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Terrorists Already Have Surplus Of New Naira Notes — Sheikh Gumi

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Sheikh Ahmad Gumi, Controversial Islamic cleric, has said that the plan by the Central Bank of Nigeria, CBN, to curb kidnapping in the country through the redesign of the N200, N500, and N1,000 notes is not effective as terrorists already have access to the new notes.

Gumi noted that the terrorists were “people who have grievances and also like to improve their image” adding that citing terrorism as the reason for naira redesign would not bring any results.

Speaking in an interview with The Punch on Saturday, the cleric said the terrorists had mocked Emefiele by the viral video of them displaying the new notes.

He said, “I was one of the people that said it (the CBN initial deadline) was not feasible and I envisaged that it was going to be removed. The government has programmes but in executing the programmes, it is very clumsy; it’s not well thought out. I heard an economist saying that when you have three great events in the same year using the same resources, one has to give way. You cannot over-task your donkey, else, it will collapse.

“An upheaval would have come (if CBN didn’t extend the deadline). Look at how popular Buhari was in Kano and suddenly, people in Kano were turning against him. It is really sad to see that. In Sudan, a mere increase in the price of bread caused the fall of the government because the people depend on it. There is despair among people; they will turn against you, so you don’t take people for granted.

Speaking on the video of terrorists displaying the new notes, he said “These (terrorists) are people who have grievances and also like to improve their image. The CBN governor mentioned that the reason for changing the notes was to deprive terrorists (of money). They (terrorists) hear him and say, “Here is your money with us”. They can catch (kidnap) people and collect new ones (naira notes) and even demand something else like foreign currency. So, citing terrorism as the reason for this draconian rule in a democratic nation is negative; it will not bring any good results. It (the display of new notes by the terrorist) is a show of mockery.

“First, those in the almajiri system are not involved in criminality, banditry, or Boko Haram because they (pupils) are already under the tutelage of a leader they respect, though they can be engaged in other forms of crime like thuggery. So, no child should be left behind in Nigeria. Every government should make sure education is well-taken care of.

“The economy is very important. The person (new President) should improve the economy. Once the economy is improved, a lot of these problems will go down naturally. Another thing is employment. Job creation is a very important programme any government should embrace. Security should be improved too. There is a lot of corruption in our security (agencies) which should be flushed out. They know how to bring out the moles. They just need to be proactive.”

BIG STORY

BREAKING: GTCO Becomes First Banking Stock To Exceed N100 On NGX

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Guaranty Trust Holding Company has achieved a strong mid-market showing during the July 16, 2025, trading session, surpassing the N100 milestone.

This makes GTCO the first banking stock listed under the NGX Banking Index to cross the N100 benchmark, while Stanbic IBTC Holdings remained just below at N99.

The upward movement aligns with the broader positive sentiment in the banking sector, where the NGX Banking Index has gained over 22% so far in July.

The development follows GTCO’s recent dual listing, which involved 2.29 billion ordinary shares being listed on the London Stock Exchange on July 9, 2025, and another 2.28 billion shares added to the Nigerian Exchange the next day.

The stock’s rise appears driven by investor response to its cross-border listing and its strong Q1 2024 financial performance. Month-to-date, GTCO has posted a gain exceeding 27%.

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BIG STORY

BREAKING: Atiku Abubakar Resigns From PDP

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The presidential flagbearer of the Peoples Democratic Party in the 2023 general elections, Alhaji Atiku Abubakar, has officially withdrawn his membership from the opposition party.

Atiku submitted his resignation ahead of the 2027 general elections, following confirmation of his involvement in forming a new coalition known as the Alliance Democratic Congress.

The resignation was contained in a letter dated Monday, July 14, 2025, and addressed to the chairman of the PDP in Jada 1 ward, Jada Local Government Area, Adamawa State.

A copy of the letter was shared on X by the Special Assistant on Media to the former Vice President on Wednesday.

The letter stated, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

 

More to come…

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EFCC To Appeal Ruling Acquitting Fayose Of Money Laundering Charges

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The Economic and Financial Crimes Commission (EFCC) says it will challenge the judgment that cleared Ayodele Fayose, former governor of Ekiti state, of money laundering and fraud accusations.

In his decision on a no-case submission, Justice Chukwujekwu Aneke ruled that the prosecution did not provide enough evidence to require Fayose to present a defence.

After the judgment, EFCC counsel Rotimi Jacobs stated that the commission would obtain the certified judgment and begin the appeal process.

Fayose and his company, Spotless Investment Limited, had been re-arraigned on an 11-count charge of laundering ₦6.9 billion, allegedly during his time as governor.

The charges included allegations that Fayose received ₦1.2 billion for his 2014 campaign and accepted $5 million in cash from Obanikoro, bypassing standard banking procedures.

He was also accused of laundering several sums and using over ₦1.6 billion to purchase properties via proxies and firms such as De Privateer Ltd and Still Earth Ltd, contrary to the Money Laundering (Prohibition) Act, 2011.

During the May 19 no-case submission, Kanu Agabi, Fayose’s lawyer, argued that the prosecution failed to prove its case and pointed out that Abiodun Agbele, allegedly central to the transactions, wasn’t charged, which weakened the EFCC’s position.

“With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged,” Agabi stated.

He asked the court to find that Fayose had no case to answer.

Olalekan Ojo, lawyer for the second defendant, also submitted a separate no-case application dated March 21, 2025, with supporting documents filed on May 16.

Ojo contended that the main evidence provided by the prosecution, particularly Obanikoro’s testimony, was unreliable since he confirmed there was no direct communication between Fayose and Sambo Dasuki, the former national security adviser.

Jacobs, however, urged the judge to dismiss the no-case submissions, arguing that there were unexplained financial activities that needed clarification.

He questioned why Fayose didn’t use his personal account if the money was legitimate, referencing EFCC investigator Abubakar Madaki’s claim that Fayose acquired properties through associates who later denied ownership, even though Fayose admitted the properties were his.

“If the money was clean, why not buy the properties in his name?” Jacobs asked.

He also referred to Obanikoro’s account that Fayose requested the money in cash and introduced Agbele to receive it, saying Fayose must explain these actions.

Despite these arguments, the court ruled in favour of the defendants and granted the no-case submission.

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