Editorial
CBN And Nigeria’s Cash Crunch
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Nigerians have, again, been thrust into desperation as they grapple with cash shortage that has cast a dark shadow over their daily lives. Months after the Supreme Court’s ruling permitting the coexistence of the old and new naira notes, the crisis persists, leaving countless individuals struggling to secure basic necessities.
The scarcity of naira notes has partially crippled commerce throughout the country, especially in the informal sector. Businesses are incapacitated, unable to complete transactions efficiently, resulting in a slowdown of economic activities. Some people are left in dire straits, desperate for cash to meet essential expenses such as food, transportation, and healthcare, among others.
The cash crisis has created a fertile ground for unscrupulous elements and businesses to engage in predatory tactics. Retailers are exploiting the despair of consumers by overcharging for goods, while others hoard cash to sell at inflated prices. This rampant profiteering has further burdened the already strained financial resources of many Nigerians.
It is deeply concerning that while the citizens are still contending with the fallout of a failed disastrous currency redesign policy last year, the Central Bank of Nigeria (CBN) has initiated another misguided scheme that has exacerbated the scarcity of the legal tender. This ill-conceived move is implemented at a time when Nigerians are already struggling with inflation, rising unemployment, and declining living standards. The CBN’s actions have only served to compound their plight.
The timing of the plan is particularly cruel and demonstrates a fundamental lack of consideration for the well-being of ordinary Nigerians. The Central Bank has failed to adequately assess the severe consequences of its policies on the lives of citizens, who are now compelled to endure an atmosphere of uncertainty and hardship.
Despite the apex bank’s assurances of sufficient naira notes in circulation, the cash dilemma continues to torment Nigerians. The situation has worsened following introduction of withdrawal limits by the nation’s financial authorities, leading to an increased reliance on Point-of-Sale (POS) terminals. However, this dependence has come at a steep cost.
POS service providers have taken undue advantage of the shortage by imposing exorbitant charges, further burdening consumers. The surge in charges has negated the convenience of POS transactions, driving up the overall cost of obtaining cash. The CBN’s claims of adequate cash supply ring hollow in light of the predatory practices of POS operators.
Currently, naira scarcity has gripped major cities across the country, with Automated Teller Machines (ATMs) running dry and commercial banks introducing withdrawal limits. Consequently, POS operators have compassed the moment to exploit the situation. Investigations have revealed that some bank officials who own POS businesses, channel cash meant for the public to these outfits. This is economic sabotage. These unpatriotic Nigerians must be identified and punished appropriately.
The Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, has acknowledged that there has been a rise in the amount of money in circulation. However, she claims that the scarcity of cash is due to individuals hoarding it. This explanation contradicts the actual situation on the ground, as numerous banks have been unable to fulfil the daily requests for cash withdrawals.
This is why it is required for the Federal Government to promptly intervene and resolve the difference between what the Central Bank asserts and the actual availability of cash. They should contemplate raising the limits for cash withdrawals, improving access to banking services in areas that lack sufficient coverage, and partnering with mobile money platforms to offer alternative payment options.
To restore confidence in the banking system and help Nigerians affected by the current liquidity crisis, it is necessary to make coordinated attempts to increase the amount of cash in circulation. This can be achieved by taking strict actions against unfair point of sale charges and implementing measures to safeguard consumers from excessive profit-making. The Central Bank can address the liquidity crisis by implementing these steps, and provide relief to the suffering population.
While we promote alternative modes of payment, including electronic channels, to reduce pressure on cash, the authorities must recognise that resolving the cash crunch is not merely an economic issue. It is a matter of social justice. Every Nigerian deserves easy access to their hard-earned money without being subjected to inordinate drudgery. The government has a moral responsibility to address this crisis swiftly and effectively to restore financial stability and ensure the well-being of all its citizens.
Editorial
Ugochinyere’s Allegation, Time For PDP To Act
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Some opposition lawmakers, under the aegis of the Coalition for United Political Parties (CUPP), recently raised an alarm over a renewed plot by the 27 lawmakers of the Rivers State House of Assembly to impeach Governor Siminalayi Fubara. The legislators had defected to the All Progressives Congress (APC) from the Peoples Democratic Party (PDP) last December.
The spokesman of the coalition, Hon. Ikenga Ugochinyere, made this claim during a press briefing held in the National Assembly, Abuja. He revealed some leaked court documents signed by the PDP Acting Chairman, Illiya Umar Damagun, and the PDP Secretary, Senator Samuel Anyanwu, to aid the pro-Wike APC interest against a party in Rivers State and to assist in their attempt to remove Governor Fubara from office.
Speaking during the media chat, Hon. Ugochinyere said: “The opposition lawmakers coalition under the main opposition coalition umbrella, the CUPP, today raised serious allegations against the party’s Acting National Chairman, Mr Umar Damagum, and National Secretary, Senator Samuel Anyanwu.
“The lawmakers accused the two party leaders of a covert plot to sabotage the PDP’s interests in an ongoing legal battle involving defected former members of the Rivers State House of Assembly which is part of a desperate and shameful effort to betray their party, destroy all legal efforts and aid the pro-Wike APC elements have the legal backing to attempt their impossible plot of removing the PDP government led by Gov. Fubara out of office.”
He further claimed that the national chairman of the PDP, along with the secretary, shamefully opposed the national legal adviser’s effort to neutralise and prevent the pro-Wike dismissed APC lawmakers from jeopardising the interests of the PDP. The chairman and secretary sought to support the pro-Wike APC lawmakers who were dismissed, hoping to help them regain their lost legitimacy and make another attempt to remove their party’s governor.
No doubt, Ugochinyere’s accusation carries significant weight and raises serious concerns that warrant a thorough investigation to determine its truthfulness. It is particularly disheartening and unfortunate that such assertions are directed at the individuals holding the two highest offices in the party, as this tarnishes the integrity of the institutions they represent. The gravity of the troubling situation cannot be overstated.
We unequivocally denounce the actions of the Chairman and Secretary of the main opposition party in their purported involvement in a plot to impeach the Rivers State governor. It is shocking to witness such a betrayal of trust and blatant disregard for a dedicated party member. The governor has been tirelessly working to uplift the lives of his people and promote development in the state, only to face opposition from within his political party.
It is deeply disappointing to witness the leadership of a major political party prioritise the interests of a single individual over the well-being of the people they were elected to serve. Governor Fubara has been a beacon of hope for the PDP and residents of Rivers State, and his dedication to good governance should be celebrated and supported, not undermined by those within his party. The move to impeach him reeks of political opportunism and a lack of regard for party commitment and loyalty.
Though the PDP Governors Forum and the Board of Trustees (BOT) have condemned the move to unseat Fubara, however, to truly safeguard democracy and party dignity, they must do more than offer solidarity. They must proactively mobilise their party machinery and thwart the nefarious plans of those seeking to subvert the party’s interests. They should move against the defected 27 lawmakers and the machinations of the APC. By denying these individuals a platform within the PDP, both organs can effectively neutralise their ability to disrupt the affairs of the once formidable PDP.
Other organs of the party should collaborate and resist the chairman and the secretary. These two officers have caused enough problems for the opposition party and do not deserve to continue in their offices. The current crisis in the PDP is attributable to them and their cohort, former Governor Nyesom Wike. The constant power struggles, lack of respect for party laws, and questionable decision-making have led to a loss of trust and support from party members and the general public. The PDP must take swift action to remove these individuals from their positions to restore unity and credibility within the party.
Stakeholders must take immediate action to prevent the potential demise of the PDP. Allowing the current crisis, fueled by the self-serving actions of the implicated officials, to continue unchecked could lead to irreparable damage. These leaders must prioritise the party’s unity over personal interests. Every member must work to safeguard the PDP’s future and reinforce its role as a vital opposition force. The time for decisive intervention is now; complacency could ultimately seal the party’s fate.
Ugochinyere’s allegations demand a prompt and transparent response from those implicated; silence may be interpreted as tacit admission of guilt. The party organs must act decisively to reclaim their party. It is disheartening to witness a once awe-inspiring political party struggle to present a cohesive front, particularly with the 2027 elections looming. This fragmentation signals a troubling departure from the PDP that Nigerians once revered, raising concerns about its future viability and relevance in a rapidly evolving political landscape. Unity, discipline, and internal democracy are essential for the party’s revival.
Editorial
APP Secretariat Explosion: One Too Many
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Port Harcourt’s tranquility was shattered recently as a deafening blast ripped through the Action People’s Party (APP) secretariat. Dynamite, the suspected explosive, left behind a scene of utter devastation. The once vibrant building lay in ruins, with shattered windows, and debris scattered across the environ. The explosion sent shockwaves, leaving behind a cloud of fear.
While no casualties were immediately reported, the incident has ignited concerns about escalating political violence in the state. The timing of the attack has heightened tensions and raised questions about the motives behind the act. Security agencies are reportedly investigating the incident to bring the perpetrators to justice. The blast occurred amid rumours of a potential defection by Governor Siminalayi Fubara and his supporters to the APP.
This attack underscores the alarming threat to the safety and security of political institutions. The incident demands immediate action to safeguard these vital pillars of democracy. Political parties are essential for the healthy functioning of any society. They provide avenues for citizens to participate in decision-making, represent diverse viewpoints, and hold governments accountable. However, when they are targeted with violence and intimidation, their ability to fulfil these critical functions is severely compromised.
Assaulting political parties not only poses a physical threat to politicians and party members but also undermines public confidence in the electoral process itself. It creates an atmosphere of fear and insecurity that can dissuade individuals from participating in politics and expressing their opinions freely.
The Rivers State Commissioner of Police, Tunji Disu, has a fundamental responsibility to protect and uphold the rule of law. In light of this attack, the authorities must prioritise the safety of political parties by implementing comprehensive security measures. These include enhanced surveillance, increased police presence, and prompt investigations to deter and apprehend any potential attackers.
Despite the alarming incident, the absence of arrests or prosecutions is deeply concerning. The state police command must assume accountability and enhance its efforts to uphold law and order. Law enforcement capabilities and intelligence gathering should be intensified to pinpoint the whereabouts of the perpetrators. This proactive approach will not only deter future crimes but also restore public confidence in the police’s ability to protect citizens.
Moreover, the police should collaborate with individuals to foster information sharing and strengthen surveillance. Establishing a hotline or anonymous reporting system can facilitate the reporting of suspicious activities, providing vital leads to apprehend the criminals. Community policing initiatives can bridge the gap between residents and law enforcement, promoting a sense of shared responsibility for public safety.
By addressing the shortcomings in law enforcement and implementing proactive measures, the state police command can effectively contain the incident and prevent similar occurrences in the future. The safety of citizens depends on a vigilant and responsive police force that is committed to apprehending criminals. There might be more attacks if the police remain docile.
Those who make inflammatory statements should be invited and interrogated. The silence of the police in the face of a recent inciting statement made by the former Ikwerre Local Government Area Chairman, Mr Samuel Nwanosike, has raised concerns about their impartiality. Nwanosike’s threat to destroy the property of Governor Siminalayi Fubara has gone unaddressed by the police, despite the potential for it to incite violence and destabilise the state.
The failure of the police to prosecute the perpetrator of the bombing at the Hotel Presidential in Port Harcourt during a protest march by former Governor Nyesom Wike’s supporters has cast a shadow over their impartiality in the ongoing political crisis in the state. This has encouraged the attack on the party secretariat.
A neutral police force is essential for maintaining peace in a democratic society. Citizens must trust that the police will act without bias, regardless of political affiliations or personal interests. However, the failure to hold accountable those responsible for such a blatant act of aggression undermines public confidence in the force.
We must not tolerate the use of savagery in the pursuit of political goals. Any attempt to silence or intimidate political opponents through fury is a direct assault on the principles of democratic governance. The state has a duty to protect its citizens and ensure that all political activities are conducted in a safe and peaceful manner.
The dynamite attack on the APP secretariat is a wake-up call for all Rivers people and Nigerians. We must recommit ourselves to building a society where political racketeering is unthinkable. If we work together, we can safeguard our democracy and ensure that all citizens can participate in the political process without fear or intimidation.
Editorial
As Rivers LG Election Aproaches…
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Barring any inhibiting circumstances, the Rivers State Independent Electoral Commission (RSIEC) will conduct the state local government election on October 5. Charged with this onerous task, RSIEC must engage in a meticulous orchestration of events, strategies, and implementations to ensure the polls pass off without a hitch. Regrettably, the conspicuous silence and apparent inertia of the electoral body have become sources of consternation for the people.
The success of any election hinges on the groundwork layed before actual polling. Hence, RSIEC must undertake a comprehensive planning. A fastidious approach to voter registration and the maintenance of a credible voter register are fundamental. The commission must ensure that eligible voters are not disenfranchised following administrative oversights or technical glitches. In a healthy democracy, voter engagement is not merely a suggestion but a necessity. It is the lifeblood that sustains the very fabric of a political system.
Central to this engagement is a profound sense of security among voters that their voices will be heard and their choices will be respected. When voters feel secure in their right to vote, they are more likely to participate in the electoral process. Therefore, in the forthcoming local government election, RSIEC must prevent voter suppression and make voters believe that they will not be prevented from casting their ballots.
Additionally, the state electoral commission ought to ramp up voter education programmes. An electorate that is well-educated about the procedural aspects of the voting process is less likely to encounter disenfranchisement because of ignorance or misinformation. Furthermore, the commission must emphasise the importance of non-violence and peaceful conduct during the election period.
Recruitment and thorough training of electoral officers are essential for ensuring a successful election. RSIEC must instil integrity and professionalism in its ad hoc staff, as these individuals play an essential role in upholding the election’s credibility. Equipping them with the necessary skills and ethical guidelines can foster a transparent electoral environment.
The logistical aspect cannot be understated. Proper preparation would involve ensuring the timely distribution of voting materials, functional voting equipment, and the optimal location of polling units. The accessibility of these units for people with disabilities must also be a consideration to enhance inclusiveness in the democratic process.
Election periods are notoriously fraught with tension and Rivers State is no exception, especially in light of the current political crisis. It is non-negotiable that adequate security measures are put in place to forestall any form of electoral violence or malpractice that could jeopardise the probity of the exercise. Collaboration with various security agencies will be momentous. RSIEC must work in concert with the police force, civil defence, and possibly the military, especially in areas identified as hotspots for electoral unrest.
Security personnel deployed for election duties must discharge their responsibilities impartially, without succumbing to the whims and caprices of political actors. Ensuring the sanctity of the ballot must be RSIEC’s cardinal goal. As such, protecting the vote from manipulation – both digitally and physically – becomes imperative. Measures including but not limited to the use of secure ballot boxes, tamper-evident seals, and transparent vote tallying processes should be a part of the commission’s strategy.
Upon the conclusion of voting and counting, the prompt announcement of results will assist in maintaining calm and order. The state electoral body must commit to transparency throughout the entire electoral process. Transparent handling of the election outcomes will boost confidence in the electoral body and decrease the likelihood of disputes. Civil society groups and election monitors could be engaged to ensure credibility.
Nevertheless, it is plausible that disagreements will arise. Thus, the state judicial authorities should begin to set protocols for handling election grievances. Clear guidelines that detail the pathways for legal redress and a commitment to honouring the outcomes of any judicial processes will enhance the plausibility of the electoral process.
Compliance with the state electoral law is obligatory in maintaining the legitimacy of the process. Any deviations from the prescribed procedures and regulations can undermine the validity of the results. Therefore, it is incumbent upon all parties involved to familiarise themselves with the legal framework governing the electoral process and to ensure strict adherence to its provisions to promote an election that truly reflects the will of the people.
All political parties must be treated equally. This could foster an environment of inclusivity. Equal access to information should be guaranteed. This is not merely a procedural necessity; it is a fundamental principle that upholds the integrity of elections. When all political parties are properly informed and engaged, the electoral process becomes more robust, reducing the potential for disputes and fostering a healthier political climate. Ultimately, equitable treatment by the umpire is vital for genuine democratic participation.
The Rivers State Government must give precedence to the adequate allocation of funds necessary for the elections for a smooth and transparent electoral process. Proper financing is necessary not only for logistics support, such as polling station setup and staff training but also for maintaining the integrity of the electoral system and the payment of adhoc staff. Investing in these resources can foster civic participation. Moreover, a well-funded election can help mitigate potential conflicts and irregularities.
Citizens and observers are keeping a careful eye on the polls preparations as they progress. The success of the election could set a positive example for electoral integrity not only in the state but in the country as a whole. RSIEC’s actions will determine if it is merely an administrative body or a true protector of democracy. If the commission focuses on meticulous planning and unwavering dedication, it can make certain that the election sets the bar for future polls and demonstrates the resilience of Nigeria’s democratic system.
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