Personality in Focus
Naira Scarcity: An Economic War on the Yoruba People by Prof Banji Akintoye
The Central Bank of Nigeria has declared that as of last Friday, 10th February 2023, the old naira notes will no longer be legal tender. Yet they have offered no assurance that they will meet the enormous demand for the redesigned currency. This is despite the Supreme Court ruling that CBN must allow the continuing circulation of the old naira note.
This change in currency has been implemented without consulting the relevant stakeholders to assess how it will affect the lives and livelihood of ordinary Nigerians. It raises the question of whose agenda the CBN Governor is following.
The inflexible application of this policy by CBN starves ordinary Nigerians of cash, preventing them from being able to carry out their daily activities. This has disproportionately disadvantaged the ethnic nationalities in the south of the country. Whilst strict adherence to the rules is encouraged across the South, the Northern leaders have already granted their people permission to continue using the decommissioned currency in contravention of the CBN.
We, the Yoruba people, are a people known for trade and commerce, a characteristic ingrained in our culture for many centuries, even before the British colonialisation. We must not allow ourselves to be subjugated by this policy designed to destroy our economy. Throughout the entire history of Nigeria and its component nations, there has never been a time when people are made to buy their own national currency in order to trade. In fact, nowhere else in the world would anyone be required to pay large sums of money in order to access cash that should be readily available to them through banks and point of sale (POS).
The denial of physical currency to our market women and traders is highly destructive to people’s life and well-being across Yorubaland, an outcome that would have been undeniably foreseen by those instating these regulations. We cannot accept the enforcement of a policy that has been this poorly thought through, a policy that will destroy our economy by starving our people of the cash they need to enable the free flow of trade.
The CBN’s demands to recall the old naira note will further impoverish our people who are already living below the poverty line every day, due to the Nigerian government. Therefore, there is no other alternative than to ask the Yoruba people to resist this destructive policy enacted by CBN. I plead with you, my people, for the sake of yourselves and your kinsfolk, continue to accept the old naira notes and, where possible, agree to accept alternative currencies such as the CFA in your everyday trade and commerce. In our unity, we are stronger; by standing together, we will outstay and overcome any powers that seek to oppress us.
As part of its ongoing transformation from a training institute to a regulatory authority, the Director-General/CEO of the National Institute for Hospitality and Tourism (NIHOTOUR), Aare (Dr) Abisoye Fagade, has embarked on a high-level courtesy visits to key government agencies.
These engagements aim to foster collaboration, enhance industry standards, and strengthen NIHOTOUR’s regulatory framework for the hospitality, travel, and tourism sector.
So far, Dr. Fagade has met with top officials, including Mr. Ayodele Subair, Executive Chairman of the Lagos Internal Revenue Service (LIRS); Prof. Mojisola Adeyeye, Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC); and Hussaini Ishaq Magaji, SAN, Registrar-General of the Corporate Affairs Commission (CAC).
Discussions focused on strategic partnerships to ensure compliance, professional certification, and improved service delivery within the travel, tourism, and hospitality industry.
“Our vision is clear – to build a robust, well-regulated travel, hospitality, and tourism sector that meets global standards. This transition requires strong collaboration with key agencies to align our training, certification, and regulatory frameworks with international best practices,” said Dr. Abisoye Fagade.
With more agencies scheduled for engagement, NIHOTOUR remains committed to promoting excellence, innovation, and sustainable growth in Nigeria’s travel, hospitality, and tourism industry.
Access Holdings Plc has announced the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc.
The Company Secretary, Sunday Ekwochi, said the appointment, which takes effect from January 7, 2025, has been approved by the Central Bank of Nigeria (CBN).
“This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board”, Access Holdings said.
Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.
Orji is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors.
He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies.
He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.
Previously, Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA).
He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London.
He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.
He holds a Bachelor of Engineering degree in Chemical Engineering from the University of Port Harcourt and a Master of Business Administration from Harvard Business School.
Commenting on the appointment, the Chairman of the Bank, Mr. Paul Usoro (SAN), said: “Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.
“We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.
“His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.
“On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top five African banks in the shortest possible time.”
A former Minister of the Federal Capital Territory (FCT), Lt Gen. Jeremiah Useni (retd), is dead.
He passed away on Thursday at the age of 82 after a protracted illness.
His death was announced in a statement issued in Jos by Gyang Bere, the Director of Press and Public Affairs to Plateau State governor, Caleb Mutfwang.
He described the of the former Minister and Quarter Master General of the Nigerian Army as a tremendous loss not only to his immediate family but also to the Nigerian Armed Forces, Plateau State, and the entire nation.
Highlighting the roles played by the late army general, Governor Mutfwang noted that he left an indelible mark on Nigeria’s security and political landscape with his tireless efforts to promote peace and security, especially in Northern Nigeria and Plateau State.
The governor prayed that god grants the family, plateau state, and the nation the strength and fortitude to bear the irreplaceable loss, and also asked for God’s divine presence to comfort and provide solace in the days ahead.
