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Money Swap : Pressure on FG, CBN Governor Emefiele over naira scarcity, Supreme Court judgment

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….Anger in Ekiti, Osun, others over rejection of old notes
.,….Radio presenter slumps, dies while trekking to work

THE cash scarcity caused by the naira redesign claimed another life yesterday in Ibadan as pressure mounts on the Federal Government and the Central Bank (CBN) to ease the suffering of the people.

The Bayelsa State Government is suing for calm in the state following Friday’s protest by residents of Akenfa community in Yenagoa Local Government Area to call government’s attention to the tough life they have been facing over the naira scarcity.

They said they had had enough of the rejection of the old naira notes by traders one week after the Supreme Court extended their validity to December 31, 2023.

The placard carrying protesters said life had come to a standstill as they could neither sell nor buy while hunger continued to bite them and their children.

Ekiti State Governor Biodun Oyebanji yesterday joined the list of governors threatening to arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.

But the threats are having little or no effect as traders continue to reject the old notes.

They insist that President Muhammadu Buhari and the CBN must speak out on the judgment of the apex court to guide Nigerians appropriately on the old naira notes.

Baba Bintin L’aye, a presenter with Ibadan-based private radio station, Fresh FM, slumped to death yesterday while taking a walk to the radio station to present his programme.

He had reportedly left home armed with his ATM card in the hope of getting some cash from a POS outlet to pay for his transport fare.

He apparently failed to get the cash hence he resorted to trekking from his Amuloko residence to Challenge area of Ibadan, the location of the radio station, only to collapse on the way.

Baba Bintin L’aye is the latest known casualty of the naira scarcity which has made life unbearable for millions of Nigerians.

Before him was a Kaduna pregnant woman who died at the point of delivery because her husband was unable to pay the required hospital deposit on account of the cash squeeze.

An employee of the Lagos State University (LASU), Johnson Adesola, had also slumped to death last month while on a queue to withdraw cash at a bank on the institution’s main campus at Ojo, Lagos.

At least three other persons were killed also last month during violent protests in Edo State over the naira scarcity.

The federal government and the CBN have continued to keep mum over the Supreme Court judgment, prompting the Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos and Sokoto state governments to consider slamming contempt charges against the Attorney Genral of the Federation and Justice Minister Abubakar Malami (SAN) and the apex bank for non-implementation of the court order.

The states on Friday served the Attorney-General of the Federation the enrolled order of the Supreme Court on the extension of the validity of the old N200, N500 and N1,000 to December 31, 2023.

By the service, the order became automatically applicable to all agencies of the Federal Government, including the CBN.

Malami and CBN Governor Godwin Emefiele risk being committed for contempt of the court if by Monday they fail to comply with the order of the apex court.

The 10 states have activated the machinery to file contempt charges against Malami and Emefiele if they defy the order of the Supreme Court.

The delay in releasing the Certified True Copy (CTC) seems to have encouraged the banks to adopt different attitudes to the judgment of the apex court.

Some of the banks have been giving the old notes to customers but insist that customers go through the strenuous process stipulated by the CBN for the old notes to be banked.

Our correspondence gathered that the enrolled order, dated March 3rd, 2023, was served on AGF Malami yesterday.

A counsel in the matter said: “We have finally served the Attorney-General of the Federation the enrolled order of the Supreme Court.

“What we did on Friday was to fulfill all righteousness by serving the enrolled order on the AGF.

“The Federal Government has been evasive by claiming that it had not received the Certified True Copy (CTC) of the judgment, which we have obtained and made available to it.

“The burden is on Malami to act as the Chief Law Officer of the Federation to comply with the order.

“There is no hiding place for the government; there is no excuse again. While we are waiting for the government’s decision, the law provides us backing for Plan B.”

The enrolled order of the Supreme Court, which was sighted by The Nation, reads as follows: “It is ordered that this suit has merit. That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old 200, 500, and 1000 naira notes is not consistent with the provision of the Constitution of the Federal Republic of Nigeria 1999(as amended) which makes provision for the Executive power of the President of the Federation and the extant laws on the subject matter.

“That the three months’ notice given for the implementation and completion of the said demonetization policy by which time the old N1,000, N500 and N200 naira notes shall cease to be legal tender does not satisfy the condition set out in Section 20(3) of the CBN Act 2007.

“That the President cannot unilaterally give a directive to embark on the demonetization policy pursuant to Section 20(3) of the CBN Act 2007 in view of Nigeria’s Fiscal Federalism, the economic interest of the Constituents of the Federation and without consultation with, and advice from the plaintiff, individually, and in their capacity as members of the National Council of States and National Economic Council and that the directive cannot be given without consultation with, and advice from the cabinet, the National Security Council and other stakeholders.

“That in issuing the directive for demonetization policy pursuant to Section 20(3) of the CBN Act, 2007 on behalf of the Federation of Nigeria, the President is under an obligation to ensure that adequate structures are put in place for the plaintiffs and Nigerian citizens prior to the implementation of the said directive.

“That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old N200, N500 and N1, 000 notes unlawfully impede the exercise of the Executive Powers of the plaintiffs’ states and other obligations to facilitate and protect the welfare of the citizens of the said states pursuant to Section 5(2) and other provisions of the Constitution of the Federal Republic of Nigeria 1999(as amended) as well as other extant laws.

“That the directive given by the President pursuant to Section 20(3) of the CBN Act 2007 limiting the amount that can be withdrawn and the charges therein without an enabling law is unconstitutional and not binding on the plaintiffs.

“That the directive of the President of the President of the Federation exercised is illegal to the extent that it restricts, without an enabling law, the rights of the plaintiffs to freely use their money in various bank accounts.

“That the old version of N200, N500 and N1,000 notes shall continue to be legal tender alongside with the new or redesigned version until 31st December, 2023.

“That the reception of old N200, N500 and N1,000 notes and the swapping of same with new Naira notes shall continue till 31st December, 2023.

“That all the consolidated suits listed in pp. 12-13 of the judgment shall abide this judgment.”

Bayelsa govt calls for calm

Following the Friday protest in Yenagoa and the continuing anger of the people over FG’s silence on the Supreme Court’s judgment, the Bayelsa State Government yesterday pleaded with residents of the state to be calm and shun acts that could jeopardise the peace of the state.

Information, Orientation and Strategy Commissioner Ayibaina Duba said in a statement that while the state government was not in any way against the naira redesign policy of the CBN or the federal government, it was “not comfortable with the method of its implementation that has resulted in further hardship on people of the state and, indeed, the country.”

It urged business operators in the state, particularly banks, traders and keke (tricycle) to “take into consideration the Supreme Court ruling in order to reduce the pains of people of the state.”

It also asked the CBN to “take immediate steps to ease the burden of doing business in the state by making implementation of the policy less cumbersome.”

Ekiti govt to arrest, prosecute traders rejecting old naira notes, says Oyebanji

Ekiti State Governor Biodun Oyebanji said government would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.

His Special Adviser on Media, Mr Yinka Oyebode, in a statement in Ado Ekiti particularly appealed to traders and business owners in the state to stop creating hardship for residents.

The governor explained that the old N500 and N1000 denominations remained legal tender till the end of this year by virtue of the ruling of the Supreme Court.

Oyebanji said that his office had been inundated with the cries of the people due to the hardship being faced as a result of the low circulation of the redesigned naira notes.

Oyebanji said that the refusal of many business owners in the state to accept the old naira notes as means of transaction was unlawful.

He said: “This is an appeal to all residents of Ekiti to abide by the ruling of the Supreme Court, which has provided a reprieve for the people by extending the validity date of the old naira notes till December 31.

“As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.

“Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes,” the statement quoted Oyebanji as saying.

He pledged that his administration would continue to explore avenues to make life more meaningful for the people, as it continues to build a more prosperous state.

The governor, therefore, appealed to the market women and men, artisans, transporters, filling station attendants, supermarket owners and school proprietors as well as service providers to remain law abiding and accept the old naira notes.

He also urged the commercial banks and Central Bank of Nigeria (CBN) to make the old and new currencies available in their branches and at their Automated Teller Machines (ATM) points to ease the stress residents go through to get money for their daily and commercial needs.

Osun residents decry inability to spend old N500, N1000 notes

Residents of Osogbo in Osun have decried their inability to spend the old N500 and N1,000 denominations in spite of the Supreme Court’s pronouncement that they remain legal tender until December 31.

Some of them told the News Agency of Nigeria (NAN) yesterday that were happy with the Supreme Court’s judgment, but were disappointed when traders refused to accept the money.

Mr Adejare Agunloye, a civil servant, said the N10,000 old notes he got from the ATM had become useless as traders refused to accept them from him .

“The situation is really messed up,” he said.

“Imagine the situation where the Supreme Court would give a judgment and people still have to wait for the President to give such court order power of authenticity.

“I have been cash strapped since the new currency issue started and imagine my joy (like many others) when the judgment that banks should circulate the old N500 and N1,000 notes was given.

“Now see, after rushing to withdraw the old money from the bank, there is no where to spend it as traders continue to reject it because the President and CBN governor have not said it should be spent.

“At the moment, I have money I cannot spend, and the worst part is, banks are not collecting the old notes from customers who want to deposit them. Instead, they are asking us to take the money directly to the CBN office for deposit.

“I don’t understand why things in Nigeria are always made difficult by the authorities.”

Another resident, Mrs Ayoade Usman, said she withdrew N5,000 old notes from the ATM with the intention of buying food items from the market.

Usman said she almost got into a fight with some traders when they refused to collect the money from her, saying they don’t accept the old notes.

“I was angry after I wanted to buy pepper and meat and other food items, and these people said they are not collecting the old notes.

“This is the money that the Supreme Court said remains a legal tender till December and this is the same money these traders are refusing to collect.

“So, what is the essence of collecting the old Naira notes from the banks if business operators and traders would not collect them?

“I hope the CBN governor or Mr President would speak or issue an official statement to address this matter, because the banks are still paying out the old notes to customers while business owners are rejecting them,” she said.

Mr Ajayi Ogunsola, a resident and a commercial transport operator, said he was collecting the old notes from passengers, but stopped when he discovered filling stations and traders were not collecting them from him.

“I was collecting the old N500 and N1,000 when the court said we should continue to spend them. But to my surprise, when I wanted to buy fuel, the fuel attendant said she was not collecting the old notes.

“I thought she was joking and told her the Supreme Court has directed that the old notes should remain a legal tender till December 31, but she insisted that the management had directed her and her colleagues not to collect the old notes.

“At this point, I did not know what to do with the old notes with me because I heard banks are also not collecting them, and people are saying I have to take it to the CBN office.” he said.

May God’s judgement be on you, Fani-Kayode curses CBN managers

Lamenting the naira scarcity situation across the country despite recent orders by the Supreme Court, former Minister of Aviation, Femi Fani-Kayode took to his Twitter page on Saturday to rain curses on the people at the helm in Central Bank of Nigeria (CBN) for causing the people untold hardship.

The All Progressives Congress (APC) chieftain lamented that some people at the CBN believe they are greater than the court but should remember they are not greater than God.

“May God’s judgement and curse be upon those at Central Bank who believe that despite the ruling of the courts they are above the law & are greater than their creator. Your money, power, properties & wealth are for but a fleeting moment in the sands of time & echoes of eternity,” he wrote.

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Rebuilding the North-East: Inside Nigeria’s Largest Post-Conflict Recovery Experiment

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How the NEDC is attempting to turn years of devastation into a pathway for long-term development

By Michael Olukayode

For more than a decade, Nigeria’s North-East has remained a symbol of prolonged conflict and humanitarian collapse. The insurgency led by Boko Haram and its breakaway factions did far more than disrupt security—it dismantled entire communities, shattered economic systems, and altered the social and cultural foundations of a region once anchored by farming and cross-border trade.

The human cost has been staggering. More than 350,000 people are estimated to have died directly and indirectly from the conflict. Over 2.5 million individuals were forced from their homes, while at the height of the crisis, about 8.4 million people required urgent humanitarian support. Entire settlements across Borno, Adamawa, and Yobe were destroyed, leaving behind a region marked by displacement and ruin.

A System Built from Collapse

The scale of destruction prompted the establishment of the North-East Development Commission (NEDC) in 2017 under former President Muhammadu Buhari. It was created not simply as a relief agency, but as a long-term institutional response to structural breakdown across an entire region.

Early post-conflict assessments placed the cost of destruction at over $9 billion. Infrastructure losses were extensive: thousands of homes were destroyed, more than 1,400 schools were damaged or completely wiped out, and in some areas over 70 percent of health facilities became unusable. The agricultural sector—long the backbone of the regional economy—collapsed almost entirely, deepening poverty and food insecurity.

To coordinate recovery, the Commission was tasked with implementing the North-East Stabilisation and Development Master Plan (NESDMP), a blueprint designed to move the region from emergency humanitarian response into structured reconstruction and sustainable development.

From Emergency Response to Large-Scale Reconstruction

Since beginning operations, the NEDC has implemented interventions worth hundreds of billions of naira, funded through federal allocations and supported by development partners.

Its activities span all six states of the region—Borno, Adamawa, Yobe, Bauchi, Gombe, and Taraba—where thousands of projects have either been completed or are ongoing.

Across its portfolio, the Commission has:
• Built and rehabilitated thousands of housing units for displaced families
• Executed more than 1,000 infrastructure projects, including roads, schools, and healthcare centres
• Distributed millions of relief items during peak humanitarian emergencies
• Supported agricultural programmes reaching hundreds of thousands of farmers

The Managing Director/Chief Executive Officer of the Commission, Mohammed Goni Alkali, explained that the institution is now deliberately evolving its focus.

“We are transitioning from humanitarian interventions to sustainable development,” he said. “The priority is building systems that can endure beyond immediate recovery.”

He added that reconstruction must be understood beyond physical structures.

“It is not only about rebuilding infrastructure. It is about restoring livelihoods, rebuilding institutions, and restoring hope to communities,” Alkali said.

Gradual Return to Normalcy Across Communities

On the ground, signs of recovery are beginning to emerge across the region, though unevenly.

Large numbers of internally displaced persons have started returning to reconstructed communities, easing long-standing pressure on overcrowded camps. Schools that were destroyed or abandoned during the peak of the insurgency are being rehabilitated and reopened, restoring access to education for thousands of children.

Healthcare delivery has also improved, with rebuilt and newly equipped facilities expanding access, particularly in rural areas that were previously cut off. Road reconstruction projects are reconnecting isolated communities, improving movement, trade, and access to services.

The Governor of Borno State, Professor Babagana Umara Zulum, acknowledged the role of the Commission in supporting recovery efforts.

“The NEDC has played a critical role in supporting the rebuilding of communities and restoring hope to our people,” he said.

Restoring the Economic Lifeline

Before the insurgency, agriculture was the dominant economic activity in the North-East, employing a large portion of the population. The conflict disrupted farming cycles, displaced rural communities, and left vast tracts of farmland abandoned.

Recovery efforts are now focusing on reversing that collapse. Through the distribution of seeds, fertilisers, and farming equipment, as well as investments in irrigation and dry-season farming, agricultural production is gradually resuming. Small businesses and cooperatives are also receiving support to stimulate local economies.

According to Alkali, economic recovery remains central to the Commission’s strategy.

“Without livelihoods, recovery cannot be sustained,” he said. “Economic empowerment is therefore at the core of our interventions.”

Moving Away from Long-Term Aid Dependence

One of the most significant shifts emerging in the region is the gradual transition from humanitarian dependency to self-reliance.

Although millions of people still require assistance, returning communities are increasingly rebuilding their own economic and social systems as stability improves.

Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.

“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.

Security Gains and Lingering Vulnerability

Despite notable progress in stabilisation, the North-East remains fragile. Military operations have significantly degraded insurgent capabilities, but sporadic attacks continue in some areas.

The Chairman of the Governing Board of the NEDC, Major General Paul Tarfa (rtd.), stressed that development must consolidate security achievements.

“Security gains must be reinforced with development initiatives. Only then can we achieve lasting peace,” he said.

Persistent Gaps in the Recovery Process

Even with extensive interventions, major challenges remain. Millions of residents are still dependent on humanitarian assistance, unemployment among young people remains high, and environmental pressures—including climate-related shocks—continue to threaten agricultural recovery.

In addition, funding limitations remain a key constraint, with the scale of needs far exceeding available resources.

The Managing Director acknowledged these gaps but reaffirmed the Commission’s commitment.

“The level of devastation is enormous, but we are committed to working with all stakeholders to deliver sustainable recovery,” Alkali said.

A Region Still in Transition

The North-East today exists in a complex state between crisis and recovery. It remains one of Nigeria’s most vulnerable regions, but also one of its most ambitious reconstruction theatres.

What is unfolding is a slow transformation: from destruction to rebuilding, from dependency to resilience, and from emergency survival to structured development.

Former United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, noted that recovery efforts are beginning to produce measurable improvements.

“There is clear evidence that living conditions are improving and that basic services are being restored,” he said.

Observing during his tenure in the country that: “The transition is visible, but sustaining it will require long-term investment and strong collaboration.”

Conclusion: Beyond Reconstruction

The work of the North-East Development Commission goes beyond rebuilding damaged infrastructure. It represents an attempt to reimagine post-conflict recovery at scale—linking humanitarian relief with long-term development planning.

From housing and healthcare to education and livelihoods, the foundations of a new regional reality are gradually taking shape.

Yet, as stakeholders consistently emphasise, the true measure of success will not be the number of projects completed, but whether the region can sustain stability, dignity, and opportunity over time.

In the North-East, the story of recovery is no longer only about survival.

It is about building a future that once seemed impossible—and ensuring it endures.

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Breaking : Tinubu Appoints Oyedele as Finance Minister in Cabinet Shake-Up

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…Edun, Dangiwa exit FEC

…Darma named Housing minister-designate

President Bola Ahmed Tinubu has approved a minor cabinet reshuffle, effecting changes in the membership of the Federal Executive Council (FEC) with the exit of two ministers and the appointment of replacements.

The decision, conveyed in a memo signed by the Secretary to the Government of the Federation (SGF), George Akume, directed the immediate redeployment of portfolios to strengthen governance delivery.

According to a statement issued by Special Adviser to the SGF on Media and Publicity, Yomi Odunuga, Mr. Wale Edun has been relieved of his duties as Minister of Finance and Coordinating Minister of the Economy under the reshuffle.

He is to hand over to Mr. Taiwo Oyedele, who has now been elevated to the position from his previous role as Minister of State in the ministry.

Similarly, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, is to exit the cabinet, with the President naming Dr. Muttaqha Rabe Darma as ministerial nominee and minister-designate for the ministry.

The directive also mandates that Dangiwa hand over to the Minister of State in the ministry, pending Darma’s confirmation and assumption of office.

According to the memo, all handover and takeover processes are to be completed by close of business on Thursday, April 23, 2026.

Explaining the rationale for the changes, Akume said the reshuffle was designed to “strengthen cohesion, synergy in governance as well as achieve more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

He added that the President exercised his constitutional powers under Sections 147 and 148 of the 1999 Constitution (as amended) in effecting the changes.

The President expressed appreciation to the outgoing ministers for their service to the nation and wished them success in their future endeavours.

Akume further conveyed the President’s assurance to cabinet members that the process of reinvigorating the government would be continuous and in line with the administration’s policy objectives.

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JUST IN: Federal Government Arraigns Suspected Coup Plotters on 13 Charges

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The Federal Government has filed a 13-count charge before the Federal High Court in Abuja against six individuals, including two retired senior military officers and a serving police inspector, over an alleged plot to wage war against Nigeria and commit acts of terrorism.

The defendants—retired Major General Mohammed Gana, retired Naval Captain Erasmus Victor, Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Goni, and Abdulkadir Sani—are scheduled to be arraigned on Wednesday, April 22, before Justice Joyce Abdulmalik.

Also listed in the charge, but said to be at large, is a former Minister of State for Petroleum Resources, Timipre Sylva.

The charge, filed on Monday by the Office of the Attorney-General of the Federation and signed by the Director of Public Prosecutions, Rotimi Oyedepo (SAN), accuses the defendants of offences ranging from treason and terrorism to failure to disclose security intelligence and money laundering linked to terrorism financing.

The prosecution alleged that the defendants conspired in 2025 “to levy war against the state to overpower the President of the Federal Republic of Nigeria,” an offence punishable under Section 37(2) of the Criminal Code.

The Federal Government further alleged that the defendants had prior knowledge of a planned treasonable act involving one Colonel Mohammed Alhassan Ma’aji and others but failed to alert authorities.

According to the charge, the defendants, “knowing that a treasonable act was intended to be committed, did not give information thereof with all reasonable despatch to either the President… or a peace officer.”

They were also accused of failing to take preventive steps, as the charge stated that they “did not use any reasonable endeavours to prevent the commission of the offence.”

Beyond treason, the defendants are facing terrorism-related charges under the Terrorism (Prevention and Prohibition) Act, 2022. Prosecutors alleged that they “conspired with one another to commit an act of terrorism in the Federal Republic of Nigeria.”

Inspector Ahmed Ibrahim and Zekeri Umoru were specifically accused of attending meetings linked to the alleged plot, “in a bid to further a political ideology which may seriously destabilise the constitutional structure of the Federal Republic of Nigeria.”

The charge also accused the defendants of providing support for terrorism, alleging that they “knowingly and indirectly rendered support” to facilitate acts of terror.

In addition, the prosecution alleged deliberate suppression of intelligence, stating that the defendants “had information which would be of material assistance in preventing the commission of the act of terrorism, but failed to disclose the information to the relevant agency as soon as practicable.”

On the financial aspect, several defendants were accused of handling funds linked to terrorism financing, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

“indirectly retained the aggregate sum of N50,000,000, which forms part of the proceeds of an unlawful act, to wit: terrorism financing,” while Abdulkadir Sani allegedly retained N2m from a similar source.

Zekeri Umoru, according to the charge, “without going through a financial institution accepted a cash payment of the sum of N10,000,000,” and also retained an additional N8.8m suspected to be proceeds of terrorism financing.

Inspector Ahmed Ibrahim was also accused of taking possession of “the sum of N1,000,000, being part of proceeds of terrorism financing.”

The case is expected to test the Federal Government’s resolve to prosecute alleged threats to national security as proceedings commence before the Federal High Court in Abuja.

In October 2025, the Federal Government announced the cancellation of a ceremonial parade earlier scheduled to mark Nigeria’s 65th Independence Anniversary on October 1.

Days after the announcement, reports emerged linking the cancellation to an alleged coup plot. However, the Defence Headquarters dismissed the claims, insisting that the decision had no connection with any coup attempt.

Later that month, on October 31, authorities confirmed that 16 military officers had been arrested in the first week of October over the alleged plot, while two others were declared at large.

In January 2026, the Defence Headquarters confirmed that there was indeed a plan to overthrow President Bola Ahmed Tinubu.

The Director of Defence Information, Samaila Uba, said investigations carried out in line with military procedures uncovered the involvement of some personnel in the alleged coup plot.

Uba added that those implicated would be arraigned before appropriate military judicial panels.

In March, family members of the detained officers appealed to President Tinubu to ensure that the suspects were tried in an open court.

At a press conference in Abuja, wives and relatives of the detained officers also demanded access to the accused, whom they described as alleged coup masterminds.

The agitation continued in April, as families of the detained officers staged a protest at the entrance of the National Assembly, calling for a speedy trial and improved access to their relatives in custody.

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