government’s constitutional duty is to protect the lives and dignity of its citizens.Reaffirming their commitment to the gospel, the clergy said they would not be silenced and encouraged Nigerian youths to be prepared to defend their faith, farmlands, and communities within the bounds of the law.“The right to self-defence is inalienable for all citizens,” they declared.Kidnappers Intercept Another Benue Links Bus, Abduct 10 PassengersExactly one month after gunmen suspected to be kidnappers hijacked a Benue Links bus at Ikobi in Otukpo local government area, killed the driver and kidnapped 14 passengers on board, gunmen have again hijacked another Benue link bus and kidnapped 10 passengers including the driver.The latest incident happened along the Owukpa–Orokam road in Ogbadibo Local Government Area of Benue State.A resident in Owukpa community identified as Grace Ogwuche who spoke to DAILY ASSET on phone in Makurdi, said 9 passengers, including the driver of the vehicle, were kidnapped, while one female passenger managed to escape.According to her, the incident occurred at about 7PM on Saturday while the victims were returning from Orba market in Enugu to Owukpa community in Ogbadibo.She maintained that the gunmen ambushed the Benue Link and whisked away all the passengers, including some women who were still breastfeeding their children.”They shot the driver and one other person, causing the vehicle to lose control and veer off the road. The other passengers were later kidnapped.”I want to call on the Chairman of Ogbadibo Local Government Council to liaise with relevant security agencies to act fast to rescue the victims.“The area has long been a danger zone, and no serious security network is in place to stop or reduce these attacks,” he warned.One of the victims, who sustained severe gunshot wounds during the attack, was left behind as a result of excessive bleeding that could have compromised the abductors’ location.The victim is presently receiving treatment at the intensive care unit of St. Mary’s Hospital in Okpoga, Okpokwu local government area.When contacted, the Leader of the Owukpa vigilante group, Amos Agada, who confirmed the incident, said as of Sunday morning, June 1, the kidnappers had not contacted any of the victims’ families.According to him, the local security operatives were already making efforts to rescue the abducted passengers.Also, a community leader, Hon Adikwu Daniel, who raised the alarm in a statement, urged the Chairman of Ogbadibo Local Government Council and security agencies to act swiftly to rescue the victims and install a sustainable security presence along the dangerous route.“The area has long been a danger zone, and no serious security network is in place to stop or reduce these attacks,” he warned”, he said.When contacted the state commissioner for energy and transports, Barrister Omale Omale, said he was not aware of the development.”I kindly refer you to the general manager of Benue Link. He has the authority to speak on my behalf, although he is yet to bring the incident to my knowledge”, Omale said.However, the information officer of Benue Link Transport Company, Ehi Johnson, told DAILY ASSET that he can’t speak on the latest development.He promised to get across to journalists at the appropriate time.”Right now, I can’t speak on the matter yet. I will get back to you (journalists) after at the right time. But for now, give me little time.Meanwhile, Benue State Command Police Public Relations Officer (PPRO), Udeme Edet could not be reached, as she did not answer her phone when called.She also did not respond to a text message sent to her mobile phone at the time of filing this report.Over 30 Murder in Renewed Benue AttackAt least 30 people have been reportedly murdered in a renewed attack by suspected herdsmen on Edikwu Ankpali community in Apa Local Government Area of Benue State.DAILY ASSET gathered that the dreaded killer herdsmen invaded the community at about 6:30PM yesterday and started shooting sporadically, killing anyone on sight.A local source who confirmed the incident, said many residents were also taken away to unknown destination during the deadly assault.The local who identified himself as Owoicho Daniel said that the community was completely were sacked by the armed attackers.”As I speak with you, there is no single object in the community. It was an unprovoked attack. We were taking unaware. Some people went to evening service, while others at beer joint when they killers came.”It is an evening one can never imagine. Security personnel stationed at the area were overpowered as they look so helpless.Government must do something about these incessant killings and attacks. We have be living in fear for the past two months. The attack is still on going. About 30 people have been killed so far while several people have gone missing”, he said.Effort to get confirmation from the Benue State Police Command proved abortive as the Police Public Relations Officer (PPRO), Udeme Edet could not be reached, as she did not answer her phone when called.She also did not respond to a text message sent to her mobile phone at the time of filing this report.
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