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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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Court Orders Accelerated Hearing of Suit Challenging 2025 Tax Acts, Declines Injunction

Published

18 minutes ago

December 30, 2025

Trends Admin

Court Orders Accelerated Hearing of Suit Challenging 2025 Tax Acts, Declines Injunction

The High Court of the Federal Capital Territory (FCT), Abuja, on Monday ordered an accelerated hearing of a suit challenging the 2025 tax acts, but declined to grant an interim injunction restraining their implementation.

The suit was filed by the Incorporated Trustees of African Initiative for Abuse Public Trustees against the Federal Republic of Nigeria and other key government officials, citing alleged discrepancies in the newly enacted tax laws and their proposed implementation date of January 1, 2026.

The respondents in the suit include the Attorney-General of the Federation, the Senate President, the Speaker of the House of Representatives, and the National Assembly.

In a motion ex parte, the plaintiff sought an interim injunction to restrain the Federal Government from implementing the tax laws pending the determination of the substantive suit. The applicant also requested an abridgment of time for the defendants to file their responses, approval for substituted service, and an order for accelerated hearing.

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Ruling on the application, Justice Bello Kawu, sitting as a vacation judge, granted the request for accelerated hearing and approved substituted service on the defendants.

The court ordered that the first and second defendants be served through the Office of the Attorney-General of the Federation at the Federal Ministry of Justice, Abuja, while the fourth, fifth and sixth defendants are to be served via the Office of the Clerk of the National Assembly, Three Arms Zone, Abuja.

However, the court declined to grant the interim injunction sought by the plaintiff, refusing to restrain the Federal Government and its agencies from proceeding with the implementation of the 2025 tax laws at this stage.

Justice Kawu directed that all defendants be put on notice and adjourned the matter to Wednesday, December 31, for the hearing of the motion on notice.

Court Orders Accelerated Hearing of Suit Challenging 2025 Tax Acts, Declines Injunction

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Amotekun Arrests 39 Suspected Terrorists Fleeing Sokoto After US Airstrikes

Published

1 hour ago

December 30, 2025

Trends Admin

Paraded suspected criminals

Amotekun Arrests 39 Suspected Terrorists Fleeing Sokoto After US Airstrikes

The Ondo State security outfit, Amotekun, has arrested 39 suspected terrorists who reportedly fled Sokoto State following the Christmas Day airstrikes conducted by the United States military in Nigeria’s North-West.

Speaking during the parade of 100 suspects across the state, Amotekun Commander Chief Adetunji Adeleye said the 39 suspects claimed to have relocated to the forests of Ondo State after fleeing the northern part of the country.

“A couple of days ago, 39 suspects were arrested, all claiming that as a result of the heat turned on them in the northern part of the country, they relocated into the forest,” Adeleye said. “We are still profiling them, and after profiling, those found with incriminating equipment and materials will be prosecuted.”

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The commander emphasized that anyone residing in Ondo State forest areas must obtain official permits, warning that the sudden influx of such elements raises serious security concerns.

Adeleye further revealed that synergy with neighboring state security outfits, including Ekiti, Osun, and Ogun, has led to significant arrests. Some suspects are still under investigation and were not paraded.

Regarding other suspects, Adeleye disclosed that of the 100 arrested, 61 were paraded:

50 for general law and order violations
2 for anti-open grazing offences
6 for kidnapping-related cases
3 for gender-based abuse and rape

The suspects ranged in age from 18 to 45 years. On the rape cases, Adeleye identified three suspects: 19-year-old Daniel Ojo, 33-year-old Usman, and 41-year-old Bejide, arrested in the Isinkan area of Akure, the state capital.

He commended Governor Lucky Aiyedatiwa for providing an enabling environment for security operations and thanked all state security agencies, including the police, civil defense, army, DSS, and local vigilantes, as well as the public, for their support.

Amotekun Arrests 39 Suspected Terrorists Fleeing Sokoto After US Airstrikes

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Malami, Son, Wife Remanded Over ₦Billions Money Laundering Charges

Published

1 hour ago

December 30, 2025

Trends Admin

Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN)

Malami, Son, Wife Remanded Over ₦Billions Money Laundering Charges

The Federal High Court in Abuja has ordered the remand of former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), at the Kuje Correctional Centre, pending the hearing of his bail application.

The order also applies to Malami’s co-defendants — his son, Abubakar Malami, and one of his wives, Bashir Asabe. The directive came from Justice Emeka Nwite after hearing arguments from the defense led by Joseph Daudu (SAN) and the prosecution team of the Economic and Financial Crimes Commission (EFCC), represented by Ekele Iheneacho (SAN).

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Malami and his co-defendants are facing a 16-count money laundering charge. According to the EFCC, the defendants allegedly conspired to conceal, retain, and disguise the proceeds of unlawful activities totaling several billions of naira.

The charges reportedly span several years and include the use of companies and bank accounts to launder funds, the retention of cash as collateral for loans, and the acquisition of high-value properties in Abuja, Kano, and other locations. Some of the offences allegedly occurred while Malami served as Attorney-General, in violation of the Money Laundering (Prohibition) Act 2011 (as amended) and the Money Laundering (Prevention and Prohibition) Act 2022.

The defendants pleaded not guilty. While the defense urged the court to grant bail on liberal terms, the prosecution opposed it, citing the seriousness of the charges and the magnitude of the alleged financial crimes.

Legal observers describe the case as a high-profile anti-corruption trial in Nigeria, marking one of the most significant prosecutions involving a former chief law officer of the federation. The matter has been adjourned for the hearing and determination of the bail applications.