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New Naira notes go into circulation! Banks configure ATMs to accept redesigned bills

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Bank customers in Nigeria will begin to access the new notes designed by the Central Bank of Nigeria (CBN) following the commencement of their loading and dispensing by the Deposit Money Banks (DMBs) in the Automatic Teller Machines (ATMs) and across the counter this Thursday.

Already the ATMs have been reconfigured to dispense the new notes, which was unveiled recently by President Muhammadu Buhari and CBN Governor, Godwin Emefiele, at the Federal Executive Council (FEC) meeting in Aso Rock Villa recently, in addition to over-the-counter payments, which would be carried out by the commercial banks.

The coming redesigned notes in the N200, N500 and N1,000 denominations, was announced by Emefiele, in October, who said they would be released to the public by December 15, 2022, while adding that the old would cease to be regarded as legal tender by January 31, 2023.

Explaining that the the exercise of redesigning the currency was overdue, Emefiele stated that the essence was not only to curb counterfeit notes, and reduce ransom payments to terrorists and kidnappers, but mop up the currency outside the banking sector.

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For instance, he said that out of about N3.3tn in circulation, close to N2.75tn were outside the banking sector, lamenting a situation where 85 per cent of the total currency in circulation was being hoarded by Nigerians.

The PUNCH, quotes commercial banks as confirming on Wednesday that they had received the new notes from the CBN a couple of days ago,  adding that the redesigned currency would be released to their customers effective Thursday.

“We got the funds (new notes) about two days ago. Our head office has dispatched the funds to various area offices across the country. My branch will pick up our allocation at a nearby area office. We will start releasing the new notes to our customers by Thursday,” an official of one of the banks was quoted as saying.

“The new notes have arrived, it will be made available to customers from tomorrow (Thursday)” an official of Polaris Bank who pleaded anonymity, reportedly said, while a manager at First Bank Plc who was not authorised to speak on the matter, was also quoted to have said: “We have the funds from the CBN now. It came in some days ago but it will be made available to customers from tomorrow (Thursday).”

The report, which said that some bank officials claimed the amount of the new notes available to the various bank from the CBN was small, were quote to have that most Over the Counter (OTC) payments would still have to be made using the old notes because the amount of the available new notes is still small.

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“The amount given to us is small compared to what we need. For example, what is available to my branch is less than N1m. This is nothing compared to what we need. But I believe it will increase with time,” an official of FCMB in Lagos who pleaded anonymity told one of our correspondents,” one of them reportedly said, while others confirmed they had started to reconfigure their ATMs to identify the new naira notes, adding: “Most of the banks have started reconfiguring their ATMs so that they can identify the new notes of N1000, N500 and N200.”’

The report, which claimed that CBN might not be releasing the total amount previously in circulation, quotes top official of the apex bank, who spoke on condition of anonymity, to have said the CBN was planning to increase electronic payments and not cash transactions and would therefore not be printing large amount of the new notes.

“The CBN has been disbursing the new naira notes to the banks but does not intend to disburse large quantities because it wants to boost electronic payments. Don’t expect that there will be a large circulation of the new notes in the economy. There are different electronic channels that people should be using,” he was quoted to have said.

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My Jos visit achieved its purpose – Tinubu *Why I didn’t go to Angwa Rukuba

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President Bola Tinubu, on Friday, clapped back at Nigerians lashing out at him for failing to go into to the Angwan Rukuba village in Jos North Local Government Area of Plateau State to meet the community grieving over last Sunday’s massacre of about 30 people by gunmen.

Instead of going into town to commiserate with the community, the President, stopped at the Yakubu Gowon Airport in Jos, the Plateau State capital, where he met with a few of the family members, government officials and some traditional rulers, a development, which elicited a lot of lacerating condemnation from the public.

But Tinubu, who conveyed his position through Bayo Onanuga, his spokesman, explained that he was completely pressed for town by exigencies, including a scheduled meeting with President of Chad.

Onanuga, Special Adviser to the President on Information and Strategy, while stressing apart from Tinubu’s scheduled engagements for Thursday with the Chadian President in Abuja, he also had a travel plan to Iperu in Ogun State, all scheduled before he agreed to be in Plateau after a meeting with Caleb Mutfwang, Governor of the state at the State House, the previous day.

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Explaining that his boss was unable to postpone the meeting with the Chadian President, which was about “strengthening security collaboration between the two countries,” Onanuga added: “The President’s bilateral meeting with Chadian president ran longer than expected, which affected the scheduled departure for Jos.

“Upon arrival in Jos, the visit encountered some logistical challenges. While the road distance from the airport to Jos township is approximately 40 minutes, the runway does not support night flights due to the absence of navigational aids.

“The constraints made it unfeasible to drive into town, meet victims for on-the-spot assessment and return to the airport before dusk. Consequently, state and federal officials decided to bring representatives of the affected community to a hall adjoining the airport so the President could meet with them promptly while adhering to flight restrictions.

“Among the people in the hall were the Minister of Defence, the Chief of Army Staff and the Inspector General of Police, who had visited Rukuba, the epicentre of the conflict. President Tinubu deployed the high-level team to Rukuba, including the Senior Special Assistant on Community Engagement, to undertake critical groundwork on security and community engagement, with a view to stabilising the area before his arrival.

“Beyond expressing his condolences to the victims, President Tinubu’s objective was to engage with critical stakeholders in Plateau State on ending the recurring, decades-old conflict that has resulted in needless loss of lives and property.”

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The statement, maintained that even without Tinubu meeting physically with the people, the visit still achieved its purpose “despite the naysayers’ attempts to ridicule it.”

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Congress: You’re on your own, Amupitan warns ADC *Beware of Zamfara experience

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From Joash Amupitan, Chairman of the Independent National Electoral Commission, came a major admonition for the African Democratic Congress (ADC), regarding its vow to continue with its congresses and national convention despite the latest development affecting its leadership.

INEC had on Wednesday night, released what seemed a political bombshell, when it declared that it no longer recognised the leadership of David Mark and Rauf Aregbesola as National Chairman and Secretary of Nigeria’s main opposition party based on the commission’s interpretation of the March 12 decision of the Court of Appeal, ordering parties to maintain the status quo ante bellum in the case challenging the leadership.

Against the backdrop of the rejection of the Mark group who accused him of bias in interpreting what the appellate court meant in the suit brought by Nafiu Bala Gwombe, former Deputy National Chairman of the party, Amupitan, maintained that all he did was in line with the orders of court.

Regarding the claim of Mark, who told reporters in Abuja, on Thursday that the ADC would continue with its schedule in line with the timeline and the implications of halting would have on the party, doing otherwise, the INEC boss, warned of the implication, saying it could lead to fatalities in future.

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Hear him: “Well, as far as we are concerned, INEC is a party in the case, and INEC was sued as a defendant by a member of the leadership. And secondly, you see, the court is very clear. Parties, including David Mark himself, should refrain from doing anything that would face the situation of faith accompanied in court.

“So, if they are going ahead with their congress, with their convention, it’s left for them to look at it, whether it’s in contravention or not, because INEC did not just take a decision. We didn’t just wake up one day and took this decision. There was something that led to it. There was another part – don’t do anything, don’t take any step that would render any proceeding before the court nugatory. And also, that would face on the trial court a situation of helplessness, of faith accompanied.

“So, if already they’re asking that, don’t do any congress, don’t do any convention, it’s a relief that is being claimed. And especially the final motion for that purpose, that motion has not been detailed.

“So, if they decide, let me tell you what happened in Zamfira. It happened in the past. We don’t want to conduct an election without this early warning. And at the end of the day, after you have won, the court again will come and declare the election invalid. And the implication is that the person with the second highest number of votes will be declared the winner.

“It happened in Plateau State during the last election, where after the question of primaries was an issue, and congresses were not held in some states, in some portion of Plateau State. So, the court said, go and do those primaries. But unfortunately, they did not obey the court order. So, failing to obey the court order has consequences.”

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Strongly rejecting allegations of bias, Amupitan, who spoke in an interview aired on The Morning Show, a breakfast programme on ARISE NEWS Television, on Friday, told his host: “I am not guilty as charged.

“Let me say it very clearly. I am not a party to the plan of anyone to turn Nigeria into a one-party state. By the Constitution of the Federal Republic of Nigeria, Nigeria is a multi-party state. Look at the last FCT election. There were many parties that contested. I think about 10 political parties. In that case, you even the APC having five, and PDP winning one. Zenith Labour Party did very well. There are other parties that are existing.

“The Court of Appeal made some preservation orders. The preservation orders were very clear. To the extent that, number one, in view of the fact that INEC had already released its timetable for the election, the intelligence was directed an order to proceed with the case expectations, and this is an originating summons.

“Then number two, which is now causing the controversy, is the order, specific order, that parties should maintain status quo ante bellum. It did not just stop at that. The parties should not do anything that would force defeat or conflict on the tri-accords. And finally, that we should not, parties should not do anything that would render the proceedings before the Court of Appeals, just like the definite orders of the Court of Appeals.”

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You cannot impose fines on broadcast stations, Appeal Court insists

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The Court of Appeal sitting in Abuja has dismissed an appeal filed by the National Broadcasting Commission (NBC), seeking to overturn a Federal High Court judgement that restrained it from imposing fines on radio and television stations across the country.

Delivering the lead judgement, Justice Oyebiola Oyewumi, on behalf of a three-member panel, upheld the earlier ruling and set aside the fines imposed by the NBC on 45 broadcast stations on March 1, 2019, for alleged breaches of the Nigeria Broadcasting Code.

The panel was presided over by Justice Abba Mohammed, with Justice Donatus Okorowo as the third member.

According to a statement issued by the Communications Officer of Media Rights Agenda (MRA), Idowu Adewale, the unanimous decision of the Court of Appeal stemmed from a suit filed by the non-governmental organisation in November 2021, challenging the NBC’s powers to impose fines on broadcasters.

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The Federal High Court, in its judgement delivered on May 10, 2023, by Justice James Omotosho, ruled in favour of MRA after the NBC failed to defend the suit.

The court held that fines are sanctions imposed on persons found guilty of criminal offences and, under Nigerian law, only courts of law have the authority to impose such penalties.

Setting aside the fines of ₦500,000 each imposed on the affected stations, Justice Omotosho stated that the NBC “is neither a court nor a judicial tribunal to make pronouncements on the guilt of broadcast stations, notwithstanding what the NBC Code says.”

He added that the Commission’s actions violated the Constitution.

Dissatisfied with the ruling, the NBC filed a motion in July 2023, urging the same court to set aside the judgement on the grounds that it lacked jurisdiction and had reached its decision without considering relevant facts.

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However, in November 2023, Justice Omotosho dismissed the application, describing it as futile and an afterthought, noting that available evidence showed the Commission had been duly served but failed to appear in court to defend the case.

The NBC subsequently approached the Court of Appeal in July 2024, seeking to overturn the judgement.

At the hearing on February 4, 2026, Victor Ogude (SAN), leading Mr Kehinde Wilkey for the NBC, adopted his brief of argument and made additional submissions. Counsel to MRA, Ezenwa Anumnu, also adopted his brief and responded accordingly.

In its ruling, the appellate court agreed with MRA’s position that the NBC, having failed to contest the suit at the Federal High Court, could not raise fresh challenges at the appellate level.

Justice Oyewumi held that the appeal lacked merit and accordingly dismissed it.

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With this decision, MRA has secured victory in the first of two appeals involving the NBC over separate Federal High Court judgements barring the Commission from imposing fines on broadcast stations.

The second appeal, filed by the NBC against a similar judgement delivered on January 17, 2024 by Justice Rita Ofili-Ajumogobia of the Federal High Court, Abuja, is still pending. The Court of Appeal heard arguments in that matter on March 25, 2026 and has reserved judgement.

In that case, the NBC is challenging a ruling arising from a suit filed by MRA after the Commission imposed fines of ₦5 million each on a television station and three pay-TV platforms in 2022 for allegedly undermining national security through the broadcast of documentaries on banditry in Nigeria.

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