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We don’t have capacity to print new notes – Emefiele
Amidst the cash crisis bedevilling the country and the expectations of Nigerians that President Muhammadu Buhari would resolve the matter in seven days as promised, the governor of the Central Bank of Nigeria (CBN) has said the apex bank does not have the capacity to print adequate new naira notes.
Emefiele made the disclosure on Friday when he briefed the emergency meeting of the National Council of State, sources who attended the meeting told PREMIUM TIMES.
On Friday, Mr Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.
“The Mint has run out of papers to print N500 and 1,000 notes. They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list, so their orders cannot be met now.
“The Mint had received CBN’s request to print 70million copies of the new notes, totalling N126billion to be pumped into circulation by today (yesterday), The Mint doesn’t have the capacity,” a source told PREMIUM TIMES.
Meanwhile, Mr Buhari was non-committal at the meeting and barely spoke, the source added. He left the meeting as the time for the Muslim’s Jummah prayer drew close and his deputy, Vice President Yemi Osinbajo, took over.
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Osinbajo said the president would take a decision.
Meanwhile, seven days after President Muhammadu Buhari promised to address the cash crisis that hit the country following the naira redesign and old notes swap policy of the Central Bank of Nigeria (CBN), the new and old naira notes have remained elusive, Daily Trust Saturday reports.
Last December, the Godwin Emefiele-led CBN introduced the new notes amid efforts to fight corruption, terrorism, counterfeiting and related crimes, with a January 31, 2023 deadline.
However, Nigerians have had a hard time getting the new notes amid scarcity and rising tension across the country, forcing the apex bank to extend the deadline by 10 days, which was due yesterday, February 10.
President Buhari had on February 3 implored Nigerians to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the CBN.
The president made the call while speaking to the Progressive Governors Forum (PGF) who paid him a visit to seek solutions to the cash crunch, which they said was threatening the good records of the administration in transforming the economy.
Buhari, in a statement by his spokesman, Malam Garba Shehu, noted that he had seen television reports on cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension would be used to crack down on whatever stood in the way of its successful implementation.
There has been a flurry of suits at the Supreme Court by some state governors, challenging the apex bank’s policy over the hardship the policy has brought on the people.
The apex court had issued an order asking the CBN and the federal government not to go ahead with the implementation of the policy pending the determination of substantive suits before it.
No respite, 7 days after
But seven days after Buhari’s assurance, Nigerians have expressed disappointment over his inability to resolve the issue as long queues persist in banks across the country.
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A meat seller at Agege, Lagos, Shakiru Alabi, said he knew President Buhari was not going to solve the problem within seven days.
He said, “From his body language, Emefiele is working for him. I was not expecting him to do anything. He should come to Lagos and see how people are suffering to get their money. People will leave their work to queue at banks from 5am to collect N2,000,” he lamented, saying the situation has drastically affected their business.
For Comrade Yusuf Ibrahim Yara, a resident of Kurna in the Dala Local Government Area of Kano State, the promise by the president failed due to improper coordination in his team.
Yara said he would not blame the president alone for the failure but his cabinet, who he said failed to understand and believe in the suffering Nigerians are facing as a result of the policy.
Another resident of Kano State, Abdullahi Usman, an engineer, said people had already given up and didn’t put much expectation on the promise by the president.
“I think the government lacks the sincerity of purpose. Instead of improving the economy, it has brought hardship,” he said.
Re-circulate old naira, Council of State tells CBN
The Council of State yesterday backed the new currency redesign policy but advised the CBN to ensure the availability of naira notes to douse tension and ameliorate the suffering of citizens across the country.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, governors Darius Ishaku of Taraba State and Babajide Sanwo-Olu of Lagos State, as well as the Special Adviser to the President on Media and Publicity, Femi Adesina, briefed State House reporters on the key issues after the Council meeting at the Presidential Villa, Abuja.
Malami, who gave a summary of the meeting said, “The two major resolutions that were driven, arriving from the deliberations of the Council, are that we are on course as far as elections are concerned and we are happy with the level of preparation by the Independent National Electoral Commission (INEC) and the institutions.
“Also, the naira redesign policy stands, but the Council agreed that there is the need for aggressive action on the part of the CBN as it relates to implementation, by ensuring adequate provision with regard to the supply of the naira to the system.”
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Also, Governor Ishaku said members of the Council of State advised President Buhari, who chaired the meeting, to ensure that the CBN makes provision for the availability of naira notes in the country to cater for the needs of the poor.
He said deliberations on the new currency redesign policy took more time because of hardship across the country.
Ishaku said members of the Council mostly expressed concern over the implementation of the policy after a briefing from the governor of the CBN, Godwin Emefiele.
He said the CBN governor was advised to make new naira notes available or re-circulate old ones to ease the suffering of Nigerians.
He, however, added that the president would take a final decision, having received advice from members of the Council of State.
Kano, Ondo join gale of Supreme Court cases against policy
Meanwhile, the governments of Kano and Ondo states have filed separate suits before the Supreme Court against the federal government in respect of the policy.
In a suit number SC/CS/200/2023, the Kano State attorney-general, through his counsel, Sunusi Musa, a Senior Advocate of Nigeria (SAN), is asking the apex court to declare that the president of Nigeria cannot unilaterally direct the CBN to recall the new N200, N500 and N500 old bank notes without recourse to the Federal Executive Council and the National Economic Council respectively.
The state government, among other things, prayed the court to issue a mandatory order reversing the federal government’s policy to recall the N200, N500 and N1,000 notes from circulation, saying it is affecting the economic well-being of over 20 million of Kano citizens.
The applicant is also seeking a mandatory order compelling the federal government to reverse the naira redesign policy for failing to comply with the 1999 constitution of the Federal Republic of Nigeria (as amended).
The Ondo State Government also filed a suit against the federal government at the Supreme Court over the CBN’s directive on the limitation of cash withdrawal from banks.
In the suit filed by the state’s attorney-general, Charles Titiloye, the apex court was asked to stop the implementation of the policy.
INEC, IGP assure Council of readiness for elections
Speaking further, Ishaku said, “The INEC chairman briefed the Council of State on their preparedness for the forthcoming general elections. The Inspector-General of Police also told the Council that they were equally prepared for the elections.
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Also, asked if there would be any deadline for the president to proffer solutions to the problem of scarcity of new naira notes, Femi Adesina said, “The deadline is a judicial matter.”
Malami, however, gave assurance that President Buhari would be guided by the interest of Nigeria and Nigerians. He added that though the matter is in court, both parties were still open to an amicable resolution.
Yesterday’s meeting was attended by former heads of state and presidents, including General Yakubu Gowon (retd), General Abdulsalami Abubakar (retd) and Goodluck Jonathan. Former President Olusegun Obasanjo joined online.
Others who joined virtually include the governor of Sokoto State and chairman of the Nigerian Governors Forum (NGF), Aminu Tambuwal; governor of Kebbi State and chairman of the Progressive Governors Forum (PGF), Abubakar Bagudu; the governor of Plateau State and chairman, Northern States Governors Forum, Simon Lalong, among others.
CSOs speak
Speaking on the development, the executive director, Resource Centre for Human Rights and Civic Education (CHRICED), Dr Ibrahim M. Zikirullahi, said the organisation knew that the February 10 deadline would pass without any resolution to the cash crisis.
He said President Buhari and the CBN governor had never been prepared to solve the naira crisis.
“As a result, the president’s seven-day promise was just one of many broken promises that have become a feature of this government. Therefore, even if the deadline is extended 20 times, Buhari and Emefiele will still be unable to find a solution, especially now that they are more confused than ever.
“Worse, the president has refused to listen to any advice or voice of reason from any source. Even his closest friends, the International Monetary Fund (IMF) and World Bank advised him to postpone the deadline, which he refused.
“It is inexcusable that President Buhari continues to turn a blind eye while the country burns due to the unpopular naira redesign policy, which is seriously affecting the health of the economy and sending hundreds of citizens to premature graves on a daily basis,” Zikirullahi said.
Petty traders in dilemma over old naira notes in Jos
Petty traders in Jos, the capital of Plateau State, were Friday thrown into confusion on whether or not to accept old naira notes from their customers as February 10, the deadline by the CBN on the collection of old naira notes.
The traders said they were rejecting the old notes in order not to lose their capital.
The confusion by the traders began a day before the February 10 deadline announced by the CBN governor, when he said people should use the opportunity to deposit their old naira notes before the expiration of the date.
Jamilu Abubakar said, “Honestly, we are in a difficult situation. When I came out in the morning I refused to collect the old notes from my customers, but I later started collecting it when I listened to the news on the issue. But even with that, we don’t have a clear direction on the naira notes. Today, the federal government would say something and comes out to say another thing tomorrow.”
Lawn Sarkinpawa, another Jos trader said, “It is true that people have been thrown into confusion.”
Daily Trust
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Retiring Supreme Court Justice Warns Politicians Against Giving Cows, Rams to Judges
Retiring Supreme Court Justice Warns Politicians Against Giving Cows, Rams to Judges
Retiring Supreme Court Justice Ibrahim Musa Saulawa has urged politicians and litigants to stop giving cows, rams and other gifts to judges, warning that such gestures could undermine judicial integrity and independence.
Justice Saulawa made the call during his valedictory court session at the Supreme Court in Abuja following his retirement after attaining the mandatory age of 70.
The retiring justice described some of the gifts presented to judicial officers as “Greek gifts” and questioned why politicians should send cows, rams and other items to Supreme Court justices.
He said he had previously raised the issue with the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, and urged the judiciary to take steps to discourage the practice.
Saulawa said judges must maintain honesty, morality, contentment and integrity and avoid accepting anything that could compromise their independence or create an appearance of influence.
He recalled an incident from his time on the Katsina State Magistrate’s Court, when a prominent businessman, Alhaji Ali Bagobiri, offered him a Peugeot 504 car.
According to Saulawa, he rejected the vehicle despite efforts by the businessman and other prominent individuals, including the Emir of Katsina, to persuade him to accept it.
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The businessman later appeared before Saulawa in a case involving the alleged assault of a worker, Ahmad, who was said to have spent about two weeks in an intensive care unit.
Saulawa said the accused persons were convicted and fined N7,000 each, while the victim was awarded N10,000 in damages.
The retired justice said the experience reinforced his position that judges must keep personal benefits and judicial responsibilities separate.
He also recalled his role during the June 12, 1993 presidential election crisis, when he was serving as Chief Registrar of the Court of Appeal.
Saulawa said conflicting court orders had emerged over the election and that he acted on the directive of the then President of the Court of Appeal, Justice Mohammed Mustapha Akanbi, to secure the appellate court’s registry and ensure that judicial processes were properly handled.
He said the judiciary resisted attempts to interfere with the judicial process during the crisis before the election was eventually annulled by the military government headed by General Ibrahim Babangida.
Justice Saulawa’s judicial career began in 1983 when he was appointed a Magistrate Grade II in the Kaduna State Judiciary. He subsequently served as a chief magistrate, Chief Registrar of the Court of Appeal, High Court judge in Katsina and Justice of the Court of Appeal before his elevation to the Supreme Court in November 2020.
Born in Katsina on September 29, 1956, Saulawa studied law at Bayero University, Kano, and was called to the Nigerian Bar in 1982. His retirement brings an end to a more than four-decade legal and judicial career.
At the valedictory session, the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, praised Saulawa for his contribution to the judiciary and described his career as one marked by service and principle.
Kekere-Ekun also recalled an earlier occasion when she and Saulawa resisted an attempt to place a personal benefit before their judicial responsibilities, saying the episode underscored the importance of protecting the integrity of judicial office.
Former Chief Justices of Nigeria Mahmud Mohammed and Olukayode Ariwoola, along with other senior judicial officers and members of the legal profession, attended the ceremony.
Saulawa’s retirement leaves behind a judicial career spanning the magistracy, High Court, Court of Appeal and Supreme Court, with his final message focused on the need for judges to protect public confidence in the administration of justice.
Retiring Supreme Court Justice Warns Politicians Against Giving Cows, Rams to Judges
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NMDPRA Moves Against Fuel Pump Fraud, Threatens Licence Revocation
NMDPRA Moves Against Fuel Pump Fraud, Threatens Licence Revocation
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has intensified its crackdown on fuel pump fraud, directing filling stations nationwide to immediately inspect, calibrate and verify their dispensing equipment following the discovery of cases of under-dispensing.
The regulator said it had identified incidents in which motorists and other consumers received less petrol than the quantity displayed on the pump, describing the practice as a serious breach of consumer trust.
Under its latest directive, operators of retail outlets must check and calibrate their fuel dispensers and totalisers to ensure that the equipment accurately measures the quantity of petroleum products sold.
The NMDPRA warned that stations found to be under-dispensing, operating with improperly calibrated equipment or otherwise compromising dispensing accuracy would be required to take corrective action.
It also warned that persistent or serious violations could lead to the revocation of operating licences.
The crackdown comes as motorists contend with elevated petrol prices across Nigeria. Recent reports put pump prices at around ₦1,350 to ₦1,400 per litre in Lagos, with prices reaching about ₦1,450 in Abuja and higher levels in some other locations.
The combination of higher pump prices and inaccurate dispensing has heightened concerns about the amount of fuel consumers actually receive for their money.
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The problem, however, is not necessarily limited to deliberate manipulation. Faulty or poorly calibrated dispensing equipment can also cause inaccurate measurements, making regular inspection and verification important for both consumers and station operators.
The Petroleum Products Retail Outlets Association of Nigeria (PETROAN) has directed its members to inspect their dispensing meters following the NMDPRA warning.
PETROAN National President Billy Gillis-Harry said the association held an emergency meeting after the regulator raised the issue and subsequently instructed its members to check their equipment nationwide.
He also urged motorists to pay attention to the quantity displayed on the pump while buying fuel and to request receipts for their purchases.
The NMDPRA has also called on major industry associations, including the Major Energy Marketers Association of Nigeria (MEMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN) and PETROAN, to ensure that their members comply with the directive.
The latest enforcement drive forms part of the regulator’s wider responsibility to protect consumers and ensure transparency in petroleum product transactions.
The NMDPRA has separately said that petrol pump prices are determined by market forces under the Petroleum Industry Act 2021 and are not fixed by the regulator. It has also said it is working with the Federal Competition and Consumer Protection Commission (FCCPC) to monitor practices including price-gouging, collusion, under-dispensing and compromised product quality.
The regulator has urged consumers and industry stakeholders to report suspected irregularities through its feedback and reporting channels for investigation and possible enforcement.
For motorists, the latest directive means greater attention should be paid to the quantity shown on fuel dispensers, receipts and any noticeable discrepancy between the amount paid and the fuel delivered.
The NMDPRA’s warning also puts filling station operators under increased pressure to ensure that their equipment remains properly calibrated and that consumers receive the full quantity of petrol or other petroleum products for which they have paid.
NMDPRA Moves Against Fuel Pump Fraud, Threatens Licence Revocation
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$2.1m Land Suit: Court Orders Wike’s Son to Produce American Passport
Wike’s Son Jordan Faces Fresh Court Twist as Judge Orders American Passport Produced
A Federal Capital Territory High Court sitting in Maitama has ordered Jordan Ezenwo Nyesom-Wike, son of FCT Minister Nyesom Wike, to produce his American passport in court as hearing continued in a $2.1 million Abuja land dispute.
Justice Sylvanus Oriji issued the order on Tuesday following an application by counsel to the claimants, Hamza Dantani, during cross-examination of Jordan in the suit marked CV/008/2026.
The case was filed by Safwan Garba GY and GY Global Oil and Gas Nigeria Limited, who allege that Jordan agreed to facilitate the acquisition of 60 hectares of land in Abuja—30 hectares each in Katampe and Guzape.
According to the claimants, they first met Jordan in London and later met him in Abuja, where they allegedly sought his assistance in securing the properties.
They allege that Jordan demanded $2.1 million as a facilitation fee, with $2 million allegedly intended for his father and $100,000 for himself.
The claimants further allege that the money was handed over on September 26, 2025, in the presence of Adamu Sani, Aliyu Sarki and Sai Wani, while Jordan was accompanied by Onor Sandy.
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They claim that after receiving the money, Jordan failed to facilitate the land acquisition or refund the funds and subsequently became unreachable.
Jordan has denied the allegations.
During cross-examination, Dantani questioned Jordan about his whereabouts on September 26, 2025. Jordan told the court that he was outside Nigeria on that date and had travelled using his American passport.
Dantani then asked the court to compel him to produce the document. Justice Oriji granted the application and ordered Jordan to bring the passport before the court.
The passport is expected to be relevant to the parties’ competing accounts of Jordan’s whereabouts on the date the claimants allege the $2.1 million was paid.
Earlier in the proceedings, the claimants’ counsel also asked Jordan to write his full name and signature five times each on a plain sheet of paper. The application was granted without objection from the defence.
The wider dispute is linked to a joint venture agreement dated October 17, 2025, involving Jordan and two companies, Apostle Associate Limited and Creekstone General Contractor Ltd.
According to the claimants’ statement of claim, the proposed project involved the construction of 24 units of six-bedroom fully detached duplexes on 1.7 hectares of land at Guzape New Extension and 1.5 hectares at Katampe New Extension.
The claimants were allegedly expected to contribute $4.2 million, valued at about ₦6.3 billion, while Jordan was to provide the land.
The defence has disputed the claimants’ account of their dealings with Jordan, including the allegation that he received the $2.1 million.
The court has not determined the merits of the competing allegations, and the proceedings remain ongoing.
Justice Oriji adjourned the case until Wednesday for continuation of the hearing.
Wike’s Son Jordan Faces Fresh Court Twist as Judge Orders American Passport Produced
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