COVER
Naira Swap: Illicit Funds Hoarders Target of Policy, Says Buhari

By Mathew Dadiya & Tony Obiechina, Abuja
Following mounting pressure from Nigerians and the corporate world, President Muhammadu Buhari yesterday approved a 10-day extension of the deadline for the swapping of currency to new notes.
Nigerians, including Senators and members of the House of Representatives have been pressurizing the Central Bank of Nigeria (CBN) to extend the January 31, 2023 deadline for the use of old Naira notes.
Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this to newsmen yesterday in Daura, said the new deadline for the old currency to seize becoming legal tender would be February 10, 2023.
Emefiele, who was in Daura yesterday, had a closed-door meeting with the Buhari, where he obtained the approval.
He said Nigerians, who were yet to change their Naira notes from the old to new ones, “now have an opportunity to do so”.
The apex bank’s governor however cautioned that people must utilize the opportunity because the deadline would not be extended again.
You may recall that the CBN had fixed Jan. 31 as the deadline for the legitimacy of the old Naira notes.
The redesigned Naira notes, comprising N200, N500 and N1, 000, became legal tender on Dec. 15, 2022, after they were unveiled by Buhari on Nov. 23, 2022, in Abuja.
President Muhammadu Buhari has reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
The President assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
Buhari explained this at the weekend when he reacted to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition criticism.
This, he assured, will stabilize and strengthen the economy.
While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.
The President also restated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up the distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
In a statement yesterday, the CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy, saying the apex bank has succeeded in recovering over 70 percent of the N2 trillion held out of the banking system.
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: A 10-day extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigerians.
“A 7-day grace period, beginning from February 10 to February 17, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender Status,” the statement read.
The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.
“We are happy that so far, the exercise has achieved a success rate of over 70 percent of the N2 trillion held out of the banking system,” Emefiele added.
Before the apex bank extended the use of the naira note, many Nigerians experienced difficulty in lodging their old banknotes.
The scramble by many Nigerians to meet the initial January 31 deadline has been chaotic as many of them flood banking halls with huge cash in old notes to exchange them with new ones.
Others are seen in long queues at the few ATM points having the new naira notes in different parts of the country to have access.
This has necessitated the CBN directing the commercial banks on Friday to open for business on Saturday and Sunday.
Expert Hails CBN for Deadline Extension
Foremost economist and academic, Professor Uche Uwaleke has commended the Central Bank of Nigeria (CBN) for extending the deadline for the exchange of old Naira Notes for the redesigned currency from 31st January to February 10, 2023.
CBN Governor, Mr Godwin Emefiele who made the announcement in statement on Sunday, said President Muhammadu Buhari approved the change of deadline.
Uwaleke, who is Nigeria’s first professor of Capital market in a statement made available to Daily Asset in Abuja, described the apex Bank decision as a welcome development.
“The extension of the deadline for notes swap by the CBN till February 10 2023 with additional 7 days grace period is a welcome development and portrays the CBN as a responsive organisation that is sensitive to the yearnings of Nigerians.
“One recalls that when the CBN first placed a cash withdrawal limit of N20,000 per individual per day, it saw the need to revise it upward to N100,000 following reports that the limit was too low and causing a lot of hardship to the people.
“This deadline extension will reduce the queues at the ATM, reduce panic and uncertainty among small business owners in particular and more importantly allow more time for the new naira notes to circulate and more of the old ones returned to the CBN given that about N900 billion is still outside the banks as revealed by the CBN Governor.
“I commend the CBN for this move as well as the President for giving approval for an extension. It goes to demonstrate that the currency redesign was not designed abinitio to foist hardship on Nigerians.
“The fact that the new deadline is before the February 25 election is laudable as the measure will help reduce vote buying.
“Having extended the deadline by 10 days, the CBN should ensure that the banks are strictly complying with its distribution guidelines for new notes. It should equally, through sensitization efforts, discourage the current practice of rejection of old notes while they are still considered legal tender,” the statement read.
Buhari: Illicit Funds Hoarders Target of Policy
On Saturday, President Muhammadu Buhari explained that the currency changes were aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
The President assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
Buhari explained this on Saturday when he reacted to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism.
This, he assured, will stabilize and strengthen the economy.
While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.
Buhari also restated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
COVER
Turkish Embassy Pledges Partnership with Asset Media Group

By Donald Andoor, Abuja
The Turkish Embassy in Nigeria has pledged a working relationship with the Asset Media Group and Nigeria’s media in general to further boost long lasting diplomatic and trade relations existing between the two countries.Head of Political Office, Embassy of the Republic of Turkiye, Muzaiffer Hakan Tok who was exchanging views with the management team of Asset Media Group in Abuja, yesterday recalled the robust diplomatic, trade and cultural relationship between Nigeria and Turkiye.
While stressing the cordial relationship existing between the two nations over time, he said there was need for media practitioners to be further enlightened about those things that were common and binding between the two nations.He applauded the people of Nigeria and the government for the hospitality accorded Turkish nationals in the country.Earlier, Dr. Cletus Akwaya, Proprietor of Asset Media Group, owners of the Daily Asset Newspaper and Asset Television, said the visit was to explore ways of media partnership with the embassy.He appealed to the Turkish Embassy in Nigeria to initiate avenues for exchange of visits between journalists of the two countries to enable them to enlighten and educate the public about opportunities that abound in the country.The diplomatic relations between the two nations started when Turkey opened an embassy in Lagos in 1962. The embassy was moved to Abuja in 2001 after Nigeria’s proclamation of Abuja as the new capital.On the other hand, Nigeria has an embassy in Ankara, the capital of Turkey and the two countries are members of a group of eight developing nations, code named D-8.The delegation of the Daily Asset Group included Donald Andoor, Chairman Editorial Board and General Manager of Asset Television, Ayami Sunny Ayami.COVER
Ango Abdullahi Tasks FG over Out-of-school Children in Northern States

By Divine Ndukwe, Abuja
Chairman of the Northern Elders’ Forum, Prof. Ango Abdullahi, has raised the alarm over the growing marginalisation of Northern Nigeria, warning that the continued sidelining of the region in federal budgeting and infrastructure development poses grave dangers to national unity and progress.
The elder statesman, who spoke at the ongoing Government-Citizens Engagement Forum organised by the Sir Ahmadu Bello Memorial Foundation in Kaduna on Tuesday, described the region’s situation as nothing short of a national emergency, particularly in the areas of education, infrastructure and economic inclusion. Abdullahi, a former vice chancellor of Ahmadu Bello University, Zaria, lamented the failure of successive administrations to address the North’s growing population of out-of-school children.He blamed the crisis on inadequate funding and misplaced national priorities“We have 20 million out-of-school children in Nigeria—80 percent of them are from Northern Nigeria.“If just half of the N15 trillion national budget were allocated to education, we would have no child out of school.“That money would provide schools, teachers, and equipment,” he said.He said, despite the magnitude of the crisis, the North continues to receive a disproportionately low share of education funding.“This is not just a Northern problem. It is a national disaster. An uneducated population is a threat to all,” he warned.The NEF chairman, who recently toured parts of the Northeast, also described the region’s road infrastructure as “the worst in the country.”“Some of the roads are not just bad—they don’t even exist. You can’t talk about national development when a whole region remains disconnected.“There must be an intentional drive to fix our roads if we are serious about equity,” he said.He proposed a simple yet bold solution, stating, “Let’s be serious. If we use N7.5 trillion for education and N7.5 trillion for roads in the North, we’d solve two of our biggest problems.”Abdullahi also expressed strong reservations about the recent relocation of key departments of the Central Bank of Nigeria from Abuja to Lagos, describing the move as suspicious and divisive.“Why the sudden relocation of CBN departments? Why the mass retirements? And why were 15 new directors recently employed—with only four from Northern Nigeria?” he asked.He said the decision sends a troubling message to Northern Nigerians, many of whom already feel marginalised under the current administration.“These are not coincidences. They are decisions with consequences, and the North is watching,” he said.According to him, the Northern Elders’ Forum will be formally writing to President Bola Tinubu to demand clarification on the recent appointments and policy decisions, which, he said, appear designed to weaken Northern participation in the federal structure.Abdullahi did not stop at criticism. He also laid out a roadmap for equitable development, starting with the decentralisation of industrial growth.“If we truly want to develop Nigeria, then Northern Nigeria must be industrialised in line with its natural strengths—agriculture being one,” he said.He urged the Federal Government to set up agro-allied processing zones across Northern states, arguing that industrialisation anchored on agriculture would lift millions out of poverty and stabilise the region’s economy.“It is time to spread development. Northern Nigeria cannot continue to serve only as a food basket without also being a value-adding zone,” he declared.The NEF chairman ended on a strong note of civic engagement, urging Northerners to move from silence to active demand for their rights.“We must be proactive. We will be asking questions. And this time, we expect answers,” he said.He called on political leaders, community organisations, and civil society groups to join in demanding accountability from federal policymakers.“We can no longer afford to be passive. If we do not speak up and insist on fairness, the marginalisation will continue, and our children will inherit a more broken and divided nation,” he added.Katsina Approves Promotion of 3147 Teachers, OthersThe Katsina State Government has approved the promotion of no fewer than 3,147 teachers and other staff members of the state’s Ministry of Basic and Secondary Education.This was made known by the Permanent Secretary in the Ministry, Hajiya Ummukhair Ahmed-Bawa, during a senior management meeting on Tuesday in Katsina.She was represented by the Director, Administration and Supply in the ministry, Salisbury Yakubu, who also said that the development was announced by Hajiya Zainab Musa-Musawa the state’s Commissioner for Basic and Secondary Education.She noted that the landmark approval underscored the state government’s commitment to enhancing the welfare and motivation of education personnel.According to her, “The commissioner directed the convening of the meeting to kick-start the promotion process in line with the approval of Governor Dikko Radda.”The permanent secretary further assured that the exercise would be completed within the stipulated time frame.“The promotion exercise reflected the ministry’s commitment to rewarding hard work, fostering career growth, and improving service delivery in the education sector.“About 78 staff would be promoted from level 07-08, 560 from 08-09, 484 from 09-10, 587 from grade level 10-12, 627 from 12-13, 436 from 13-14, 276 from 14-15, while 98 would move from 15-16”, Ahmed-Bawa concluded.COVER
Oluremi Tinubu in Makurdi, Seeks End to Benue Killings

From Attah Ede, Makurdi
First Lady of Nigeria, Sen. Oluremi Tinubu yesterday visited Benue State, with a call to put an end to the insecurity and incessant killings of innocent citizens especially women and children in the State.Mrs Tinubu, who spoke during her visit to the State, where she met with state officials, traditional rulers, and internally displaced persons as part of her humanitarian and peace-building engagements, called for unity and solidarity among the people of the State to combat the senseless killings that have continued despite spirited and concerted efforts.
She said it was most worrisome to find displaced persons living in dehumanising conditions, describing it as hellish.According to her, when faith is lost, family bonds are broken, life no longer carries the hope it once did, everything changes, stressing that every society must decide what it would serve, adding however, “No nation can serve two masters”.”There must be a choice between what builds and what destroys, between people and the structures that either uplift or oppress them.”We speak of teaching lessons about peace, love, and how to live with one another. These are not abstract ideals. They are necessities. Dialogue and patience remain the best solutions wherever conflict exists. But often, we hesitate, we ask ourselves: Why do I need to act? Why do I need to speak?, And so the doors remain closed. Teachers go unheard. People are left without guidance on how to move forward and how to heal.”Today, I decided to come because I feel that much of the light has dimmed. The weight of silence is heavy, but conversations like this bring hope. Nigeria is a nation of deep complexity. Ethnicity, religion, and culture all have their place, but they must not become walls between us. They should instead be bridges of understanding.”And now, we are in a time in a world where we must decide what we are preparing for. Will it be a future shaped by division, or one built on compassion, dialogue, and shared humanity?”, Tinubu stated.The Nigeria first lady, who also donated one billion Naira to the victims of the displaced communities in the state and provided relief materials to help alleviate their suffering, promised to continue supporting those in need, particularly children, girls, and individuals with disabilities.On his part, the Paramount ruler of the Tiv nation, Tor Tiv, Prof. James Ayatse, called on the Federal Government to take decisive action against networks of terrorists operating in Benue and Nasarawa States and stressed the need for reconstruction of destroyed communities and compensation for victims of the attacks.He intimated that the violent attackers responsible for the frequent killings and displacements in Tiv land usually came from neighboring Nasarawa State and returned there after carrying out their assaults.“Your Excellency Ma, our attackers come from Nasarawa State. After attacking us, they withdraw and go back to Nasarawa State.””I appeal to you to convey the people’s anguish and plead for justice to President Bola Tinubu. Peace in Benue cannot be achieved until the sources of these attacks are addressed through decisive federal intervention.”Thank you for your patience and resilience. Families have been torn apart, ancestral homes abandoned but there is hope. With a guarantee of restored peace, our people will be able to return to their ancestral communities, resume their lives, and rebuild what was lost.”It looks like we will achieve our goals and with that, we will see the gains we have long hoped for.”The barriers we once faced are giving way. We are determined not to let terrorists define our destiny. We have confronted major enemies and made progress, though the scars and memories of destruction remain with us.“Still, everything we are doing now is to bring lasting peace and we believe peace will come soon.”To the communities that have suffered attacks: you do not need to remind us of what has happened. We know. We have seen the devastation. We share the pain.”Nigeria has been plagued by discontent for many years. I have lived here all my life, and I know this much: if we keep playing with this weakness, it will grow and if it grows unchecked, it will destroy us.”If our leaders do not decisively confront terrorism and malice, and instead keep playing politics with it trying to be “politically correct” for the sake of convenience, Nigeria will be in grave danger. The time to act is now”, Ayatse alluded.He maintained that the government is already beginning to respond, securing vulnerable areas and strengthening borders, noting that the visit today has given Benue citizens encouragement and has further reassured them that they are not forgotten.The Benue State Governor, Rev. Fr. Hyacinth Alia reiterated his call for the establishment of a state police and a national policy on ranching to address the insecurity caused by herders.He applauded Mrs Tinubu for her visit and commitment to national solidarity in the face of the ongoing crisis bedeviling over 1.5million displaced individuals in the State.”This visit comes after the massacre of over 200 of our people on the night of Saturday, the 13th, and the morning of Sunday, the 14th of June, 2025. Your visit follows closely after your husband, the Commander-in-Chief of the Armed Forces, His Excellency President Bola Ahmed Tinubu, altered his itinerary to send us a message of comfort shortly after June 18, 2025.”We have over 3,500 new IDPs in Gwer-West local government. It is my prayer that this land becomes one of reunions and grace. I would like to express our deep gratitude to you for making time to visit us.”Following the President’s directive, the Chief of Defence Staff ordered the deployment of security personnel to our communities. While the attacks by militias and bandits have not completely stopped, we can report that there has been some noticeable improvement in security.”Your presence here today reflects not only your strategic support as a former Senator of the Federal Republic but also your motherly and compassionate response to moments of distress in our nation. Your initiatives in health, social investment, agriculture, care for orphans, IDPs, persons living with disabilities, and the elderly have not gone unnoticed.”We are aware of the over 70,000 posts you facilitated through the Ministry of Education for distribution to primary schools. We are equally aware of over 270 support programs for economic empowerment. You have already done so much for us in this state, and we believe your presence today will not only inspire you to do more but also create a deeper connection to our plight as you hear the stories of consistent and protracted attacks on our people by terrorists and armed groups.”We are grateful for the goodness you have shared with us at this very difficult time and for the honor and support you have continually extended to our grassroots”, Alia stated.The governor lamented that the persistent attacks by militias on Benue farms have been sustained for years, leading to the loss of lives and property. Farmers have been driven away from their lands because so many have been killed, leaving us in pain and despair.”Some of our people are displaced and living in camps, while many more are staying with friends and relatives across different parts of the state under harsh conditions. Hunger is widespread, and food is scarce in a state once celebrated as the “Food basket of the nation.””In all of this, we have not received adequate compensation or meaningful support. Instead, what has been offered to our grieving people feels like salt added to their wounds, token gestures that do not meet the needs of mothers, who have lost children or families who have been destroyed”, he said.Gunmen Invade Benue Community, kill One Farmer Suspected armed herdsmen, on Tuesday launched fresh attack on Tse-Kalema in Mbazun, Atogbenda, Ukum Local Government Area of Benue State, killing one farmer identified as Lucky Tsetim. A source from the area told DAILY ASSET that the victim was attacked while working on his farm on Tuesday.The killing has sparked fresh fears among residents, who say Fulani attacks in Tse-Kalema are becoming frequent.They called on security agencies to urgently intervene and restore peace in the area.As of press time, no official response has been issued by the authorities.Efforts to speak with the Benue State Police Command Public Relations Officer, DSP Udeme Edet failed as she did not respond to calls or texts.