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

The Most Shocking A/Court ‘Judgment’ in Nigerian History: An unfortunate precedent that should not be allowed to stand

Published

2 hours ago

November 30, 2025

milcah

The last is yet to be heard of wide ranging ex-parte orders as this time around, the charade has moved to the Court of Appeal, Lagos Division. In the case of FBN Quest & Another vs. Nestoil & Others, the Court of Appeal’s ex parte orders are not only egregious but a chilling sign of judicial capture, smacking of dirty practices at best and corruption at worst.

On Thursday, 27th November 2025, at exactly 2:00pm, Justice Yargata Nimpar delivered a ‘ruling ’ that appeared like a thief in the night, a ghost and unscheduled, the said decision came upon a Motion Ex-parte which was not heard not argued in open court, yet it surfaced, fully written, signed, stamped, and delivered as though it had lived a full life on the Court of Appeal docket.

For many Nigerians, the judiciary has again weathered the storms. Veterans of the legal system describe this episode as “a daylight heist… a judicial armed robbery without guns.”

The controversies over wide ranging ex-parte applications, it would seem, has found its way to the Court of appeal, an intermediate court with limited original jurisdiction as donated to it by statute.

In this instance, barely two weeks ago, we reported the ex-parte orders against NESTOIL and the other defendants listed in the suit before the Federal High Court which led to the transfer of the suit to another judge.

The said interim orders were vacated by effluxion of time, being that ex-parte orders last for only 14 days.

The court however ordered parties to maintain status quo and adjourned the Motion on Notice for hearing by the consent of the parties. That Motion is still pending before the Federal High Court.

It would seem that in order to frustrate that pending Motion, the Plaintiffs somehow filed a similar application to the Court of Appeal which was granted an order ex-parte directing the Lower Court not to take any further steps, including determining the pending application filed by Plaintiffs (now Appellants).

This magically resurrected, fast-tracked application seem to have been rubber-stamped at the fictional “Appeal Bench of Shadows,” as insiders have begun calling it.

A CASE THAT NEVER EXISTED — YET RECEIVED A JUDGMENT

Our Judiciary correspondent gathered that when the court’s official list for the day was released, nothing seemed amiss. No controversial cases. No unexpected hearings.

But somewhere inside the dusty chambers of bureaucracy, a secret file was already being prepared and by 2pm, a judgment carrying the signatures of an entire appeal panel had surfaced — even though none of them had appeared in open court and when the case itself had never been argued before any High Court, making an appellate ruling legally impossible.

By evening, whispers had turned into rumblings. Court workers who handled the mysterious document reported unusual instructions: No public sitting; No mention on the court list; No access to case filings; No digital record and No audio recording of proceedings. Yet an order was made retrospectively to undo a completed act! which is yet another impossibility in law, because the exparte order cannot restore what has been already executed.

“It was like dealing with a ghost file,” one clerk said. “It appeared from nowhere and disappeared into official archives as though it had always existed.”

This judgment, once delivered, spread like wildfire, with legal scholars calling it “a constitutional impossibility.” Veterans said they had never seen anything similar since the 1970s.

Enquiries from our judiciary correspondents indicate that an application can only be hinged upon a valid Notice of Appeal against a decision of a lower court before any application can be entertained at the Court of Appeal.

Further Investigations by our judiciary correspondent reveals that no such Notice of Appeal has been filed nor served on the respondents; no parties have been invited to Settle Records and no Records of Appeal have been transmitted.

One wonders the platform or upon which grounds the ex-parte order was made, observed one senior lawyer, especially as a similar pending application filed by the Appellants has been adjourned for Hearing by the Federal High Court.

Furthermore, the case at the trial court before Justice Osiagor has not been heard on its merits, which documents was placed before the appellate court and all applications before the judge has not been heard or is the court of appeal now a trial court.

A JUDICIARY AT A CROSSROADS

Public outrage rose quickly. Lawyers described the situation as “a hijacking of justice by shadowy interests.” Civil society groups demanded explanations.

A Judiciary where justice can be manufactured behind closed doors…a legal system where influence not merit, decides outcomes…and an institution tested by the weight of powerful external forces, et cetera should not be allowed to thrive.

AN ERA-DEFINING SCANDAL

This judgement will stand as one of the most dramatic challenges ever faced by Nigeria’s justice system. The shockwaves has rippled far beyond the courtroom — touching politics, business, security agencies, and public trust.

One thing is clear: This is the kind of judicial earthquake that rewrites history, shakes institutions, and forces a nation to confront the truths it fears the most. Our judicial correspondences were able to get an incline of the ex-parte orders made by the Court of Appeal as follows:

AN ORDER of interim restorative injunction reversing all steps taken by the Respondents and/or persons purporting to act on the instructions of the Respondents and which steps or actions were taken pursuant to the order of the Federal High Court coram Osiagor, J made on the 20th day of November 2025 pending the hearing and determination of the Appellants’ Motion on Notice filed on the 26th day of November 2025.
AN ORDER of interim injunction restraining the Respondents, their agents, servants, affiliates, and privies from interfering with and interrupting the Receiver/Manager in the performance of his duties pending the hearing and determination of the Appellants’ Motion on Notice filed on 26th November 2025.
AN ORDER staying further proceedings at the lower court pending the hearing and determination of the Appellants’ Motion on Notice filed on the 26th November 2025.

A SHOCKING DEPARTURE FROM JUDICIAL NORMS

Therefore, the Lagos Court of Appeal’s decision to grant ex parte orders in FBN Quest & Another vs. Nestoil & Others stunned the legal community as ex-parte rulings are meant for rare emergencies and hardly exercised by appellate courts. By acting without hearing both sides, while the matter was already before the Federal High Court, the Court of Appeal has undermined the principle of natural justice and distorted its own role.

NIGERIAN IMAGE AT RISK

At a time when Nigeria is striving to reposition its global reputation, this case sends the wrong message. It portrays the country as one where courts can be hijacked by private interests, where fairness is discarded, and where corruption lurks behind judicial robes. For investors and international partners, it reinforces damaging stereotypes of weak institutions and compromised justice.

AN URGENT CALL FOR INVESTIGATION

These orders are not just irregular — they are evidence of judicial capture. They must be investigated urgently. The Chief Justice of Nigeria, the National Judicial Council, the President of the Court of Appeal and the Nigerian Bar Association cannot remain silent. If appellate courts become arenas for ex-parte adventures, Nigeria’s justice system risks collapse under the weight of manipulation.

CLOSING NOTE

The Court of Appeal’s conduct in FBN Quest & Another vs. Nestoil & Others is more than a misstep, it is a warning sign of judicial capture. If Nigeria is serious about restoring its image and strengthening democracy, this case must be investigated, accountability enforced, and reforms implemented. Anything less would be an abdication of the judiciary’s sacred duty to uphold justice. We must not allow that to happen.
A very Senior lawyer emphasize that the exparte order of the court of appeal lagos division in Nestoil has the possibility of eroding administrative control of Heads of superior Court from assigning or re assigning matters within their respective courts. Furthermore both the President of the Court of Appeal and the Chief Justice of Nigeria may not have the authority to disband a panel and re- constitute another panel over any matter in their respective courts. This decision is a total anarchy to the judiciary and urgent steps must be taken to vacate the strange Court of appeal exparte order.

The conduct of the court of appeal justices is not excusable anywhere in the world and it’s indeed has brought the court of Appeal justices who constituted the panel to ridicule

News

Pius Akutah’s Alleged Fraud at Nigerian Shippers Council Uncovered

Published

2 days ago

November 28, 2025

milcah

Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.

According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.

Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.

Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.

Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.