The Central Bank of Nigeria (CBN) has provided a detailed breakdown of its financial performance and expenses for the 12-month period in 2022. Notably, an expenditure of over N29 billion was allocated to the printing and disposal of Nigerian currency notes. This sum covers the meticulous process of creating, processing, distributing, and retiring currency notes throughout the year.

The CBN, in accordance with Section 18(d) of the CBN Act 2007, is authorized to undertake the secure destruction of unfit banknotes on a regular basis. This process ensures the integrity of the currency in circulation and adheres to stringent security protocols.

The financial statement released by the CBN on its official website unveiled that a total of N29.64 billion was expended on activities related to currency notes in 2022. This figure represents a significant increase compared to the N15.23 billion allocated to the same operations in the previous year.

The Nigeria Security Printing and Minting (NSPM) Plc, along with occasional collaborations with international firms, is responsible for the printing and minting of Naira notes and coins. The CBN maintains legal responsibility for quality assurance and the receipt of finished currency materials.

The CBN’s annual report further divulged a breakdown of expenses related to printing new Naira notes over the years:

2016: N33.37 billion
2017: N49.52 billion
2018: N64.04 billion
2019: N75.52 billion
2020: N58.62 billion

Additionally, costs incurred for disposing of unsuitable notes were also provided:

2016: N1.43 billion
2017: N594.62 million
2018: N662.21 million
2019: N647.82 million
2020: N538.59 million

It’s worth noting that figures for the year 2021 have not been made available, and the statistics for 2022 are pending release.

Moreover, an intriguing report introduces Folashodun Adebisi Shonubi as the new acting Governor of the CBN. Shonubi’s professional journey is detailed, including his selection for the role by President Tinubu among four deputy governors: Aisha Ahmed, Edward Adamu, and Kingsley Obiora. According to legal stipulations, one of the deputy governors is required to complete the tenure initiated by Emefiele, which was originally set to conclude in May 2024

Details of the Consolidated Financial Accounts of the Central Bank of Nigeria for the year 2022 has revealed that the bank is indebted to JP Morgan, Goldman Sachs, and other liabilities.

The CBN Consolidated Financial Statements showed that it owes JP Morgan, N3.2trn or $7bn and Goldman Sachs N0.23trn or $500m, while N3.1trn or $6.3 is owed as foreign currency forwards.

This is the first time the apex bank is releasing its Consolidated Financial Statements since 2016.

The books showed that the apex bank generated revenue of N2.87trn up from N1.96trn in 2022.

Profit during the period was N103.85bn up from the N75bn posted in 2021.

External reserves fell from N15.38trn in 2021 to N14.9trn in 2022, according to the accounts.

The securities lending agreement which was received in cash forms part of the apex bank’s external reserves of N14.9trn.

The CBN statement said, “Also included in convertible currencies (time deposits and money placements, current accounts with foreign Banks, other foreign securities and domiciliary accounts) is cash received from Goldman Sachs and J. P. Morgan.

“The Group entered into a securities lending agreement with Goldman Sachs and J. P. Morgan and as part of the agreement, the Group pledged its holdings on foreign securities in return for cash. The cash received from Goldman Sachs is N0.23 trillion ($500 million), 2021: N0.22 trillion ($500 million) and JP Morgan N3.23 trillion ($7 billion), 2021: N3.05 trillion ($7 billion) is recognised in other foreign securities.”

The accounts show that CBN reserves comprised of Time deposits and Money Placements of N4.68trn, Other foreign securities of N5.88trn, Current Accounts with foreign banks N3.34trn, domiciliary accounts of N294.8bn, sundry currencies and traveler’s cheques of N199.8bn and the N578.6bn Gold Bullion which is 16kg.

Further analyses based on currency showed that reserves had convertible currencies in United States Dollars worth N12.45bn; N1.6trn worth of Chinese Renminbu; N134.5bn worth of British pound; N75bn worth of Euro; N33bn worth of Japanese Yen and N66bn worth of other currencies.

Burkina Faso‘s government, controlled by the junta, suspended Radio Omega on Thursday after an interview was aired that was seen as “insulting” to Niger’s new military leaders.

The station is part of the Omega media group and owned by journalist and former foreign minister, Alpha Barry.

Communications Minister Rimtalba Jean Emmanuel Ouedraogo announced the immediate suspension “until further notice,” saying it was “in the higher interests of the nation.”

The interview featured Ousmane Abdoul Moumouni, a spokesman for a new Nigerien group aiming to return President Mohamed Bazoum to power after a coup on July 26.

Naija News had earlier reported that a former rebel leader and politician, Rhissa Ag Boula initiated the Council of Resistance for the Republic (CRR), opposing the military junta that seized power on July 26.

The CRR aims to reinstate the detained President Bazoum.

Ouedraogo in reaction to the interview denounced Moumouni’s “insulting comments” and said his organization was “clearly campaigning for violence and war” in efforts to restore Bazoum “by every means.”

Burkina Faso, having experienced two military coups in 2021, promptly aligned with Niger’s new leadership, even warning against military intervention to reinstate Bazoum.

In recent months, the authorities have also suspended several French media outlets, reflecting growing tension between the government and the press.

President Alassane Ouattara of Ivory Coast, has given his voice on the coup in Niger Republic, saying the declaration of the Economic Community of West African States, ECOWAS to deploy a standby force is not Nigeria against Niger, but ECOWAS against Niger.

President Ouattara made this submission while addressing newsmen after the ECOWAS Extraordinary Meeting in Abuja on Thursday.

He said, “As you are aware that ECOWAS has taken many decisions in the past legal and factual about coup d’etat and the community has always condemned coup d’etat.

“The coup d’etat has affected many countries in the sub-region ECOWAS in the past in Liberia, Sierra Leone, recently in Gambia, in Guinea Bissau and today we have a similar situation in Niger. I would like to say that ECOWAS cannot accept this. This is not a matter of Nigeria against Niger, not at all.

“The decision that we have made today and I hope it won’t be implemented immediately is a decision of ECOWAS. All the Head of States think that we’ve tried to dialogue [with the military junta] We’ve sent delegation, high personalities like former president Abdusalami Abubakar, the sultan of Sokoto, Sanusi Lamido Sanusi and many other persona;ities in this important country to talk to the people of Niger,” he said.

President Ouattara further said, “However, they are keeping president Bazoum as a hostage. I personally consider this a terrorist act and we cannot let this continue, we have to act.

“The position of Cote D’ivoire which has been endorsed by all heads of states is that we have been able to tell this coupist that their place is in the barracks, they should go to fight a terrorist, and not try to kidnap a democratically elected president.

“So we believe that this is for the credibility of ECOWAS, all of us are concerned and involved in this decision,” he said.

Recall that ECOWAS, on Thursday, ordered its standby force to restore constitutional order in NIger Republic.

The President of ECOWAS, Omar Alieu Touray made the declaration while reading the resolution of ECOWAS on the Niger coup at the ECOWAS Extraordinary meeting in Abuja on Thursday.

It also called on the African Union, AU, partner countries and institutions to support the resolution taken by the sub-regional body.

ECOWAS said all efforts made to dialogue with Niger Republic military junta have been defiantly rejected by coup leaders as they condemn continuous detention of President Mohamed Bazoum and his family members.

The resolution partly reads, “Direct the committee of the Chief of Defence Staff to activate the ECOWAS stand-by force with all its elements immediately.

“Order the deployment of the ECOWAS stand-by force to restore constitutional order in the Republic of Niger.

“Underscore its continued commitment to the restoration of constitutional order through peaceful means.”

The details of any eventual military deployment by ECOWAS states and its impact on Niger were not immediately clear.

“All is not lost yet” for a “peaceful solution, as a roadmap to restore democracy and stability”, said Nigeria’s President Bola Tinubu, who chaired the crisis meeting.

But he added, “No option is taken off the table, including the use of force as a last resort.

“If we don’t do it, no one else will do it for us.”

Before the closed-door talks, Tinubu had insisted that “we prioritise diplomatic negotiations and dialogue as the bedrock of our approach.”

The Central Bank of Nigeria has increased the number of accredited cheque printers and personalisers in Nigeria, a move to promote efficient payment and settlement system.

The apex bank made the disclosure in a circular with reference number: BKS/SCO/CON/001/002, seen by THE WHISTLER. The circular was signed by the Director of Banking Services Department, Sam Okejere.

The circular said, “In furtherance of its mandate to ensure an efficient Payment and Settlement System, the Central Bank of Nigeria, in collaboration with the MICR Technical Implementation Committee, conducted the re-accreditation of Cheques Printers and Cheque Personalisers in line with the NICPAS qualification criteria.

Seven banks received approval as cheque personalisers and they include Zenith Bank Plc, Ecobank Plc, Stanbic IBTC Bank Plc, First Bank Ltd, Keystone Bank Ltd, Wema Bank Plc and Providus Bank Ltd.

The number of printers and personalizer rose from four to six.

They include, Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, Marvelous Mike Press, KAS Arts Services Limited and Papi Printing Company Ltd.

As of May, THE WHISTLER reports that KAS Arts Services Limited and Papi Printing Company Ltd were not part of the list.

The Lagos State Traffic Management Authority (LASTMA) has threatened to prosecute skit and film-makers caught using the agency’s uniform and kits without approval.

This was disclosed by the General Manager of LASTMA, Bolaji Oreagba, on Friday, according to a statement by the Director, Public Affairs and Enlightenment Department of the agency, Adebayo Taofiq.

Oreagba frowned at the demeaning manner in which movie and skit makers portray LASTMA in their movies and skits, as well as the way they use the agency’s uniform without recourse to Section 79 of the Criminal Law of Lagos State 2015 which criminalize such unauthorized use.

According to Oreagba “film or skit makers who portray as LASTMA Officer without applying for, and being duly issued a permit letter for such portrayals, to desist with immediate effect or face the full wrath of the Law.”

He believes that such sanity in movies production, regulation of possession and usage of LASTMA uniform will curb the proliferation of the agency’s kits, uniforms and accoutrements in the state.

Oreagba also pleaded with the National Association of Nigeria Theatre Arts Practitioners (NANTA) and other affiliated bodies to warn their members against unauthorized use of the agency’s uniform.

“We implore National Association of Nigeria Theatre Arts Practitioners (NANTA) and other affliated bodies to warn their members as anyone caught using LASTMA Uniform without an approved permit would be prosecuted,” he added.

The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi has blamed the continuous of fall of Naira against Dollars on unofficial diaspora remittances.

Folashodun Shonubi disclosed this on Thursday, August 10, while presenting a Distinguished Personality lecture titled: “Diaspora Remittances and Nigeria Economic Development” at the National Institute for Security Studies, Abuja, for members of Executive Intelligence Management Course (EIMC) 16.

The acting Governor of the apex bank claimed that many diaspora remittances which come in Dollars are not recorded officially before moving to black or parallel markets.

Shonubi said;

“With those remittances, the dollars have come in, we know the dollars have come in but we don’t see them in the official system. So, they must be going somewhere and somewhere.

“And the challenge with the black market, unofficial market or parallel market or whatever name you want to call it, it is as a result that it is not regulated, and it becomes an easy place to have criminal activities.

“We investigate bankers, not just bankers, anybody who has committed an offence, the first thing they want to do is to run to the black markets, change it to the dollars because it is less money to carry around.

“Some of the funding in the black markets are actually from diaspora remittances. That’s why it important we need to know a lot of what’s going on there. We can’t play the sentiment game. If we don’t understand the dynamics, we usually go with the literature which does not necessarily work for us.”

Shonubi who also stated that many countries have remittances as the major source of dollars or income, added that it would be helpful if measures can be put in place to control illegal remittances and identify these channels so as to ensure remittance flows into the proper channels, and harness maximum benefits to grow the economy.

He said;

“We have countries that earn about 1.5 million dollars in remittances. Everywhere, any place you go even in developed countries such as India, China among others.

“We intend to use more of the banking system to, sending money to Sub-Saharan Africa cost highest because we don’t have masses. It would be helpful if we can work together to identify these channels because we just want the flows into the proper channels, there we can get maximum benefits to grow the economy.

“We talk about black markets, that also creates its own problems. Management of foreign exchange market and the efficacy of our policies to manage the exchange rate becomes difficult due to the insignificance of our diaspora remittances which are going to other markets.

“Today, someone called me privately that and said this thing (Naira) has gone up to some levels in the black markets, my question was, what do you want me to do? Do I operate in the black markets? I don’t know the basis of pricing in the black markets.

“The other thing people don’t realise is that, because you don’t have full information, and I will give you an example since we started I&E window. We found out that some people would deliberately wait to the last minute and do one transaction of $5,000 and that becomes the closing rate.

“We can’t do without diaspora remittances. For many countries, that’s their main source of income.”

This is coming after the Naira plunged to a record low of N910/$1 on the parallel market on Wednesday as demand for foreign currency outstripped supply.

A middle-aged man, Theophilus Ayodeji Obayan, has dragged his estranged wife before a Grade ‘A’ Customary Court sitting in Oke-Eda Akure, Ondo State, for changing their children’s surname to that of her new lover.

Obayan approached the court on Thursday, August 10, 2023, seeking dissolution of his 23-year-old marriage with his wife, Chibuzor Lillian Obayan and custody of their four children.

“My lord, my marriage from onset was characterized with crises, abuse, disobedience, misunderstanding, lies, manipulation, hate and rage,” he narrated.

"I married Lilian in the year 2000 and we have four children. I am a Yoruba, while my wife is of Igbo tribe. I have suffered a lot in the hands of her family because they don’t love me, but I’ve been enduring

“Lilian packed her belongings out of my house to another man’s house in 2019 and went to change her name, including my children’s surname to the name of the Igbo man she’s engaged to,”

The petitioner told the court that his estranged wife did not allow him gain access to his children since she packed out of his house.

He, therefore, prayed the court to dissolve the marriage and grant him custody of the four children, asking the court to order her to change their names back to his.

In her defence, Lilian who countered the petitioner’s claims, said her husband was grossly irresponsible.

“My lord, life was not easy for me over the years we have been together. In fact, Obayan derived pleasure in always molesting and beating me to the extent that I sustained body fractures," the respondent told the court.

"Obayan is not a good husband to me and good father to his children, as he doesn’t pay their school fees nor care about how they are living.

"He didn’t pay my dowry. So, I finally found a man to marry. And my new love wants my children to bear his name instead of that of their irresponsible father

"Our children are old enough to choose for themselves as they are no longer kids. My first two girls, Mayomi and Damilola are 22 and 20 years old, while the boys, Ariyo and Aduragbemi are 18 and 16 years old respectively.”

Lilian added that she was in court with witnesses to establish whether or not there was a traditional marriage between her and the petitioner.

She, therefore, urged the court to dissolve the union, saying she was done with Obayan since he did not pay her dowry.

In his ruling, President of the court, Magistrate Olusegun Rotiba, urged the parties to allow peace to reign between them.

He adjourned the matter till September 28, 2023, for continuation and adoption of oral addresses or probably judgment.

Former President of South Africa, Jacob Zuma, has been released again from prison.

Naija News understands that Zuma appeared at the Estcourt correctional facility on Friday morning and was released under a remission process.

This is coming after the constitutional court last month rejected an attempt to overturn a decision by a lower court that found Zuma’s earlier release on medical parole unlawful.

The Supreme Court of Appeal in South Africa had months ago ordered the former president back to prison.

The apex court directed Zuma to finish his sentence for contempt of court.

Recall that Zuma’s initial arrest two years ago led to violent protests across South Africa that saw over 300 people killed.

Zuma, 81, was sentenced to 15 months imprisonment for defying a court order to participate in a corruption inquiry into high-level corruption during his nine-year tenure as president.

He, however, handed himself over to authorities in July 2021 but was released on medical parole due to ill health two months later.

The former president has since denied all corruption allegations against him

000 PREAMBLE.

The Afenifere held its regular monthly Meeting today, 8^thday of August 2023, at the Isanya Ogbo Ogun State, country home of our Leader, Chief Ayo Adebanjo who presided over the Meeting which was attended by delegates from the member states of the Organisation.

After intensive deliberations on the state of the Nigerian Federation, the Meeting observed and Resolved as follows:

2.00 AFENIFERE AND THE NIGERIAN FEDERATION.

2.01 MEETING affirmed and reiterated the historic position of Afenifere as a political group and the rallying platform for social welfarist progressive ideals inexorably  committed to the greatest good of the greatest number of Nigerians and invariably the conscience of the Nigerian state.

2.02 Recalled that when Nigeria at infancy was in the wilderness and even colonialist Britain in search of the requisite political structure that best suited its vast, diverse and polyglot territory, Afenifere founding fathers provided federalism as the veritable  compass and path to freedom, peace and progress of the emerging giant of Africa.

2.03 Through thick and thin even in the days of military dictatorship, the voice of Afenifere not only resonated in the wilderness but courageously led from the front that the way of the federation be kept straight and back to democracy and true federalism.

2.04 Our founding fathers did not see being in the opposition as a hindrance but a veritable tool to doing good in the interests of the people.  

2.05  Thus as Nigerians eagerly await the courts for the fearless and just determination of the true holder of their sacred mandate, Afenifere is further resolved that no person or group of persons shall hold the reins of power, even for one day, except in the proven interest of Nigeria in their peaceful, prosperous and harmonious diversity.

2.06 That the current comedy of errors in the governance of Nigeria is unprecedented and calls for so much concerns of all compatriots that silence may be inadvertently interpreted as complicity, which is not in the character of Afenifere.

3.00 ECOWAS INTERVENTION IN THE AFFAIRS OF NIGER REPUBLIC AND NIGERIA’S INTEREST.

3.01 Meeting reiterated the abhorrence of the Afenifere to any undemocratic access to power either through the barrels of the gun or electoral brigandage. We hold it as evidently true that military coup and any form of subversion of the constitution and the electoral process as a means of access to power are equal and mutually antithetical to democracy.

3.02 Afenifere condemned unreservedly, the currently  military takeover of the Government of the Republic of Niger and declared that there is no justifiable reason for such an undemocratic act.

3.03 That in the same manner in which the removal of oil subsidy was announced and currently plunged the nation into a myriad of socioeconomic problems, the cavalier and hasty decision by the ECOWAS to intervene in the internal affairs of Niger not excluding the possibility of the military option,  has further submerged Nigeria in needless crises affecting the socio-economic fabric of the nation.

3.04 That while Afenifere believes that Nigeria cannot afford stand aloof on matters affecting the  stability and peace of the West African sub-region, nay Africa, it owes   overriding duty to the national interests of Nigeria and her citizens.  

3.05  That Nigeria and Niger are not only culturally interrelated but also socioeconomically interdependent. Thus any armed conflict in  Niger will have harmful effects on Nigeria.

3.06 That Nigeria can ill-afford the price of war in Niger with costs in money, materials and men and collateral damage to the ancient and sustained relationships between our countries.

3.07 That without much ado, Afenifere calls on the ECOWAS to adopt the option of diplomacy in dealing with the issue in the Republic of Niger.

3.08 Afenifere strongly urged the Nigerien military to see the illegality and futility of usurping the sovereignty of the people of Niger to democratically decide who rules them and immediately return to the path of constitutionality which restricts their duty to the defence of the territorial integrity of the Nigerien state.

4.00 APPOINTMENT OF 48 MINISTERS AND AUSTERITY MEASURES.

4.01 Afenifere condemns as most unconscionable that a government pleading for  understanding and sacrifices from the people, aftermath of a sudden and harsh removal of petrol subsidy and other cowboy economic policies, would present such unprecedented humongous list of 48 ministers and other such appointments for political appeasement in search of legitimacy.

4.02 Afenifere noted that it is most bizarre that the overwhelming majority of Nigerians whose daily preoccupation is how to eke a living and sometimes lay their heads wherever their tired limbs are bended are subjected to the spectacle of opulence and irresponsibility by their political leaders.

4.03 That it is painful that Nigerians are saddled with a parliament that is powerless in the face of this executive rascality the likes that makes the hapless people see  no difference and jump on the streets singing praises of unconstitutional power adventurers.

4.04 That this interim period in the political life of the country has further abysmally exposed the pretences and hypocrisy of those who have often paid lip service to progressive inclinations as rapacious power mongers without a thought for the people.

Dated and issued at Isanya Ogbo, this 8^th day of August 2023.

Chief Ayo Adebanjo

Leader

Chief Sola Ebiseni

Secretary General.