News

War Over Currency Redesign Rages

Published

3 years ago

October 31, 2022

*** Hoarders Panic, Fights Back
***As Buhari Defies Pressure, Overides Minister, Back CBN

By: Our Reporter

Some Nigerians have been reported to have kept billions of Naira in underground water reservoirs, some in overhead water tanks, others on their farms and yet others in private warehouses.
The Central Bank of Nigeria CBN believes that, over N2.7Trillion, of the N3.2Trillion that is supposed to be in circulation are being hoarded.
Against the background that most of the hoarded money are ill-gotten and the hoarders are afraid of taking them to banks, there has been acute shortage of currencies available for circulation in the economy.
Anti corruption agencies suspect that, the currencies being hoarded, could be proceeds of corruption or those suspected to have been stolen from Government purses.
To this end, financial experts have described Plans by the Central Bank of Nigeria, CBN, to redesign and reissue certain categories of the Nigerian currency, the Naira, as the best economic policy of the Buhari administration so far.
But the move seems to be generating suspicions amongst certain category of Nigerians, who feel threatened by the policy.
Nigeria’s apex bank, the CBN, has given a run down of the potential benefits of the exercise, to wit discouraging currency hoarding, laundering, controlling currency circulation, monitoring criminal activities involving ransom payments and reducing counterfeiting of the currency: curtail circulation of bad and mutilated currency, amongst other economic vices.
The CBN equally feels that mopping up the hoarded currency could strengthen the country’s push towards a cashless economy, which has become the global practice.
Greater part of Nigerians are impressed with the plans and urge the Federal Government to go ahead, as the move may expose those who may have been sabotaging the economy.
Cross section of Nigerians who spoke to our correspondents believe that, President Muhammadu Buhari may at last be living up to his promise of fighting economic saboteurs and leaving behind a robust country.
But some people are of the opinion that there are ulterior motives by the Buhari Government in introducing the fiscal measures: one of which is to witchhunt politicians.
With the plan coming at a time the Government has vowed to intensify battle against monetization of elections, the currency redesign may alter the plans of those who may have stashed away money for use during next year’s elections.
Also the attendant threats by anti graft agencies to monitor individual and corporate financial transactions in the country, by channeling all transactions through the banks: currency hoarders feel that, they are being specifically targeted.
Our investigations reveal that,already some sections of Nigerians are being brainwashed to resist the planned redesigning and reissuance of new naira notes by the Central Bank.
Political and economic pundits have since faulted Nigeria’s Finance Minister, Hajiya Zainab Ahmed, who was amongst the first to speak against the planned policy.
To many, Zainab Ahmed was actually speaking on behalf of those threatened by the policy, which may expose those hoarding money for other dubious uses.
“It was rather absurd that, the Minister claims to be speaking the minds of the same Federal Government, which headship authorized the policy in the first place”, one if them argued. According to him, “Nigerians suspect that she is actually speaking the minds of politicians, who may have stashed away huge currencies for use during the forthcoming elections.”
While citing lack of consultations as the reason for her action, the Minister came short of convincing Nigerians that, she was not actually being the voice of Esau, while her hands were that of Jacob.
This is even as , President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so.

Presidential spokesman, Garba Shehu quoted the president as speaking in a Hausa radio interview to be aired Wednesday Morning on Tambari TV on Nilesat, President. Shehu said, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.

He said he did not consider the period of three months for the change to the new notes as being short.

”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
Our source in Government reveal that, President Muhammadu Buhari may have rebuked the Minister for controverting his actions, and went ahead to ask the CBN to continue with the plans.
The CBN has subsequently came out to dare Hajiya Zainab, insisting that, due processes were followed in introducing the new nites, and consulting her was not part of the due process.
Quoting the relevant sections that empower the apex bank to do so, the CBN explained that, the policy presupposes that the nation’s currency be redesigned and reissued every five to eight years, and the Naira was last redesigned about 19 years ago.
The bank argued that, this policy is long over due and those fighting to stall it are fighting a futile battle.
Sources confirmed to national TRAIL that the Minister may have also been abandoned by those who wrote and gave her the script to read in the first place, as they have resorted for lobbying to discontinue the policy untill after the elections
Our investigations reveal that President Muhammadu Buhari may have come under tremendous pressures to cause the central Bank of Nigeria, CBN to tarry the policy, untill next year’s elections are over.
The president we gathered, is however standing his grounds, having seen the benefits of a similar exercise, during his tenure as Military Head of state, in 1984.
It could be recalled that, as part of his regime’s war against Indiscipline and corruption, the Nigerian currency was redesigned in 1984, which yeilded positive economic results, even as it exposed those in the habit of hoarding money outside the banks.
Our correspondent in Kaduna reports that, Islamic clerics, including renowned Kaduna based, Sheik Mahmud Gumi, was amongst those who have been trying to discredit the currency redesign policy.
While the Government keeps a tab on Gumi, for his often controversial and suspicious outings with terrorists: who are part of the group the policy seeks to discourage, the clerk has lampooned the CBN Governor, Godwin Emefele for mulling the currency swap.
The Islamic cleric was quoted as disagreeing with the potential benefits of the policy as outlined by the apex bank.
To him, it was a deliberate plan to financially muscle poor Nigerians, especially his compatriots in the forests, whom he has been trying to pacify.
Our findings further reveal that, Gumi’s utterance over the policy has further drawn the attention of security operatives, who have kept him on the watchlist, since the arrest and subsequent arraignment of his compatriot, Tukur Mamu.
A few other Islamic clerics have been on the Social Media, condemning the plans, with one of them calling it antithetical to Islamic values.
Sources at the CBN confirmed to our correspondent that the new currency notes have already been delivered for onward implementation of the plan, even as reports have it that, some hoarders may be planning to share out their deposits to associates for deposit in banks to avoid scrutiny.
Investigations reveal that, since the announcement of the planned policy, cash deposits to banks have been rising steadily.
A bank official in Abuja told National TRAIL that, people are trying to beat the dateline already, by spreading their deposits to cover some time, even as the EFCC is said to have already swung into action.
The anti graft agency and the NDLEA, have both directed banks to comply with the relevant transaction limit policy and to verify all notify them if any attempt to lodge money for future deposits, which may be in catches.
There are very strong indications that, all the comments against the policy have the imprematur of some faceless terrorists financiers, desperate politicians and top Government officials who may ultimately face challenges if the plans
continue.
Sources at the CBN confirmed that the management is aware of the battles being fought and the likely unseen hands behind them, but the CBN is equally prepared to weather the storm.

News

Lebanese expatriate worker sues GOC 2 Div, others, for alleged unlawful detention, demands N2bn as damages

Published

2 hours ago

August 11, 2025

Our Reporter

Ibrahim Nassar, a Lebanese expatriate worker with Phoenix Import and Export Limited in Kwara State, has gone to the Federal High Court, Ilorin Division, seeking an order compelling the Nigerian Army to release him immediately from his four-month detention without trial.

In a suit filed on his behalf by his counsel, the applicant identified himself as a citizen of
Lebanon with a valid passport and a lawful resident in Nigeria with a validly issued
Comprehensive Expatriate Residence Permit, and that he has been living and working
with Phoenix Import and Export Limited, Kaiama in Baruten Local Government Area,
Kwara State for some time now, without any criminal record.

In the Suit No. FHC/IL/CS/87/2025 between Ibrahim Nassar (Applicant) and the General Officer, Commanding 2 Division, Nigerian Army, Ibadan, Major-general Obinna Onubogu; the Chief of Army Staff and; the Nigerian Army (as 1st, 2nd and 3rd Respondents, respectively), the Lebanese complained that he was unlawfully arrested on 9th May, 2025 by the officers of the 2nd respondent at the instruction or command of the 1st respondent.

According to Nassar, he was detained for many days and was released by the Department of State Security (DSS) when he was not found culpable for any criminal activities. He said he was re-arrested on the 16th June, 2025 and has since been in detention up to now without any criminal charge against him.

Describing his arrest and detention without any justification as illegal, unwarranted, wrongful and unconstitutional, the Lebanese further told the court that he is both asthmatic and diabetic, among other serious medical conditions, and need to seek medical attention.

He alleged that while in the detention of the respondents, he was humiliated, tortured and harassed in order to self-incriminate himself, which he stood his ground against.

He further alleged that he was treated inhumanly as he was detained in a very dark and fearful confinement like a common criminal. In addition, he claimed that he was not fed well and when he ought to be fed, he was just given a very small portion of any meal available not minding the fact that he is not a Nigerian who is no exposed to any sort of foods.

The application by Ibrahim Nassar for an order for the enforcement of his fundamental
Human rights under the Constitution of the Federal Republic of Nigeria 1999 (as
amended), the African Charter on Human and Peoples Rights (Ratification and
Enforcement) Act CAP A9 LFN 2004, United Nations declaration of Human Rights, 1948,
and Fundamental Rights (Enforcement Procedure) Rules, 2009, was filed by his counsel,
Prof. M.T. Adekilekun Esq, leading Shareef Mohammed Esq., Prof. A.O. Sambo, Oludare
W. Akanbi, Esq, Maryann Osuyak (Miss) and, A.S Adeyemi, Esq.

In the suit, Ibrahim Nassar is also seeking an order and declaration of the court that his continuous arrest, detention, humiliation, torture, inhuman treatment and harassment by the respondents is unlawful, illegal, ultra vires and grossly violates the provisions of the Constitution of the Federal republic of Nigeria (as amended), the African Charter on Human and peoples’ Rights (Ratification and Enforcement) Act, United Nations Declaration of Human rights, 1948.

He is also seeking an order of the court that he be paid exemplary and aggravated damages in the sum of One Billion Naira (N1, 000, 000, 000) only against the respondents jointly and severally as a result of the infringement of his fundamental rights to personal liberty and dignity of human person, harassments, intimidation, threats and public ridicule occasioned by the Respondents on the applicant.

In addition, Nassar is demanding payment of another One Billion Naira (N1, 000, 000, 000) as General Damages against the respondents jointly and severally for his unlawful detention, as well as an order of perpetual injunction restraining the Respondents by themselves, their officers, servants, agents and privies from: (i) arresting, threatening, intimidating, restraining, harassing and humiliating him or threats thereof.

In an affidavit in support of originating motion for enforcement of fundamental human
right of the applicant, one Vandi Vatiki of Czar Farms Limited, Oke oyi, Ilorin Kwara
State and Phoenix Import and Export Limited, averred that sometime on 9th May, 2025, “the officers of the Nigerian Army (the 3rd respondent) came in a gestapo manner, fully armed with weapons, and bumped into the hotel room of the applicant in Kaiama, Baruten Local Government Area, Kwara State and arrested him without warrant of arrest and any offence alleged against him.

“That when myself and applicant’s co-Lebanese present made enquiries as to the
offence committed by the applicant, no any reason whatsoever was given.

“That I know as a matter of fact that the applicant was first taken to Sobi Barracks
where he was detained unlawfully and after sometime was transferred to 2nd Division
of the Nigerian Army, Odogbo Barracks, Ibadan, Oyo State.

“That the applicant was detained without any offence alleged against him for more than
two weeks and every attempt to get the applicant released proved abortive.

“That one of the steps taken to ensure the release of the applicant was the
engagement of Rashidi Isamotu Esq., to apply for the release of applicant who upon
being engaged wrote a letter titled: “Request for Release of Ibrahim Nassar” dated 20th
May, 2025 to the 1st respondent.

“That instead of the 1st respondent to yield to the simple request since nothing
incriminating was traced to or found with the applicant, he ordered the transfer of the
applicant to the office of Department of DSS Oyo State Command, Ibadan for profiling
and further investigation, having spent two weeks with them at Odogbo Barracks,
Ibadan’

“That the office of DSS in Ibadan, upon proper profiling and investigation of the
applicant, found him not culpable for any offence hence, found no reason why it should
keep the applicant in their custody and consequently transferred the applicant to Kwara
State Command, Ilorin, the state where the applicant was arrested.

“That on getting to Ilorin, the DSS in Ilorin too found nothing incriminating about the applicant and consequently released the applicant without any further delay or hindrance whatsoever.

“That the applicant thought the storm was over and was making attempt to settle down
and attend to his health which has deteriorated due to the unlawful detention,
humiliation and torture meted against him by the 1st respondent and other officers of
the 3rd respondent, he was re-arrested on the 16th June, 2025 by the officers of
the 3rd respondent at the mandate and command of the 1st respondent without warrant
of arrest.

“That the applicant upon being re-arrested on 16th June, 2025 was taken straight to
Odogbo Barracks of the 2 Division of the 3rd respondent like the previous arrest and has
been unlawfully and wrongfully detained since then under the watch of the 1st
respondent who the 2nd respondent failed to check (despite having knowledge of the
unlawful arrest) without any crime alleged against or charge framed against him till
now.

“That attempt was made to secure the release of the applicant again by still engaging
the services of Rasidi Isamotu Esq to write a complaint to the Chief of Army staff, the
2nd respondent in respect of the conduct of the 1st respondent and his officers on the
unlawful detention of the applicant.

That the said Rashidi Isamotu wrote the complaint on the 19th June, 2025 and same
was received and acknowledged by the office of 2nd respondent at Army Headquarters,
FCT, Abuja on the 26th June, 2025.

“That the family and friends of the applicant are in disarray now as nothing is even
heard of the applicant again, making them to be subjected to psychological torture, to
the point that other expatriates working with our company are now living in fear and
trembling as a result of the illegal action of the respondents.

“That sequel to the above, many (if not all) of our expatriates have left the country because they feel that their lives are not safe and secured with the inhuman treated made against the applicant coupled with the unlawful arrest and detention. It could be anybody.

That the applicant has not been charged with any offence before any court of Law in
Nigeria.

“That if this Honourable Court do not intervene as a matter of urgency the life of the
applicant is under imminent threat and may lead to his death.

That unless this application is granted, the applicant will continue to suffer violation of
his fundamental rights of freedom of movement and personal liberty as well as dignity
of human person.

As of the time of this report, the 2nd Division of the Nigerian Army and the Nigerian Army headquarters, Abuja, were still to respond to a message sent over the weekend, seeking their comments on the allegations by the Lebanese.

No date has been fixed for the hearing of the suit.

News

Oluwole Foundation Lifts 70 Branch Members Of C&S Church in Ilorin

Published

11 hours ago

August 11, 2025

Our Reporter

Stephen Olufemi Oni, Ilorin

Barely a month after empowering no fewer than 70 members at the headquarters of the Cherubim and Seraphim Movement Church Worldwide in Ilorin, the Kwara State capital, the Oluwole Foundation has extended the noble gesture to 24 branches of the Church within Ilorin metropolis and Oke-Oyi.

In the new dispensation, the Oluwole Foundation provided material and financial support to additional 70 beneficiaries, costing the Foundation about N37m.

Fielding questions from journalists on the sideline of the programme, the Chairman of the Foundation, Pastor Moses Ademola Popoola, said the extension of the empowerment programme this year to the branches of the Church was in obedience to divine instruction and as a means to tackle poverty within the Church community.

“We have 62 branches under our Church, but this is the first time we are going beyond our headquarters. For now, we have covered 24 Churches and empowered 70 people, spending close to N37 million. This is not just charity; it’s also evangelism. Some people will not be converted through preaching but through welfare,” Pastor Popoola explained.

He urged beneficiaries to take the gesture seriously, work hard, and extend help to others, assuring the congregants of further expansion of the empowerment programme to cover more beneficiaries in the coming years.

“They should not see this as a national cake. Be prudent, save, grow your business, and from what you have, help someone else. That way, we help the family, society, and the nation,” he cautioned.

Pastor Popoola also called on other foundations, especially those owned by Christians, to carry out their work with sincerity, rather than for personal gain. “This service is first to God, then to society. When we help people genuinely, we reduce poverty, crime, and unemployment.”

The cleric, however, stressed the need for the government to prioritise agriculture and rural development in order to tackle poverty and unemployment ravaging the nation.

He added: “Every wealthy nation built its economy on agriculture. So, government should secure our farmlands, provide tractors, and support our farmers holistically. Let each region focus on its strength, like cocoa in the West and groundnut in the North. We must also develop rural areas with electricity, motorable roads, hospitals, and jobs to curb rural-urban migration.”

One of the beneficiaries, Mrs Janet Shaba, who expressed gratitude to the Oluwole Foundation for the kind gesture, promised that they would make judicious use of the items received.

End

News

Audu Ogbeh’s death a big loss for North Central: Kwara Gov

Published

11 hours ago

August 11, 2025

Our Reporter

Stephen Olufemi Oni, Ilorin

Kwara State Governor AbdulRahman AbdulRazaq has expressed sadness over the death of former Minister of Agriculture and Rural Development, Chief Audu Ogbeh.

Governor AbdulRazaq said the death of Chief Audu Ogbeh is a big loss to the North Central Region, calling him a statesman, thoughts leader, and nationalist.

“Chief Audu Ogbeh was a dependable leader of our region. He earned the respect of all on account of his outstanding leadership and service to the nation at different times, especially during his time as Minister of Agriculture and Rural Development,” the Governor said in a statement on Sunday.

Governor AbdulRazaq has, however, sent his heartfelt condolences to the people and government of Benue State and to his family and associates.

He prayed to God to give the family the strength to bear the huge loss.

End