Politics
CURRENCY CHANGE? AT THIS TIME?
By Mahmud Jega
To folks old enough to remember the currency change exercise undertaken by the Buhari military government in 1984, Central Bank of Nigeria [CBN] Governor Godwin Emefiele’s announcement on Wednesday that the N200, N500 and N1000 notes will cease to be legal tender at the end of January next year was the sudden revival of a nightmare. He said new notes will be introduced in mid-December to replace the old notes.
CBN and government might well have a good reason to change our currency notes. Emefiele said 80% of our notes are held outside the banking sector, which he said triggered inflation and weakened the naira against foreign currencies. This was more or less the same reason that Chief of Staff, Supreme Headquarters, the late Major General Tunde Idiagbon, gave when he suddenly made a radio and TV broadcast one evening in April 1984, closed all borders and announced the currency change. Emefiele gave the added reason that kidnappers, bandits and terrorists are holding a lot of money which they got through ransom payments. He also expressed hope, guardedly, that the measure could lead to a naira appreciation.
In Nigeria, a currency change exercise has to be undertaken with the utmost secrecy, otherwise it loses its fangs because the targeted people will rush and deposit the monies in banks. Buhari/Idiagbon’s 1984 exercise was so secretive that the 20 other members of the Supreme Military Council [SMC] were caught unawares. One SMC member’s wife was caught with a lot of money on her farm. The new currencies were printed abroad, flown into the country by Airforce planes before Idiagbon made his shock announcement. Emefiele borrowed a leaf, with slight modification.
Bank of England recently announced the introduction of new notes and coins with pictures of King Charles but said it will be a very gradual process. Monies with pictures of Queen Elizabeth will exist side by side with the new ones and only mutilated notes will be replaced over an indefinite period. Not so here, where Emefiele has set a severe six weeks’ period from mid-December to phase out old notes, obviously because the Brits’ purpose is very different from our own.
The 1984 exercise was one of the most traumatic events in the history of Nigeria. Some people at the time likened it to the civil war. All Nigerian towns were turned upside down as thousands of people lined up outside every bank trying to deposit and, if possible, withdraw some money. Queues outside banks made the current fuel queues look like toys. People ate and slept in the queues; no one dared left his place in the queues because it took so long to arrive there.
Meanwhile, all trading grinded to a halt because traders will not accept old currency, even though there was a month to go before it became illegal tender. By the time new notes emerged from the banks, a two-tier price system developed in the economy. If you come to buy something the trader will ask you, “Are you paying with new or old currency?”
Right now however, the biggest question is, why did CBN spring this trauma upon us in the middle of a general election campaign? Emefiele said the Federal Executive Council [FEC] approved it. Including the timing? Why not wait until after the election at least? The campaigns will be turned upside down in the next few weeks, right until election eve, as people abandon everything else and scramble to change their money.
While our cities and towns now have a lot more banks than there were in 1984, people living in the rural areas will suffer more because they don’t have as many banks. The rural economy is still mostly cash based, hence they have the biggest challenge of deposing old money in the banks.
The timing is very bad. It is remarkable that the Federal Executive Council approved such a potentially disruptive and traumatic event in the middle of a general election campaign.
Mahmud Jega
26th October, 2022
An independent investigation by Nigerian Concord Newspaper has found no evidence linking a former Minister of Justice and Attorney General of the Federation, Chief Michael Kaase Aondoakaa, SAN, to the Utan Bran compensation case or other alleged scandals at the Federal Ministry of Justice.
The investigation, conducted at the Federal Ministry of Justice, followed reports in sections of the media alleging misconduct by the former chief law officer of the federation.
Documents obtained through the Freedom of Information Act indicate that Chief Aondoakaa was not involved in the legal firms that handled the Utan Bran compensation matter. Findings further show that the judgement debt related to the case was reportedly paid in 2006 under the tenure of a former Attorney General of the Federation, Chief Bayo Ojo, SAN, during the administration of former President Olusegun Obasanjo.
Multiple officials at the Federal Ministry of Justice, who spoke on condition of anonymity, described Chief Aondoakaa’s tenure as one marked by adherence to the rule of law. The sources said court orders were generally complied with during his time in office.
They also questioned claims portraying the former Attorney General as emblematic of alleged institutional failings within the legal system, stating that no specific instance had been cited in which he abused public office or undermined court judgements.
Regarding reports suggesting that Chief Aondoakaa interfered with court processes during the post-election period of the 2007 National Assembly elections, sources within the ministry said available records do not support claims that he acted to obstruct court orders or delay the swearing-in of elected officials.
On questions surrounding eligibility to hold public office, legal practitioners pointed to established Supreme Court jurisprudence, which holds that concurrent judgements carry equal legal weight with lead judgements. A concurring opinion by Justice Mary Odili, JSC, was cited as stating that the issue of disqualification from public office did not arise in the matter concerning Aondoakaa.
The case is reportedly the subject of further judicial proceedings, following claims that earlier judgements were obtained through misrepresentation. The matter remains pending before the courts.
Sources also said documents generated during the administration of former President Muhammadu Buhari, and signed by senior officials of the Ministry of Justice, support the position that Chief Aondoakaa was not implicated in the Utan Bran case. Nigerian Concord Newspaper said it would publish the documents after concluding its investigation.
Further findings indicate that the former Attorney General was not linked to major cases such as the Halliburton scandal, the OPL 245 (Malabu) oil deal, or the recovery of Abacha-era assets.
Supporters of Aondoakaa also note that he was cleared by his party to participate in the 2023 governorship primary election, arguing that this further demonstrates that no court order barred him from holding public office.
Legal experts reaffirm that qualifications and disqualifications for elective office are constitutionally defined, citing the Supreme Court’s decision in Attorney-General of Abia State v. Attorney-General of the Federation, which established that constitutional provisions on eligibility cannot be expanded or restricted by implication.
An independent investigation by Nigerian Concord Newspaper has found no evidence linking a former Minister of Justice and Attorney General of the Federation, Chief Michael Kaase Aondoakaa, SAN, to the Utan Bran compensation case or other alleged scandals at the Federal Ministry of Justice.
The investigation, conducted at the Federal Ministry of Justice, followed reports in sections of the media alleging misconduct by the former chief law officer of the federation.
Documents obtained through the Freedom of Information Act indicate that Chief Aondoakaa was not involved in the legal firms that handled the Utan Bran compensation matter. Findings further show that the judgement debt related to the case was reportedly paid in 2006 under the tenure of a former Attorney General of the Federation, Chief Bayo Ojo, SAN, during the administration of former President Olusegun Obasanjo.
Multiple officials at the Federal Ministry of Justice, who spoke on condition of anonymity, described Chief Aondoakaa’s tenure as one marked by adherence to the rule of law. The sources said court orders were generally complied with during his time in office.
They also questioned claims portraying the former Attorney General as emblematic of alleged institutional failings within the legal system, stating that no specific instance had been cited in which he abused public office or undermined court judgements.
Regarding reports suggesting that Chief Aondoakaa interfered with court processes during the post-election period of the 2007 National Assembly elections, sources within the ministry said available records do not support claims that he acted to obstruct court orders or delay the swearing-in of elected officials.
On questions surrounding eligibility to hold public office, legal practitioners pointed to established Supreme Court jurisprudence, which holds that concurrent judgements carry equal legal weight with lead judgements. A concurring opinion by Justice Mary Odili, JSC, was cited as stating that the issue of disqualification from public office did not arise in the matter concerning Aondoakaa.
The case is reportedly the subject of further judicial proceedings, following claims that earlier judgements were obtained through misrepresentation. The matter remains pending before the courts.
Sources also said documents generated during the administration of former President Muhammadu Buhari, and signed by senior officials of the Ministry of Justice, support the position that Chief Aondoakaa was not implicated in the Utan Bran case. Nigerian Concord Newspaper said it would publish the documents after concluding its investigation.
Further findings indicate that the former Attorney General was not linked to major cases such as the Halliburton scandal, the OPL 245 (Malabu) oil deal, or the recovery of Abacha-era assets.
Supporters of Aondoakaa also note that he was cleared by his party to participate in the 2023 governorship primary election, arguing that this further demonstrates that no court order barred him from holding public office.
Legal experts reaffirm that qualifications and disqualifications for elective office are constitutionally defined, citing the Supreme Court’s decision in Attorney-General of Abia State v. Attorney-General of the Federation, which established that constitutional provisions on eligibility cannot be expanded or restricted by implication.
An independent investigation by Nigerian Concord Newspaper has found no evidence linking a former Minister of Justice and Attorney General of the Federation, Chief Michael Kaase Aondoakaa, SAN, to the Utan Bran compensation case or other alleged scandals at the Federal Ministry of Justice.
The investigation, conducted at the Federal Ministry of Justice, followed reports in sections of the media alleging misconduct by the former chief law officer of the federation.
Documents obtained through the Freedom of Information Act indicate that Chief Aondoakaa was not involved in the legal firms that handled the Utan Bran compensation matter. Findings further show that the judgement debt related to the case was reportedly paid in 2006 under the tenure of a former Attorney General of the Federation, Chief Bayo Ojo, SAN, during the administration of former President Olusegun Obasanjo.
Multiple officials at the Federal Ministry of Justice, who spoke on condition of anonymity, described Chief Aondoakaa’s tenure as one marked by adherence to the rule of law. The sources said court orders were generally complied with during his time in office.
They also questioned claims portraying the former Attorney General as emblematic of alleged institutional failings within the legal system, stating that no specific instance had been cited in which he abused public office or undermined court judgements.
Regarding reports suggesting that Chief Aondoakaa interfered with court processes during the post-election period of the 2007 National Assembly elections, sources within the ministry said available records do not support claims that he acted to obstruct court orders or delay the swearing-in of elected officials.
On questions surrounding eligibility to hold public office, legal practitioners pointed to established Supreme Court jurisprudence, which holds that concurrent judgements carry equal legal weight with lead judgements. A concurring opinion by Justice Mary Odili, JSC, was cited as stating that the issue of disqualification from public office did not arise in the matter concerning Aondoakaa.
The case is reportedly the subject of further judicial proceedings, following claims that earlier judgements were obtained through misrepresentation. The matter remains pending before the courts.
Sources also said documents generated during the administration of former President Muhammadu Buhari, and signed by senior officials of the Ministry of Justice, support the position that Chief Aondoakaa was not implicated in the Utan Bran case. Nigerian Concord Newspaper said it would publish the documents after concluding its investigation.
Further findings indicate that the former Attorney General was not linked to major cases such as the Halliburton scandal, the OPL 245 (Malabu) oil deal, or the recovery of Abacha-era assets.
Supporters of Aondoakaa also note that he was cleared by his party to participate in the 2023 governorship primary election, arguing that this further demonstrates that no court order barred him from holding public office.
Legal experts reaffirm that qualifications and disqualifications for elective office are constitutionally defined, citing the Supreme Court’s decision in Attorney-General of Abia State v. Attorney-General of the Federation, which established that constitutional provisions on eligibility cannot be expanded or restricted by implication.
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