10 States Ask Supreme Court To Set Aside Buhari’s Ban On Old N500, N1,000 Notes

 

COMBO of CBN Governor, Godwin Emefiele (L); Kaduna State Governor, Nasir El-Rufai (C); and President Muhammadu Buhari (R)

Ten states have asked the Supreme Court to set aside the pronouncement of President Muhammadu Buhari banning old N500 and N1,000 notes.

The governors, in Suit No SC/CV/162/2023, filed on Friday by their counsel, A.J. Owonikoko (SAN), want the apex court to declare the President’s directives in his Thursday’s broadcast as unconstitutional.

The plaintiffs in the suit are the Attorneys General (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos states while the defendants are the Attorney General of the Federation, Abubakar Malami (SAN), as well as the AGs of Bayelsa and Edo states.

The plaintiffs, in a 12 grounds of application, argued that Buhari’s directive extending the validity of old N200 notes for 60 days and his ban on old N500 and N1,000 notes are an “unconstitutional overreach and usurpation of the judicial power” of the Supreme Court being that the case is already before the court.

The counsel for the applicants cited Section 232(1), Section 6(6)(b) and Section 287(1) of the 1999 Constitution as amended, which includes the protection of the Supreme Court’s dignity and which ensure compliance with its orders by all persons and authorities.

“Contrary to the order of the Honourable Court, the substantive 1st defendant through the President of the Federation, and its agent, the Central Bank of Nigeria, have repeatedly released statements that the old Naira Notes are no longer legal tender, hence resulting in misleading the general public on what the status quo to be complied with, pendente lite, should be,” the relief partly read.

Back Story

The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after an initial suit filed by the 10 states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.

However, the President, in a national broadcast on Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There have been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has not grounds because the case is before the apex court.

Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.

 

 

Bitcoin Tops $25,000 To Hit Eight-Month High.

In this file photo taken on February 06, 2018 A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. – Bitcoin briefly rose above $60,000 for the first time on March 13, 2021, as the world’s most popular virtual currency continued its record-breaking run. (Photo by JACK GUEZ / AFP)

Bitcoin hit an eight-month high to surge past $25,000 on Thursday as the volatile cryptocurrency rises despite pressure from US regulators.

 

The digital coin has soared by 50 percent since the start of the year, though it remains far off its peak of $68,992, which it reached in November 2021.

Bitcoin reached $25,249 on Thursday, its highest point since June and the first time it topped $25,000 since August.

A more optimistic outlook for the world economy is propping up the markets, including cryptocurrencies, with Paris and London stock exchanges hitting all-time highs on Thursday.

“While regulatory crackdowns continue to drive some unease, there’s clearly a growing sense of relief that the worst is behind it for the industry and 2023 could be a much better year,” said Craig Erlam, analyst at online trading platform OANDA.

US officials are cracking down on the cryptocurrency sector after the uproar caused by the recent bankruptcy of FTX and Alameda Research.

FTX, once the world’s highest-profile crypto exchange, collapsed spectacularly in November, leaving nine million customers in the lurch and seeing cofounder Sam Bankman-Fried indicted for fraud by US prosecutors.

US regulators on Monday ordered crypto firm Paxos Trust to stop issuing dollar-pegged cryptocurrency BUSD, a stablecoin, for trading platform Binance.

“The third largest stablecoin was given an expiration date of February 2024 and the market has seemingly shrugged it off,” said Riyad Carey, analyst at cryptocurrency data provider Kaiko.

As stablecoins are backed by one or more national currencies with a near fixed rate of exchange they don’t experience the swings in value that cryptocurrencies like Bitcoin have seen.

 

Naira Controversy: Buhari May Have Acted On Wrong Advice, Says Keyamo

A photo combination of Festus Keyamo and President Muhammadu Buhari

The spokesperson for the All Progressives Congress Presidential Campaign Council (APC-PCC), Festus Keyamo, has alluded to President Muhammadu Buhari’s directive on the naira swap policy being ill-advised.

Buhari, in a Thursday national broadcast on the controversial policy, ordered that the old N200 banknotes remain in circulation till April 10, while the old N500 and N1,000 bills no longer serve as legal tender.

The Central Bank of Nigeria (CBN) first set the policy in motion in October 2022, issuing a redesign of the three highest denominations of the naira, which was officially completed and unveiled in November 2022.

The initial deadline of January 31, 2023 was later extended to February 10, but with the governments of Kaduna, Kogi and Zamfara approaching the Supreme Court, an interim order was given putting the policy’s implementation on hold.

 

The ensuing currency scarcity has led to protests across the country with several cases of ATMs destroyed, as well as banking facilities and property damaged.

“My view is that the President acted honestly without intention to slight the Supreme Court,” Keyamo said during a live appearance on Channels Television’s The 2023 Verdict on Friday. “But he may have acted on wrong advice.”

He added, “I did not give that advice; it is not my responsibility. I don’t know who gave that advice. I want to say this openly because tomorrow, people will ask me where I stood at this time.”

The Minister of State for Labour stated that Buhari’s speech acknowledged that there were certain matters in court and that the President believed he was playing safe by purportedly intervening to quell the growing tension across the country.

 

“He thought he was playing safe by saying, ‘Before you decide this matter in court, may I just provide some middle ground so that country burning, there are riots everywhere, so let me just try and provide some succour to the people, whilst acknowledging the matters are in court.’

“Now, if I were to advise him, I would have advised differently. I did not advise him. It’s not my responsibility; I don’t know who.”

Asked what his counsel to the President would have been, Keyamo said it would be for him to “comply strictly with the terms of the order of the Supreme Court, [which is that] all the old notes should circulate for now side by side with the new notes because that is the order of the Supreme Court.”

He added that by virtue of the constitution, “all authorities in Nigeria must obey the orders of the Supreme Court, “adding that anything to the contrary is “a descent to anarchy.”

According to him, the day people begin to disobey the order of the Supreme Court is an invitation to “revolutionary intervention or other kinds of interventions” in the nation’s democracy.

He described the judiciary and the Supreme Court as the last bastion to defend Nigeria’s democracy.

‘True Federalism’

Keyamo also addressed the allegations of treason against governors, including those of Kaduna and Kano, who have warned that severe action would be taken against corporate entities in their states that reject the old notes.

“It’s federalism in action. Those who are clamouring for true federalism – this is true federalism in action. People are thinking that this is the first time that governors of the APC are taking the President to court. It’s not,” he said.

“On various issues, they have always challenged the President in court. It doesn’t affect their amity; it doesn’t affect the cohesion of the party; it doesn’t affect the cohesion of these individuals.”

In his assessment, the minister stated that the President “at times” approves of the institutions set up by the constitution to resolve disputes, adding that the courts are there to resolve disputes.

“Don’t forget that the governors took the President to court over certain executive orders that he gave, I think regarding the state judiciaries and legislature and they won at the Supreme Court,” he said.

 

Ghana Footballer Christian Atsu Found Dead In Turkey Earthquake Rubble

 

A file photo of Christian Atsu

The body of former Ghana international Christian Atsu has been found after a huge earthquake in Turkey, local media reported Saturday, quoting his manager.

Atsu, 31, was caught up in a 7.8-magnitude quake that rocked Turkey and Syria on February 6, killing more than 43,000 people in both countries.

There were initial reports he had been rescued a day after the quake, but these turned out to be false.

His manager in Turkey, Murat Uzunmehmet, told DHA news agency on Saturday that his body had been found under the rubble in the Turkish southern province of Hatay.

“We have reached his lifeless body. His belongings are still being removed. His phone was also found,” Uzunmehmet told DHA.

His former club Newcastle United confirmed his death early Saturday.

“We are profoundly saddened to learn that our former player Christian Atsu tragically lost his life in Turkey’s devastating earthquakes,” the club wrote.

“A talented player and a special person, he will always be fondly remembered by our players, staff, and supporters. A proud Ghanaian who played for his country on 65 occasions, Christian represented our club between 2016 and 2021, making 121 appearances.”

Midfielder Atsu spent four seasons at Chelsea before a permanent transfer to Newcastle in 2017. He signed in September for Turkish Super Lig side Hatayspor.

Search and rescue workers found Atsu’s body where he was staying at Ronesans Residence, a block of high-rise luxury flats that toppled over in Antakya city in Hatay.

Turkish police arrested the building’s contractor at Istanbul airport last week as he appeared to be heading to Montenegro, according to state news agency Anadolu.

 

 

 

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