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Lagos-Owerri Bound Airpeace Flight Experiences Engine Trouble, Makes Emergency Return

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By Adesina Soyooye

Passengers on an Airpeace Airline  Flight P47154, literally had their hearts in their hands when the aircraft experienced an engine trouble, and quickly made an emergency return to base.

The incident happened on Wednesday when the aircraft department the domestic wing of the Murtala Mohammed International Airport, Lagos for the Sam Mbakwe International Cargo Airport, Owerri.

A passenger on the flight who does not want his name mentioned, said there was panic, and  passengers were shaken and prayed no end until the aircraft returned safely to Lagos.

The Management of the Airline, in a statement, explained that the aircraft was already airborne when “the crew experienced a bleed in air challenge which prompted the flight to return  to Lagos.”

The statement, also, said that the aircraft retuned safely to Lagos, and passengers disembarked without any threat to their safety.

It apologised to the passengers who were panic-stricken and said: “We understand the passengers panic that results from situations from situations like this and we regret the inconveniences that followed.

“However, it is very important to state that air return is not an unsafe practice. It is, in fact, a recommended safety precautionary measure if the Pilots are not satisfied with any fault or event experience on a flight.”

Another passenger commended the crew for their professionalism all through the incident.

Airpeace is a wholly indigenous-owned Nigerian Airline.

Any Medical Doctor Still Working In Nigerian Hospitals Should Be Praised –  Peter Obi

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Peter Obi

Mr Peter Obi, candidate of the Labour Party in the 2023 presidential election has described the continued migration of Nigerian trained medical doctors to other countries as unacceptable.

Obi said this at the opening ceremony of the Nigerian Medical Association (NMA), Anambra Chapter’s Physicians’ Week and Scientific Conference held in Nnewi.

The theme of the Week is “Nigeria’s Healthcare Delivery System And The 2023 Democratic Transition: A Time To Change The Narrative”

Obi was represented by Prof. Chinyere  Okunna, the Commissioner in charge of Economic Planning/Budget, Office of MDGs and Development Partners during his administration as Governor of Anambra.

He said it took a high sense of  patriotism for any doctor to practice in Nigeria due to the unfriendly environment they were operating in.

“Any doctor who is still in Nigeria and is working is displaying great patriotism, this is because the working environment is unfriendly, equipment are not there, payment is not attractive and there is insecurity of doctors.

“Sadly, doctors, especially young ones, are leaving the country in their numbers,” he said.

Obi said during his administration in Anambra, there were challenges in the health sector including a period of industrial action by doctors, the problems were amicably resolved and the sector was in its optimal functional state at the time he left office.

He said industrial action was a legitimate instrument of bargaining but what matters was how the parties settle the differences and how the system came out of it.

He said his government collaborated effectively with the mission to build a virile health sector including building the Chukwuemeka Odumegwu Ojukwu University Teaching Hospital, Awka from scratch.

“I am happy with the theme you have chosen for this Year’s Week celebration because the time to act is now, if you have good governance here, the health sector won’t be as poor as it is now, so it is good that we have resolved to enthrone good leadership come 2023.

“Strikes and picketing are legitimate ways workers can express their grievances or draw attention to areas of making the system get better, i don’t blame anybody for embarking on a strike.

“Yes there was a strike in Anambra but it was resolved, salaries and arrears were paid, doctors returned to work and the health sector was greatly improved. If there is any sector that we did brilliantly, it was the health sector

In his lecture, Dr Jide Onyekwelu, the Secretary General of NMA said the burden of brain drain on the country was huge as it was expensive to train a medical doctor.

Onyekwelu said while the UN standard recommended an average of one doctor to 500 patients, the ratio had dropped to about 1:5000 due to the declining number of doctors in the country.

He called on the Nigerian government to find out what made practicing outside the country more attractive to Nigerian doctors.

“Brain drain has devastated our medical sector. Nigerian doctors are well trained, that is why they are well sought after elsewhere but our government does not appreciate the quality of our doctors, so they leave to other countries.

“But they still travel to those countries where they are to see them, the same people they refused to make comfortable here,” he said

In her remark, Dr Jane Ezeonu, chairman of NMA in Anambra said the Week which was organised in conjunction with Nnewi Branch was to draw the attention of government to the dwindling medical human resource challenges and its impact on the sector in Nigeria

Ezeonu said the NMA would deliver free medical services to no fewer than 2,000 patients during the physicians’ week and hold its maiden zonal sports competition among the five zones in the state.

The award of Physician of the Year was presented to Dr Chukwudi Ihekweaba, a staff of Nnamdi Azikiwe University Teaching Hospital by Prof. Gerald Uduigwe, Provost, Nnamdi Azikiwe University Medical College who chaired the occasion.

Kogi: Flood Victims Collapse, Five Dead

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Flood Victims in Kogi State

By Ayodele Oni

It was a double tragedy for some victims of flood disaster in Kogi state as a storey building where they took refuge collapsed, killing five persons.

The building, which belongs to one Sunday Inajor at Ayah town in Ibaji local government area of Kogi state collapsed Wednesday night and left some unconscious with severe injuries.

The building was among many submerged by the devastating flood that ravaged many communities in Ibaji local government area recently.

It was learnt that following the flooding of bungalows in the affected communities, many residents, that could not be evacuated took refuge in few storey buildings available in their areas, for about a month.

It was gathered that the top floor of the building, which was occupied by many natives of Ayah collapsed Wednesday night leaving heavy casualties.

“A house collapsed at Ayah community, five people died instantly, many are unconscious while many were injured,” a native of Ibaji, Mr. Saturday Aromeh, raised the alarm Thursday morning on a WhatsApp Group – Ibaji Political Connect.

It was gathered that the injured persons are still within the scene of the incident as the flood could not allow rescue operation.

About 10 persons were earlier reported to have died on account of the flood disaster in Ibaji this year.

The resident lamented that both federal and state relief agencies have not shown up in Ibaji since the flood disaster over a month ago despite several alarms raised by different socio-cultural groups, non-governmental organizations and individuals.

“It is surprising that our appeals to various levels of government had fallen on deaf ears, while the people affected by the flood have been passing through hell and now to the extent of dying due to negligence by the agencies responsible for evacuating them.”

Another community, Anaocha in Ibaji local government lamented that People’s means of livelihood have been destroyed by the flooding.

The Ibaji Unity Forum, (IUF) an umbrella socio-cultural group for Ibaji indigenes both at home and in the Diaspora, had sent a save-our-soul letters to the Kogi state government and the National Emergency Relief Agency, (NEMA) to provide relief assistance to the flood victims, but there has not been any official response.

In one of the letters to the Director General of NEMA, the IUF wrote: “we write to solicit urgent support, intervention, relief materials and palliatives for the people of Ibaji whose entire land area is submerged by this year’s (2022) flood.

“The people of Ibaji LGA with a population of over 197,000, according to 2006 Population Census, are urgently in need of the following: Medicals and drugs, food, clothes and temporary shelter (IDP camps) etc.”

The SOS, signed by Stephen Ucholla and Henry Akoje, President and Secretary of the organization respectively, also made a passionate appeal to the state Governor, Yahaya Bello to pay a visit to the flood ravaged communities in Ibaji to evaluate the monumental damages done to lives and property with a view to providing relief assistance to the affected people.

Warri Refinery To Distribute Products June 2023 – President Buhari

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By Ayodele Oni

As another round of scarcity of Premium Motor Spirits, (PMS) popularly called petrol is hitting hard on Nigerians, there is hope of a possible relief going by a presidential declaration on Thursday.

President Muhammadu Buhari announced that the Warri refinery rehabilitation works, when completed, will deliver fuel production before the first half of 2023.

The Special Adviser on Media and Publicity to the President, Mr. Femi Adesina, made this known in a statement in Abuja.

According to him, President Muhammadu Buhari expressed delight as he witnessed the signing of the Memorandum of Understanding (MoU) between Nigerian National Petroleum Company Ltd and Daewoo Group for the rehabilitation of the Kaduna refinery.

He said the president was particularly excited as the signing came against the back of ongoing rehabilitation works at the Warri refinery by the same Daewoo Group.

Adesina quoted Buhari saying, “Daewoo Group has massive investments in the automobile, maritime, and other sectors of our economy.

”I am also aware that Daewoo is currently engaged in the execution of the NLNG train seven project and also constructing sea-going LPG vessels for NNPC and her partners.

“I looked forward to the delivery of ongoing projects, especially at the Warri and Kaduna refineries, and the NLNG Train Seven.

”This no doubt will open many more windows of opportunities for Daewoo and other Korean companies in Nigeria”

Rivers University Bans Nose Rings, Ankle Chains, Tattoos, Trouser-sagging, Etc, On Campus

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In a bid to instill discipline on its students, and some decency on its Campus, the Rivers State University, Nkpolu-Oroworukwo, Port Harcourt, has banned its students – male and female – from colouring their hair. It, also, banned them from sagging their trousers and the female students from wearing spaghetti-sleeved gowns and mini-skirts.

The ban which includes wearing of tatoos, among others, was contained in an Internal Memo, signed by the University’s Registrar/Secretary to Senate, Dr. S.C. Enyindah, addressed to the President of the Students’ Union Government and all students.

Titled Ban on Indecent Dressing by Students on Campus  the order takes immediate effect.

According to Enyindah, “the ban is sequel to a Memo presented by the Committee of Provost’s and Dean’s and considered by Senate at its 291st Regular Meeting held on Thursday, 29th September, 2022.”

The full text of the Memo reads:

“INTERNAL MEMORANDUM FROM:

Registrar/Secretary to Senate TO: President of SUG, All Students”

“Ban on Indecent Dressing by Students on Camp

“I am directed to inform you that Senate has banned indecent dressing by students on campus with immediate effect.

“I am further directed to Inform you that this ban is sequel to a memo presented by the Committee of Provost and Deans and considered by Senate at its 291st Regular Meeting held on Thursday, 29th September, 2022.

“By this ban, it Is now prohibited for any student to dress the following way on campus:

“1. Wearing of “spaghetti gown” by female students.

“2. Wearing of short skirt above the knees by female students.

“3. Colouring of hair by both male and female students.

“4. Sagging of trousers by both male and female students

“5. Wearing of earrings by male students and nose rings by female students.

“6. Wearing of tattoos by both male and female students.

“7. Wearing of ankle chain by female students.

“8. Wearing of long eyelashes by female students.

“9. Wearing of gown/blouse that exposes the navel or breast by female students.

“10. Wearing of tattered jean trousers by both male and female students

“11. Wearing of birthroom slippers or bon short to the classroom.

“1 am in the circumstance, directed to draw the attention of all students to the above decision and hereby request that you please note and comply accordingly.”

The mode of dressing by students in tertiary institutions has been a source of worry the parents and the authorities of the institutions.

OPINION: Briturkey, Britaly and fear of Britainistan

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Azu Ishiekwene

By Azu Ishiekwene

In a widely shared story last week, The Economist likened the political carnage in Britain to the situation in Italy in the 1940s. Italy was a major theatre of the First World War at the end of which the country was in ruins.

It is so unstable that in spite of the tenuous hold of the Christian Democrats on power for much of the time, the country has produced 69 governments since 1945, an average of one and a half governments every two years. Italy’s instability is the joke of Europe.

Britain is not doing badly. With three prime ministers in 50 days, not to mention the execution of four chancellors of the exchequer already, with the fifth barely finding his feet, the UK is the new butt of European jokes, its modern-day Italy – or if you like, Britaly – however much Italians may dislike the comparison.

But before Britaly there was Briturkey. At the peak of its powers, Turkey, or what was then the Ottoman Empire, controlled much of Southeast Europe, Western Asia and North Africa, stretching to the borders of Egypt.

Decline set in around the 18th and 19th century as the empire was soon consumed by corruption, inefficiency and instability. Turkey, under the Sultan, became not just an embarrassment to itself but also a huge joke among the powers at the time.

Russian Czar Nicholas I, fed up with the hubris of the Turkish Empire, famously described Turkey as “the sick man of Europe.” He may well have been speaking of Britain, or if you like, Briturkey – today’s sick man of Europe.

Perhaps the emergence on Tuesday of Rishi Sunak as Britain’s third Prime Minister would halt the slide into chaos. But before Sunak, let’s go back to Brexit, the moment when the chaos gathered pace and finally unravelled.

Nigel Farage, Michael Gove and Boris Johnson led the campaign. They cashed in on the growing right-wing sentiment in the country at the time and converted it into a liveried Brexit bus, fuelled with lies, hysteria and empty promises.

They forged numbers, exaggerated differences and painted a false picture of the El Dorado that the UK would become if only the country threw off the yoke of Brussels and took back control of its borders and politics again. Freedom was the buzz word. With the rise of Donald Trump and the events in the US at the time, the Bo-Jo frenzy was red meat for the right wing.

It’s true that Britain, a largely food-importing country, has always been at the receiving end of Europe’s poor trade practices, especially its obsession with farm subsidies and shambolic regulations.

But the 27 other members of the union, who valued Britain’s membership, were not willing to negotiate, especially in a hugely interdependent and globalised world. Even after Britain’s exit, the benefits of membership have still not been fully dismantled in the tangled mess that the Irish sea border has become.

Britain has always been ambivalent about Europe, which was why it formed the spectacularly unsuccessful rival European Free Trade Association (EFTA) in 1959.

The French, often impatient, but unfailingly contemptuous of British coyness, kept the UK out of the Common Market (a precursor of the EU) until after the death of General De Gaulle in 1970. After a referendum, the UK joined the EU in 1973. But the same demons which always kept it out, only now compounded by its discovery of oil (the counterweight against the European farm subsidies) and nationalism, stoked its eventual departure in 2020.

Two years down the road, the return of £350 million on the NHS alone which Boris Johnson and co promised on the Brexit campaign bus is turning out worse than a fantasy: it’s con-artistry! Johnson got Brexit done alright, but he has left British politics in chaos and its economic rating slightly better than junk bonds. Its political reputation has taken a beating reminiscent of Dardanelles and the Suez Canal.

Sure, Britain has better flexibility to manage its affairs and its way of life. It is free from the shambolic regulations of Brussels and, let’s face it, managed COVID-19 far better than most European countries, including its traditional ally on the other side of the pond. It even has an unemployment figure lower than that of most countries in Europe and an independent Central Bank.

But this modest achievement has come at a very high price. European workers have shunned the UK with devastating consequences for services, especially the fishing, agriculture and the health sectors.

Britain is broken. Inflation is at a record high, with basic food prices going through the roof and about 33 percent of the population outside fixed mortgage contracts now struggling to pay.

Savings have been damaged, pensions are tanking and public services stretched to breaking point. The British economy, which was 90 percent of the German economy six years ago, has shrunken to 70 percent, and could shrink further as another recession looms.

On top of all of this, the Russia-Ukraine war which has destabilised global supply chains, has also exposed Britain to energy shocks significantly worse than might have been the case in the comfort of the EU zone.

This is the difficult job that Sunak has taken. He steps up weeks after the Tory Party nearly exhausted its cardboard list of potential leaders that turned up Liz Truss who will now be remembered for her dizzying flip-flops and disastrous mini-budget.

Former Lib-Dem-turned-Tory, former Abolitionist-turned-pro-Monarchist, former Remainer-turned-Brexiteer and former Wage-cutter-turned-Spendthrift, the lady, Truss, was always for the turning. And this time, she didn’t disappoint. Yet, as the Tory party rank-and-file contemplates their current misery, “otherness”, in this case the migrant, whether British-born or not, will be the scapegoat.

There were two main reasons why Tory MPs didn’t want Sunak, and both have little to do with his competence. The first, of course, was his rebellion against Johnson, which opened the floodgates.

The second, which Britain squirms to discuss, but which nonetheless is rearing its head in radio phone-in programmes, is his race. Having Sadiq Khan, London Mayor of Asian origin was difficult enough, especially at a time when Duchess of Sussex Meghan Markle is causing some discomfort in the chemistry of the royal heritage.

By some accounts, the UK has had at least 11 non-English prime ministers. But never in its over 220-year history as a union has a non-Caucasian, a 42-year-old Hindu of Indian origin, occupied Number 10.

The reality of a UK variety of the Obama-moment will spook the conservative base, raising the spectre of Britainistan. But MPs who figured that what the Tory party needed the most to retain power was competence over race, strategically blocked the decision of the new party leader from going back to the base.

MPs knew that Sunak, a grafter, was their last card. They also knew that he would have lost at a general party conference, which might have thrown up a worse choice whose precipitous exit would have hastened the call for election – an election at which Labour would have been sure to decimate them.

But just like it happened in the US after Obama’s election, the UK will likely have its own Tea Party moment, too. A rash of right-wingers who think their country is being stolen from them by “otherness” will push back, perhaps even violently.

France has struggled to keep this dangerous fringe at bay. As the recent election of Italy’s President, GiorgiaMeloni, showed, however, right-wingers who are once again stirring in Europe, may now find their cousins in the UK.

Yet, if Sunak manages to re-unite his party, calm the markets and stabilise the country – as I believe he can from his COVID-19 record – he might well be poised for the historic role of being more than just a placeholder for the Tory Party; and who knows, get his own mandate.

It’s Sunak’s moment and I think he will seize it, even though his road will be rough.


Ishiekwene is Editor-In-Chief of LEADERSHIP

2023:Tinubu Settles With Osinbajo, Says Fight Over

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Yemi Osinbajo and Bola Tinubu

Asiwaju Bola Ahmed Tinubu, the APC   presidential candidate has not spoken about his relationship with Vice President Yemi Osinbajo since he defeated him to clinch the ticket of the ruling party for next year’s election. He has now broken his silence.

Osinbajo had ignored appeals to him to jettison his ambition and support Tinubu, who has been variously described as his benefactor for supporting him to become the nation’s number two citizen.

The vice president also served as the commissioner of Justice when Tinubu was the governor of Lagos state.

Therefore, the APC primary was said to have broken down the relationship that once existed between the two former political allies, particularly after Osinbajo was visibly absent from the presidential campaign activities of the party.

But the vice president had recently directed some of his aides nominated to the Tinubu Presidential campaign team to do all they could to ensure the success of Tinubu in the 2023 presidential election.

Snot a few have described Osinbajo’s action as one of the last ditch efforts to mend fences with the APC National Leader before the make or mar election next year.

Tinubu has now extended the olive branch to Osinbajo, saying he “has forgiven” the vice president.

“I have nothing against him. I have been to his house after the primaries,” the APC stalwart said.

According to him, “I saw him on the day of the goodwill message [at] the retreat organised by the president.

“And a man who forgives, a man who asks for forgiveness from Allah fully deserves forgiveness. If you cannot give forgiveness, how are you asking from Allah? To me, it is over.”

Meanwhile, the magazine learned that the APC candidate has been reaching out to Osinbajo and intend to ensure that he gets his total support before the critical election.

“Tinubu needs everybody; he needs to bring everybody in, and that’s what he has been doing since he won the APC presidential ticket. You will recall that he visited the vice president after wining the ticket, and they have been talking. Tinubu has a large heart, that’s the difference between him and other presidential candidates,” one of his aide who refused to be mentioned said.

Trader Caught Impersonating Admission Seekers

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Emmanuel Uwakwe

Luck ran out on an impersonator, Emmanuel Uwakwe Wednesday as he was caught by security personnel of University of Calabar writing aptitude test for some admission seekers.

Uwakwe, an Aba- based trader, during interrogation, confessed he was to be paid #50, 000 for the illicit deal and had already collected #40,000 upfront.

Chief Security Officer of the institution, retired Capt. Austin Bisong, told the News Agency of Nigeria, NAN that the suspect was caught after writing the Computer Based Test for six candidates who were seeking admission into the institution.

His words: “the suspect, Uwakwe, was arrested by our security operatives after they detected that he had stayed longer than expected on the computer.

“When he was arrested, he was already trying to log in the personal identity number for the seventh candidate.

“He was using five minutes for each paper during the examination.

“At this point, all the six candidates he wrote for can never have their results, and they have risked their admission status with the university,” he said.

According to him, investigation was ongoing to unravel if there was any connivance with any staff of the institution or security personnel.

He said that the suspect would be handed over to external security agency for further investigation and necessary action.

Meanwhile,  showing remorse for his action, Uwakwe has pleaded with the university management for forgiveness.

“They promised to give me N50,000 to write for seven candidates; out of that amount, I have collected N40,000 and was left with a balance of N10,000.

“I came all the way from Abia state to write the examination for the candidates. I am good in computer operation, that was why they contacted me.

“I have a shop in Ariaria market in Aba; I only came here to make some small money for myself. I want to plead with the school management to forgive me,” he said.

Dele Momodu: A Hopeless Owambe Clown Begins His Dance Of Shame In The Open

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Festus Keyamo

By Festus Keyamo

After reading through Mr. Dele Momodu’s rather emotional outburst in response to otherwise salient points raised in the statement we issued asking him to point out SPECIFIC AREAS of plagiarism in Asiwaju’s ACTION PLAN, my feeling oscillated between delirious laughter and outright pity for the pathetic wreck his life has actually become. Here is a miserable fellow who having previously overrated himself, crashed down like a wingless bird from a futile presidential ambition (for which he got zero votes in the PDP Presidential primaries), and ended up as an hyperactive hireling and attack-dog of perhaps the worst serial loser in Nigeria’s electoral history.

Funnily enough, the only curriculum vitae he truly possesses to even make an attempt at the Presidency is no more than mere photo ops with celebrities and the high-and-mighty in society. This is the sad story of a HOPELESS CLOWN in his sixties who is desperately looking to pick whatever pieces is left of his life by shamelessly worming his way into the pockets of Atiku Abubabar and making himself available to execute dirty jobs against his long-standing benefactor, Asiwaju Bola Ahmed Tinubu.

Mr. Momodu’s epistle of lamentations is again a re-affirmation of his manifest lack of rigour. In his latest rambling piece, he failed again to redeem himself on the gross theoretical deficiency identified in his earlier writing. One would have thought he would seize this “second chance” to copiously point out portions or areas plagiarized by the Tinubu/Shettima Campaign Council from MKO’s 1993 campaign manifesto named “Hope 1993”.

But instead, Mr. Momodu embarked on a “pity party” by whipping up sentiments like a frustrated man to cover up for his obvious inadequacies.

Typically, what the readers were then subjected to was another orgy of almost interminable name-dropping of socialites and the likes in Nigeria. But he seems oblivious of the fact that not many serious-minded Nigerians are easily swayed by such tabloid show-boating.

For instance, this time around, Mr. Momodu was quick to don the toga of “freedom fighter” on behalf of Akinwunmi Ambode for not getting second term ticket in APC in 2018 ahead of the Lagos governorship polls in March 2019. Well, let us pretend that we do not know the open secret that he was a well-serviced “PR consultant” to the same Ambode. That being the case, how come the same Momodu came out to praise-sing Asiwaju Tinubu on October 26, 2019 in his column entitled “Bola Tinubu and his Date with Destiny in 2023”? Was that not a betrayal of Ambode who, by then, had vacated office and left in limbo? To me, even more amusing was Momodu’s recourse to divulging what he himself termed “secrets”. Such tomfoolery! What he actually tried to do in that column was to again worm his way back to Asiwaju after “cleaning out” Ambode. Such is the character of Mr. Momodu that he actually operates from the lowest rung of moral debauchery; a man who follows who provides his next meal ticket. Atiku is the latest victim of this conman. Mark my words: IF, BY GOD’S GRACE, ASIWAJU WINS THE PRESIDENCY NEXT YEAR, EXPECT MR. MOMODU TO DO ANOTHER SOMERSAULT BY SHAMELESSLY COMPOSING ANOTHER “ORIKI” (YORUBA FOR PRAISE SONG) FOR ASIWAJU, CRAWLING HIS WAY BACK ON HIS WHOLE BODY FRAME LIKE AN ORANGUTAN.

Well, as a mark of personal honour, I will never succumb to the temptation to divulge what Mr. Momodu himself had told me in confidence in the past as to why he fell out with some key figures in the Buhari administration. Contrary to his usual public posturing, it was never a matter of principle. As Mitchelle Obama once put it: “When they go low, we go high.”

As a very busy man with various portfolios and an eye on my huge private practice still going strong and to which I will return anytime, let me end my response here. There are far more important things to do than be distracted by the tantrums of someone who seems to be getting increasingly frustrated that those who hired him to salvage the publicity aspect of PDP’s presidential campaign are so far unimpressed with his mediocre performance.

My last comment on this chapter, please.


Keyamo, SAN, FCIArb(UK), Director of Public Affairs and Chief Spokesperson, Tinubu/Shettima Presidential Campaign Council & Minister of State, Labour and Productivity

CBN: Full Text Of Apex Bank Gov On New Naira Notes

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Godwin-Emefiele-CBN-Governor

Good afternoon Ladies and Gentlemen, and welcome
to this special press briefing of the Bank. We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.
As you all may be aware, currency management is a
key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

In recent times, however, currency management has
faced several daunting challenges that have continued to grow in scale and sophistication with attendant and
unintended consequences for the integrity of both the CBN and the country. These challenges primarily include:
▪ Significant hoarding of banknotes by members of
the public, with statistics showing that over 80
percent of currency in circulation are outside the
vaults of commercial banks;
▪ Worsening shortage of clean and fit banknotes
with attendant negative perception of the CBN
and increased risk to financial stability;
▪ Increasing ease and risk of counterfeiting
evidenced by several security reports.
Indeed, recent development in photographic
technology and advancements in printing devices have
made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.
Although global best practice is for central banks to
redesign, produce and circulate new local legal tender
every 5–8 years, the Naira has not been redesigned in the last 20 years.
On the basis of these trends, problems, and facts,
and in line with Sections 19, Subsections a and b of the
CBN Act 2007, the Management of the CBN sought and
obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.
In line with this approval, we have finalized
arrangements for the new currency to begin circulation
from December 15, 2022. The new and existing
currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.
Accordingly, all Deposit Money Banks currently
holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-Firstserve basis.
Customers of banks are enjoined to begin paying into
their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash tha will be returned by their customers.

For the purpose of this transition from existing to new
notes, bank charges for cash deposits are hereby
suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
Members of the public are to please note that the
present notes remain legal tender and should not be
rejected as a means of exchange for purchase of goods and services.
We would like to use this opportunity to reassure the
general public that the CBN would continue to monitor
both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
I thank you for listening.

Godwin Emefelie
Governor