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Naira Redesign: Lagos Assembly Commends NASS

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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.

 

 

 

 

Naira Redesign: Lagos Assembly Commends NASS

 

 

 

 

 

 

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.

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Osun Residents Benefit from Fidelity Food Bank Initiative

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Osun Residents Benefit from Fidelity Food Bank Initiative

Osun Residents Benefit from Fidelity Food Bank Initiative

 

Over 4,500 residents have benefited from a two-day feeding programme organized by Fidelity Bank Plc in Abere and Modakeke communities in Ile-Ife, Osun State. The program, which saw to the distribution of essential food items, was executed in collaboration with the Ministry of Cooperatives and Empowerment and the Esther Adeleke Foundation.

 

Speaking during the distribution event, the Managing Director/Chief Executive Officer, Fidelity Bank, Dr. Nneka Onyeali-Ikpe, represented by the Regional Bank Head, Southwest II, Mrs. Morenike Olabisi emphasized that the Fidelity Food Bank initiative underscores the bank’s commitment to Corporate Social Responsibility (CSR) and community welfare. She noted that since the initiative was launched in April 2023 by Dr Nneka Onyeali-Ikpe, it has impacted communities across all six geopolitical zones in Nigeria.

According to Mrs Olabisi, “This is the third distribution exercise in Osun State this year, and our aim is to achieve zero hunger in Nigeria and achieve the Sustainable Development Goal 2. Our CSR initiatives are designed not just to provide immediate relief, but to empower people and improve their livelihoods.

“The bank will be donating 500 Point of Sale (POS) machines to the Ministry of Cooperatives and Empowerment for onward distribution to residents In addition to the food bank distribution. “These POS machines will serve as an income-generating tool for many families and small business owners across the state. Fidelity prides itself as a responsible organisation, and we place a huge premium on the wellbeing of our host communities”, she added.

Responding to the gesture, the Governor of Osun State, Senator Ademola Adeleke represented by the Commissioner for Cooperatives and Empowerment, Bayo Ogungbangbe, commended Fidelity Bank for the social intervention programme and its continued support to the people.

“This is not the first time Fidelity Bank is giving back to the state and this shows that the well-being of the people is of top priority to the bank. We are deeply grateful for their sacrifice and we urge other corporate organizations to emulate Fidelity Bank on this laudable initiative”, he stated.

On her part, the founder of Esther Adeleke Foundation and the wife of Osun State Governor, Erelu Ngozi Adeleke, emphasized that this is the second edition of the Fidelity Food Bank in collaboration with Esther Adeleke Foundation noting that, the first edition at the Asubiaro Hospital, Osogbo inspired them to do more.

Her words, “My resolve to help the needy and alleviate poverty necessitated my partnership with Fidelity Bank in the distribution of food items to the needy.  There is hardship in the country, and I am doing my best to support the governor of Osun State to cater for the needs of Osun people.

“I want to appreciate the management of Fidelity bank for their dedication to the people of Osun state, and we want to assure the bank that they have our utmost support”, she added.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The bank is also a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application Award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider Award by Global Brands Magazine.

Additionally, the bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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We followed legacy of my Late Father-Prince Akintoye Akinrinade.

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We followed legacy of my Late Father-Prince Akintoye Akinrinade.

 

Prince Akintoye Akinrinade have described a 3-day free medical outreach organised by him which we hold between Friday,16th to Sunday 18th of May,in Agbado and its environs as a part of legacy they followed from their father, Oba Anthony Adetunji Akinrinade.

He stated this in his own tribute to mark 3rd years anniversary remembrance of his late father, Oba Anthony Adetunji Akinrinade.

Akintoye said that the outreach, which provided free consultations, medications, health education, eye test and screenings, was a demonstration of continued commitment to the values of compassion and community service that defined the life of the late Kabiesi.

He further said” The program orgaized by his son as a reflection of the late Kabiesi’s philanthropic spirit, the initiative aimed not only to address pressing health needs in the community but also to inspire others to embrace a lifestyle of giving and service”.

He emphasized that the outreach is a direct continuation of his father’s legacy—a man who lived for the well-being of others and whose memory continues to inspire meaningful change.

Prince Akintoye also said “Service to humanity is a value I deeply inherited from my father, Kabiesi was more than a mentor—he was a beacon of generosity. This outreach is one of many ways we intend to uphold his legacy and ensure his kindness continues to touch lives.”

When he recounting past efforts, he highlighted that during the 2nd-year remembrance last year, solar-powered streetlights were donated and installed across the Agbado community to improve security and quality of life. These acts of service stand as testaments to the late Kabiesi’s enduring influence and the family’s resolve to keep his vision alive.

He then concluded with a call to the good people of Ogun State to continue walking the path of compassion and communal support.

He then urged “Let us not allow this legacy to fade, together, we can build stronger, healthier, and more united communities, just as my father always dreamed.”

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From Chicago to the Chair of Peter: Pope Leo XIV Makes History

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From Chicago to the Chair of Peter: Pope Leo XIV Makes History

By George O. Sylvester

On May 8, 2025, history was made within the walls of the Vatican as Cardinal Robert Francis Prevost, a Chicago-born prelate with deep roots in Latin America, was elected the 267th pope of the Roman Catholic Church. Taking the name Pope Leo XIV, he becomes the first American-born pontiff in the Church’s two-millennia history, a milestone that underscores the evolving global nature of Catholicism.

From Chicago to the Chair of Peter: Pope Leo XIV Makes History
By George O. Sylvester

A Historic Election
The conclave that elected Pope Leo XIV was notable not only for its outcome but also for its efficiency. The College of Cardinals, comprising 133 electors, the largest in history convened in the Sistine Chapel and, after just four ballots over two days, signaled their decision with the traditional white smoke. The swift consensus reflects the cardinals’ shared vision for the Church’s future, seeking a leader who embodies both continuity and renewal.

In his first public address from the balcony of St. Peter’s Basilica, Pope Leo XIV greeted the faithful with the words, “Peace be with all of you!” This simple yet profound message set the tone for a papacy aiming to bridge divides and promote unity within the Church and the broader global community.

A Life of Service and Scholarship
Born on September 14 1955 in Chicago, Robert Francis Prevost entered the Order of Saint Augustine and was ordained a priest in 1982. His academic pursuits led him to earn advanced degrees in canon law from the Pontifical College of St. Thomas Aquinas. However, it was his missionary work in Peru that defined much of his ecclesiastical career. Serving as bishop in the Diocese of Chiclayo, he became a naturalized Peruvian citizen in 2015, reflecting his deep commitment to the communities he served.

His tenure in Peru was marked by a focus on social justice and outreach to marginalized populations. This experience informed his later work in the Vatican, where he was appointed Prefect of the Dicastery for Bishops in 2023, overseeing the selection and appointment of bishops worldwide.

A Papal Name with Purpose
Choosing the name Leo XIV, the new pope aligns himself with the legacy of Pope Leo XIII, known for his 1891 encyclical “Rerum Novarum,” which addressed the rights and conditions of workers and laid the groundwork for modern Catholic social teaching. This choice signals Pope Leo XIV’s intention to continue advocating for social justice, labor rights and the dignity of the poor and oppressed.

Navigating Contemporary Challenges
Pope Leo XIV inherits a Church grappling with numerous challenges, including declining attendance in Western countries, debates over doctrine and social issues and the need for continued reform in the wake of clerical abuse scandals. His background suggests a leader prepared to address these issues with both compassion and resolve.

While maintaining traditional Catholic teachings on matters such as the priesthood and marriage, Pope Leo XIV has shown a willingness to engage in dialogue on contentious issues. He has emphasized the importance of pastoral care and inclusivity, particularly concerning immigrants and the marginalized.

A Global Reception
The election of an American pope has been met with enthusiasm across the United States and Latin America. In Peru, where he served for many years, celebrations erupted, with many expressing pride in his elevation to the papacy. In the U.S., Catholics see his election as an opportunity to reinvigorate the Church’s presence and address local concerns, such as priest shortages and declining participation.

World leaders have also extended their congratulations. Spanish Prime Minister Pedro Sánchez expressed hope that Pope Leo XIV’s pontificate would “contribute to strengthening dialogue and the defense of human rights in a world in need of hope and unity.”

Looking Ahead
As Pope Leo XIV begins his papacy, he faces the monumental task of guiding the Catholic Church through a complex and rapidly changing world. His unique blend of American roots, Latin American experience and Vatican leadership positions him to address both internal Church matters and broader global issues.

His commitment to peace, unity and social justice, coupled with a deep understanding of diverse cultures and communities, offers a hopeful vision for the future of the Catholic Church. As he embarks on this new chapter, Catholics worldwide will look to Pope Leo XIV for leadership that honors tradition while embracing the need for renewal and inclusivity.

In the words of Pope Leo XIV himself: “Peace be with all of you!” A simple greeting that carries the weight of a new era for the Catholic Church.

From Chicago to the Chair of Peter: Pope Leo XIV Makes History
By George O. Sylvester

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