President Bola Tinubu, on Wednesday, charged Nigerians to bear the excruciating pain occasioned by harsh economic policies of his government.

According to Tinubu, the policies are necessary to put the nation on a sound economic position.

The President stated this in a national broadcast to mark the 25th anniversary of unbroken democracy in Nigeria and the 2024 democracy day.

The statement reads,

 “My fellow Nigerians, let me begin by congratulating all of us for witnessing the celebration of another Democracy Day today, the 12th day of June 2024. This year also marks our nation’s 25 years of uninterrupted democratic governance.

“On this day, 31 years ago, we entered our rites of passage to becoming a true and enduring democratic society.

“Going through this passage was hard and dangerous. During the fateful six years that followed, we fought and struggled for our natural rights as human beings put on this earth by the divine hand of our Creator.

“We lost great heroes and heroines along the way. In this struggle, the winner of the June 12, 1993 presidential election, Chief MKO Abiola, the most significant symbol of our democratic struggle, his wife, Kudirat, General Shehu Musa Yar’Adua and Pa Alfred Rewane, among others sacrificed their very lives.

“They bravely surrendered their futures so that our nation might have a better one.

“Let us honour the memories of Chief Anthony Enahoro, Chief Abraham Adesanya, Commodore Dan Suleiman, Chief Arthur Nwankwo, Chief Chukwuemeka Ezeife, Admiral Ndubuisi Kanu, Chief Frank Kokori, Chief Bola Ige, Chief Adekunle Ajasin, Chief Ganiyu Dawodu, Chief Ayo Fasanmi, Chief Gani Fawehinmi, Chief Olabiyi Durojaiye, Dr. Beko Ransome-Kuti, Chima Ubani, and others who have transited to the higher realm.

“The sacrifices of General Alani Akinrinade, Professor Bolaji Akinyemi, Professor Wole Soyinka, Chief Ralph Obioha, Chief Cornelius Adebayo, among many others, should never be forgotten. For at least six years, they bore the pains and difficulties of life in exile.

“While the exiled pro-democracy activists kept the fire burning, their comrades at home sustained the pressure on the military brass hats. Among the latter are Olisa Agbakoba, Femi Falana, Abdul Oroh, Senator Shehu Sani, Governor Uba Sani, Chief Olu Falae, and other National Democratic Coalition leaders such as Chief Ayo Adebanjo and Chief Ayo Opadokun.

“The sacrifices they made, and the precious gift brought about by their selfless devotion can never be repaid. Neither shall it be forgotten.

“We could not have won the battle against military dictatorship without the irrepressible Nigerian journalists who mounted the barricades along with the pro-democracy activists. We celebrate them today, along with their media establishments such as The Punch, Guardian, National Concord, Tribune, The News/Tempo, and TELL Magazines. Military authorities proscribed these media establishments and jailed their journalists for standing for free speech and civil liberties.

“Despite the lethal might of the military government, what appeared to be high and unyielding walls of dictatorship came tumbling down. The dismal fortress exists no longer.

“The power of an idea, the power of the people proved more potent than all the guns and munitions, and the threats of the strongmen.

“The nation exited the yoke of military rule in 1999 to become the most populous democracy on African soil, the beacon of democratic self-determination for the black race and one of the largest democracies in the world.

“This change stands as a pivotal moment in human history. From this change, we shall never turn, nor shall the annals of mankind’s progress forget the sublime meaning of this great moment.

“Today, 25 years later, we celebrate the silver anniversary of our journey in democracy.

“We have steadied the course.

“Democracy is neither a foreign nor abstract concept devoid of real-life meaning for us. Neither can we afford to reduce or minimalise it to being nothing but the mere holding of periodic elections where one candidate and party outdo another.

“While elections attract dramatic attention, they are but one aspect of democracy. Democracy is a way of life that encompasses a broad outlook of which elections are but a part. As such, a nation can have elections without being democratic. But a nation cannot be truly democratic without holding elections.

“That we have established a tradition of holding transparent, open, and fair elections gives credence to our democratic bearing. That we have experienced peaceful transitions of government affirms our democratic temperament.

“Fellow Nigerians, true democracy shines its light into the daily lives of the people who live under its nurturing wings. It affords us the freedom and liberty to think as we want, live where we want and pursue whatever legitimate endeavour that suits us.

“Democracy does not assume some false or forced unity of opinion. In fact, democracy assumes that conflicting ideas and differing opinions shall be the order of the day. Given the diversity and variety of the human experience, there must be diverse perspectives and viewpoints.

“What democracy demands is that we do not resolve differences through force and repression. But we make allowance for the legitimacy of views that differ from our own.

“Where other forms of government impose against the will of the people, democracy aims to make leaders sufficiently humble that they conduct themselves as servants of the common good, not as viceroys of the narrow interests of the mighty.

“My dear compatriots, Nigeria faced a decision of untold gravity twenty-five years ago: Whether to veer toward a better destination or continue aimlessly in the fog of dictatorship.

“We made the right choice then. We must continue with that choice now.

“As Nigerians, we must remind ourselves that no matter how complicated democracy may be, it is the best form of governance in the long run. We must also be aware that there are those among us who will try to exploit current challenges to undermine, if not destroy, this democracy for which so much has already been given.

“These people do this not to make things better but to subject all other people and things to their control and dominance until the point that, if you are not counted among their elite, then your life will be small and no longer owned by you.

“This is the great battle of our day and the major reason we specially celebrate this Democracy day.

“Fellow Nigerians, our Democracy is more than a historic fact. It is a living, breathing reality.

“The true meaning of this day is not to focus solely on the great deeds of the past that have brought us to this point.

“Yes, we pay eternal honour to those who laid down their lives, sacrificing everything to pave the way for the nation.

“I stand uniquely placed in this regard. I was among those who took the risk to midwife the birth of our democracy. I am now a direct and obvious beneficiary of the fruits of those historic efforts.

“As president of this nation, I am morally and constitutionally bound to preserve this precious form of governance. I vow to do my utmost best to protect your rights, freedoms, and liberties as citizens of Nigeria.

“Even more than that, I pledge to do whatever is necessary to cement democracy as our way of life.

“Although the challenges are steep and multiple, I am grateful to lead Nigeria at this moment in her history and point in her democratic journey.

“I come before you also to declare that our most important work remains before us. This real test has never been whether we would rise to challenge the slings of misfortune and grievous pain of dictatorship.

“The real test is whether we shall lower our guards as the shadow of despotism and its evident physical danger fade.

“I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.

“I understand the economic difficulties we face as a nation.

“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.

“In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.

“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict.

“No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution.

“Reasoned discussion and principled compromise are hallmarks of democracy. These themes shall continue to animate my policies and interaction with the constituent parts of our political economy.

“I take on this vital task without fear or favour and I commit myself to this work until we have built a Nigeria where no man is oppressed.

“In the end, our national greatness will not be achieved by travelling the easy road. It can only be achieved by taking the right one.

“The words of the American President Franklin Roosevelt certainly ring true:

“There are many ways of going forward. But only one way of standing still”!

“We dare not slumber lest the good things awaiting our immediate future pass us by. We dare not plant our feet in idle standstill in the middle of the intersection of hope and despair.

“We know the proper way forward and we shall take it!

“The initial rays of a brighter tomorrow now appear on the early horizon. An abundant future and our capacity to achieve that future lie within our reach. Democracy and the institutions it begets offer to take us to our profound destination.

“Let us board this progressive train together. Together, let us move Nigeria forward.

“Let’s continue to keep the fire of democracy burning. Let’s keep the torch lit for generations to come.”

The approval of former President Muhammadu Buhari for the re-design of Nigeria’s currency, the Naira, was on Tuesday tendered and admitted as exhibit before the High Court of the Federal Capital Territory (FCT) in Abuja.

The approval dated October 6, 2022 from the State House and personally signed by the former President was conveyed to the Central Bank of Nigeria (CBN) under Godwin Emefiele as governor to proceed with the project of redesigning and printing of the currency.

The Chief of Staff to President Buhari was said to have transmitted the written Presidential approval to the CBN.

Also tendered and admitted as exhibits are samples of the re-design currency as approved by Buhari.

The documents were tendered by the Economic and Financial Crimes Commission (EFCC) through its witness and former Director of Currency Operations at the Central Bank of Nigeria (CBN), Mr Ahmed Bello Umar.

The witness was led in evidence by EFCC’S lead counsel, Mr Rotimi Oyedepo, a Senior Advocate of Nigeria, SAN.

Umar who claimed to have authored some memos in relation to the project, however revealed that Emefiele partly departed from the approval of the former President.

Among others, the witness said that while the portraits in the samples endorsed by Buhari were on the right side, those printed have the portraits on the left side.

The former Director of Currency Operations at the CBN also claimed that the numbering styles for the currency adopted by Emefiele were different from the modes adopted by CBN under Emefiele.

Similarly, the witness said that while the approved samples have QR code, those printed did not have the features.

Under cross examination by Mahmoud Magaji, SAN, counsel to Emefiele, the witness admitted that Buhari actually approved the Naira redesign project.

He also admitted that Buhari on December 29, 2023 publicly launched the re-designed Naira currency for the use of Nigerians as legal tender.

The witness also admitted that the re-designed currency has his own signature as Director of Currency Operations adding that no currency becomes legal tender without his own signature.

The EFCC had on May 15, 2024 arraigned Emefiele on a four count charge before Justice Maryanne Anenih of the FCT High Court sitting in Maitama, Abuja.

Emefiele however denied the charge and was admitted to bail in the sum of N300 million.

In the four count charge, the anti-graft agency claimed that Emefiele embarked on the Naira redesign without the approval of the Board of the CBN as well as then President, Muhammadu Buhari.

Specifically, the EFCC accused Emefiele of approving the printing of various quantities of the new Naira notes “without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence”.

While in count one he was accused of approving the printing of 375,520,000 notes at the cost of N11 billion, in count two he was accused of approving the printing of 172 million coloured swapped N500 notes at the cost of N4.4 billion.

Also in count three, the former CBN boss was alleged to have approved for printing 137,070, pieces of coloured N200 notes at the cost of N3.4 billion.

He was, in count four, alleged to have withdrawn the sum of N124, 860, 227, from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly.

A former Central Bank of Nigeria, CBN, Director of Currency Operations, Ahmed Umar, has disclosed that the immediate past governor, Godwin Emefiele, printed his own design of the naira.

Umar disclosed this while giving evidence at the Federal Capital Territory, FCT, High Court sitting in Maitama.

The former CBN director said the features in the design approved by former President Muhammadu Buhari was different from the one Emefiele ordered to be printed.

Umar said, “The design approved by the President had a QR code, which the currency in circulation does not. The positioning of the portrait was on the right side, that printed by the CBN was on the left and the number scheme approved by the President is different from what the CBN produced.”

The Economic and Financial Crimes Commission, EFCC, had on May 15, arraigned Emefiele on a four count charge before Justice Maryanne Anenih of the FCT High Court.

Emefiele however denied the charge and was admitted to bail in the sum of N300 million.

The Naira yesterday depreciated in the parallel market to N1,490 per dollar from N1,470 per dollar last week.

However, the Naira appreciated to N1,483.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. 

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,483.62 per dollar from N1,483.99 per dollar last weekend, indicating 37 kobo appreciation for the naira.
The volume of dollars traded in NAFEM fell by 40 percent to $161.69 million from $269.27 million traded Friday last week.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N6.38 per dollar from N185.67 per dollar last week Friday.

Reassures public about safety of their bank deposits

The Central Bank of Nigeria yesterday said there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank

Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this in a statement averring that rumours of a plan to revoke the licences of the banks were false.

She also noted that a circular issued by CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being re-circulated as though it was issued on June 10, 2024.

She blamed unscrupulous people for the development aimed at creating panic in the system.
Sidi Ali reassured members of the banking public of the safety of their deposits stressing that the banking system is resilience.

She emphasised that the defunct Heritage Bank was an isolated case, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications of those who didn’t wish the banking sector well.

She added that even customers of Heritage Bank needn’t worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment of the bank’s insured deposits.

Mrs. Sidi Ali, therefore, urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

She confirmed that the CBN, with its robust regulatory framework, was proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances of the Governor (Olayemi Cardoso) that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.

She said: “Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”

The Nigeria Football Federation has expressed anger at the mix-up by the Beninoise Football Federation in playing the old Nigeria national anthem before Monday’s FIFA World Cup qualifying match in Abidjan.

NFF’s Head of International Competitions, Dayo Enebi Achor, said the NFF handed a recording of the new national anthem of Nigeria to the Benin FA authorities at the Match Coordination Meeting in Abidjan on Sunday evening.

He said: “We gave them the recording of our new national anthem, only for them to play the wrong one at the beginning of the match. We protested strongly, and insisted that the Super Eagles would not start the second half until the new national anthem of Nigeria was played.”

The Benin FA authorities eventually played the new national anthem of Nigeria before the commencement of the second half of the match.

The match ended 2-1 in favour of Benin Republic, which propelled them to the top of the Group C with seven points from four games.

The Minister of Sports Development, Senator John Owan Enoh, has demanded a detailed technical report from the Nigerian Football Federation (NFF) following the Super Eagles’ poor performances during the June FIFA window.

The Super Eagles managed to secure only one point from a possible six, following a 1-1 draw with South Africa in Uyo and losing 2-1 to Benin Republic in Abidjan in its third and fourth game respectively in the 2026 FIFA World Cup qualifying series.

These results leave the Super Eagles with a total of just three points from a possible twelve of the four games played thus far in their quest to qualify for the 2026 FIFA World Cup to be jointly hosted by USA, Canada, and Mexico.

Senator Enoh expressed his dissatisfaction with the outcomes, especially considering the substantial support the NFF has received from President Bola Ahmed Tinubu’s administration in addition to the open and positive working relationship between the Ministry and the NFF.

He said, “The recent results are unacceptable. Despite the immense support from President Tinubu and the high expectations of Nigerian football fans, the Super Eagles have underperformed.

“The NFF must provide a comprehensive technical report explaining the reasons behind this poor showing and give cause why there mustn’t be consequences for the disappointment caused both Government and the generality of Nigerians.”

Senator Enoh emphasized that Nigerian football fans demand and deserve answers and accountability from the NFF.

He said: “Our supporters are passionate and devoted. They deserve an explanation for why our national team has not been performing to the expected standards since after the last AFCON.”

Ex-Vice President, Atiku Abubakar has attacked President Bola Tinubu describing the president as being helpless and displaying nonchalance in the face of routine acts of banditry and terrorism.

Atiku was reacting to the attack in Katsina State on Monday. The attack reportedly led to the deaths and kidnapping of some women and children.

While condemning the attacks on Tuesday, Atiku in a statement he shared on social media expressed sadness “by reports of the attack on Yargoje village in Kankara LGA of Katsina State, which claimed scores of lives and the kidnapping of vulnerable women and children.”

The 2023 presidential candidate of the Peoples Democratic Party (PDP) lamented that “It is also sad that the bandits ambushed the police armoured personnel carrier responding to the distress call at Gidan Tofa and Dan Nakwabo villages, killing four police officers and two members of the Katsina State Community Watch Corps.”

He added, “Most worrisome to me is that these acts of banditry and terrorism have become routine, with the government seemingly helpless and nonchalant about it despite the enormous annual budget for defence.”

He expressed sympathy and called “on the government to be alive to its responsibility of protecting the lives and property of the citizens.”

The former Governor of Jigawa State, Sule Lamido has stated that the Nigeria Government is rich enough to afford any amount as the new national minimum wage.

Recall that Organised Labour, which initially demanded ₦494,000, later reduced its demand to ₦250,000, while the government offered ₦62,000.

Amid the ongoing negotiations, state governors had declared that they couldn’t pay the ₦62,000 proposed by the government.

Reacting to the development on Monday during an appearance on Channels Television, Lamido argued that if the government could spend ₦17 trillion for the Lagos-Calabar Coastal Highway without passing through the National Assembly, then it can afford to pay any amount as minimum wage.

He said, “Nigeria is very rich with resources and can overcome any problem and pay any amount we feel is responsible for Nigerians.

“If the government can embark on an N17 trillion project that is not in the budget, not advertised, not tendered for, or did not go through due process, it means that Nigeria got the money.

“How can a government execute a budget of N17 trillion without a budget or passing through the National Assembly, it means the money is there; there is money in Nigeria.

“If they can carry out such a project then they can pay any minimum wage.”

Some passengers travelling along the Maiduguri/Kano highway have been kidnapped by suspected Boko Haram insurgents.

Reports obtained by Naija News on Tuesday morning revealed that the insurgents carried out the abduction between Garin Kuturu and Mannanari village near Auno, which is located along the Damaturu highway, at approximately 5:50 pm on Monday.

Daily Trust quoted a source to have disclosed that the terrorists barricaded the highway and forcibly took away several passengers.

As a result of this incident, numerous travellers and commuters found themselves stranded on both ends of the usually bustling road.

Consequently, many of the commuters were left with no choice but to return to Benishek and Auno, respectively.

“There was an incident between Mannanari and Garin Kuturu where some Boko Haram fighters came out to block the upcoming vehicles and some passengers were abducted.

“We are not sure of the number as we speak but certainly there was an abduction on Monday evening,” the source noted.

Some residents who spoke to journalists on the development narrated how many commercial drivers took refuge in their community momentarily when the insurgents were operating between Garin Kuturu and Mannanari villages.

“They came out with three wheelbarrow and I believe they were looking for food stuff. We don’t know how many people abducted but some commercial drivers came back and later returned to Maiduguri before reinforcement of military arrived,” the residents noted.

A passenger, who spoke on condition of anonymity, told reporters that he, alongside others were stranded for hours.

“We were heading for Kano from Maiduguri when the driver got hinted about the attack and took a detour.

“We have been waiting for the military to clear the road but we don’t know when. We are stranded here,” he said.