NEWS
[FULL TEXT] PMB’s Nationwide Broadcast on Naira Redesign
President Muhammadu Buhari in a nationwide broadcast on Thursday approved the continuous use of the old N200 as legal tender till April 10.
Find below the full text of President Buhari’s broadcast:
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
7. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision.
These include:
a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4 trillion.
b. The proportion of currency outside banks grew from 78% in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
8. Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9. I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
10. This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macroeconomic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.
11. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amounts of currency; and ability to make deposits.
13. I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
14. During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
15. I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
16. To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
18. Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
19. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
20. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
22. This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
23. I urge every citizen, therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
24. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
NEWS
‘We Went Eight Years Without Salaries, Pensions, Gratuities’ — Ex-Water Corp Spokesperson Backs Soludo in Obi Debt Row
The ongoing debt controversy between former Anambra State Governor Peter Obi and the state government has taken a fresh turn after the Anambra State Government shared a statement attributed to Victor Ononye, a former spokesperson of the defunct Anambra State Water Corporation.
Ononye was presented by the state government as corroborating its Fact No. 3, which concerns alleged unpaid salaries, pensions and gratuities involving former Water Corporation workers during the administration of Peter Obi.
In the statement shared by the government on Wednesday, Ononye said he was in a position to verify the claim, recalling the experience of workers of the Water Corporation during the period.
SEE MORE: Presidency Challenges Obi to Quit 2027 Race Over Anambra Debt Claims
“Yes. I can verify Fact No 3 of Soludo’s submission,” Ononye said.
“The staff of Anambra State Water Corporation where I was the spokesman suffered terrible gnashing of teeth without salaries,pension and gratuity for eight years.”
He further alleged that workers were dismissed without committing any offence and claimed that staff of the Anambra State Environmental and Sanitation Authority (ANSEPA) experienced a similar situation.
“The workers were unilaterally dismissed without committing any offence. The same fate was suffered by staff of Anambra State Environmental and Sanitation Authority (ANSEPA) in the administration under review,” he said.
Ononye also claimed that the situation had severe consequences for affected workers.
“Hundreds of people died in the anguish. The few who survived did so by the special grace of God. Ask anyone who lost his entitlements what it feels like to do so. Don’t forget that the victims are our brothers and sisters,” he said.
He also linked the alleged situation to the collapse of public pipe-borne water supply in the state.
“The ripple effect is that for eight years, there was nothing like pipe borne water in Anambra and people lived as nothing happened. Dirt, filth and squalor, sickness and diseases became the order of the day,” Ononye stated.
He further alleged that the Greater Onitsha Water Supply Scheme suffered during the period.
“The multi billion Naira Greater Onitsha Water supply scheme has now been converted into a fish pond while similar water schemes at Enugu and Abakaliki are working till date. Shame on you all,” he said.
The statement comes as the Anambra State Government continues to challenge Obi’s claim that he left office in March 2014 without outstanding salaries, pensions, gratuities or other financial liabilities.
In its Fact No. 3, the state government said Obi owed “verified salaries, gratuity, and pension to retired teachers and staff of Water Corporation.”
The government said arrears owed to staff of the defunct Water Corporation “lingered throughout” Obi’s tenure and eventually resulted in court processes and judgments.
According to the government, the Soludo administration negotiated a settlement with the affected workers and had already paid the first two instalments of an agreed three-instalment arrangement.
The government also said it had cleared about ₦22 billion in inherited gratuity arrears involving retired state and local government employees and teachers, while other legacy arrears remained under consideration.
NEWS
Reno Omokri Hails Dangote as Wealth Hits $51.3bn After Refinery IPO Launch
Former presidential aide and social commentator, Reno Omokri, has congratulated Dangote Group President, Aliko Dangote, following the launch of the Dangote Refinery Initial Public Offering (IPO) and a reported rise in the billionaire’s wealth to $51.3 billion.
Omokri disclosed this in a statement on Wednesday, describing the development as a major achievement for Dangote and Nigeria’s industrial sector.
The Dangote Refinery IPO opened on September 14, offering 4.1 billion ordinary shares at ₦525 per share. The offer, which could raise about ₦2.15 trillion if fully subscribed, is scheduled to close on October 13, 2026.
SEE ALSO: Peter Obi Backs Dangote Refinery IPO, Urges Nigerians to Invest
According to Omokri, Dangote’s wealth had risen to $51.3 billion, placing him 36th on Forbes’ Real-Time Billionaires ranking.
“Hearty congratulations to Alhaji Aliko Dangote, President of the Dangote Group, on the success of the Dangote Refinery, whose triumph at the Nigerian Stock Exchange has catapulted Mr Dangote to a new all-time wealth record of $51.3 billion, making him the 36th wealthiest person on the planet, according to Forbes’ real-time Billionaires ranking.”
Omokri said the IPO had also created an opportunity for investors to participate in the ownership of the refinery.
“And Mr Dangote’s wealth is not just personal. With this Initial Public Offering, he has expanded his fortune by making it a national one, with money from his productive activities now going into the pockets of potentially millions of Nigerian and international investors.”
The Dangote Refinery has promoted the IPO as an opportunity to broaden ownership, with investors able to subscribe for a minimum of 10 shares, worth ₦5,250.
Omokri also credited President Bola Ahmed Tinubu’s administration for what he described as an economic environment supportive of Corporate Nigeria and local production.
“The thing to note here is that when you have a President like His Excellency, Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, who believes in Corporate Nigeria, and captains of industry, such as Alhaji Dangote, who produce made-in-Nigeria goods and services, while utilising Nigerian labour and creativity, along with patriotic citizens, who by their consumption habits prioritise made-in-Nigeria, the sky is the limit.”
He further claimed that the development had created a surge in wealth that increased Nigeria’s GDP by three per cent within 48 hours, linking it to President Tinubu’s target of achieving a $1 trillion Nigerian economy by 2031.
“Within 48 hours, Mr Dangote has created a surge of wealth that has increased Nigeria’s GDP by 3%, thereby advancing President Tinubu’s agenda of a $1 trillion Nigerian economy by 2031.”
The three-per-cent GDP claim was made by Omokri in his statement and is presented here as his assertion.
He concluded by thanking Tinubu and Dangote for the development.
“A grateful nation says thank you to President Bola Ahmed Tinubu, without whose economic policies this IPO would never have happened, and Mr Dangote, whose passion has made this vision a mission accomplished.”
NEWS
IGP Disu Proposes New Police Desk for Nigeria’s Creative Economy, Intellectual Property
………..IGP seeks stronger action against piracy, cyber fraud and counterfeiting.
Inspector-General of Police, IGP Olatunji Rilwan Disu, has proposed the establishment of an Orange Economy Security and Intellectual Property Coordination Desk within an appropriate existing structure of the Nigeria Police Force.
Disu made the proposal on Wednesday, while delivering a lecture to participants of Senior Executive Course 48, 2026, at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State.
SEE MORE: ‘The Problem Is Misconduct, Not Cameras’ — Inibehe Fires Back at IGP Over Police Recording Ban
The lecture, titled “The Orange Economy and Entrepreneurship for Sustainable Development in Nigeria: The Role of the Nigeria Police Force,” examined the relationship between security, entrepreneurship and the growth of Nigeria’s creative industries.
Disu proposed that the coordination desk should support “specialised policing, inter-agency collaboration, dedicated reporting mechanisms and improved engagement with stakeholders.”
He noted that film, music, fashion, publishing, advertising, digital content, gaming, tourism, heritage and the arts are increasingly driven by entrepreneurship, technology and intellectual property.
The IGP stressed that adequate protection of the sector could enhance its contribution to “employment, investment and national development.”
As part of measures to strengthen policing of crimes affecting the creative economy, Disu advocated an “intelligence-led and partnership-based approach” to tackling organised piracy, counterfeiting, cyber-enabled fraud and other criminal activities affecting creative enterprises.
He also advocated “financial investigation, where applicable,” to trace proceeds linked to criminal networks operating through payment accounts, digital wallets, advertising revenues, logistics networks and online distribution channels.
Disu Seeks Stronger Intellectual Property Protection
On intellectual property protection, the IGP called for stronger collaboration between the Nigeria Police Force, the Nigerian Copyright Commission and other relevant institutions.
He identified the protection of film locations, concerts, festivals, tourism sites and cultural assets, improved cybercrime response, preservation of digital evidence and sustained engagement with creative communities as key areas requiring greater attention.
Disu further highlighted the preventive value of legitimate economic opportunities, noting that “credible pathways from talent to lawful income and employment” can help reduce young Nigerians’ vulnerability to criminal activity.
He stressed that piracy, fraud, extortion and other forms of criminality can weaken businesses, discourage investment and undermine innovation.
The IGP emphasised that “professional, accountable and rights-respecting policing” remains essential to building confidence among creators, entrepreneurs and investors in Nigeria’s growing creative economy.






