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Edun-Led Panel Seeks Removal Of Social Investment Programmes From Humanitarian Ministry
The Presidential Panel on Social Investment Programmes has recommended the removal of intervention initiatives from the purview of the Ministry of Humanitarian Affairs and Poverty Alleviation.
According to the panel led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, sent its recommendation to President Bola Tinubu.
The social investment programmes are currently domiciled in the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.
By law, they are implemented by the National Social Investment Programme Agency (NSIPA).
The programmes – Conditional Cash Transfer Programme, N-Power Programme, Government Enterprise and Empowerment Programme, and Home Grown School Feeding Programme – were put on hold after Tinubu suspended Betta Edu as the humanitarian affairs minister.
Edu has since submitted herself to a probe by the Economic and Financial Crimes Commission (EFCC).
She ran into trouble after a memo surfaced where she asked the Accountant-General of the Federation, Oluwatoyin Madein, to transfer the sum of N585 million to a private account.
Thereafter, other documents where she made controversial approvals, including approving airfares to Kogi, a state without an airport, went viral, prompting the president to suspend her.
Before Edu ran into trouble, Halima Shehu was suspended as the Chief Executive Officer (CEO) of NSIPA over alleged financial malfeasance. Edu had alleged that billions of naira went missing on Shehu’s watch.
Apart from the EFCC probe, Tinubu directed that the panel led by Edun should “among other functions, conduct a comprehensive diagnostic on the financial architecture and framework of the social investment programmes to conclusively reform the relevant institutions and programmes”.
In an interim report seen by TheCable yesterday, the panel recommended that the programmes should be resumed to alleviate the sufferings of poor and vulnerable Nigerians, but that a new board under the leadership of Edun should oversee the social investment programmes.
“Convene a steering committee/board under the leadership of the Hon. Minister of Finance and Coordinating Minister of the Economy to oversee the coordination of programmes,” it reads in part.
“Determine the future of the NSIPA by advocating for a proper review and amendment of the NSIPA act.”
A government official who pleaded anonymity said before the social investment programmes are transferred to a new body for implementation, the relevant laws would have to be amended.
“The executive bill sent by Muhammadu Buhari’s administration to the National Assembly, placed the NSIPA, which is in charge of these social programmes, in the Federal Ministry of Humanitarian Affairs and Poverty Alleviation,” the official said.
“A bill would have to be sponsored to amend the principal act.
“Anything outside of that is illegal and against the laws setting up the NSIPA.”
The Special Adviser on Information and Strategy to the President, Mr Bayo Onanuga did not immediately respond to TheCable’s requests for comments.
Before the humanitarian affairs ministry and NSIPA got embroiled in this saga, the Senate, in October 2023, commenced moves to place the agency under the presidency.
A bill to that effect has since passed second reading at the upper legislative chamber.
Police Arraign Oil Company MD For Diverting $5.6m Oil Funds For Personal Use
The Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, Mr. Akintoye Akindele, was yesterday, arraigned before a Federal High Court in Abuja, over alleged $5.6 million fraud.
In a four-count charge brought against him by the office of the Inspector General (IG) of Police, the accused was alleged to have diverted the sum of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd.
Akindele and his company, which was the second defendant in the suit marked: FHC/ABJ/CR/570/2023, were said to have committed the act between 2017 and 2021, when they allegedly converted the said sum received from Shell into personal use.
He, however, pleaded not guilty to the four-count charge, following which his lawyer, Chief James Onoja, moved his bail application.
Although, counsel to the prosecution, Mr. Simon Lough, did not objected to the grant of the application, the judge however slammed a stringent bail condition on the defendant.
Trial judge, Justice James Omotosho, in his ruling stated that although the accused claimed that a High Court of the Federal Capital Territory (FCT) has already admitted Akindele to bail in the sum of N500,000, there was no evidence before the court to that effect.
The judge subsequently grant bail in the sum of N750 million, with two sureties in like sum. The sureties, according to the ruling must own landed property within the jurisdiction of the court. In addition, the sureties who must swear to an affidavit of means are to also deposit their statements of account with the registrar of the court.
Justice Omotosho, however, held that since the defendant came to court from his house, the court will permit him to enjoy the bail of the FCT High Court, till March 8.
He would however be remanded if he fails to meet the conditions of the new bail.
Meanwhile, the court has adjourned till March 15, for trial.
Count one of the bail read: “That you Akintoye Akindele male 49 years MD/CEO of Duport Midstream Company Limited of D2 Mambilla Close Osborne Estate Ikoyi Lagos and Duport Midstream Company Limited of 42 Alexander Avenue Ikoyi Lagos between October, 2017 and November, 2021 in Lagos state within the jurisdiction of this honourable court while acting in concert conspire together to commit felony to wit: Stealing by conversion of the sum of $ 5,636,397.01 Million USD and N73,543,763.25, you thereby committed an offence contrary to section 516 of the Criminal Code law, Cap C38 laws of the Federation of Nigeria 2004.”
[STATE HOUSE PRESS RELEASE] President Tinubu Celebrates Pastor E.A. Adeboye on his Birthday
President Bola Tinubu celebrates the grace of stewardship and leadership upon the life of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, as he marks his birthday on March 2, 2024.
The President congratulates Pastor Adeboye on hitting another milestone and joins the Body of Christ in thanksgiving for the General Overseer's remarkable life of impact that transcends cultures and borders.
President Tinubu thanks the Lord's own servant for his regular prayers for the country and his wise counsel, noting his patriotic zeal and manifest determination to see Nigeria succeed.
The President prays for the continual well-being of the General Overseer and his wife, in addition to many more years in the service of God Almighty.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
March 1, 2024
[OPINION] Nigeria In A State Of Shock … - Prince Charles Dickson
It is a trap that the giant rat disdains that wrenches its testicles backwards. Dangers that one belittles are liable to cause great havoc.
When Amy and I were first married, we purchased a really small home built in 1960. The only two closets in the entire house were shoebox size. We moved in and hung a few shirts and pants in each closet. That was it. No more room. We put a couple of pairs of shoes in each closet, which maxed out the floor space. Uh-oh. What about our big bag of dog food, board games, photo albums, VHS tapes (this was the early 1990s), and coats?
No problem. Our little house had a little basement, which we used as storage for everything.
It worked great!
Until our first big rainstorm. You’ve heard the expression “It was raining cats and dogs”?
We’d been out for the evening, and after a cautious drive through torrential rain, we made it home. When we walked into the house, we found our basement flooded with three feet of water. Our real estate agent had neglected to mention that the basement flooded several times a year. We looked and saw, to our dismay, floating dog food and board games and photo albums.
I leaped into the torrent and found myself standing waist deep in water. Our toilet plunger floated by. I considered grabbing it so I could start plunging, but I didn’t know where to start. That’s when Amy, peering safely from four steps up, reminded me that the previous owners had left a sump pump in the basement. I felt around until I found it. I pulled it out of the water and looked around for an outlet. I noticed the end of an extension cord dangling from a rafter directly overhead. It was strange that we had electricity anyway.
Had. To.
I thought, If I plug this in really, really quickly, maybe I won’t get shocked.
When they connected, power happened. I know power happened because my body became the pathway for billions and billions of teeny-tiny electrons. Electric power surged through the cords and into my body. Apparently, the piercing shock triggered certain neurons in the language center of my brain where a long-unused word — a very bad word — was stored.
Milliseconds later, the sheer force of the electric current pushed the foul word toward the front of my face and out of my mouth. Unfortunately, it did not come out quickly. Probably because of the gazillion volts of electricity surging through my body, it came out at an unusually increased volume and seemed to last as long as an episode of The Bachelor.
I looked up and saw the horror on my new wife’s face. Her preacher-husband had just shouted the mother of all bad words. I also saw fear — I think she believed I was about to die, and that word would be the last thing I ever said.
This whole story above is not about the newlywed couple, it is not about the torrential Lagos rains, it is not about the flooded basement, it certainly is not about the sump pump, or the ‘f’ word that came out of my mouth. This story is about Nigeria, and you would need a bus load of critical thinking to figure it out.
It is 2024 and all is not well with Nigeria, leadership admonishes us to be patient that there is the proverbial light at the end of the tunnel. Some of us wonder how long we have been at the tunnel.
I won’t bore us with the story of the Naira and the dollar but let me state a few obvious and leave us to some deep thinking.
Nigeria, be it himself, herself or itself, is a nation that thrives on breaking the rules, one of the major reasons for why we are at this point. We refuse to follow the set rules, we kill what seemed ordinarily our once moderately easy to follow rules, ethos and norms. The signs were there but we refused to see it.
It is like the real estate agent, Nigerians are hiding a lot from themselves…
What really is the raison de etre for writing this admonishment? Really one wonders why repeat the same thing; it’s still the same people, stiff-necked people bent on self-destruction.
From a history when most nations were VISA free, to a gradual decline where (1) we beg, pray, fast and then if successful we add a thanksgiving for a VISA to Botswana. (2) To a situation where one of the government’s key phrases is foreign direct investment.
A nation that cannot invest in itself yet believes that by treating its calabash recklessly, we would get a better treatment from others. We watch the gradual disconnect between governance and good governance, a people and her leaders–that rather than provide leadership, ‘rule’ them.
We killed everything that had an N–Nigerian Airways, Nigerian Railway, NITEL, Niger Dock, Nigeria Hospitals, Schools, Nigerian Police, a step at a time we sowed hate, theft, political violence and corruption, watered it and we are acting amused like we never saw it coming.
Public officials loot in the dollar, and we citizenry spend Naira to cowardly defend them because of faith, creed, religion and ethnic cleavages. He is not a thief, if he comes from my own side of the wood or prays to my own ‘god’.
Private miseducation has long replaced patriotic public education. Nursery rhymes have long replaced the national anthem. Public officials are applauded; people dance and come down with rheumatism for the building of a culvert or borehole in 2024.
That we are now being forced to tell our kids the good old story is painful, not painful because it is the good old story but because they may never see such…They will not be products of good old public education…When UI, IFE, Nsukka, Lagos, ABU were the schools to be…
Nigeria is in a state of shock, the levels of current are high, and it is wet everywhere, hunger, lack, and more. The government both falsely and otherwise are battling for direction, the citizens are divided, for how long I do not know but—May Nigeria win!
—
Prince Charles Dickson PhD
Tribute to Ọnaọlapọ Ṣolẹyẹ: An Ọmọluabi and an Epitome of Selfless Public Service - Babafemi A. Badejo
A friend of mine, while speaking about the competitiveness of the Nigerian claimed that a fetus in the tummy, while listening to the gist of his mother with others about the hardship outside in a country of over two hundred million must hit the ground running at birth. Unlike the situation in other African countries, for the Nigerian, “there is hurry in Africa”. Everything must be done kia kia as if delay is dangerous. A form of an endless rat race!
The tons of problems in terms of lack of infrastructure on about everything and especially health, as well as the constant chasing of simple things of life all take their toll on the Nigerian. Little wonder that the average lifespan of a Nigerian male as estimated in 2020 is 54 while that of the female is 56 years. This gives an average lifespan for the Nigerian as 55. The African average lifespan in 2024, is reported to be 64.38 years. Nigeria and Lesotho, reportedly have the lowest lifespan on the African continent. So, to live up to 90 in a country with the average lifespan of a male human being less than 60 years is a salutary fit.
It is sad that Dr. Onaolapo Ṣolẹyẹ has left us as by way of death. I can no longer seek clarifications on so many issues. Death is the unavoidable reality that will mark the end of even the best amongst us. The Yoruba often celebrate the lives of persons like Baba Ṣolẹyẹ who left after 90 years. Beyond celebrating the life of Baba Soleye, it is necessary to deliberately indemnify the life and legacies of Baba Soleye. But it's very painful for me that such a nice soul is no more. Writing this tribute brought a mix of feelings that I had to courageously subdue by taking some solace in the nature of the life lived by Baba Soleye. I will be unjust to posterity not to say a few things about my numerous lived experiences with Baba.
Dr. Ṣolẹyẹ came on a scholarly resident visit to the University of California, Los Angeles in about 1979/1980, when I was a graduate student there. By fate and the script of the pre-destined as some would say, we bumped into each other and hit it off. He did not allow the 21 years with which he was older than I to stand in the way of a very healthy relationship. I recall events surrounding our numerous weekends spent together till he left as if we were age mates. We partied and socialized with other Africans. Baba took a lot of time to share elderly knowledge and guidance with me and subsequently introduced me to late Prof. Oyelẹyẹ Oyediran, and General Oluṣẹgun Ọbasanjọ.
Our camaraderie continued on my return home. I depended on him for life guidance. I almost nearly copiously took after his lifestyle, as I was very convinced of his personality. For instance, on a very mundane issue, that had a tie with strong moral values, I chose to wear the cheapest dress as he did. Initially, my wife did not like my appearing in my “Ankara danshiki” however great the event was considered to be. I asked Dr. Ṣolẹyẹ how one handles a situation like I was facing. He readily told me how he handled his: he told his wife to use the front door to an event and he would use the back door, if she was ashamed of his dressing. It ended the dialogue for them and I adopted the same.
With our seeming “Father-Son” level of relationship, I did not need to tell him nor sought his permission to make him an Executor of my first Will (when I had only books and a car to bequeath) in 1988 when people scared me on pursuing the landmark case I took on behalf of my daughter with respect to the federal character clause in our 1979 Constitution. I knew he would guide my family aright if I was indeed murdered.
In spite of being a bosom friend of General Ọbasanjọ who had saddled us with the federal character clause that his Supreme Military Council left in tact, Baba Ṣolẹyẹ encouraged me. He blessed and supported my move. I was asked by some to write my Will as it was predicted that the IBB Government would bump me off the face of the earth. I cannot recall how much time he spent guiding me on many issues of life, including the bureaucratic processes to acquire a plot of land at Igbẹba in Ijẹbu-Ode.
He taught Sociology at the University of Ibadan and nurtured so many in senior positions in today’s Nigeria. He retired as an Associate Professor. However, he was better known years ago for the roles he played in shaping Ogun State at the beginning as Commissioner for Finance and Industry. He later served the nation as the Minister of Finance without the accoutrements that went with that office and without enriching himself, family and friends.
The night before he was sworn into office in 1984 as Buhari/Idiagbon administration’s Federal Minister of Finance, he chose to have dinner with my family at my University of Lagos accommodation at Oguntọna Crescent, Gbagada, (just as we used to do at the Married Students Housing on weekends at UCLA). While at UCLA, many a time, he slept in Yinka, my three-year-old daughter’s room on weekends before I drove him back to his apartment to prepare for the new week.
Having a Sociologist as Minister of Finance, meant sensitivities for people as opposed to “the invisible hand of market forces”, that is an article of faith for Economists. When Buhari/Idiagbon got into office, the Nigerian naira had moved downward from one naira fetching one dollar, eighty-two cents to one naira fetching one dollar fifty cents. Chief Ọbafemi Awolọwọ (Awo) had warned about the Nigerian economy during the first term of President Shagari that the ship of state was drifting towards a rock and would sink. But Prof. Emmanuel Edozien, a professor of economics at the University of Ibadan, a close friend of General Ọbasanjọ and Special Adviser to President Shagari on the economy had shut Awo up and argued that there was nothing wrong with the ship of state as the economy was sound. The 1983 presidential elections held and President Shagari was said to have won with a landslide by Prof. Walter Ofonagoro of the National Party of Nigeria. Awo chose not to approach the courts as he had done in the past. He instructed his followers not to go in the streets. A few months after being sworn into a second term and with huge dissatisfaction, President Shagari was overthrown by General Muhammadu Buhari, supported by his Chief of Staff Supreme Headquarters, Brigadier Tunde Idiagbon on December 31, 1983.
With the IMF claim that the naira was overvalued, the Buhari/Idiagbon administration, supported by Dr. Soleye as Minister of Finance resisted the devaluation being pushed on Nigeria to accept one naira is equal to one dollar. They drastically reduced Nigeria’s imports. In 1984, they aimed to reduce the quantity of naira in circulation by wiping out the resources that politicians had stolen and hidden in their houses by redesigning the naira within two weeks, and fixed a maximum amount that could be changed without explanation. Air/sea/land borders were closed during the naira swap process.
However, my late friend Dr. Onukaba Adinoyi Ojo, an investigative journalist got wind of the ferrying into Nigeria, of 53 suitcases that were suspected to be old naira notes from Saudi Arabia (the naira was once used internationally), for the purposes of swapping the huge quantity. Major Mustapha Jokolo, as he then was and ADC to Major-General Buhari had reportedly supervised the ferrying of the suitcases of an Emir without customs check. Former Vice-President Atiku Abubakar who was at the airport as a senior customs official confirmed to Dr. Ojo that indeed 53 suitcases came in unchecked and he was to be fired but Dr. Ọnaọlapọ Ṣolẹyẹ, as the supervising-Minister for our customs, on the basis of fairness and justice resisted the firing of Atiku for being truthful. On my wanting to know what really happened, Dr. Soleye, as a friend, told me that the 53 suitcases were eventually checked and that they did not contain naira notes and that they were the personal effects of an Emir who was reportedly related to Major Jokolo.
But the currency redesign did not change the value of the naira as demanded by the IMF. It became difficult to sell our crude oil in exchange for dollars. How I wish I could call Dr. Ṣolẹyẹ now to clarify why our oil was not exchanging for dollars, and if the West boycotted our main export product for not following the dictates of the IMF. We had to resort to trade by barter. The world was not like today with so many alternatives with respective points of sale and sources of supplies of goods and services. There were China, India, Indonesia, Malaysia etc., but without competing products to sell like today. The idea of trading in crude oil in any currency other than the American dollar was unthinkable given the US power over the world. It was harrowing to be trading by barter. The word “essenco” joined the Nigerian lexicon. It was coined from two words: essential commodities, which were goods we had been socialized into but now unable to buy from the West. The atmosphere was ripe for another coup against a set of patriots that dared to think differently.
In came General Ibrahim Badamasi Babangida (IBB) after a coup that was externally driven but reportedly funded by Dr. Soleye’s very close friend from their Baptist Boy’s High School days who constantly called Baba Ṣolẹyẹ: Senior, MKO Abiola. I do not belong in the intelligence world and cannot confirm this account. But IBB gave us a number of legacies like building the Third Mainland Bridge and the city of Abuja that had been started by the Murtala/Obasanjo administration but received a flip when Gideon Orka tried to kill IBB in a counter-coup but failed and IBB ran to Abuja and the profligacy of consumption as opposed to production worsened. Two other IBB legacies were the exponential growth in corruption as he built Abuja and started carving out portions of the ocean as oil blocs to family, friends and allies. He became the grandfather of corruption. He also did the external biddings when he introduced the steady devaluation of the naira against the wish and will of Nigerians when he introduced the second-tier foreign exchange market (SFEM) that fueled what is now known as foreign exchange round-tripping. Forty years later, the budding industrialization and manufacturing we were promised are yet to materialize as the naira has continued to seek its level. Driving bye the carcasses of Odutola Industries Limited at Ijebu-Ode, as I did on March 1, 2024 could make any patriot cry. Many of such failed industrial ventures are all over Nigeria as bankers and Aboki money changers fed fat outsmarting all of us on currency round-tripping without production. Authority stealing that Fela Anikulapo Kuti taught us about has reigned supreme in our land since IBB.
I am very proud of Dr. Onaolapo Soleye, and everything he represented. I wish I could wake him up and make him reminisce on what we are going through today in the hands of the United Thieves of Nigeria (UTN). We have lost a quintessential role model on probity. A patriot that fiercely resisted selling us cheap for personal gains. A just human being who did not join the selling of national patrimony to family and friends alike. A very humble and fiercely loyal man to friendship, to myself, Oyelẹyẹ Oyediran and Oluṣẹgun Ọbasanjọ. He was an unassuming successful Nigerian who lived a simple life of integrity and great character. He was a man that the Yoruba would readily designate as an Ọmọluabi.
Babafemi A. Badejo, author of a best-seller on politics in Kenya, was a former Deputy Special Representative of the UN Secretary-General for Somalia, and currently a Legal Practitioner and Professor of Political Science & International Relations, Chrisland University, Abeokuta. Nigeria.
[OPINION] Nigerians dying like flies hit by broom - Dele Sobowale
“Many people sold their boys and girls for a little rice…Hunger stalked us…People of all ages began to die….Everyone had to live with half-empty stomachs …People started looting, searching for food” -Bijoykrishna, survivor of the Bengal famine in 1943 (BBC, February 23, 2023)
The old man talking is reported to be 102 years old and one of the few survivors of the famine which killed millions in Bengal while World War II raged on around them. The savagery of the war and extremely bad weather resulted in horrible harvests. Suddenly, parents were “eating” their kids. Or what do you call selling your children to buy food? It happened in Bengal in 1943; it can happen anywhere – including Nigeria.
We are aware that some parents in Nigeria have been selling their children; heartless people run baby factories or phony orphanages as regular means of employment. It might not have reached the alarming proportions experienced in Bengal in the last century. But, the truth is – some adult Nigerians are already eating children. That preamble is, however, meant to draw the readers’ attention to the dangers we face as a nation with regard to food and famine.
To be candid, government at all levels is not being honest with us. Irrespective of which political party is in power at federal and state levels, their reactions to the looming famine is, frankly speaking, shocking. Millions of Nigerian lives are at stake. Perhaps it is only a coincidence that the FG, which encouraged herdsmen and bandits to drive millions of farmers off the field, was headed by Mohammadu Buhari of the All Progressives Congress, APC – whose symbol is the broom.
Present and future historians, writing about how we ended up in this terrible situation, in which most Nigerians now live with half-empty stomachs, must lay the blame squarely on the door step of Buhari and the APC National Secretariat. Buhari started the demolition job on our farms; and none of the members called him out. One official actually had the effrontery to go on television to offer fellow Nigerians the Devil’s alternative – your land or your life. That was the audacity of infamy which has landed us where we are with regard to food production. No nation can live with lunacy for eight years without finally living on the bread of sorrow. We are now going to start dying like flies, swatted by a broom!!!
FORGET THE LIES ABOUT FOOD PALLIATIVES
“Every government is run by liars; and nothing they say should be believed” – I F Stone
Can anyone remember how many tonnes of palliatives were promised Nigerians in September last year? And do you remember that Governor Soludo, APGA, speaking on behalf of the FG and State Governors, announced that N5 billion would be given to each state? On account of a conspiracy of silence, Nigerians were not informed that only N2 billion was actually delivered and not all the grains either. That should tell you the sort of leaders we are dealing with – they cannot be trusted to keep their words. That is why they have more Commissioners of Information and Special Advisers (Media) than the Premiers of East, North and West had during the First Republic. They are not appointed to shed light on issues but to confuse Nigerians. Here is an example.
The Minister of Information and Culture, Mohammed Idris, in mid-February this year, announced that President Tinubu had “ordered 102,000 metric tonnes of grains to be released from the National Reserves”. A week after, in my Monday article, titled FG AND THE 102,000 tonnes food swindle, I traced several promises previously made by this government. None of them had been fully redeemed. Given my knowledge about the National Food Reserves, I concluded that article by stating: “I doubt if the FG has 102,000 tonnes of food in its reserves.”
On Thursday, February 22, 2023, Mr Idris, in a manner reminding us of George Orwell’s ANIMAL FARM, changed the narrative. This time we were told: “The first one is that the Ministry of Agriculture and Food Security has been directed to release about (underlying mine) 42,000 MT of maize, millet, garri and other commodities in their strategic reserves so that these items will be made available to Nigerians; 42,000MT immediately.” The careful reader cannot fail to observe how 102,000MT, pledged two weeks earlier, shrank to 42,000MT to be released suddenly. What happened to the remaining 60,000MT of food stuff promised earlier?
The story has changed on those too. According to the latest announcement from Idris, which might not be the last, “we have held meetings with the Rice Millers Association of Nigeria (RIMAN), those who are responsible for this rice, and we have asked them to open up their stores…They have told us that they can guarantee about 60,000 tonnes of rice. They will make that available to Nigerians…” Again, a discernible reader can easily arrive at three obvious conclusions. One, the FG did not have 102,000MT of grains in its reserves when the first announcement was made. Two, the government will even have to struggle to provide the about 42,000MT. Three, the 60,000MT of rice is uncertain of delivery; for the simple reason that there is no guarantee from RIMAN to deliver 60,000MT of rice.
Instead of the deliberate attempt by the FG to deceive Nigerians, RIMAN’s position on the matter is quite clear. According to the RIMAN President: “No, no, no, we don’t have enough paddy in this country. Farmers lack enough paddy to sell. A lot of farmers have withdrawn services on the farms due to insecurity. This is in addition to the effects of fuel subsidy removal.” Obviously, Mr Idris is once again spreading falsehood in order to buy time for the FG. I know who is lying on this issue because I spent years in the rice sector and some of my friends are still in it. They tell me the truth because I advise them on investing – when they make profits.
That, unfortunately, takes us to the heart of the matter. Nigerians are now dying like flies swatted by a broom; and most of the FG’s utterances have proved to be untrue. How on earth can Tinubu plead for more time when his Ministers are busy telling us lies? To be candid, few will believe him – even if elder statesmen like Gowon plead for him. The people want the truth – no matter how bad. Only faith in their leaders or tyranny can make the people in a country endure years of great hardship as in China and India.
THE CONSEQUENCES ARE ALREADY HERE
“Death is here and death is there/Death is busy everywhere…” – Percy Byshe Shelley
People have always died, everyday, every hour, every minute and every second. Death by itself is not new. At almost 80, I am in sudden death period; so is everybody over 70 in Nigeria, where life expectancy is still about 52. So what makes death so special now? It is the spike in death rates. In about 70 years, since I first became aware of the consequences of death, in no single year was it brought to my attention that up to four people known to me died in one month. The rise in death rate first attracted my attention in December last year when seven people were reported to have died. In January, the figure rose to nine. There was acceleration in February. Today, February 25, 2023, as this article is being written, the number stands at thirteen. Four of my CLUB members and a close cousin have passed on in less than six weeks.
So, it was time to investigate – at the mortuary, at the cemeteries and talking to casket sellers. With four friends as undertakers or casket sellers, it was easy to establish that, for them, business is booming like never before. The only problem they have is with the low profile approach people now take to burials. Most families no longer buy expensive caskets. Times are hard.
A few of the recently departed souls were confronted with choosing between buying life-saving drugs or eating. There were no funds for the two. They opted for food. At least two told me that before leaving us to our self-inflicted problems of food, drugs and other scarcities and the inflation resulting from too much demand chasing insufficient supply.
The investigations confirmed my intuition. There has been a noticeable rise in burials in all the cemeteries in Lagos – involving all ages from babies a few days old to the aged. A twenty three years old attendant told me, “We have never buried so many people in a month as we are doing now. A pathologist said most of those they open up to find cause of death have next to nothing in their stomachs. So, hunger must have contributed to their demise.”
That is the truth we face; and which governments – FG, states and even local governments must face. Back to the land is no longer a slogan. It is the only way we can save Nigerians from dying like flies swatted by a broom.
FUND ME TO WRITE THE TRUTH ABOUT BUHARI
“Wherever God erects a house of prayer; the Devil always builds a Chapel there…” – Daniel Defoe, 1661-1731.
One Pastor from the Devil’s Chapel went to work for Buhari for eight years. While in residence at the Rock, which we have been told was overrun by demons by a previous lodger, the Pastor, on live TV, supported the slaughter of thousands of farmers who refused to surrender their land to herdsmen. Now he has joined others who inhabited the dungeon to write books about Buhari’s “achievements”.
In their books, you will not read about how herdsmen militia, about 400,000 armed assassins, was created to capture Nigeria. They are everywhere in Nigeria today — killing, kidnapping, raping and making farming impossible. Their Life Patron lives in peace in Daura. About 380,000 Nigerians have paid with their lives for this particular “achievement”. But, Pastor won’t tell you the truth about herdsmen genocide. I will. I started my own book two years ago; funding it myself. Now, I am stuck. Inflation and exchange rate threaten publication of the truth about Buhari. I need your help to finish the job.
Their book, packed full of lies, is advertised for N200,000. I can deliver the truth for N20,000 or less. Can you help? Please get in touch.
[OPINION] Ayobolu @ 60: The question of character - Louis Odion, FNGE
Reuben Abati (“Monumental”) memorably characterises such moment as “when the phone stops ringing”. It is the ultimate nightmare of the public intellectual or just any member of the tribe at the point of — or shortly before — evacuating public office.
It is not only about the imminent forfeiture of privileges and advantage, but also the anxiety about accountability before a national jury.
For the columnist, questions are bound to be asked about just how much he practised what he had preached so magisterially before assuming public office. Observable conduct — by way of deeds or words during the stated public engagement — will be weighed against the corpus of values earlier trumpeted from the outside.
For this purpose, public intellectuals will include others involved in the knowledge economy like academics and think-tank experts, mediating between public authorities and the society.
Segun Ayanbolu could, by any stretch, not be said to have suffered any difficulty in the referenced transition between theory and praxis, despite having been exposed to the corrosive toxin of partisan politics as the Chief Press Secretary to then Governor Bola Tinubu at a very challenging moment in Lagos.
Upon returning to the media in 2008, it was clear that the critical flavor of his punditry had not diminished, which is perhaps a testimony to the character and integrity he demonstrated for the nine years he sojourned at Alausa.
Again, such seamless adaptability — this instinctive capacity for role changes without loss of identity — would seem very much in evidence in his choice to sneak onto the “sixth floor” (the sexagenarian club) recently without as much a stir or noise.
On account of his remarkable life and sterling accomplishments in journalism, not a few friends had, at the approach of the Diamond milestone, contemplated the idea of staging a commemorative shindig. But once he got wind of the plot, Ayanbolu frantically pleaded to be spared the “stress” of an “Owambe”, moreso not when most Nigerians are facing a difficult time.
Were things “normal”, self-effacing Ayobolu would probably still have found another excuse not to have a loud celebration. As attested by Tunde Olusunle in an earlier tribute last year entitled, “Segun Ayobolu: Grit, Quality, Versatility on Diamond Eve”:
“For all his staggering attributes as a very formidable scholar, a distinctly rigorous inquisitor, a sound and profound political scientist, an inimitable reporter, an engaging writer, a perspicacious editor, he savours his reticence and unobtrusive carriage.
“In a world where dunderheads, impostors and wannabes hug the klieg lights, posturing as modern-day standard-bearers, stars and men of letters, coveting conferments and adulation, he cherishes his quiet.
“He prefers to immerse himself in his study, lapping up multidisciplinary knowledge, further enriching his subsisting, even overflowing intellectual capital. His elected choices to remain ‘backstage’ in a manner of speaking, receives authentication from his minimal photographic prominence, even on the internet. And we are talking about a colossus in his own right.”
That is the essential Segun Ayobulu — one with social conscience.
In a more recent tribute on Ayobolu’s 60th birthday, President Tinubu wrote: “Segun has remained one of my steadfast associates and loyalists for many years. He served me with complete dedication and loyalty as my Chief Press Secretary when I was Governor of Lagos State. He has not failed to offer his service and intellect to us in many other areas since we left office. He remains a committed member of our progressive family.”
Overall, as anyone who has followed his writings in over three decades will readily attest, Ayanbolu’s journalism remains largely a relentless crusade for progressive values, never shy to advertise a fanatical devotion to Awoism.
As CPS to Tinubu between 1999 and 2007, he never failed to situate his many polemical skirmishes against political opponents of his boss within the broader context of never-ending progressive struggle against reactionary forces in nation space.
Of course, there can be no easy winner or loser in such ideological contestation. While recognising that the public engagement could indeed be tricky, Patrick Baert and Josh Booth, however argue that the intellectual has to reconcile themselves with some fundamental tensions and contradictions around four axes namely, “hierarchy versus equality, generality versus expertise, passion versus distance, and the individual versus the collective.”
With particular reference to the political realm, Eunice Goes, an associate professor at Richmond University in the U.K, is a bit more exact. In an intervention in defence of one-time Labour Party’s poster boy, Ed Miliband, following attack by the conservative press, she outlines the obligations of the intellectual as helping “politicians to make sense of the world.
“They offer cause-effect explanations of political and economic phenomena; they offer diagnosis and occasional prescriptions to policy puzzles. At times of great political disruption, when old certainties about how the world works are questioned, this role is particularly important.”
Doubtless, learning matters. It should however be added that learning is nothing without character, as Mahatma Gandhi forever warns. Of course, the truest test of character occurs not at the moment of comfort or convenience. Rather, it comes at a crossroads, at that perilous hour of temptation. Ayobolu’s was tested with Tinubu’s exit in 2007 and the change of guards thereafter at Alausa. He was among the few “tested hands” retained by the Fashola administration to help “stabilize” the system. The climate looked conducive for him to, in fact, be more consequential in the new order.
Though promoted as a Special Adviser, he would soon cause a major stir by resigning voluntarily “on principle”, and went back to his first love — journalism.
Indeed, as months began to roll by for the new administration at Alausa, it was clear Ayobolu was no longer finding fulfillment. In his shoes, many would have easily tagged along, for survival.
Many would have casually forsworn old loyalties or traded their convictions for new convenient principles without scruples, if only to secure continued flow of bread and butter. True, addiction to the comforts of the moment can be numbing for such slaves to office. But in not succumbing to temptations then, Ayobolu was probably reminded of Awo’s timeless admonition never “to get addicted to things you cannot afford as private citizen while in public office.”
Here is wishing Ayobolu, the one with quick smile, happy diamond jubilee.
Adeboye @82: 10 Things You Probably Didn’t Know About RCCG General Overseer
The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adejare Adeboye, celebrated his 82nd birthday on Saturday, March 2, 2024.
Naija News reports that the clergyman, in a post on social media, expressed gratitude to God for the new age and also prayed for his followers.
He wrote, “Grateful for 82 years of divine love, mercy, and grace; Thank you, Jesus. I pray that everyone reading this experiences tangible testimonies in every area of their lives in the name of Jesus.”
RCCG members and other Christians from interdenominational ministries, including President Bola Tinubu, showered birthday wishes and prayers on the revered octogenarian.
In this article, Naija News lists some facts beyond the altar you probably might not known about Pastor Adeboye.
1. Mathematics don: He bagged his Master’s degree and Doctorate in Hydrodynamics and Applied Mathematics from the University of Lagos in 1969 and 1975, respectively. He later became a Mathematics Lecturer at the University of Ilorin, Kwara State.
2. Two universities for first degree: Pastor Adeboye gained admission to the University of Nigeria, Nsukka (UNN), Enugu State, but left because of the Civil War and continued his first-degree programme at the then University of Ife (now Obafemi Awolowo University (OAU), Osun State, where he bagged Bachelor’s degree in Mathematics in 1967.
3. Honorary doctorates from top varsities: Pastor Adeboye bagged honorary doctorates from the University of Lagos and the University of Nigeria in 2009.
He also got honorary doctorates from the University of Ibadan and the Obafemi Awolowo University in 2011 and 2016, respectively. He also bagged a Doctor of Theology from Canada Christian College in 2009, a Doctor of Science from the University of Lagos in 2015, and a Doctor of Divinity from the University of Nigeria and Oral Roberts University in 2017 and 2022, respectively.
4. In 2019, New African magazine named Pastor Adeboye among the top 100 most influential African people on Earth.
5. Pastor Adeboye joined RCCG in 1973 and became the interpreter of the Founder, Rev Josiah Olufemi Akindayomi. in 1981, he emerged as the General Overseer of the church, having received the blessing of Pa Akindayomi.
6. The revered cleric has written several inspirational and motivational Christian books since he became RCCG’s general overseer. His popular books include Lessons from the Sower, Christian Moderator, Divine Favour, God of Wonders, Kingdom Prosperity, Fruits of the Spirit and Open Heavens (a daily devotional).
7. The 82-year-old clergyman is one of the founding fathers of the Pentecostal Fellowship of Nigeria (PFN) and became the PFN President from 1992 to 1995.
8. He was conferred with the national honour of The Order of the Federal Republic (OFR) in 2008 during the administration of the late President Umar Musa Yar’Adua.
9. In 2008, the American publication, Newsweek magazine listed Pastor Adeboye as one of the 50 most powerful people in the world.
10. Pastor Adeboye is unlike some Nigerian pastors who frequently speak about the governance in Nigeria. Instead, the RCCG G.O. will urge his members to pray for Nigerian leaders.
[NaijaNews]
[OPINION] Garlands For A Champion - Wole Olaoye
I grew up on a diet of welfarism as espoused by the great manager of men and resources, Obafemi Awolowo, first Premier of the then Western Region of Nigeria. It is to that great man that many of us who later went on to play leadership roles in various aspects of our professional and national lives, owe our worldview— especially our conceptualisation of the essence of governance and leadership.
Awolowo insisted that a government derived its legitimacy from being able to protect and advance the cause of its people. Thus, he democratised the playing field by ensuring that everyone had access to primary education. His famous reaction to the subject was, “I want free access to education for all. I do not want the children of my drivers to be drivers to my children, neither do I want the children of my cooks to be cooks to my children.”
Leadership
Awolowo set a high store by leadership. To him, it was nothing less than a sacred trust. If political leaders led by example, he argued, the people would follow suit: “Those of us placed in a position of leadership must be prepared to grasp the nettle if we unite in doing so, and if, in addition, we set a worthy example in probity, unselfishness, and self-sacrifice, the people will follow, all too readily, in our footsteps.”
It was under that general philosophical base of equal opportunities for all that the government of the Western Region operated under the philosopher-politician, Awolowo. Had Providence inserted the man in the affairs of his Yoruba race during the Oyo Empire days many centuries before his premiership, historians argue, he would have wound up among the many Yoruba gods celebrated today.
At the Summit of the Organisation of African Unity, OAU in Kinshasa in 1967 where he represented Nigeria, Awolowo declared: “Today, Africa is a continent of COMPETING BEGGAR-NATIONS. We vie with one another for favours from our former colonial masters… Unless a beggar resolutely shakes off, and irrevocably turns his back on his begging habit, he will forever remain a beggar. For, the more he begs, the more he develops the beggar characteristics of lack of initiative, courage, drive and self-reliance.”
That call for Africans to lift themselves up by their bootstraps is today being championed on the continental scale by institutions such as the African Development Bank led by Nigeria’s Dr Akinwumi Adesina. Since assumption of office as President of the bank after a stint as Nigeria’s Minister of Agriculture, Adesina has pursued a development policy based on five development priorities creatively code-named the High-5s.
His
Having assumed office on September 1, 2015 as the eighth elected President of the African Development Bank Group, Adesina vigorously encouraged African countries to buy into the five cardinal programmes of the bank namely: (1) Light up and Power Africa; (2) Feed Africa; (3) Industrialise Africa; (4) Integrate Africa; and (5) Improve the Quality of Life for the People of Africa.
Africa has never remained the same since the rolling out of the High-5s. All over the continent, there is ample evidence that a forward-looking development partner is at work, transforming the landscape and helping to create new capacities thereby making Africa a more attractive land of promise and sustainable viability than ever before. Overall, AfDB’s impact has been panoramic as evidenced by its 6,338 projects embarked upon all over Africa since 1967.
Considering that he was born in Awolowo’s Western Region of Nigeria, I have no doubt that the philosophical underpinnings of Dr Adesina’s commitment to uplifting the continent and making Africans stand tall in the comity of nations, is partially inspired by his experience growing up under the very inspiring premiership of the late sage of the region.
Since Awo’s transition in 1987, his name and ideas have remained in public discourse, proving that those who live in the service of humanity will never die. The Foundation established in his honour is an independent, non-profit, non-political, non-religious, non-sectarian research institute committed to the promotion of a socially edifying interaction between policy and scholarship. The organisation prides itself as being dedicated to the principles of public welfare, responsible, free enterprise, social democracy, a federal and republican Nigeria, an economically self-reliant Africa- and a stable and equitable global system
So far, the Obafemi Awolowo Foundation has lived up to its billing, especially in the weight of personages that have won its now coveted Leadership Prize. The prize is given in recognition for outstanding performance in the areas of leadership and good governance. Candidates are assessed on the parameters of integrity, credibility, discipline, selflessness, visionary leadership, accountability, tenacity of purpose, among other qualities. The selection committee is chaired by the venerable Chief Emeka Anyaoku, former Secretary-General of the Commonwealth.
Awo Prize
Adesina is the fourth recipient of the prestigious honour, the first three honourees being Nobel Laureate Prof Wole Soyinka (2012), former President Thabo Mbeki of South Africa (2014), and lawyer-educationist Chief Afe Babalola (2018). Adesina will be formally presented the 2024 Leadership Prize at a ceremony in Lagos on March 6, Awo’s 115th birthday, in the presence of Heads of state and government, top diplomats, captains of industry, development partners and leaders in academia and the various professions. General Gowon will chair the occasion.
How marvellous to contemplate the intricate web of life: Soyinka, an admirer of Awolowo and world acclaimed intellectual and humanist who was our teacher at the University of Ife (now Obafemi Awolowo University, OAU) when Adesina was a student; factor into the mix the freedom fighter Thabo Mbeki from whom student leaders used to collect revolutionary anti-apartheid posters at the ANC offices in Obalende, Lagos, in the 70s — and who went on to become the President of South Africa after the legendary Nelson Mandela; and then add Afe Babalola, brilliant lawyer and counsel to Irikefe Tribunal in the heady days of the 2.8 billion oil money saga when this writer faced the tribunal as a witness from Great Ife — and has since made a bigger name as an educationist and community leader… and it would be clear that excellence defines the path of the past recipients. Adesina is in good company.
Awo would have been proud that such a forward-looking beneficiary of his free education policy in the old Western Region is now a continental champion and global player in matters of good governance and economic development.
Endorsements
Like honey to nectar, Adesina has been attracting endorsements galore. Former Nigerian President Goodluck Ebele Jonathan who was one of several world leaders who nominated Adesina, said: “He epitomises and combines qualities of extraordinary leadership that are often rare to find: great visionary, incredible courage, the ability to take on huge and difficult challenges, extraordinary dedication and commitment to deliver programmes and policies that transform the lives of millions of people”.
Former British Prime Minister Tony Blair also praised Adesina’s leadership: “His contributions to the African continent and global leadership have been exceptional. Under his leadership the African Development Bank has delivered bold interventions to address some of the greatest challenges of our time,”.
A double-barrelled tribute was jointly issued by Former UN Secretary-General Ban Ki-moon and Global Center on Adaptation CEO, Prof. Dr Patrick Verkooijen: “We can think of no person more highly qualified or deserving of this prestigious award. Dr Adesina is forged in the same mould as Chief Obafemi Awolowo, a shining example of leadership.”
Having followed the trajectory of this worthy son of Africa from the 70s till now, I am proud to raise an elbow to Dr. Akinwumi Adedeji Adesina, Africa’s Mr. Optimist and recipient of the Obafemi Awolowo Prize for Leadership 2024.
African youths don’t have to look too far for a role model
Mutilated Banknotes Hindering Our Businesses – N/East Traders
Traders in the North East geopolitical zone of the country have said that the increasing amount of mutilated banknotes in circulation is hindering small business transactions in the zone.
Petty traders and their customers often apportion blames, with the situation straining business relationships.
Our correspondents, who visited the capitals of Borno, Yobe, Bauchi and Taraba states, report that mutilated banknotes are a common sight in the streets and business environments, particularly among those selling water, kola nuts, vegetables and other edibles.
The overused notes, especially N10, N20, N50, N100 and N200, are weak to such an extent that they tear during transactions.
Some of the petty traders, who spoke to our correspondent, expressed grievances over the situation.
One of them, Maina Adam Konto, who sells vegetables at Monday Market in Maiduguri, said the frustration of dealing with damaged naira notes was more challenging than the business itself.
“The number of damaged notes in circulation is too much; sometimes, you will find yourself quarreling with customers over such notes.
“They will argue that it is a legal tender, that they didn’t print it; so, you must not reject it. And the same customers will refuse another damaged note, telling you that they are not in a good condition.
“Most times, the colour of the polymer has faded such that you cannot differentiate between N20 and N50,” he said.
Konto lamented that the damaged notes always took away a reasonable part of his profits, making it difficult to feed his family.
Aliyu Musa, another trader in Maiduguri, said it was after the introduction of new banknotes that the petty traders, who mostly transact in lower notes, started experiencing the problem.
“When the new notes were introduced, N500 and N1,000 became scarce and more pressure was put on lower denominations like N10, N20, N50 and N100 due to availability.
“And now, we have scarcity of the lower denominations, and the majority of the available ones are mostly damaged,” he said.
Musa appealed to the federal government to print enough notes of good quality that could withstand the weather for smooth business transactions in the country.
Mutilated notes eat up our profits – Traders
Muhammadu Lawan, a kola nut seller in Jalingo, Taraba State, also complained about how mutilated currency notes affect his daily transactions.
He said prices of kola nuts and cigarettes had gone very high, but the value of the naira kept dropping, adding that damaged naira notes exacerbated the situation.
“The naira notes are so weak that you will not know what to do with the money you collected. This is giving every trader you see here worries.
“Some of the wholesalers we buy goods from are rejecting the money. Our capital is very little. Many people gave up business because it ate up their capital,” he said.
Muhammad Goni, a Keke NAPEP rider in Maiduguri, said, “Before now, we relied on filling stations to spend such money, but fuel attendants are now rejecting them. So, it is better not to pick a passenger and collect such notes.”
He said printing new lower denominations like N10, N20, N50 and N100 would solve the transaction problems and save traders from avoidable losses.
Badaru Malum, a fruit seller in Damaturu, Yobe State, said his capital was not more than N20,000; but on the average, he recorded at least N3,000 of damaged currency notes every day.
He said he always returned home with at least N2,000 of rejected naira notes by fruit dealers whenever he went to supply them.
“Once you go to them, the dealers would separate the damaged notes and return them to you. Some would just pity me and collect part of the damaged notes. But at the end of the day, it is me that bear the loss.
“Remember, our profit is not more than N3,000 a day. So, when you consider the amount I forgo, I will be left with almost nothing to take home,” he said.
A roadside sweet potato trader in Azare, Bauchi State, Haruna Baba Usman, wondered why the Central Bank of Nigeria (CBN) could not mop up mutilated currency notes in circulation.
“It is like nobody cares about us anymore. For a very long time, these mutilated notes have been in circulation and the government knows about it. Why can’t they print new ones?
“Besides, the money goes in and out of banks daily, but they don’t want to mop them out of circulation and it is small businesses that suffer,” he said.
Customers ask CBN to mop up dirty notes
Customers, who spoke to our reporter, called on the CBN to mop up mutilated currency notes from circulation.
They also alleged that traders were in the habit of mishandling currency notes.
One of them, Inusa Hassan, said “no matter how minted a naira note looks”, the traders would squeeze it.
“That is the first stage of disfiguring the bank notes. And some notes are easily forgotten in the pockets and washed, and they end up getting ruined,” he said.
“Believe me, some of the N100 notes in circulation are patched with pieces of brown papers. I wonder why the government should allow this kind of thing to happen. It is an embarrassment to Nigeria as a country,” he said.
Poor storage affects money quality – Banker
An official of one of the first generation banks, who pleaded not to be named, blamed poor storage and handling of the bank notes for mutilation.
He said the bank on Friday received about N15 million of lower denominations from a customer.
“We could not reject the money, but it is very dirty and delicate to count. We only rejected those with missing parts or without serial numbers. Most of our staff don’t want to count such money because of infection,” he said.
He revealed that for a long time, the CBN had not released certain denominations to his bank.
“For a very long time, we have not been receiving N100 notes from the CBN. We receive N1,000, N500 and N200. The CBN gives us minted N50, N20 and N10, but these are not sufficient,” he said.
On the weak quality of the naira notes, he said: “I always argue that the quality is relatively okay, but our money is being handled carelessly without penalty.
“Since October 2022 when the new banknotes were introduced and the subsequent cash crunch in the country, many people stockpiled cash in nylons underground. This poor storage has affected the colour and quality of the notes,” he said.
CBN’s directives on mutilated notes
It would be recalled that in an effort to improve the quality of the naira notes, in August 2019, the CBN had directed Nigerians to deposit mutilated notes in any bank branch closer to them.
The directive was contained in an email message sent by the Guaranty Trust Bank to its customers and was reported by the media.
“As part of efforts to improve the overall quality of the naira in circulation, the CBN introduced the Clean Note Policy and Banknotes Fitness Guidelines.
“If you have overused or mutilated naira notes in your possession, you are required by the CBN Clean Note Policy to deposit them at any bank branch near you, on or before Monday, September 2, 2019.
“Please, note that overused notes include any naira note that is now weak, to such an extent that it could easily tear at further handling.
“Mutilated notes include any currency that has been partially or permanently damaged, but which clearly still has more than half of its original size together,” the message had read.
Worried by the increasing amount of mutilated banknotes deposited with the CBN, the apex bank, in a circular titled ‘Treatment of Composed Banknotes’, issued to all deposit money banks on March 31, 2022, had directed them to stop including composed currency notes in their deposits or risk paying a penalty of 400 percent of the value of the banknotes.
Composed banknotes are mutilated currency notes comprising several parts of different banknotes of the same denomination.
“The management of the CBN observed with concern the increasing number of composed banknotes deposited by DMBs and request for replacement of such banknotes by members of the public.
“The existence of composed banknotes in the economy falsifies the true value of the currency in circulation, and can also be an avenue for fraudulent activities.
“Consequently, any composed banknote discovered in the deposit of DMBs shall attract a penalty of 400 per cent of the value,” the circular partly read.
Efforts by Daily Trust on Sunday to know the CBN’s next line of action were to no avail as its Ag. Director of Corporate Communications, Mrs Hakama Sidi Ali, neither answered phone calls nor replied messages sent to her yesterday.
[DailyTrust]