₦airaland Forum

you were my hero. Sleep well sir!!!

I can't stand the offensive odour of 'iru' locust bean

I too have been a victim before. It happened in March 2011. I opened a dollar account with GTBank and wanted to fund it. So I went to Allen with intent of entering a shop and buy the dollar. But along the way I met these 2 guys whose rates were cheaper @N150 while bank rate was about N158. So I agreed to the offer to buy 200 dollars. I brought 30000 and gave to them. They counted it and one of them now told me that they only have one-dollar notes with them and if I would take that. I said no and became suspicious. I asked for my money back, counted and pocketed it thanking God that I didn't fall into scammer's hand. I boarded a bus to Ikeja. Lo, before I got down I felt in my pocket that d money has reduced. Lo when I counted it it reamins 19k. In disbelief I counted again, this time 15 pieces remaining(15k)!! At this time I started crying openly in Ikeja and calling on God cos I don't know what can happen to me next. To cut it short, I lost 15k to d scammers and since then I have learned my lesson albeit the hard way.
WARNING: Never patronize a road side BDC.

The NCC should have let the approved promos run out, with close monitoring on their performance especially on the bogus prize of winning an airplane by MTN.

kk

Your choice of 'man of your life' is not the best choice, although you may not want to hear this. Your mother is married to this man, so you are wrong in the first place to have allowed him to be intimate with you. Collecting money from him as your step father is not out of place. You must put an end to this and inform your mother. Moreso you are 26, you shouldnt still be living with them except when you are on break (if you are a student). Please preserve yourself for that right man that will come your way, whom you will not have to share with some other women.
This man will at least be your mother's agemate, if not older, so he may be at least 25 years older than you. Seeing this man, your mother's husband as your best choice is surely not the best choice you can make.

mine will be the day i became a father

my heart bled to read this. God judement will be visited on the familiies of the perpetrators IJN .

Nigerian judges are the biggest jokers in the whole wide world. They can find someone that stole billions of nairas and impoverish his people not guilty until foreign court proved them wrong, but they can administer the maximum penalty on mere petty thief. I laugh in harakiri festivals

uche13: Hmm. Nobody is sentenced to death by firing squad again. That law is so gone.

says who?

eledalo: Since she was bitten during a church fasting programme, the shark bite is obviously a gift from God. Halleluyah!

na wa for you o. God no dey give bad gifts.

Ovularia: Achebe needs cure from Awophobia – Adebanjo
On October 9, 2012 · In Interview 7:17 pm

BY CLIFFORD NDUJIHE

FIRST generation Awoist and elder statesmen, Chief Ayo Adebanjo, yesterday picked holes in Professor Chinua Achebe’s accusation that Chief Obafemi Awolowo was part of General Yakubu Gowon’s cabinet that initiated pogrom and genocide as a policy against the Igbo during the civil war.



In a 16-paragraph, 2109-word rejoinder to Professor Achebe’s book, “There was a country,” yesterday, Adebanjo said instead of vilification, the late sage should be commended for his efforts in minimizing the damage that could have arisen from the war.

He said the civil war could have been avoided if Biafran Leader, Colonel Chukwuemeka Odumegwu-Ojukwu had not reneged on his promise to Awolowo to negotiate with the Federal Government and kick-started the war by attacking the Mid-West.

Claiming that Awolowo did not hate the Igbo and made efforts to rehabilitate the Igbo after the war, he said Professor Achebe had displayed his deep-rooted hatred for Awolowo and the Yoruba race with his comments.

He said: “If it is true that Chief Awolowo was such an architect of pogrom and genocide against the Igbos, how would Professor Achebe explain the fact that there were no incidents of pogrom or genocide against the Igbos in any part of the then Western Region composed mainly of the Yorubas, and Chief Awolowo’s primary sphere of influence.

Rather, the Igbos who fled the West on the clarion call of Ojukwu for them to return to the East had their properties kept safe for them, with the rents collected on the properties duly accounted for at the end of the civil war and paid to such Igbo owners.

It should be noted that no incidents of “abandoned property” occurred in the Western region – Chief Awolowo’s zone, rather the controversy around such property were restricted to areas such as Port Harcourt and the Northern region.”

Wondering what Achebe wanted to achieve by exhuming the dark years of the nation’s history at a time a host of Yoruba and Igbo leaders were collaborating to find a lasting solution to Nigeria’s problems, Adebanjo said he was distressed that Achebe be could be credited with the comments.

The rejoinder read: “I am sad and distressed that a literary giant and an elder statesman such as Professor Chinua Achebe should be credited with the statement attributed to him in his latest book on the Nigerian Civil War at this time in Nigeria’s political history, over 40 years after the end of the Nigeria Civil War.

“His statements however, are not unfamiliar to those of us who were around during the civil war, and who knew what falsehood and half-truths were bandied around then especially from “Biafra Radio” and supporters of the Biafra cause, notable amongst whom was Professor Chinua Achebe.

Some thought they were effusions from supporters of Biafra in order to enlist international support for Ojukwu but many on the other hand attributed Professor Achebe’s position to his pathological hatred for Chief Awolowo and the Yoruba race.

“Professor Achebe has accused Chief Awolowo of being part of General Gowon’s cabinet that initiated pogrom and genocide as a policy against the Igbos. Yet, Professor Achebe cannot claim ignorance of the fact that specific recorded instances of pogrom and genocide were a consequence of the 2nd military coup of July 1966 in which the Northern Soldiers and Northerners committed series of atrocities against the Igbos in the North.

At this time Chief Awolowo was still in Calabar prison serving his jail term of treasonable felony, it was after his release from prison that Gen. Gowon invited him to join his cabinet as vice Chairman of the Federal Executive Council and Minister of Finance.

The war was already brewing at such time. At the risk of his life, and against the advice of his cabinet colleagues Chief Awolowo made contact with Ojukwu and met him in Enugu to dissuade him from going to war. In his one-on-one meeting with Ojukwu, Chief Awolowo tried to persuade Ojukwu to come to a round table conference with the Federal Government to iron out his differences with the government.

But despite the assurances then Colonel Ojukwu gave to Chief Awolowo that he had accepted to dialogue, Ojukwu reneged and a few weeks later attacked the Midwest and thus declared war against the Federal government, which is how the civil war became inevitable.

“The above facts are verifiable. Fair minded persons cannot accuse Chief Awolowo of being part of the intellectual arm of a cabinet that intentionally initiated the pogrom of the Igbos, when in fact the record shows he took positive steps to persuade Ojukwu to avoid the conflict.

Whilst the war was raging after the liberation of part of the then South East which then included Port Harcourt and Calabar, Chief Awolowo visited Enugu and Port Harcourt where he saw Kwashiorkor (malnourished) victims for the first time.

He wondered how this could happen in view of the quantity of food items sent through international agencies to the civilians in these areas. He was then informed that the food never got to the civilians, the food items were cornered by the soldiers who were feeding to the detriment of the civilians. One can imagine such a report being provided to a cabinet filled with military officers conducting a war.

It should not be surprising that to avoid feeding enemy soldiers, the Federal Government at the time put a stop to the delivery of food meant for the civilians population that was being hijacked by Biafran soldiers.

This is what Achebe mischievously called the deliberate starvation of the Igbos. “I would like Professor Achebe, if he can; to make reference to any publication where Awolowo made the statement that starvation was a legitimate tool of war. Furthermore, if such starvation ended with the end of the war, Professor Achebe should explain why if the specific objective of the policy was to reduce Chief Awolowo’s enemies, why did he not influence the continuation or doubling up on such policy when Nigerian troops had control of Biafran territory at the end of the war.

One would have thought the charge of genocide should have been better directed at the leaders of Biafra who had first hand knowledge of the starvation in the area they controlled, and yet did not as they could, bring an end to the war sooner before two million people, mainly members of future generations had died of starvation as professor Achebe claimed.

“Also, during the war it became known that the Nigerian currency, which Biafran soldiers had looted from Central Bank locations in Biafra occupied areas were being exchanged to buy arms for the Biafran army.

To put a stop to this Chief Awolowo, as the federal commissioner for finance, suddenly changed the Nigerian currency without the prior knowledge of members of the cabinet. Even General Gowon, who was the head of state, was informed only a day before the announcement.

These two major policies of stopping food meant for civilians which was being ambushed by the Biafrans soldiers and the sudden change of Nigerian currency were two factors that quickly brought the misery of the civil war to an end.

“It should be noted that Chief Awolowo’s prudent management of the Nigerian economy made it possible for the Federal Government to prosecute the civil war without borrowing a kobo from the outside world. This achievement was acclaimed globally. It is this policy that quickly put an end to the insurgence that Professor Achebe has interpreted as punitive measure against the Igbos.

“At the end of the civil war, a problem did arise with respect as to how to verify the amounts creditable to Biafrans who made claims to money held in Nigerian banks before the declaration of war. Unfortunately there were no records to confirm the amount in savings or current accounts held by a good number of such Biafran claimants. As a result, a committee was set up by the Central Bank, the members of which were unknown to Chief Awolowo. Such committee recommended an across the board payment of 20 pounds to every claimant.

It is therefore most uncharitable for Professor Achebe to put the blame of the payment of this amount on Chief Awolowo. Furthermore, to extrapolate from this policy a deliberate policy to stunt or obliterate the economy of the Igbos does not stand up to critical review and is rather far fetched. Firstly, what is an administrator to do in the face of such unverifiable claims? Pay every all and sundry claim? As Chief Awolowo has stated, doing so would have bankrupted Nigeria at the time.

Secondly, common sense would suggest that claims that such sums as were left behind were very substantial needed to be substantiated. It should be noted that the percentage of all Nigerians in general with substantial amounts in banks during that period was limited. In addition, with the advent of impending war, the natural reaction is a run on banks to withdraw all such sums or as much as possible, particularly for Igbos then deemed to be fleeing to a new country Biafra.

Under such context, the payment of 20 pounds (a substantial sum at the time) to all claimants without proof of specific amounts due to them was not altogether an unreasonable policy. More to the point, this was not a policy recommendation that can be specifically attributable to Chief Awolowo, but rather the recommendation of a committee of the Central Bank set up at the time,

“It is noteworthy that after the division of the country to 12 states by General Gowon in 1968, the East central state composed mainly of Igbos emerged. Chief Awolowo then diligently saved the monthly allocation due to Igbos during the war and released same to them at the end of the war.

The African Continental Bank (ACB) and the Cooperative Bank for Eastern Nigeria the two main Financial Institutions of the Igbos at the time and which had become moribund during the civil war were rejuvenated by Chief Awolowo by his releasing substantial funds to them for active operation. Professor Achebe would have to explain how these actions beneficial to the Igbo emanate from somebody whom he claims has hatred for the Igbos or harboured intent to deliberately and systematically exterminate the Igbos or deny their right of existence as a group.

Furthermore, after the civil war, Professor Achebe can not claim ignorance of the fact that Chief Awolowo personally wrote to prominent Igbos (including Professor Achebe himself) who had fled the country during the war to come back home.

One of those who responded to the call and whose home coming was facilitated personally by Chief Awolowo was the late Chief M.C.K Ajuluchukwu the former editor of Dr. Azikiwe’s Newspaper “The West African Pilot” and his wife a medical doctor who were then based in Germany. Chief Awolowo facilitated the employment of the wife at the Lagos University Teaching Hospital and also latter employed Chief Ajuluchukwu himself as the director of research and publicity of his party – The Unity Party of Nigeria.

“If it is true that Chief Awolowo was such an architect of pogrom and genocide against the Igbos, how would Professor Achebe explain the fact that there were no incidents of pogrom or genocide against the Igbos in any part of the then Western Region composed mainly of the Yorubas, and Chief Awolowo’s primary sphere of influence. Rather, the Igbos who fled the West on the clarion call of Ojukwu for them to return to the East had their properties kept safe for them, with the rents collected on the properties duly accounted for at the end of the civil war and paid to such Igbo owners.

It should be noted that no incidents of “abandoned property” occurred in the western region – Chief Awolowo’s zone, rather the controversy around such property were restricted to areas such as Port Harcourt and the Northern region.

“Whilst it is true to say Chief Awolowo had the ambition to rule the country, it is unkind to say he wanted to achieve this by wiping out the Igbos whom he considered an impediment. On the contrary, Chief Awolowo’s position has always been to rule the country with other progressive elements from all parts of the country including the Igbos.

This he demonstrated in 1959 after the pre independence general election when he offered to serve under the late Dr Nnamdi Azikiwe as prime minister, with him as minister of finance. The NCNC (the party lead by Dr. Nnamdi Azikiwe) turned the offer down and preferred an alliance with the NPC under the late Saudana of Sokoto Sir Ahmadu Bello. This incident was referred to by the late Dr. M.I Okpara (former premier of the former Eastern Region in an interview in the New Nation Magazine published in 1977 by the veteran journalist Chief Gbolabo Ogunsanwo.

In the interview Dr. Okpara said he will regret to the last day of his life that he did not support the alliance between the Action Group and the NCNC which could have made Dr. Azikiwe the prime minister and Chief Awolowo the minister of finance. Even before the general election of 1983 there were attempts to form an alliance between the UPN led by Chief Awolowo and NPP led by Dr. Nnamdi Azikiwe all in an attempt to have progressive forces form an alliance against the conservative NPC. Again this attempt did not materialise due to the opposition by the Yoruba leaders in the NPP at the time. It is also interesting to recollect that at the demise of Chief Awolowo Chief Ojukwu himself remarked that “Awolowo was the best president Nigeria never had”. None of the foregoing suggests a man with hatred for the Igbos.

“Yoruba leaders led by the late senator Abraham Adesanya have been working in close political collaboration with prominent Igbo leaders like Admiral Ndubuisi Kanu a former Governor of Lagos State and Admiral Ebitu Ukiwe a former Chief of general Staff and Professor Ben Nwabueze in an honest attempt to find equitable solutions to the problems of the Country.

The leaders of both ethnic groups have been putting their heads together for the emergence of a progressive Nigeria in peace and unity. It is sad that instead of Professor Achebe joining in this progressive movement he has chosen to bring into the front burner the dark period of Nigeria’s history.

What he stands to gain by repeating such falsehood, I cannot honestly comprehend. I believe how ever it is clear from the historical record that Awo had no Igbophobia, it is Professor Achebe that has to be cured of his Awophobia.”

http://www.vanguardngr.com/2012/10/achebe-needs-cure-from-awophobia-adebanjo/

To all intent and purpose, the record is set straight now. Even though prior to the war, the Federal Government has not acted well in attending to incessant killings and burning of properties belonging to southern Nigerian people in the North, mostly of the Igbo extraction, yet Ojukwu never was adequately prepared for the war. He dragged his people into the war to kill them.

na wa o.

the recruitment is true. a friend of mine got the info 3 weeks ago, that he should pay N300k before he could be given the job. Lo and behold the guy sourced for the money and was called to Abuja to come and collect employment letter. As i am talking to you now, the guy is in the training camp in his state.

TRUTH IS COMING TO THE OPEN... JUST WAIT

oyebanji: I have tried not to make any comment on this issue so that I won’t be insulted. But against my better judgement, I will make a brief comment and I hope we can really bury this.
War is a situation that no one should wish on his worst enemies. War is not fair and at the end we count losses both human and material.
I cannot find anything wrong in what Chief Awolowo did (if truly it’s the truth) because the goal was to keep the Federal Republic of Nigeria together. If anyone was in Awo’s shoes I think the person would have done the same thing. For me it was unfortunate, but that is the price of war. As a student of history, and society, without sentiments I find it hard to blame this man. I am not sure of any government that will allow uprising without suppressing it with all its might. If some people could be executed in the Biafran army for insubordination or for whatever reason, then you will understand why the Nigerian government had to do that.
For those people that are fanning the embers of war currently, I think you should think twice and embrace more civil ways of resolving differences. Violence in unnecessary, issues should be resolved in a calmer arrangement than war.

you spoke well. why will achebe blame the FGN policy that helps thwart ojukwu's war on Chief Awolowo (of most blessed memory). why cant they blame ojukwu their kinsman that cause the sufferings and deaths in those 30 months, while his army, family and close associates are well fed with the food sent by FGN to the masses of eastern Nigeria. achebe is an irredeemable foe of the Yoruba race, no wonder he hates Prof Soyinka till date when the latter won the Nobel prize in literature.

oyebanji: I have tried not to make any comment on this issue so that I won’t be insulted. But against my better judgement, I will make a brief comment and I hope we can really bury this.
War is a situation that no one should wish on his worst enemies. War is not fair and at the end we count losses both human and material.
I cannot find anything wrong in what Chief Awolowo did (if truly it’s the truth) because the goal was to keep the Federal Republic of Nigeria together. If anyone was in Awo’s shoes I think the person would have done the same thing. For me it was unfortunate, but that is the price of war. As a student of history, and society, without sentiments I find it hard to blame this man. I am not sure of any government that will allow uprising without suppressing it with all its might. If some people could be executed in the Biafran army for insubordination or for whatever reason, then you will understand why the Nigerian government had to do that.
For those people that are fanning the embers of war currently, I think you should think twice and embrace more civil ways of resolving differences. Violence in unnecessary, issues should be resolved in a calmer arrangement than war.

you spoke well. why will achebe blame the FGN policy that helps thwart ojukwu's war on Chief Awolowo (of most blessed memory). why cant they blame ojukwu their kinsman that cause the sufferings and deaths in those 30 months, while his army, family and close associates are well fed with the food sent by FGN to the masses of eastern Nigeria. achebe is an irredeemable foe of the Yoruba race, no wonder he hates Prof Soyinka till date when the latter won the Nobel prize in literature.

hardywaltz: Hitler was nominated but didn't win it. The standards then and now are not comparable coz information flow was very scanty.

which year did Hitler nominated for Nobel prize?

Hmm, great thoughts in retrospect. During the war that claimed more than 2 millions Ibos, the Biafran civilians suffered the highest. Biafrans soldiers seen at the end of the war were never seen not-well fed, but were robust, people including Ojukwu - suggesting that they have been feeding on the food meant for the poor masses. As the federal government put an end to this, it serves a main purpose of putting an abrupt end to the war. the issued of currency changed also defeated Ojukwu. so also Ojukwu inability to gain the full support of the bigger countries like Russia, France and the US. It would have been easier to convince these world power to Biafran side because of the oil there.
In all honesty, Awolowo acted uprightly

chino24: O boy is this real, lagos don go be that oo

Where is eko ile and his stup!d, visionless eko atlantic praise..

dey there dey talk 'craps'. With what is happening in the country now, how are you sure Nigeria will even be in existence in the next 5 years, let alone 50 years!! There are killings and maimings innocents souls everywhere, the likes of which has never been experienced before and the perpetrators seem invincible.

may their souls rest in peace and may the death of these innocents souls by cultists or bokoharams not be in vain.

Ganys: Are You High on Alomo mixed with Ogogoro Cant you open your eye to read the article very well. Why should u allow sentiment & bigotry to becloud your reasoning...??
according to the article, Muslim students were killed. What evident do u have that the crime was commited by Muslim in the name of Islam....
Get this into your useless skull now!!
ISLAM IS A RELIGION OF PEACE, NO CONTROVERSY...If you no gree, go hug transformer

have u forgotten dat ur boko hanimals kill Muslims they consider traitor as well? they believe Muslim that don't believe in their vision of doing jihad and killing all 'infidels' are themselves infidels doomed with the same fate. Islam is peace my foot!!

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ujchief: Am i suprised? Nah! A leopard can never change its spots.
Why wont he just hold a meeting with the stakeholders, affected indigens and the senate so as to make clear his stand with solid reasons b4 telling the word. He had to jet off to New york to tell the whole word that hes a coward. GEJ, cowardice begins at home, inform the senate and all involved parties of ur stand b4 going to the public. You made them all look like fools with all their efforts so far.
#dont forget the Unilag---> Maulag scenario!

GEJ is not the leader Nigeria deserves. Iranian president was bold and loud with his country's plan of uranium enrichment, the world power cannot do anything to Iran, at worst, they will resort to persuasion and not force. but here is ours fidgeting in appealing a court ruling affecting his region. mtcheeeew

[quote author=PROUD-IGBO]I hope all these ethnicities of old eastern region can now see how they've been used as pawns in the chess game that is Nigerian ethno/religious politics, and then dumped?.....as if Obasanjo would sign over Otta to another country just b'cos the ICJ said so; an ICJ whose rulings have been and continue to be ignored by world powers if it goes against their strategic national interests.

Does anyone really think Bakassi would be in the grubby hands of the Camerounians if there had been an independent Biafran (or whatever name you wanna call it) nation?; they would have had a fight on their hands, that's for sure; can you imagine someone with the fighting spirit of Ojukwu being told to hand over a potion of Biafran territory to another country b'cos of some purported colonial agreements (that didn't include the owners of the land)?.....he'd probably tell them all to fuc/koff!!![/quote]it is on record that countries like the USA, China, France and many others in the past had veto the judgements of the ICJ when they disagree with it, even though judgement may be awarded rightly. Now we it is a pure fact that Bakassi belong to Nigeria, but the FGN is fearful to take what actually belong to them. big shame on the FGN if they didnt appeal this judgement before it expires!!!!!

God bless the USA!

Acidosis: Relax your muscle.
There wasn't any meaningful reason to stop the CBN in the first place. They only made that gullible move to impress some ignoramus. CBN allowed people to bring in any practical history where such lead to inflation..but nobody tendered any.
CBN ask you people to tender your details of the alleged billions of naira meant for printing, but you guys were scared to bring any since you don't have any true fact. Now give me one reason why CBN shouldn't continue with the process..

Which developed countries of the world are we emulating in this regard by senselessly changing our currency denomination every now and then? May i also ask you, does this not condradict the CBN cashlite/cashless (or is it less cash) policy? If the populace is sensitized enough, and they embrace the cashless policy payment/buying options, wont it have been the best option for the country to save printing money and other incidental costs, together with the other risks of carrying huge cash around?

u are a fool for tagging this rubbish as breaking news.

Obasanjo is still the man any day! He may not be a saint, yes, but no human can be! But truth be told, he achieved laudable feats. Corruption was kept at bay to a bearest minimum during his tenure. He surrounded himself with the best brains in the likes of Frank Nweke Jnr, Iweala, Ezekwezeli, Ribadu etc, etc. His administration fought corruption with EFCC, ICPC which he established. Some people accused him of selective fights against his enemies, but those people he 'fought', are they not Nigeria enemies? Moreso,non of those people has come out to prove their innocency of the charges levied against them. If the present administration can also do a bit of this, then we will be happy. Today officals steal with impunity.
May God keep Nigeria together.

girl king: Ojukwu on NAIRA notes! I laugh in chapters, my aunt lost her 12 sons to d stupid war he started, If anything should be on naira notes I think it it should be crude oil, d heart of the nations finance

LOL !!!
and some eeeeeediots will still wants him on Nigeria currency when his fvckking ppl claimed they dont belong to Nigeria.

agog: Senate Committee Directs CBN To Suspend Introduction Of N5,000 Note-PUNCH Newspaper
Posted: August 27, 2012 - 18:35
Posted by siteadmin

Punch Newspapers, Lagos
The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria to suspend the introduction of N5,000 note until the Senate was properly briefed.

The Chairman of the committee, Senator Bassey Otu (PDP- Cross River) issued the directive while speaking to newsmen in Abuja, the News Agency of Nigeria reports.

Otu noted that the re-denomination of the currency required the approval of the National Assembly, warning that the CBN must avoid sending the wrong signals to stakeholders in the economy.

He said it was vital for the CBN to discuss the implications of the currency re-denomination with the Senate before it was implemented.

“ I believe that a project of this nature requires parliamentary approval because there are numerous fiscal implications on the entire economy.

”The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless.

“So, we are sending a letter to them (CBN) to stop all further actions on this until the Senate of the Federal Republic is properly briefed,” he said.

He warned that the conversion of some denominations into coins would lead to a waste of public funds as the previous exercise did not yield the desired result.

“In 2005, the CBN undertook a major currency restructuring to re-coin some denominations which ran into billions of Naira.

“It did not work at all because both the goldsmiths and the blacksmiths converted the coins to moulding bangles, earrings and so on,” he added.

The committee chairman said there were other mechanisms available to the apex bank to tackle the problem of inflation other than the re-nomination of the nation’s currency.


http://saharareporters.com/news-page/senate-committee-directs-cbn-suspend-introduction-n5000-note-punch-newspaper

Good step in the making from our parliamentarians!

Senate Committee Directs CBN To Suspend Introduction Of N5,000 Note-PUNCH Newspaper
Posted: August 27, 2012 - 18:35
Posted by siteadmin

Punch Newspapers, Lagos
The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria to suspend the introduction of N5,000 note until the Senate was properly briefed.

The Chairman of the committee, Senator Bassey Otu (PDP- Cross River) issued the directive while speaking to newsmen in Abuja, the News Agency of Nigeria reports.

Otu noted that the re-denomination of the currency required the approval of the National Assembly, warning that the CBN must avoid sending the wrong signals to stakeholders in the economy.

He said it was vital for the CBN to discuss the implications of the currency re-denomination with the Senate before it was implemented.

“ I believe that a project of this nature requires parliamentary approval because there are numerous fiscal implications on the entire economy.

”The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless.

“So, we are sending a letter to them (CBN) to stop all further actions on this until the Senate of the Federal Republic is properly briefed,” he said.

He warned that the conversion of some denominations into coins would lead to a waste of public funds as the previous exercise did not yield the desired result.

“In 2005, the CBN undertook a major currency restructuring to re-coin some denominations which ran into billions of Naira.

“It did not work at all because both the goldsmiths and the blacksmiths converted the coins to moulding bangles, earrings and so on,” he added.

The committee chairman said there were other mechanisms available to the apex bank to tackle the problem of inflation other than the re-nomination of the nation’s currency.


http://saharareporters.com/news-page/senate-committee-directs-cbn-suspend-introduction-n5000-note-punch-newspaper