General
Politicians Mounting Pressure to Stop CBN Cashless Policy—Groups
By Modupe Gbadeyanka
Some politicians have been accused of working tirelessly to frustrate the cashless policy of the Central Bank of Nigeria (CBN) for their selfish interests.
At a media briefing on Monday in Abuja, the Conference of Nigeria Political Parties (CNPP) and civil society organisations (CSOs) under the aegis of the Coalition of National Civil Society Organisations (CNCSOs) said the reason behind the moves to stop the policy is vote-buying.
During elections, politicians induce voters with cash. This is a practice across most of the political parties in Nigeria. Some offer voters less than N5,000 for votes.
A few days ago, the central bank said from January 9, 2023, Nigerians would only be allowed to withdraw N100,000 per week as cash across the different channels, ATMs, POS terminals and over-the-counter (OTC).
This was kicked against by some lawmakers at the National Assembly, who asked the governor of the CBN, Mr Godwin Emefiele, to appear before them this week for explanations.
At the press conference today, CNCSOs praised the apex bank for the new policy and expressed optimism that the bank would not bow to pressure.
According to the leaders of the two groups, Mr Willy Ezugwu for CNPP and Mr Ali Abacha for CSOs, the cashless policy will tackle corruption in Nigeria apart from vote-buying.
“For the purpose of insight, by law, Section 2 (b) of the CBN Act clearly mandates the Central Bank of Nigeria to solely issue legal tender currency in Nigeria.
“The CBN regulates the volume of money supply in the economy in order to ensure monetary and price stability in line with Section 2 (a) of the Act.
“Specifically, the Currency Operations Department of the CBN is responsible for currency management through the planning, procurement, distribution, processing, reissue and disposal of banknotes and coins.
“It was in the exercise of its unambiguous legal duties in Section 2 of its establishment Act that the CBN in 2012 introduced what is today known as a cashless policy which led to the application of aspects of the policy beginning from January 1, 2012, in Lagos State, which was tagged Cashless Lagos.
“As specified by the CBN as far back as 2012, the cashless policy is aimed at placing Nigeria among the best 20 economies in the world before the year 2020. This is a target that was never met. We’re in 20222. Is Nigeria now among the 20 best global economies? But the CBN informed the world that Nigeria would start changing to a cashless economy by January 2012 and complete the process in 2020 to be among the best economies.
“So, why are people complaining about the timing of the implementation of the new cash withdrawal limits when the CBN is running behind its own scheduled implementation target?
“Only a mischievous person will be complaining about the timing of the review of the cash withdrawal limits because we should be applauding Mr Godwin Emefiele as the CBN Governor for daring to move Nigeria’s economy into the top 20 best in the world after over seven years of stagnancy,” the groups said.
Speaking further, they stated that, “Part of the 2012 cashless policy was conceived to reduce the amount of Naira notes and coins (that is cash) used for business, though not to eliminate their usage in line with Nigeria’s vision 20:2020. If so, why should politicians or anybody be complaining about the current reduction in cash withdrawals even when the CBN is two years behind its own target?
“Also, the cashless policy, among other gains, is to help the central bank and commercial banks better manage our economy to ensure that Nigeria’s monetary policy works.
“Now, is Nigeria’s monetary policy working? The answer is NO! Why, then, are we seeing governors, like that of Adamawa State, talking against the CBN Governor and his management team, who have vowed to speed up the implementation process for a full launch of Nigeria’s cashless policy, two years behind schedule of placing Nigeria among the best 20 economies in the world? It is because many of our current leaders don’t mean well for the country.”
By Aduragbemi Omiyale
A former member of the House of Representatives, Mr Onamusi Onadeko, has been sentenced to nine months’ imprisonment with an option of a fine of N50,000.
The former lawmaker, who represented Ogun East Federal Constituency in the National Assembly from 1999 to 2003, was sentenced by Justice Chizoba Oji of the Federal Capital Territory High Court in Abuja on Thursday, July 30, 2026.
He was found guilty on count 11 and convicted for making inconsistent statements but discharged and acquitted on counts 2, 3, 4, 6, 7, 8, 9 and 10.
Mr Onadeko’s journey to the court started in 2017, when he was charged by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for his alleged involvement in the award and execution of a N68.7 million contract.
The politician, according to a statement from the ICPC, was accused of using his private companies, Stanton Engineering Limited and Haines and Baines Limited, to execute several constituency projects while working as a Senior Legislative Aide to late Senator Buruji Kashamu, who represented Ogun East Senatorial District between 2015 and 2019.
The commission, had in the course of the eight years trial told the court that several contracts like buying of ambulance vehicles, supply of hospital equipment and drugs for Primary Health Centres, as well as construction of classrooms for some selected schools in six communities of Ogun East Senatorial District, were awarded to both Stanton Engineering Limited and Haines and Baines, where the convict doubles as a Managing Director and nominal Director, respectively, an action that violates Sections 12 and 19 of the Corrupt Practices and Other Related Offences Act, 2000.
ICPC also accused Mr Onadeko of making an inconsistent statement that contradicted the one previously made to the Commissioner for Oaths, where he stated that he is a Director of Haines and Baines Limited in an affidavit dated June 30, 20216, but subsequently wrote another statement while under investigation on May 5, 2017, that he is not a shareholder or Director of Haines and Baines Limited.
This action violates Section 25(1)(b) of the ICPC Act and, upon conviction, is liable to a fine not exceeding N100,000 or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.
However, Mr Onadeko, through his counsel, Mr Wahab Olatoyebi, argued in the course of the trial that his client was not a public officer as his appointment at that material time was on a short-term basis and non-pensionable, hence he, (Onadeko) did not fall within the category of those that could be tried under Sections 12 and 19 of the Corrupt Practices and Other Related Offences Act, 2000 which criminalize and punish abuse of office by public officers.
But this argument was rejected by Justice Oji, who stressed that based on the defendant’s letter of appointment as well as the decision of the Supreme Court in the case of Federal Government of Nigeria v. Farouk Lawan, legislative aides are public officers and therefore could be prosecuted under the relevant provisions of the Corrupt Practices and Other Related Offences Act, 2000.
By Adedapo Adesanya
The Governor of Oyo State, Mr Seyi Makinde, has inaugurated a Judicial Commission of Inquiry to investigate the abduction of students and teachers from Esinele and Yawota communities in Oriire Local Government Area of Oyo State.
The governor formally inaugurated the commission at the Executive Council Chamber of the Governor’s Office, Secretariat, Agodi, Ibadan.
Speaking at the event, Governor Makinde said that although the successful rescue of the victims brought relief to the state, it did not provide complete closure.
He explained that the decision to set up an independent commission was not intended to undermine the efforts of security agencies but to ensure that every question surrounding the incident is thoroughly addressed and lessons are learnt to prevent a recurrence.
He charged members of the commission to conduct a thorough, impartial, and evidence-based investigation, assuring them of the state government’s full support. He also called on individuals and relevant institutions to cooperate fully with the panel.
Speaking on behalf of the commission, its chairman, Professor Mojeed Owoade, pledged that members would carry out the assignment with integrity, professionalism, and fairness. He added that the panel would seek an extension if necessary to complete its work.
Governor Makinde gave the commission four weeks to submit its report.
Earlier this month, the pupils and teachers abducted in Oriire Local Government Area of Oyo State regained their freedom after 56 days in captivity.
According to the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, eight of the kidnappers had been arrested, but the Federal High Court in Abuja on July 23 sentenced three suspects in the abduction to life imprisonment.
According to the court, the sentencing of Mr Abdulrazak Umar, known under the alias Abu Khalifa/Abu Khalid; Mr Yunusa Musa, alias Yunusa Bin Musa; and Mr Shamsu Adamu Sani, alias Abu Itisar, will start from the date of their arrest.
Before their sentencing by Justice Salim Ibrahim, counsel for the defendants pleaded with the court to sentence them on liberal terms, adding that they were first-time offenders and had pleaded guilty.
By Modupe Gbadeyanka
Two Chinese, Mr Zhang Hong Lin and Mr Gao Pei Hai, have been convicted and sentenced by Justice Akintayo Aluko of the Federal High Court in Ikoyi, Lagos, for conspiracy and the illegal mining of solid minerals.
They were both found guilty on all five counts levelled against them by the Economic and Financial Crimes Commission (EFCC) and sentenced each to five years’ imprisonment on each count, with an option of a N50 million fine covering all five counts.
The court also ordered the forfeiture of the mineral resources recovered from them to the Federal Government of Nigeria.
The defendants were arraigned on a five-count charge bordering on conspiracy and the unlawful possession of mineral resources intended for export without lawful authority.
“That you, Zhang Hong Lin, Gao Pei Hai, and Gao Pei Yu (currently at large), sometime in 2025 in Lagos, within the jurisdiction of this court, conspired among yourselves, with the intent to defraud the Federal Government of Nigeria of revenue accruing therefrom, and without the permission of the appropriate authority, engaged in the exportation of mica products, copper-bearing, and lithium-bearing mineral resources out of Nigeria, thereby committing an offence contrary to Section 1(8)(a) of the Miscellaneous Offences Act, 1983, and punishable under Section 8 of the same Act,” one of the charges read.
The defendants pleaded guilty when the charges were read to them, with the prosecution counsel, H.U. Kofarnaisa, calling the investigating officer, Matthew Orogwu, who reviewed the facts of the case and tendered documentary evidence before the court.
After presenting the evidence, Kofarnaisa urged the court to convict and sentence the defendants in line with the charges.
