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Why we redesigned N200, N500, N1000 notes – Buhari

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President Muhammadu Buhari, Thursday morning, explained to Nigerians why his administration decided on the naira redesign policy, especially N200, N500 and N1000 notes.

Buhari said the need to fight corruption and insecurity headlong, including controlling inflationary trend partly necessitated the decision to redesign the currency denominations mentioned above.

The President, however, directed that the N200 naira old notes be allowed to circulate with the new ones in the interim.

He said, “I feel obliged to avail you of a few critical points underpinning the policy decision. These include:

“The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.

“The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;

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“The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;

“Economic growth projections make it imperative for the government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population.

“Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for the government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria.”

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FCT police arrest suspected k!dnappers in viral video wearing military camourflage and brandishing AK-47 rifles

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The FCT police command have arrested suspected k!dnappers seen in a viral video openly brandishing AK-47 rifles, ammunition, and walkie-talkies, while dressed in military camouflage.

Confirming their arrest to newsmen, the FCT Commissioner of Police, CP Ahmed Sanusi, said immediately he received the viral video and pictures, he directed a detailed forensic analysis into the origin of the content and ordered the immediate arrest of the suspects.

Sanusi mentioned that following digital forensic analysis and actionable intelligence, he directed operatives of the FCT Police VCRU Sector 5 and personnel from Zuba Division, led by the DPO, CSP Ogu Caleb Ikechukwu, on a coordinated operation at Runji Village, Zuba, on May 25 at about 3:22am, where three suspects featured in the videos were arrested at their hideout.

He gave the names of the suspects as Umar Babangida, 25 years old; Adamu Yeti, 22 years old; and Yahaya Idris, 24 years old, all residents of Rijana, Kaduna State.

The police boss said investigations revealed that the suspects had previously been in possession of the AK-47 rifles, which were obtained from their gang leader identified only as “Esco” from Rijana, Kaduna State who is currently at large.

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He mentioned that further investigations also led to the recovery of additional videos and photographs from the suspects’ mobile phones showing them dressed in military camouflage while brandishing AK-47 rifles and carrying walkie-talkies.

The suspects are currently in custody undergoing further investigation, while efforts are ongoing to apprehend Esco the gang leader and other members of the gang who are at large and recover the firearms.

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Political Rallies: No market closure – Enugu Govt warns

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The Enugu State Government has warned against an alleged plan by some market leaders to shut down major markets within the state capital on Saturday to show support during a rally backing reelection of Governor Peter Mbah and President Bola Tinubu.

The government stated that such a move contradicts the Mbah Administration’s determined effort to boost investment, business and productivity in the state, and therefore does not have the government’s blessing.

The government made its position known in a statement issued by the Commissioner for Information and Communication, Dr. Malachy Agbo, on Friday.

It said that people should feel free to go about their businesses, a predisposition it said prompted the decision of Mbah Administration to end illegal Monday sit-at-home effective June 5, 2023.

The statement equally maintained that political association remains an individual right and choice, saying participation in the Saturday rally and subsequent rallies by any group should never truncate businesses or involve any form of compulsion.

“The attention of the Enugu State Government has been drawn to an alleged plan to shut markets in the state capital as a demonstration of solidarity with the Enugu East zonal rally to drum up support for His Excellency, President Bola Ahmed Tinubu, GCFR, and His Excellency, Governor Peter Mbah, ahead of the 2027 general election.

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“While the government appreciates the enormous demonstration of goodwill by traders across the state, it frowns, however, at any attempt by any market leader to shut down major markets in the Enugu East Senatorial District on account of the planned rally.

“This is not only contrary to the administration’s vision and drive to grow Enugu State’s economy from $4.4 billion to $30 billion, and also to position the state as the preferred destination for investment, business, tourism and living, but also the decision of the administration to ban illegal sit-at-home effective June 5, 2023.

“Furthermore, the 1999 Constitution (as amended) guarantees freedom of association and assembly. Thus, nothing should be seen to detract from these rights in this or future rallies by any group whatsoever.

“For emphasis, political participation should be voluntary and without any attempt to deny the people access to markets or other public spaces where they earn their daily living.

“Therefore, members of the public, particularly leaderships of various markets in the state should take note, please, as government will not hesitate to impose sanctions on any action to the contrary,” the statement read.

DR. MALACHY AGBO
Commissioner for Information and Communication
Enugu State
05/06/2026

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Security guard kidnaps employer’s two children, demands ransom

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A private security guard has escaped with two kids from his employer in Minna, with the police suspecting abduction.

The security guard, named Sani Abdulrahaman, a Fulani by tribe, on Sunday, reportedly took Umaru and Anas, both six years old, on Sallah picnic without the knowledge of their father, Alhaji Danjuma, a businessman, and failed to bring them back home.

The father of the children raised the alarm asking the public and security agencies to help him locate the fleeing security guard and his children.

Danjuma said someone called him on Sunday evening and said he was in Erena forest in Shiroro Local Government Area with the children.

According to him, the caller asked for undisclosed ransom before his children who were in their custody would be released.

When contacted, Niger State Command Police Public Relations Officer, SP Wasiu Abiodun, confirmed the incident, which he said occurred about one o’clock on Sunday, May 31.

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Abiodun explained that the security man pretended that he was taking the children for Sallah celebration in the town, but did not return.

He said the police suspected abduction but disclosed that “investigation has commenced and efforts to locate the children are ongoing.”

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