Business
Nigerians Lambast Emefiele on Shift of Old Naira Notes Deadline
There has been much controversy surrounding the redesigning of certain denominations of the naira, Nigeria’s national legal tender.
The Central Bank of Nigeria (CBN) had unveiled a policy for the redesign of the N200, N500 and N1000 currency notes in Q4, 2022 and set a January 31, 2023 deadline for the old currencies to be cut-off the legal tender list in Nigeria.
The policy had attracted the attention of various segments of the society, with attendant media blitz and theatricals, with notable political actors – serving and aspiring inclusive, taking turns to have their say.
While that raged, the CBN, through its governor, Godwin Emefiele, maintained that it’s actions were thoroughly thought out, and backed by the highest authority in the land, so the January 31 date would not be shifted.
The apex went ahead to engage the public through Short Message Services (SMS) and market-storms across the federation to warn the public sternly that it was dead serious.
Well-meaning Nigerians took sides with apex bank, because it canvassed that it was targeted at curbing ‘oppression’, instilling sanity and sanitizing cash within the Nigerian economy.
While elected state governors sought the attention of and met with the apex bank on this to no avail, the National Assembly weighed-in with resolutions, after summons to Emefiele went unheeded.
The Senate in resolution, passed in panic resolved that the deadline for the old notes to stop being legal tender be shifted to June 31, 2023. (The month of June has only 30 days!).
The Senate in a video that has gone viral on social media was seen debating the need for a shift of the January 31 date to the middle of the year on the grounds that rural Nigeria lacked necessary infrastructure to meet the set deadline.
Senate President Ahmed Lawan ruled in favour of the “ayes” at the end of the debate and voting to uphold the Upper Chamber’s position that the January 31 date be shifted.
The House of Representatives on its part, summoned Emefiele, who shunned the summon, for what many thought was a desire to keep to the set dates, with Speaker, House of Representatives, Femi Gbajamiala threating to issue a warrant of arrest against Emefiele.
In an interesting scenario, Emefiele, took refuge under President Muhammadu Buhari, running to the Presidential Villa on regular basis to seek validation or endorsement for the policy, as the drama was unfolding.
So well did Emefiele act his script that the public was taken-in that he was acting President Buhari’s script. This make-believe played out, even on Sunday, when the governor announced that President Buhari had approved, a 10-day extension and a 7-day grace period, which terminate on February 10, and February 17 respectively.
The first cut-off date, of February 10 applies to the commercial banks and other agents mandated by the CBN to facilitate the collection of the old notes in exchange for the new currency notes. However, the grace period is in compliance with legal provision for the apex bank to mop-up what would have been left after the others would have delivered on the policy as spelt out.
It appears that members of the public could not hide their disappointment at the apex bank for succumbing to cheap blackmail from the political class, despite the banks, having been perceived to have sold out by ‘trading-off’ the new notes, which occasioned its scarcity in the economy.
In a series of tweets and Facebook posts, Nigerian’s expressed dismay that the date had to be shifted after a lot had been invested into the making the policy work.
Kayode Ogunwale, would not buy into the shift in day, because to him, it would not solve any problem.
He wrote, “what we need is availability of new naira notes. Extension cannot solve the problem.”
In what points to connivance by commercial banks against the apex bank and the populace, by ‘trading off’ printed new currency notes to people of means and political actors, Media Personality, Uzo Maxim Nwatu, decried that the new notes were being re-routed.
He stated, “The new Naira of the CBN is missing road and entering ‘fiam’ into Big Men’s homes.”
On his part, Jide Ojo, decried the torture of the old notes being rejected by even reputable businesses well before the cut-off date, because they believed Emefiele and his CBN were a serious bunch.
Ojo lamented, “Walahi! It’s no longer funny! This morning I took my old Naira notes received from POS yesterday to make a purchase at a big supermarket in my area, only to be told that they no longer take the old Naira notes.”
With the postponement, said to be with President Buhari’s approval, people like Ojo can heave a sigh of relief, hoping that the 10-day extension would be enough for those in charge to discharge on the policy professionally.
The NNPC Foundation Limited/Gte, the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company Limited (NNPC Ltd), has won the CSR Champion Award (Health) 2025 instituted by the Independent Newspapers.
Biztellers reports that the award was presented during the Silver Jubilee edition of the Independent Newspapers Awards, themed “Game Changers: Breaking Barriers and Shaping Tomorrow,” held at Eko Hotel and Suites on Saturday, 18 April 2026.
The CSR Champion Award (Health) recognises the Foundation’s work in healthcare and its broader commitment to improving lives through social investment programmes spanning health, education, environment, and access to energy.Primary & Secondary Schooling (K-12)
The recognition follows a series of health initiatives delivered by the Foundation, including free cataract screening and surgeries that restored sight to over 6,000 Nigerians, including minors born blind; cancer and glaucoma interventions; medical outreaches to underserved communities; renovation and furnishing of three wards with 100 beds at the National Orthopaedic Hospital, Igbobi; partnership and sponsorship of heart surgeries; and provision of dental health accessories to children in special schools, among others.
The NNPC Foundation noted that these results were made possible through the leadership and support of the NNPC Ltd. Management team, whose commitment has continued to strengthen the Foundation’s capacity to deliver social investments across the country.
Reacting to the award, the Managing Director of NNPC Foundation, Emmanuella Arukwe, described the recognition as a validation of the Foundation’s work and the trust placed in it by Nigerians. She noted that the award means so much to the company because it represents the confidence Nigerians have placed in its work and the value they see in purposeful social investment.
“It speaks to the resilience of the communities we serve, the dedication of our team, and the strength of partnerships that have enabled us to do meaningful work in health, education, environmental sustainability and access to energy,” she added.
In addition, Arukwe noted that “these results have also been made possible through the leadership and support of the NNPC Ltd. Management team, whose backing has been instrumental to the success of the Foundation’s work. We receive this award with gratitude, and with a renewed sense of responsibility to do more and reach further across the country.”
The NNPC Foundation Limited/Gte remains committed to advancing health interventions that improve outcomes and contribute to national development.
The Nigerian National Petroleum Company Limited (NNPC Ltd), through its Research, Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF), has signed a Memorandum of Understanding (MoU) with Sonatrach, the Algerian National Oil Company, for cooperation in research, development, and innovation.
The agreement, signed by NNPC Ltd’s Executive Vice President, Business Services, Sophia Mbakwe, and Sonatrach’s Managing Director, Khodjah Mohamed, establishes a formal framework for joint work in research and technology exchange between the two national oil companies.
This was contained in the press statement issued on Thursday by Chief Corporate Communications Officer Mr. Andy Odeh.
According to the statement, the agreement, held during the opening ceremony of the 3rd Meeting of the African Petroleum Producers’ Organization (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria, brought together research and development directors from APPO member countries.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented by former Secretary General of APPO, Omar Farouk Ibrahim, said the forum was one of four measures introduced by APPO to address challenges from the global energy transition, which center on funding, technology, and markets.
“The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration,” Lokpobiri stated.
ALSO READ: Peterside Harps on Strong Leadership at NCDMB Book Reading Series
Earlier in his remarks, Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, represented by the Company’s Chief Financial Officer, Adedapo Segun, said research and development must form a central part of the overall strategy in the African oil and gas industry.
He called for research and development centres to function as engines of industrial competitiveness. “Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater,” he stressed.
Ojulari called for a unified strategic framework through which resources could be pooled, data integrated, and risks shared across member countries.
He further urged the rapid adoption of digital technologies, artificial intelligence, and advanced engineering to improve upstream, midstream, and downstream operations.
On his part, the APPO Secretary General, Farid Ghezali, urged African petroleum-producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. “We must ensure that our research delivers solutions that are practical and of direct use to Africa,” he stated.
Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shu’aibu Shehu Aliyu, highlighted the value of the partnership between NNPC Limited and PTDF in supporting decarbonization and environmental protection efforts across APPO member countries.
Chief Innovation Officer of NNPC Research, Technology and Innovation and incoming Chairman of the APPO R&D Directors Forum, Rasheed Ojulari, said the forum would give immediate priority to joint programs in the core areas of upstream optimization, artificial intelligence, decarbonisation processes, and industrial systems development.
The Nigerian Gas Association (NGA), has opined that a predictable fiscal and regulatory environment are ingredients essential to de-risking investments and accelerating project delivery in the oil and gas sector.
This was detailed in a statement released by NGA at the end of its maiden Legal Forum emphasised that investor confidence will be shaped by the robustness of commercial and contractual structures across the gas value chain, strengthened contractual clarity, and efficient dispute resolution mechanisms.
In his opening address, President of the NGA, Aka Nwokedi, underscored the urgency of aligning Nigeria’s legal architecture with its strategic gas ambitions, noting that the sector’s next phase of growth will be defined by the strength, clarity, and credibility of its regulatory environment.
“Nigeria’s gas resources present a defining opportunity for economic transformation, but realising this potential will depend on building a legal framework that is transparent, predictable, and globally competitive”, he stated.
Discussions throughout the Forum reflected a clear and consistent theme: that Nigeria’s opportunity now lies in execution.
ALSO READ: IEA: Nigeria Has Only 1.42m bpd Production Capacity, Zero Spare Output
While the Petroleum Industry Act (PIA) has established a transformative foundation for sector reform, participants emphasised that its true impact will be determined by disciplined implementation, regulatory coherence, and institutional alignment.
The need to eliminate ambiguity and strengthen enforcement emerged as central to unlocking sustained investment.
As global energy systems continue to evolve, the Forum reinforced natural gas as Nigeria’s most strategic lever for balancing economic growth, energy security, and emissions reduction. Participants highlighted that legal and regulatory frameworks must evolve accordingly, moving beyond policy intent to embed clear, enforceable standards on carbon management, ESG obligations, and sustainability.
“In an increasingly competitive global market, such clarity will be critical in attracting long-term capital.”
The Forum also acknowledged the policy direction of the administration of President Bola Ahmed Tinubu in advancing gas development through infrastructure expansion and increased domestic utilisation.
Stakeholders noted that sustained policy stability will serve as a critical signal to both domestic and international investors evaluating long-term opportunities in Nigeria’s gas sector.
Beyond its technical depth, the NGA Legal Forum marked an important step in bridging the longstanding gap between legal frameworks and industry realities, creating a structured platform for continuous engagement, practical alignment, and forward-looking policy development.
Why Osun is Tapping into $2 Trillion Global Creative Industry Economy
Adeleke Justifies Osun Security Trust Fund
Dangote Refinery Showcases Power of Domestic Value Addition – Prof Ike‑Muonso
NNPC Foundation Wins CSR Champion Award (Health)
Dangote Refinery Exports 1.1bn Litres of Aviation Fuel to Europe, Supplies 95% of Nigeria’s Jet A1 – AON
NNPC Ltd, Algeria’s Sonatrach Ink MoU for Research, Innovation
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
