metro

Naira Scarcity: President’s silence is inglorious – Right group

Published

3 years ago

February 15, 2023

It is no longer news that Nigeria may soon swim in self-induced recession as a result of low trading activities caused by paucity of Naira notes which attracted wide outrage nationwide. Rights and Freedom Advocates (RIFA) noted, as a continuum of the earlier criticism of the policy, that the precarious situation led to protests and destructions of properties in some parts of the Country as a response to the anti-people Naira redesign policy of the Buhari-led government. It is also noteworthy that some Governors and patriotic citizens rose to the challenge culminating in the Supreme Court “relief judgment” that saved the Nation from executive recklessness. As if the Central Bank of Nigeria (CBN) Governor Emefiele has hypnotized everyone in the Buhari administration, none has raised a voice against the callous policy. In fact, the Attorney-General of the Federation that is supposed to defend the people is also defending the Emefiele toxicnomics (any policy that affects economic activities retrogressively)

In the meantime, on February 3, 2023, President Muhammadu Buhari was quoted to have requested seven days to do the needful. The President requested grace period expired on Friday February 10,2023. Unfortunately, till date the President is yet to address the Nation on what has been done to assure Nigerians of any meaningful action taken to ameliorate the economic situations in the Country. Or was the President oblivious of the need to give feedback to citizens after honouring him with cessation of protests? Is the President unmindful of the implications of his silence and or his associates do not know they need to ensure the President addresses the Nation in this critical situation assuming the President is unperturbed by the need to speak to the people?

READ ALSO:

The President at this crucial time must speak out as his silence is no longer golden. He should let the citizens know their fate as many banks and traders reject the old Naira notes against the pronouncement of the Supreme Court while many banks now hawk and trade new Naira notes even when Section 21(4) of the CBN Act abhor such practice when it provides that “it shall be an offence punishable under sub section 1 of the Section for any person to hawk, sell or otherwise trade in Naira notes, coins or any other note issued by the Bank”. Is this how the Nation will remain? Even though CBN has declared that old Naira notes are no longer legal tender, the law permits the citizens to take the one at their disposal to the banks and have it redeemed at any period. Nonetheless, the impunity which characterized Emefiele approach to change of the Naira notes deserves patriotic legal resistance as if this was the first time the Nation was changing its currencies. This is necessary so that Emefiele would not constitute another clog in the wheel of the development of Nigeria.

Furthermore, section 20 (3) of the CBN Act 2007 provides “ Notwithstanding sub-sections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President to do so and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand”. This shows that it is incumbent on all authorized banks to collect the old Naira notes even after expiration of the deadline and when such notes are taken to CBN by the banks, the CBN must collect it for redemption. So, the CBN Governor’s insensitive release on the plight of the people where he was insisting on not allowing people to have sufficient cash for their daily activities is simply anachronistic and barbaric. So, is it because there is no sanction that the Banks are acting ultra vires by rejecting what the laws oblige them to collect indefinitely or because the CBN head is an accomplice in the whole saga? If the banks reject the notes from the individuals, are citizens expected to take the notes to CBN offices for replacement when CBN offices are mainly in State capitals and FCT? Is CBN legally authorized to attend to individuals? If yes, would that not expose CBN to insecurity and endanger its staff and their properties? These and more questions beg for answers

READ ALSO:

Similarly, section 20(5) of the Act provides that “ any person who refuses to accept the Naira as a means of payment is guilty of an offence and liable on conviction to a fine of N50,000 or 6months imprisonment”. Therefore, the President must speak out and announce to the Nation serious sanctions awaiting any saboteur bank which may be acting contrary to the laws. The Federal Government should fine, in hundreds of millions or billions of Naira, any bank that refuses to collect the currency from the public even after the stipulated deadline because the CBN Act gives no specific time limit for the Central Bank to redeem the outdated notes in as much as it is not lost, stolen, mutilated or imperfect note or coin (Section 22 of the CBN Act).

Now, the President or any authorized government official must tell Nigerians the situation report on Naira notes availability and the way forward. Or does the President want to leave everyone in the quagmire? The government cannot remain silent at this moment and expects people not to vent their anger. Whatever consequence government silence generates should not be blamed on the citizens but the lackadaisical government which tries to abdicate its responsibilities. It is either the Government speaks to the people now on the situation of Naira notes on whether more notes have been printed, circulated or not and state how it has been trying to improve the imbroglio. Nonetheless, RIFA urge the citizens not to dance to the tune of the miscreants who only participate in protests to steal, rob or cause havoc which would be detrimental to societal stability. It should be noted properties destroyed in any protest would only enrich the wealthy more as none of the protesters may be given the contract to rehabilitate destroyed properties. Besides, public members making use of such destroyed banks, properties or public places would face more hardship by having to spend more to access services that should have been accessed nearby had those banks, properties or public institutions not destroyed by the hoodlums during purported protests. Protest is a legitimate means of resistance but it yields result only when applied according to rules of the game. It is on this ground RIFA call on Nigerians to protest reasonably by calling on those at the helm of affairs to do the needful to save the Nation from the consequences of the excruciating Naira redesign policy of Mr Emefiele who would remain in the history of the Country as the worst CBN Governor with toxicnomic policies
Luqman Soliu,
President,
Rights and Freedom Advocates (RIFA)

Related Topics:Naira Scarcity RIFA Right group

Up Next

Ogun governor threatens to shut down banks rejecting old naira notes

Don't Miss

15 abducted NYSC members rescued by Police in Anambra

metro

Army arrests 24 foreign nationals in Lagos hideout raid, hands suspects to Immigration

Published

4 hours ago

July 17, 2026

Trends Admin

Army arrests 24 foreign nationals in Lagos hideout raid, hands suspects to Immigration

Troops of the 65 Battalion under the 81 Division of the Nigerian Army have arrested 24 foreign nationals during an intelligence-led raid on a suspected hideout in Epe Local Government Area of Lagos State, as part of ongoing efforts to combat illegal immigration, transnational crime and other security threats.

The operation, carried out in collaboration with members of the local vigilante group, followed credible intelligence on the presence of undocumented foreign nationals within the battalion’s area of responsibility.

The Acting Deputy Director of Army Public Relations, 81 Division, Lieutenant Colonel Musa Yahaya, disclosed on Thursday that troops stormed a secluded fenced compound located at Imokun in the Odo-Noforija/Poka axis of Epe, where the suspects were arrested.

According to him, the operation was executed without resistance, leading to the arrest of 24 foreign nationals, comprising 15 males and nine females.

Preliminary profiling by the military revealed that the suspects are citizens of six West and Central African countries. The breakdown shows that 10 are from Cameroon, six from Togo, three from Côte d’Ivoire, three from the Republic of Benin, while one each is from Burkina Faso and Guinea-Bissau.

The Army said initial investigations have commenced to determine the immigration status of the suspects, establish the purpose of their stay in Nigeria and ascertain whether they have any links to criminal activities or transnational criminal networks.

Security operatives are also investigating the ownership of the property where the suspects were found to determine whether the premises served as a hideout for illegal immigrants or members of organised criminal groups.

READ ALSO:

Following preliminary investigations, the suspects were handed over to the Nigeria Immigration Service (NIS), Lagos State Command, on July 16, 2026, for further profiling, investigation and administrative action in line with the country’s immigration laws.

The General Officer Commanding (GOC), 81 Division Nigerian Army, Major General Adebayo Babalola, commended the troops for their professionalism, discipline and vigilance throughout the operation.

He urged military personnel to sustain intelligence-driven operations and strengthen collaboration with other security agencies to deny criminal elements, illegal immigrants and other security threats safe haven within the division’s area of responsibility.

The GOC also reaffirmed the Nigerian Army’s commitment to supporting the Nigeria Immigration Service, the Nigeria Police Force, the Department of State Services (DSS) and other security agencies in maintaining peace, protecting lives and property, and safeguarding national security across Lagos State and neighbouring areas.

The latest operation forms part of intensified efforts by security agencies to curb illegal immigration, dismantle criminal networks and enhance border security amid growing concerns over transnational crimes across West Africa.

Security experts have repeatedly warned that undocumented migration can be exploited by criminal organisations involved in kidnapping, human trafficking, arms smuggling, cybercrime and other cross-border offences, highlighting the importance of intelligence sharing and inter-agency cooperation.

Authorities have assured residents that investigations remain ongoing and that anyone found to have violated Nigeria’s immigration laws or participated in criminal activities will be prosecuted in accordance with the law.

Army arrests 24 foreign nationals in Lagos hideout raid, hands suspects to Immigration

metro

Four kidnapped during NECO exams regain freedom in Kogi

Published

5 hours ago

July 17, 2026

Trends Admin

Four kidnapped during NECO exams regain freedom in Kogi

The Kogi State Government has confirmed the successful rescue of the four persons abducted during an attack on a National Examinations Council (NECO) examination centre in Olowa, Dekina Local Government Area, following an intensive joint security operation involving the Nigerian Army, Department of State Services (DSS), Nigeria Police Force, Nigeria Security and Civil Defence Corps (NSCDC) and local vigilante groups.

The victims, comprising a school principal, a NECO official and two students, were rescued after security operatives mounted sustained pressure on the kidnappers, forcing them to abandon the captives and flee from their hideout in the forest.

The successful rescue was announced on Thursday by the Kogi State Commissioner for Information and Communications, Kingsley Fanwo, who attributed the operation to the swift intervention of Governor Ahmed Usman Ododo immediately after the attack on the examination centre.

According to Fanwo, Governor Ododo directed the State Security Adviser, Commander Jerry Omodara (Rtd), to coordinate a comprehensive rescue mission involving personnel from the military, intelligence agencies, the police and local security outfits.

He said security forces immediately launched an intelligence-led operation and combed the forests surrounding Dekina Local Government Area, maintaining relentless pressure on the kidnappers until they were forced to abandon the victims.

Fanwo disclosed that Governor Ododo had, earlier on Thursday, reassured residents that every available resource would be deployed to secure the victims’ freedom while inspecting newly acquired Armoured Personnel Carriers (APCs) purchased by the state government to strengthen the fight against criminality.

READ ALSO:

Only a few hours after the governor’s assurance, the victims regained their freedom as security personnel intensified their operations.

According to the commissioner, the overwhelming presence of heavily armed security operatives in the forest compelled the kidnappers to flee, leaving the victims behind.

He confirmed that the rescued school principal, NECO official and two students were all in good condition and are currently undergoing medical evaluation and debriefing by security agencies before reuniting with their families.

Fanwo added that security operatives have remained in the forest to sustain the operation and ensure every member of the criminal gang responsible for the abduction is identified, arrested and prosecuted.

He commended the courage, professionalism and coordination displayed by officers and men of the Nigerian Army, DSS, Police, NSCDC, local vigilantes and other security agencies, describing the rescue as another demonstration of the effectiveness of intelligence-led inter-agency collaboration.

The commissioner also conveyed the appreciation of the Kogi State Government to President Bola Tinubu, noting that the President directed heads of security agencies to provide every necessary support to facilitate the rescue operation.

According to him, the Federal Government’s support strengthened ongoing security efforts and contributed significantly to the successful rescue of the victims.

The state government reiterated that Governor Ododo’s administration remains committed to eliminating criminal elements across Kogi State through sustained investment in intelligence gathering, surveillance technology, security logistics and inter-agency cooperation.

The victims were abducted earlier this week when armed men invaded the NECO examination centre in Olowa while candidates were writing the ongoing 2026 NECO Senior School Certificate Examination (SSCE). The incident sparked widespread concern over the safety of students, teachers and examination officials in vulnerable communities.

The successful rescue has been welcomed by residents, parents and education stakeholders, who praised the security agencies for their swift response. However, security experts have urged authorities to strengthen protection around schools and public examination centres, especially in areas facing persistent security threats.

The Kogi State Government has assured residents that security operations will continue until every member of the kidnapping syndicate responsible for the attack is apprehended and brought to justice.

Four kidnapped during NECO exams regain freedom in Kogi

metro

Police foil N22m kidnap plot in Kwara, arrest two Togolese suspects

Published

5 hours ago

July 17, 2026

Trends Admin

Kwara State spokesperson, SP Adetoun Ejire-Adeyemi

Police foil N22m kidnap plot in Kwara, arrest two Togolese suspects

The Kwara State Police Command has foiled a planned kidnapping and N22 million extortion plot in Okuta, Baruten Local Government Area, arresting two Togolese nationals allegedly involved in the criminal conspiracy.

The suspects, identified as Yakubu Ismaila and Hadiza Kosia, were apprehended during an intelligence-led operation coordinated by operatives of the Okuta Police Division in collaboration with the Intelligence Response Team (IRT) after a resident reported receiving repeated threats demanding a ransom.

According to the Command’s spokesperson, SP Adetoun Ejire-Adeyemi, the operation began after S. Ismaila, a resident of Okuta, reported that an unidentified caller had demanded N22 million to prevent his abduction.

The caller also allegedly threatened to kidnap the complainant and murder his younger brother, Musa Ismaila, if the ransom was not paid.

Following the complaint, police operatives immediately launched a coordinated intelligence-driven investigation, deploying technical surveillance and digital tracking tools to trace the source of the threatening calls.

The operation led to the arrest of the two suspects before the alleged kidnapping plot could be executed. Police said preliminary investigations established a direct link between the suspects and the attempted kidnapping and extortion scheme. During interrogation, the suspects reportedly confessed to their involvement in the plot, providing investigators with useful information to expand the ongoing investigation.

READ ALSO:

Security operatives also recovered the mobile phone allegedly used to issue the threatening calls, describing it as a crucial piece of evidence in the case.

The Commissioner of Police in Kwara State, CP Ojo Adekimi, commended the officers involved in the operation for their professionalism, swift response and effective coordination. He said the timely intervention of the operatives prevented what could have escalated into a major security incident and reaffirmed the command’s commitment to intelligence-led policing.

The police commissioner disclosed that investigations had been intensified to identify and arrest other members of the suspected criminal network believed to be connected to the failed kidnap plot. He assured residents that every individual linked to the conspiracy would be tracked down and prosecuted in accordance with the law.

The police also urged residents across Kwara State to remain vigilant and continue supporting law enforcement agencies by providing timely and credible information on suspicious persons and activities. According to the command, community participation remains critical in preventing crimes such as kidnapping, armed robbery and other violent offences. Authorities further assured the public that intelligence gathering, surveillance operations and proactive policing would continue across the state to strengthen public safety.

Kidnapping for ransom remains one of Nigeria’s most serious security challenges, prompting security agencies to adopt more technology-driven and intelligence-based strategies to dismantle criminal networks. Security experts have repeatedly called for stronger border surveillance and enhanced collaboration between Nigeria and neighbouring West African countries to curb cross-border crimes involving kidnapping, human trafficking and arms smuggling.

The successful operation in Kwara State highlights the growing effectiveness of intelligence-led policing in preventing criminal activities before they are carried out and underscores the importance of timely public information in supporting security agencies to combat insecurity.