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Breaking:CBN Denies Ordering Banks To Collect Old Notes

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The Central Bank of Nigeria (CBN) has denied reports making the rounds that it has authorized deposit money banks to collect the old N500 and N1,000 banknotes.

In a statement by Osita Nwanisobi, CBN’s Director of Corporate Communications on Friday, the apex bank said for the avoidance of doubt the CBN is only reissuing and recirculating the old N200 banknotes and which is expected to circulate as legal tender for 60 days up to April 10, 2023, in line with President Muhammadu Buhari’s national broadcast on Thursday.

The CBN advised members of the public to disregard any message and/or information not formally released by the bank on this subject.

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It also advised media practitioners to endeavour to verify any information from the correct sources before publication.

The statement reads in part;

The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 notes

For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

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Defence Minister Tasks Service Chiefs to Visit Terror-Hit North-West and North-East

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By Yusuf Danjuma Yunusa

The Minister of Defence, Christopher Musa, has directed the nation’s service chiefs to conduct on-the-ground visits to the North-West and North-East regions to reassess and revitalize ongoing military operations against terrorists.

The directive was issued on Wednesday during a high-level security meeting convened by the minister at the headquarters of the Ministry of Defence in Abuja. The meeting was called to address the pressing security challenges plaguing the two zones.

Confirming the development to TheCable, Timothy Antigha, the Special Adviser on Media to the Minister, stated that the service chiefs are expected to embark on the visits imminently. Upon their return, they are to submit comprehensive reports detailing their findings and proposing strategic adjustments to enhance the effectiveness of military operations in the troubled regions.

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The minister’s directive follows a concerning surge in attacks by terrorist groups, who have recently intensified assaults on military installations, leading to the deaths of several personnel.

In a significant escalation on Monday, fighters from the Islamic State West Africa Province (ISWAP) overran a military facility in the Kukawa Local Government Area of Borno State, during which a commanding officer was killed.

The following day, troops in the same locality successfully repelled another early-morning assault, also attributed to ISWAP fighters, highlighting the sustained pressure on forces in the region.

This recent spate of violence includes an attempted incursion by suspected Boko Haram and ISWAP fighters on military positions in Ngoshe, Gwoza LGA, about a week prior. The Nigerian Air Force responded with air strikes in that engagement, reporting that over 50 of the suspected terrorists were neutralized.

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Court Grants PDP Permission for Out-of-Court Settlement in Convention Dispute

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By Yusuf Danjuma Yunusa

The Court of Appeal in Ibadan, Oyo State, has granted all parties involved in the legal battle over the Peoples Democratic Party (PDP) elective convention leave to pursue an out-of-court settlement.

Justice Biobele Georgewill, who led a three-man panel on Wednesday, urged the factions to prioritize a peaceful resolution in the best interest of the party. Consequently, the case has been adjourned sine die (indefinitely) to allow for the settlement process to proceed.

“This Court has granted leave for settlement in this matter,” Justice Georgewill stated. “All parties involved should be mindful of the election timetable as released by INEC. The counsel representing the various parties are in the best position to advise their clients.”

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He directed that the court be formally informed in writing of the outcome of the discussions, regardless of whether an agreement is reached. As a result, all pending motions in the case have been adjourned sine die.

The dispute stems from a leadership crisis within the party. Recall that on Monday, a separate Court of Appeal in Abuja had invalidated the party’s elective convention, which was held in Ibadan. That ruling upheld a disciplinary committee’s decision concerning certain party members.

However, the legal landscape was complex, as Justice Ladiran Akintola of the Oyo State High Court had previously validated the same convention in a ruling on a case instituted by one Folahan Adelabi, through his counsel, Musibau Adetunmbi, SAN.

In his submission on Wednesday, Justice Georgewill cautioned all parties to be conscious of the Independent National Electoral Commission’s (INEC) timetable for the 2027 general elections, implying the need for a swift resolution. All counsel present at the hearing aligned with the court’s position to pursue a peaceful settlement.

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Dual Party Membership Now a Criminal Offence with N10m Fine, House Rules

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By Yusuf Danjuma Yunusa

The House of representatives has amended the Electoral Act 2026 to criminalise dual membership of political parties.

Under the new provision, individuals found guilty of belonging to more than one political party at the same time will face a fine of N10 million and a maximum prison term of two years.

The lower legislative chamber passed the amendment during Wednesday’s plenary.

The amendment introduces three new subsections to section 77 of the Electoral Act 2026, which deals with political party membership.

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The amendment provides that any individual found to be registered as a member of more than one political party at the same time will have such membership declared void.

“A person shall not be registered as a member of more than one political party at the same time,” the provision reads.

“Where it is established that a person is registered as a member of more than one political party at the same time, such dual membership shall be void, and the person shall cease to be recognised as a valid member of any political party pending regularisation in accordance with the provisions of this Act and the constitution of the political party concerned.

“A person who knowingly registers or maintains membership in more than one political party at the same time commits an offence and is liable on conviction to a fine of
N10,000,000 or to imprisonment for a term of two years, or both.”

If signed into law, the amendment is expected to strengthen the legal framework governing party affiliation and curb cases of multiple party memberships.

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