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CBN Destroys Over 6 Trillion Bank Notes Under Buhari

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The Central Bank of Nigeria is expected to have destroyed over N6tn worth of mutilated and old banknotes when the regime of the President Muhammadu Buhari expires in May 2023, an analysis by The PUNCH has shown.

Already, data obtained from the annual reports of the currency operations department of the CBN between 2016 and 2020 showed that the apex bank destroyed mutilated banknotes worth N4.1tn during the five-year period. Our correspondent could not readily obtain data on the amount of mutilated banknotes disposed off by the central bank in 2021 and 2022 as of press time on Sunday.

However, the central bank is expected to destroy over 80 per cent of the N3.23tn banknotes currently in circulation as a result of its decision to redesign N100, N200, N500, and N1, 000 bills.

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The move will bring the total amount of naira notes destroyed by the current administration to at least N6tn.

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The CBN Governor, 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  where he gave reasons for the move.

According to the CBN governor, the move is aimed at controlling currency-in-circulation as well as curbing counterfeit currency and ransom payments to kidnappers and terrorists.

Meanwhile, a breakdown of the CBN data for the 2016-2020 period showed that in 2016, the apex bank destroyed the sum of N829.94bn in mutilated notes. In 2017, the sum of N977.23bn in mutilated banknotes was again destroyed by the CBN. The years 2018, 2019 and 2020 saw the destruction of N814.59bn, N814.44bn and N698.59bn banknotes, respectively.

 

 

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Kano State Hosts 8th Annual Audit Forum to Enhance Transparency and Accountability

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The 8th Annual Audit Forum, organized by the Office of the Auditor General of Kano State, was held recently, focusing on strengthening transparency and accountability in public financial management. .

Isma’ila Musa, the Auditor General of Kano State, welcomed the participants and highlighted the constitutional and legal mandates that guide the auditing process. “Sections 125(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and 36(i) of the Kano State Audit Law, 2021 (as amended) mandate the Office of the Auditor General to audit the accounts and financial statements of the State Government and all Offices and Courts,” he stated.

Musa expressed immense gratitude to His Excellency, Engineer Abba Kabir Yusuf, the Governor of Kano State, for his support in making the event possible. “It is very important to note that a strengthened fiscal transparency will help build trust in governance,” he emphasized. He added that the Audit Forum is a reform intended to reduce opportunities for corruption and abuse of public resources, thereby increasing the efficiency of public expenditures.

The Auditor General also acknowledged the contributions of various officials, including the Hon. Commissioner Ministry of Planning and Budget, the Accountant General, the Executive Chairman of Kano Internal Revenue Services, and former Auditors General, among others. “My sincere appreciation to all the invitees here present for honoring our invitation. I wish us a successful 8th Kano State Annual Audit Forum,” Musa concluded.

In his remarks, the Chairman of the House Committee on Public Accounts, Honorable Tukur Fagge, praised the exercise for its potential to enhance resource management and ensure the success of the tasks at hand. “This exercise will enhance resources management and will realize the success of the task,” Fagge stated.

Sarkin Shanon Kano, Shehu Muhammad Dankadai, who served as the royal father of the day, also graced the event, adding to the significance of the occasion.

The forum underscored the commitment of the Kano State Government to upholding transparency and accountability, reflecting the administration’s dedication to effective and efficient service delivery.

 

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Breaking: Former Secretary of Federal Electoral Commission, FEDECO, Ahmadu Kurfi Passes On at 93

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Late Alhaji Ahmadu Kurfi

 

A former secretary of the Federal Electoral Commission, Alhaji Ahmadu Kurfi, has passed away.

A family source, Jafar Yakubu, informed NIGERIAN TRACKER about the death of the pioneer secretary of the Federal Electoral Commission, who supervised the 1979 general election.

 

Jafar Yakubu said Alhaji Ahmadu Kurfi died at the age of 93 and his Janaza funeral prayers will take place by 2:30 PM at Kurfi in KATSINA state .

 

Dr. Amadu Kurfi, OFR, was born in 1931. He was a former chairman of the then Marketing Board, former Federal Permanent Secretary of the Federal Ministry of Defence, and the first person to acquire a BSc degree in the whole of Katsina State, at University College London in 1957.

 

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President Tinubu Sacks UNIZIK Vice-Chancellor, Registrar

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The governing council of the Nnamdi Azikiwe University has been dissolved by President Bola Tinubu.

The president dissolved the council and approved the removal of the institution’s vice-chancellor Bernard Odoh and the university registrar, Rosemary Nwokike.

A statement by Bayo Onanuga, the special adviser to the president on information and strategy said the action by Tinubu follows allegations of procedural violations in the appointment of the Vice-Chancellor.

He also said that the council led by Greg Ozumba Mbadiwe and including five other members—Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin was accused of bypassing due process to appoint an unqualified candidate, prompting federal intervention.

Onanuga said, “The sacking of the governing council and officials followed reports that the council illegally appointed an unqualified vice-chancellor without following due process.

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He added that following the controversial appointment, the Federal Government stepped in to address the rivalry between the university’s Senate and the governing council of the institution.

“The government expressed concern over the council’s apparent disregard for the university’s governing laws in its selection process”, Onanuga added.

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