Personality in Focus
Naira Scarcity: Security Consultant Advises CBN to Print More N100 Notes
A private security consultant and Managing Director of Badison Security Limited, Mr. Matthew Ibadin, has called on the Central Bank of Nigeria (CBN), to increase the printing of N100 notes and other lower denominations like N50, N20, N10 and N5 notes and pushed them in circulation following the ban on N1000, N500 and N200.
Mr. Ibadin also canvassed for a return to the use of coins for other lower denominations like 10 Kobo, 5kobo and 1 Kobo. To make for easy use of the coins for transactions as it is done in places like United States of America, ge is suggesting a reduction in the weight of 10 Kobo and other coins and make them lighter.
Addressing members of the National Association of Online Security News Publishers, NAOSNP in Lagos over the weekend, the highly cerebra security mogul noted that in spite of what he describes as temporary hardship Nigerians are currently going through, the availability of lower denominations of the naira in circulation would add some value to our currency and by implication, the economy.
The security consultant said that before the redesign and swap of the old higher denominations of the naira, the lower denominations particularly the N50, N20 N10 and N5 notes were becoming unacceptable and near worthless for business transactions in many quarters; adding, “With the gradual non- release of the higher denominations to depositors by the commercial banks in the last few days, the lower denominations have started getting some attractions.”
The Badison Security boss further stated that with more availability of lower denominations in circulation for business transactions both in urban and rural areas, there would be value addition to our currency thereby, reducing inflation and the ease with which corrupt politicians and public servants siphon and stash away bulk of higher denominations.
He added that the much availability of higher denominations in circulation had unarguably led to high demand by kidnappers in ransom as it was possible to keep millions of higher denominations by many Nigerians. Conversely, he said “A high degree of inavailability of N1000, N500 notes in particular would make kidnappers have a rethink in their demand for ransom.”
Continuing, Ibadin also noted that the availability of higher denominations of the naira in circulation particularly in the hands of politicians makes it easier for vote buying as the bulk of higher denominations are easier to carry from one place to another than the lower denominations. For this, he has commended President Muhammadu Buhari in his concerted effort to ensure that the forthcoming elections are free and fair without vote buying.
He has therefore, advised management of the CBN to increase the volume of lower denominations in circulation payable through commercial bank counters and Automated Teller Machines (ATM); adding that CBN should not be distracted by the criticisms and condemnations in some quarters in relation to the naira redesign and deadline for the return of the old notes.
The Badison Chieftain has therefore, called on Nigerians to support Buhari in his effort to ensure that the forthcoming elections are not hijacked by desperate politicians, stressing that this would be the first time in Nigeria that a sitting President would be so determined to ensure free and fair election devoid of partisanship.
He expressed optimism that the current hardship inflicted on Nigerians by the scarcity of the new naira notes would be eased off soon after the election as the Central Bank of Nigeria is expected to massively release the new notes soon after the election.
It would be recalled that the Supreme Court had ruled on an ex parte motion brought by Kaduna, Kogi and Zamfara States seeking to halt the CBN from implementing the February 10 deadline for the currency swap.
The Apex court had ruled in favour of the States but the CBN management and the Federal Government through the Attorney General of the Federation and Minister of Justice reacted to the ruling, insisting that the February 10 deadline remained sacrosant.
However, following the intervention of the Council of States last week, President Buhari in his national broadcast on February 16, 2023, briefly reviewed the deadline by extending the life of the old N200 note to April 10, 2023 when it would cease to be a legal tender. The old N500 and N1000 notes are no longer legal tender as their validity expired on the February 10.
The family of Bolaji Olarewaju, popularly known as Big Bolaji has confirmed the passing of the singer following a brief illness.
According to a statement signed by the Family on Saturday, Bolaji died on Easter Saturday.
The statement said, “It is with profound sadness that we announce the passing of Bolaji Olarewaju, affectionately known as “Big B,” a cherished father, husband, brother, and an esteemed figure in both the church community, an ordained Pastor in the RCCG and a giant in the music industry and our community. Bolaji left us on Easter Saturday, 19th April 2025, after a brief illness.
“His departure leaves a void in our hearts that can not be filled.
“Bolaji’s life was a testament to his passion for music, his unwavering faith, and his dedication to uplifting those around him. His legacy is not only in the melodies he created but in the lives he touched and the unquantifiable joy he spread.
“We take solace in knowing that his absence with us is his presence with the Lord, and the indelible mark he left on all who had the privilege of knowing him will not be erased.
“As we navigate through this time of loss, we kindly request privacy to mourn as a family. We are deeply grateful for the outpouring of love and support we have received and ask that you continue to keep us in your prayers.
“Details regarding the obsequies will be shared in due course as we come together to celebrate Bolaji’s remarkable life and legacy.
“Thank you for respecting our wishes during this incredibly difficult time. With gratitude, The Family of Bolaji Olarewaju.”
Pascal Dozie, a renowned Nigerian entrepreneur and business leader has died. He was 86.
According to sources close to the deceased, Dozie died a battle with old age-related illness.
Dozie, was a man of many parts, best known for founding Diamond Bank and serving as chairman of Pan-Atlantic University.
He was born on April 9, 1939, in Egbu, Owerri, Imo State, Nigeria. Dozie’s educational background includes a degree in Economics from the London School of Economics and a master’s in Administrative Science from City University in London.
Dozie also founded theAfrican Development Consulting Group, which worked with notable clients like Nestle and Pfizer. He served as MTN Group chairman but later resigned and was succeeded by Ernest Ndukwe.
Dozie received the prestigious National Award of the Order of the Niger (OON) for his contributions to Nigeria’s banking industry.
Dozie is survived by his wife Chinyere Dozie, and five children among other relatives.
A former governor of Oyo State, Dr. Victor Olunloyo, is dead.
According to a statement by his family on Sunday, he died a few days before his 90th birthday.
The statement titled ‘Victor Olunloyo goes home’ was signed by Oladapo Ogunwusi on behalf of the family.
It read, “With a heavy heart but gratitude to the Almighty, we announce the passing into glory of Dr. Victor Omololu Olunloyo, former governor of Oyo State, mathematician and engineer and renowned technocrat, a few days before his 90th birthday.
“The Balogun of Oyo and Otun Bobasewa of Ife, Dr. Olunloyo was first Rector, Ibadan polytechnic and first Rector, Kwara State Polytechnic among other notable appointments.
“His long record of service to the nation and humanity is a source of pride to his family and associates even as we come to grip with this devastating event.
“The Olunloyo family will appreciate the understanding of the press and the public as they commence efforts to give him a befitting burial.
“Even from everlasting to everlasting, He is God.”
About a year ago in April 2024, the rumour of the death of the elder statesman was reported by some news platforms.
But speaking with The PUNCH correspondent who visited his Molete residence in Ibadan, the state capital, he debunked the rumour, saying he was hale and hearty.
“I’m still here, not yet gone,” he declared then.
He also expressed worry over the rumour and asked who would live forever, stressing, “Those breaking death news and the person presumed dead will all die one day.
“I’ve been lucky. My father died at 42, while my mother died at 102. I’m 89. I’ve crossed the expected life age.”
The elder statesman also illustrated how the rumour of his death hit several news platforms on June 7, 2022.
He noted that the rumour mongers claimed that he died at the University College Hospital, Ibadan.
A few days later, the family issued a statement, declaring that he was not dead but suffering from old age ailment and asked Nigerians to pray for him to survive the health complications.
