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.
Former Presidential Spokesperson, Doyin Okupe has reportedly passed away.
TheNewsGuru reports that the senior adviser to former President Goodluck Jonathan and, recently, the Director-General of Peter Obi’s 2023 Presidential Campaign died at 71, after a long struggle with cancer.
In October 2023, Okupe was hospitalized with prostate cancer and was flown to Israel for treatment.
However, it was learnt that his condition did not improve as expected.
Okupe had a history of prostate cancer, first diagnosed 16 years ago, and a later bout with sarcoma in his right shoulder.
Following his milestone achievements as Chairman of the Police Campaign Against Cultism and Other Vices (POCACOV), the Chairman/CEO of Executive Group, Dr. Ayo Ogunsan has been officially announced as the Patron of the Police advocacy initiative in Lagos State, National Association of Online Security News Publishers, NAOSNP can report.
The POCACOV is the Nigeria Police Force advocacy initiative to help young people avoid cultism and other vices. It uses advocacy, awareness, and sensitization to help young people avoid vices by conducting community outreaches to schools, inner cities, rural areas, and urban centres. It also helps to rehabilitate and reintegrate those who have been cut in the web of cultism, crimes, and social vices.
It would be recalled that Dr. Ayo Ogunsan took up the Chairmanship job about a year ago and was able to use his grand standing as the Board Member of Lagos State Security Trust Fund (LSSTF), prime supporter of security news beat association National Association of Online Security News Publishers (NAOSNP), and leadership of non-profit initiative, AKEM Foundation to champion his work and various impacting activities in the past one year. This is why POCACOV through its National Coordinator, ACP Olabisi Oluseyi Okuwobi on behalf of the Inspector General of Police announced his official elevation into the role of Patron of POCACOV in Lagos State.
The United Nations POLAC International Peace Advocate, Dr. Ayo Ogunsan expressed his gratitude to the Inspector General of Police, IGP Kayode Egbetokun and the National Coordinator, ACP Okuwobi for the new role and promised to give direction to the new Chairman, Mr. Moses Oladimeji which will lead to improved performance of POCACOV in Lagos.
‘I will keep raiding our communities with love. We will give them food, shelter, etc. Police will do the Police work but I will do the policing of love’, Ogunsan affirmed.
This piece is contributed by Oki Samson
President Bola Ahmed Tinubu has appointed Shamsedeen Ogunjimi as the new Accountant General of the Federation after a rigorous selection process.
A statement by Special Adviser to the President (Information & Strategy), Bayo Onanuga said his appointment, approved on Tuesday, takes effect from 7th March 2025, the same day the incumbent Oluwatoyin Madehin will retire.
Ogunjimi, 57, was first named as Madehin’s successor last December.
“A selection committee later chose him through a competitive, rigorous, and merit-based process involving Directors of Accounts in the Federal Civil Service. The committee conducted the process through three stages: a written assessment, an ICT proficiency test, and oral interviews.
“The selection process underscores President Tinubu’s commitment to promoting transparency, excellence, and competence in key public service positions,” the statement read in part.
Ogunjimi graduated from the University of Nigeria, Nsukka, in 1990 with a Bachelor of Science in Accountancy.
He also obtained a Master’s in Accounting and Finance from the University of Lagos.
He is a fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.
President Tinubu congratulated Ogunjimi on his appointment, and urged him to discharge his duties in the service with integrity, professionalism, and dedication to Nigeria’s service.
