COVER
Old Naira Notes: Emefiele Insists on January 31 Deadline
By Tony Obiechina, Ubong Ukpong & Eze Okechukwu, Abuja
The Central Bank of Nigeria (CBN) and members of the National Assembly may be heading for collision, as the apex bank yesterday insisted that there is no going back on the January 31 deadline for use of old naira notes, the same day the lawmakers called on the apex bank to extend the deadline by six months.
Speaking yesterday, after the Monday Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Godwin Emefiele said that the January 31 deadline to stop the circulation of old naira notes would not be extended.
Emefiele stated that the 90-day ultimatum given to Nigerians to deposit their old currencies was enough.
“We called on the Deposit Money Banks (DMBs) to extend their working hours, and to work on weekends.
“There is no reason to talk about a shift. The new currencies are available,” he said.
Emefiele said the apex bank had mandated the DMBs to feed the new notes into their Automated Teller Machines (ATMs) for Nigerians to have equal access.
“We have increased disbursement of the new notes to them. There is adequate quantity of new notes available.
“Our mint is producing and we are supplying the banks. We have super agents in underserved areas like riverine communities, and CBN staff members have been out on mobilisation.
“We believe that by January 31, the new naira notes would have permeated the nooks and crannies of the country,” the CBN boss added.
Emefiele said the CBN had so far received about N1.5 trillion of the old naira notes.
He urged Nigerians to accelerate the process of taking their old notes to the banks before the deadline, adding that they should not fear harassment from security operatives.
“We have begged the EFCC and the ICPC to allow Nigerians deposit their old naira notes,” the CBN Governor said.
Yesterday, the Senate and the House of Representatives, urged the Central Bank of Nigeria, CBN to extend the mop-up of old Naira notes to the next six months.
Specifically, the Red Chamber asked the apex bank to extend the deadline for the expiration of the old Naira notes to 31st July, 2023.
The upper chamber also urged the CBN to open an exchange window where people that don’t have bank accounts to deposit their old notes to do so.
The senate’s resolutions were sequel to a motion by Sen. Sadiq Suleiman (APC-Kwara) during yesterday’s plenary.
Moving the motion, Suleiman recalled that the Senate in its resolution on Dec. 28, 2022, urged the CBN to extend the use of the old notes from Jan. 31 to June 30.
He said that however, the apex bank had insisted on terminating the use of the old naira notes by end of January
Suleiman lamented that there was not enough new naira notes in circulation and as such, moved that the date should be extended to July 31.
“Experiences around the world have shown that such abrupt decision if not controlled usually created chaos.
“The CBN should extend the use of the old notes to July 31,” he said.
Supporting the motion, Sen. Ibrahim Hadejia (APC-Jigawa) said that the call for extension was for their constituents and not for their (lawmakers) personal benefits.
“In my constituency, no Automated Teller Machine (ATM) is dispensing the new notes,” Hadejia said.
Similarly, Sen. Adamu Aliero (PDP-Kebbi) said that the policy would inflict untold hardship on people living in the rural areas.
“The CBN governor should be invited,” he said.
Sen. Adamu Bulkachuwa (PDP-Bauchi) said that the extension was necessary otherwise there would be chaos.
Sen. Biodun Olujimi (PDP-Ekiti) who decried that in her local government area, about 90 per cent of the people have not seen a glimpse of the new naira notes, called on the apex bank to “look away from the elections”.
She said that if the date was not extended, it would lead to collateral damage which would not augur well for the economy.
Sen. Mohammed Ndume (APC-Borno) called on the Senate to use its oversight responsibility on the CBN to “order the CBN governor to extend the date.”
He said that the power of the senate should not be played down calling on the senators to stand firm on the call for extension.
For Sen. Sam Egwu (PDP-Ebonyi) who was the only senator who opposed the motion, “Nigerians do not have the culture of keeping their money in the bank.
“It is in Nigeria where cash is used arbitrarily; other countries use electronic means.
“Nigerians are just averse to change,” Egwu said.
In his remarks, Senate President, Ahmad Lawan, said that most of the senatorial districts did not have banks.
“In rural Nigeria, there are no banks and people transact businesses with cash more often.
“There is no doubt that we must have window for exchange. We must have policies by the CBN to have bank branches established in rural areas.
“We need this extension for the most ordinary Nigerians,” Lawan said.
Also yesterday, the House of Representatives, summoned commercial bank operators and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, over the scarcity of the new naira notes.
This is sequel to the adoption of a motion of urgent public importance brought before it by Rep. Sanda Soli (APC-Katsina) at the plenary in.
In his motion, Soli said that all over the world, currencies were being ‘phased out’ and not ‘forced out’.
“I am of the view that our currencies are being forced out and there is the need for some reviews and sensitisation by CBN and non-bank promoters,” he said.
The lawmaker called for review of the cashless policy, adding that CBN should ensure price stability.
Although Soli said that the cashless policy was in tandem with global best practices, he, however, added that most banks in Nigeria did not have what it takes to ensure that such was achieved.
He decried what he called the CBN’s refusal to listen to the cry of Nigerians for the extension of the Jan. 31 deadline for the deposit of the old naira notes, stating that this might have negative effect on the economy.
Speaker of the House of Representatives, Rep Femi Gbajabiamila, said that as good as the policy was, the modus operandi and the timing were the problem.
Gbajabiamila said that the currency should be phased out gradually, such that Nigerians would use the old and new naira together.
“There is nothing wrong in reviewing a policy; banks are claiming they don’t have the new naira notes, while CBN is also claiming the banks have them,” he said.
The speaker said that banks’ managing directors should be invited to brief the leadership or the ad-hoc committee to find out whether the money was available or they are being hoarded by banks.
The House, however, called for a six-month extension of the deadline to make the new notes available and that President Muhammadu Buhari should intervene on the debacle in the interest of Nigerians.
The House also set up an ad-hoc committee, led by Rep. Alhassan Ado-Doguwa, to meet with bank operators.
By Mike Odiakose, Abuja
Immediate past governor of Kogi State, Yahaya Bello will spend the 2024 Christmas and 2025 New Year days in Kuje prison, Abuja, following refusal of his bail application by the Federal Capital Territory High Court.
Justice Maryann Anenih yesterday adjourned the case until Jan.
29, Feb. 25, and Feb. 27, 2025 for the continuation of the hearing.The former governor is standing trial, along with two others, in an N110 billion money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Anenih had refused to grant a bail application filed by Bello, saying it was filed prematurely.
The judge admitted Umar Oricha and Abdulsalam Hudu, to bail in the sum of N 300 million each with two sureties.
Justice Anenih, while delivering a ruling said, having been filed when Bello was neither in custody nor before the court, the instant application was incompetent.
“Consequently, the instant application having been filed prematurely is hereby refused,” she said.
Recalling the arguments before the court on the bail application, the judge had said, “before the court is a motion on notice, dated and filed on Nov. 22.
“The 1st Defendant seeks an order of this honourable court admitting him to bail pending the hearing and determination of the charge.
“That he became aware of the instant charge through the public summons. That he is a two-term governor of Kogi State. That if released on bail, he would not interfere with the witnesses and not jump bail.”
She said the Defendant’s Counsel, JB Daudu, SAN, had told the court that he had submitted sufficient facts to grant the bail.
He urged the court to exercise its discretion judicially and judiciously to grant the bail.
Opposing the bail application, the Prosecution Counsel, Kemi Pinheiro, SAN, argued that the instant application was grossly incompetent, having been filed before arraignment.
He said it ought to be filed after arraignment but the 1st Defendant’s Counsel disagreed, saying there was no authority
“That says that an application can only be filed when it is ripe for hearing.”
Justice Anenih held that the instant application for bail showed that it was filed several days after the 1st defendant was taken into custody.”
Citing the ACJA, the judge said the provision provided that an application for bail could be made when a defendant had been arrested, detained, arraigned or brought before the court.
Bello had filed an application for his bail on November 22 but was taken into custody on November 26 and arraigned on Nov. 27.
From Jude Dangwam, Jos
Conference of Autochthonous Ethnic Nationalities Community Development Association (CONAECDA) has called on the federal government to intensify efforts in the resettlement of displaced persons in their ancestral homes.
The organization made this call at the end of its conference held in Jos, the Plateau State Capital weekend.
Thirty resolutions were passed covering security, economy, politics, governance, culture, languages, human rights and indigenous peoples’ rights among others.
The Conference President, Samuel Achie and Secretary Suleman Sukukum in a communique noted that the conference received and discussed reports from communities based on which resolutions were reached on securing, reconstruction, rehabilitation and returning communities displaced by violence across the Middle Belt.
“After considering the reports from communities displaced by violent conflicts, conference resolved, and called on government to focus on providing security to deter further displacements.
“Call on government to provide security to enable communities to return. Government and donor partners should assist in reconstructing and returning displaced communities,” the communique stated.
The GOC 3 Armoured Division Nigeria Army represented by Lt Col Abdullahi Mohammed said the Nigerian Army is committed to working closely with communities to achieve a crime-free society, urging communities to support them with credible information.
“Security is a collective effort, and we cannot do it alone, the community plays a crucial role in ensuring safety.
“We urge everyone here not to shield or protect individuals involved in criminal activities. Transparency and collaboration, together, with maximum cooperation, we can achieve peace, security, and prosperity for our society,” the GOC stated.
The National Coordinator of CONECDA, Dr. Zuwaghu Bonat in his address at the gathering noted that the theme of this year’s program, Returning, Resettling, and Rehabilitating Displaced Communities, was chosen as a wakeup call on the federal government.
He maintained that the organization is aware that President Bola Tinubu has expressed a commitment to ensuring that displaced communities return to their ancestral lands.
He said similarly, some state governments, including Plateau State, have set up committees to address the lingering matter.
The coordinator however cautioned, “It is critical that we avoid generalizations or profiling. For instance, Not all Muslims are involved in terrorism. The overwhelming majority of Muslims in Nigeria are peaceful and reject extremist ideologies.
“We also know that some terrorists exploit religion to mobilize support or rationalize their actions. However, their atrocities – slaughtering women, cutting open pregnant mothers, and killing children show a profound disregard for humanity and God. Normal human beings would not commit such acts.
“We must also be cautious about lumping banditry with terrorism. While statistics indicate that many bandits and kidnappers may share similar ethnic backgrounds, kidnapping has now evolved into a profit-driven enterprise. This distinction is vital to address the root causes effectively,” he stated.
The Governor of Plateau State, Caleb Mutfwang represented by his Senior Special Assistant (SSA) on Middle Belt Nationalities, Hon Daniel Kwada noted that the conference was apt to addressed the various underlying issues bedeviling the region and its people.
“We in the Middle Belt have long been standing at the crossroads of Nigeria’s complex history. Despite our tireless efforts to stabilize this nation, we have faced immense challenges, including underdevelopment, security issues, and marginalization.
“Often, we are unfairly maligned, but gatherings like this offer a chance to change the narrative.
“Such conferences set the tone for better discussions. They allow us to drive processes that bring development, ensure security, and elevate our people to greater heights,” Mutfwang noted.
Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.
Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.
The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.
Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests
He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.
The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.
In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”
He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.
To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.
According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.
He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.
“Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.
“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.
Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.
He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.
“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.
“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”
Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.
He stated that the commission is committed to transparency and being mindful of the benefits and risks associated with technology adoption.
Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.
On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.
He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.
He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.
In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.
Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.
She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.
The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN
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