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Naira Redesign: Lagos Assembly Commends NASS
Naira Redesign: Lagos Assembly Commends NASS
– Says Nigerians are suffering, economy in danger
Sahara Weekly Reports That The Naira redesign policy of the Central Bank of Nigeria (CBN) has brought mass suffering on the citizens of the country while the economy is in danger, the Lagos State House of Assembly has lamented.
The lawmakers further noted that even though the policy was a good one, its timing was wrong as it had further thrown the country into economic chaos which could become difficult to resolve if urgent steps are not taken.
The CBN had announced a 10-day extension of the deadline for currency swap at the weekend, but at a sitting presided over by Speaker Mudashiru Obasa on Tuesday, the lawmakers urged the CBN to extend the deadline for currency swap as the policy had not helped the country.
Dr. Obasa noted that the concern of the lawmakers had to do with the pains, anguish and anger spreading among Nigerians over their inability to access the new currency.
“Economists have said most times you cannot use new currency to control inflation, it doesn’t achieve the purpose most times,” Obasa said adding that the intention of the policy as claimed by CBN had been defeated owing to the various complaints from experts and people across the country.
The Speaker said the CBN should have engaged stakeholders while citizens should have been adequately carried along rather than an ‘over-night’ policy by the CBN.
“There are people in the rural areas. It is obvious that the additional 10 days is not even going to be enough.
“The idea is a good one but the way it is being implemented will have an adverse effect on the people.
“We need to commend the National Assembly for showing quality representation and prompt action to intervene for an extension of the deadline.”
The Speaker said that in other countries, old currencies are not discarded in a rush, but allowed to gradually fade out of the system.
Hon. Rotimi Olowo, the lawmaker representing Somolu Constituency 1 who moved the motion, sought for an extension of the deadline till July 2023 in line with the resolution of the National Assembly, while noting the suffering the policy had brought on Nigerians.
Olowo complained about the unavailability of the new notes and the effect on the people, including small business owners and those in rural areas.
Contributing to the motion, Hon. Saka Solaja, chairman of the House committee on public account for state, argued that financial policies are not implemented the way the CBN had gone about the Naira redesign.
“We see videos of people beating themselves mercilessly at ATMs, yet there is no money,” he lamented while supporting the call for an extension of the deadline by the CBN.
On his part, Hon. Richard Kasunmu (Ikeja II) argued that the timing of the policy was not right, especially as the country was still grappling with challenges of effective internet connectivity.
He recalled how he spent five hours a day earlier trying to make an electronic transfer of ₦55,000 to resolve an emergency situation.
“We should be looking at the larger Nigerian people. If we want to survive the Nigerian economy, this should not be a good time for such policy,” he said.
While Hon. Victor Akande (Ojo 1), argued that Emefiele breached a part of the CBN Act concerning the policy, Hon. Setonji David noted: “All over the world, CBN governors are economists, not bankers like Emefiele.
“Our people are suffering and the money can’t be found at the ATMs. If you go to the ATMs, you would see how people are struggling,” he lamented.
The motion was passed by the Speaker after a voice vote of all the members at the sitting.
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
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Meet Alhaji Ismail Adebayo Yisa, A Visionary Leader Committed to Philanthropy and Empowerment
Meet Alhaji Ismail Adebayo Yisa, A Visionary Leader Committed to Philanthropy and Empowerment
By Solanke Ayomideji Taiwo
Alhaji Ismail Adebayo Yisa stands as a beacon of hope and inspiration in the community of Abeokuta, Ogun State. As the Chief Executive Officer of 99 Cristal Lounge and Hotel International, he has transformed the hospitality landscape while simultaneously dedicating himself to uplifting the younger generation through a multitude of philanthropic initiatives.
He is the principal of the Omo-Ade Foundation, a charitable organization rooted in the mission of giving back to the community and fostering positive change. Under his leadership, the foundation has made significant strides in addressing the needs of the less fortunate. Notably, in July 2025, the Omo-Ade Foundation provided essential food and cash empowerment support to over 500 residents of Abeokuta North Local Government Area, illustrating his unwavering commitment to community welfare and development.
Alhaji Yisa is renowned for his warm-hearted nature and deep compassion, often described as having a heart of “gold.” His relentless dedication to philanthropy is a testament to his belief in the power of community and the importance of nurturing the potential of the younger generation.
His exemplary contributions have not gone unnoticed; Alhaji Yisa is a multiple award winner, recognized both in political circles and the educational sector for his outstanding service and commitment to the betterment of society. Through his work, he continues to inspire others to join the cause of social responsibility and community enhancement.
Through his leadership at 99 Cristal Lounge and Hotel International and the impactful initiatives of the Omo-Ade Foundation, Alhaji Ismail Adebayo Yisa is not only building a successful business but also shaping a brighter future for the youth and less privileged in Abeokuta North and beyond. His journey is a powerful reminder of the change one can effect through compassion, dedication, and selfless service.
Dangote Truck not responsible for Auchi Accident, says Eyewitness.
The Dangote Cement truck did not cause the tragic accident, which occurred on the Auchi-Okpella-Okene road, near Omega Fire Ministry in Auchi, Etsako West Local Government Area of Edo State, contrary to online reports.
An eyewitness, Audu Omale, who gave a vivid account of the accident, recalled that “a third-party truck loaded with cement was moving in the opposite direction of the Dangote Cement (DCT) CNG truck on a slopy road. The commercial truck driver lost control of his truck due to a suspected brake failure, ran into a moving vehicle, a motorcycle, and eventually crashed into the side of the DCT truck. The DCT CNG truck caught fire in the process.
“Consequently, three persons from the vehicle hit by the third-party truck lost their lives, while two persons sustained varying degrees of injuries and were rushed to a nearby hospital for treatment. The DCT truck driver escaped to avoid a mob attack,” Omale clarified.
In a related development, the Police Public Relations Officer (PPRO) of the Edo State Police Command, CSP Moses Yamu, confirmed that the accident involved two trucks, one belonging to Dangote Cement, another truck, which has not been identified, and a GLK Mercedes-Benz car.
The Edo PPRO noted that all three occupants in the GLK were confirmed dead in the hospital, while the Dangote truck caught ffirewhich was brought under control.
“I can confirm to you that three vehicles were involved in an accident in Auchi at midday: two trucks and one GLK Benz. The police moved to the scene of the accident and evacuated three occupants of the GLK to the hospital, where they were confirmed dead.
“Two of the vehicles involved were trucks, one belonging to Dangote Cement and another unidentified one. The Dangote truck caught fire and was brought under control,” Yamu stated. He added that the investigation was ongoing.
LOGS INVESTMENT JOINS FORCES WITH MC RICHMAN TO BRING “SOUTH AFRICA LAUGHS” TO LIFE
Chief John Eriourolo aka Ogba Johnilla
CEO, LOGS INVESTMENT
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