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CBN likely to pump more new naira notes into circulation today

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The Central Bank of Nigeria (CBN) may pump in today more new naira notes into circulation through the banks, The Nation learnt yesterday.

About N500 billion of the new notes have been injected into circulation since December 15, last year.

Today’s plan by the apex plan to pump more cash, close  to N1 trillion will come into circulation, a CBN board member confirmed to The Nation yesterday.

The board member who pleaded for anonymity said: “The CBN will do the needful to ensure that innocent Nigerians’ pains are eliminated. To this end, more new naira notes will be allocated to the banks from Monday for disbursing to the public.”
He assured that “the mint has adequate capacity to print the required volume of new naira notes”.

Our source explained that “the volume printed must be related to what the CBN adjudges to be optimal for the economy.

“What this means is that the CBN is being careful not to flood the system with naira notes thus creating another currency control problems for it with attendant inflationary pressures”.

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The CBN board member also confirmed that the apex bank will abide by the Supreme Court’s decision to pull the brake on enforcing a deadline on the deposit of old Naira notes until February 15 when the Supreme Court will make hear the suit instituted by three governors.

“Whe cannot really speculate on extension or no extension as the issue is before the highest court in the land,” the apex bank’s board member said.

Regarding the advice of the Council of State to the CBN to either make more new notes available or re-circulate the old banknotes alongside the existing new notes, he told The Nation that “the advice of the Council of States is well-meaning. The Council is rightly concerned about the current challenges of the naira redesign implementation caused by selfish and sadistic individuals/organisations.”

Another senior CBN management official also revealed some developments to The Nation relating to the ongoing currency crisis.

The official disclosed: “The CBN has discovered that some powerful individuals used their cronies to open new bank accounts in order to withdraw new notes.

“The Economic and Financial Crimes Commission (EFCC) will soon go after them to see if they followed the Know Your Customer (KYC) protocol.”

He added that most commercial banks where deliberately keeping the new notes for their priority customers.

He said: “The banks are loyal to their priority customers; that’s why they reserve some new notes for them. They do not want to lose their high net worth customers. The apex bank has increased the volume of cash it released to the banks.”

According to him, the commercial banks have “not been returning old notes back to the CBN as expected”.

The CBN, the official noted, has also discovered that citizens were holding on to the new notes.

“People, are not depositing new notes but holding on to them” he said.

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Adeleke presents staff of office to new Owa-Obokun amid protest

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December 29, 2024

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Oba Adesuyi Haastrup

Adeleke presents staff of office to new Owa-Obokun amid protest

ILESA — Osun State Governor, Ademola Adeleke, on Sunday presented the staff of office to Oba Adesuyi Haastrup as the 41st Owa-Obokun of Ijesaland in a ceremony marked by mixed reactions.

Oba Haastrup’s selection follows the passing of the 40th Owa-Obokun, Oba Adekunle Aromolaran, in September, after which the mourning period and succession process commenced. Last Friday, Prince Haastrup of the Bilaro Olu-Odo ruling house was elected by the Ijesa kingmakers and subsequently approved as the new monarch despite an existing court injunction restraining stakeholders from proceeding with the selection process.

At the installation ceremony, Governor Adeleke urged the new monarch to foster unity among Ijesa people and leverage his experience and connections for the development of Ijesaland and Osun State.

“Kabiyesi, now that the time of competition is over and you have become the father of all, I urge you to rally all citizens of Ijesaland for the development of the area and the State at large,” Adeleke said.

He emphasized the importance of collective efforts, stating, “There is much work to be done, and the Government alone cannot bear the responsibility. I call on all Ijesa sons and daughters to prioritise the development of our fatherland. Our administration is intensifying developmental efforts across the state, including Ijesaland.”

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The selection and installation of Oba Haastrup were met with opposition from two royal families, Ofokutu and Fajemisin, within the Bilaro Olu-Odo ruling house.

In a statement signed by Prince Adetoyese Adegbohungbe, Secretary of the Ofokutu royal family, the process was described as a desecration of Ijesa traditions.

“We have witnessed not just compromise but the desecration of the noble tradition of the Ijesa, with the blatant disregard for the most sacred tradition, which is the selection of the Owa Obokun of Ijesaland,” the statement read.

The family expressed shock at the selection, citing a pending court case, and accused stakeholders of undermining due process.

The Fajemisin family also condemned the process, describing it as flawed and unlawful. In a statement by Olufemi Fajemisin, the family rejected Oba Haastrup’s selection and demanded a transparent process that respects Ijesa customs.

“We categorically reject the purported elected Owa and demand a transparent, lawful process that honours our customs and traditions,” the statement said.

Both families have vowed to pursue legal action, dissociating themselves from the new monarch and alleging imposition in violation of tradition. They pledged to defend the rights of the Ijesa people and restore the integrity of their heritage.

As the controversy unfolds, the installation has spotlighted the delicate balance between tradition, legality, and governance in the selection of traditional rulers in Nigeria.

 

Adeleke presents staff of office to new Owa-Obokun amid protest

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Paris-bound businessman excretes 74 wraps of heroin, cocaine at Abuja airport

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December 29, 2024

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Paris-bound businessman excretes 74 wraps of heroin, cocaine at Abuja airport

Operatives of the National Drug Law Enforcement Agency, (NDLEA), have arrested a 48-year-old businessman, Orizu Ifeanyi Arthur for ingesting 74 wraps of heroin and cocaine.

Mr Femi Babafemi, NDLEA spokesman, said this in a statement on Sunday in Abuja.

Babafemi said that Orizu was intercepted while attempting to board an Air France flight 844 from the Nnamdi Azikiwe International Airport, (NAIA) Abuja to Paris, France.

He said that the suspect was arrested at the boarding gate of the Abuja airport on Sunday, Dec. 22 during the outward clearance of passengers on Air France.

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“When he was pulled aside for a body scan, he turned down the request claiming his medical condition won’t allow him.

“He was thereafter taken into custody for excretion observation during which he excreted a total of 74 wraps of the Class A drugs over a period of seven days.

“In his statement, Orizu claimed he owns a shop at Balogun market, Lagos Island where he sells school and travel bags, adding that he was promised 3,000 Euros upon successful delivery of the consignment in Paris.

“He left his base in Lagos for the Abuja airport to connect his Air France flight to Paris, hoping to escape detection,” he said.

Paris-bound businessman excretes 74 wraps of heroin, cocaine at Abuja airport

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Police rescue 13 kidnap victims, arrest five suspected robbers

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December 29, 2024

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Police rescue 13 kidnap victims, arrest five suspected robbers

Police Rescue 13 Kidnap Victims in Lagos and Kwara

In the past week, the Nigeria Police Force (NPF) successfully rescued 13 individuals who had been abducted and held for ransom in Lagos and Kwara states.

The operation underscored the police’s commitment to combating kidnapping, armed robbery, and other criminal activities nationwide.

A statement issued on Sunday by the Force Public Relation Officer, ACP Olumuyiwa Adejobi said: “In a determined effort to sustain the fight against  kidnapping, armed robbery, and other forms of criminality across the country, operatives of the Nigeria Police Force have further intensified and reinvigorated their strategies, resulting in the successful rescue of numerous victims and the apprehension of several suspects.

“Over the past week, coordinated operations were conducted in various states, including Lagos and Kwara States, leading to  the rescue of 13 individuals who had earlier been kidnapped and held for ransom, and the arrest of several armed robbery suspects.

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“On the 27th of December 2024, Police operatives attached to the Kwara State Command mobilized and stormed a den of kidnappers in the Idofin-Igbana area of the state, after receiving a distress call of the abduction of 13 persons. The operatives encountered resistance from the kidnappers but successfully overpowered the kidnappers, causing them to flee the scene with various degrees of injuries and leading to the successful rescue of the 13 kidnapped victims.

“Similarly, on the 28th of December 2024, following a report of a public disturbance at Pinnacle Depot, Lekki, Police operatives attached to the Lagos State Command visited the scene and accosted two individuals identified as Lawan Mustapha ‘m’ 38 years, and Aina Daniel ‘m’ 38 years. A thorough search was carried out, resulting in the recovery of one double-barrel rifle, 90 live cartridges, and five model rifles.

“The suspects are currently in custody for further investigation and possible  prosecution. Furthermore, on the same day, at about 12:45 PM, Police operatives of the Lagos State Command arrested 3 suspected armed robbers at GRA Ikeja. A subsequent search led to the recovery of 1 locally made pistol, 4 live cartridges, and 2 cutlasses. These suspects are likewise in custody and will face prosecution upon the conclusion of the investigations”.

He said the Inspector-General of Police, (IGP) Kayode Egbetokun, has reiterated the Force’s commitment to ensuring the safety and security of all citizens.

Egbetokun said the Force will continue its operations, leveraging all available resources to eradicate these heinous crimes from our society.

He said the Nigeria Police Force remains resolute in its mission to create a safer environment for all Nigerians.

Police rescue 13 kidnap victims, arrest five suspected robbers

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