Personality in Focus
Naira Scarcity: Security Consultant Advises CBN to Print More N100 Notes
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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 Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has announced the passing of his immediate elder brother, Prince Adetunji Ogunwusi.
The monarch made the announcement in a statement released on Sunday through the Director of Media and Public Affairs at the Ooni’s Palace, Sodiq Lawal.
Describing the late prince as a respected businessman and compassionate leader, the Ooni said Prince Adetunji lived a life dedicated to service, humility and the wellbeing of others.
According to the statement, the death of Prince Adetunji has left a deep void in the Ogunwusi family, the Ojaja Royal Dynasty and the entire Ile-Ife Kingdom.
Prince Adetunji, who was born on December 8, 1967, was a member of the Ojaja lineage of the Giesi Ruling House in Ile-Ife. He was also the Group Chairman of Primewaterview Holdings, where he earned recognition for his contributions to business development and entrepreneurship.
The Ooni noted that his late brother built a reputation as an innovative entrepreneur and visionary leader. Through his business activities, he created opportunities for many people and contributed to economic growth in different sectors.
The monarch further stated that beyond his achievements in business, Prince Adetunji was known for his generosity, kindness and commitment to humanitarian causes. He was said to have quietly supported many individuals and families, offering assistance, guidance and encouragement whenever needed.
The statement added that Prince Adetunji’s influence extended beyond the corporate world, as he remained deeply connected to his roots and maintained a strong interest in the progress and development of Ile-Ife and its people.
The Ooni described his late brother as a dependable adviser, a loving family member and a man whose legacy would continue to inspire future generations.
Family members, friends, associates and well wishers have continued to pay tribute to the late prince, remembering him for his humility, wisdom and positive impact on society.
The palace said further details regarding funeral arrangements and other ceremonies would be announced by the family in due course.
Prince Adetunji’s death marks a significant loss to the royal family and the people of Ile-Ife, who will remember him for his service, leadership and dedication to humanity.
The Nigerian Bar Association (NBA) has elected Oyinkansola Badejo-Okusanya, a Senior Advocate of Nigeria (SAN), as its next president after she polled the most votes when voting officially ended Sunday morning.
Mrs Badejo-Okusanya, the only female among the three presidential candidates, polled 12,317 votes to emerge the winner of the election, which was held through electronic voting for 24 hours. from 7:35 a.m. on Saturday to 7:34 a.m. on Sunday
She defeated her two challengers, polling 47.18 per cent of the 26,106 ballots cast in the presidential election, based on the final tally…
Nearly a month after Keir Starmer’s resignation, former Manchester Mayor Andy Burnham, one of the most popular politicians in Britain, will become the country’s seventh prime minister in 10 years.
The move was made possible after Burnham won a byelection in the Makerfield constituency by a wide margin. He was then appointed as the leader of the ruling Labour Party on Friday, confirming him as Starmer’s successor.
A long political career
“Everyone can feel the country isn’t where it should be,” 56-year-old Burnham said after his Makerfield election victory, in remarks that already sounded distinctly prime ministerial. “From here on I will give everything I have got to make it so. To ensure the name Makerfield is forever synonymous with bringing about the change this country needs, bringing back something we’ve lost ― hope ― hope for the future.”
Burnham is seen as a leading figure on Labour’s moderate-left wing and has decades of experience in both national and regional politics. He first entered Parliament in 2001. Under Prime Minister Tony Blair, he served as a junior minister at the Home Office before Blair’s successor, Gordon Brown, appointed him to roles at the Finance Ministry, the Department for Culture, and later as health secretary.
Burnham even ran for the Labour leadership twice, in 2010 and 2015. In 2017, he left Parliament to become mayor of Greater Manchester, a region of around 2.8 million people in northern England. He has since won reelection twice, most recently getting nearly two-thirds of the vote.
Among Burnham’s most notable achievements in Manchester is the expansion of affordable public transportation. Housing and health care have also been central priorities throughout his time as mayor. He is critical of Brexit, the UK’s exit from the European Union in 2020, and describes himself as an advocate of “pro-business socialism.”
During the COVID pandemic, Burnham locked horns with then-Prime Minister Boris Johnson, demanding greater financial support for businesses and workers affected by lockdown restrictions. The confrontation and his general success in Manchester earned him the nickname “King of the North.”
In the past few years, Burnham’s main criticism of his Labour Party colleague Keir Starmer has focused on the prime minister’s cuts to welfare spending. Which policies Burnham would pursue should he succeed as prime minister has so far largely remained undefined.
A working-class northerner
Burnham is deeply rooted in the former mining and industrial communities of northern England. Born in 1970 in Aintree, near Liverpool, he grew up in the village of Culcheth with his father working as a technician and his mother as a medical assistant.
While studying English at Cambridge University, Burnham later said he often felt like an outsider. Inspired by the miners’ strike of the mid-1980s, he joined the Labour Party at the age of 14.
He’s been a lifelong supporter of Everton Football Club. His wife is Dutch, and the couple has three children. Burnham also has a tattoo of the worker bee — a symbol of industry and solidarity — on his right upper arm.
Today, Burnham is among the most popular politicians in the United Kingdom, and many supporters see him as Labour’s best hope of countering the rise of the right-wing populist Reform UK party of Nigel Farage.
Yet since the Brexit referendum in 2016, the office of British prime minister has become somewhat precarious. Burnham would be the seventh person to hold the position since the referendum a decade ago. If he does succeed Starmer, he will inherit a country still grappling with deep political, economic, and social challenges.
This article was originally published in German on June 22 and updated on July 17 to reflect Andy Burnham being appointed Labour Party leader.
Culled from DW.com
