By Abdulhalim Ishaq Ringim

Yes, there’s about N2.73 trillion outside bank vaults. This figure represents 85% of the N3.23 trillion in circulation. However, it only represents 6.5% of more than N49 trillion that is in circulation.

Now, let’s consider Nigeria’s unbanked population which stands at 64 million according to World Bank’s “The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19” report.

What financial intelligence, as a matter of specificity, does the CBN have regarding the magnitude of the money circulating within this highly populous unbanked system. If we were to assume all the N2.73 trillion is in the hands of these unbanked population, then the amount of money on a per capita basis would be about N42,000. Is that too much?

But we all know this assumption is far from reality because the banked population also hold cash for transactionary and precautionary purposes(as in the case of emergencies). So let’s extend our assumption by adding 50% of the banked population to the unbanked population and let the final figure be the number of people who hold cash either because they are unbanked or because of other purposes as transactions and precautions. The per capita cash amount would reduce to N28,000. Is that also too much?

For the hoarding claims, economically speaking, what is the incentive of hoarding cash in Naira considering the continuous devaluation and inflationary trend that has been wiping the value of the Naira against the dollar when there are various hedging options available? Does the CBN have any tentative intelligence that suggest massive hoarding or is this just another trial and error policy?

But let’s also assume there’s indeed hoarding and some people are holding suspicious money. Have the CBN thought of the possibility that the hoarders might now be forced to consider hedging options by flooding the market with money in exchange for hedging-compatible commodities? Have they considered the inflationary tendencies of such an eventuality? Check Dr. Adamu Tilde’s most recent post to appreciate the happening in real world markets. Is the recent sharp rise of the dollar value also a consequence of such tendencies?

The risk of counterfeiting has always been present. The CBN confiscated N64.7 million and N56.8 million in 2019 and 2022 respectively. Compared to the money in circulation, are these figures significant enough to evoke the need for a currency redesign?

If it is for the purpose of managing inflation and ensuring the CBN contractionary monetary policies become more effective, then let’s assume they succeed in mopping up most of the cash outside banking vaults. Is it increased money circulation that actually causes inflation or increased money supply? Isn’t the CBN culpable in the expansion of money supply through their unhealthy tendencies of printing money for government spending via ways and means? What are they doing about the money supply? What is the government also doing about deficit spending and the projected budgetary deficit for the coming year?

Is our inflation strictly a consequence of the Demand-pull Effect(caused by an increase in money supply or credit with commensurate increase in demand for goods and services and resultant price increases) or is it a consequence of a combination with the Cost-push Effect as a result of increase in Oil prices and other commodities(mostly as a result of global events plus local events e.g insecurity, oil theft, floods etc) that is gradually rippling and causing increase in the prices of production process inputs? Does the CBN also not think that the hike in the prices of commodities as a result of the consequence of hedging(possibility of which has been painted by Adamu Tilde in his recent post) would also contribute in aggravating the Cost-push as a result of hikes in production process inputs?

What is the CBN tackling exactly?

Abdulhaleem Ishaq Ringim writes from Zaria.

By Muhammadu Sabiu

The Independent National Electoral Commission (INEC) in Zamfara State has lamented that thousands of permanent voter cards (PVCs) are yet to be picked up by their owners in the state.

The State Residence Commissioner, Professor Saidu Babura Ahmed, said the 2023 elections would be different from others because plans have been made for a free and fair process.

He made an appeal to traditional leaders, Civil Society Organizations (CSOs), and other stakeholders to give necessary support to the Commission.

He said that the commission had made sufficient preparations in response to the inflow of internally displaced people to ensure that they would exercise their civic duties, noting that polling places will be built in locations where they would feel safer exercising their right to vote.

By Ahmad Deedat Zakari

The Economic Financial Crimes Commission, EFCC, has reacted to the ruling of the Federal High Court committing EFCC Chairman to prison for contempt of court.

The Federal High Court sitting at Abuja had ordered the arrest and detention of EFCC Chairman, Abdulrasheed Bawa, on Tuesday.

In reaction to the development, EFCC Spokesperson, Wilson Uwujaren, in a press release on Tuesday, described the ruling as shocking. He argued that the the ruling casted aspersion on the person of their chairman

“This ruling is surprising as it creates a wrong impression of the person of the Executive Chairman of the EFCC as encouraging impunity. As far as the relationship between the EFCC and the judiciary is concerned, The Executive Chairman, Mr. Abdulrasheed Bawa has been an apostle of rule of law, due process, and close collaboration between the two institutions in justice administration ” He said.

The commission added that owing to error in the ruling, the commission will embark on a legal voyage to set aside the ruling of the court.

“Taking into cognizance the procedural lapse in the contempt proceedings the commission has initiated a process to set aside the entire contempt proceedings and committal of the Executive Chairman for contempt.” He added

By Uzairu Adam Imam

To combat fake news and safeguard society from its adverse effects, Nigerians have been advised to check for elements of credibility in reports and consult media platforms with proven integrity in sourcing for news and information.

A lecturer in the Department of Mass Communication, Kano State Polytechnic, Mallam Aisar Fagge, made the submission during a one-day workshop organized by the popular online newspaper The Daily Reality.

The lecture themed “Fake News on Nigerian Cyber Space: The Role of an Ideal Journalist” afforded young journalists the opportunity to understand the challenges of contemporary journalism practice.

Mallam Fagge said, “It is said ‘seeing is believing’ but not anymore. With Deepfake [and other apps], people can easily manipulate videos, pictures, etc. Thus, we need to dissect pieces of information before sharing them,” he stated.

He also called on the general public to examine stories critically before believing or sharing them with other people.

He further noted that fake news could be countered by applying the “technological, journalistic and pedagogical approaches among others.”

He noted that the nature of social media has made journalism more tasking and placed more responsibility on journalists, which behooves them to protect the image of journalism and not allow quacks to run them out of business.

Journalism educators, practitioners from conventional media and online newspapers as well as the students of Mass Communication from Kano State Polytechnic and Bayero University, Kano attended the event that took place on Sunday, 6th November, 2022 at the Centre for Research in Nigerian Languages, Translation and Folklore, BUK New Site.

By Muhammadu Sabi’u

One of the strongest opposition parties in Kano State, the New Nigerian People Party, has reacted to the alleged involvement in the looting of a huge amount of money by some three Nigerian governors.
 
Recall that the news alleging that three currently serving state governors are being watched for attempts to launder money by paying employees’ salaries under the table resurfaced a few days ago.
 
Reacting to the allegation, a Deputy Public Relations Officer of the NNPP in Kano State, Hon. Musa Nuhu Yankaba, hints that one of the governors in question is Dr Abdullahi Umar Ganduje of Kano State.
 
In an interview with Premier Radio Kano, he said, “If he [Governor Ganduje] refuses to come out and clear himself, we, as natives of Kano State and members of an opposition party, will not accept that, and we will expose him, so as to tell the people of Kano all that is going on and for proper action to be taken.”
 
Despite all these, the anti-graft agency, the EFCC, did not reveal the identities of the three governors involved in the scandals.
 
However, the chairman of the EFCC noted in an interview that two of them were from the North, and the third was from the South of the nation.
 
He added that information at the agency’s disposal showed that the three governors had come up with strategies to inject the money into the system by paying their state employees’ wages on a table-payment basis.

By Musa Abdullahi Kaga

The name Maldini is synonymous with Milan, as it is impossible to talk about Milan’s history without mentioning the Maldinis. In fact, the name is almost synonymous with football itself. Just as the likes of Maradona, Pele and Cryuff, the Maldinis have crafted their names on the golden stones of football history, only that there’s was even more spectacular – Grandfather, father and now the son, all following the same path.

The dynasty began in 1954, when the Italian centre-back, Cesare Maldini, made his debut for the Rossoneri. Due to his impressive leadership qualities and team spirit, he was rewarded with the captain’s armband just a year after his move to Milan from Triestina. He had 12 illustrious seasons with Milan, lifting four league titles and a European cup (now Champions League) in the process. Cesare had the privilege of being the first Italian to lift the then European cup, and of course, Milan was the first Italian team to win the title.

Cesare, named after the Roman emperor, had excellent technique and passing range. He was known to be imposing in aerial duels and had an outstanding reading of the game with anticipation. As a defender, despite having hundreds of caps for both club and country, he was only booked five times and sent off once in his entire career, solidifying his place in the list of the greatest defenders to have graced the game – the likes of Sergio Ramos could only dream.

Cesare Maldini made his final Milan appearance in a 6-1 triumph over Catania on May 22 1966, only to return as a coach six years later. The dynasty continued as a certain 16-year-old boy made his Milan debut in 1984 – Paolo Maldini, making an incredible 902 appearances during an illustrious 25 years career, winning 23 major trophies in the process. One of the few ‘one club men’ was an elegant and cool defender known by his iconic no. 3 jersey, deservedly retired, just like the legendary Baresi’s no. 6. The ambipedal defender has, despite being a left-back, adequately occupied all the defensive positions, forming a formidable partnership with Milan and Italy legend Franco Baresi. The duo, while playing together, conceded only 29 goals in 196 games – astonishing? Legendary rather.

Paolo succeeded the retiring club captain, Franco Baresi, in 1997, after 20 years of service. Following his father’s footsteps, he captained Ac Milan till his retirement after the 2008/2009 season. The Maldini era was seemingly coming to an end until his unexpected return to Milan as sporting strategy & development director. He was, however, promoted to Technical director after a year. He was instrumental in the acquisition of the likes of Theo Hernandez, Rafael Leao and Mike Maignan. Among the new faces was a player with a very familiar and historic surname, coming through the youth ranks, Daniel MALDINI, your guess is right, the son of the legendary Paolo Maldini. Lo, a new chapter in the Maldini dynasty beckons.

Daniel, unlike his ancestors, plays as an attacking midfielder. Last season, in a very difficult match away to Spezia, Coach Pioli gave him his first Serie A start. The then 19-year-old did not disappoint, as he made history by scoring a header, becoming the third member of the Maldini family to score for Milan. Due to limited playing time, the 21-year-old was loaned out to Spezia this season. He started on Saturday evening against his parent club and, surprisingly, scored a curler to cancel out an early Theo Hernandez strike. A ‘Maldini‘ has scored in Sansiro again, precisely 5,333 days after Paolo’s goal against Atalanta in 2008 – Tradition.

Daniel would have rescued a point barring the intervention of Olivier Giroud. Milan thought they got the winner after Sandro Tonali’s screamer. However, VAR cancelled out the goal for a foul in the build-up. In the 89th minute of regular time, with incredible dexterity, from a tight angle, Oliver Giroud gave Milan a well-deserved victory again through a spectacular acrobatic volley – typical Giroud grand style.

The adrenaline was high, as you’d expect of any late winner. Hence, Giroud pulled out his shirt during the wild celebrations. Consequently, he was penalised for a second booking and eventually sent off. He was captured with a ‘mea culpa’ face in tears after the match. Cheer up, sins forgiven, Olivier!

Forza Milan!

Musa Abdullahi Kaga wrote via musaakaga@gmail.com.

By Ahmad Deedat Zakari

The students of Federal University, Lokoja, FUL, are not finding it easy as they are confronted with the accommodation problem.

Weeks after the university resumed academic activities, following the suspension of the Academic Staff Union of Universities, ASUU strike, many students are stranded. Many are yet to find a place to live.

The tenancies of most students had expired during the ASUU strike. However, the continuous stay of some students whose tenancies expired had led to quarrels between them and their landlords.

The problem of accommodation in Nigerian universities is not peculiar to FUL students. However, the students are devastated as the school has no functional hostel on the two campuses.

The Daily Reality spoke to many students of the institution who were mainly afraid and sought to speak only on the grounds of anonymity.

A student said many of the departments had been moved from the Adankolo Campus of the institution to the main campus at Felele, and students were asked to begin lectures there in January. According to her, the students can not afford accommodation on the two campuses and are still writing examinations on the Adankolo Campus. She also said landlords are unwilling to take part payments for the remaining months in Adankolo Campus.

Other students narrated their ordeals of living with friends and relatives pending when they get accommodation.

It was also gathered that the flood, which ravaged many parts of Lokoja, is another reason accommodation has become more complex and expensive.

By Sumayyah Auwal Usman

Amidst public outrage, the Kaduna State Executive Council, under Governor Nasir Ahmad El-Rufa’i, has rescinded its decision on the collection of nominal fees in senior secondary schools across the state.

In a statement signed by the Special Adviser to the Governor (Media & Communication), Mr Muyiwa Adekeye on Tuesday said, “the Council observed that the circular issued by the Ministry of Education to school principals on collection of nominal fees is not consistent with government policy, and is thus invalid. The circular from the Ministry of Education to the heads of schools, dated 1st November 2022, is therefore rescinded with immediate effect, and all monies that may have been collected should be refunded forthwith”.

Adekeye further reaffirmed the state government’s commitment to providing free primary, secondary and technical/vocational education to every child resident in the state.

It would be recalled that a memo emanated from the State Ministry of Education imposed the payment of nominal fees to all students of senior public secondary schools in the state.

By Muhammadu Sabiu

The All Progressives Congress, APC Campaign Council’s Director-General, Governor Simon Lalong, has approved select Kannywood members to join the council ahead of the 2023 presidential election.

Lalong made the comment in a statement published in Jos, the state capital, signed by his spokesperson, Dr Makut Macham.

The inclusion of film practitioners, according to the director general of the APC’s presidential campaign, was done to increase the involvement of artists from the northern region in the campaigns.

According to Lalong, Bola Tinubu, the APC presidential candidate, recently visited Kano and spoke with group members, which led to the approval.

He added that the APC presidential candidate had pledged to give Kannywood members a chance to participate in the campaigns, showcasing their skills while also aiding the party in winning the upcoming general elections.

The Kannywood group has Abdul Amart as Director, Ismail Afakallah as Deputy Director and Sani Mu’azu as Secretary, with other leaders heading different divisions.

By Uzair Adam Imam

A communication expert, Aisar Fagge, said the quest to keep up with breaking news has led to a high degree of error in online media reporting today.

Fagge, a lecturer at the Department of Mass Communication, Kano State Polytechnic, said the failure was due to the less or absence of proofreading and confirmation of facts by the editors.

He said this on Sunday when speaking on the “Fake News on Nigerian Cyber Space: The Role of an Ideal Journalist” at a One-Day Workshop for Early-Career Journalists on Reporting Northern Nigeria, Fake News and Journalism Ethics.

At the event organised by the management team of The Daily Reality Newspaper that took place in Bayero University, Kano, Fagge said the absence of or weak gate-keepers contributed to the lack of quality journalism in Nigerian cyberspace.

He also attributed the high degree of error in today’s online news reporting to poor staffing, which leads to the single-handed operation of the media.

He said, “Almost everyone wants to establish an online newspaper. A single person wants to be a publisher, a reporter and an editor all by himself. No doubt, the standard of journalism falls.”

The event had in attendance many communication experts and journalists from within and outside Kano state, including some that joined the workshop via Zoom from overseas.