Politics
Naira Crisis: Tinubu, APC Govs meet, urge Buhari to allow old notes
In a last-ditch effort to resolve the lingering cash crisis that has thrown the entire country into turmoil, governors elected on the platform of the All Progressives Congress on Sunday met with the party leadership at the APC National Secretariat in Abuja.
This was as the chief executive officers of banks also met to proffer solutions to the situation which had led to attacks on banks and the death of no fewer than 13 persons across the country.
The development is coming barely six days before the presidential and National Assembly polls slated for Saturday, February 25, 2023
No fewer than 12 governors turned up for the crucial meeting with the APC National Chairman, Senator Abdullahi Adamu, and other National Working Committee members, which started at 2.37pm
At the meeting were governors Nasir El Rufai (Kaduna), Abdullahi Sule (Nasarawa), Muhammad Inuwa Yahaya (Gombe), Mai Mala Buni (Yobe), Abubakar Badaru (Jigawa) and Abubakar Sani Bello (Niger), Yahaya Bello (Kogi), Simon Lalong (Plateau), Biodun Oyebanji (Ekiti), Sani Bello (Niger), Atiku Bagudu (Kebbi), Babajide Sanwo-Olu (Lagos) and members of the National Working Committee of the party in attendance.
Governors Abdullahi Ganduje (Kano) and Dapo Abiodun (Ogun) were absent, while Imo and Katsina state governors were represented by their deputies.
The party’s presidential candidate, Asiwaju Bola Tinubu, later joined the meeting at 4.45pm.
Addressing journalists shortly before their closed-door session, Adamu expressed delight with the turnout, noting the imperative of the meeting.
He said, “It is my privilege to welcome you to this important and emergency meeting. We have found a situation where there is a pressing need to get together as standard bearers of our states in Nigeria who were elected on the platform of our great party, the APC.
“I am happy with the response so far. And it is my understanding that more of the governors are on their way. You will recall the recent development that has necessitated the need for this invitation.
“We do not want to sit in judgment over anybody or bodies with regard to what is going on today in the country as it affects our great party. I thought it best to get all those who are holding forth in the critical positions in the party to get together and have some interaction so that we can have a better interpretation and appreciation of the situation that we are in. That is the essence of this invitation.”
Contrary to an order of the Supreme Court that the Federal Government should suspend the February 10 deadline for swapping the old naira notes with new ones, the Central Bank of Nigeria refused to shift the deadline.
Three states
The apex court order followed a suit filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation, Abubakar Malami.
States including Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River have also joined the suit as co-plaintiffs.
The crisis between the governors and the President, Major General Muhammadu Buhari (retd.), worsened on Thursday when the President in his nationwide broadcast ignored the apex court by extending the validity of old N200 notes while insisting that old N500 and N1,000 remained illegal.
Buhari in his state broadcast said the old N200 note would be legal tender for the next 60 days, till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the Central Bank.
After the APC NWC and governors’ meeting which ended at 7.15pm, journalists were invited into the venue, where the chairman addressed them on the outcome of the parley.
Adamu lamented that although the naira redesign was a good move, the timing and the pain it had brought on Nigerians has necessitated the need for both the CBN Governor, Godwin Emefiele and the AGF, Abubakar Malami to avoid misleading the President.
He said, “I’m sure you are quite aware of the fact that a meeting comprising the APC governors was held today and the leadership of the NWC of our great party was summoned. We had a discussion and at the end of the discussion, we have resolved as follows: That this resolution is without prejudice or whatsoever to the case that is lying at the Supreme Court at this point in time. This has to do with the issue of currency redesign.
“We noted very seriously that the programme and its implementation are causing tremendous difficulties to the people of Nigeria and to the national economy. That we urge the Attorney General of the Federation and the Governor of the Central Bank of Nigeria to respect the supreme court order of interim injunction which is still subsisting
“That the meeting is urging his Excellency, Mr President, to intervene in resolving issues that are causing this great difficulties to the economy,”
When prodded to comment on the need for the presence of the APC Tinubu, at the meeting, Adamu disclosed that “Tinubu’s visit is a normal visit.”
Addressing journalists after the meeting, the Chairman of Progressives Governors Forum and the Governor of Kebbi State, Atiku Bagudu, expressed satisfaction with the level of mobilisation that had gone into the campaign of their presidential candidate.
He stated, “As the chairman spoke, the governors and the party are one and the same. And I am very proud about the conduct of our campaign by our presidential candidate
“The Director General of the campaign and indeed, governors and the candidate across the country have been doing a tremendous job of mobilizing the Nigerian populace and we are very, very impressed with the support of the majority of Nigeria.”
Although some of the governors like Sanwo-Olu and El Rufai wore long faces when they came out of the meeting, it is not immediately know if certain governors are in support of the naira swap policy.
Tinubu refused to address the press when he came out of the meeting at about 7.15 pm.
Despite entreaties by the journalists who kept pestering him with questions, he snubbed them and stepped into one of the waiting cars in his convoy and drove off.
It was gathered that during the meeting most of the governors, who spoke, said there was the need to prevail on the President to ensure the obedience of the court order.
Our correspondent learnt that Bagudu, who spoke first after the chairman’s opening address, rallied other governors and the APC NWC to kick against the CBN policy during the meeting.
“This informed the strong position they took against the policy, the CBN governor and the AGF,” a source explained.
The source added that the governors that spoke criticised the implementation of the naira redesign, which they said was not good for the party.
It was also gathered that the Bankers Committee was considering extending the collection of old notes this week to avert protests ahead of the polls.
It was learnt that the chief executives of commercial banks took the decision during a virtual meeting on Saturday as part of moves to avert fresh protests this week.
The meeting, it was further gathered, was aimed at getting the CBN to give approval for banks to resume the collection of old notes on Monday (today).
It was learnt the top bank officials believed doing so would reduce tension and prevent further protests that could increase tension ahead of Saturday polls.
“Bank CEOs met over the weekend to find a solution to the crisis. You can see that some banks collected old notes deposits on Saturday. The idea is to get banks to resume old notes collection from customers on Monday (today). This will prevent further attacks on bank officials and bank property this week. This is the last week before the polls, so the CBN and banks want to ensure there is no tension,” a top official privy to the development told The PUNCH.
Meanwhile, in defiance of the directive by the President, Major General Muhammadu Buhari (retd.), that the old N1,000 and N500 have ceased to be legal tender, the Kaduna State Government has directed ministries, departments and agencies to accept payments in the old naira and new notes.
El-Rufai had last Thursday slammed Buhari over his directive which he said was in disobedience to the February 8 Supreme Court Order restraining the Federal Government from ending its cash swap policy on February 10.
The governor asked residents of the state to continue using the old naira notes.
ENDS
Former Vice President Atiku Abubakar has raised concerns over a suspicious credit into one of his private bank accounts, alleging that his confidential banking details may have been compromised.
Atiku, the presidential candidate of the African Democratic Congress (ADC), disclosed this in a statement issued on Friday and signed by his Senior Special Assistant on Public Communication, Phrank Shaibu.
According to the statement, the transfer was made by an individual unknown to the former vice president, with the narration: “Contribution Electioneering Campaign.”
“Neither His Excellency nor his campaign solicited, authorised or has any knowledge of the individual or entity behind the unauthorised payment,” the statement read.
Atiku said the circumstances surrounding the transaction were “deeply troubling,” noting that the account was strictly private and its details were not publicly available.
“The account is a strictly private one whose details are not in the public domain. This raises a fundamental question: How did unknown persons obtain the confidential banking details of a private citizen?” the statement added.
He said the alleged access to his banking information raised broader concerns about the protection of Nigerians’ financial privacy.
“If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown, then no Nigerian’s financial privacy is safe,” Atiku was quoted as saying.
The former vice president also expressed concern that the information may have been obtained through individuals with privileged access.
“Even more disturbing is the suspicion that such confidential information may have been obtained through persons with privileged access,” the statement said.
Atiku warned that any breach of confidential banking information could expose citizens to serious security threats.
“If established, this would amount to a grave abuse of power capable of exposing the account holder to kidnappers, terrorists, bandits, fraudsters and other criminal elements,” the statement added.
The ADC presidential candidate said security agencies and Nigerians had been notified of the development, describing it as part of a series of suspicious activities ahead of the 2027 general elections.
“We therefore put the Nigerian public — and the security agencies — on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections,” he said.
Atiku urged Nigerians not to be distracted by what he described as attempts to smear his reputation as political activities intensify ahead of the elections.
“As political activities gather momentum, Nigerians should not be distracted by these tired tactics that smack of character assassination,” the statement read.
“Such desperate antics have failed before and will fail again,” he added.
The former vice president maintained that he remained committed to providing what he described as credible leadership and practical solutions to Nigeria’s challenges.
“The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges,” the statement said.
President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately return to court and vacate the order freezing the Osun State Government’s accounts, citing the need to safeguard public confidence in the democratic process ahead of the state’s governorship election.
In a statement issued by the State House on Thursday, the President said he was not opposed to the EFCC exercising its statutory powers but expressed concern over the timing of the action, noting that Osun is only days away from the August 15 governorship poll.
Tinubu said he was “deeply embarrassed” not by the anti-graft agency’s mandate, but by the decision to freeze the state’s accounts at such a sensitive political period.
The EFCC had obtained a court order on August 5, 2026, as part of an investigation into alleged financial infractions involving the Osun State Government. The commission maintained that its actions were lawful, insisting it could freeze accounts suspected to be linked to financial crimes and seek judicial approval for extended restrictions.
The President, however, said actions taken by federal institutions are often attributed to him, regardless of whether he had prior knowledge of them.
He reiterated that since assuming office, he had consistently allowed anti-corruption agencies to operate independently without political interference, stressing that strong democratic institutions were essential to the rule of law.
Despite this position, Tinubu said the proximity of the Osun governorship election made the timing of the EFCC’s action inappropriate and required his intervention to prevent any perception that federal agencies were being used to influence the electoral process.
According to him, although he had not been fully briefed on the facts behind the investigation, the overriding public interest demanded that confidence in the integrity and fairness of the election be protected.
The President subsequently directed the EFCC to immediately return to court, vacate the freezing order and discontinue the action against the Osun State Government.
The development follows a dispute between the Osun State Government and the EFCC over allegations of financial misconduct. The state government has denied claims of misappropriating ₦11 billion and accused the commission of attempting to justify its decision to freeze the accounts, while the EFCC insists its investigation is strictly based on its statutory mandate and not politically motivated.
Osun State Governor and Accord Party governorship candidate, Ademola Adeleke, has reaffirmed his administration’s commitment to resisting all forms of intimidation through lawful and democratic means as the state prepares for the August 15 governorship election.
In a series of posts on his X account on Thursday, Adeleke said his administration remains focused on prudent management of public resources and implementing people-centred policies that have improved the lives of residents across the state.
The governor expressed appreciation to party members and supporters in Ayedaade Local Government Area for the massive turnout during his campaign visit, describing the reception as a strong endorsement of his continuity agenda.
According to him, the enthusiasm shown by supporters reflects their determination despite what he described as repeated provocations.
Adeleke urged his supporters to remain peaceful, vigilant and united, insisting that the best response to intimidation is discipline and a massive turnout on election day.
His remarks come amid controversy over the reported freezing of the Osun State Government’s statutory allocation account by the Economic and Financial Crimes Commission (EFCC) as part of an ongoing investigation.
The Nigerian Bar Association has criticised the EFCC’s action, arguing that the anti-graft agency lacks the constitutional authority to impose a blanket restriction on a state’s finances without due legal process.
Meanwhile, the Osun State Government has denied any financial wrongdoing. Commissioner for Information and Public Enlightenment, Kolapo Alimi, accused the EFCC of acting on the alleged directive of former Governor Gboyega Oyetola to frustrate the payment of workers’ palliatives.
The Osun governorship election is scheduled for August 15, with Adeleke seeking a second term under the Accord Party platform.
Amid allegations of financial impropriety rocking the Ondo State House of Assembly, lawmakers on Wednesday held a parliamentary meeting to deliberate on pending legislative matters and announced the constitution of a four-member panel to investigate and audit the Assembly’s accounts, including the alleged involvement of the Speaker, Olamide Oladiji.
The meeting was held at the Assembly complex, but the Speaker and his Deputy, Ololade Gbegudu, were absent. The Majority Leader, Hon. Olatunji Oshati, however, attended the meeting.
Addressing journalists after the meeting, the Chairman of the House Committee on Information, Hon. Olatunji Ifabiyi, alongside some lawmakers, confirmed that the Assembly’s accounts would be audited.
Ifabiyi, who did not disclose the identities of members of the four-member probe panel, said the leadership of the House had been under pressure to resume legislative activities.
He said the lawmakers considered it necessary to reconvene to discharge their constitutional responsibilities of lawmaking and oversight, following concerns over the prolonged absence of plenary sessions and committee meetings.
According to him, the lawmakers deliberated on issues affecting the development of Ondo State, including constituency projects, community development and the welfare of residents across the state’s 18 local government areas.
Speaking on the political situation in the Assembly, Ifabiyi said lawmakers had not abandoned their plan to impeach the Speaker, but were awaiting further directives from the leadership of the All Progressives Congress (APC).
He dismissed allegations that lawmakers had been financially induced to abandon the impeachment move, insisting that the process remained pending.
“We are still waiting for the leadership of the party. We are unable to proceed further until the leadership of the party asks us to. So, it’s pending. We are still on course,” he said.
On the role of the state government in the crisis, Ifabiyi said Governor Lucky Aiyedatiwa had no role in the day-to-day running of the legislature, describing the intervention of the APC leadership as a normal party affair.
“The Governor does not intervene in the running of the legislature. It is normal for a party to intervene because we are from the same family,” he said.
He added that the APC leadership should treat all members of the Assembly equally, noting that all 26 lawmakers belonged to the same political party.
“Our father will not prefer one person at the expense of 26. Our father will not do that,” Ifabiyi said.
The Ward Executive Committee of the Nigeria Democratic Congress (NDC), Ward 9, comprising Amoli, Ogugu, Owelli and Ugbo in Awgu Local Government Area of Enugu State, has reaffirmed the indefinite suspension of Mr SKC Ogbonnia from the party.
The Ward said the suspension took effect on May 18, 2026, following the conclusion of disciplinary proceedings conducted in accordance with the party’s constitution.
In a statement dated August 5, 2026, the Ward Executive Committee clarified that the suspension was not a recent decision and remains valid and binding until it is reviewed or lifted by the appropriate organs of the party.
According to the committee, the disciplinary action followed the report of a duly constituted Ward Disciplinary Committee set up to investigate petitions and complaints alleging anti-party activities, gross misconduct, acts of sabotage and conduct considered prejudicial to the interests of the NDC.
The Ward Chairman, Hon. Chief Chukwunta Chibuike Fabian, said the committee observed the principles of fair hearing and due process by issuing several invitations to Ogbonnia and giving him opportunities to appear and respond to the allegations against him.
However, the committee alleged that Ogbonnia failed and refused to honour the invitations or participate in the disciplinary proceedings.
According to the Ward, his alleged refusal to appear compelled the disciplinary committee to conclude its assignment based on the evidence before it.
The report was subsequently adopted unanimously by the Ward Executive Committee, which resolved that Ogbonnia be suspended indefinitely from the NDC with effect from May 18, 2026.
The party said the allegations against him included persistent anti-party activities, gross misconduct, disloyalty, attempts to undermine the party’s leadership, programmes and electoral interests, conduct capable of bringing the party into public disrepute, and disregard for the party’s constitution and lawful directives.
The Ward Executive Committee also claimed that its internal verification showed that Ogbonnia was not recognised as a registered member of the NDC in Ward 9.
The committee questioned the basis of his alleged association with the party and expressed concern over his possession of the Ward’s account number.
According to the Ward, it did not authorise or disclose its account details to Ogbonnia and called on him to explain how he allegedly obtained the information.
The committee further stated that, throughout the period of his suspension, Ogbonnia is prohibited from attending or participating in meetings, programmes, activities or decision-making processes of the NDC.
It also warned that he must not present himself publicly as a member, official or representative of the party unless and until the suspension is reviewed or lifted by the appropriate party authorities.
The Ward Executive Committee said the disciplinary action was necessary to protect the integrity, discipline, unity, constitutional order and credibility of the NDC.
It reaffirmed its commitment to accountability, internal democracy and what it described as zero tolerance for conduct detrimental to the collective interests of the party.
The statement was signed by Hon. Chief Chukwunta Chibuike Fabian, Ward Chairman, NDC Ward 9, Awgu Local Government Area, Enugu State.
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