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

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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?

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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

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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)

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Police Warn Nigerians Against Reprisal Over Fresh South Africa Xenophobic Attacks

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Police Warn Nigerians Against Reprisal Over Fresh South Africa Xenophobic Attacks

Police Warn Nigerians Against Reprisal Over Fresh South Africa Xenophobic Attacks

The Nigeria Police Force (NPF) has issued a stern warning against any retaliatory attacks targeting South African nationals, businesses, diplomatic facilities, or investments in Nigeria, following renewed xenophobic attacks in South Africa that have reportedly claimed the lives of at least two Nigerians.

In a statement released on Sunday, Force Public Relations Officer, DCP Anthony Placid, said security agencies were closely monitoring developments after growing public anger over reports of fresh attacks on Nigerians in parts of South Africa.

According to him, while the concerns of Nigerians are understandable, the police will not tolerate any form of unlawful retaliation.

“While concerns about attacks on Nigerians in South Africa are understandable, the public is strongly advised not to take the law into their own hands,” Placid stated.

The police stressed that reprisal attacks, violence, hate speech, destruction of property, and any act capable of disrupting public peace or threatening national security remain criminal offences under Nigerian law.

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The statement reaffirmed that Nigeria operates under the rule of law, adding that all persons legally residing in the country, regardless of nationality, are entitled to protection.

The NPF warned that any attempt to target South African citizens in Nigeria, foreign-owned businesses, diplomatic missions, or other lawful interests would be treated as a criminal act and prosecuted accordingly.

The police also cautioned Nigerians against circulating unverified reports and inflammatory content on social media, noting that misinformation could worsen tensions and undermine ongoing diplomatic efforts to resolve the crisis.

Placid disclosed that the force is collaborating with other security and intelligence agencies to forestall any breakdown of law and order. He added that security has been reinforced around foreign embassies, strategic infrastructure, and sensitive locations nationwide.

The latest warning comes amid reports of renewed xenophobic violence in South Africa, particularly in Johannesburg and Pretoria, where anti-immigrant protests have escalated into attacks against foreign nationals.

Meanwhile, Nigeria’s Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, disclosed that the Federal Government is making arrangements for the voluntary evacuation of Nigerians from South Africa for those willing to return home.

She revealed that more Nigerians have begun registering for possible evacuation as the government intensifies diplomatic engagement with South African authorities to ensure the protection of Nigerian citizens and demand accountability for the attacks.

The Federal Government has reiterated its commitment to protecting Nigerians abroad while pursuing a peaceful diplomatic resolution to the crisis.

Police Warn Nigerians Against Reprisal Over Fresh South Africa Xenophobic Attacks

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Breaking: CBN Redeploys All Four Deputy Governors in Major Leadership Shake-Up

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Breaking: CBN Redeploys All Four Deputy Governors in Major Leadership Shake-Up

Breaking: CBN Redeploys All Four Deputy Governors in Major Leadership Shake-Up

Abuja, Nigeria – The Central Bank of Nigeria (CBN) has announced a major redeployment of its Deputy Governors, assigning new portfolios to the bank’s top management team as part of an internal restructuring that took effect on June 1, 2026. The changes, reflected on the apex bank’s official website, involve the reassignment of all four Deputy Governors across key directorates, including Economic Policy, Corporate Services, Operations, and Financial System Stability.

Under the new arrangement, Dr. Muhammad Sani Abdullahi, who previously oversaw the Economic Policy Directorate, has been redeployed to head the Corporate Services Directorate. In his place, Mr. Philip Chukwuemeka Ikeazor, formerly Deputy Governor in charge of Financial System Stability, has been appointed Deputy Governor, Economic Policy. Similarly, Ms. Emem Nnana Usoro, who previously served as Deputy Governor, Corporate Services, has been reassigned to the Operations Directorate, while Mr. Lamido Abubakar Yuguda moves from Operations to head the Financial System Stability Directorate.

The redeployment comes at a time when the CBN is implementing wide-ranging reforms aimed at strengthening monetary policy effectiveness, deepening financial sector stability, and enhancing operational efficiency within the institution. The reshuffle follows the appointment and Senate confirmation of Lamido Yuguda as Deputy Governor, which was finalized in April 2026. Yuguda replaced Bala Bello, who was recently redeployed by President Bola Tinubu as Special Adviser on Political Economy.

As the new Deputy Governor for Economic Policy, Ikeazor brings more than three decades of banking and financial services experience to one of the CBN’s most strategic directorates, which is responsible for monetary policy coordination, inflation management, and macroeconomic analysis. Before the latest redeployment, he served as Deputy Governor, Financial System Stability. Ikeazor has held senior executive positions in several leading financial institutions, including Union Bank, United Bank for Africa (UBA), Ecobank, and Keystone Bank, where he served as Managing Director and Chief Executive Officer. His banking career spans both domestic and regional markets, with professional exposure in countries such as Kenya and Uganda, where he served as CEO of Ecobank Kenya Limited. Industry observers regard him as a seasoned banking executive with extensive experience in regulation, risk management, and corporate governance. Ikeazor holds a Bachelor of Science degree in Economics from the University of Buckingham and has completed executive education programmes at the Wharton School, as well as the Wharton-CEIBS-IESE Business School Global CEO Programme. He has held various board positions, including Director of Union Bank UK PLC and Director of the Orient Bank Uganda.

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Dr. Abdullahi, popularly known as Dattijo, now assumes responsibility for the Corporate Services Directorate after overseeing the bank’s economic policy functions following his appointment in 2023. An economist with expertise in development economics, governance, and public policy, Abdullahi has built a career spanning public service, international development institutions, and economic advisory roles. Before joining the CBN, he served as Commissioner for Budget and Economic Planning in Kaduna State and worked as a policy adviser with the United Nations, as well as a consultant to the World Bank. He has over two decades of policy experience and is recognized for his strong background in development economics. He earned his first degree in Economics from Ahmadu Bello University, Zaria, before pursuing advanced studies in the United Kingdom, including a master’s degree in Manchester and a doctorate from the University of Reading.

Mr. Lamido Yuguda will now oversee the Financial System Stability Directorate, a role that places him at the centre of efforts to safeguard the resilience of Nigeria’s banking and financial system. Yuguda was appointed Deputy Governor, Operations, in 2025 and previously served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024. He has more than 30 years of experience in financial regulation, capital markets, reserve management, and economic policy. His professional background includes service at the International Monetary Fund’s Africa Department from 1997 to 2001 and membership of the CBN’s Monetary Policy Committee. He began his career at the CBN in 1984 and later became Director of Reserve Management before retiring from the bank in 2016. A graduate of Accountancy from Ahmadu Bello University, Yuguda also holds a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom, and is a Chartered Financial Analyst (CFA) . The Senate confirmed Yuguda’s nomination on Wednesday, April 29, 2026, following consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions. During his screening, lawmakers invoked the traditional “take a bow and go” privilege, citing Yuguda’s prior engagements with the Senate, including his previous screening as Director-General of the Securities and Exchange Commission. Senate President Godswill Akpabio described Yuguda as “a square peg in a square hole” and commended President Tinubu for the appointment.

Ms. Usoro takes over as Deputy Governor, Operations, following her tenure in charge of Corporate Services. She previously served as Deputy Governor, Operations, from 2023 to 2025, making this a return to a directorate where she previously oversaw banking operations, branch operations, currency operations, information technology, and reserve management. She brings extensive experience in commercial banking and financial services, having worked across key areas including branch operations, credit administration, marketing, and business development. Before her appointment to the CBN leadership team in 2023, Usoro served as Executive Director at United Bank for Africa (UBA), where she developed and implemented strategic direction for Northern Nigeria, supervising 22 regional banks and 151 branches. Usoro holds a Bachelor of Science degree from the University of Uyo and a Master of Business Administration from Obafemi Awolowo University. She is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN) . Her professional development includes senior management programmes at Lagos Business School and executive education at the University of Pretoria, as well as attending Harvard Business School.

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The latest management reshuffle signals the CBN’s effort to leverage the diverse expertise of its deputy governors across critical areas of the institution as it navigates evolving monetary, regulatory, and financial stability challenges in Africa’s largest economy. With the banking recapitalisation exercise ongoing and the transition to an inflation-targeting framework underway, the new portfolio assignments are expected to optimise the deployment of the deputy governors’ skills across the apex bank’s core functions. As the new Deputy Governor for Financial System Stability, Yuguda will play a central role in safeguarding banking sector resilience. Ikeazor, now heading Economic Policy, will be responsible for monetary policy coordination, inflation management, and macroeconomic analysis. Usoro’s return to Operations places an experienced commercial banker in charge of currency management and banking operations, while Abdullahi’s move to Corporate Services will see him oversee the bank’s internal administration and governance structures.

The management shake-up also coincides with the CBN’s transition to a new inflation-targeting monetary policy framework. In May 2026, the Deputy Governor in charge of Economic Policy (then Muhammad Sani Abdullahi) engaged with state governments through the Nigeria Governors’ Forum Secretariat to deepen coordination on the new framework. Abdullahi warned that uncoordinated fiscal actions by states could weaken monetary policy signals and frustrate efforts aimed at controlling inflation.

For quick reference, the new portfolio assignments are as follows: Philip Chukwuemeka Ikeazor moves from Financial System Stability to Economic PolicyDr. Muhammad Sani Abdullahi moves from Economic Policy to Corporate ServicesLamido Abubakar Yuguda moves from Operations to Financial System Stability; and Emem Nnana Usoro moves from Corporate Services to Operations. Key takeaways from the redeployment include that it affects all four deputy governors and took effect June 1, 2026; Philip Ikeazor moves from Financial Stability to lead Economic Policy; Lamido Yuguda leaves Operations to head Financial System Stability after Senate confirmation; Emem Usoro returns to Operations, a directorate she previously led; Muhammad Sani Abdullahi shifts from Economic Policy to Corporate Services; the changes come amid ongoing banking recapitalisation and a shift to inflation-targeting; and Yuguda was confirmed by the Senate in April 2026 with a “take a bow and go” privilege.

 

Breaking: CBN Redeploys All Four Deputy Governors in Major Leadership Shake-Up

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DSS Nabs Five Over Niger Catholic School Attack, Including Boko Haram Suspect

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DSS Nabs Five Over Niger Catholic School Attack, Including Boko Haram Suspect

DSS Nabs Five Over Niger Catholic School Attack, Including Boko Haram Suspect

Abuja, Nigeria – The Department of State Services (DSS) has arrested five suspects, including two foreign nationals from Niger Republic and a wanted Boko Haram terrorist, in connection with the November 2025 attack on St. Mary’s Catholic School in Papiri village, Niger State, where 315 people were abducted. The suspects, who security sources say served as arms couriers and suppliers to the gunmen responsible for the attack, were apprehended during a series of intelligence-led operations that also led to the recovery of a large cache of military-grade weapons. Among those recovered were 15 AK-103 rifles15 magazines, and 1,434 rounds of 7.62mm live ammunition, concealed inside a blue vehicle used by the suspects. The arrest marks a major breakthrough in ongoing investigations into one of the deadliest mass kidnappings in Nigeria’s recent history, which triggered nationwide outrage and renewed concerns over the security of educational institutions in vulnerable communities.

The attack occurred on November 21, 2025, when dozens of heavily armed gunmen on motorcycles stormed St. Mary’s Catholic Primary and Secondary boarding school in Papiri village, Agwara Local Government Area of Niger State, in the early hours of the morning. The attackers overwhelmed local security personnel, forced their way into student hostels and staff residences, and rounded up students and teachers at gunpoint. According to official figures, the gunmen abducted 315 people, including 303 students and 12 teachers. The victims ranged in age from nursery school children to teenagers, with some barely out of nursery classes. The attack was one of the largest mass abductions from an educational institution in Nigeria’s troubled history.

In the chaos that followed the attack, approximately 50 students managed to escape within the first 24 hours. The Christian Association of Nigeria (CAN) Chairman for the Northern Region and Catholic Bishop of Kontagora Diocese, Rev. Bulus Dauwa Yohanna, who is also the proprietor of the school, confirmed that the pupils escaped between Friday and Saturday and had reunited with their parents. “We were able to ascertain this when we decided to contact and visit some parents,” the bishop said in a statement. “This is to notify the public that, as of Sunday, November 23, 2025, we have received some good news as fifty pupils escaped and have reunited with their parents.” Following the escapes, the bishop confirmed that 265 people — 253 children and 12 teachers — remained in captivity. The diocese formally submitted the verified names of the missing teachers and children to Niger State Governor Umar Bago for state-level rescue coordination.

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Tragically, the abduction had devastating consequences beyond the immediate victims. Bishop Yohanna disclosed that shock from the incident claimed the lives of two parents who died of heart attacks. One parent reportedly lost three children to the abduction. Niger State Governor Mohammed Bago, who had initially denied that any abduction took place, later officially acknowledged the incident during the inauguration of commissioners and elected local government chairmen. He requested a minute of silence for the two parents who died of shock. “Three weeks ago, we woke up with the terrifying news of the abduction of our children and teachers. Thank God we have rescued 100 and we hope that the remaining are rescued and reunited with their families soon,” the governor said.

After slightly over a month in captivity, on December 21, 2025, the Federal Government and Niger State officials confirmed the rescue and safe return of the remaining captives. Government officials stated that not a single pupil remained in the custody of the abductors, and all abducted students were successfully reunited with their families. The rescue operation involved joint security efforts and federal interventions. According to reports, 100 captives were rescued in early December, while the final batch of approximately 130 children and staff was freed on December 21, 2025.

According to the DSS and counter-insurgency publication Zagazola Makama, the five arrested suspects include a wanted Boko Haram terrorist and two Nigerien nationals suspected of supplying arms to the gunmen responsible for the attack. The first two suspects were intercepted along the Zaria-Kaduna Highway while reportedly on their way to receive a consignment of arms for their commanders. They were identified as Yusuf Mohammed, also known as Bature, who is on the wanted list of Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (Boko Haram) terrorist organization, and Mubarak Ibrahim, his alleged accomplice. A follow-up operation led to the arrest of Goni Ibrahim, described by security operatives as an international arms courier from the Diffa Region of Niger Republic. Ibrahim was arrested alongside Tukur Sani, who was identified as his accomplice. Days after the initial arrests, the DSS extended its dragnet to Yauri, Kebbi State, where operatives arrested the fifth suspect, Alhaji Adamu, popularly known as Gado Banufe. He is alleged to be a major supplier of arms to criminal elements operating within the Kebbi axis and surrounding regions.

Security sources disclosed that the weapons were concealed in a blue vehicle used by the suspects during their movement along the Zaria-Kaduna Highway. A search of the vehicle led to the discovery of a hidden compartment containing 15 AK-103 assault rifles15 loaded magazines, and 1,434 rounds of 7.62mm live ammunition. The recovery of such a significant cache of military-grade weapons has raised fresh concerns among security experts regarding the scale of cross-border arms trafficking fueling banditry and school abductions across north-central and northwestern Nigeria. The active participation of foreign nationals from neighboring Niger Republic highlights the transnational nature of the threat.

Preliminary investigations, according to security sources, have established that all five suspects played key roles in supplying weapons to the gunmen who carried out the November 21, 2025 attack on St. Mary’s Catholic School in Papiri. The DSS stated that the suspects remain in custody and are providing useful information that could help dismantle the wider syndicate supplying arms to bandits across north-central and northwestern Nigeria. The Service has pledged to track down additional members of the syndicate, including those involved in procuring, transporting, and distributing weapons to criminal organizations.

In a statement issued on Monday, the DSS said the operation began with the interception of three suspects along the Zaria-Kaduna Highway and gradually uncovered a wider arms trafficking network. The Service reaffirmed its commitment to disrupting arms trafficking networks and strengthening collaboration with other security agencies to combat kidnapping, banditry, and related threats to national security. The DSS has urged residents to remain vigilant and report suspicious movements to security personnel as mop-up operations continue within the region’s forest reserves.

Key facts from the case include the following: the date of the attack was November 21, 2025; the location was St. Mary’s Catholic School, Papiri village, Agwara LGA, Niger State; 315 people were abducted including 303 students and 12 teachers; 50 students escaped within 24 hours; two parents died of shock following the abduction; the final rescue occurred on December 21, 2025; five suspects have been arrested including two Nigerien nationals and one Boko Haram member; and weapons recovered included 15 AK-103 rifles, 15 magazines, and 1,434 rounds of 7.62mm ammunition. As of the time of filing this report, the DSS had not issued a detailed official statement beyond the initial confirmation of the arrests. However, multiple security sources have confirmed the development and the significant breakthrough in dismantling the arms trafficking network behind the Papiri school abduction.

DSS Nabs Five Over Niger Catholic School Attack, Including Boko Haram Suspect

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