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Kaduna says no meeting held with Buhari administration

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A few hours after the Supreme Court adjourned the currency redesign case today, The Cable, a respected publication, published what it described as an exclusive story regarding the intentions of the Federal Government on the matter.

Malam Nasir El-Rufai would like to clarify that The Cable has been misled by its sources on this issue. There has been no meeting this week between the FG and either the Nigerian Governors’ Forum (NGF) or the Progressive Governors Forum (PGF), not to talk of one lasting till the wee hours of today, Wednesday, 15 February 2023.

Rather, senior officials of the FG reached some governors, including Malam Nasir El-Rufai, on phone to initiate discussions on a possible out of court settlement. The terms they proposed were to allow only the old N200 note to remain legal tender and be circulated by the CBN till 10 April 2023. They claimed that the CBN had already destroyed the old N500 and N1000 notes that had been deposited, but that those persons who still held the old notes could redeem them up to 10 April 2023.

These were not considered as serious proposals, for obvious reasons. Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today.They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1000 notes. This is contrary to the fact available to the governors to the effect that the old notes were in the custody of commercial bank branches throughout Nigeria until the evening of Monday, February 13, and not a single N500 or N1000 had been destroyed.

It is also a non-starter to insist on a new cut off date without first assuring that sufficient new notes would have been printed and circulated. Information available to the governors also indicates that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria.

The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the FG negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium. The plaintiff governors rejected the draft proposal as insincere, and invested our hopes in the Supreme Court of Nigeria.

Malam Nasir El-Rufai will be addressing the people of Kaduna State on this currency redesign mess, the consequences of the extension of the injunction of the Supreme Court of Nigeria, and related matters tomorrow. But the Kaduna State Government feels it is important tonight not to allow an exclusive falsehood to stand, or even gain the slightest traction. This statement is therefore issued to put the records straight.

Thoughts on the 2023 Elections By Temitayo Fabunmi

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This is my first post in a while, probably my last for a while as well. It’s about the Nigerian presidential elections. My job these days does not allow me to pass comments on a lot of things, so I joined the monitoring spirits section of social media. This is one rare foray into the conversation section of Facebook.

Nigeria is in extremely dire economic straits. I doubt 1% of the folks on these streets appreciate the depth of our economic woes. I’ll beg Jekwu to write about them in lucid terms. Against the backdrop of our economic problems, I am stunned beyond words by the raft of poor options facing the country for the presidential elections. None, perhaps as disturbing as the man who calls himself Bola Tinubu. I’ll be upfront, a very perverse side of me is looking forward to a Tinubu victory.

I could write tomes about how defective a candidate Mr. Tinubu is, but better writers than myself have done that already. So I’ll address those at the vanguard of his campaign. I honestly do not begrudge anyone who is heralding the Tinubu campaign for financial reasons. Ìlú le (country hard, in pidgin), so I respect your hustle. My only advice, please ensure you’re paid in fungible dollars. If you don’t know the meaning of fungible dollars, you may need to pay me for consultancy services. Any other means of remuneration, you will face severe buyer’s remorse within 12 months.

The second category, who deserve our pity, before our scorn, are those who genuinely believe in Tinubu as the Messiah. Not only is a person in this category not being paid for their efforts, they have no financial cushion to serve as a buffer for the woes to come. I will keep you in prayers. Your variant of buyer’s remorse will be the stuff of mental health clinical intervention.

My driver’s name is Baba Yaya, and over the last 4 years or so, he has benefited from impromptu macroeconomic lessons on our drives around town. He is sensible enough to have stocked on his routine medication for the next 6 months. The reason is simple, the country’s import capacity is so severely degraded that there will be the inevitable rolling scarcity of imported raw materials and finished goods for a while – cue the fuel scarcity. It isn’t rocket science. When you spend more than 100% of your revenues on debt servicing, you will need to cut corners elsewhere as you slide towards a Venezuelan situation. Those corners are imports. Those corners are capital investments. Just brace yourself, regardless of your favourite candidate and how much you are paid (or not paid) to support him.

A presidency of patronages and settlement, a template that Mr. Tinubu has perfected, will exacerbate our the problems of our economic deficits beyond recognition. He has perfected the "owo orita" (toll fees / rent-seeking) model in Lagos; expect more of the same in Abuja when he is elected. Ignore for a minute his macabre ways and means plan to "decouple the budget from exchange earnings", a presidency that looks anything like he has done in Lagos will be the equivalent of Dante’s Inferno (Nigerian Edition). For the sake of everyone who is supporting Mr. Tinubu, I hope you are sufficiently hedged to weather the economic turbulence in the wake of his victory.

So, all the best in our respective choices as we head to the polls. Just bear these headline numbers in mind, we are on course on spend more than 120% of our revenues on debt servicing. This excludes other recurrent expenditure and consumption subsidies. In simple terms, ìgboro le (the streets are not smiling). Try and vote for a candidate that won’t kill you with poverty.

CBN denies reports that it plans to shut banks

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The Central Bank of Nigeria (CBN) has debunked reports alleging that it threatened to shut down some deposit money banks (DMBs) over naira scarcity.

Disclosing this in a statement signed by Osita Nwanisobi, its director of corporate communications, the apex bank stated that there was no such plan, noting that the claims are illogical and do not comply with the workings of the Nigerian banking system.

The statement reads thus: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.

“We wish to state categorically that at no time did the CBN Governor disclose this during his presentation to the National Council of State at its meeting on Friday, February 10, 2023.

“For the records, what Mr. Emefiele told the meeting was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.

“While the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank.

“For the avoidance of doubt, the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended. We also wish to restate that the NSPMC has the capacity and enough materials to produce the required indent of the Naira.

“The Bank, therefore, wishes to appeal to the public to disregard the said report and exercise more restraint, even as we work assiduously to increase the circulation of the new notes in the country.

“Similarly, there is a misleading voice note trending in social media alleging that the CBN planned to shut down some banks, particularly in a particular geo- political region of the country.

“We wish to state unequivocally that there is no such plan and that the claims are illogical and do not comply with the workings of the Nigerian banking system. The public is therefore advised to ignore such recordings as they do not represent the policy thrust of the CBN and are only the desperate attempts of persons bent on inciting the public against the Bank.

“We wish to state unequivocally that there is no such plan and that the claims are illogical and do not comply with the workings of the Nigerian banking system. The public is therefore advised to ignore such recordings as they do not represent the policy thrust of the CBN and are only the desperate attempts of persons bent on inciting the public against the Bank.”

UK-Nigeria trade volume hits £5.5 b

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Ben Llewellyn-Jones, British Deputy High Commissioner in Lagos, says UK exports to Nigeria amounted to 3.3 billion pounds in the four quarters of 2022.

He said that the total UK imports from Nigeria, in the period, amounted to 2.2 billion pounds.

This, according to him, put the trade volume between the United Kingdom and Nigeria at 5.5 billion pounds.

Mr Llewellyn-Jones gave the figures in an interview with the News Agency of Nigeria in Lagos.

He said that the UK government was exploring ways to improve the trading relations with Nigeria, including partnering with it in bringing in electric meters

The envoy said that the UK government had also introduced the Developing Countries Trading Scheme, DCTS, that would encourage and improve exportation of goods from Nigeria.

He said that under the scheme, 99 per cent of goods exported to the UK would be duty free.

“With the introduction of the DCTS, which would take off in April, 99 per cent of Nigeria exports to the UK would be duty free, as we see this as a real opportunity to improve trading between both countries.

“The UK market is a very large one so we have reached out to small and large businesses in different parts of the country and this is intended to help exporters and other people in the trading business to make the United Kingdom an export destination.

“Also, it is important to note that our government has been carrying out a lot of work in the country through initiatives as British International Investment which looks into the possibilities of investment and provides them.

“We work closely with the Nigerian authorities to overcome some challenges that come with investing in the country and we are also working on several ways to further strengthen the relationship between both countries”.

Mr Llewellyn-Jones noted that the UK government was looking at partnering with Nigeria in supplying electric meters to the country.

“In trading, there are different markets that can be explored and we are exploring different ways to make Nigeria our top trade partner, and it is important to note that sometimes, it is about the quality one has to offer.

“The UK is known to have one of the most sophisticated metering in the world which would make a quality difference in Nigeria when it comes to the electricity sector as consumers would get the best value for their money spent.

“In terms of services, there are different British schools in the country as well as various partnerships with universities across the country. This goes to show that we are also about substance.

“We are committed in ensuring that we explore every opportunity available to strengthen the bilateral relationship between both countries,” he said.

Supreme Court chief warns against undue criticism

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The Chief Justice of Nigeria, CJN, Justice Olukayode Ariwoola says the Supreme Court’s silence on attacks on its judicial officers must not be mistaken for weakness or cowardice.

On Monday, the Supreme Court declared the president of the Senate Ahmed Lawan as the authentic candidate of the All Progressives Congress, APC for Yobe North Senatorial District, sacking Bashir Machina earlier recognised by the Federal High Court in Damaturu and Court of Appeal in Abuja.

The judgement had sparked widespread criticism as Mr Lawan, who had unsuccessfully vied for a presidential ticket, did not participate in the primaries earlier conducted in Damaturu, Yobe State.

But the CJN gave the warning in a statement by Festus Akande, the Supreme Court spokesman on Saturday in Abuja.

The statement is in reaction to the recent attacks on the judiciary by some group of persons over some recent political judgments delivered by the apex court.

He warned the public to be mindful of their unwarranted attacks on judicial officers.

“Certainly, every Nigerian citizen has inalienable right to express his or her opinion without any encumbrance but even in the course of expressing such fundamental right, we should be circumspect enough to observe the caution-gate of self-control in order not to infringe on another person’s right.

“Even in a state of emotional disequilibrium, we should be reasonable enough to make a good choice of decent words.

“We have watched with utter dismay some unfortunate events that have been unfolding in the country, particularly within the political landscape, for some days now.

“It is so disheartening to learn that some individuals and groups of persons who ought to know better and even assume the revered positions of role models to a larger proportion of the citizens are now sadly, the very ones flagrantly displaying ignorance and infantilism in the course of defending the indefensible.

“We have made it abundantly clear at different occasions that judicial officers are neither political office holders nor politicians that should be dressed in such robes”.

He noted that courts do not advertise or scout for cases for adjudication; but at the same time, duty-bound to adjudicate on all matters that come before them with a view to giving justice to whoever justice is due, irrespective of status.

“No Court in any clime is a Father Christmas; so, no one can get what he or she didn’t ask for.

“Similarly, all matters are thoroughly analysed and considered based on their merits and not the faces that appear in courts or sentiments that attempt to becloud the sense of reasoning.

“So, for anyone in his or her right frame of mind to insinuate that the justices have been bought over by some unknown and unseen persons is, to say the least, a bizarre expression of ignorance, which definitely has no place in law.

“We are not surprised with the surge of these well-orchestrated verbal assaults on judicial officers across the country at this period of elections”.

According to the him, “it is a thing we are used to and are ever ready to absorb whatever comes our way; but there should be some level of decorum and dignity in what we say and do.

“Politics should not be played without recourse to good conscience and acceptable moral conduct, as everything is evolving globally”.

He said that calling on the CJN to resign or attacking justices that sit on various panels, as exhibited by a faceless group is rather prosaic.

“If political parties fail to organise themselves well by managing their internal wrangling maturely and now chose to bring themselves to the court: we are duty-bound to adjudicate in accordance with the provisions of the law and not the dictates of any individual or deity, as some people would want us to do.

“If political parties conduct themselves well and orderly too, the courts would definitely handle less cases and the political atmosphere will be much healthier than it is currently.

“We shall continue to do our best in discharging our constitutional responsibility to keep the country together and move the nation along the path of peace, progress and development”.

He reiterated that attacks by groups, political parties or individuals under any guise will not deter then but rather boost their resolve to do more for the country.

“It is not only petty but equally very unreasonable for anyone to hurriedly link the CJN to his state of origin and tribe simply because of a particular judgment of the court.

“The major problem of Nigeria has always been the undue emphasis on religion and ethnicity in all our dealings and as long as we continue along that path, progress will remain a mirage.

“As at this moment, over 600 cases have so far gone to court from just party primaries which were conducted by political parties without any encumbrance or interference from any external bodies.

“So, will the political parties or any individual now accuse the court of causing such unpleasant intra-party wrangling that defied all internal conflict resolution mechanisms?

“Most times, some people try as much as possible to disingenuously stand logic on its head to show their level of unimaginable dexterity.

He said that those who have cultivated the unfashionable penchant of always attacking the judiciary over every judgment or ruling should better have a rethink and start channelling such robust energy into some ventures that are more developmental than destructive.

“We are not politicians and should not, by any stroke of imagination, be cast in that mould either.

“Nobody’s interest can ever supersede the interest of everybody. Nigeria is bigger than everyone of us. A word is enough for the wise”, he said.