Month: October 2022

  • Elon Musk Takes Over Micro-blogging Platform, Fires Top Executives

    Renowned Billionaire, Elon Musk has taken over control of popular ‘bird app’, Twitter and fired its top executives late Thursday in a deal that puts one of the leading platforms for global discourse in the hands of the world’s richest man.

    Elon Musk

    Following the takeover, Musk tweeted that the “the bird is freed,” referencing the company’s iconic avian logo.

    He wasted no time sacking chief executive Parag Agrawal, as well as the company’s chief financial officer and its head of safety, the Washington Post and CNBC reported citing unnamed sources.

    Agrawal previously went to court to hold the Tesla chief to the terms of a deal he had tried to escape.

    The takeover came hours before the court-appointed deadline for Musk to seal his on-again, off-again deal to purchase the social media network.

    Musk tweeted earlier in the day that he was buying Twitter “because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner.”

    Twitter did not immediately reply to a request for comment on the departure of its top executives, but the platform’s co-founder Biz Stone thanked the trio — Agrawal, Ned Segal and Vijaya Gadde — for their “collective contribution to Twitter.”

    “Massive talents, all, and beautiful humans each.”

    ‘Chief Twit’
    The closure of the deal marks the culmination of a long and drawn out back-and-forth between the billionaire and the social network.

    Musk tried to step back from the Twitter deal soon after his unsolicited offer was accepted in April, and said in July he was canceling the contract because he was misled by Twitter over the number of fake “bot” accounts — allegations rejected by the company.

    Twitter, in turn, sought to prove Musk was contriving excuses to walk away simply because he changed his mind.

    After Musk sought to terminate the sale, Twitter filed a lawsuit to hold Musk to the agreement.

    With a trial looming, the unpredictable billionaire capitulated and revived his takeover plan.

    Musk signaled the deal was on track this week by changing his Twitter profile to “Chief Twit” and posting a video of himself walking into the company’s California headquarters carrying a sink.

    “Let that sink in!” he quipped.

    He even shared a picture of himself socializing at a coffee bar at Twitter headquarters earlier in the day Thursday.

    Musk said during a recent Tesla earnings call that he was “excited” about the Twitter deal even though he and investors are “overpaying.”

    Twitter free-for-all?
    Some employees who would prefer not to work for Musk have already left, said a worker who asked to remain anonymous in order to speak more freely.

    “But a portion of people, including me, are willing to give him the benefit of the doubt for now,” the employee said.

    The idea of Musk running Twitter has alarmed activists who fear a surge in harassment and misinformation, with Musk himself known for trolling other Twitter users.

    But Musk said he realizes Twitter “cannot become a free-for-all hellscape where anything can be said with no consequences.”

    Musk has vowed to dial content moderation back to a bare minimum, and is expected to clear the way for former US president Donald Trump to return to the platform.

    The then-president was blocked due to concerns he would ignite more violence like the deadly attack on the Capitol in Washington to overturn his election loss.

    Far-right users were quick to rejoice on the network, posting comments such as “masks don’t work” and other taunts, under the belief that moderation rules will now be relaxed.

    “Free speech will always prevail,” tweeted Republican Senator Marsha Blackburn of Tennessee, prompting replies including “says the party that bans books.”

  • FG Detains 35 Suspected ISWAP Fighters, Tension Heightens

    FG Detains 35 Suspected ISWAP Fighters, Tension Heightens

    Punch Newspaper

    A joint operation launched by the Department of State Services, the National Intelligence Agency, the police and other security agencies has successfully dismantled a terror cell and arrested five Islamic State West Africa Province commanders and 30 fighters.

    The PUNCH gathered that the terror suspects were apprehended at their hideouts in different locations in Abuja, Mararaba and other satellite towns in the Federal Capital Territory. Our correspondent learnt that the suspects were being held at a DSS facility.

    The arrests were made amid heightened tension in the nation’s capital as the popular Jabi Lake Mall shut its doors to shoppers and visitors on Thursday, citing the security situation.

    To discourage criminal activities, the FCT Administration demolished shanties on Law School land, saying it was part of security measures.

    Also, the United Kingdom issued a fresh security alert warning British nationals against visiting Abuja and 14 other states.

    This further sparked anxiety among residents as many stayed away from work while vehicular traffic was unusually light.

    In addition, the United States Mission and the British High Commission suspended consular services.

    But the counter-intelligence operations which netted the suspected militants continued on Thursday with more arrests. It was said to have the backing of the US security and intelligence agencies.

    Punch correspondent could, however, not confirm the number of additional suspects that were picked up during the Thursday raid.

    It was further learnt that the intelligence agencies had been on the trail of the insurgents before the US and the British High Commission issued security alerts last Sunday, warning their citizens about impending terrorist attacks.

    The US Embassy in Abuja had issued an alert for “an elevated risk of terror attacks” in the city, saying that possible targets include government buildings, places of worship and other public places.

    In response to this development, the US government authorised the departure of its non-essential employees and their families from Nigeria.

    The US State Department in its updated Nigeria travel advisory on Tuesday evening said, “On October 25, 2022, the Department authorised the departure of non-emergency US government employees and family members due to the heightened risk of terrorist attacks.’’

    The British High Commission in Nigeria also took a similar step and restricted entry to its premises in an updated terrorism alert.

    On Monday, security operatives arrested two terror suspects at Trademore Estate in Lugbe area of Abuja.

    ISWAP fighters

    Security sources explained that the ISWAP members relocated to the FCT following the heavy bombardment of their enclaves and camps in the North-West by the Nigerian Air Force.

    Giving more insight into the ongoing counter-intelligence operations, a security source revealed that the terror suspects were planning a big attack in Abuja before they were nabbed.

    The source disclosed that the detained fighters were providing useful information which had led to the arrest of some of their members masquerading as artisans, cart pushers and security guards in the city.

    A senior officer stated, ‘’A massive counter-intelligence operation is going on to disrupt, neutralise and destroy the ISWAP terrorists in the FCT. Many commanders and their foot soldiers have been arrested and they are currently helping us in our investigations. About five commanders and 30 fighters have been apprehended but we expect to capture more suspects as we widen our dragnet.’’

    The DSS spokesperson, Peter Afunanya said he had not been briefed on the arrest of the terrorists when one of our correspondents contacted him.

    The Director, Defence Information, Major Jimmy Akpor did not pick up calls to his line and has yet to respond to a text message sent to him on the matter.

    Meanwhile, in another update on Wednesday, the Foreign, Commonwealth and Development Office again restated its warning of an increased threat of terrorist attack in Abuja.

    Despite the assurances of the Federal Government that the security agencies had a handle on the security situation, the British Government cautioned its nationals against travel to the FCT and 14 other states in the country.

    The travel advice was made available to journalists in Abuja on Thursday, underscoring the gravity of the state of affairs.

    The statement was titled, ‘FCDO updates travel advice to British nationals travelling to the Federal Capital Territory, including Abuja.’

    It read, ‘’FCDO has updated its travel advice on 26 October to British nationals. The FCDO now advises against all but essential travel to the Federal Capital Territory, including the city of Abuja.

    ‘’The updated advice outlines that there is an increased threat of terrorist attack in Abuja. British nationals are advised to stay alert, avoid non-essential travel within the city and follow the local news and the advice of security authorities.

    “The British High Commission remains open for essential services. The travel advice will constantly be reviewed to make sure it reflects the current situation in Abuja and Nigeria. FCDO travel advice exists to inform British nationals so they can make decisions about travelling abroad.

    Fresh alert

    “Other states in Nigeria where we advise against all but essential travel include Bauchi, Kano, Jigawa, Niger, Sokoto, Kogi, Abia, Plateau, Taraba, within 20km of the border with Niger in Kebbi State and non-riverine areas of Delta, Bayelsa and Rivers states.’’

    Punch correspondents who went around the FCT on Thursday observed that the traffic on the usually busy roads was light as many routes were deserted.

    Areas devoid of the usual traffic gridlock include Wuse, Berger roundabout, Utako and other commercial areas.

    At the US Embassy in Area 10, Garki, the environment was tense as security operatives questioned commuters plying the route.

    A private security guard told one of our correspondents that the embassy had shut down for now and was not attending to the public.


    The mission could not be reached for comments as an inquiry sent to the official email address was not answered but an official who spoke on condition of anonymity said, ‘’We have shut down the Abuja mission for now but those who need our services can go to the consulate in Lagos where normal activities are going on.’’

    The same situation was observed at the British High Commission which was guarded by armed policemen.

    The PUNCH observed normal activities at the other diplomatic missions, including Ghana, China, Canada, Senegal and Cote D’Ivoire.

    Our correspondent equally noticed that many federal workers did not report for duty as checks at the Federal Secretariat indicate that some workers did turn up.

    A civil servant who simply identified herself as Maryann justified her absence from the office in a phone interview.

    “Who do you want me to believe when the US Embassy said there’s an elevated risk and the FG is saying otherwise? It is not only work that I have been avoiding since the advisory was released, I have also not been to the market and other places as safety precautions,’’ she stated.

    A senior official postponed a scheduled media interview with our correspondent, stating that he did not go to the office on account of the security situation in the city.

    Arising from the security alert, the Jabi Lake Mall shut its doors to shoppers on Thursday.

    In a post on the mall’s Instagram page @jabilakemallnigeria, the management revealed that although it wasn’t its intention to disrupt activities, they had decided for the safety of shoppers and staff of the establishment.

    They added that they were reviewing the security situation with relevant authorities and that the mall would be reopened as soon as possible.

    The post read, “To all our valued shoppers, Jabi Lake Mall will be closed today, Thursday, 27 October 2022. This decision has been taken in the overall interest of the safety of all staff and customers of the mall.

    ‘’Centre Management is committed to minimising any disruptions; however, the safety of our staff and shoppers remains our highest priority. Management is constantly reviewing the security situation in consultation with relevant security authorities and will inform you when the mall will be re-opened. We apologise for any inconvenience caused and hope to provide you with a quality shopping experience soon. Thank you.”

    Our correspondent observed the presence of operatives of the Nigeria Police Force anti-bomb squad at the plaza.

    An anti-bomb police officer who spoke on the condition of anonymity, said, “We were called upon by the management of Jabi Mall to protect the mall due to the reported imminent terror attack on public places in the FCT.”

    IG allays fears

    In a statement on Thursday evening, the Inspector-General of Police, Usman Baba, urged residents of Abuja to be vigilant.

    He also released some telephone numbers, which he advised residents to call in case of an emergency.

    He stated this in a statement on Thursday night by Force spokesperson, Olumuyiwa Adejobi.

    He said, “He similarly directed that all emergency numbers across the country should be activated to full capacity for a 24/7 prompt response with combatant officers and men on standby to respond in case of emergencies and distress calls.

    “Residents within the FCT are urged to remain vigilant and report any suspicious or abnormal occurrence and persons to the Police through the following emergency lines: 08032003913, 08061581938, 07057337653, and 08028940883.

    “The IG, therefore, allays the fear of residents in the FCT and admonishes them to go about their lawful businesses and normal social lives/engagements as all hands are on deck to nip any security threat in the bud and respond to distress calls promptly.”

    However, the Chief Security Officer of the Silverbird Mall, Emeka Okeke, said the facility would continue to stay open until the management had heard from the DSS or the coordinated security unit of the FCT.

    Okeke explained that the staff had security training every Friday to be able to respond to security situations.

    He added, “For now, we don’t have a plan of shutting down unless we hear from the DSS and the people in charge of security of the FCT because the mall itself has a burden whenever things like this happen.

    ‘’They pass messages to us from the military, the DSS but for now, there’s nothing because we’ve beefed up our security in the mall, and for now, people are safe. If they tell us anything further, that’s when we will know whether to shut down the mall or to continue with the operations.’’

    Meanwhile, the Chief Executive Officer of Novare Real Estate Property Managers of the Shoprite Malls, Abuja, Ayotunde Adesulu, said the management of the malls was fully aware of the security situation, and was in constant communication with security agencies and had increased the number of security agents in the malls.

    “We’ve beefed up the security and gotten extra security for each of our three facilities in Abuja – Wuse, Lugbe and Apo. So, with the information that we’ve gathered, we’ve been able to increase security personnel, and make additional adjustments to our surveillance and security we have on the ground,’’ he disclosed.

    Stringent security checks were observed at the Ceddi Plaza as shoppers and visitors were subjected to a body search.

    A security expert, Jackson Ojo, said the government was politicising the security situation of the country rather than attending to it, adding that the security agencies should coordinate intelligence units to address the situation.

    Sequel to the heightened security alert, the Federal Capital Territory Administration has reclaimed parts of the Nigeria Law School’s land taken over by suspected criminals in Bwari town.

    The Senior Special Assistant on Monitoring, Inspection and Enforcement to the FCT Minister, Mr Attah Ikharo, who supervised the exercise, said the shanties on the land were pulled down to restore sanity in the area.

    He said the exercise was one of the measures adopted by the Administration to curb insecurity across the territory, adding that it would not be limited to the area alone.

    The minister’s aide stated, ‘’The demolition exercise would be a comprehensive one, starting from Bwari Law School, near Kuchiku-Bwari down to Bwari main market. Pulling down the illegal structures here in Bwari is part of our measures to curb insecurity across the territory. This area along the law school stretches down to Bwari market; all the attachments and shanties on the road corridor must go. Some persons in Bwari may see it as a lawless place because, for long, there was no major clean-up.’’

    On his part, the Secretary of FCTA Command and Control Centre, Peter Olumuji said the operation is a means of sustaining the security measures already put in place by the police and the FCT Administration.

    He explained that before the removal of the shanties, the areas were used as criminals’ hideouts.

    The Chief of Air Staff, Air Marshal Isiaka Amao on Thursday disclosed that the Nigerian Air Force would take delivery of additional fighter helicopters in December 2022 while other new acquisitions would be delivered in 2023.

    He said the new fighter helicopters would be in addition to the 38 new aircraft acquired by the regime of the President, Major General Muhammadu (retd.), since 2015.

  • Terror Attack: Police, Military Source Speak on Alleged Raid of Abuja Estate by American Soldiers

    Terror Attack: Police, Military Source Speak on Alleged Raid of Abuja Estate by American Soldiers

    Authorities of the Federal Capital Territory Police Command have debunked the ongoing recycling of reports that American Soldiers and operatives of the Department of State Service, DSS raided a house at Trademore Estate in Abuja and discovered boxes of explosives purportedly belonging to terrorists.

    DSP Josephine Adeh, Public Relations Officer of the FCT Police Command when contacted simply replied, “It is not true, it’s Fake News”.

    Meanwhile sources in the military have described as impossible, “rumours” making the rounds in social media that American soldiers led the operation to uncover the terrorists hidden abode at Trademore, discovered the explosives and arrested suspects.

    “How is it possible that American Soldiers will enter the nation’s capital, lead an operation of such magnitude and the security agencies, particularly the Nigerian Military and the Nigerian Police will not know or participate.”

    “These are the handiwork of mischief makers, out to achieve certain preconceived motives but soon, we will get to the root of what this mischief is all about”.

  • Leader of Yoruba Nation Agitation Flays Tinubu’s Presidential Ambition, Says Ambition Personal

    The leader of the Yoruba Nation Self-Determination Struggle, Prof. Banji Akintoye, has flayed the presidential candidate of the All Progressives Congress, APC, Asiwaju Bola Ahmed Tinubu over his political ambition to become President adding that said that his ambition was premised on “personal interest” and not of the Yoruba people.

    Akintoye, in a statement, said that Tinubu’s ” Emilokan” which meant “I am the next person” statement, it was obvious Tinubu’s mission to become Nigeria’s president was personal and not for the welfare of the Yoruba people.

    He pointedly declared that he is not endorsing Tinubu and would not vote for him during the 2023 election

    The Professor of History, disassociated himself from an interview he granted two years ago where he had endorsed Tinubu for president, noting that the former Lagos State governor was contesting at the wrong time.

    Akintoye also lambasted other Yoruba politicians seeking elective offices, lamenting they were doing so at the expense of Yoruba people seeking emancipation to achieve the Yoruba Nation.

    He said that ” I have no personal animosity towards any Yoruba person seeking election. But I am sorry for you. You are creating a legacy that your children’s children will be ashamed to know about very soon in the future of the world.

    “Our brother, Tinubu, you are fighting for yourself alone when your whole family is perishing. There is fire on our roof as a nation.

    “It is unbelievable that any Yoruba man would do to his people what you are doing to our people now. You have been carrying around a video of an interview that I granted Alaroye in the campus of Obafemi Awolowo over two years ago.

    “They asked me that if there was no struggle for self-determination and you want to recommend a Yoruba person for President of Nigeria, who would I recommend? And I said yes! If that is so, I would recommend Tinubu, without any hesitation.

    “But that is if the times are right, the times are not right, you know, I do not endorse any Yoruba man, Tinubu or any other for any elected position, any position at all in Nigeria at this time. I stand fully and without looking back, with the Yoruba struggle for self-determination for our own country, for Yoruba nation now!

    ” That’s the truth of the matter. Dear Tinubu, please don’t deceive yourself. You cannot deceive our people. You think you can carry that kind of video around and deceive our people, our people are smarter than that.

    ” The world is watching you. Our history will judge that at a time when our nation needs to stand up and defend itself, you started to bring up an agenda.

    ” A personal agenda of your own before them. You are asking us to vote for you. We will not vote for you. Whether it is for the Presidency or the Senate or House of Rep or whatever, we will not vote for you.

    “We would have taken our country out of Nigeria by then. So, we advise you now to return to your people. I am advising you now, return to your people and wash your soul clean. You are doing a thing that is unpardonable.

    “Tinubu, you are destroying the Yoruba future. You are creating a legacy for yourself that your children’s children will be ashamed to know in the future. We ask you to return.

    “You can still save yourself now and your future. We are determined to take our country. And I’m standing solidly with the young people who are running around trying to take their country. Oh! you might say they are fighting themselves, that’s what young people do everywhere.

    “That does not mean that they don’t want their country, they want their country. And the Lord God, the creator of All Nations, has given them that country, and very soon, the Lord will deliver their country into their hands.

    He added that ” Then it will be their duty to settle down and begin to do for their people the kind of government that Yoruba people have been giving to their people from the beginning of time, a government whose objective is the improvement of the life of the people of our nation.”

    Speaking on other Yoruba leaders seeking political positions, Akintoye said ” l have no personal animosity towards any Yoruba person seeking election. But I am sorry for you.

    “You are creating a legacy that your children’s children will be ashamed to know about very soon in the future of the world.

    He said that ” My advice? Turn around and come to support your people. This is the time to show that you are a man. You have men. You have the heart of men.

  • NASU urges FG to pay salary arrears for period of strike

    The Non-Academic Staff Union of Educational and Associated Institutions (NASU) said it expects the Federal Government to pay salary arrears for the four months their industrial action lasted.

    Mr Peters Adeyemi, General Secretary of NASU, said this while addressing a news conference at the union ongoing National Executive Council (NEC) meeting on Wednesday in Abuja.

    Adeyemi said that NEC expects the federal government to make arrangements for payment of the salary arrears.

    According to NASU, since all parties within the University system have suspended their industrial actions, it behooves on government to start reviewing those hard stance it took while the tertiary institutions were under lock and key.

    “A moratorium was given to the federal government which will elapses by November 2022.

    “This should serve as a veritable opportunity for government to sit down and begin to address the existing demands by the unions, one of which is the salary arrears, ’’he said.

    Adeyemi also said that under no circumstance would the government sweep the issue under the carpet, especially when the government obliged the National Association of Resident Doctors (NARD) similar gesture after they suspended their two months strike.

    He also added that, I have confidence as a union person that those salaries will be paid, because it has been paid to the guys in the health sector which was for two months.

    “The Minister of Labour and Employment also facilitated the payment and he is still there, I am confident he will facilitate this payment, ’’he said.

    Earlier, Dr Hassan Makolo, National President of NASU also said that the decision to embark on strike does not come easy for unionists.

    He added that trade unions do not just embark on strike to play to the gallery, contrary to the erroneous belief of the public.

    According to him, this is because it is done at great cost to their members and the unions.

    “Those who think it is easy to go on a strike should think of staying for four, five or more months without a salary or an income.

    “Think of what that does to the household of a breadwinner who is taking part in a strike without a salary, in terms of feeding, medicals, transportation, children school fees, aged parents and other relations to cater for, as well as the landlord.

    “Moreover, most of the children in public universities and other tertiary institutions are our children.

    “Whereas the children of our employers and other government functionaries who are expected to resolve the grievances of unions in the public sector are either studying in universities abroad or are in private universities here at home, ’’he said.

    He also noted that on the part of the union, the management of the affairs of the union continues, including the management of the strike without ‘ check-off dues.

    He said that the actions and inactions of public officials foisted a needless strike on members of NASU in the Universities and Inter-University Centres.

    He therefore said that the strike would not have started in the first place, if they did what was expected of them.

    Hassan also said that the era of strikes would only be mitigated effectively if collective bargaining in the educational and allied institutions sectors are institutionalised.

    He added that this was one of the demands they put before the Federal Government, which members of the Federal Government Renegotiating Team rejected.

    He went further to state that government teams should always come to the collective bargaining table with fidelity, including implementing agreements it freely entered into with NASU.

    “Over two months after the Agreement signed by the Federal Government with the Joint Action Committee (JAC) of NASU and SSANU, that resulted in the suspension of the four months old strike.

    “We have observed that the processes expected to be put in place for the actualisation of the content of the Agreement are yet to be put in place.

    “We therefore use the opportunity of the ongoing NEC meeting to call on the Minister of Education, Malam Adamu Adamu.

    “He is to ensure that the processes for the implementation of the Agreement commence immediately before the members of NASU will start another round of agitation,’’he said.

    He also added that, we hope that some other industrial relations issues within the sector which the government is aware of will be amicably resolved within a minimum time frame.

    The News Agency of Nigeria (NAN) reports that on Aug. 20, SANNU and NASU suspended their industrial action.

    The unions had in March embarked on a nationwide strike over what it called the nonchalant attitude of the government to their demands. (NAN)

  • How Redesign of Naira Notes Will Curb Currency Counterfeit, Kidnapping, Inflation, Others

    Punch Newspaper

    The Governor, the Central Bank of Nigeria, Godwin Emefiele, announced on Wednesday that the bank would release re-designed naira notes by December 15, 2022.

    Emefiele made this announcement during a special press briefing in Abuja yesterday where he gave reasons for the move.

    According to the CBN governor, this was targeted at controlling currency in circulation as well as curb counterfeit currency and ransom payment to kidnappers and terrorists.

    He noted, “Indeed, the integrity of a local legal tender, the efficiency of its supply and its efficacy in the conduct of monetary policy are some of the hallmarks of a great central bank. “In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and tsophistication with attendant and unintended consequences for the integrity of both the CBN and the country.

    “More specifically, as at the end of September 2022, available data at the CBN indicate that N2.73tn out of the N3.23tn currency in circulation was outside the vaults of commercial banks across the country, and supposedly held by members of the public. Evidently, currency in circulation has more than doubled since 2015, rising from N1.46tn in December 2015 to N3.23tn as at September 2022. I must say that this is a very worrisome trend that cannot continue to be allowed.”

    On how it would help curb ransom payment, he said, “Also, in view of the prevailing level of security situation in the country, the CBN is convinced that the incident of terrorism and kidnapping will be minimised as access to large volume of money outside the banking used as source of funds for ransom payment will begin to dry up.”


    He further identified more reasons that necessitated the re-designing of naira notes.

    According to the apex bank governor, the challenges included: significant hoarding of banknotes by members of the public; worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability; and increasing ease and risk of counterfeiting evidenced by several security reports.

    He added, “Indeed, recent developments in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”


    The CBN governor further said that the re-designing of the currency would help to drive cashless economy and it would be complemented by the increased minting of the e-Naira.

    While according to global best practices, it is expected that central banks redesign, produce and circulate new local legal tender every five to eight years, the apex bank governor said that the naira had not been redesigned in the last 20 years.

    In a speech later released to the press, it was noted that the new series of banknotes would be for only N100, N200, N500, and N1, 000 levels.

    In an effort to clear of the money being hoarded by Nigerians as soon as possible, he said that existing notes would seize to be regarded as legal tenders by January 31, 2023.

    Emefiele further urged Nigerians to proceed to their banks to deposit their naira notes, saying that deposit fee would be waived for transactions below N150, 000.
    He also directed all commercial banks to keep open their currency processing centres from Monday to Saturday so as to accommodate all cash that would be returned by their customers.

    History of naira notes’ changes

    Many adult Nigerians still remember several changes of naira notes in the last 30 years.


    In 1973, the Federal Government decided to change from metric to decimal. This resulted in the change of the major unit of currency from pounds to naira and kobo.

    On February 11, 1977, the then central bank introduced the N20 note, which was then the highest denomination.
    It had the portrait of the late Head of State, General Murtala Ramat Muhammed, who was then seen as a national hero due to several reforms he was driving and his unfortunate assassination.

    On July 2, 1979, the government introduced N1, N5 and N10, with engravings at the back of the notes reflecting various cultural aspects of the country, according to the CBN.

    The country changed the colours of all banknotes in April 1984 except N50 kobo. The reason given at that time is similar today: To curb currency trafficking common at the time.

    This was followed by the coining of N50k and N1.


    The new government of Olusegun Obasanjo later decided to introduce N100, N200, N500 and N1000 banknotes in December 1999, November 2000, April 2001 and October 2005 respectively.

    In February, 2007, N20 was printed for the first time in polymer substrate, while the N50, N10 and N5 remained in banknotes. Also, N1 and 50 kobo coins were reissued in new designs, and N2 coin was introduced.

    The coins did not gain wider currency at that time due to inflation and people’s penchant for banknotes. Many complained that the coins were too heavy.
    On September 30, 2009, the then CBN converted N50, N10 and N5 into polymer substrate.


    In September 2010, the CBN issued the N50 polymer banknote. In December 19, 2004, it issued N100 commemorative banknote

    Analysts divided
    Economists are divided over the change of currency notes being planned by the apex bank.

    A professor of Capital Market and Chairman Chartered Institute of Bankers of Nigeria, Abuja Branch, Prof Uche Uwaleke, said the decision to replace some naira denominations with new ones would be positive for the economy in the medium- to long-term.

    He said, “First, although the measure does not amount to demonetisation of big currency notes often carried out by central banks to curb black money and corruption, it will go a long way in ensuring that a lot of naira notes circulating outside the banks are crowded in.

    “If it leads to large deposits in banks, it means the banks will have more money to lend, which may reduce interest rates.
    “I also think it may have the effect of reducing speculative attacks on the naira in the parallel market.

    “I expect that the Financial Intelligence Unit will be on the watch-out for huge deposits as a way of monitoring illegitimate transactions.

    He said despite the huge cost involved in changing currency notes, it was time to sanitise the system, especially as the electioneering activities had kicked off.

    “However, I think the deadline of Jan 31 2023 is short in view of the number of naira denominations involved, from 100 to 1000. The CBN may consider extending it with time,” he said.

    The Chief Executive Officer at Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said it was difficult to see any compelling value proposition of the currency redesign idea.


    Yusuf said the cost of such an action would be outrageous and disproportionate compared to the expected benefits advanced by the CBN.

    “At a time when the government is grappling with high fiscal deficit, debt crisis, severe revenue crisis and underfunding of many government projects and programmes, it is most inappropriate to embark on such a profligate exercise. Currency as a percentage of money supply is less than seven percent,” he said.

    He noted that the exercise had no monetary policy significance, stressing that “it will come with huge logistics costs, and avoidable dislocations to small businesses, most of whom are in the informal sector.”
    He further said there were more urgent issues demanding the attention of the CBN, particularly those around the foreign exchange.

    “We have issues with liquidity in the foreign exchange market, the depreciating currency, the recent Moody’s downgrade of Nigeria, soaring inflation and many more.

    The CBN should save the citizens and the economy the trauma of this currency redesign. It is a distraction we can do without.”

  • ASUU Strike: JAMB Speaks On Alleged Cancellation of 2022 Admissions

    ASUU Strike: JAMB Speaks On Alleged Cancellation of 2022 Admissions

    The Joint Admissions and Matriculation Board, JAMB, on Wednesday said that the board has not cancelled or deferred any admission to Universities, Polytechnics, or Colleges of Education as a result of the prolonged strike embarked upon by the Academic Staff Union of Universities, ASUU.

    The Registrar/Chief Executive of JAMB, Professor Ishaq Oloyede disclosed this shortly before he declared open the National Executive Council, NEC, meeting of the Non-Academic Staff Union of Educational and Associated Institutions, NASU, in Abuja.

    He said that the onus of admitting students lies in the individual universities’ administrations, noting that about three different sessions are being run by various universities.

    According to him, while some universities are still in their 2020/2021 academic session, some other ones are in the 2021/22 academic session, and some other universities are in their 2022/2023 academic session.

    He advised candidates seeking admission to interact with the respective institutions to know the particular session they are running.

    He maintained that JAMB has not cancelled any admission for any session and that no admission by the board has elapsed or will elapse, stressing that admission for any particular session would- be determined by the senate of the various universities.

    He also advised students seeking admission to contact the institution of their choice on the session being run by the school.

  • Subject rankings: 48 Nigerian varsities among world’s best (See Schools List)

    Subject rankings: 48 Nigerian varsities among world’s best (See Schools List)

    Punch Newspaper

    The Chairman of the Nigerian Universities Ranking Advisory Committee, Professor Emeritus Peter Okebukola, has announced the good news of the superlative performance of Nigerian universities in the Times Higher Education 2023 Subject Rankings, which were released yesterday (October 25).

    Coming on the heels of the impressive ranking of 12 Nigerian universities in the World University Rankings published on October 12, this is very cheering news for the Nigerian university system.

    Okebukola, who is also a member of the international advisory board of Times Higher Education World University rankings, said, “In the 2022 rankings, only five Nigerian universities featured in four subject rankings.

    He noted that in the 2023 rankings, 48 Nigerian universities are cumulatively listed among the world’s best in 11 subjects/disciplines.

    According to a statement issued on Wednesday in Abuja by the former Executive Secretary of the National Universities Commission, these subjects are arts and humanities; business and economics; education; law; social sciences; computer science; engineering; clinical and health; life sciences; physical sciences and psychology.

    “Noteworthy is the impressive ranking of Covenant University, the only private university in the league tables, featuring prominently in business and economics, social sciences, computer science, engineering, and physical sciences.

    “No state university is on the league tables. The federal universities with impressive rankings are University of Nigeria Nsukka, University of Ibadan, University of Lagos, Federal University of Agriculture Abeokuta, University of Ilorin, Obafemi Awolowo University, Federal University of Technology Akure, Bayero University Kano, and University of Benin,” he stated.

    Details of the results, which Okebukola released are: Arts and Humanities (University of Nigeria Nsukka=601+); Business and Economics (Covenant University=401-500; University of Lagos=501-600; Obafemi Awolowo University=601-800; University of Nigeria Nsukka=801+); Education (University of Ibadan and University of Nigeria Nsukka=501-600); Law (University of Nigeria Nsukka=251+); Social Sciences (Covenant University=251-300; University of Lagos=401-500; University of Ibadan and University of Nigeria Nsukka=601-800; University of Ilorin and Obafemi Awolowo University=801+); Computer Science (Covenant University=401-500); Engineering (Covenant University=401-500; Federal University of Technology Akure and University of Ilorin=601-800; University of Ibadan, University of Lagos, University of Nigeria Nsukka and Obafemi Awolowo University=601-800; University of Ilorin and Nnamdi Azikiwe University=801+); Life Sciences (University of Ilorin=601-800; Federal University of Agriculture Abeokuta, Federal University of Technology Akure, University of Ibadan, University of Lagos, University of Nigeria Nsukka and Obafemi Awolowo University=801-1000); Physical Sciences (Covenant University=401-500; Federal University of Technology Akure and University of Ilorin=501-600; Bayero University Kano=601-800; Federal University of Agriculture Abeokuta and University of Lagos=801-1000; University of Ibadan, University of Nigeria Nsukka and Obafemi Awolowo University=1000+); and Psychology (University of Nigeria Nsukka=301-400).

    Speaking further on the results, Okebukola expressed appreciation to the Minister of Education, Malam Adamu Adamu, and the Executive Secretary of the NUC, Professor Abubakar Rasheed, for setting up NURAC and for the commitment they continue to show to improving quality in the Nigerian university system.

    “Professor Rasheed is one individual who will not rest until the old glory of Nigerian universities is fully restored”, Okebukola noted.

    “We assure Nigerians that with the ongoing implementation of the Blueprint for the Rapid Revitalisation of University Education in Nigeria, the days of consigning Nigerian universities to the group of non-performers will soon be over,” he added.

  • CBN To Redesign N200, N500, N,1000 Notes

    The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500, and N1,000 notes.

    Emefiele made the disclosure at a special media briefing in Abuja, saying the move has since secured the approval of President Muhammadu Buhari and other stakeholders.

    He urged depositors to hit the banks to exchange their old currencies for the new ones before the January 31, 2023 expiration date.

    He said move was also to retrieve huge funds outside the banks.

  • World’s Dirtiest Man’ Dies Few Months After First Bath In Decades (Photos)

    An Iranian man nicknamed the “dirtiest man in the world” for not taking a shower for decades has died at the age of 94, state media reported on Tuesday.

    Amou Haji, who did not wash for more than half a century and was single, died on Sunday in the village of Dejgah in the southern province of Fars, IRNA news agency reported.

    Haji had avoided showering over fears of “getting sick”, the agency quoted a local official as saying.

    But “for the first time a few months ago, villagers had taken him to a bathroom to wash,” IRNA reported.

    A short documentary film titled “The Strange Life of Amou Haji” was made about his life in 2013, according to Iranian media outlets.

    AFP