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Naira Swap :“bear this moment with equanimity”. Gbajabiamila faults the decision of the FG to disregard the Supreme Court order

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…says policy implementation poor

…adds it’s unclear what interest is being served

The Speaker of the House of Representatives Rep. Femi Gbajabiamila on Thursday faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.

It will be recalled that the apex court had last week given an order for the old 1000, 500 and 200 Naira notes to remain legal tender pending the determination of a case brought before it by some state governors.

On Wednesday, the apex court also reiterated its order and adjourned the matter to February 22.

On Thursday morning, President Muhammadu Buhari, in a nationwide broadcast, said he had instructed the Central Bank of Nigeria (CBN) to reintroduce the old N200 note until April 10, 2023, while the old N1000 and N500 have stopped being legal tender.

Reacting in a statement he personally signed in Abuja on Thursday, Gbajabiamila said though the president’s directive was a step in the right direction, the Federal Government could not afford situations that “suggest a wanton disregard for the rule of law.”

“This morning, President Muhammadu Buhari, GCFR, announced that he has authorized the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation, pending when the Bank can make sufficient amounts of the new currency available. This is a step in the right direction, and I hope it helps curb Nigerians’ suffering.

“However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation.

“It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law. It will be better for us to strictly adhere to the court’s order in this matter pending the adjudication of the substantive suit,” he said.

Gbajabiamila however urged the citizens to “bear this moment with equanimity.”

He also urged the people to desist from actions capable of causing the break down of law and order.

“For the sake of our country, we must work together to resist actions that escalate tensions and endanger our democracy at this crucial moment of national awakening and rebirth.

“In all things, let the well-being of our fellow citizens and the survival of our nation be foremost in our hearts and guide all the decisions we make in this historic moment”, the speaker said.

Bemoaning the current situation in the country, Gbajabiamila added that “citizens and visitors are experiencing grave and unnecessary hardship across our country. They spend hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities.

“This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by the Central Bank’s Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”

He said Section 20(3) of the CBN Act, 2007 provided the statutory authority for the apex bank to initiate and implement policies for the recall of Nigerian currency, stressing that based on the provisions of the law, there were 3 conditions precedent for the CBN to recall existing Naira notes.

“The first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given. The third is that the Central Bank of Nigeria shall pay the face value of the recalled currency upon receipt.

“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the Central Bank of Nigeria (CBN) has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided.

“The current scarcity of cash is happening because the Central Bank of Nigeria (CBN) did not sufficiently replace the old currency it pulled out of circulation across the country. This created an artificial scarcity that put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country.

“Businesses cannot operate because neither they nor their customers have access to cash, and electronic banking platforms appear to have uniformly collapsed. It is unclear what interest is served by persisting in this erroneous course towards an unfolding economic disaster that the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.

“It is disheartening that the Central Bank of Nigeria (CBN) has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure.

“It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court is sufficient to cause the Governor of the Central Bank of Nigeria (CBN) to review the decisions that have brought us to this entirely avoidable moment”, Gbajabiamila said.

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Breaking : APC National Chairman, Abdullahi Ganduje, Resigns

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Ganduje, a former Governor of Kano State, cited health reasons for his resignation, stating that he needs to “focus on his well-being.”

Mr. Ganduje’s time as APC chairman has been fraught with controversy and internal challenges.

While his resignation letter attributes his decision to health-related concerns, sources close to the situation suggest that mounting political tensions within the party may have influenced his move to step aside.

There have also been allegations of financial misconduct tied to his leadership, with some party members reportedly protesting against what they described as “excessive financial demands” from his office

 

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BREAKING: At last, Fubara meets with Amaewhule, Rivers lawmakers, as they shared jokes and laughter

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Suspended Rivers Governor Siminalayi Fubarahas met with the suspended Speaker of the House of Assembly, Martins Amaewhule and other aggrieved state lawmakers.

Multiple sources confirmed on Thursday evening the meeting held and ended with Fubara holding the hands of Amaewhule as they shared jokes and laughter.

It was gathered that the meeting, which was held in Abuja, was the first reconciliatory move between the governor and the state lawmakers.

A source, who spoke in confidence, said Fubara’s engagement with the lawmakers was fruitful but added that an enlarged peace meeting would hold to discuss peace terms.

“The suspended Governor is determined to make peace. He has started the real engagement,” the source said.Fubara was suspended from office on March 19 following a state of emergency declared by President Bola Tinubu and ratified by the National Assembly to stop the escalating political crisis in the state.

 

The President appointed former Naval Chief, Vice-Admiral lbok Ete-Ibas for the first six months as an administrator for Rivers to allow the warring politicians to reconcile their differences.

 

Though Fubara had met with his estranged benefactor, Nyesom Wike and President Tinubu on the Rivers situation, the Thursday meeting he held with the lawmakers was said to be the most important step towards genuine reconciliation.

Wike had said on different occasions that to actualise genuine reconciliation Fubara must meet with the various stakeholders he offended especially members of the House of Assembly, whom he withheld their salaries and allowances for over two years.

 

It was learnt the Thursday elicited applauses from various stakeholders in the state including the simplified family of Fubara with many of them describing it as a step in the right direction.

 

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Renewed Hope: Jubilation in A’Ibom as Tinubu, Akpabio Welcome Governor Eno to APC on Saturday

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Security has been heightened in Uyo, the Akwa Ibom State capital, ahead of President Bola Ahmed Tinubu’s visit for the grand reception of Governor Umo Eno into the All Progressives Congress (APC) on Saturday.

The event, to be held at the Godswill Akpabio International Stadium, Uyo, will be hosted by Senate President Godswill Akpabio, alongside the APC National Chairman, Abdullahi Ganduje.

Dignitaries expected at the high-profile reception include members of the Progressive Governors’ Forum, the APC National Working Committee, party chieftains, and key political stakeholders from across Nigeria.

The planned reception was confirmed in a statement issued by Aniekan Umanah, chairman of the media & publicity subcommittee “The All Progressives Congress (APC) is pleased to announce that all is set for the grand reception of the Governor of Akwa Ibom State, His Excellency, Pastor Umo Bassey Eno, Ph.D., and his team into the APC.“The historic event is scheduled to hold on Saturday, June 21, 2025, by noon at the Godswill Akpabio International Stadium, Uyo.

  • “His Excellency, Alhaji Dr. Abdullahi Umar Ganduje, the National Chairman of the APC, will formally receive Governor Umo Eno and his team into the party, following an official presentation by the Akwa Ibom State APC Chairman, Obong StephenThe event will be graced by the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, and Leader of the APC, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, who will officially welcome Governor Eno into the progressive fold.

“Also expected is the Chief host and President of the Senate, His Excellency, Distinguished Senator Godswill Obot Akpabio GCON, whose presence will further underscore the spirit of unity and political alignment between Akwa Ibom State and the Federal Government. This moment marks a significant milestone in fostering collaboration for the progress and prosperity of the State.

“Other dignitaries expected include members of the Progressive Governors’ Forum, the APC National Working Committee, senior party chieftains, and key political stakeholders from across the country.

“The APC warmly invites traditional rulers, political leaders, women and youth groups, and all citizens and residents of Akwa Ibom State to be part of this historic celebration.

“Come and join us in giving President Bola Ahmed Tinubu, the Senate President, and other distinguished guests a rousing welcome as we celebrate unity, progress, and the rising hope of Akwa Ibom State under the APC”, the statement added.

Meanwhile, the state commissioner of police, Baba Azare, disclosed that adequate security is being put in place for the event.

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