The attorney general of the federation and minister of justice, Mr. Abubakar Malami, has said that the fate of governors and other individuals being investigated for their alleged treasonable comments on the naira redesign will be determined by the security agencies.
The minister stated this at a news briefing held yesterday at the State House, Abuja.
Recall that President Muhammadu Buhari had on February 16, directed the Central Bank of Nigeria (CBN) to extend the deadline for the naira swap policy to April 10, 2023.
The old high denomination currency notes were meant to be phased out on March 31, 2023 before it was extended to February 10 due to supply deficit on the part of the CBN.
The president also directed the apex bank to release the old N200 bank note back into circulation.
He said the currency should circulate as legal tender with the new N200, N500, and N1000 banknotes
He also instructed the CBN to “ensure that new notes become more available and accessible to our citizens through the banks.”
“I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points,” he said.
However, some state governors, including Messrs Nasir el-Rufai and Abdullahi Ganduje of Kaduna and Kano states respectively publicly overruled the president, asking citizens of their respective states not to comply with the deadline to the expiration of the legality of the old N500 and N1000.
The two governors are among the governors that had gone to the Supreme Court to stop the February 10 deadline given by the Central Bank of Nigeria, CBN, from ceasing to recognize the N500 and N1000 naira notes as legal tender.
Similarly, former national chairman of the All Progressives Congress (APC), Mr. Adams Oshiomhole, openly told party supporters at a rally to keep their old naira notes for the president was wrong to have done contrary to the ruling by the Supreme Court.
While noting certain undertones of treason in some of the utterances, Malami stressed that investigation cannot be ruled out, adding that the relevant security agencies will determine if there will be the need for further action.
“You cannot rule out the possibility of investigation but the responsibility of investigation and doing the needful arising from the weight and assessment of the implications of the statements is the responsibility of the security agencies and I believe they are doing the needful in that effect to determine whether there is need for further action.
“Actions associated with investigations as to what other measures need to be taken in case it is their conclusion that there is the need for actions to be taken related to the utterances made. So, that is the best I can say on that rebellion,” he said.
He underscored the importance of the naira redesign policy, saying it will enable citizens to assume collective ownership of the electoral system rather than allowing a few moneybags to take charge.
In addition, he said the policy is meant to ensure that no foreign funds are allowed to influence the people’s decision in terms of ownership and by way of limiting the contributions by Nigerians in political parties.
On the Supreme Court’s order on naira redesign and the president’s broadcast, the minister said Buhari did not act in breach, noting that “as far as the rule of law is concerned, there are many options available.”
Speaking on the benefits of electoral reforms, Malami said only Buhari’s administration has exercised the political will to enhance democratic practice through legislative, political and administrative interventions.
“Advantages associated with sustenance and allowing the freedom of the people of Nigerians to prevail, freedom devoid of monetary inducement and intervention is equally part of it,” he added.
