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BREAKING: FG Insists On February 10 Deadline For Old Naira Notes

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The uncertainties trailing the Central Bank of Nigeria’s (CBN)’s naira redesign policy continued, yesterday when the Supreme Court overruled an earlier injunction granted by a high court in the Federal Capital Territory (FCT) restraining the Federal Government and the CBN from undermining the February 10 deadline for the ongoing currency swap. While the Supreme Court ruling appeared to have doused the tension scarcity of cash had induced in the polity, the Federal Government, last night, approached the Supreme Court, asking it to dismiss a suit challenging the February 10 deadline set by CBN to end the legal tender status of the old currency notes of N200, N500, and N1,000.

It argued that the Supreme Court lacks jurisdiction to hear the suit, which was filed by three states – Kaduna, Kogi, and Zamfara – all in the northern part of the country and controlled by the ruling All Progressives Congress (APC).

The respondent maintained that the case is not a dispute between the federation and the state governments, but merely an issue about CBN’s policy. It said the suit is, therefore, not qualified to be taken directly to the Supreme Court for adjudication, arguing that the suit ought to have commenced at the Federal High Court.

Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), sued as the sole defendant, as the representative of the Federal Government, filed his opposition to the suit as a preliminary objection against it at the Supreme Court on Wednesday night.

The three state governments, in their application filed to challenge the naira redesign policy, prayed for an order restraining CBN from ending the use of the old notes on February 10. They cited the suffering scarcity of the new notes had brought upon many Nigerians.

After listening to the applicants’ lawyer yesterday, a seven-member panel of the court, led by John Okoro, issued an order of interim injunction halting the plan by CBN to end the use of the old banknotes as scheduled. The court then adjourned the hearing of the main case until February 15.

Shortly after, President Muhammmadu Buhari met with the CBN Governor, Godwin Emefiele, and AGF, Malami, at the Presidential Villa, Abuja. The outcome of the meeting was yet to be known as of press time, apart from the AGF asking the apex court to dismiss the governors’ suit.

This is as the International Monetary Fund (IMF), yesterday, called for the extension of the February 10 deadline for cash swap. The IMF, in a statement by its Resident Representative to Nigeria, Ari Aisen, issued on his behalf by Office Manager for Resident Representation for Nigeria, Laraba Bonnet, in Abuja, hinged its plea on the hardship Nigerians were going through.

It said: “In light of hardships caused by disruptions to trade and payments due to the shortage of new banknotes available to the public, in spite of measures introduced by CBN to mitigate the challenges in the banknote swap process, IMF encourages CBN to consider extending the deadline should problems persist in the next few days, leading up to the February 10 deadline.”

IMF is the first international financial organization to openly call for an extension of the deadline for the deposit of old Naira notes.

Governor el-Rufai has urged Nigerians to continue spending the old denominations of the redesigned notes. El-Rufai said Nigerians should disregard the CBN directives because the APC presidential candidate, Asiwaju Bola Tinubu, would reverse the decision if elected on February 25.

Speaking in Kaduna, the governor said: “Continue running your businesses and daily activities with whatever notes (old or new) you have. Don’t rush yourself into taking old naira notes to the bank, and wasting your time in the unnecessary queues at the bank. Nobody can stop you (people) from using the notes. When we come to power, if Tinubu becomes the president, we’ll give people more time to get rid of the old naira notes.”

However, more commercial banks have shut their doors to customers, halting cash operations as safety concerns take priority in management decisions.

Findings suggest that most bank managers have been strongly advised to avoid putting the lives of their employees at risk until there is “reasonable assurance of safety”.

BIG STORY

Lagos Ministry Demolishes Illegal Gatehouse After Attack On Workers [PHOTOS]

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The Lagos Ministry of Environment and Water Resources has commenced the demolition of an illegal gatehouse erected by the management of an estate on January 3, 2025.

The action follows repeated warnings from the ministry, which had earlier alerted the estate about the unlawful construction.

Sources revealed that the estate proceeded to build a soakaway system on the road immediately outside the entrance gate, despite several official warnings from the ministry.

This prompted the ministry’s task force to intervene on January 2, 2025, to dismantle the septic tank that was being constructed.

However, during the operation, workers from the ministry were reportedly attacked and locked up by the estate’s management.

In response to the harassment of its workers, the Lagos Ministry of Environment and Water Resources escalated its actions, directing the demolition of the illegal gatehouse on January 3, 2025.

The demolition is part of the ministry’s broader efforts to ensure that constructions adhere to legal and environmental standards.

Details later…

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BIG STORY

Inside Jigawa: One Dead, Groom Hospitalised As Bride Allegedly Poisons Wedding Guests

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A wedding in Jigawa State has turned tragic after a bride allegedly poisoned food served at the reception.

The incident reportedly left the groom critically ill and one of the wedding guests dead.

The incident occurred in the Jahun Local Government Area of the state.

Eyewitnesses suggested that the bride’s actions may have been driven by a personal vendetta.

Speaking on Friday, the state Police Public Relations Officer, Shi’isu Adam, confirmed the incident and stated that an investigation was underway.

“We received a report that the bride had tainted the food served at the wedding reception, leaving the groom critically ill.

“Police have arrested two suspects in connection with the alleged food poisoning incident that occurred during a wedding ceremony in the state,” Adam said.

He revealed that the two suspects are the bride and another female, adding that they are in custody and being interrogated by the Criminal Investigation Department of the command.

The police spokesperson added, “We will do everything in our power to ensure that justice is served.”

According to the police spokesman, all the wedding attendants who consumed the poisoned food have been discharged from the hospital, except for the one person who was confirmed dead.

“The command is currently investigating the circumstances surrounding the incident, and we will provide more details as soon as possible.

“For now, we can confirm that the incident occurred, and we are working tirelessly to unravel the facts. We urge the public to remain calm and assured that justice will be served,” he concluded.

The identities of the deceased, the groom, and other victims have not been disclosed by the authorities.

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BIG STORY

Peter Obi Hellbent On Inciting Nigerians Against President Tinubu, He’s A Doomsayer — APC

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The All Progressives Congress (APC) has described Peter Obi’s New Year message as “misleading and an attempt to score cheap political points.”

Obi, who was the presidential candidate of the Labour Party in the 2023 elections, used his New Year message to criticize President Bola Tinubu, expressing grave concerns over institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile.

The former governor of Anambra stated that corruption has been deeply entrenched in government and nepotism has become the norm under Tinubu’s leadership.

He also demanded “vigorous, positive actions” from the administration to bring succour to Nigerians.

However, in a counter-statement on Thursday, Felix Morka, APC spokesperson, stated that Obi’s assessment contradicted all indicators showing that the nation’s economy is rebounding across various sectors.

Morka accused Obi and members of the main opposition Peoples Democratic Party (PDP) of relentlessly trying to incite public outrage against the Tinubu administration.

The APC further accused Obi of portraying himself as “a leading doomsayer, omniscient and philosopher’s stone” while failing to deliver “meaningful achievements during his eight-year tenure as governor in Anambra state.”

“In reality, 18 months later, the economy, under President Bola Ahmed Tinubu’s administration has shown a steady record of progress,” the statement reads.

“Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.”

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.”

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The ruling party added that Tinubu’s goal is to reduce inflation from 34 percent to 15 percent in 2025.

“With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case of carrying coal to Newcastle,” the party added.

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