Category: Lawal Ogienagbon

  • Emefiele: Bull in a China shop

    Emefiele: Bull in a China shop

    BY the time the Presidency finally broke its silence on the issue, a lot of damage had been done. Many lives had been lost and many businesses crippled. Till today, Nigerians are yet to get their bearings right over the naira redesign policy. It will be an understatement to say that things have turned upside down.

    Under the policy, the old N200, N500 and N1000 notes, as they are now known, are to be replaced with new ones. But the problem is that the Central Bank of Nigeria (CBN) was and is still not ready for the exercise for which it hastily set a January 31 deadline. It introduced the policy in October, unveiled the specimen notes in November and fixed January 31 for the phasing out of the old notes.

    The timeline for doing all these was 90 days. Ninety days! Is that possible with the shoddy way things are done in this country? CBN Governor Godwin Emefiele, who was in a hurry to push the policy through for reasons best known to him, said everything was in order. The Nigeria Security Printing and Minting Company (NSPMC), he said, was equal to the task of printing the required volume of new notes. It was a lie.

    The Mint lacks the capacity to undertake the job if that magnitude and that marked the beginning of the problem with the policy. By then over N3 billion had been mopped up by CBN through the deposit money  banks (DMBs), while only N500 million of the new notes were pushed out. How do you run an economy of over 200 million people with that amount?

    Is the amount proportionate to the volume of the gross domestic product (GDP).

    According to economists, the currency in circulation must take into consideration the content of the  GDP to avoid a run on the sectoral components that make up the GDP. Emefiele threw all economic considerations to the winds. He was more interested in the political side of his policy which he claimed was to stop vote-buying during the elections.

    Is it possible to run an election without cash? He answered that question himself when he was confronted by the electoral umpire, Prof Mahmood Yakubu, that they would need money to plan for the elections. Emefiele quickly said that he would give the Independent National Electoral Commission (INEC) the cash it required. “Just come to me and I will give you the money”, he said. Is it CBN’s job to disburse money to INEC. It is not, but we are in a country where anything goes.

    So, it went on and on. Affected by this harsh policy, Kaduna, Kogi and Zamfara states sued the Federal Government. The Supreme Court granted their request for an interim injunction restraining CBN from enforcing its February 10 deadline for phasing out the old notes.

    On February 10, the Council of State (CoS), after a meeting with President Muhammadu Buhari said the old and new notes should co-exist to ease the people’s pains. Despite the interventions of the Supreme Court and the CoS, the President did the unthinkable on February 16. That was six days after the February 10 date that he promised to positively resolve the crisis. 

    His February 16 national broadcast was not positive, at all. It disobeyed the Supreme Court order validating the use of the old and new notes parri pasu. The President varied the order, by directing that only the old N200 note should co-exist with the new ones until April 10. It was a slap on the face of the highest court in the land.

    The court did not find it funny at its March 3 sitting where it carpeted the President for flouting its ruling, thereby threatening the rule of order on which democracy is hinged. It consequently directed that the old notes remain legal tender until the end of the year, by which time hopefully, enough of the new notes would have been printed.

    The government and CBN played deaf to the order. For 10 days, the nation was on tenterhooks. The people groaned as the cash crunch bit harder. Emefiele buried his head in the sand like ostrich, waiting for God knows what and who. Obey the Supreme Court; obey the Supreme Court, the President and Emefiele were advised. They did not.

    When the pressure became too much, the Presidency issued a statement on Monday, disowning Emefiele and his accomplice, Abubakar Malami, Buhari’s attorney-general, over the disobedience of the order. The President said he never told them not to obey the order. But did he tell them to obey it? It is a two-way thing. As their principal, they cannot do anything without him. So, he must give the greenlight before they go, as he did in respect of approval for the naira policy.

    Everything Emefiele did was with his approval. At a point, Emefiele even pursued Buhari to Daura, Katsina State, to get the approval for the extension of the policy deadline from January 31 to February 10. Emefiele has brought shame upon himself. He has lost his voice and he is now shying away from facing the public. He allowed himself to be used and dumped. He has turned out to be a bull in a China shop.

    Emefiele has destroyed the Nigerian house which he was supposed to help grow with sound economic and monetary policy. CBN governors all over the world are men of their own. They do not crouch before their countries’ presidents because they want to keep their jobs. Emefiele is the architect of his infamy. His kind should never govern the CBN again.

    Sanwo-Olu go pepper them

    FORTY-EIGHT HOURS hence, the governorship and Houses of Assembly elections will hold. All eyes are on Lagos. Will there be an upset there? This question is flying about because of what happened during the February 25 presidential poll. Labour Party (LP) won the state. Things will be different this Saturday because the necessary lessons have been learnt. LP or any other party for that matter stand no chance in this race.

    Governor Babajide Sanwo-Olu of the All Progressives Congress (APC) will beat all other candidates hands down. He go pepper them to borrow the political lingo of the time. Why am I so confident? This is a different election from that of February 25. The religious bigots can also not use the faith ticket to demarket him. What about ethnicity and the youth factor? They will also not count much.

  • The id es of March

    The id es of March

    For some people and organisations, nothing will satisfy them more than the cancellation of the February 25 presidential election won by Asiwaju Bola Tinubu of the All Progressives Congress (APC). Their reason for such hope is absurd.

    They are working on a well-conceived Plan B to scuttle the poll even before its conclusion, if it does not go their way. Shortly before the election, they started flying the kite about the interpretation of Section 134 (2) (b) of the 1999 Constitution, which borders on the requirements for winning the poll.

    The provision reads:

    A candidate for an election to the office of President shall be deemed to have been duly elected where, there being more than two candidates for the election – he has not less than one-quarter of the votes cast at the election in each of at least two-thirds of all the states in the Federation and the Federal Capital Territory (FCT). Now, FCT is not a state, but is deemed to be so under Section 299 of the Constitution. Deeming a thing to be something is not the same as that thing being the actual thing. According to the section:

    The provisions of this Constitution shall apply to the FCT, Abuja as if it were one of the states of the Federation. “As if it were a state”! So, how can something referred to “as if it were” then be taking as it is? Those arguing that FCT is a state are doing so for selfish reasons. They are pushing an illegal and illogical cause.  FCT is not and cannot be a state. If FCT is a state, where is its governor? If it is a state, where are its commissioners that should constitute the executive council (EXCO) as we have them in the constitutionally recognised 36 states?

    I stand to be corrected as a layman as I posit that a territory without a governor or an executive council cannot be a state. The framers of the Constitution did not include Section 134 (2) (b) in it to create confusion, as some lawyers and politicians, who should know better are now doing. The section was included, in the framers’ wisdom, to ensure that an elected president has a national outlook. Though, he may not win outright in all the states, he should garner at least 25 percent of the votes to reflect a national spread. No nation wants a sectional leader, they all desire a national leader.

    Our desire for a national leader must not now be misconstrued by mischief makers to impute into the Constitution what is not there. Politics, so much so election, may be war by other means, as Carl von Clausewitz theorised, but it should not be allowed to degenerate to what is now happening over the February 25 poll.

    From the roadshow by those opposed to President-elect Tinubu’s victory, it is obvious that there is a grand design to stop him from becoming president, at all costs. It is not about not winning 25 percent of the votes cast in FCT, it goes beyond that. They are merely hiding under that provision to deceive the gullible that they have a case. They will know the truth at the Supreme Court where they will meet their Waterloo, just as it happened in the naira redesign policy case.

    This ides of March drama, which is happening before the 15th, which is known as ides in ancient Roman calendar, is all about themselves and their unbridled desire to acquire power. The electoral umpire had hardly begun collating the results when Atiku Abubakar’s lackey Dino Melaye, who unfortunately for Nigeria was in its Senate and House of Representatives at a time, started throwing up tantrums.

    Without any evidence, he claimed that the returns were not authentic because they were not uploaded on INEC’s result portal known as IReV. No law says that the results should be so transmitted. Were their agents not at the polling units where the results were counted? Didn’t those agents sign the results? Is entertainer Dino alleging that they signed under duress?

    What about former President Olusegun Obasanjo? Where is he coming from that he should call for the scuttling of an ongoing electoral process? Presidents as statesmen have a code of conduct that they should never breach.

    Unfortunately, Obasanjo makes and lives by his own rules. Time and again, he descends into the arena when he should be above the fray. Having endorsed Peter Obi of the Labour Party (LP), should he have been seen complaining about the election when his candidate was losing? They are doing everything to rubbish the election.

    From seeking to inspect the election materials, particularly the Bimodal Voter Accreditation System (BVAS), to using some sections of the media to misinterpret statements made by some developed countries, where we have seen Presidents desecrating the hallowed chambers of their legislatures, multilateral and bilateral organisations, the Atiku and Obi groups are ready to play dirty to have their way.

    The nation awaits what the court will say. But for now, the people have spoken and their voice can be heard loud and clear: Tinubu is the president-elect and so shall it remain. No amount of protests by overfed men wearing black to mourn their loss or the distortion of facts and figures by their media agents can change things. By the way, is it The Nation, This Day or Arise News that should watch it? This paper’s record speaks for it as a medium.

    But, the same cannot be said of This Day and Arise News. Millions watched worldwide the day eminent lawyer Robert Clarke (SAN) accused Arise News on air of siding with some politicians to mislead Nigerians over the naira policy. The outcome of the case at the Supreme Court has vindicated Clarke and this paper. What has Arise News now got to say on its position that CBN should have been joined as a party and the suit instituted at the Federal High Court?

    They lost in that crusade and they will surely lose in their campaign of calumny against Tinubu and this paper on air. I understand. They are still delirious over the presidential poll results in Lagos. They will be shocked back to their senses by the outcome of Saturday’s governorship election in the state, which is just 48 hours away. Governor Babajide Sanwo-Olu will, God willing, win hands down.

  • Tinubu’s date with destiny

    Tinubu’s date with destiny

    It WAS a hard fought battle. The battle climaxed in the early hours of yesterday when President-elect Bola Ahmed Tinubu of the All Progressives Congress (APC) was declared the winner of the February 25 election at 4.10 a.m. The nation’s Chief Electoral Officer, Prof Mahmood Yakubu,who made the declaration, said Tinubu polled 8,794,726 votes to beat his closest rivals, Atiku Abubakar of the Peoples Democratic Party (PDP), 6,984,520, and Peter Obi, Labour Party (LP), 6,101,533. Tinubu’s victory marks the beginning of perhaps, the most vital phase of his political odyssey.

    Tinubu, the Asiwaju of Lagos and Jagaban Borgu, two of his many traditional titles by which he is popularly known is not a political journeyman but a master of the game. He did not just wake up one morning and resolved to run for president.  It was a project which he thought through and bide his time before throwing his hat in the ring. When he started moving around the country to consult people on his aspiration, it became crystal clear that he meant business.

    Nothing and nobody was going to stop him. From one state to the other, from one political stalwart to the other, he canvassed support for his bid. Tinubu was ready to give in order to receive, but the terms must be mutually agreed upon. They must not be one-sided terms under which a party may feel shortchanged. As a strategist, Tinubu plays by the principle of give-and-take. ‘’If you rub my back, I rub your back’’, as people say. This principle is the bedrock of his political belief. He is often surrounded by people because they know that he will always be there for them.  His nationwide consultations were, therefore, merely a formality.

    But as an astute politician, he knows that people should not be taken for granted, no matter the political favours they might owe you. He opened the race for the presidential ticket of his party after he went to the State House, Abuja, to inform President Muhammadu Buhari, of his aspiration. The President gave him his blessings and from then on, Tinubu never looked back. At the party’s convention at the Eagle Square, Abuja, last June, all eyes were on him despite the large field of aspirants. But one after the other, many of the aspirants stepped down for him, paving the way for his election as APC’s standard-bearer.

    Although, he defeated Vice President Yemi Osinbajo, former Transport Minister Rotimi Amaechi and cleric-politician Pastor Tunde Bakare, to pick the ticket, he quickly put his victory behind him and visited them to seek their support in winning the election. His magnanimity and generosity are legendary. He owes his political survival to these attributes, which many other politicians overlook. But then, Tinubu does not suffer fools gladly. You cannot abuse his large-heartedness and tolerance again and again and expect him to keep quiet. His capacity to absorb shock, betrayal, deceit and the shenanigans of those who should be his eyes and ears is astounding.

    As he begins a new political life as president-elect, waiting to assume office on May 29, many of his estranged political associates will surely want to reconnect with him. From now till his swearing-in all roads will lead to his house, with all sorts of people seeking his attention. Things have changed and they will do well to know that. The Tinubu of yesterday is different from the Tinubu of today. When we said in this space last week that by this time this week, his status would have changed, one was not being prophetic, but realistic. As I said then, he was head and shoulder above his fellow contestants. I knew that it was not going to be an easy race, but never knew it would be that tough, with the incredible performance by Obi.

    Bookmakers are still wondering what happened in Lagos State, where Obi won, beating Tinubu to a close second. To Obi’s supporters, especially former President Olusegun Obasanjo, the Ebora Owu,who we all refer to as Baba, that poll was okay because Tinubu lost. But in the states where Tinubu won, the polls, to use Obasanjo’s words, were “not credible and transparent”. Were the polls in Lagos, Osun, Nasarawa, Federal Capital Territory (FCT), Delta, Cross River, Abia, Anambra, Ebonyi, Enugu and Imo, all where Obi won, and the states where Tinubu carried the day, not conducted by the same INEC (Independent National Electoral Commission) which Obasanjo and his ilk are crucifying?

    What makes the polls in Benue, Borno, Ekiti, Jigawa, Kogi, Kwara, Niger, Ogun, Ondo, Oyo, Rivers and Zamfara, all where Tinubu won, “tainted” to borrow the word of their media collaborators, and those of Obi and Atiku Abubakar, of the Peoples Democratic Party (PDP) untainted. Why are they not using the same parameters to assess the election? Must they hate a man to the extent of trying to delegitimise the election that he legitimately won? What is Tinubu’s offence? What did he buy from them that he did not pay? Now that the election has been won and lost, one only prays that they will stop bellyaching over the matter. The nation has concluded one electoral process.

    The stage is set for the other, which is the seeking of redress at the tribunal by the aggrieved, if they think that they have a case. If I were in the shoes of these people, I will pick up the phone today and call Tinubu to congratulate him for a hard fought election, in which Obi, in particular, stunned the nation. Will they do so? The choice is theirs. In the interest of all, they should, in the meantime, tell their loyalists to stop overheating the polity with the falsehood they are spreading over the election.  

    Tinubu has won and God willing, he will take his oath of office on May 29 and also be decorated with the highest national honour of Grand Commander of the Federal Republic (GCFR). As the nation awaits the inauguration of its president-in-waiting, let us join him and his family in prayers for a successful tenure. May his time bode well for Nigeria.    

  • Tinubu: The way to go

    Tinubu: The way to go

    By this time next week, his status would have changed. He will, God willing, be addressed as President-elect Bola Ahmed Tinubu. The former Lagos helmsman towers above all other contestants in the presidential election coming up on Saturday, which is 48 hours away. In other societies, his election would have been a settled matter by now.

    Settled because he knows why he is running and has his blueprint ready for running this country from day one on May 29, 2023, when he succeeds President Muhammadu Buhari. In everything he does, the All Progressives Congress (APC) standard-bearer has shown his commitment to the cause of a country where no citizen suffers or goes to bed on an empty stomach. Right now, the populace is hungry and angry because of a cashless policy without adequate infrastructural backbone.

    Tinubu’s humanitarianism knows no bounds. But it is much more than that. His love for humanity is what propels him to be in the presidential race.The Asiwaju of Lagos desires a Nigeria where things work. A country that its citizens will be proud of; a country where people from other parts of the world flock to; a country which place in the comity of nations is assured; a country whose citizens won’t be treated as crooks anywhere they go to in the world.

    Nigeria cannot remain what people commonly refer to as a nation of potential. It is time to harness this potential for the common good and this is the driving force behind Tinubu’s aspiration. We are a blessed nation and what it takes to trigger these blessings is charismatic leadership. A leadership that will galvanise the followership into action; wake them up from their inertia; take them away from the drudgery of life that fetches no meaningful returns despite all the toiling.

    A leadership that will let people know that they can make a difference. Already, Tinubu is showing what it means to make a difference. None among the presidential candidates has shown the kind of zeal he has for the onerous task of leading the country. There is no doubt that he is fully prepared for the job. He has done his homework well and has a vision of where he plans to take the country. Recent happenings have given Nigerians the chance of a glimpse of what he is capable of doing.

    Where his opponents are busy making contradictory statements on some government policies which have affected people badly, he has been consistent in calling for a rethink and proffering his own solutions to those problems. This is a sign of a good leader. Constructive criticism reflects the inner ability of a critic as a doer of what he preaches; he does not criticise for criticism sake, but does it to help find solutions to challenges.

    The people all know where Tinubu stands on the naira redesign policy and fuel scarcity, the two issues which are of utmost public concern today. The naira policy, especially, has made life unbearable for the populace whose money in the bank has been virtually confiscated. The redesigning of the old N200, N500 and N1000 notes, as they then were, has become a long drawn battle between the government and the hoi polloi, who are hard hit, by the policy. The new notes that replaced the old N200, N500 and N1000 are hard to come by.

    The scarcity has turned many to beggars despite having money in their accounts. They cannot access their accounts and are being forced to collect ridiculous amounts like N1000 and N2000 in lieu of what they actually need. The situation is that bad. But Tinubu’s main opponents, Atiku Abubakar of the Peoples Democratic Party (PDP) and Peter Obi, Labour Party (LP), are playing politics with it, instead of saying it as it is, like him. They are parroting the government’s claim that it would check ‘vote-buying’.

    Pray, how will it do that? With people hardpressed for cash, it would, rather, encourage vote-buying because some voters will collect money, even from the devil, as things now are, in order to survive. Tinubu is not against the policy, but its implementation for which he has proffered six ways in which it could be improved upon. Tinubu is not blinded by his loyalty to President Muhammadu Buhari not to tell him the truth. Yet, they delight in blaming him for backing the President in 2015.

    The President knows Tinubu’s stand on the policy. That is how it should be.

    This is how you know good leaders. They are not blown by winds from here to there; they stand firm on the side of truth and what is good because they are conscious of the judgement of posterity. Tinubu has a track record. He turned Lagos State, where he was governor from 1999 to 2007, around.

    The Eko Atlantic City stands today as a product of his vision. The Lekki Export Processing Zone (LEPZ) is also there. What about the blue and red line rail system? The steep rise in the state’s internally generated revenue (IGR)? The systematic waste and traffic management and state-of-the-art bus terminals in some parts of the state?

    These were projects of deep thinking, which have placed the state in a class of its own and helped to make it the fifth largest economy in Africa. Imagine what Tinubu would do as president. A vote for him is not a waste, but a vote for making Nigeria great. He is the kind of president Nigeria needs at a time like this. May God crown his efforts with success on Saturday.

  • Supreme Court and the Emefiele affront

    Supreme Court and the Emefiele affront

    We even had to dispatch all our old currency on Friday to the Central Bank. We obey our regulators, not the Supreme Court – Bank worker

    HE WHO feels it knows it. The people, especially, the commoners, are feeling the heat of the naira redesign policy. They took their money – what we now call the old N200, N500 and N1000 notes – to the bank as directed, but could not get the new ones of the same denomination in return.

    Central Bank of Nigeria (CBN) Governor Godwin Emefiele, who is pushing the policy as if his life depends on it, had promised heaven and earth that they would get the new notes once they brought in the old ones. It was all talks. Many are regretting the day they did that. They no longer have access to their money, whether old or new. It is now easier to look for a needle in the haystack than to get back their money.

    The people believe that they have been taken for a ride. If not, they ask: why can we not access our money? The question is directed to the Federal Government and Emefiele, but no response is forthcoming. How did the country get to this pass? It all began with the CBN’s recall of over N2 trillion and the pumping in of N700 billion into circulation under the new policy regime. To Emefiele, the action was to mop-up the excess fund in people’s homes. Money, he said, should be in the bank and not at home!

    According to him, as at October, N3.23 trillion was in circulation, out of which N500 billion was in the bank. It was to correct what he called this economic imbalance that Emefiele pumped in N700 billion after mopping-up over N2 trillion. Economists are still wondering what informed his decision.

    They argued that he should have considered that the country has a gross domestic product (GDP) of over N271 trillion before determining the amount of cash to have in circulation. With a government that allows him to run riot all over the place, Emefiele does whatever he likes, in consultation with only President Muhammadu Buhari. Between them, they have made an economic mess of an otherwise good policy, which process of implementation should have been graduated.

    The country is where it is today because Buhari and Emefiele listen only to themselves. The governors, the Council of State (CoS) and the Supreme Court have all spoken and said almost the same thing – suspend for now, the February 10 deadline for phasing out the old notes. The President and Emefiele would have none of that. They won’t listen to experts; they won’t listen to politicians and they won’t listen to statesmen.

    And now, they won’t listen to the court and not any court for that matter, but the Supreme Court. The President and Emefiele are carrying on as if there is no Supreme Court order restraining them in respect of the policy. CBN is trying to hide under the premise that it was not joined in the suit brought by Kaduna, Kogi and Zamfara states against the government to flout the order.

    In the suit, the states are contending that the policy has brought untold hardship on their people and asked for an interim order barring the government from going ahead with the now expired February 10 deadline for stopping the use of the old notes. The February 8 order was clear and succinct:

    “…an order of interim injunction restraining the Federal Government of Nigeria, either by itself or acting through the CBN and/or the commercial banks… or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending the timeframe within which the old notes will no longer be legal tender”.

    Rather than comply immediately with the order, Emefiele started looking for a lacuna in it. He found none because the order was well couched that there is no hiding place for him. Yet, he refused to comply with it.

     On Tuesday in Abuja at a meeting with the Diplomatic Corps, Emefiele flagrantly disobeyed the apex court when he said there was no going back on the February 10 deadline. If that is not contempt of court, I wonder what it is. Emefiele spoke in clear contempt of the Supreme Court order restraining ‘…CBN or any person…’ from giving effect to the February 10 deadline. His words: “there is no need to consider any shift trom the deadline of February 10th”.

    His statement was a slap on the Supreme Court face. All he was saying is that the apex court could go to hell with its order for all he cared. It is unwise of him to have spoken like that before an enlightened gathering of envoys. Emefiele was undiplomatic at a diplomatic forum where decorum, good upbringing etiquette, respect for rule of law and order are expected to hold sway.

    What impression of him did the diplomats go away with? One can only imagine. I am sure that there is no way the governor of the central bank of any of those envoys’ countries would have spoken that way in the face of a subsisting court order. Can we blame Emefiele when the government itself is dilly dallying over the order? Emefiele was only taking a cue from the government.

    What is the meaning of the government’s statement that it would make its position known after yesterday’s proceedings at the Supreme Court? If it says either it or CBN has not done anything preemptive to vitiate the Supreme Court order, what should the public then make of Emefiele’s statement? So, it is now the government’s prerogative to decide when and which court order to obey! Can you hear the government? Can the government too hear itself?

    There can be nothing more preemptive an action than what Emefiele did. What he told the nation in effect was: no matter what the Supreme Court says, the naira policy has come to say. This is why the Supreme Court should come down hard on Emefiele and other public officers like him who think that they are above the law. Unfortunately, this column cannot await the outcome of yesterday’s proceedings because of its deadline (ha, this word again!) for submission.

    I know that the court will be firm and fair. It will certainly not allow anybody, no matter his status, to treat it contemptuously and get away with it. If the Supreme Court does not act now, it risks losing face before the public. Just imagine, a bank worker telling a reporter: “we obey CBN, not Supreme Court”.

  • February 10: If tomorrow comes

    February 10: If tomorrow comes

    WHICHEVER way the President rules on the matter, as the seven days he requested for ends tomorrow, there is no doubt about the systemic disruptions so far caused by the naira redesign policy. The policy got the President’s blessings from the outset, but his economic team was kept in the dark about the plan purportedly initiated by the Central Bank of Nigeria (CBN) to control inflation by mopping up the excess cash in people’s homes.

    It was an enthusiastic CBN governor, Godwin Emefiele, that unveiled the plan last October. It was a multi-pronged programme, which began with the cash withdrawal limit for individuals and organisations. For individuals, the cap was N100,000 per week, and organisations, N500,000. The public kicked and at the end of the day, commonsense prevailed. The limit was raised to N500,000 and N5 million weekly.

    It took the intervention of the National Assembly to get Emefiele to make that U-turn. The CBN’s long term plan is to bequeath to the nation a cashless economy. This started years ago, with the introduction of the debit card under the Automated Teller Machine (ATM) regime. The ATM has been a huge success, despite hiccups here and there.

    The nation entered the naira redesign phase of the plan with a bang. With the specimens of the redesigned N200, N500 and N1000 notes unveiled by President Muhammadu Buhari last November, the stage was set for their formal introduction as legal tender. Emefiele quickly rolled out the arrangements for phasing out the old notes as he implored depositors to pay them into their accounts in exchange for the new ones by January 31.

    The time frame, many argued then, was too short. Emefiele, who announced the redesign plan last October 26, presented the cash specimens to the President on November 23 and set January 31 as deadline for phasing out the old notes, turned a deaf ear to their cries. Whereas, he did not put his house in order, as events showed before fixing the January 31 deadline. By the time the expiration of the deadline was drawing near, it was obvious that those in the rural areas and the unbanked in many cities would lose their hard-earned money, through no fault of theirs, for failing to pay it into the bank. How could they when they had no access to banks?

    But Emefiele would have none of that. As far as he was concerned, people had enough time to return the old notes and get the new ones but chose not to act fast until it was too late. He insisted that there was no going back on the deadline, but two days to its expiration, he suddenly showed up in Daura, the President’s hometown in Katsina State, to get an approval for extension. Even, with the extension of the deadline to February 10, not much progress has been made. The deadline expires tomorrow, with a seven-day grace for people to still take their old notes, which would have become illegal tender (that is can no longer be spent) anyway, to the bank for exchange.

    People have returned tonnes of cash to the bank, but they were not given new notes in return. The redesigned notes are simply not there. “We do not have the notes”, the banks are saying by their action. Where then are the new notes? How come currency hawkers have them in abundance, while many other Nigerians find it difficult to get? Are banks hoarding the notes – and for what reasons? Is CBN sincere in its implementation of the policy? Did it print enough of the notes? In its own eyes, CBN believes that it has done well. The jury is still out on that.

    The nation is on edge today because of CBN’s acts of omission and commission. How can it recall N2.1 trillion and pump in only N300 billion? To the discerning, that was a deliberate ploy to create scarcity of the new notes and foist on the nation a crisis of monumental proportion on the eve of a major election – the February 25 presidential poll. In a situation like this, the governors could not have sat on their hands, watching, while Emefiele took the country for a ride. Their intervention made the President promise to see what could be done in seven days, which coincide with tomorrow’s  expiration of the February 10 deadline.

    The President asked for time to enable him engage in wide consultations before making his decision. Political observers, however,  believe that he does not need such a long time to resolve the matter. To them, he only needs to decree it and the deadline will be extended again. Who did he consult before approving the extension of the January 31 deadline to February 10? They asked.

    His request for time is good, but the President should bear in mind that the people did not vote for Emefiele nor many of those he is meeting with. They only voted for him and the governors who have read the situation correctly and given him sound advice to allow the old and new notes to be used together as legal tender. To take the advice of others may count for something, but at the end of the day, the final decision is that of the head. Is the President happy with what is happening across the country? The chaotic fuel, banking halls’ and ATMs’ queues. The protests across the country in which some lives have been lost.

    What else does he need to take a life-saving decision for many Nigerians? The President should be mindful of the judgement of history, with the kind of advice he gets from these consultations. He should bear in mind that the buck stops at his table. This was why Emefiele ran to him on January 29 to get an extension from January 31 to February 10. If he could do that then, he can still do it now.

    As President, he can never be short of advice, whether sought or not. What matters is what he does with the advice. The advice he needs now is one that will get protesters off the streets and clear the long queues at filling stations, banking halls and ATM portals. This is the advice that can defuse the tensions across the country. It is only those who do not wish him and his administration well that will tell him to stick to the February 10 deadline for phasing out the old notes.

    With the raging protests across the country over the biting cash crunch, anarchy looms ahead, with just 16 days away from the presidential election. No matter how much they try, the President should not allow small-minded people to bring Nigeria down on his head. If tomorrow comes, he will certainly do right by the citizenry and end this nightmarish naira scarcity never before witnessed in Nigeria. Even during the civil war (1967-1970), money was not this scarce. Why now – in peace time? Only the President can save the country from this self-inflicted crisis.

  • Emefiele: Abuser of first resort

    Emefiele: Abuser of first resort

    Since he announced plans to redesign some denominations of the naira last October 26, Central Bank of Nigeria (CBN) Governor Godwin Emefiele has pursued it with a singlemindededness never before displayed by any public official in the nation’s history. It is as if his being depends on changing the old N200, N500 and N1000 notes into new ones.

    There is nothing that can stop him from having its way on the matter. It is either his way or no other way. For one, he announced the policy unilaterally, so to say, though he may not be entirely blamed for that. As it later emerged, he took President Muhammadu Buhari into confidence over his plans, but the Number One Citizen kept everything to himself until Emefiele went public.

    As the overseer of our monetary policy by virtue of his leadership of CBN, Emefiele cannot be said to have broken any law over his plan. But as he well knows, there is no way he can embark on such a gigantic exercise without carrying those in charge of the fiscal policy along. The fiscal arm consists of revenue generating agencies which are all under the Ministry of Finance (MoFI). While the ministry formulates policies and generates revenue for the nation, the CBN oversees the monetary and other related instruments.

    It is in the best interest of a nation that its central bank and finance ministry work together to promote and stimulate the economy. CBN said it was redesigning the notes to control the cash in circulation as well as curb currency-counterfeiting abd ransom payment. These are laudable objectives, if  indeed, they are the reasons for taking the action. Currency redesigning is serious business. It is not just a matter of changing the colour of the old note and coming up with a new one. There is much more to it than that.

    The squabble is over though, with some analysts blaming the President for not letting the ministry into Emefiele’s plan after he was informed. Emefiele has turned deaf ears to complaints over his undue rush of turning the country into a cashless economy, insisting on having it his own way. He was made to bend over the cash withdrawal limit, which he raised from an initial N100,000 and N500,000 to N500,000 and N5 million weekly for individuals and organisations. But on the redesigned notes, he says, there is no going back.

    The new notes have since been released after the presentation of the specimens to the President last November 23. The old notes will cease being legal tenders on January 31, but the new notes are nowhere to be found despite Emefiele’s claim that they have been made available to banks, which will in turn, dispense them. The banks have refused to do so. They are still dispensing the old notes over-the-counter (OTC) and at the Automated Teller Machines (ATMs) in defiance of his directive.

    What then should be done? Emefiele, instead of wielding his power as the Banker’s banker and the Banker of last resort, has turned himself to abuser of first resort. He has resorted to harassing and literally abusing depositors who are at the mercy of their banks which have refused to comply with his directive to start dispensing the new notes. If the banks had been doing so, a fair amount of the new notes would have gone into circulation by now.

    But the notes can only be found with currency hawkers at motor parks, street corners, event centres and wherever the money exchange trade is booming. Who is to blame for this? Emefiele, of course. If only he had managed things well, depositors will not be going through any pain whatsoever in order to get the new notes. Yet, they are the ones he is flexing muscles with. Why can he not take on the banks that have flouted his directive with impunity? Or, is there more to this than we are being told?

    In this matter of new notes, the banks have not been fair to customers at all. Why are they finding it difficult to load their ATMs with the new notes? Why can they not also pay the notes over-the-counter? What is the problem with dispensing the notes? Were they not given enough by CBN? If they were, why can CBN not take a stiffer action against them than that slap on the wrist fine of N1 million per day for each new naira notes’ box they refused to pick up and dispense to customers?

    Is it not curious that banks are refusing to pick up the new notes? Why is that so? This is the question Emefiele must answer before insisting on enforcing the January 31 deadline for phasing out the old notes. If he cannot address the question truthfully and in full public glare, then there is no justification for his stand on that deadline. He and the banks should stop playing mind games with the banking public.

    ‘INEC, where’s our PVC?’

    THE collection of the permanent voter’s card (PVC) ends on January 29, following the extension of the exercise by seven days. Some people, especially those who sought a transfer of their polling units,  have not collected their PVCs and it is no fault of theirs. Their names are on the voter’s register online, but their PVCs have not been printed.

    Despite assurances by officials of the Independent National Electoral Commission (INEC) in their respective wards that the cards are ready and would surely get to them before the elections, these eligible voters are worried. Many of them have heard such assurances before only to be disappointed at the last minute.

    The problem, it was gathered, is from the Abuja headquarters of INEC and the agency is the only one that can redress the issue before the elections begin on February 25, with the presidential poll. ‘All, we are saying, do not disenfranchise us’, the voters are begging INEC.

  • Lightning strikes twice

    Lightning strikes twice

    Never again will such an incident happen, the public was promised after the Kaduna train attack in 2022. Ten months later, a similar attack has happened in Edo State, leaving everyone appalled. Even, the government and the security agencies are flummoxed. How did the abductors strike again without the attack nipped in the bud?

    It is too soon after the March 28, 2022 Kaduna train attack for another one to happen. Sadly, this is what the nation is faced with, following the January 7 incident at the remote Tom Ikimi Train Station, Igueben, Edo State. The incident was said to have happened at Ekehen specifically.

    Ekehen is a village close to Igueben. Igueben and Ekehen may be coterminous towns, but Ikimi’s name has conferred a higher status on the former that earned it the train station’s name. What happened in that remote village on Saturday raises questions once again about security issues.

    How do the security agencies do their work? What are the lessons they learn from any attack? What do they do after studying the investigation reports? What is the place of intelligence gathering in what they do? When Kuje Prisons in Abuja was attacked on July 6, 2022, President Muhammadu Buhari blamed it on failure of intelligence and took his security chiefs to the cleaners.

    More than six months after the incident, hundreds of inmates who escaped from the prison have not been rearrested and no security chief is known to have been made to answer for what happened. The country has carried on as if nothing happened at Kuje. It has been business as usual, until another incident occurs to shake our leaders out of their lethargy. They are being woken up from the slumber they fell into after the Kaduna train abduction now by the Edo incident.

    The usual noises are being made all over the place, following the incident, without anyone asking what was done to avert such attacks in future after what we saw in Kaduna. That incident should have told our security men something and that is: the nation could no longer leave its train stations not well secured. The Kaduna attack was a wake up call to the Nigeria Railway Corporation (NRC), police, Department of State Service (DSS), Nigeria Security and Civil Defence Corps (NSCDC) and related agencies to return to the drawing board to fashion out a strategy for averting train attacks.

    These agencies should have known that after succeeding in Kaduna, the perpetrators will want to try their luck elsewhere after biding their time. Criminals are good at planning and waiting, but these are not attributes peculiar to them. Security agents are expected to be better than them in those departments. If security agents cannot plan and wait, no matter how long, to avert crime, then the nation must be wasting its resources on them. I am not saying that this was what happened in this instance, but one thing is for sure, our security agents were once again, caught napping.

    The herdsmen who attacked the Ekehen station could not have done so on the spur of the moment. No criminal, no matter how daring he is, storms a train to kidnap passengers like a pickpocket stalking a commuter would do at a bus stop. It takes a lot of planning to attack a train. No matter the remoteness of a train station, passengers should not be left at the mercy of the elements and criminals. Unfortunately, this is what the NRC and the security agencies have done in this instance. Perhaps, they thought that what happened in Kaduna would only be limited to the north and would never occur down south. They now know better.

    Criminals have twisted minds, but they are sharp. They study every situation well before making their moves. They struck at Ekehen on Saturday because they knew that their chances of being caught were nil. This is a remote territory without security. So, who would stop them? They knew that before help could come after the alarm is raised, they would have long escaped. As usual, the Fidet Okhiria-led NRC and the security agencies are now trying to shut the stable after the horse had fled. I wish them well.

    My appeal is that they should stop playing with people’s lives. It is all the government’s fault. What has it done since the Kaduna incident to fortify rail stations? Security is not all about posting personnel to places. The government  should be thinking more of deploying technology in this fight against criminals. Where there are no security men, technology will come handy. Just imagine what a Closed-circuit Television (CCTV), if there was one, would have done in fishing out those behind the Ekehen train attack, who the security men are now combing the forests for.

    It is the height of irresponsibility by NRC for train stations to remain without state-of-the-art security, as we have seen in the Ekehen case, 10 months after the Kaduna train attack. This means that it learnt nothing from the Kaduna attack. Apparently because of  its laxity, lightning has struck the same place twice. Human lives are precious. So, the government and its agencies should place high premium on lives.

    Which is better? Securing lives to avert danger or engaging in negotiations with terrorists after every abduction? I prefer the former. Reason: prevention is better than cure.

  • Two for 1 kobo

    Two for 1 kobo

    WHEN last did anyone see the kobo? It has been long, right! The kobo was not phased out. It was not withdrawn from circulation by the Central Bank of Nigeria (CBN). It eased itself out of the system when it became a rejected legal tender.

    Under the law, the kobo remains a legal tender, but hardly can it be found in circulation because it has lost its store of value, as economists would say. It has become archival material; a museuem piece to be put on display. Once a legal tender loses value, it becomes worthless. It is not worth the paper it is printed or the coin it is minted. This is sadly the fate of the kobo, which many of us cherished as kids.

    We could buy sweets and biscuits with it; as well as guguru and epa (popcorn and groundnut) as the coins, if we had two or more, jingled in our pockets on our way back from school or to the playground. It was also fun betting with the kobo. All these are now in the past. The kobo is now dead as dodo. If anyone holds the kobo today, they won’t get it to spend.

    Before it is even out of your pocket, you would be bombarded with questions, such as, where did you get it? Is it still in circulation? In a jiffy, some of those around will collect it from you, look at it with nostalgia and tell the younger ones about the legend of the kobo and its enormous value in its heyday. The kobo became extinct when the public all of a sudden stopped accepting it. It began with traders, who felt that the money had lost its value as there was nothing that they could sell for one kobo.

    The rejection spread so fast that even the Nigerian Security Printing and Minting Company, NSPMC, (is it still functioning?) was forced to stop minting the kobo. The kobo attained its legend when secondhand cloth dealers around major bus stops in Lagos started using it as a sales gimmick. “Bend down and pick your own”, they bellowed at the roadside, “two for one kobo”. I recall the fate of the kobo as I mused over the endorsement of the presidential candidate of Labour Party (LP), Mr Peter Obi, by former President Olusegun Obasanjo.

    If people had followed Obasanjo’s body language since virtually all the candidates turned his Abeokuta, Ogun State home to a Mecca of sorts to seek his blessings they would have known where he was going. Obasanjo, like another former leader, likes to play god over the affairs of the nation. They want to be consulted before contestants throw their hats in the ring and where this is not done, they feel slighted. On this score alone, they are ready to work against such a contestant.

    So, it is in the enlightened self interest of a contestant to go to Abeokuta or the Minna Hilltop residence of former self-styled military president Gen Ibrahim Babaginda in Niger State for blessings to show the world that they have the backing of these ‘kingmakers’. Politicians are suffering for what they created with their own hands. What are the political antecedents of Obasanjo and Babaginda that they must be consulted by presidential candidates who wish to win the election ?

    Neither Obasanjo nor Babaginda is a politician in the mould of former Chief of Staff, Supreme Headquarters, the late Maj. Gen. Shehu Yar’Adua, who, with the help of others built the political machine known as Peoples Democratic Movement (PDM) some years after retiring from the army in 1979. Yar’Adua worked with highly experienced politicians to become a political colossus in his lifetime. He built political bridges across the country as he nursed the ambition of becoming president.

    He was done in by the maradonic Babaginda who banned him and other politicians from the contest then. At best, Obasanjo and Babaginda are military politicians, that is politicians in uniform, not grounded in the politics of the real world.

    Obasanjo was like a lost needle when he came out of prison in 1998 and was offered the Presidency on a platter. He was running from one politician to the other across the country begging for endorsement after weaning himself of the statement: “how many presidents do you want to make of me in my lifetime”?

    Some eight or nine years later, that same Obasanjo had become so used to being president that he did not want to leave again. It is the same Obasanjo that endorsed Obi on January 1 in his letter to ‘’young Nigerians’’. Who else, but those who do not really know him? When endorsements, as we see them now, become two for one kobo, they lose their worth. Look at those endorsing Obi. Pa Ayo Adebanjo, Obasanjo and Niger Delta chieftain Chief Edwin Clark.

    Who are they politically? How many votes can they give Obi in their respective regions? Can their endorsements translate to votes for their preferred candidate? The answer is capital NO. They have exercised their rights to back the candidate of their choice. That is where the matter ends.

    It is now left for the electorate to exercise their rights to vote for the president they want on February 25 and this Obasanjo, Clark and Adebanjo have no control over. I have nothing against the trio, I only blame candidates who run to them to be anointed despite knowing full well that they have no electoral value whatsoever.

    Their endorsements will have no effect on the poll. Mark my words.

  • Police: Friend or fiend?

    Police: Friend or fiend?

    Arbitarily demeaning and killing Nigerians is deeply woven into the very fabric of policing in Nigeria. It’s a long shot to wonder if that would change anytime soon, but the first step is not just realising that the Nigerian Police is NOT your friend, it’s realising the institutional, contextual and historical reasons why…

    -thenativemag.com

    PEOPLE from all walks of life are outraged over the killing of an expectant mother, Mrs Omobolanle Raheem, on Christmas Day in Lagos by a police officer. Their rage is justified. The cold-blooded murder should not have happened at all. It happened because the police have not learnt any lessons from such occurrences in the past. Police killings of citizens are not new. They have become part of us.

    But, this is wrong. The people should not live with something that is bad and sinister. Mrs Raheem was with her family when she was shot in cold blood by Assistant Superintendent of Police (ASP) Dambri Vandi. This was not just a senior officer, but one that had gone through the mill having put in 33 years of service. If after 33 years, an officer does not know how to handle his weapon in public, what does that say of him? How will he guide those under him?

    A recruit or constable is not expected to be that careless with the handling of his weapon. Unfortunately, many policemen wield their guns carelessly. They carry it with the intention to kill. It is as if they are going hunting, with the hapless citizens as game. What then do we expect when the police treat those they are expected to protect as game?

    They huddle at road intersections, doing nothing. They pretend to be busy when in fact, all they are doing is extorting money from motorists. I am pretty sure that the ASP, who shot Raheem dead, was on such a mission that fateful day! What were he and his men from the notorious Ajiwe Police Division whose personnel also killed one Gafaru Buraimoh 18 days earlier, doing that early morning under the Ajah bridge? Were they after hoodlums or just maintaining their presence there to prevent crime?

    In any sane society, having the police on the road should put the minds of law-abiding citizens at rest. Their presence is enough to assure passers-by that they are secure and safe to go about their businesses. The reverse is, however, the case here. When people see police on the road, their hearts beat faster than normal, with some developing hypertension in the process. Motorists, whether their vehicle papers are intact or not, feel uncomfortable at the sight of the police. It should not be so.

    This has become the norm because of the reputation of the police. In eight out of 10 cases, they are on the road not to ensure that vehicle particulars are correct, but for what they can obtain from motorists. As soon as they see a motorist coming, they cock their guns, and at the same time wave the vehicle to stop. What a dangerous way of stopping a motorist. How can you be cocking your gun with one hand and at the same time, be stopping an oncoming vehicle with the other?

    It is out of the mercy of God that our roads are not littered with bodies daily as a result of our policemen’s nonchalance. To them, their weapons have become a licence to kill. Those who survive their brutality are maimed for life. As the nativemag.com noted in an article in October 2021, to mark the first anniversary of the #EndSARS protests, the police atrocities have continued despite that earthshaking demonstration.

    Ironically, the protest ended in brutality too! What was supposed to draw attention to police brutality became atrocious at the end of the day, with the police and troops chasing protesters all over the place across towns and cities. The protests were specifically against the Special Anti-Robbery Squad (SARS), which had become notorious for stopping people, especially backpack-bearing youngsters on the road, claiming that they are Yahoo boys, and extorting heavy sums of money from them.

    Read Also: Ban policemen from drinking alcohol, say Reps

    Two years after #EndSARS protests, nothing has really changed. SARS may have been scrapped, but police brutality has not stopped. The police still kill people arbitrarily and get away with the dastardly act. Will Raheem’s death change anything? Will her distraught mother’s cry pierce our hearts? Will her consolation only be in leaving everything to God as she was urged by Lagos State Police Commissioner Abiodun Alabi?

    God will do His own bit for sure, but will government ensure that justice is done so that the poor woman does not lose her only child in vain? Beyond the usual noises of condemnations and commiserations with the bereaved family, what are the assurances that this will be the last of such killings?

    President Muhammadu Buhari has condemned it and called  for the strongest punishment for the culprit(s).  The leading presidential candidates have also expressed similar sentiments. Inspector-General of Police (IG) Usman Baba and the Police Service Commission (PSC)  sang the same song.

    “The cop who fired the fatal shot will not go unpunished. The police will be reformed to ensure that this kind of killing does not happen again”. These are familiar refrains which the people have heard before. Their ears tingle from this singsong. All they want is an end to police brutality and the way the government does that is its business.

    The citizens are tired of being killed by fiends who claim to be their friends, as boldly displayed at complaints’ counters across the country in many stations: “Police is your friend”. How can your friend be your killer? It is absurd. My heart goes out to the bereaved family. May Raheem and her unborn twins find rest in the Lord’s bosom. May such killings not rear their heads in 2023. Happy New Year in advance.