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Naira re-design and swap policy: House c’ttee rejects CBN extension, says position of law sacrosanct
The House of Representatives ad hoc committee on new naira re-design and naira swap policy has rejected the 10 days extension granted by the Central Bank of Nigeria (CBN) for the exchange of old naira notes.
The CBN had fixed January 31st as the deadline for the exchange of the old naira notes; N200, N500 and N1000.
The CBN governor, Godwin Emefiele, on Sunday, said President Muhammadu Buhari gave permission for the deadline to be extended to February 10.
In its swift reaction, the adhoc committee, chaired by the leader of the House, Hon. Alhassan Ado Doguwa, rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.
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Recall the House, during its sitting on Tuesday, following the outcry by Nigerians, constituted the ad hoc committee to look into the issue.
Doguwa said; “The 10-day extension for the exchange of the old naira notes is not the solution: We as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.
“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the Adhoc committee.”
He said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.
Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by Hon. Speaker on Monday.
He also said the policy is capable of frustrating the forthcoming general elections.
“Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said. Daily Trust
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BREAKING: Court acquits Ex-AGF Adoke
BREAKING: Court acquits Ex-AGF Adoke
A former Attorney-General of the Federation, Mohammed Bello Adoke, has been acquitted of money laundering charges by an Abuja Federal High Court.
Justice Inyang Ekwo of the Federal High Court, Abuja, upheld Adoke’s “no case” submission against the money laundering charges.
In 2017, the Economic and Financial Crimes Commission (EFCC) charged Adoke and Abubakar Aliyu, a property developer, with laundering about N300 million.
While the EFCC acknowledged before Ekwo that it was a mortgage taken by Adoke from Unity Bank, it alleged before Justice Kutigi that the money constituted a bribe from the sale of an oil block by Malabu Oil & Gas Ltd in 2011.
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On March 28, 2024, Kutigi dismissed the charges against Adoke and others, citing contradictions and criticizing the EFCC for a four-year trial.
Justice Ekwo, on Friday, ruled that the EFCC failed to provide evidence to prove the essential elements of the offence against Adoke, acquitting him of the charges.
However, Ekwo mandated Aliyu, the second defendant, to open his defence, stating that he has a case to answer.
BREAKING: Court acquits Ex-AGF Adoke
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Army releases Delta traditional ruler detained over slain 17 soldiers
Army releases Delta traditional ruler detained over slain 17 soldiers
The Nigerian Army has released a Delta State traditional ruler, Clement Ikolo, arrested over the murder of 17 soldiers in Okuama community.
He was released on Friday during a briefing by the Director of the Army Public Relations, Onyema Nwachukwu.
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BREAKING: Tension in Benue as riot police take over APC secretariat
BREAKING: Tension in Benue as riot police take over APC secretariat
Anti-riot Police forces have assumed control of the All Progressive Congress (APC) Secretariat led by Comrade Austin Agade in Makurdi, the capital of Benue state.
This marks the second instance within a month. It’s noteworthy that Makurdi hosts two separate APC secretariats, with Agada heading one and Benjamin Omakolo overseeing the other.
The Agada-led APC State Working Committee (SWC) had scheduled the inauguration of members of the zoning committee for the upcoming council elections at their Secretariat on Friday the 19th.
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In a pre-emptive move, anti-riot police trucks arrived as early as 6 a.m., barricading all routes leading to the Secretariat.
At present, the situation is chaotic, with motorcycle riders, suspected to be aligned with the Benjamin Omakolo-led APC State Working Committee, occupying the area. Chief Of Staff Paul Biam has characterized this faction as the authentic APC.
Governor Hyacient Alia previously issued a ban on all political activities and public gatherings in Benue State, and it appears this directive remains in force.
BREAKING: Tension in Benue as riot police take over APC secretariat
BREAKING: Court acquits Ex-AGF Adoke
Army releases Delta traditional ruler detained over slain 17 soldiers
BREAKING: Tension in Benue as riot police take over APC secretariat
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