National

By Muhammad Aminu

A Kano-based lawyer, Sanusi Umar Sadiq has dragged the Central Bank of Nigeria (CBN) alongside its governor, Godwin Emefele, to a Federal High Court in Kano over currency swap deadline of 31st January, 2023.

Barr Sadiq is asking the Court of his fundamental human rights in line with sections 44 and 46 of the 1999 Constitution, Article14 of the African Charter on Human and Peoples’ Right Act, Laws of the Feederation of Nigeria 2010 Order Rule 2 and 3 of the Fundamenmtal Rights Rule 2009.

He asked the Court to declare that the cessation of the existing N200, N500 and 1000 from being used as legal tender from 31st January 2023 as unlawful and unconstitutional.

The legal luminary contended that the arbitrary stoppage of the existing notes which are largely in circulation will cripple the econmony and further entrench poverty among Nigerians.

“An order of this Honorable Court enforcing the Fundamental Rights of the Applicant as enshrined under and guaranteed by the 1999 Constitution of the Federal Republic of Nigeria (As Altered) and the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act Cap. A9, Laws of the Federation of Nigeria 2010.

“…that it is unlawful and unconstitutional for the Respondents to declare the existing N200, N500 and N1, 000 currency notes, which are currently largely in circulation, as no longer the legal tender of Nigeria by 31st January, 2023.

“…that the abrupt and arbitrary policy adopted by the Respondents to make the existing N200, N500 and N1, 000 currency notes that are widely in circulation now is a threat to national security and inimical to national interest as same will cripple the economy and throw many more innocent Nigerians into poverty.

“…this Honorable Court restraining the Respondents from making the existing N200, N500 and N1, 000 currency notes cease to be the legal tender in Nigeria by 31st January, 2023, which currency notes are the ones largely in circulation now, are the ones issued by the various commercial banks in the country, and are the ones dispensed by the various Automated Teller Machines (ATMs),” the originating motion states.

According to him, he wants the Court to compel the CBN and its governor “to follow and comply with the Global Best Standard Practices for changing currency whereby the old ones are gradually withdrawn from circulation by not releasing them to the public once they get deposited in banks within a reasonable time that shall not be less than six months.”

Barr Sadiq argued that the apex bank has not made adequate preparations or put in place appropriate measures to make the redesigned notes available to the public as the commercial banks across the country, both within the banking halls and via the Automated Teller Machines (ATMs) continue issuing and dispensing the currency notes intended to be replaced until few days to the deadline.

He urged the Court to restrain the Bank else “they will throw the country into an economic chaos and anomie.”

By Aisar Fagge

There has been a remour in circulation that President Muhammadu Buhari will commission the Dangote Refinery during his visit to Lagos state.

However, the Management of Dangote Industries Limited debunked the widespread romour, noting that the information was entirely misleading.

The Chief of the Group, Anthony Chiejina, made this disclosure in a statement he signed and issued to journalists.

The statement reads; “Our attention has been drawn to some misleading reports regarding the commissioning of our Dangote Refinery during the present working visit of President Muhammadu Buhari GCFR to Lagos State.

“We want to state categorically that our 650,000 barrels per day (bpd) Refinery project was never part of the President’s programme on projects to be commissioned.

“For the record, the projects slated for commissioning in Lagos State by President Muhammadu Buhari GCFR include: Lekki Deep Sea Port; 32-Metric Tonnes Lagos Rice Mill, Imota; 18.75km Eleko to Epe T Junction Express road; John Randle Centre for Yoruba Culture and History, Onikan, Blue Line Rail (Phase 1) commissioning (Marina to Mile 2); Groundbreaking for the Blue Line Rail Phase 2 (Mile 2 to Okokomaiko), and MRS Lubricant, a private project in Apapa.

“However, our Refinery will be commissioned before President Muhammadu Buhari GCFR formally leaves office in May, 2023, and the public will be duly informed and invited to the epic event,” the statement concluded.

By Muhammad Sabiu

The Nigerian Senate has urged the Central Bank of Nigeria, CBN, to extend the window for exchanging old Naira bills from January 31 to May 31, 2023.
 
Sen. Sadiq Umar of the APC from Kwara North originally moved for an extension until July 31 because he was concerned about the apex bank’s insistence that there would be no such extension.
 
Recall that the CBN declared in October of last year that the old naira notes will no longer be accepted as legal money as of January 31.
 
However in December, the Senate approved a resolution asking the CBN to extend the deadline to June 30.
 
Umar introduced the motion, saying that the Senate had asked that the CBN extend the use of the old notes from January 31 to June 30, 2022, but the central bank had insisted on the January deadline.
 
Lamenting the situation, the lawmakers noted that there aren’t enough fresh naira notes in circulation.
 
He was quoted as saying: “Experiences around the world have shown that such abrupt decision if not controlled usually created chaos.
 
“The Senate should extend the use of the old notes to July 31,” he said.
 
Also lamenting is Sen. Biodun Olujimi (PDP-Ekiti) who urged the apex bank to “look away from the elections” after noting that 90% of people in her local government area have not even set their eyes on the new naira notes.

By Aliyu Nuhu

Here is the use and advantages of foreign reserve currencies for nations that take their economy serious and have development and growth of their nations in mind.

First, countries use their foreign exchange reserves to keep the value of their currencies at a fixed rate. A good example is China, which pegs the value of its currency, the Yuan, to the dollar. When China stockpiles dollars, that raises its value when compared to the Yuan. That makes Chinese exports cheaper than American-made goods, increasing sales.

Second, those with a floating exchange rate system use reserves to keep the value of their currency lower than the dollar.

They do this for the same reasons as those with fixed rate systems. Even though Japan’s currency, the Yen, is a floating system, the Central Bank of Japan buys U.S. Treasuries to keep its value lower than the dollar. Like China, this keeps Japan’s exports relatively cheaper, boosting trade and economic growth.

A third, and critical, function is to maintain liquidity in case of an economic crisis. For example, a flood or volcano might temporarily suspend local exporters’ ability to produce goods. That cuts off their supply of foreign currency to pay for imports. In that case, the central bank can exchange its foreign currency for their local currency, allowing them to pay for and receive the imports.

Similarly, foreign investors will get spooked if a country has a war, military coup, or other blows to confidence. They withdraw their deposits from the country’s banks, creating a severe shortage in foreign currency. This pushes down the value of the local currency since fewer people want it. That makes imports more expensive, creating inflation. The central bank supplies foreign currency to keep markets steady. It also buys the local currency to support its value and prevent inflation. This reassures foreign investors, who return to the economy.

A fourth reason is to provide confidence. The central bank assures foreign investors that it is ready to take action to protect their investments. It will also prevent a sudden flight to safety and loss of capital for the country. In that way, a strong position in foreign currency reserves can prevent economic crises caused when an event triggers a flight to safety.

Fifth, reserves are always needed to make sure a country meets its external obligations. These include international payment obligations, including sovereign and commercial debts. They also include financing of imports and the ability to absorb any unexpected capital movements.

Sixth, some countries use their reserves to fund sectors, such as infrastructure. China, for instance, has used part of its forex reserves for recapitalizing some of its state-owned banks.

Seventh, most central banks want to boost returns without compromising safety. They know the best way to do that is to diversify their portfolios. That’s why they’ll often hold gold and other safe, interest-bearing investments. 

How much are enough reserves? 

At a minimum, countries have enough to pay for three to six months of imports. That prevents food shortages, for example. Another guideline is to have enough to cover the country’s debt payments and current account deficits for the next 12 months. In 2015, Greece was unable to do this. It then used its reserves with the IMF to make a debt payment to the European Central Bank.

If Nigeria had been a prudent nation we should be having $900bn as our foreign reserve by now, and according to world bank, a Naira will exchange Dollar one for one.

But look at us. We neither have robust national saving, nor an infrastructure to show for the money we earned. A wasted nation. Aliyu Nuhu is a renowned social commentator on African affairs. He writes from Abuja, Nigeria.

By Muhammad Muzdaleefa

Being a student of diplomatic history, I have been following the poverty eradication campaign in China for years. It is a shame that Western media have decided to bash it as Chinese propaganda instead of looking at the take away lessons that can be applied globally with necessary adjustments for sustainable growth and development.

The way China has been going through this issue is very methodical and practical. They have a clear standard of living which they are working hard to ensure it is universally achieved. In other words, they create a world where everyone has a smooth path to realize their dreams and ensure no one is left behind. This is very different from the competitive capitalist system practiced in the West where everyone is obsessed with being ahead of the other.

The Chinese have used very simple ideas. These include the following;

1. Housing – The Chinese model is ensuring everyone has adequate and decent housing. Those with poor housing have had their houses reconstructed or relocated to new houses.
2. Income – The Chinese have ensured everyone has a sustained income source that elevates them above the poverty line. This has been through implementation of various income generating projects based on local needs and environment.

In one example, some farmlands where farming was ecologically harmful were turned into a forest. The former farmers were then employed as forest guards. Another example is where some villages were helped to establish solar power plants from which they earn incomes.

3. Education – The Chinese model states that education is the best way to stop transmission of generational poverty. As a result they have implemented a system which has resulted in zero school dropout cases. Some 8 million youths who had dropped out of school at various levels have been taken through vocational training.
4. Health – Unhealthy people can’t fight poverty. They are people who are consigned to poverty due to treatable health issues. China has worked to ensure affordable healthcare in order to ensure that no person falls back to poverty dues to illness. The response of the Chinese government sequel to the outbreak of Coronavirus pandemic was admired throughout the world.

To achieve the above the following foundational issues are critical;

1. Household targeted poverty eradication – a census of poor people was conducted which identified every household defined as poor. This bottom up approach is key because you cannot eradicate poverty until every household has been lifted from poverty. The household is the epicentre of poverty.
2. Planning and involving people – after the poor are identified, detailed planning is undertaken and the people are involved in coming up with solutions to eradicate poverty.
3. Clear goals – the officials are expected to come up with practical goals and realistic timelines. In one case where officials had set lofty and unrealistic targets President Xi Jinping emphasized that for the battle against poverty to be won there should be no procrastination or impatience.
4. Measurement and independent evaluation – countries that claim to have eradicated poverty have to apply for removal from a list of countries that still have people living in poverty. Such an application is followed by independent verification. Evaluators are sent to verify the claims and they are supposed to visit each household without being accompanied by the village officials. Countries that fail to pass the evaluation have to continue with poverty eradication work.

In conclusion, eradicating poverty is not rocket science. Simple, practical and realistic steps are needed. Most importantly, a visionary, selfless and committed leadership must be in place for this to work effectively. 2023 is a good opportunity for Nigerians to elect capable, dependable and reliable leaders that will not only address the critical needs of Nigerians but will put the country on the path of sustainable growth and development for the contemporary generation and posterity.

By Muhammadu Sabiu 

The Lagos State University, LASU, has issued fifteen new guidelines for students’ on-campus dressing that are deemed inappropriate.

The university also instructs lecturers to make sure that no student is wearing inappropriate clothing when in class.

This was contained in a statement issued by Olaniyi Jeariogbe, the interim head of the Center for Information, who warns it is no longer condonable for the students’ continued disregard for its rules and regulations on the manner of dressing on campus. 

According to the statement, Prof. Ibiyemi Olatunji-Bello, Vice Chancellor, has notified the College Provost, Deans of Faculties, Heads of Departments, and faculty officials on both the main campus and satellite campuses to work together to implement the new dress codes.

The Institution’s list of fifteen indecent dress codes prohibits wearing transparent dresses, tattered clothing, “baggy,” “saggy,” “yansh,” “ass level,” and all other varieties of indecent trousers.

It also forbids wearing dirty jeans with holes or offensive subliminal messages.

Others include body piercing and tattoos, wearing necklaces and earrings by male students, wearing necklaces and nose rings by students, tight-fitting clothing, rolling sleeves or flying shirt collars, obnoxious or seductive writing, improperly buttoned dresses, shirts without buttons, completely covering faces (with very dark glasses), wearing face caps, and wearing necklaces and earrings.

The list of the banned dress codes also includes male students braiding, weaving, or glueing their hair or wearing distracting footwear like stiletto heels in the library and lecture halls. 

The rest include lousy footwear, untidy, vividly coloured eyelashes or eyebrows, highly fake or coloured artificial hair, artificial dreadlocks, and the extension of long fingernails or eyelashes.

By Sumayyah Auwal Ishaq

Almost all banks are now attending to long queues in their banking halls as the deadline for the use old currency by the Central Bank of Nigeria (CBN) draws closer, investigation by The Daily Reality has revealed.

The rush by customers to deposit old currency generated much chaos in and around banks premises across the Kaduna metropolis throughout the week. The queues at banks in Yakubu Gowon Way, Station Road, Kano Road and Sabon Tasha were characterized by commotion caused by slow speed of the deposit process and impatience by customers.

Some of the customers who spoke to TDR said they were scared of losing their monies as the CBN had warned that those who failed to remit their old currencies would lose it after the deadline.

Officials of these banks had a very hectic time controlling the huge crowd in their premises, even as customers complained of slow services by the banks. Some of the customers expressed frustration queueing in the sun and the difficulty in remitting their monies, suggesting that further extension of the deadline would ease their pain.

It would be recalled that the CBN had given all Nigerians up to the end of January, 2023 to remit their old currencies as it ceases to be a legal tender after the stipulated time.

By Muhammadu Sabiu 

According to findings obtained by The Daily Reality, Kano State has been experiencing a diphtheria outbreak since last Friday, and as of Thursday, at least 25 people had died as a result.

It was discovered that the Murtala Muhammed Specialist Hospital and Aminu Kano Teaching Hospital in Kano are treating the killer disease, which was first discovered in the state in the late 2022.

Diphtheria infection is a dangerous infection of the nose and throat, according to medical professionals, and it is easily avoidable through immunisations.

Experts say that a sore throat, hoarseness, swollen glands (enlarged lymph nodes) in the neck, trouble breathing or quick breathing, nasal discharge, fever and fatigue are some of the signs and symptoms of diphtheria.

The state’s Ungogo Local Government Area is where the illness, which is thought to be communicable, was originally identified.

According to the state ministry of health’s records, at least 58 probable instances of the disease were recorded during the outbreak, six of them were admitted, and 25 patients had already passed away as of January 13, 2023.

The National Center for Disease Control (NCDC), according to our source, sent medical personnel to the state last week due to the severity of the outbreak.

By Aisar Fagge

The Dangote Cement Plc. has Thursday appointed Arvind Pathak as the group Managing Director with effect from 1st March, 2023.

The news was relayed to journalists in a corporate disclosure made available to the Nigerian Exchange Ltd. by Edward Imoedemhe, the company’s acting Secretary/General Counsel.

It was gathered that the Pathak appointment was prompted by the retirement of Michel Puchercos from from the group Managing Director/CEO.

The statement reads in part: “The appointment of Arvind Pathak will be included in the agenda at the next Annual General Meeting for ratification by the shareholders in accordance with the Companies and Allied Matters Act.

“The Board would like to thank Michel Puchercos for his commitment and contributions to the Board and wishes him well in his future endeavours, while welcoming Arvind Pathak back to the Dangote family and wishing him success in his new role,” the company said.

Before his appointment, Pathak worked as MD and CEO of Birla Corporation Ltd. and was described as the experienced and hardworking person.

It was gathered that Pathak is also the former Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc.

By Ahmad Deedat Zakari

Nigeria’s Vice President, Professor Yemi Osinbajo, chaired the first Federal Executive Council (FEC) meeting for the year 2023 on Wednesday. 

The meeting was held at the Council Chamber of the Presidential Villa, Abuja.

Osinbajo stood in for his principal, President Muhammadu Buhari, who departed the country to Nouakchott, Mauritania, to participate in the Programme of the Third Forum of the African Conference for Peace on Monday.

In attendance are the Secretary to Government of the Federation (SGF), Boss Mustapha; the Head of the Civil Service of the Federation, Dr Folasade Yemi-Esan; and the Deputy Chief of Staff to the President, Dr Adeola Ipaye.

Most of the cabinet members were also physically in attendance for the first FEC meeting of the year. 

However, the Ministers of Foreign Affairs, Geoffrey Onyeama, Defence, Maj. Gen. Bashir Magashi and the National Security Adviser, Maj. Gen. Mohammed Monguno were absent as they were on the President’s entourage in Nouakchott.

The President and his entourage are expected to return to the country on Wednesday.