₦airaland Forum

MetaPhysical:
Biafran currency were worth less than tissue paper to clean yansh. They had zero value in market. Central Bank of Nigeria took mercy and gave each person 20pounds, whether they brought 1 biafran pound or 1million biafran pound.....each had zero value anyway, so just donate 20 pound to each Biafran and get it over with.

In reality, Biafrans should have been the ones paying Central Bank reparation. Instead CB gave them gift. Amazing world!!

immhotep:
Yet today an Igbo man is CBN governor.

Cc lzaa sarrki gmbuharii

MetaPhysical:
I thought he was Delta man, same kins with Nzeogwu dem. Abi Nzeogwu na Ibo?

paj4love:
You people should be ashame honestly, with all the opportunities you had during and after the war, we are still far better than you people. Onitsha, Eungu, Owerri etc were completely destroyed and without shame you peopleare talking about £20.

immhotep:
Nzeogwu is no longer Igbo?
What happened

Cc lzaa gmbuharii

MetaPhysical:
Some people call him Kaduna man...some call him Anioma man....some call him Iboman. Whatever he is....not a Yorubaman!

Focus on 20 pounds story.

immhotep:
The 20 pounds story did not prevent Lagos from becoming 51% Igbo

Cc lzaa gmbuharii afamed

immhotep:
Nzeogwu is no longer Igbo?
What happened

Cc lzaa gmbuharii

immhotep:
The 20 pounds story did not prevent Lagos from becoming 51% Igbo

Cc lzaa gmbuharii afamed

Afamed:
It's actually 99%

Afamed:
It's actually 99%

immhotep:
Calm down and accept that I.g.b.o a.m.a.k.a

Cc lzaa

Afamed:
It's actually 99%

aribisala0:
In 1970 after the war the Nigerian government generally gave £20 of Nigerian money to every eligible adult but no one has ever done the math.

Let us assume their were one million of them =£20million Nigerian

We know that the Nigerian pound exchanged for £2 pounds sterling in 1970 so
that would be £40 million . What would that be worth today

according to this inflation calculator

https://www.moneysorter.co.uk/calculator_inflation2.html
it would be
£432612859. Sterling
Not sure what sterling is doing these days but @ 475

that is

205491108025 Naira

200 billion

Assuming it was 1 million people that received the money. No one has ever told us how many did but I think it could be double that.

For a country to pay that out immediately after a war of such devastation is a huge feat considering that Nigeria was not even a major oil exporter in1970 and in 1970 oil prices were under $4 which when adjusted for inflation in today's money is $21.

It is a testament to the prudent financial management of Papa Awo who also kept the allocation of East Central state for 3 years and paid it all after the war


But they are not grateful and feel entitled to that payment. What have we done for the NE . Imagine finding 200 billion to give them today when oil prices in real terms are 3 X what they were in 1970

The standard of living was much lower. Let me put it in Perspective our standard of living then, There was no Lagos Ibadan Expressway. No East -West Road. PH to Aba was a single carriage way.The Air assault camp was the main airport in PH Omagwa airport did not exist. There was nothing like presidential jet. Where were the airports?
The country was broke with very little compared to today but still gave generously in the spirit or sacrifice and reconciliation

omonnakoda:
Choi
So this Twenty pound yarn na lie after all

CrtlAltDel:
Hmmmm…… wow, an eye opener. Thanks for this…. Seems the £20 thing was a hoax afterall

aribisala0:
r
I do not know about Enweozor being a speculator he could have been. Many weree.

The fact is Enweozor submitted OLD NOTES that were no longer legal tender.
The CBN did its job in removing them from circulation .They are CBN property
The courts upheld the law.If you are too lazy to read that is YOUR PROBLEM.


The law exempted the East Central state and the Court merely upheld it ,
Why was it necessary in the first place Ojukwu had looted the banks and was using the money to fund his war against the government.Was the government to sit idly while he did that?
Also most people changed their Nigerian notes for Biafran notes.
After the war some people were DECEIVED that the old notes would still be redeemed and were buying for as much as 1:10 whether that is the case of Enweozor I have no idea. Nigeria being what it is all kinds of people would have old notes from all kinds of places.Who knows?
The point here is £20 was given as an ex gratia payment for Biafran notes and NOT money in bank accounts
If you want to debate the fairness of the law and the CBN action that is a legitimate issue but NOTHING TO DO with the £20 issue.

They are very DIFFERENT matters

aribisala0:
Not one single newspaper article to corrborate the seizure of bank accounts .Not one!

https://i0.wp.com/cf.broadsheet.ie/wp-content/uploads/2012/12/bz-panel-12-04-12.jpg?w=432



Ajanaku koja mo ri nkan firi

aribisala0:
In The Supreme Court of Nigeria
On Friday, the 19th day of March, 1976
Suit No: SC.167/74

Before Their Lordships


DARNLEY ARTHUR RAYMOND ALEXANDER

....... Justice of the Supreme Court
CHARLES OLUSOJI MADARIKAN

....... Justice of the Supreme Court
CHUKWUNWEIKE IDIGBE

....... Justice of the Supreme Court


Between

Chief J.J.Enwezor Appellants



And


Central Bank Nigeria Respondents




RATIO DECIDENDI

1
ACTION - PLEADINGS: Essentials of pleadings


"In settling pleadings, it is essential for counsel to always bear In mind that pleadings: "are not to be considered as constituting a game of skill between the advocates. They ought to be so framed as not only to assist the party in the statement of his case but the court in its investigation of the truth between the litigants". (Per Phillimore, J. in The Why Not (1868) L.R. 2A. & E. 265)." PER MADARIKAN, J.S.C. (P. 12, paras. C-F) - read in context






C. O. MADARIKAN, J.S.C. (Delivering the Leading Judgment): The appellant was the plaintiff, and the respondent the defendant, in an action (suit No. LD/836/1971) in which the writ was endorsed as follows:

"The plaintiffs claim against the defendant is for the sum of 26,659 pounds being money paid by the plaintiff to the defendant in old Nigerian currency notes to be exchanged by the defendant into new Nigerian currency notes and which the defendant has failed to exchange for the plaintiff.

In the alternative, the plaintiff claims the said sum as money had and received by the defendant to the suit of the plaintiff."

Pleadings were ordered; and they were duly filed and delivered. In view of the observations we propose to make later in this judgment, it is convenient to set out the pleadings in full now.

In his statement of claim, the plaintiff averred as follows:

"STATEMENT OF CLAIM:

(1) The plaintiff is a Nigerian citizen ordinarily resident at Onitsha in the East-Central State of Nigeria and the defendants are a bank established and incorporated by and under the Central Bank of Nigeria Act.

(2) The defendants were at all times material to this action duly charged inter alia with the duty of exchanging in the East-Central State old Nigerian currency notes for new notes circulating at the present time in all parts of the country.

(3) On or about 7th April, 1970 the plaintiff deposited with the defendants the sum of 26,659pounds (sic) old Nigerian currency notes for purposes of exchange and obtained receipt No. ES005055 dated 7/4/70.

WHEREUPON the plaintiff claims as per the writ of summons."

In answer to these averments, the defendant pleaded as follows:

"STATEMENT OF DEFENCE:

(1) The defendant admits that it is a bank statutorily incorporated by and under the provisions of the central Bank of Nigeria Act but otherwise does not admit any other part of paragraph 1 of the statement of claim.

(2) The defendant admits it was charged with the duty of exchanging in the East-Central State old Nigerian currency notes into new ones circulating in the Federation of Nigeria but states that such exchanges were and are carried out only in accordance with the laws governing them whenever such exchange is operative.

(3) The said sum of 26,659 pounds old Nigerian currency notes allegedly deposited by the plaintiff on or about 7/4/70 had ceased to be legal tender in the Federation of Nigeria and had no value in Nigeria.

(4) The said old Nigerian currency notes or each of them, have no value as currency within the Federation of Nigeria and in consequence the plaintiff is not entitled to receive from the defendant any sum of money whatsoever as claimed in his writ of summons.

(5) The defendant will contend that the plaintiffs action should be dismissed. "



At the trial, the plaintiff testified on his own behalf and called no other witness. He stated that after the civil war, the defendant asked those who had not exchanged their old currency notes for new ones to come forward and exchange them. It appears that it was in response to this call that the plaintiff deposited 26,659 pounds old currency notes with the defendant on the 7th of April, 1970 and obtained a receipt- exhibit A. The plaintiff tendered in evidence a letter dated the 8th of October, 1971 addressed by his solicitor to the defendant. The letter (exhibit B) reads:

"The Governor, Central Bank of Nigeria, Tinubu Square, Lagos.



Dear Sir,

I act for Chief J.J. Enwezor of Onitsha. My client states that on the 7th of April, 1970 he paid to your bank the sum of 26,659 pounds (twenty-six thousand six hundred and fifty'-nine pounds) as per Receipt No. ES005055 of 7/4/70 in old Nigerian currency notes.

(2) Up till this date, my client has not been paid the equivalent sum in the present currency.

(3) I shall be glad if you will kindly let me know the reasons for the delay in making payment.



Yours faithfully,

F.R.A. WILLIAMS"



He also tendered as exhibit C the defendant's reply to exhibit B. We now reproduce Exhibit C:

"20 OCT 1971 CENTRAL BANK OF NIGERIA

Tinubu Square

Lagos.



PRIVATE MAILBAG 12194: CABLES:

CENBANK:

TELEPHONE .............................

18th October, 1971.



Chief F.R.A. Williams, 26, Moloney Street, P.O. Box 3426, Lagos.

Dear Sir,



I write with reference to your letter (Ref. FRA W/AO/CB/ll/71 of 8th October, 1971 to 20 inform you that your client's entitlement as a depositor was 20 pounds ex-gratia award authorised by the Federal Government .

Authority to pay the award to him has been given to the East Central State Government whom he had earlier been advised to contact for payment.



Yours faithfully,

(Sgd.) E.N. Isong

Governor. "



The only witness called by the defence was Sule Okponubi, an Assistant Chief of Banking Operations. He testified that:

"The Federal Government requested the people from the East Central State to exchange their currencies, both Biafran and Nigerian. We sent out teams to accept the deposits. This was in 1969/ 1970. After all the deposits [had] been accepted, the Government directed that the defendant should make an ex gratia payment of 20pounds each to all of them. As a result of this direction, the defendant was not able to exchange the deposited amounts, whether Biafran or Nigerian.



The Government has so far not given any direction to the contrary. CROSS-EXAMINED BY CHIEF WILLIAMS: The direction from the Government was in writing.

RE-EXAMINED BY DR. WILLIAM: No questions."



In a reserved judgment, the learned judge (Savage, J.) considered the Decrees and subsidiary legislatIon governing exchange or conversion of old currency notes to new ones, and came to the conclusion that the action was misconceived because the Governor of the Central Bank had not exercised certain discretionary powers vested in him under the law. The action was accordingly dismissed.

The plaintiff has appealed against the decision of the High Court on the following grounds:



"(

0monnak0da:
Agan read this article
https://www.theguardian.com/books/2012/oct/05/chinua-achebe-there-was-a-country-review

There is ABSOLUTELY NO QUESTION

the £20 payment was for conversion of Biafran pound payments

0monnak0da:
Strange how folk have been permanently silenced now that the truth is out

mightyhazel:
From 20 pounds o..







igbo amaka

aribisala0:
Twenty pounds?

mightyhazel:
yep



and even at that it got to less than one percent of the surviving population..



igbo amaka...,



tell your neighbor