
News
CONFUSION: How CBN reversed itself on old notes but accused media of fake news
Following the directive of President Muhammadu Buhari that Nigerians should take old N500 and N1000 notes to the Central Bank of Nigeria (CBN), many thronged offices of the apex bank across the nation on Friday.
As early as 1am, people had lined up in front of the CBN office in Marina, Lagos, where there was an uncontrollable crowd.
Someone who got there at 6am said he was given tag number 406, meaning over 400 persons were in the queue earlier.
A Kaduna resident, Badamasi Aliyu, said that he was forced to relocate to a hotel close to the CBN office the night before so he could get there early enough.
However, Aliyu, who got to the CBN office at 3am, said he was given number 134 tag.
When the exercise got seemingly out of hand and the bank officials found it difficult to control the crowd that kept increasing with time, people were asked to return to their respective Deposit Money Banks (DMBs) to store old notes.

The CBN subsequently issued a directive to commercial banks to start collecting old N500 and N1000 notes.
“I am directed to convey Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.
“Please note that customers with amount of up to N500,000.00 and below can deposit into their bank account with their commercial bank. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.
“Kindly comply accordingly. Thank you,” the CBN memo addressed to Branch/Operational Managers of banks read.
To verify the authenticity of the memo, journalists had reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, who confirmed that the directive was clear.
Moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.
Meanwhile, commercial banks had issued public noticed to customers to bring old notes, with effect from Saturday.
“Dear Valued Customer,
This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.
“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.
However, in less than an hour, Nwasinobi issued a statement claiming that the CBN did not authorise banks to accept old notes.
He not only reversed himself but accused the media of spreading falsehood.
“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.
“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject,” his statement read.
While the media was taking the heat as a result of wrong labelling by the CBN spokesman, commercial banks who had posted the notice on social media started pulling them down, triggering confusion.
A bank official, who spoke on condition of anonymity, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”
A customer who had earlier filled the portal ahead of depositing old naira notes showed a message he received from CBN, directing him to go to Stanbic IBTC bank to deposit the money which was less than the amount being collected at CBN branches.
“The total amount you have specified is less than or equal to #500,000. Kindly note that you are required to take the notes to your specified deposit money bank (STANBIC IBTC BANK PLC),” read the message from CBN.
Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line rang out.
(Daily Trust)
News
NDC: “They cannot stop me, they will fail” — Peter Obi
“…If you know what they are doing to ensure that I’m not on the ballot in 2027, you will be surprised”
Presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi has vowed that nobody will stop him from taking part in the 2027 general election.
Obi spoke in reaction to the Federal High Court judgement on Friday, which ordered the Independent National Electoral Commission, INEC, to deregister the party.
The NDC candidate, who disclosed that powerful forces want him out of the race, declared that he is unstoppable.
Obi was a guest speaker at a leadership programme hosted by a group, NextGen Mentorship and Leadership Initiative on Friday at Madonna University Okija, Anambra State.
He said: “If you know what they are doing to ensure that I’m not on the ballot in 2027, you will be surprised.
“The Nigerian government is doing everything to ensure that I do not contest in this election, but I’m not looking at the obstacles but at the destination.

“I’m rather focussed at the fruitfulness of the destination and that is what keeps me going.
“I’m not desperate to be Nigerian President but desperate to see Nigeria work. Go and obtain your PVC. If you don’t vote, you are hurting your future. When you have your PVC, do not vote for me because I’m an Igbo man. I’m not contesting the election because I’m an igbo man, but vote for me because I’m the most qualified.”
On the court judgment, he had this to say: “They cannot stop me. They will fail. Let me assure you it is not the end of the road. We are committed to this democracy and to those who want to kill this democracy they are trying to hurt the society.
“The reactionary elements in Nigeria, those who are bent on holding Nigeria down do not want it to work but I can assure you it would work. I have confidence that I will pull through because the will of the people must prevail.
“No where is safe in Nigeria today, yet the people who should help salvage the country are bent on hurting our democracy.
“My message to all those who mean well for Nigeria and not just my supporters is for us to remain peaceful and continue to resist this tragedy being imposed on Nigeria.”
He also challenged President Bola Tinubu to a debate, noting that “I challenge any of those contesting to a debate to say what they want to do for this country, including President Bola Tinubu. I’m not saying it to make you happy but to change Nigeria and make it work.”
Meanwhile, the NDC has also rejected the judgement , declaring that it has instructed its lawyers to file an appeal.
News
Remi Tinubu sparks debate after urging Nigerians to start akara, corn businesses
First Lady Oluremi Tinubu has come under fire on social media after encouraging Nigerians to consider small-scale ventures such as selling akara, roasted corn and kuli-kuli, saying the businesses require little capital to begin.
Tinubu made the remarks while speaking with correspondents following the second-quarter meeting of the Renewed Hope Initiative with wives of state governors at the State House in Abuja on Wednesday.
A video of her comments, shared by News Channel 247 on Friday, quickly generated widespread reactions online.
Speaking on the activities of the Renewed Hope Initiative, the First Lady said the programme had been providing grants, rather than loans, to vulnerable Nigerians to help them start businesses and improve their livelihoods.
“We’re trying to give hope, and to start Akara business doesn’t take a lot of money. To start roasting corn, or somebody even said kuli kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant.
“So we’ve encouraged Nigerians as best as we could. What is within our hands, I have given, and I keep giving,” she said.

Tinubu also highlighted the initiative’s interventions in healthcare, education, agriculture and social investment, noting that she had personally supported several causes with substantial donations.
“I remember giving for TB. When I heard there were so many TB cases, I gave N2 billion. To breast cancer, I gave a billion. For food malnutrition, I gave half a billion.
“So those are the things we’ve been doing and making sure we can make sure that whatever this government is trying to do, it will see the light of day,” she stated.
According to the First Lady, the initiative has also provided scholarships, ICT training opportunities and support for agricultural and social investment programmes.
She urged Nigerians to remain hopeful despite the prevailing economic difficulties.
“The narrative has really changed, has changed to challenge the average man, whereas the average man is supposed to have hope. So I like the idea that Mr President say this is the Renewed Hope Agenda.
“We have to renew our hope, and that’s how we renew our hope, you know, and that’s what I have to tell Nigerians,” she said.
However, her comments on small-scale businesses triggered swift criticism, with many social media users accusing her of downplaying the severity of the country’s economic challenges.
An X user, @ADCVanguard_, said the video demonstrated “exactly how disconnected Nigeria’s ruling class has become from the reality of ordinary citizens.”
Another user, @ireteeh, compared the initiative’s interventions with private-sector efforts, writing: “The First Lady is empowering people with akara, corn, and kuli-kuli, while an ordinary citizen with limited resources is equipping people to build thriving careers in cybersecurity.”
A user identified as Nefertiti (@firstladyship) also criticised the remarks, saying, “Nigerians are in big trouble. There is fire on the mountain but the people are tired of running.”
Despite the backlash, some Nigerians defended the First Lady, arguing that there was nothing wrong with encouraging people to engage in small businesses.
One X user, @Akikanju1568901, described akara as “one of the most lucrative businesses in Nigeria,” noting that the trade has enabled many families to train their children in universities and acquire houses and cars.
Another user, @PemiOladapo, wrote: “There’s dignity in labour… these are our local snacks! People should start it and scale it!”
Meanwhile, another commentator, @TossynBankz_, argued that the issue was not the nature of the businesses but the broader economic context.
“Nobody is mocking akara, roasted corn, or kuli-kuli. Those are honest businesses. The problem is that Nigerians are asking for a better economy, more jobs, and lower prices. Telling people to start selling akara in this situation just feels like the government doesn’t understand what people are going through,” the user wrote.
News
BREAKING: Court nullifies NDC’s registration, overturns earlier ruling that directed INEC to register party
The Federal High Court sitting in Lokoja, Kogi State, has set aside its earlier judgment that compelled the Independent National Electoral Commission (INEC) to register the Nigeria Democratic Congress (NDC) as a political party.
The latest ruling effectively reverses the legal basis upon which the NDC had been listed by INEC, throwing the party’s status into uncertainty and preventing it from operating as a recognised political party for now.
Earlier this year, the NDC secured a Federal High Court judgement in Lokoja, Kogi State in Suit No. FHC/LKJ/CS/49/2025 directing INEC to register it, a development that sparked controversy among other political associations. The party’s inclusion on the electoral commission’s list was based solely on that court order.
However, the registration was challenged by rival political groups, particularly the All Democratic Alliance (ADA), which argued that the NDC failed to comply with statutory requirements for political party registration.
The challengers alleged that the party did not properly complete the application process through INEC’s designated portal and failed to submit essential documents, including its manifesto and other required materials.
Following the fresh legal challenge, the Federal High Court in Lokoja revisited the matter and vacated its previous judgment, agreeing that the earlier order compelling INEC to register the NDC should no longer stand.

The court’s decision means that the NDC is currently not an officially registered political party. As a result, the party cannot sponsor or field candidates in any election until it obtains formal recognition from INEC.
The judgment also effectively returns the party to the starting point of the registration process. To regain recognition, the NDC will either have to meet all of INEC’s registration requirements and apply afresh or challenge the latest judgment at the Court of Appeal.
For INEC, the ruling means the electoral commission is no longer under any legal obligation to register the NDC.
The court agreed with the commission’s position that there were legal issues surrounding the earlier order that compelled the registration, which may have involved procedural errors, timing, or failure to satisfy statutory conditions.
In practical terms, the court’s decision keeps the NDC off the list of officially recognised political parties unless it successfully overturns the ruling on appeal or completes the registration process in accordance with INEC’s guidelines.
The latest judgment marks a significant twist in the legal battle over the party’s registration and could have implications for its political ambitions ahead of future elections.
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