News
War Over Currency Redesign Rages

*** 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
Audi: Trajectory of Success and Changing the Narrative
From a plethora of achievements and milestones—despite daunting challenges and shortcomings—the foresight, vision, and focused leadership of the present administration have transformed and repositioned the Service like never before in its history. In spite of limited funding and other grey areas yet to be addressed, the leadership has successfully turned around the narrative through deliberate rebranding efforts since assuming office.
Staff welfare remains paramount to the Commandant-General, who has consistently prioritized boosting esprit de corps and high personnel morale through the prompt payment of salaries, allowances, and other official entitlements as and when due. The leadership has also entrenched core values of integrity, intelligence-based security response systems, and professionalism across all operations. These measures have significantly reduced the activities of criminals, vandals, kidnappers, herdsmen, and illegal miners across the country.
In a press release signed by Mahmud Bello, Director of Media and Stakeholders Engagement of the Citizen Watch Advocacy Initiative (CWAI) in Kaduna State, the organization stated that the paramilitary agency has demonstrated genuine commitment to the interest of Nigerians through its open-door policy and robust engagement with its various publics. This approach has greatly reduced threats and disaster incidences nationwide through professional intelligence gathering, investigation, information sharing, manpower development, and strong collaboration with sister agencies—leading to remarkable improvement in disaster management as first responders.
Accordingly, transparency, accountability, and good governance have remained at the forefront of the present administration’s transformational philosophy. This has resulted in far-reaching reforms, including the regulation of private security companies, the introduction of Mining Marshals to secure strategic mining sites nationwide, containment of vandalism of critical national assets, reduction of oil theft in the Niger Delta region, and the assumption of VIP protocol protection responsibilities. These achievements surpass those of previous administrations and mark a significant milestone in the Service’s evolution.
CWAI authoritatively confirmed that the present management has introduced comprehensive institutional reforms that have repositioned the Service for greater productivity, efficiency, and effectiveness in delivering its mandate of safeguarding lives, property, and critical national assets—thereby reducing criminal activities and enhancing national security.
The Commandant-General, Professor Abubakar Ahmad Audi, reiterated that the reforms introduced align with his vision to upgrade the operational machinery of the Corps. He noted that the reorganization and revitalization of the training department are aimed at sharpening the skills and competencies of personnel to effectively address contemporary security challenges posed by hoodlums, bandits, kidnappers, and insurgents.
The establishment of the Mining Marshals and the Special Female Squad (SFS) are novel initiatives and the first of their kind in the history of the Corps. In response to the Federal Government’s Safe Schools Initiative, the NSCDC conducted audits and surveys of schools nationwide and developed a framework for proactive security measures to address the persistent attacks on educational institutions. These squads, like the Mining Marshals, are strengthening partnerships with local communities and stakeholders while prioritizing surveillance and monitoring to curb violent attacks and criminal activities.
The statement further emphasized that the Directorate of Legal Services has been reinvigorated and strengthened with enhanced prosecutorial competence, improving law enforcement and accountability. Similarly, the Anti-Vandal Unit has undergone major reforms and has been strategically deployed across the South-South geopolitical zone to curb pipeline vandalism, crude oil theft, and destruction of critical national assets. Over 2,500 suspects have been arrested since the beginning of the year for offences ranging from vandalism and attacks on national infrastructure to cattle rustling, banditry, attacks on farmers and farmlands, and illegal mining.
The Commandant-General attributed these successes to effective inter-agency collaboration, synergy, and partnerships, calling for comprehensive manpower development within the national security architecture.
Sports have also received significant attention under the present leadership, with officers and men of the NSCDC winning numerous laurels and trophies in various sporting engagements. All personnel, regardless of rank, have been provided with insurance cover against accidents, disability, or death in the course of duty. The Commandant-General views sports as a unifying platform that promotes wellness, camaraderie, information sharing, and mutual trust among paramilitary agencies.
CWAI further noted that the crackdown on illegal mining activities has saved the economy substantial revenue losses, while the destruction of over 450 illegal refineries has reduced oil theft. Additionally, the arrest of suspects and recovery of critical assets and railway materials valued at over ₦5 billion represent major milestones of the Service.
The organization therefore endorsed the change mantra of the Audi-led management and expressed confidence in the present leadership, noting that Nigerians are proud of its achievements despite prevailing challenges.
CWAI urged personnel to remain good ambassadors of the Corps—incorruptible and aligned with international best security practices wherever they serve. Nigerians were also encouraged to support the management in strengthening efforts against vandals and criminals nationwide.
The organization appealed to corporate bodies and public-spirited individuals to support President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly efforts to modernize the NSCDC through funding, partnerships, manpower development, capacity building, and the acquisition of modern security equipment.
Finally, CWAI emphasised the need for increased national budgetary allocation to the NSCDC in view of its critical role in the nation’s security architecture, including its added responsibility of VIP protocol protection. It also called for the entrenchment of a standard training curriculum to enhance career progression, effective supervision, and transparent regulation of Private Guard Companies across the country.
News
Senator Monguno Launches ₦250 Million Mega Empowerment Programme for 2,500 Constituents
The Senator representing Borno North Senatorial District, Chief Whip of the Senate and Vice Chairman of the Senate Committee on Appropriation, Distinguished Senator Mohammed Tahir Monguno, has unveiled a ₦250 million Mega Empowerment Programme designed to strengthen grassroots economic development through skills acquisition and financial support. The initiative, targeting 2,500 constituents, commenced with the disbursement of ₦125 million to 1,250 beneficiaries in the first batch, each receiving ₦100,000 as start-up capital. The second batch of 1,250 beneficiaries is scheduled to receive the remaining ₦125 million next week, ensuring equitable coverage across the constituency. Ahead of the disbursement, participants underwent a four-day intensive training in Tie and Dye, Cake Making, Tailoring, Entrepreneurship, Soap Making, Groundnut Cake Production, and Hairdressing. The programme deliberately focused on youths and women, equipping them with practical skills to foster self-reliance, productivity, and sustainable livelihoods. Prominent stakeholders, including Alhaji Kallah Maina Monguno, Hon. Mohammed (M-Gas), and APC Local Government Chairmen, commended Senator Monguno’s people-focused leadership. They described the initiative as timely and impactful, urging beneficiaries to apply the support responsibly as a strategic investment in human capital development. Speaking on behalf of the organisers, Mr. Suleiman reaffirmed their commitment to transparency and sustainability, advising participants to remain disciplined and dedicated to their chosen trades. The event drew wide attendance from political leaders, religious figures, and youth and women group representatives, underscoring its significance. Senator Monguno emphasized that the programme is not a one-off intervention but a long-term strategy to strengthen skills acquisition, promote entrepreneurship, and create sustainable sources of livelihood. He noted that the initiative complements Governor Babagana Zulum’s human capital development agenda and aligns with the broader vision of reducing unemployment and fostering inclusive economic growth in Borno State.
News
TETFund Begins Construction of Abuja Leadership Centre
The Tertiary Education Trust Fund (TETFund) has initiated the construction of the Abuja Leadership Centre of Excellence in Public Governance at Yakubu Gowon University, formerly known as the University of Abuja.
The Executive Secretary of TETFund, Sonny Echono, officially launched the project alongside the Vice-Chancellor of the University of Abuja, Professor Hakeem Babatunde Fawehinmi, and the Director of the Centre, Professor Philip Dahida, during a ceremony held on Tuesday in Jahi, Abuja.
During the event, Echono emphasized the goal of making the Abuja Leadership Centre “a stopping point for every leader visiting the country.” He described leadership as a crucial element of national development, noting that the success or failure of nations often hinges on the quality of leadership they cultivate.
He highlighted that effective leadership relies on a collective effort to utilize intellectual, human, and material resources, which, when efficiently coordinated, can drive national development aspirations.
Echono disclosed that TETFund plans to commission approximately 467 projects across tertiary institutions nationwide between now and October. “It is my prayer and hope that this centre will become a stopping point for every leader visiting our country. Its location in the nation’s capital is not accidental,” he remarked.
The TETFund boss expressed optimism that the Abuja Leadership Centre would develop into a world-class facility capable of nurturing leaders across various sectors of the economy and hosting globally recognized speeches, conventions, and declarations.
The TETFund Executive Secretary urged the contractors responsible for the project to meet expectations, emphasizing that the goal is to create a facility of international standard. He assured that TETFund would provide funding not only for construction but also for high-quality furniture and equipment.
According to him, the Centre is envisioned as more than just a conference hall or auditorium; it aims to be a top-tier leadership facility where visiting heads of state and their delegations will feel at home, comparable to similar facilities worldwide.
Echono praised the leadership of the University of Abuja and the Centre for the stability and direction they have brought to the institution, reaffirming TETFund’s commitment to collaborating in order to realize the vision of the university’s founders. He emphasized that, by its name and mandate, the university must continue to promote national unity, integration, and excellence, particularly in leadership and governance.
Regarding the commissioning of projects, he noted that it would not be feasible for the agency to inaugurate all projects directly, but at least 50 iconic projects would be selected across the states, with a minimum of two to three in each state.
Earlier, in his remarks, Vice-Chancellor Professor Fawehinmi stated that the groundbreaking ceremony marks a new phase in the university’s collaboration with TETFund. He noted that the Abuja Leadership Centre would function as a center of excellence for public governance and leadership, serving as a national hub for training future leaders who will significantly impact policy formulation and national development.
The Vice-Chancellor commended Echono’s leadership at TETFund, pointing out that under his guidance, the agency has transformed tertiary education not only through physical infrastructure but also in staff development, libraries, and other essential facilities.
He expressed confidence that TETFund would ensure the timely completion and proper furnishing of the Abuja Leadership Centre so that it can be fully utilized to achieve its objectives. Fawehinmi assured that the university would maximize the use of the facility, describing the project as a historic intervention that would be remembered for years to come.
“Today, we further strengthen our long-standing partnership, and we are delighted to announce that this Abuja Leadership Centre will be a center of excellence for public governance and leadership. It will serve as a national hub for training future leaders who will be involved in policy decisions for the development of their country. We extend our gratitude to you and your team, as we recognize the importance of nurturing our relationship into the future. Executive Secretary, you have done exceptionally well over the years. You have led one of the most impactful intervention agencies for tertiary education in the country, and we are very proud of your achievements,” he added.
The Director of the Abuja Leadership Centre, Professor Dahida, praised TETFund for commencing the construction of its permanent site, stating that the development signifies the realization of a vision rooted in the belief that leadership is the most vital resource for good governance, institutional excellence, and national development.
Dahida revealed that the Centre was established to serve as a hub for thought leadership, capacity development, policy dialogue, and ethical reorientation, not only for the University of Abuja but for Nigeria and the wider African region. Adding that the Centre is also designed to bridge the gap between theory and practice, academia and policy, and leadership ideals with real-world application.
He charged the contractor to execute the project strictly in line with the approved specifications, timelines, and agreed standards. Stressing that the facility must reflect world-class quality, professionalism, and durability, while public funds entrusted to this project must translate into tangible value, accountability, and excellence.
“Today marks far more than the commencement of a construction project. It signifies the physical birth of a vision, one rooted in the conviction that leadership is the most critical resource for good governance, institutional excellence, and national development.
“The Abuja Leadership Centre, TETFund Centre of excellence, was established to serve as a hub for thought leadership, capacity development, policy dialogue, and ethical reorientation, not only for the University of Abuja but for Nigeria and the wider African region.
“At a time when nations are confronted with complex governance challenges, evolving public expectations, and rapid socio-economic change, the need for principled, competent, and forward-looking leaders has never been more urgent.
“I wish to express our deepest and most sincere appreciation to the Tertiary Education Trust Fund (TETFund), and in particular to the Executive Secretary- Dr. Sunday Echono, for the approval and support that made this project possible.
“I also wish to specially commend the Vice-Chancellor of the University of Abuja, Prof. Hakeem Babatunde for his exemplary leadership, swift action, and unwavering support. From assumption of office, the Vice-Chancellor has demonstrated uncommon commitment to institutional growth and innovation.
“As we formally break ground today, I take this opportunity to enjoin the contractor to execute this project strictly in line with the approved specifications, timelines, and agreed standards. This facility must reflect world-class quality, professionalism, and durability. Public funds entrusted to this project must translate into tangible value, accountability, and excellence,” Dahida warned.
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