Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official – Newstrends
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Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

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Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, continued at the Federal Capital Territory (FCT) High Court in Maitama on Thursday, November 14, 2024.

A former CBN Deputy Governor, Kingsley Obiora, who served in the policy department, testified that the newly printed naira notes issued during Emefiele’s tenure deviated from the approval granted by then-President Muhammadu Buhari.

In his testimony before Justice Maryann Anenih via Zoom, Obiora disclosed, “the approval by then President Muhammadu Buhari was different from what was eventually produced,” according to a statement from the Economic and Financial Crimes Commission (EFCC).

Obiora, responding to evidence presented by prosecution counsel Rotimi Oyedepo SAN, explained that he noticed discrepancies when comparing the naira notes in circulation with the President’s original directive.

During his seven-year tenure at the CBN, Obiora served on the Committee of Governors (COG), which he described as a body comprising “the governor, four deputy governors, and the director of corporate services.” He clarified, “The governor is the Chairman of the Committee, and during my tenure as Deputy Governor, Emefiele was our Chairman.” Obiora said the Committee met every Wednesday to address significant policy matters.

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Obiora recalled the initial introduction of the redesign plan during an event marking the one-year anniversary of the e-naira in Lagos on October 25, 2022. “The governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency,” he said, expressing immediate concerns, as he felt “the event itself may not be the appropriate place to announce such a major policy.” He advised that the policy undergo further scrutiny before any public announcement.

Despite his reservations, Obiora noted that Emefiele proceeded with the plan, formally presenting it to the COG on October 26, 2022. “The governor mentioned that we had already had the president’s approval for the policy,” he stated, adding, “The deputy governor in charge of currency operations presented a memo, and it was discussed, deliberated upon.” Following this, a press conference was held to announce the redesign.

Obiora explained that the CBN Board was formally briefed on the naira redesign months later, in mid-December 2022. He said, “The policy was discussed at the board level mid-December. The board did not sit as day-to-day management but instead gave policy directions.” Obiora clarified that “the board’s involvement in the policy was limited to endorsing the COG’s prior decision, not initiating it.”

During cross-examination, defense counsel Olalekan Ojo, SAN, questioned Obiora about the timing of the board’s formal involvement. Ojo suggested that the December meeting “conforms with the naira notes currently in circulation,” to which Obiora responded, “Yes, sir.” He noted there had been no indication or directive from former President Buhari challenging the redesign.

Reflecting on past experiences with currency design, Obiora mentioned that while he was with the bank during the introduction of a redesigned N100 note in 2014, he was not directly involved in its development.

After delivering his testimony, Justice Anenih discharged Obiora and adjourned the case to December 4, 2024, and January 21, 2025, for further proceedings.

 

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

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Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG

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prepaid meters

Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG

The Federal Government has recorded significant progress in Nigeria’s electricity sector with the installation of 184,507 new meters and the issuance of 50 licences, permits, and certifications during the third quarter of 2024 (Q3).

The Nigerian Electricity Regulatory Commission (NERC) revealed in its Q3 2024 report released on Friday that 184,507 meters were installed, marking a remarkable 256.01% increase compared to the 51,826 meters installed in Q2 2024.

The increased metering pushed the net end-user metering rate in the Nigerian Electricity Supply Industry (NESI) to 46.15%, up from 45.43% in Q2, a rise of 0.72 percentage points.

The installations were largely carried out under the Meter Asset Provider (MAP) framework, which accounted for 178,715 meters or 96.86% of the total. The Vendor Financed framework contributed 3,508 meters, while the DisCo Financed framework added 2,298 meters.

This development signifies a concerted effort to address challenges like estimated billing and promote consumer satisfaction across the electricity distribution value chain.

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Power sector development: 50 licences issued 

To complement the surge in meter installations, NERC issued 50 licences, permits, and certifications aimed at strengthening Nigeria’s power sector infrastructure. These include:

  • Six (6) new off-grid generation licences with a combined capacity of 30.06 MW.
  • One (1) renewal of an on-grid generation licence with a gross capacity of 39 MW.
  • Two (2) new electricity trading licences.
  • Eleven (11) captive generation permits with a total gross capacity of 63.36 MW.
  • One (1) registration certificate for a mini-grid.
  • Seven (7) certifications for Meter Service Providers.
  • Twenty-two (22) permits for Meter Asset Providers.

These licences are expected to encourage investments, improve power supply, and expand access to renewable and off-grid energy solutions, especially in rural areas.

Key Implications for the Power Sector

The surge in meter installations and issuance of licences marks a pivotal moment in Nigeria’s electricity sector. By prioritizing metering through initiatives like MAP, the government is tackling the pervasive problem of estimated billing, which has long plagued electricity consumers.

Furthermore, the rise in off-grid and mini-grid licences underscores a growing shift towards renewable energy and decentralized power solutions, vital for enhancing energy access in underserved regions.

A Promising Outlook: These advancements highlight the Federal Government’s commitment to reforming Nigeria’s power sector and creating an enabling environment for both consumers and investors.

With metering and licensing activities gaining momentum, stakeholders anticipate further progress in Q4 2024, laying the foundation for a more reliable, sustainable, and inclusive energy sector.

 

Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG

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Ibadan stampede: Ooni reacts after arrest of ex-wife

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Ooni of Ife, Oba Adeyeye Ogunwusi his ex-wife, Naomi Ogunseyi

Ibadan stampede: Ooni reacts after arrest of ex-wife

The Ooni of Ife, Oba Adeyeye Ogunwusi, has encouraged his ex-wife, Naomi Ogunseyi, and radio owner, Oriyomi Hamzat, not to be discouraged following the tragic stampede at a Yuletide ceremony for children in Ibadan, Oyo State, which claimed 32 lives.

The monarch also pledged support for the families of the victims and called for immediate measures to prevent such incidents in the future.

His comments followed the arrest of his ex-wife by the police and were made in a statement issued by the Director of Media and Public Affairs at the Ooni’s Palace, Moses Olafare.

In his statement, the Ooni expressed his deep sorrow, saying, “We extend our heartfelt sympathy to the government of Oyo State, the organisers—Agidigbo Radio, owned by Oriyomi Hamzat, and former queen at the Ooni’s Palace, Ms Naomi Silekunola Ogunseyi, as well as the bereaved families of the young souls lost in the tragic incident in Ibadan yesterday.”

He also expressed solidarity with the Oyo State government and commended the governor for his swift response.

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“This tragedy underscores the urgent need for collaborative efforts to ensure the safety and well-being of our children across Nigeria. The House of Oduduwa pledges to support all efforts aimed at bringing solace and healing to those affected by this devastating loss,” he added.

The Ooni called for immediate action to improve safety measures, stressing the importance of adherence to safety standards and child welfare policies in educational institutions. He advised Naomi Ogunseyi, Oriyomi Hamzat, and other co-organisers not to be discouraged by the unfortunate outcome of the event, which was originally intended to bring joy to children during the festive season.

He concluded, “Rather than being discouraged, they should remain committed to organising such laudable programmes for children, but with better planning and strategies in the future. The lesson must be learned.”

Ibadan stampede: Ooni reacts after arrest of ex-wife

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Farotimi: Advocacy group wants UK college to break ties with Afe Babalola

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Dele Farotimi and Aare Afe Babalola

Farotimi: Advocacy group wants UK college to break ties with Afe Babalola

A growing wave of international pressure is urging King’s College London to sever its ties with prominent Nigerian lawyer and philanthropist Afe Babalola following the controversial arrest of rights lawyer Dele Farotimi.

Babalola, who is a major donor to the prestigious UK institution, has been accused of using his influence to have Farotimi arrested for alleged defamation.

In a petition dated December 17, 2024, the advocacy group Mothers United and Mobilised (MUM), representing a collective of Nigerian women and mothers, called on King’s College London to distance itself from Babalola and his actions.

The petition, signed by MUM convener Boluwaji Onabolu, urged the institution to release a statement condemning the alleged suppression of dissent and to return the €10 million donation made by Babalola in 2023.

Farotimi was detained by police officers from Ekiti State, Babalola’s home state, following critical remarks about the 95-year-old lawyer in his book.

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The book criticized Babalola for allegedly winning cases with financial leverage rather than legal skill, a claim that reportedly triggered the arrest.

Farotimi was detained for more than two weeks, despite being granted bail under stringent and punitive conditions.

The group contends that the situation in Ekiti, where Babalola holds considerable influence, presents little hope for a fair trial for Farotimi.

“The defamation charge, a civil matter, should have been addressed through legal proceedings in Lagos, but instead, it was escalated to an arrest orchestrated by Chief Babalola using his home state’s police,” the petition read.

The group stressed that King’s College London, a globally recognized institution, should not be associated with actions that undermine freedom of speech and legal fairness.

The group urged the UK institution to publicly support Farotimi’s right to a fair trial and demand his release from detention.

“King’s College London must stand on the right side of history. We urge the institution to break its silence and align itself with the fight for justice, human rights, and the protection of free expression, which are fundamental to the values it represents,” the group said.

 

Farotimi: Advocacy group wants UK college to break ties with Afe Babalola

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