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War Over Currency Redesign Rages

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*** 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.

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STATEMENT ISSUED BY PROGRESSIVES ALLIANCE FOR JUSTICE, UNITY AND DEMOCRACY (PAJUD)

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THE FALLACIES OF MIKE IGINI

“It is mean and cowardly and an evidence of weakness and utter demerit, for any group of people to attempt to commend themselves to the public by the negative process of belittling and condemning others.”_

  • Chief Obafemi Awolowo, 28th April, 1951.

The attention of the Progressives Alliance for Justice, Unity and Democracy (PAJUD) has been drawn to the barrage of insults heaped by Mike Igini, former Resident Electoral Commissioner of the Independent National Electoral Commission (INEC), against every perceived and imaginary obstacle to his personal agenda.

We posit that since the return of democracy in 1999, the Nigerian political and electoral firmament has been overdosed with different genres of characters – the good, the bad and the ugly.

We state categorically and without fear of contradiction that President Bola Ahmed Tinubu is NOT responsible for the non-appointment of Mike Igini as either Chairman of INEC or National Commissioner since he left office in disgrace and engulfed in controversies in the South-South.

Igini must understand that such appointments are not done willy-nilly. They are based on several criteria. He has served two full terms as Resident Electoral Commissioner. For him to be nominated as National Commissioner, a vacancy must exist for his state. This is apart from the principle of rotation of the position among states in the geo-political zone.

Those who know President Bola Ahmed Tinubu closely know he is a leader who does not deliberately shut the door against competence and capacity. Anyone holding him in contempt on this matter is either being mischievous or acting out the script of the opposition, just like the present issue at stake.

It is unfortunate that Igini has allowed himself to be taken advantage of, dancing to the rhythm of anti-Tinubu and anti-Amupitan rogue agents.

We find it compelling to state unequivocally that Igini is blatantly scheming to discredit the present government and the Amupitan-led leadership of INEC in anticipation of reward by opposition elements and spent forces, if they ever win in the post-2027 general elections.

Over the years, we have watched the transformation of Igini from lawyer, to public affairs commentator, to agitator, until the PDP government appointed him Resident Electoral Commissioner.

We are amused at Igini’s feeble attempts at returning to public reckoning, using barefaced criticism, outright lies, mischief and fallacies against the Renewed Hope and reformative agenda as a springboard to relevance and prominence.

For an egocentric, self-seeking bigot and Mr. Know-All like Igini, he wants to remain relevant as a bride for any juicy INEC Election Management Committee headship or membership, which we know will never happen in this dispensation as a result of his antecedents while in office – an era marred by allegations of partisanship, disloyalty and endless controversies.

Your tenure as REC in Cross River State was characterised by mudslinging between you and a political party over unethical conduct unbecoming of an electoral officer. Similarly, your flexing of muscles and one-sided narratives during your tenure as REC of Akwa Ibom State is still very fresh in our memory. Till date, you are still spewing negative narratives against one of the politicians you fought in that state to high heavens.

Nigerians from all strata continue to wonder where the monies for the live telecast of Igini’s exit as Resident Electoral Commissioner of Akwa Ibom State originated from. In the history of INEC – from Dr. Ephraim Akpata, Alhaji Shehu Musa, Dr. Abel Guobadia, the much-vilified Prof. Maurice Iwu, Prof. Attahiru Jega reputed to be Igini’s benefactor, to Prof. Mahmood Yakubu – none of them had the temerity for such lavish display and grandeur during their exit. What was witnessed in the last days of Igini as REC in Akwa Ibom evokes serious questions about collective decency, decorum, moral rectitude and values.

Any argument in support of such an extravagant exit lacks integrity, for the simple reason that the pay slip of INEC Resident Electoral Commissioners and even National Commissioners is not a hidden document. It is known to the Nigerian public.

We believe that if we are sincere in this country, Igini should focus on more important non-partisan issues than chasing shadows. Igini should also address his own record, including the troubling episode of a Kenyan national engaged by INEC as a consultant some years ago, where the voter register fingerprints of Nigerians were allegedly compromised and handed to foreign interests. That despicable act is still fresh in our memory.

As overwhelming majority of Nigerians with voting rights are aware, there is an uncanny lust for power by desperate opposition politicians lurking on the horizon. They are deploying everything on earth just to grab power in 2027, and for no just cause but simply for selfish personal aggrandizement. They have recruited former staff, Directors, Resident Electoral Commissioners and National Commissioners to help execute their warped agenda and barefaced propaganda to deceive gullible Nigerians who will swallow every hook, line and sinker narrative framed by them.

We unreservedly agree with many who have suggested that as a believer in God, Igini should not allow his mind to be poisoned by the notion that any power outside the influence of God could have been responsible for the failure of his emergence as either National Commissioner or Chairman of the Commission.

Whatever it is, there seems to be more to it than meets the eye. The process of creating anarchy starts with incitement against the government, the electoral empire and security agencies. It often appears so smooth as to be imperceptible, hence those who engineer it enjoy the process at the initial stage, only to be consumed at the end of the day.

Elements in the class of Igini, who are acting out the script of falsehood purveyors and peddlers, will be put to shame at the end of the day. There is no doubt that Nigerians are going to have a well-deserved, credible, transparent, free and fair election in the 2027 general elections.

Above all, nobody can dispute the fact that President Bola Ahmed Tinubu nominated people with impeccable ability, capacity, loyalty, patriotism and honesty as members of the election management structure that will drive our democracy forward, in a manner that both Nigerians and the international community will be proud of like never before in our annals.

The focus of the Tinubu administration remains its much stronger determination to protect and respect the sanctity and fidelity of the ballot during the forthcoming elections.

We implore Mike Igini to stop the rabble-rousing, negative framing, mischief, mudslinging and casting of aspersions against the electoral umpire and Mr. President, and find something reasonable to do to earn a living just like other Nigerians, instead of going from one radio station to television stations across the country. His antics are already known to Nigerians who are far more sophisticated and politically savvy than before.

A word is enough for the wise… “WHEN YOU CONDEMN PEOPLE, YOU BRING JUDGEMENT ON YOURSELF.”

Signed:Comrade Yakubu Dan Abba
Country Representative, PAJUD.

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PAJUD Accuses Mike Igini of Political Grandstanding, Defends Tinubu, Amupitan

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The Progressives Alliance for Justice, Unity and Democracy (PAJUD) has accused former Independent National Electoral Commission (INEC) Resident Electoral Commissioner, Mike Igini, of attempting to discredit President Bola Tinubu’s administration and the leadership of the electoral body, describing his criticisms as politically motivated.

The group, in a statement signed by its Country Representative, Comrade Yakubu Dan Abba, alleged that Igini was seeking to regain public relevance through persistent criticism of the government and the leadership of INEC under its current chairman, Prof. Joash Amupitan.

PAJUD, however, did not provide independent evidence to substantiate its allegations about Igini’s motives.

The group maintained that Tinubu was not responsible for Igini’s non-appointment as INEC chairman or national commissioner after completing his tenure as a Resident Electoral Commissioner, arguing that such appointments were subject to established criteria, vacancies and rotation arrangements among states within geopolitical zones.

“Those who know President Bola Ahmed Tinubu closely know he is a leader who does not deliberately shut the door against competence and capacity,” the statement said.

The group further alleged that Igini’s criticisms were intended to undermine the current administration and INEC’s leadership in anticipation of political rewards from opposition elements following the 2027 general elections.

PAJUD also questioned Igini’s record during his service as Resident Electoral Commissioner in Cross River and Akwa Ibom states, citing past disagreements with political actors and what it described as controversies surrounding his conduct in office.

It also raised questions about the cost and circumstances of the live television broadcast of Igini’s exit from office in Akwa Ibom State, comparing the event with the departures of previous INEC chairmen and other senior electoral officials.

The group did not provide documentary evidence to establish wrongdoing in connection with the broadcast.

In another allegation, PAJUD called on Igini to address what it described as concerns surrounding the engagement of a Kenyan national as an INEC consultant and the alleged compromise of Nigerian voters’ fingerprint data. The statement, however, did not present evidence establishing that Igini was personally responsible for any compromise of the data.

The alliance accused opposition politicians of attempting to discredit the electoral system ahead of the 2027 elections, alleging that some former electoral officials were being used to advance political interests. It did not identify the individuals allegedly involved or provide evidence supporting the claim.

PAJUD, meanwhile, expressed confidence in the ability of the current INEC leadership to conduct credible, transparent, free and fair elections in 2027.

It said the Tinubu administration remained committed to protecting the integrity of the ballot, adding that the president had nominated individuals it described as capable, patriotic and committed to the country’s democratic development.

The group urged Igini to refrain from what it characterised as inflammatory criticism of the president and the electoral commission, insisting that public discourse on electoral reform should be guided by responsibility and respect for democratic institutions.

Quoting former Premier of the Western Region, Chief Obafemi Awolowo, the alliance recalled his statement of April 28, 1951, that it was “mean and cowardly” for any group to seek public approval by belittling and condemning others.

PAJUD concluded by urging Nigerians to remain confident in the electoral process ahead of the 2027 general elections, while reiterating its support for the Tinubu administration and the current leadership of INEC.

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FJF Backs NSCDC Probe into Niger Miners’ Deaths, Cautions Diaspora Group Against Protest

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The Freelance Journalist Federation (FJF) has expressed confidence in the committee investigating the reported deaths of 37 miners in Niger State, urging the public to allow the panel to conclude its assignment without undue pressure.

The federation’s position followed threats by the Nigeria Diaspora Organizations and Community for Human Rights (NDOCHR) to stage a protest at the headquarters of the Nigeria Security and Civil Defence Corps (NSCDC) in Abuja over alleged delays in releasing the investigation’s findings.

FJF in a statement issued on Friday and jointly signed by FJF conveners Ibrahim Ali, Jonathan Modi, Okpara Isaac and Christopher Abah, described the investigative process as transparent and thorough, insisting that sufficient time should be allowed for the committee to complete its work and establish the facts surrounding the incident.

The federation criticised the proposed demonstration, describing it as unnecessary and politically motivated, while warning against actions that could heighten tensions over an issue involving the loss of human lives.

It also commended the leadership of the NSCDC, the Minister of Interior and President Bola Ahmed Tinubu for what it described as their commitment to transparency, accountability and the rule of law.

According to the FJF, local civil society organisations monitoring the proceedings have expressed satisfaction with the panel’s conduct. However, the federation maintained that the investigation should be allowed to run its course before conclusions are drawn.

The group also rejected calls by the diaspora organisation for the immediate removal and prosecution of the NSCDC Commandant-General, Dr Ahmed Abubakar Audi, describing the demands as premature and inconsistent with the principle of fair hearing.
It argued that calls for sanctions before the conclusion of the investigation could undermine due process and prejudice public perception of the committee’s work.

The NDOCHR had also threatened to petition the International Criminal Court (ICC) in The Hague over the matter. In response, the FJF maintained that Nigeria’s domestic legal and investigative institutions should be allowed to address the allegations through established procedures.

The federation urged Nigerians in the diaspora to exercise restraint and avoid actions that could inflame political tensions or interfere with the ongoing investigation.

It urged members of the public to remain calm and await the committee’s official findings, stressing that a thorough investigation was necessary to establish the circumstances surrounding the reported deaths and determine any responsibility arising from the incident.
The committee’s final findings and any subsequent official actions are expected to be central to resolving the concerns surrounding the incident.

The statement further called on the Inspector-General of Police and other security agencies to take appropriate steps to maintain public order in the Federal Capital Territory.

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