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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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Update : Akwa Ibom Governor, Eno, Likens PDP to a Faulty Aircraft, Set to Declare Defection to APC

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A former lawmaker, Otuekong Sunny Jackson Udoh has advised Akwa Ibom State Governor, Pastor Umoh Eno to show wisdom and magnanimity after his triumph at the Supreme Court last Thursday.
Gov Umo Eno
Governor Umo Eno of Akwa Ibom State has sparked speculation over a potential political realignment after openly questioning the viability of the Peoples Democratic Party (PDP) as a platform for his political aspirations beyond 2027.

Speaking at a constituency outreach meeting on Tuesday in Ikot Akpankuk, Ukanafun Local Government Area, the governor likened the PDP to a faulty aircraft, suggesting he might consider boarding a “different plane” to reach his political destination—an analogy many interpret as a hint at defection to the All Progressives Congress (APC).

“If you wanted to travel with Ibom Airline, and on the verge of taking off, it developed a fault that won’t enable it to fly, won’t you board the next available plane to take you to your destination?” Eno asked, addressing a large crowd at the Town Square meeting for the Ukanafun/Oruk Anam federal constituency.

His remarks come amid growing concerns over internal disunity and instability within the PDP, exacerbated by recent defections, including that of Delta State Governor Sheriff Oborevwori to the APC.

Despite raising concerns about the PDP’s direction, Governor Eno called on his supporters to remain committed to the goals of his administration, emphasizing that service delivery remains his top priority.

As part of the engagement, the governor distributed empowerment packages to more than 400 constituents. The distribution included Traders and Farmers Grants, substantial MSME funding, and equipment support. Specifically, 154 traders received grants, 116 farmers were supported, four individuals received N5 million each for business development, and 131 benefitted from equipment support.

In his remarks, Governor Eno urged beneficiaries to utilize the funds responsibly and cautioned against investing in Ponzi schemes or other non-productive ventures.

“We need to meet with the people from time to time. Governance doesn’t end at elections,” he said. “We’re here to listen, to assess your needs, and to let you know what we’ve done and what we plan to do.”

Eno also revealed that the administration had so far covered four of the state’s 10 federal constituencies in this engagement drive and assured that all would be completed in time to incorporate their needs into the 2026 budget.

“We will review your requests and prioritize based on available resources. What we can’t do now will be considered in future budgets,” he added. “This government belongs to the people—it is for you, with you, and by you.”

Governor Eno has not formally declared any party switch, but his comments have intensified political discussions about the evolving dynamics within Akwa Ibom and the national opposition landscape.

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Breaking : Oborevwori , Okowa others dumps PDP, defects to APC

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Delta State Governor, Sheriff Oborevwori, the immediate past governor, Ifeanyi Okowa, and all members of the Peoples Democratic Party in Delta State have defected to the All Progressives Congress.

The announcement was made on Wednesday in Asaba, the Delta State capital, by Senator James Manager, shortly after a meeting that lasted over six hours at Government House, Asaba.

Manager stated, “All PDP members in the state, including the governor, former Governor Okowa, the Speaker, the state party chairman, all the local government chairmen and others, have agreed to move to the APC.

“We cannot continue to be in a sinking boat,” he said.

The Delta State Commissioner for Information, Mr Aniagwu Charles, officially confirmed the governor’s defection and the collective decision of Delta PDP leaders and stakeholders to join the APC.

Political observers have described the move as a major realignment that could reshape the political landscape of Delta State ahead of the 2027 general elections.

While Governor Oborevwori has yet to make a public statement on the defection, sources say further details on the rationale behind the move may emerge in the coming days.

Wike’s allies secure PDP control in Bayelsa, Edo
“There is a need for us to adjust our drinking patterns. And in adjusting that drinking pattern, we needed to make a decision that would further help to cement the development in our state, to build the court of law that has existed in our state, to further advance the cause of security and the welfare of our people, and, to a large extent, ensure that development in Delta is not truncated,” Aniagwu stated.

He continued, “In taking that decision, we concluded that leaving the PDP was very necessary for us to be able to collaborate and build a state that every Deltan will be proud of. We believe that what is happening, and the state of the PDP, is akin to that palm wine whose taste has changed — and there was a need for us to change the drinking party.”

Charles added that the decision was unanimously made by party leaders and stakeholders, hinting at a formal public declaration soon.

“By the grace of God, on Monday next week, we will be able to make a very big statement confirming that we are moving into the APC,” he said.

The move marks a significant turning point in Delta State politics, signalling a broader political recalibration that could reshape party dominance in the South-South region.

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Update : C’River PDP Deputy Governorship Candidate,Emana Resigns From Party

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The Peoples Democratic Party (PDP) Deputy Governorship Candidate in 2023 general election, in Cross River State, Dr Emana Duke Ambroose-Amawhe, has resigned her membership from the party.

In a letter dated
march 28,2025, and addressed to the chairman of Edem Odo Ward, in Akpabuyo local government area of Cross River State, the former Deputy Governorship Candidate,explained that the resignation was with immediate effect.

She said her decision to leave the party was not made lightly, but she remains committed to serving her community and contributing to the progress of Cross River state and nation in other capacities.

In her words, “i am writing to formally resign my membership from the Peoples Democratic Party (PDP) with immediate effect.

” I sincerely appreciate the opportunity given to me over time to contribute my quota to the growth of the party and the chance to serve as the Deputy Governorship Candidate in the last general elections.

” It was a privilege to be part of the PDP’s vision and engage with our people in meaningful ways. However, after much reflection in light of the current state of affairs within the party, I believe it is time for me to move on.

“This decision was not made lightly, but I remain committed to serving my community and contributing to the progress of our state and nation in other capacities.

Continuing ” I appreciate the relationships and experiences gained during my time with the party and wish the PDP success in its future endeavours.

Amawhe, an embodiment of competence, capability and capacity,
was the Deputy Governorship Candidate to Senator Sandy Onor in Cross River State during the 2023 elections.

She was also an aspirant to the House of Representatives for the Bakassi/Akpabuyo/Calabar South Federal Constituency on the platform of the PDP.

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