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New Naira Notes: Reps Committee Rejects CBN’s One Week Extension, Threatens Emefiele’s Arrest

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The House of Representatives Adhoc Committee on the redesign of three naira notes has rejected the 10 days extension granted by the Central Bank of Nigeria (CBN) for the swap of old N200, N500, and N1,000 bank notes.

In a statement on Sunday, the Chairman of the Committee and the Majority Leader of the House, Alhassan Ado Doguwa, said the green chamber will proceed and sign an arrest warrant to compel the CBN Governor, Godwin Emefiele to appear before the committee.

According to him, the new naira redesign policy is capable of frustrating the forthcoming 2023 general elections.

The CBN on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari unveiled the redesigned N200, N500, and N1,000 notes on November 23, 2022, while the apex bank fixed the January 31 deadline for the validity of the old notes.

The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.

Many Nigerians have lamented the scarcity of new notes as the January 31 deadline approached while the National Assembly demanded a six-month extension.

However, emerging from a meeting with the President on Sunday, the apex bank chief said Buhari gave permission for the deadline to be extended to February 10.

In its immediate reaction, the House of Representatives committee chaired by Doguwa rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.

The lawmaker said, “The 10-day extension for the exchange of the old naira notes is not the solution: We as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.

“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the adhoc committee.”

Doguwa said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

He described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, insisting that the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed earlier by Speaker Femi Gbajabiamila.

He also said the policy is capable of frustrating the forthcoming general elections.
“Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.

BIG STORY

BREAKING: Soludo Closes Onitsha Market For One Week Over Sit-At-Home Defiance

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Anambra State Governor, Professor Chukwuma Soludo, has ordered the closure of the Onitsha Main Market for one week following traders’ failure to comply with the state government’s directive to disregard the Monday sit-at-home order.

The governor gave the directive on Monday during an on-site visit to the market, along with some of his aides and other government officials.

Soludo warned that the closure could be extended if traders fail to comply with the directive, adding that security agencies have sealed the market to enforce the order.

The governor described the development as the latest—and perhaps most drastic—salvo in a protracted struggle over control of economic life in the South-East on Monday.

Soludo said that despite repeated assurances of enhanced security and appeals to reclaim public spaces, many traders at the iconic market once again chose to keep their stalls locked.

According to him, their absence amounted to a quiet rebellion that nonetheless spoke volumes about the lingering climate of fear.

Soludo said, “The government cannot stand by while a few individuals willfully undermine public safety and disregard official directives meant to restore normalcy. This is plain economic sabotage.

“We are not going to allow this. The closure is a protective measure for law-abiding citizens.”

He, however, issued a stern warning that if the market fails to reopen after the one-week shutdown, it will be sealed for one month.

“You either decide that you are going to trade here or you go elsewhere. I am very serious about this,” the governor added.

The scene at the market on Monday was marked by tense enforcement, as a joint task force comprising police, army, and other security agencies was seen securing the perimeter.

As the gates remain locked this week, the standoff in Onitsha highlights the broader struggle to abolish the Monday sit-at-home.

When the market is scheduled to reopen next Monday, attention will be on the traders—whether they will return to their stalls following the state’s show of force, or whether empty aisles will deliver a different verdict.

The outcome may determine not just the fate of the market, but the rhythm of economic life in Anambra State on Mondays.

The state government had earlier directed traders and businesses to continue normal activities on Mondays as part of efforts to restore economic stability and end disruptions caused by recurring sit-at-home observances.

Meanwhile, there were reports on Saturday that the state government would begin pro-rata salary payments for workers across the state as part of efforts to end the Monday sit-at-home.

The State Commissioner for Information, Law Mefor, disclosed this to journalists in Awka, noting that effective February 2026, civil servants’ salaries would be paid according to attendance on Mondays.

Mefor said the decision was reached during the end-of-tenure retreat of the Anambra State Executive Council held in Awka, which reviewed the administration’s activities over its concluding four-year tenure and outlined priorities for the new term beginning on March 17, 2026.

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BIG STORY

Leave Me Out of 2027 Running Mate Permutations, Tinubu Will Decide What’s Best —– Dogara

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Yakubu Dogara, former speaker of the House of Representatives, says decisions on power-sharing and religious balance should be guided by justice rather than fear or political pressure.

Dogara spoke on ‘Sunday Politics’, a Channels Television programme, amid speculation that Vice-President Kashim Shettima could be dropped as President Bola Tinubu’s running mate ahead of the 2027 general election.

The Christian-born politician added that governance should prioritise inclusiveness and fairness in building a nation that works for all.

Asked to respond to claims that his name was being mentioned as a potential running mate ahead of the president’s re-election bid, Dogara said, “Leave me out of this”.

“I would have sincerely pleaded with you to leave me out of this, but let me say something,” Dogara said.

“Whatever we are doing shouldn’t be because we are afraid of anybody breathing down our necks; it should be because it is the right thing to do.

“We are talking about running an inclusive government, bringing everybody in this country together, so that we can build a nation that works for all of us.”

Dogara said discussions around rotational presidency should also accommodate broader religious considerations.

“So, if we are talking about rotational presidency, there is nothing stopping us from having that discussion as well, because you are not just talking about northern Christians but about the Christian faith as a whole,” he said.

“If you have a Muslim, whether he comes from the north or the south, let it be that he is representing the Muslim community.

“And if you have a Christian, wherever he comes from, he represents the Christian faith. That way, you achieve religious balance.

“But honestly, if we’re going to do anything along those lines, it shouldn’t be that we are scared, but because, as men of it, we believe that God requires of us to do justice.

“And justice demands that we should balance things. I think that should be our concern.”

Speaking on the possibility of the APC fielding a Christian running mate in 2027, Dogara said the issue is being discussed.

“It’s a discussion, and I am aware that such discussions are already taking place,” he said.

“At the end of the day, whatever the president decides, nobody who is a serving president has ever lost the party primaries.

“So, we assume that the president will get the party’s ticket.

“Ultimately, whatever decisions he takes, I believe that it is up to him, but if we have an overwhelming majority of our people making a case that these things should be balanced, as a democrat, I sincerely believe that he will listen to it.

“Particularly for us northerners like you, I’ve always insisted that anybody who divides the north along religious lines has actually conquered the north.”

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BIG STORY

JUST IN: NLC, FCTA Workers Protest At Industrial Court, Demand Wike’s Removal [PHOTOS]

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Workers of the Federal Capital Territory Administration, with the backing of the Nigeria Labour Congress, on Monday picketed the National Industrial Court in Abuja as part of an ongoing total and indefinite strike over unresolved labour disputes.

The protest followed a directive from the NLC, which declared full support for the industrial action, describing the strike as justified amid what it termed persistent violations of workers’ rights by the FCTA management and political leadership.

Placards carried by the protesters bore inscriptions such as “Wike must go!!”, “Abuja no be Rivers”, “Pay promotion arrears”, “Enough is Enough” and “No working tools”.

Details later…

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