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Naira Notes Swap: Court Bars CBN From Extending February 10 Deadline

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Justice Eneojo Eneche of the Federal Capital Territory (FCT) High Court, has stopped the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10, or issue any directive contrary to the said date.

In a motion by five political parties, the court also granted an order directing the Chief Executive Officers (CEOs) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite supply of such notes by the central bank.

Buhari, last year, approved the redesign of the banknotes. The move has, however, created hardship among Nigerians who have struggled to lay hands on the new notes as the February 10th deadline for the currency swap inches closer.

In the wake of the naira swap crisis, the CBN maintained it would not extend the deadline.

The recent CBN policy has been met with polarising views as some have expressed support for the apex bank’s decision, while many others have kicked against it as insensitive to the average Nigerian.

On the one hand, some critics of the directive have accused the central bank of deceiving Buhari.

For instance, a former National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, faulted the policy, describing it as senseless and a plot by the apex bank to scuttle the general elections.

According to him, the CBN sold an anti-corruption motive to the President which made him approve the policy.

On the other hand, in spite of the policy presented as targeted at corrupt politicians and hoarders of illicit funds, some others like the presidential candidates of the Peoples Democratic Party (PDP), Atiku Abubakar; and Labour Party, Peter Obi, have shown support for the CBN.

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Lakurawa Terrorists, Not Bandits Responsible For Zamfara Explosion — Police

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The state’s police commissioner says members of the dreaded group were seen around the scene of the incident shortly before the explosion.

The police have fingered newly formed terror group Lakurawa as the mastermind of an explosion that occurred along the Dansadau-Gusau Road in the Maru Local Government Area of Zamfara State on Wednesday.

“This Lakurawa (group) when they were dislodged by the Army in Sokoto and Kebbi, the rest of them that survived the military onslaught were trying to find new enclaves,” the state’s police commissioner Muhammed Dalijan said on Channels Television’s Sunrise Daily breakfast programme on Thursday.

“As they were passing that village to Birnin-Gwari forest, they planted a bomb under a bridge. Then a motorist was passing and step on it. It exploded and killed the driver and three other people were seriously injured.”

The police commissioner said members of the dreaded insurgent group were seen around the scene of the incident shortly before the explosion.

Dalijan said planting of explosive devices was a new development in the North-West state. He said though Zamfara has had a long battle with deadly bandits, they don’t have the capacity to plant explosive devices.

“They were seen passing through a village and as we were getting reports, trying to get ourselves prepared to pursue them, this (explosion) happened. So, we are sure that they were the ones that planted the bomb.

“The bandits here (in Zamfara) don’t use bombs because they don’t know how to make it; they don’t know how to improvise explosive devices. So, we are 100% sure that they (Lakurawa) are the ones because planting bombs in Zamfara State is a new development and bandits don’t have that capacity,” he said.

Zamfara, located in North-West Nigeria, has become the “hub of banditry” in Nigeria, as described by Governor Dauda Lawal.

The governor said the marauding bandits whose kidnapping-for-ransom trade is booming in the state can be strangulated in two weeks with the right political will.

Meanwhile, military authorities have vowed to eliminate Lakurawa insurgents and other terror groups like Boko Haram and the Islamic State West Africa Province (ISWAP).

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Senate Sets Up Committee To Review Tax Reform Bills With AGF

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The Senate on Wednesday set up a committee to to review the controversial Tax Reform Bills that are before the National Assembly.

The Committee which is headed by Minority Leader, Senator Abba Moro (PDP, Benue South) will meet with the Attorney General of the Federation, Lateef Fagbemi, to address grey areas in the bills and revert to Senate before public hearing.

The Deputy Senate President Barau Jibrin disclosed this during plenary on Wednesday.

Barau, who presided over the session, said that the executive arm of the government agreed with the Senate that there is need to resolve all the issues causing disagreements in the bills.

Barau said, “We decided to put politics, ethnicity, regionalism aside to sit among ourselves in order to find a way forward in respect to issues affecting the tax reform bills. It is on this note that we extended our view to the executive arm of government, and it was agreed that there should be a forum to sit down to look at the areas that are creating disagreements in order to resolve them so that the entire country will remain united in our efforts to solve our problems.

“Before the introduction of these bills, we know we have been faced with several problems; insecurity that we and the president have been trying to solve, issues about our economy which is in line with global economic problems. And we also agreed that we shouldn’t allow any other to come in to aggravate the problems of our country.

“It is on this note that it has been agreed by the executive and by us that there should be a forum that should sit with the Attorney General of the Federation so that we can sit and look at all the areas of disagreement and resolve them for the interest of this nation.

“It is therefore proposed that tomorrow there will be a meeting with the committee that will be set here to sit down with the Attorney General to look at those issues and resolve them. It is on this note that the Committee on Finance that the bills have been referred to halt action with public hearing and other issues until we resolve those issues.”

President Bola Ahmed Tinubu had on October 3, 2024, forwarded four tax reform bills to the National Assembly.

The proposed Tax Reform Bills have generated a lot of controversies since its introduction at the National Assembly, meeting serious resistant especially from the Northern part of the country.

Following the controversies the bills have generated, the National Economic Council had advised President Bola Tinubu to withdrawal the bills to allow for further consultations, but he had refused and said that the bills should go through the necessary legislative processes.

Last week, the bills were passed at the Senate for second reading through voice votes.

The proposed legislation seeks to harmonize, coordinate, and resolve disputes arising from revenue administration in Nigeria.

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Gov Sanwo-Olu Signs Lagos Electricity Bill Into Law

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The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill into law.

The ceremony which was carried out at Lagos House Alausa Ikeja, had in attendance the state deputy governor Kadri Hamzat, members of the State assembly, as well as the state executive council members.

Governor Sanwo-Olu commended the state House of Assembly for ensuring the speedy passage of the bill, stressing that the bill will change the socio-economic value of citizens in Lagos State.

He stated that the electricity bill has been in the works for some years, and now that is finally achieved as Lagosians can be sure of a steady power supply.

On his part, the state Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the electricity law signed will provide an additional grid for Lagos State, and also put an end to black out in the state.

“There will now be regular power supply. Host community development Trust fund, which will provide opportunities for communities to develop power plant,” he said.

Ogunleye noted that the step taken by the government stands as a beacon of progress, that will ensure uninterrupted power supply in Lagos State.

The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability.

Among other things, the law seeks to establish a Lagos Electricity Market that is technically sound, financially viable, and well-regulated, ensure access to affordable, reliable, and sustainable electricity for all citizens.

It also helps to promote diverse energy sources, including renewable energy, and encourage energy efficiency, foster investment, competition, and innovation in the electricity sector and electrify underserved areas, contributing to the sustainable development of Lagos State.

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