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Money Swap : Pressure on FG, CBN Governor Emefiele over naira scarcity, Supreme Court judgment
….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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Alleged Coup Attempt Against Tinubu, Fraud Charges: Sylva Faces Possible Arraignment in Absentia
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Former Bayelsa State Governor, Timipre Sylva, has yet to return to the country months after his Abuja residence was raided by operatives of the Defence Intelligence Agency.
It was reported that the raid was connected with investigations into the alleged coup attempt against President Bola Tinubu.
Our correspondence gathered that Sylva, who was also declared wanted by the Economic and Financial Crimes Commission over alleged $14,859,257 fraud, might be arraigned in absentia for financial crimes.
Top officers of the Department of State Services and the EFCC told one of our correspondents that the International Criminal Police Organisation and other Nigerian partners in the war against crime were currently trailing the former governor.
The Defence Headquarters had, in October 2025, dismissed reports of a coup attempt, despite the arrest and detention of 16 officers accused of sponsoring the plot.
The DHQ, in a statement by its Director of Defence Information, Brig Gen Tukur Gusau, on October 18, 2025, denied a Sahara Reporters story linking the detention of the officers to a failed coup and the cancellation of the October 1 Independence Day parade.
Gusau described the report as “intended to cause unnecessary tension and distrust among the populace.”
“The ongoing investigation involving the 16 officers is a routine internal process aimed at ensuring discipline and professionalism within the ranks. An investigative panel has been duly constituted, and its findings will be made public,” he said.
However, last Monday, the military backtracked, confirming that there was indeed a plot to topple Tinubu’s administration.
Presenting the outcome of investigations on the detained officers, the new Director of Defence Information, Maj Gen Samaila Uba, said the findings identified several officers with cases to answer over allegations of plotting to overthrow the government.
He said, “The findings identified a number of officers with allegations of plotting to overthrow the government, which is inconsistent with the ethics, values and professional standards required of members of the AFN.”
He noted that those indicted would be formally arraigned before relevant military judicial panels to face trial in line with the Armed Forces Act and other applicable service regulations.
Following the arrest of the 16 military officers, Sylva’s Abuja residence was raided on October 25, 2025, by operatives of the DIA.
Sylva was out of the country at the time his house was raided, but his younger brother, Paga, who serves as his Special Assistant on Domestic Affairs, along with his driver, was arrested during the operation.
Also, the former governor was declared wanted on November 10, 2025, over an alleged case of “conspiracy and dishonest conversion” of $14,859,257, part of funds injected by the Nigerian Content Development and Monitoring Board into Atlantic International Refinery and Petrochemical Limited for the construction of a refinery.
However, Sylva’s Special Assistant on Media and Public Affairs, Julius Bokoru, dismissed reports linking his principal to the coup plot, describing them as baseless and politically motivated.
He described the reports as the handiwork of “desperate and self-seeking politicians seeking to actualise their ambitions ahead of the 2027 elections.”
In a statement, Bokoru condemned the EFCC’s action, noting that the former minister was undergoing medical examination in the UK and would honour the commission’s invitation upon his return to Nigeria.
However, three months after being declared wanted, Sylva has yet to return to the country.
Our Findings revealed that the EFCC had alerted Interpol to facilitate the arrest of the former governor.
Although the Interpol spokesperson in Nigeria, Benjamin Hundeyin, who also doubles as the Force Public Relations Officer, neither answered calls nor responded to messages sent to his phone, top security officers, including DSS and police personnel, said Interpol was involved in efforts to apprehend Sylva.
“Interpol was contacted immediately after the former governor was declared wanted. Apart from the EFCC, the service is also after him. He can’t hide forever. He should submit himself for investigation if he is indeed innocent.
“Nnamdi Kanu was out of the country for a while, thinking he was off the radar. But where is he today? We will also get Sylva,” said a DSS operative knowledgeable about the matter.
Similarly, an EFCC officer, who spoke with our correspondence on condition of anonymity because he was not authorised to speak on the matter, disclosed that Sylva would be arraigned.
“He is still on our wanted list. We are looking for the right time to arraign him. However, investigations are ongoing. We are building our case against him and, when concluded, he will be charged,” the source said.
Asked if the commission would proceed to court before his apprehension, the source said Sylva could be arraigned in absentia.
“It is possible, and the law makes provision for it. However, we have not concluded that this is the option we will take. But legally, it is possible,” he added.
Speaking with one of our correspondents, another EFCC operative urged the former governor to turn himself in.
“When a suspect of such status is declared wanted, all our partners around the world are placed on notice. Wherever he is, he will be traced. The right thing to do is to turn yourself in,” he added.
However, when contacted last Thursday, Sylva’s spokesperson declined to comment on the matter.
“Given the confirmation by the Defence Headquarters, this is now a national security matter. I am not in a position to comment on speculations, travel or investigations. Relevant authorities are best placed to speak when appropriate,” Bokoru said in a text message.
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Nigeria and Türkiye Agree to Accelerate Trade, Energy and Defence Partnerships, Says Tinubu
President Bola Tinubu says Nigeria and Türkiye have agreed to fast-track cooperation in trade, energy and defence to boost jobs, investment and shared prosperity.
The President disclosed this on Tuesday via his official X handle during his ongoing State Visit to Ankara, Türkiye.
Tinubu said discussions with Turkish President Recep Tayyip Erdoğan focused on deepening bilateral relations and delivering tangible economic benefits for citizens of both countries.
“President Recep Tayyip Erdoğan and I reaffirmed our shared ambition, which speaks directly to jobs, investment and opportunity for our people,” the President said.
He said both leaders agreed on the need to expand trade volumes and remove structural barriers limiting business growth between Nigeria and Türkiye.
“We are creating a clear pathway to a five-billion-dollar trade volume between Nigeria and Türkiye,” Tinubu stated.
The President described the talks as practical and forward-looking, driven by mutual interests and shared regional and global responsibilities.
“Our conversations were practical and forward-looking: trade and investment, energy, education, defence cooperation, peace and security,” he said.
Tinubu announced the establishment of a Joint Economy and Trade Committee to drive implementation of agreements and attract fresh investments.
“The creation of a Joint Economy and Trade Committee will unlock new flows of capital,” the President noted.
He said the committee would also support industrial growth, technology transfer and stronger private sector participation.
Tinubu welcomed President Erdoğan’s acknowledgement of Nigeria’s ongoing reforms, especially in the energy and investment sectors.
“I welcome President Erdoğan’s recognition of Nigeria’s reform momentum, particularly in the energy sector,” he said.
The President said the renewed confidence reflected Nigeria’s commitment to transparency, stability and sustainable economic growth.
“We are determined to build an economy that works for everyone, including the most vulnerable,” Tinubu added.
On regional security, Tinubu reaffirmed Nigeria’s responsibility to promote peace and stability across Africa.
“Nigeria will continue to play its role in peace and stability in Africa,” the President said.
He said Türkiye’s expertise in counter-terrorism and defence cooperation would strengthen collective responses to emerging security threats.
“Türkiye’s experience and readiness to cooperate in training, intelligence sharing and counter-terrorism strengthen our resolve,” he stated.
Tinubu said nine bilateral agreements were exchanged at the end of the meetings between both leaders.
The agreements cover defence, education, media cooperation, diaspora policy, trade facilitation, social development and institutional collaboration.
“Nigeria remains open for serious partnership. Open to trade without barriers, ideas, skills and investment that create value and shared prosperity,” he said.
Tinubu reaffirmed Nigeria’s commitment to inclusive growth, peaceful coexistence and active global engagement.
“We are building an inclusive economy. We are strengthening peace. Nigeria will continue to engage the world with confidence and clarity,” Tinubu said.
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Strengthening Cultural Leadership to Eliminate Violence Against Women and Girls
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Op-Ed | By Maxime Houinato
As Africa stands at a crossroads in the fight against violence targeting women and girls, the continent’s traditional leaders hold a uniquely powerful key to unlocking lasting change. Their influence—rooted in culture, authority and community trust—positions them not just as custodians of heritage, but as essential partners in redefining norms, protecting rights and leading a continental shift toward safety, dignity and equality for every woman and girl.
In the coming week, traditional leaders from across Africa will meet in Lagos to explore how culture can advance dignity, safety, and equality. Their convening could not be timelier. Violence against women and girls remains widespread, underreported, and a major obstacle to achieving Agenda 2063 and the SDGs. Recent UN and WHO findings confirm that intimate partner and sexual violence persist at alarming levels, underscoring the need for strong, locally led prevention and accountability.
This important convening in Lagos is made possible through the valued support and partnership of the Ford Foundation, whose long-standing commitment to gender justice, human rights, and community-led solutions continues to strengthen efforts across Africa to end violence against women and girls.
Sub-Saharan Africa records some of the world’s highest rates of intimate partner violence, with studies showing that over 40% of women surveyed have experienced emotional, physical, or sexual abuse. Regional data platforms confirm that both lifetime and recent intimate partner violence remain alarmingly common. The effects also span generations: research across 37 African countries links mothers’ experiences of violence to higher risks of illness, undernutrition, and even death among children under five, highlighting IPV as a major threat to child survival and public health.
Where culture must evolve
Africa has made notable strides, yet harmful practices still put millions of girls at risk. West and Central Africa remain the global epicentre of child marriage: nearly 60 million women and girls in the region were married before 18, with Nigeria bearing the largest absolute numbers. These figures, drawn from UNICEF’s databases, remind us that while progress is possible, it is not guaranteed without sustained, community-anchored change.
There are bright spots. In Kenya, the latest Demographic and Health Survey shows FGM prevalence fell to about 15% in 2022, down from 21% in 2014, a testament to policy commitment and local norm change. Yet prevalence remains extremely high among several communities, and sustained vigilance is required to prevent medicalisation or cross-border practices.
Nigerian realities, African momentum
Nigeria mirrors the continental picture: national surveys and administrative data point to widespread physical, sexual and emotional violence, with thousands of cases reported to authorities each year, figures that almost certainly undercount the true burden. The Government’s National GBV Data Collation Tool is an important step toward standardising reporting and improving coordination; scaling it nationwide and linking it to survivor-centred services will save lives.
Encouragingly, the upcoming Conference of African Traditional Leaders in Lagos, already drawing commitments from eminent leaders, signals growing recognition that cultural authority can be mobilised to protect women and girls. UN Women’s work with traditional councils across Africa has shown that when custodians of culture publicly denounce harmful practices, backed by evidence and community dialogue, norms shift and laws gain legitimacy. It is why we helped catalyse platforms like the Council of Traditional Leaders of Africa to champion the abandonment of child marriage and FGM.
Law works best when culture leads
Africa’s legal architecture has advanced. The Maputo Protocol, our continental bill of women’s rights, has spurred reforms, and the African Commission recently moved to develop a Model Law to accelerate domestication and harmonisation across countries. These instruments matter: they provide standards, remedies and budgets. But their power is realised when interpreted through community values that affirm women’s dignity.
Evidence from the Spotlight Initiative, the EU-UN partnership with the African Union, shows that multi-sector, locally-led approaches can reduce harmful practices, strengthen services, and improve prevention. Traditional and religious leaders who champion public declarations, alternative rites of passage, and community bylaws help convert state law into lived practice.
A practical agenda for traditional leaders
I urge traditional leaders to make clear, practical commitments that have been proven to drive change: publicly and repeatedly denounce harmful practices such as child marriage, widowhood rites and FGM, backing declarations with community bylaws aligned with national law; promote survivor-centred justice in customary systems through strong referral pathways, bans on forced reconciliation, and proper case documentation; safeguard girls’ childhoods by ensuring birth and marriage registration, enforcing 18 as the minimum age of marriage, and supporting re-entry to school for married or parenting girls; encourage alternative rites of passage and positive models of masculinity that reject violence; and use their influence to push for stronger laws, adequate funding, and community engagement to address all forms of violence against women and girls.
Culture is not a relic; it is a living promise we renew with each generation. As guardians of that promise, Africa’s traditional leaders can be the champions of a continental transformation: from harmful silence to protective speech, from permissive norms to zero tolerance. If we act with urgency and unity, a life free from violence can become every African woman’s and girl’s lived reality.
Maxime Houinato is the UN Women Regional Director for West and Central Africa, providing strategic leadership across 24 countries to advance gender equality, strengthen women’s rights, and accelerate the elimination of violence against women and girls. In this role, he guides UN Women’s regional programmes on women’s economic empowerment, governance and political participation, humanitarian action, and the prevention and response to gender‑based violence.
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