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JUST IN: Buhari To Extend Validity Of Old Naira Notes Till April 10 —- Report

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President Muhammadu Buhari is considering extending the validity of old naira notes by 60 days, TheCable is reporting.

This is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500, and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.

The CBN had insisted that the deadline of February 10 would not be changed but a senior government official told TheCable that Buhari was worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.

The official told TheCable that this was the focus of a meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum (PGF) until the early hours of Wednesday.

The governors were then expected to withdraw their case at the apex court.

“The resolution was to give room for President Buhari to make concessions on the monetary policy and make the following announcements public,” the official said.

“One, that the old naira notes of N1,000, N500, and N200 be allowed free movement in and out of the banks for the next 60 days.

“Two, that all three notes will be legal tender during this period, but that any old N500 or N1,000 that goes into a bank will not be sent back into circulation.”

The official said that while others were “on the same page with the president”, Nasir el-Rufai, governor of Kaduna state, insisted on total cancellation of the policy.

Buhari, who had earlier delayed attending the federal executive council (FEC) meeting by 40 minutes to monitor the development at the Supreme Court, was disappointed that the governors reneged on their promise to withdraw the case.

He had, after the meeting on Wednesday, met with Godwin Emefiele, the CBN governor, and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), on the need to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians.

“The president will not disobey the court. But he is also concerned about the suffering of Nigerians and wants to find a lasting solution to it,” the official further explained to TheCable.

“It is clear that some militancy is being propagated against the people by elite who have the means to secure the new notes no matter what while the people continue to suffer.

“The president will continue to engage and see the way out of the logjam.”

BIG STORY

NAFDAC Seal Shops, Destroy Items Worth N5bn In Aba Market Over Fake, Expired Products

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The National Agency for Food and Drug Administration and Control (NAFDAC) has shut down 150 shops at Eziukwu Market, Aba, Abia State.

The Agency disclosed this in a statement it posted on its X handle on Wednesday.

It said its team uncovered large-scale production and distribution of fake and expired goods, including beverages, carbonated drinks, wines, spirits, vegetable oils, and revalidated food items such as “noodles,” “powdered milk,” and “yoghurt.”

NAFDAC noted that the team destroyed items that were valued at ₦5 billion.

Describing the market as a hub for counterfeit and substandard products, the Agency’s Director in the Southeast Zone, Martins Iluyomade, expressed dismay at the continued illegal activities, despite a previous undertaking signed by market leaders in December 2023 to expose counterfeiters.

The statement added that NAFDAC DG, Prof. Mojisola Adeyeye, reaffirmed the Agency’s zero tolerance for such practices and emphasised its unwavering commitment to safeguarding public health while working toward a permanent solution to the problem of counterfeit products in the market.

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BIG STORY

Lil Smart Files Petition Against Naira Marley, Zinoleesky Over ‘Threat To Life’

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Lil Smart, the Nigerian dancer, has filed a petition against Naira Marley and Zinoleesky over an alleged threat to his life.

On December 9, Smart shared disturbing photos and videos on social media, claiming that his life was at risk.

He warned that Naira Marley and Zinoleesky should be held responsible if anything were to happen to him.

Zinoleesky, however, denied the allegations, accusing Smart of “chasing clout.” He also threatened legal action against the dancer.

In a recent (now deleted) Instagram post, Smart claimed that he had previously endured bullying from the singers but lacked the evidence necessary to take legal action.

He mentioned that he has now officially submitted his petition, with the required evidence, to the authorities and is hopeful that the legal system will provide him justice.

“This has not been the first or third time I have been experiencing this bullying. But I did not have enough evidence to face the law. Now, I thank God that I have very good evidence, and I will put everything I have in line to make sure this bullying and threat to life is stopped,” he said.

“With my evidence, I really hope that they are not too big to be apprehended and face the law. I have submitted my petition, and I have provided my evidence to the authorities. By God’s grace, the law that binds us as citizens of Nigeria will make sure I get the justice I deserve.”

Naira Marley has yet to comment on the allegations.

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BIG STORY

BREAKING: Court Grants Yahaya Bello N500m Bail Amid “N110.4bn Fraud” Case

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The Federal Capital Territory High Court in Abuja on Thursday granted the immediate past Kogi State Governor, Yahaya Bello, bail in the sum of N500 million and three sureties.

The trial judge, Justice MaryAnne Anenih, made the pronouncement after hearing the fresh bail application brought before the court following the court’s refusal to grant Bello bail at the previous sitting.

Bello, alongside two others, Umar Oricha and Abdulsalami Hudu, are facing trial on 16 counts brought against them by the Economic and Financial Crimes Commission, concerning criminal breach of trust and money laundering amounting to N110.4 billion.

However, the court granted bail to the second and third defendants in the sum of N300 million with two sureties, along with other conditions.

Outlining the conditions for Bello’s bail, the judge stated that the sureties must be responsible citizens who are landowners in any of the listed areas in Abuja – Maitama, Guzape, Apo, Wuse 2, or Asokoro.

She ordered that the sureties must deposit the documents of the property with the court’s registrar, along with two recent passport photographs.

Justice Anenih also ordered that Bello must deposit two copies of his recent passport photograph, alongside a photocopy of a means of identification, which could either be an International Passport or National Identity card, after presenting the original to the court’s registrar.

She ruled, “The first defendant must not travel without the permission of this court, and he shall remain in the Kuje Correctional Facility until the bail conditions are met.”

Recall that on December 10, the court had rejected Bello’s bail request, citing procedural irregularities in the filing of the application.

Justice Anenih, while delivering the ruling, explained that the application was premature and filed before Bello was present in court or custody.

The court noted that the bail application, dated November 22, 2024, was submitted before Bello’s arraignment, which took place on November 27, 2024, days after he was taken into custody on November 26, 2024.

She said, “Having not been filed when the first defendant was either in custody or before the court, this instant application is incompetent.”

“Consequently, the application, having been filed prematurely, is hereby refused.”

 

More to come…

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