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Ask CBN to end current madness, APC tells Buhari

Published

3 years ago

February 10, 2023

President Muhammadu Buhari

Urging President Buhari to obey the Wednesday order of the Supreme Court which invalidated the February 10 apex bank deadline for the swap of old currency notes for new ones, the APC asked the President to direct the CBN to end what it described as the “current madness”, it said had inflicted untold pains on the people.

In a statement issued in Abuja yesterday, titled, ‘Cashless Economy and Presidential Cabal’, APC National Vice Chairman, North-West, Salihu Moh. Lukman said Nigerians are today faced with the most uncertain of times, with national elections a few days away and a deliberate cash squeeze enforced by a deliberate policy of the CBN.

Lukman noted that it was partly on account of the frustration by APC that governments of Kogi, Kaduna and Zamfara states took the matter directly to the Supreme Court where they on Wednesday, obtained an interim order against the CBN’s February 10 deadline to end the validity of the old Naira notes.

He said: “With this judgment, it means that even after February 10, the old notes would still serve as legal tender. The big question is, will this end the current Naira (old or new) scarcity? It may not. If, however, the speculated objective of any so-called cabal is to frustrate the February 25, 2023 elections by either creating conditions that could mobilize electorates to vote against the APC and its candidates, especially Asiwaju Bola Ahmed Tinubu, God willing it shall not succeed.

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“In all of these, it needs to be clearly stated that throughout the tenure of President Muhammadu Buhari, nothing tests his credentials as a converted democrat more than the need to demonstrate more listening ears and compassion to the plight of Nigerians.

“As a converted democrat, which I believe he is, President Buhari needs to demonstrate that by respecting the Supreme Court judgment and directing the CBN to end the current madness that imposes Naira scarcity in the country and untold hardship on millions of Nigerians.

“For both APC, as a party, and Nigeria, as a nation, one of the lessons that the current reality imposes is the need to develop our political parties and make them capable of regulating the conduct of elected functionaries. This is not only the case with APC, but also the case with all our parties. Why should we have a challenge with grave consequences on the electoral fortunes of political parties, yet none of the parties contesting the 2023 elections has convened any emergency meeting of their National Executive Committee NEC? Yet, we want elections to produce accountable leaders. “Once party organs have ceased to be decision-making platforms, the domineering control of government institutions by so-called cabals will remain strong.

“Moving Nigerian democracy forward requires all of us as Nigerians to be more honest beyond some partisan permutations about winning elections. As members of APC, we are working hard to win the 2023 elections, but we also will work even harder to ensure that our next government led by Asiwaju Bola Ahmed Tinubu will come with more listening ears to Nigerians and fellow party leaders.”

Noting that only about 39 per cent of Nigerians have bank accounts, Lukman added that more than 300 out of the 774 Local Governments in the country have no bank branches or cash centres.

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“Where they exist, the bank branches and cash centres are mostly located in the headquarters. Specifically, in terms of cash centres, the total number of Automated Teller Machines ATMs in the country is less than 20,000.

“These records suggest the need to take extra steps to strengthen the banking system in the country to meet up with the new demands that will be occasioned by the new policy. It will clearly require contingency measures to expand the banking system, such that citizens could exchange the old notes in locations that don’t have bank branches or cash centres such as ATMs. Given that the International Monetary Fund (IMF) in November 2021 reported that Nigeria’s banks closed 234 branches and 649 ATMs, should have given a strong warning that the principles of ceteris paribus (all conditions remaining the same) would translate to failure for the new policy.

“Unfortunately, all these were overlooked. And for whatever reasons, the CBN and the Federal Government continue to delude themselves that the new policy can succeed with a very weak banking reality. In the circumstances, both the old and the new notes have disappeared across every part of the country. Even people with bank accounts can’t access their money. Somehow, because we are approaching election period, the gullibility of Nigerians is being exploited. There are stories around how the new policy is going to block vote buying. There are also other strong narratives about internal sabotage within APC based on how some powerful forces around President Buhari are opposed to the emergence of Asiwaju Bola Ahmed Tinubu, APC Presidential candidate as the next President of the Federal Republic of Nigeria.

“There are also strong concerns about how the combination of cash squeeze and fuel scarcity being experienced in every part of the country can lead to unrest and possible postponement of the election. Some have even speculated that all these are aimed at creating a situation that would lead to the enthronement of a so-called government of national unity, whatever that means.”

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Related Topics:APC Buhari Featured Naira Scarcity

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Naira scarcity: More banks close branches in major cities

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Rivers Assembly Returns ₦100,000 Christmas Bonus, Accuses Fubara of Illegal Spending

Published

5 hours ago

December 30, 2025

Trends Admin

Governor Siminalayi Fubara

Rivers Assembly Returns ₦100,000 Christmas Bonus, Accuses Fubara of Illegal Spending

Members of the Rivers State House of Assembly have returned the ₦100,000 Christmas bonus paid into their personal bank accounts by Governor Siminalayi Fubara, describing the payment as unsolicited, unapproved, and a violation of constitutional provisions on public expenditure.

The lawmakers made their position known in a statement issued on Tuesday night and signed by the Chairman, House Committee on Information, Petitions and Complaints, Hon. Enemi Alabo George.

According to the statement, members of the 10th Rivers State House of Assembly received bank alerts of ₦100,000 each on December 30, 2025, following a directive from the governor. However, the Assembly said the funds were transferred without legislative approval and were therefore rejected.

George explained that upon discovering the transfers, lawmakers immediately took steps to refund the money to the Rivers State Government, stressing that the Assembly would not participate in any action that falls short of the law.

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The House recalled that Governor Fubara had approved the payment of ₦100,000 as a festive bonus for civil servants and some public office holders, but insisted that such expenditure must comply with due process and receive legislative backing.

The lawmakers further accused the governor of persistently withdrawing funds from the Consolidated Revenue Account of Rivers State without the approval of the legislature since assuming office in 2023, despite repeated warnings, court judgments, and constitutional provisions.

“As an institution established by law and guided strictly by the Constitution of the Federal Republic of Nigeria, the Rivers State House of Assembly maintains that all public expenditures must follow due process, including legislative approval,” the statement read.

The Assembly also warned civil servants and government officials alleged to be collaborating in what it described as unlawful withdrawals to desist, noting that the House is aware of actions that contravene the Constitution and the principle of separation of powers.

Rivers Assembly Returns ₦100,000 Christmas Bonus, Accuses Fubara of Illegal Spending

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Borno: Troops Foil Suicide Attack, Arrest Bomber, Seize IED Materials

Published

6 hours ago

December 30, 2025

Trends Admin

Army headquarters reviews troops combat readiness

Borno: Troops Foil Suicide Attack, Arrest Bomber, Seize IED Materials

Barely days after a deadly suicide bomb attack at Gamboru Market Mosque in Maiduguri, which claimed the lives of several worshippers, troops of the Joint Task Force North East (JTF NE), Operation Hadin Kai (OPHK), have recorded another major operational breakthrough with the arrest of a suspected suicide bomber and the interception of Improvised Explosive Device (IED) materials in Borno State.

The successful operation followed sustained intelligence-led security operations aimed at securing Banki town in Bama Local Government Area, carried out by troops of the 152 Task Force Battalion, in collaboration with other security agencies.

In a statement issued Tuesday night by the Media Information Officer, Headquarters JTF North East, Operation Hadin Kai, Lt. Col. Sani Uba, it was revealed that the suspect was apprehended at the Banki Central Mosque.

“At about 1740 hours on Monday, December 29, 2025, troops deployed at Banki Central Mosque arrested a suspected suicide bomber identified as Abubakar Mustapha,” the statement said.

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According to the military, the suspect was found in possession of primed IED components, suggesting an imminent terror attack. Preliminary investigations revealed that Mustapha hails from Bama Local Government Area and was further discovered to be in possession of other incriminating items linked to terrorist activities.

“He is currently undergoing detailed interrogation to establish his sponsors, collaborators, and possible links with JAS/ISWAP terrorist networks operating in the area,” Uba added.

In a related development, troops deployed at the Cameroon–Nigeria border gate intercepted a Peugeot vehicle conveying six bags of urea fertiliser, a critical IED precursor material. The vehicle and the fertiliser were immediately taken into military custody.

Further intelligence exploitation led to the arrest of the fertiliser dealer and the recovery of an additional six bags of urea, bringing the total seized to 12 bags. All suspects and recovered items are currently in custody for further investigation and possible prosecution.

Lt. Col. Uba said troops of JTF NE OPHK continue to dominate their areas of responsibility through aggressive patrols, sustained presence, and intelligence-driven operations to deny terrorists freedom of action and prevent attacks on civilians and critical infrastructure.

He assured the public that the morale and fighting efficiency of troops remain high, reaffirming the military’s commitment to restoring lasting peace and security in North East Nigeria.

The military also urged residents to continue providing timely and credible information to security agencies in support of ongoing counter-terrorism operations.

Borno: Troops Foil Suicide Attack, Arrest Bomber, Seize IED Materials

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VIDEO: Oshodi Traders Count Losses as Fire Ravages Army Arena Market in Lagos

Published

6 hours ago

December 30, 2025

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VIDEO: Oshodi Traders Count Losses as Fire Ravages Army Arena Market in Lagos

Traders at the Army Arena Market in Oshodi, Lagos State, were thrown into panic on Tuesday evening following a fire outbreak that engulfed sections of the busy commercial hub, destroying several shops and goods.

The incident was confirmed by the Lagos State Traffic Management Authority (LASTMA) through its official X (formerly Twitter) handle. LASTMA disclosed that emergency responders were immediately deployed to the scene to contain the inferno.

“There’s a fire outbreak inside Arena Shopping Mall along Agege Motor Road, Oshodi. Men of @LagosRescue are on ground to extinguish the inferno,” the agency stated.

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Eyewitnesses said the fire spread rapidly through parts of the market, forcing traders and customers to flee for safety as thick smoke billowed into the sky. Several container shops were reportedly razed, with traders lamenting the loss of valuable merchandise, including textiles, electronics, and household goods.

Officials of the Lagos State Fire and Rescue Service, alongside other emergency agencies, worked to prevent the fire from spreading to adjoining sections of the market and nearby buildings. As of the time of filing this report, no casualties had been officially confirmed, while the cause of the fire was yet to be determined.

The latest incident has renewed concerns over frequent fire outbreaks in Lagos markets, particularly in densely populated commercial centres such as Oshodi, where traders have repeatedly called for improved fire safety measures, better electrical standards, and faster emergency response.

Oshodi Traders Count Losses as Fire Ravages Army Arena Market in Lagos

Wike | Sina Ghami | #NIGUGA | Accident | Diogo Jota | #โดมปกรณ์ลัม | Anthony Joshua pic.twitter.com/UrFd9MZnt1

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