News
Protest erupts in Ondo over currency crunch *IMF pleads for extension of deadline
The International Monetary Fund (IMF) has called for the extension of the February 10 deadline for cash swap, adding an international perspective to the crisis that has crippled Nigeria’s economic and social lives substantially in recent weeks, over difficulties in accessing cash.
The IMF, spoke, on the same day the Supreme Court, ordered both the Federal Government and the Central Bank of Nigeria (CBN), to halt the deadline for the exchange of the old currencies to the new ones for February 10, through a statement in Abuja on Wednesday by Laraba Bonet.
Hinging its plea on the hardship Nigerians were going through, the world body, said: “in light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline should problems persist in the next few days leading up to the February 10, 2023 deadline”.
On the same day, protesters in Ondo State have blocked the Ilesha-Akure-Owo highway over the scarcity of naira notes and the shortage of Premium Motor Spirit (PMS), otherwise known as petrol, which has seen Nigerians queuing for hours at filling stations.
One of the organisers of the protest, was quoted to have stated: “This is a peaceful protest. We are here to tell the government we are not happy but whoever wants to hijack this protest to loot and destroy properties will be handed over to the police.”
Ondo chairman of the National Association of Nigeria Students (NANS) Comrade Oloroso Surprise, said the protest was to send a message to the government that the people are not happy.
Comrade Oluyemi Fasipe advised the Federal government to streamline the naira policy in line with the need of the people.
According to him: “The current hardship from the scarcity of naira and the high price of petrol is causing frustration among our people. The situation is uncomfortable for everybody. It has nothing to do with personality. No one has access to the naira freely. We want to pass the message that the government should be fast to tackle the issue.
“We also have a message for the Ondo State Government. We realised petrol dealers hike prices necessarily even when they got the product at the official price. We want the state government to set up a committee to monitor sales of petrol and also access to money. We want to be part of that committee.
“The government should do what is good for the masses. The masses are at the receiving end. This policy is too harsh. Old notes should be used alongside the new notes.”
Another protester, Mr. Omotayo Samuel, said they were passing the message that the people were not happy with the situation of these past days. We are not happy. We are now buying naira. Government should reverse these policies. It is politics to change money at this time. Many people are suffering it is difficult to get money these days.”
To Ilesanmi Ademola: “We are doing this peaceful protest. We have been hearing several youths want to disrupt the peace of the state. We do not want a repeat of ENDSARS. We want to fuel and cash to be available. The timing of the policy is bad.”
Ondo Police Commissioner, Oyeyemi Oyediran, who addressed the protesters, while commending them for being peaceful, appealed to them not to allow hoodlums to hijack the protest.
Seyi Makinde of Oyo State, Governor of Oyo State, on Thursday, finally threw his hats into the ring by declaring his intention to run for president in 2027, with a message – history beckons.
The governor, whose ambition has been a matter of speculations for months now and who had teamed up with forces angling to force President Bola Tinubu, out of power, told a teeming crowd in Ibadan on Thursday that time had come to reset Nigeria.
At a mega-rally to announce the alliance between the People’s Democratic Party (PDP), and the Allied Peoples’ Movement, (APM), Makinde, expressed worry over the dwindling fortunes of Nigerians, vowing to engage Nigerians to end the drift.
Hear him: “Without a multi-party system, there is no democracy. Where is our multi-party? Where do we go from here? We have been pushed to the wall.
“They calculated and self-opposition cannot unite but I am here to say that the opposition is the everyday Nigerian. This is the time for all us to ensure Nigeria works for us. This is the time to confront it fears. It is time to engage as citizens and not spectators.
“For the opposition political parties, this is the time to unite and work in unity and give our nation the much reset it needs. The time to reset Nigeria is now. Ibadan is the city of warriors. The first grand alliance is formed. The PDP and APM is formed. This handshake will allow us to field candidates from presidency to state Assembly. And so, I declare my candidacy for office of the president of Nigeria.”
Eyo Ekpe, a professor of cardiothoracic surgery at the University of Uyo Teaching Hospital (UUTH), on Wednesday, gave a detailed account on how operatives of the Economic and Financial Crimes Commission (EFCC) manhandled him on Monday.
He told reporters that he was at sea on why he should fall victim to the assault against his person and eventually arrested given that was not right person directly involved in the information the agency sought.
Some operatives of the EFCC who invaded the hospital, had whisked Ekpe away after firing teargas to scare away the workers, patients and visitors to the hospital, following what appeared like a fracas the ensued over what it claimed was a routine duty in the facility.
Ekpe, Deputy Chairman of the hospital’s Medical Advisory Committee (MAC), described how an operative had first entered his office to make inquiries on why the hospital was yet to give a response to an EFCC inquiry over a medical report linked to a suspect facing trial.
He detailed how he briefed the operative that the said response was being prepared and even went ahead to show him the draft of a letter in that regard, which needed to go through the gamut of official endorsement before being released.
Hear him: “The head of that internal medicine department looked at the report and also discovered that the name of the doctor that signed the report is not a member of staff of that department.
“I had prepared prepared a response to the EFCC on Monday, May 11, 2026, based on the findings. When the EFCC operative visited my office the next morning to collect the document, I told him that the response was ready in draft. I even showed him the draft, but told him that the document still needed approval from the Chief Medical Director (CMD) of the hospital before it could be officially signed and released.
“He pretended to have accepted that. He left, but later later returned with another armed operative and informed me that I was under arrest. I asked him why. I was not the one that issued the medical report. My name is not on the medical report. The report was not issued from my unit.
“But he said I would get the answer when I get to their office. I then asked him to at least wait for my staff member who I sent on an errand before joining them. But they refused.
“They started pushing me. They dragged me out of the office. Then I began to cry while they were dragging me. They had warned me not to speak. They had taken my phone. My cry as they were dragging me, attracted the workers to the scene, who enquired what was going on, but because they ordered me not to speak, I couldn’t say anything. They had their guns.
The members of staff of the hospital initially blocked them from taking me away. They then made a call. After that I saw many masked and armed men came violently, broke the protector, threatening the people that were around and people ran away.
“They picked some staff that were still by me. they dragged me and other staff, five of us into their van downstairs. By that time they discovered that the gate of the hospital were locked. So, they drove towards the gate and packed and the commotion continued. We were inside the van.
“I was so emotionally and psychologically traumatised that I couldn’t even look out of the vehicle to see what was happening outside. But I know that teargas and live bullets were shot. That’s all I can say for now.”
Joyce Abdulmalik, of the Federal High Court, Abuja, heard on Wednesday, how Zenith Bank raised alarm over the huge transaction in one of its branches by Abubakar Malami, former Attorney General of the Federation and Minister of Justice (AGF-MoJ).
The bank said it immediately filed a Suspicious Transaction Report (STR) in respect to the transactions, during its appearance in the ongoing trial of Malami, his wife, and son over allegation of massive looting of funds belonging to the Federal Government during his tenure.
Mashelia Bata, a compliance officer with the bank, who appeared as witness in the case, where Malami, et al, are facing a 16-count charge bordering on alleged money laundering to the tune of N8.7 billion, to which they pleaded not guilty, gave the testimony while being questioned on the bank’s roles in the matter.
Details of the testimony conveyed by the Economic and Financial Crimes Commission (EFCC), stated how the compliance officer who was cross-examined by Adebayo Adedeji, lawyer to the defendants admitted that the deposits in the account statements complied with the guidelines of the Central Bank of Nigeria (CBN).
Arguments had stretched when Adedeji, opposed Jibrin Okutepa (SAN), lawyer to the EFCC, who had asked the witness to explain the meaning of a suspicious transaction report, stressing that there was no ambiguity in the term.
However, Okutepa, in response, maintained that section 215(3) of the Evidence Act did not preclude him from re-examining the witness while urging the court to allow the question for proper explanation.
After Abdulmalik, agreed and overruled Adedeji, the witness told the court that banks were required to alert the Nigerian Financial Intelligence Unit (NFIU) about fund deposits coming in a repetitive pattern, adding: “Any deposition of funds seen in a pattern or repetitive, you must escalate it to the NFIU.”
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