New naira notes

Hon. Kazaure has been vindicated, and it’s time to prosecute Emefiele

By Sani Bello Hamza

Nigeria is a country naturally blessed with abundant resources, fine and reliable crude oil, thriving agriculture, resilient youth, and a hardworking population. Yet, its citizens are trapped in third-person-induced hardship and suffering. The citizens of the country are unable to cater for their needs and their immediate families.

The tragedy of Nigeria can be succinctly summed up in the cliche “Nigeria, so rich and so poor.” The country is prosperous, and yet its citizens are impoverished.

Someone may ask how that is possible. We know Poverty and abundance cannot be placed on the same table.

It is possible because the leaders are not driven by passion to lead but greed to accumulate wealth from public confers. Politics is now a get-rich-quick scheme and not an avenue to serve. The gap between the upper and lower classes is irreparable, and the middle class suddenly disappears.

Those in the upper class are living extravagantly because the country’s leaders have turned the country’s treasury into their account; they withdraw at will without recourse to explanation or auditing.

It is now a norm that politicians live outside their monthly or annual allocations. They rake public funds for personal and family usage.

This is happening in a country where over 20 million children are out of school, and 84 million are living in multidimensional poverty–out of its 200 million population.

While growing up as kids, we heard, and we are still listening, of the Abacha loot. And, recently, the Diezani saga and the Emefiele Brouhaha. The former CBN Governor is under investigation for whisking away with 89 trillion Naira stamp duty charges deducted from the accounts of Nigerians.

In 2022, when Hon. Gudaji Kazaure, a former member of the House of Representatives, was on air exposing the menaces and how the former CBN governor, his deputies, and other political appointees milked the Nation’s Treasury and walkway with a whooping sum of 89 Trillion Naira; we made a joke of him and thought it was a tale of the moonlight or a fictive movie.

The former lawmaker claimed that former president Buhari appointed him and others to investigate and recover Stamp Duty and other bank charges deducted from Nigerians’ accounts.

He said his committee uncovered 89 trillion Naira that was unaccounted for and unremitting to the federation account,courtesy of Emefiele and his deciphers.

The report generated mixed reactions among Nigerians; some of us believed the allegations were true, and others felt the lawmakers were trying to blackmail and tarnish the image of the CBN Governor. A renowned journalist argued it was impossible as Nigeria does not have such a huge amount in its Treasury. Others went ahead to question Hon. Kazaure’s mental health. Interesting!

After almost a year of Hon. Kazaure’s Brouhaha, President Bola Ahmed Tinubu inaugurated a special presidential committee headed by special investigator Jim Obazee to probe the activities of CBN and other affiliated institutions.

The committee submitted a report to the president in which the chief investigator recommended prosecuting Emefiele and 13 others for gross financial misconduct and mismanagement.

According to the report, the committee found 593 bank accounts located in the UK, USA, and China that the former governor used to illegally keep Nigeria’s wealth. The committee also discovered 543.4 million pounds kept in UK Banks.

The most shocking revelation of the investigation is not the uncovered 593 bank accounts but the purported Naira redesign, which subjected innocent Nigerians to untold hardship and led to the winding up of many businesses. The committee found out the activity was neither the CBN board recommended nor the president approved it. Contrary to section 19 (1) of the CBN Act. Emefiele acted on the advice given to him by Tunde Sabiu, former President Bubari’s chief protocol officer. The redesign was purely intended to frustrate the political ambition of some politicians and prevent them from attaining their desired offices.

There was also a payment of 6.23 million dollars from the CBN vault to unknown foreign election observers whose identity is still unknown, apart from the 1.3 billion Naira paid as legal fees on the Naira redesign and related cases.

This is just a part of the investigation, as the committee has not obtained the Stamp duty-related documents. I’m sure there will be more shocking revelations in the coming days/months.

Nigeria has suffered dramatically from recalcitrant public servants, and the country is too fragile to bear another burden. A thorough investigation should be carried out with expertise and dexterity. The president should make sure those involved in this inhumane act face the wrath of the law and are prosecuted accordingly.

Hon. Gudaji Kazaure has been vindicated, and it’s time to prosecute Emefiele!

Sani Bello Hamza is a Law student at Ahmadu Bello University Zaria. He writes from Zaria and can be reached through his email: sanibellohamza@gmail.com

Ganduje drags Buhari to Supreme Court over Naira notes

By Uzair Adam Imam

The Kano State Governor, Dr. Abdullahi Umar Ganduje, has dragged President Muhammadu Buhari before Supreme Court on Thursaday over naira notes redesign.

Governor Ganduje asked the court to command the Central Bank of Nigeria (CBN) not to stop collecting the old naira notes of N200, 500 and 1000.

He added that the naira redesign has also contradicted the provision of the 1999 constitution of Nigeria.

In a complaint filed by Sunusi Musa SAN yesterday, Ganduje said President Buhari alone had no right to instruct the CBN to stop collecting the old naira notes without consulting the House of Assembly.

Ganduje also decried about the way people are suffering in the country because of this newly introduced policy by the CBN.

In his interview with BBC Hausa, Musa said the court will hear the case on Wednesday next week.

The Daily Reality recalls that the governors of Kaduna, Zamfara and Kogi had earlier dragged president Buhari to the court over same case of naira redesign.

However, some analysts are seeing it as a power tussle between Buhari and Tinibu cabal ahead of 2023 elections.

Buhari unveils new naira notes

By Ahmad Deedat Zakari

President Muhammadu Buhari has unveiled the redesigned naira notes in Abuja.

The President unveiled the new naira notes on Wednesday morning at the meeting of the Federal Executive Council (FEC ) at the state house, Abuja.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele was also in attendance during the unveiling ceremony.

While addressing the FEC members after the unveiling ceremony, the CBN governor debunked the rumours that the early unveiling of new notes is a means to target any Nigerian.

He therefore appealed to the public to refrain from perpetuating such rumours.

He added that the CBN will intensify the monitoring process and interrogate the process of withdrawals.

He stated that there will be strict restriction on the volume of cash that people can withdraw over the counter, as it works with the EFCC to monitor the purpose of any heavy transactions.