Supreme Court Judgement On The Extension Of Old Naira Notes Is An Aid To Systematic Corruption By SMO

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A Public Affairs Analyst, Sani Michael Omakoji ( SMO ), has described Supreme Court Judgement restraining the Federal Government (FG), from stopping the trio of old Naira ( N200, N500, and N1,000) notes being a legal tender as from 10th February 2023 as an aid to systematic corruption.

SMO who sympathized with Nigerians for the hardship experienced as a result of the redesigning of Naira and also pointed accusing figures to some Politicians and some Bank Managers who are sabotaging the policy for their personal gain.

He said, though for any long term gain of a policy, there are always prizes to pay in the short – run.

He added that the policy in the long -run would strengthen the value of Naira, helps government to reduce the cost of printing Naira, and also discourages kidnapping and adoption for ransom.

Part of his article reads:
“It is a statement of fact that Nigerians are going through alot with the redesigning of Naira notes amid old Naira such as N200, N500 and N1,000 to cease from being a legal tenders.

While sympathizing with Nigerians for this self inflicted woe, it is also pertinent to state that the long-term gains of this policy will help to strengthen the value of Naira, curb illicit business transactions, help government to reduce the cost of printing and also discourage social illness such as kidnapping and adoption for ransom.

I said is self inflicted woe because some Politicians in collaboration with some Bank Managers are the ones hoarding the new Naira notes.

One may ask, why are some Bank Managers aiding politicians for this obnoxious practice?

They are doing so because, is a deal between them as Politicians give them some percentages of whatever amount of new Naira notes they can hoard for illigal withdrawal.

You can imagine a bank manager recently caught at Abuja amid this Naira scarcity with a whooping sum of N29m in his office aside another bank Manager who reportedly aided a Governor the other day to withdraw the large sum of N500M against the N20k benchmark an individual is expected to withdraw per a day.

And why are politicians hoarding these new Naira notes?

They are doing so because is a means to help them do vote buying come the next general elections on 25th February 2023 ( political undertone ).

Now looking at the Supreme Court Judgement which restrained the Central Bank of Nigeria ( CBN ), from ceasing the above dominations from circulation as from on 10th February 2023, it has both systematic corruption and political undertone.

Systematic corruption in the sense that, even the judges who delivered the judgement are benefactor of “money bag” through upturning of judgement which in return, they get bribery as they softly call “gratification or appreciation”.

Political undertone as explained above are for the benefit of some Politicians to perfect vote buying.

If I may ask, what is even the integrity of these Governors who are against the redesigning of new Naira notes?

Well the three Governors involved are: Governor Nasir El-Rufai of Kaduna State, Governor Yahaya Adosa Bello of Kogi State and, Governor Bello Muhammed Matawalle of Zamfara State.

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Without fear or favour, Governor Nasir El-Rufai of Kaduna State who championed the rigging of Kogi State 2019 gubernatorial election using  Helicopter, thuggery and vote buying now has gut to fight Federal Government ( FG ) over the redesigning of new Naira notes?

Of course, if amount of Naira in circulation are controlled and restricted, how will he continue with vote buying in the nearest future?

Is it Governor Yahaya Bello who has nepotised Kogi State resource without any reasonable project in the last seven years of his tenure that has the temerity to fight FG over the redesigning of Naira notes?

Of fresh reference is the arrest of his Nephew by the EFCC on 8th February 2023 who was reported to have transferred over N3b from Kogi State Government’s coffer.

And if not for the collaboration of Governor Yahaya Bello, how will his nephew get access to Kogi State’s coffer?

Now to briefly talk of Governor Bello Muhammed Matawalle of Zamfara State who is milking the State Government’s coffer with his cronies being against this policy is heart wrecking.

Going forward, the FG using EFCC and ICPC should begin to raid the houses of Politicians and the offices of these Commercial Banks Managers in order to force out the new Naira notes hoarded to the detriment of poor masses.

CBN should also technically cease the old Naira notes and launch aggressive monitoring of new Naira notes that its may circulate freely for the purpose they are printed for.

Finally, Nigerians should also know that there are immidate prizes to pay for any long term gains as learnt from some of these called developed countries of the world.

That International Monetary Fund (IMF) has advised the FG to suspend the policy is of International politics and should not be taken seriously.

Well, the evil angle of IMF to this policy is a topic for another episode”.


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