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No going back on new naira notes, says CBN Governor after briefing Buhari

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The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Thursday briefed President Muhammadu Buhari on the new Naira in Daura and announced that there is no going back on the issuance of the new bank notes, as part of the CBN cashless policy.

Legislators in the National Assembly have expressed some concerns about the policy but the CBN boss said that it was in the interest of the Nigerian economy and should be supported by well-meaning members of the Nigerian public.

According to Mr. Emefiele, the Nigerian payment system has been deepened enough for the cashless policy, announced about 10 years ago.

New Naira Notes

He told journalists in an interview after the visit, “I am visiting the President to brief him as part of the normal briefing that we do.

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“I have come to brief the President on what is happening at the Central Bank and the economy in general. Issues bordering on the new currency. Mr. President is happy with us and told us to carry on with our work, no need to fear, no need to worry about anybody.

“Only yesterday, the new currency reached the banks and we expect the banks to begin to distribute it to members of the Public who are their customers.”

Asked if the CBN would change the policy given the concerns expressed by the federal legislators, Mr. Emefiele said, “I am aware that they have asked for some briefings and we will brief them.

“But it is important for me to say that the policy started in 2012 but we had to step down the policy three or four times because we felt that there was need for us to deepen our payment system in Nigeria.

“Between 2012 and now, we believe that a lot of the electronic channels have been put in place to help people in conducting banking business in Nigeria.

“In rural areas , we have 1. 4 million Super Agents in all LGs. We will publish the names of all these Super Agents on CBN website.

“We need to lip frog the cashless policy. We will not allow the situation where over 85 percent of the cash that is in circulation is outside the banking system.

“More and more countries, have gone into cashless . This is not targeted at anybody. It is just for the good of the Nigerian economy, and we can only appeal to Nigerians to see this policy the way we have presented it.

“We will be reviewing it from time to time. We are not going to be rigid. But that is not to say that we will reverse. We are not going to change the timing.

“if it is to review the amount to be a little bit higher or a little bit lower, we are going to do so because we do not want to make life difficult for our people.

“So there is no need for anybody to worry. CBN is monitoring what is happening and I can assure you that we will do what is right for Nigeria and for Nigerians.

“CBN and bank have taken about a trillion. Moved more people from other departments to Currency Processing, so that they can process this cash as quickly as possible so that banks can now move what they have with them to the CBN.”

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Alleged $1bn arms fraud: Funds given to Defence Ministry, not military — Gen. Buratai

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Former Chief of Army Staff, COAS, Lt. Gen Yusuf Buratai, retd., disclosed yesterday that the $1bn approved for defence procurement during his tenure as Army Chief by the federal government was released to the Ministry of Defence and not the services.

Gen Buratai disclosed that the funds, which were approved by the National Economic Council, NEC, did not pass through his hands or the accounts of the Nigerian Army, Navy and Air Force.

He said allegations surrounding the funds turned out to be “political and malicious,” noting that “they first emerged during the 2019 election period when the opposition alleged that the money had been diverted for electoral purposes”

His words:  The $1 billion was approved by the National Economic Council, NEC, for defence procurement. Not a single dollar of that fund passed through my hands or through the accounts of the Nigerian Army, Navy, or Air Force.

“The funds were released to the Ministry of Defence, and the entire procurement process was handled by that ministry. The Army, Navy, and Air Force never had a single dollar from that fund to make procurement directives.

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“I have described these allegations as political and malicious. They first surfaced during the 2019 election period when the opposition alleged the funds had been diverted for electoral purposes, a claim the federal government publicly refuted. Yet the stain remained, attached to the service chiefs, rather than the institution that managed the funds.”

The former COAS said the federal government publicly refuted the allegation at the time but lamented that the controversy continued to affect the reputation of service chiefs.

He faulted the ministry for not publicly explaining how the funds were disbursed or how contracts were awarded.

“The ministry, since then on its own, had not publicly explained how the funds were disbursed or contracts awarded. Accountability must be properly located,”he said.

While calling for greater transparency in military procurement, Buratai recommended the establishment of a defence procurement transparency portal to publish information on contracts awarded, contracting entities and delivery timelines, subject to national security considerations.

“The Ministry of Defence must own procurement record. The $1 billion arms procurement controversy festered because the institution that managed the funds, the Ministry of Defence, remained silent while service chiefs absorbed criticism.

“I recommend a Defence Procurement Transparency Portal that publishes, within national security limits, broad categories of contracts awarded, contracting entities, and delivery timelines.

“When the media asks where the money went, the answer should come from the ministry that spent it, not from military officers who never touched it,” he said.

Furthermore, Buratai proposed quarterly accountability bulletins summarising court martial outcomes relating to human rights violations and operational conduct, provided the publications did not compromise the rights of accused personnel or ongoing military operations.

Speaking on alleged human rights violations by members of the Nigerian security forces, Buratai said credible claims should be investigated and, where substantiated, prosecuted.

“I have always maintained that where credible allegations exist, they must be investigated and, where substantiated, prosecuted. The military is not above the law,” he said.

He acknowledged the need for the military to demonstrate that its disciplinary processes were credible, transparent and capable of addressing allegations at all levels.

He said that improved communication by the military and the Ministry of Defence would help address public concerns and ensure that media reports reflected the full context of security operations.

In his remarks, Former Senate President and Chairman Senate Committee on Defence Senator Ahmed Lawan, called  for a dedicated percentage of Nigeria’s revenue to funding of the Armed Forces of Nigeria and other security agencies to procure more platforms.

He noted that the National Assembly had been supporting the Armed forces and other security agencies by way of budgetary approvals.

He said:  “For us in the National Assembly, it is our duty to support the arm of government, to ensure that whatever resources are available and are required, are requested by the arm of government, we support that and we even give more.

‘’As at today, I am over 27 years as a member of the National Assembly, I have not seen any request sent by the executive for the armed forces and other security agencies that has not been approved. In fact, in most cases, they were always approved because we believe that security is first.’’

The Minister of Defence, General Christopher Musa, in his remarks, said:  ‘Today’s security threats are increasingly complex, adaptive and interconnected. Terrorist groups, criminal networks and other adversaries exploit information, technology, financial systems and gaps in coordination to pursue their objectives.

Represented by Air Commodore Steven Ogunmodede, retd., Senior Special Assistant on Foreign Relations, the minister said:  “Consequently, our response must combine effective combat operations with timely intelligence, technological capability, sound planning and cooperation among relevant security institutions.

“This is the essence of intelligence-led operations. The ability to identify a threat early, understand its networks, anticipate its intentions and act with precision can make the difference between preventing an attack and responding after lives have been lost.

“Technology can strengthen our surveillance, reconnaissance, communications and analytical capabilities, but it must be supported by trained personnel, reliable systems, effective doctrine and sound operational judgement.

“Technology is a force multiplier, it does not replace the human judgement, discipline and professional competence upon which military effectiveness ultimately depends.

“At the Ministry of Defence and across the Armed Forces of Nigeria, we recognise the importance of these capabilities and continue to pursue approaches that improve situational awareness, intelligence coordination and operational effectiveness.

“We must remain willing to learn, adapt and innovate, while ensuring that investments in technology translate into practical improvements in our ability to protect lives, defend our territorial integrity and respond to emerging threats.

“Equally important is the need to strengthen cooperation across our security architecture, because no single institution possesses all the information or capabilities required to address today’s security challenges.’’

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Rochas Okorocha arrested, released after one-hour Interrogation — Police

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Former Imo State Governor, Senator Rochas Okorocha, was arrested by the Nigeria Police Force (NPF) on Monday night.

The Nigeria Police Force Public Relations Officer, CSP Aniete Iniedu, confirmed the development to Channels Television.

Okorocha, who was arrested at REIZ Continental Hotel in central Abuja, was, however, released on bail by the NPF following an hour of interrogation over allegations of criminal conspiracy, forgery and impersonation.

CSP Iniedu, who confirmed the arrest and subsequent release on bail to our correspondent, noted that the former governor was asked to return to the Force Headquarters on Tuesday for further interrogation as investigations into the allegations continue.

The arrest reportedly followed Okorocha’s failure to honour previous police invitations in connection with the ongoing investigation.

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He was initially invited to the Force Headquarters on September 2, but the appointment was rescheduled to September 8 at the request of his lawyers, a date he reportedly failed to honour.

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BREAKING: Soludo, Wike, Adeleke, others appointed member of APC Presidential Campaign Council

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Anambra Gov, Prof Chukwuma Soludo
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Anambra State Governor, Prof. Chukwuma Soludo, has been appointed a member of the All Progressives Congress (APC) 2027 Presidential Campaign Council list released last night.

This is despite the fact that he is the National Leader of the opposition All Progressives Grand Alliance (APGA).

Similarly, Federal Capital Territory (FCT) Minister Nyesom Wike, the National Leader of the opposition Peoples Democratic Party (PDP) and Osun State Governor, Senator Ademola Adeleke of the opposition Accord Party (AP), are on the expanded and all-inclusive team headed by President Bola Ahmed Tinubu.

Other members include Presidential Adviser on Policy and Coordination, Hadiza Bala Usman, former Ogun State Governor Ibikunle Amosun, former Lagos State Governor Akinwunmi Ambode, Aviation Minister Festus Keyamo, and former House of Representatives member Patrick Obahiagbon.

Also named as members are former Osun APC governorship candidate Bola Oyebamiji, former National Legal Advisers Dr. Muiz Banire and Babatunde Ogala, Chief Ayiri Emami, Victor Giadom, Magnus Abe, and former Ogun State Governor Gbenga Daniel.

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The list, according to a report by The Nation, reflects inter-party cooperation and harmony based on the shared vision of propelling the country to the horizon of progress.

The report quoted a statement by APC National Secretary, Senator Ajibola Basiru, as saying that the campaign council will be inaugurated tomorrow in Abuja.

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