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Naira Redesign: Policy, Politics & Hypocrisy



It is unfortunate that a good policy (or perhaps twin policies of naira redesign and demonetization) has been poorly implemented in terms of the timing of its announcement, abruptness of the announcement and the secrecy preceding it (as the President chose not to consult properly if we recall the issue with the Finance Minister), timeframe for full implementation, distribution logistics, anticipation of possible challenges, simply because of the fact that the real intent was actually politics rather than the policy itself. This was where the hypocrisy started and the CBN Governor along with our President who was rather pliant in accepting the proposal, brought this upon us.

The fixation on politics as the driver of the whole thing in the first place was ill-informed even when the CBN Governor tried to give seemingly “professional” reasons back then to justify to Nigerians, many of whom were wary of the possibility of the challenges currently being experienced given the implementation timeframe. The President himself mentioned vote buying in one of the interviews granted to support the policy and one will wonder whether CBN has suddenly taken over the role of INEC in giving us credible, free and fair elections.

The level of political awareness of the people has increased significantly particularly with respect to this election cycle that citizens are ready to vote their conscience despite any financial inducement. Indeed, most Nigerians would be ready to collect such inducement with a sense of entitlement and still vote for their preferred candidates. INEC only needs to provide a foolproof, free and fair platform.

So, why the fixation on vote buying and the hypocrisy in policy formulation that would eventually cause untold hardship on 200million Nigerians? It is still that fixation on politics that has brought out the hypocrisy in most people on either side of the argument to review the implementation of the policy or maintain the chaotic status quo, save for a few who have remained sincerely neutral and objective in their interventions.

The politicians (and most of their supporters and sympathizers) who have suddenly become champions of the people in condemning the implementation of the policy are not necessarily doing so for altruistic reasons given their lukewarm reaction to other unpleasant policies or actions of the government before now. The major concern of this group of people is not particularly the fact of being checkmated on vote buying but the fact that the unintended consequences of the policy with obvious hardship on the populace would naturally be a strong negative point against the government and the ruling party thereby significantly impairing the electoral chances of the ruling party’s candidate in the coming elections as Nigerians will vent their anger at the polls. That is the key issue! If the deadline for the naira redesign had been a date after the election, we would likely not have seen this level of agitation by this particular group of politicians and their supporters. Sheer grandstanding, even if their arguments for a review of the policy are appropriate in the circumstance!

The other group of politicians (and their supporters/sympathizers) are equally fixated on politics and nothing else with respect to the policy. Even as the policy was purely the government’s decision, this other group has latched on to it as a means of helping them checkmate the ruling party from vote buying thereby in their opinion, removing the latter’s perceived advantage and leveling the playing field. It also appears to serve them well to see failure of the government as a further narrative that would be used extensively to justify why Nigerians must reject the ruling party at the polls.
This obsession which has been expressed openly and subtly is the basis for their support for the policy despite the unrealistic deadline as well as the chaotic implementation. It’s almost as if reviewing the status quo would give undue vote buying advantage to the ruling party and put others at a disadvantage. Or how else can anyone in good conscience continue to support the status quo not minding the untold hardship being experienced by 200million Nigerians? It is difficult to claim to mean well for the country and wish that this chaos and suffering of the masses should continue. Only an obsessive fixation on politics (even if not directly expressed) can be the basis of such hypocritical posturing.

As earlier stated, voters have become more aware particularly in this election cycle to accept inducement if offered and still vote their conscience. The heightened fervour with which many Nigerians who ordinarily do not bother about political issues have obtained their PVCs shows that there has been a positive shift in the awareness of the people.

So, if we remove the politics and remind ourselves that INEC and not CBN is the body that has been charged with the responsibility to conduct free and fair elections regardless of any “vote buying”, all parties will probably be more objective and dispassionate in assessing the failure of the naira redesign project making it imperative to urgently institute measures for better coordinated implementation to avert anarchy across the country.

Lekan Bakare writes from Lagos.*

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Top Court News is a product of a dedicated Journalist, owner of I-Wahab Media The Publisher started his Journalism career with Murhi International TV, MiTV in 2003 before working with Radio Nigeria, Lagos Operation, as a Judicial Correspondent. He is presently the Chairman of the National Association of Judicial Correspondent, NAJUC, Ikeja Branch and he is the Vice Chairman of Nigeria Union of Journalist, NUJ, Radio Nigeria Chapel. is out to serve you with informative and educative News in the Judiciary sector. To put an end to the under reported activities of the sector among the three arms of government


Elizade Varsity Erstwhile VC Appeals $720,000 Fraud Conviction




The former Vice-Chancellor of Elizade University, Ilara-Mokin, Ondo State, Professor Adekunle Oloyede has approached the state High Court asking for a setting aside of his conviction for $720,000.00 fraud at the Magistrate court.

Mrs. Aderemi Adegoroye, a Chief Magistrate, in her judgment delivered on 25th January 2023, found the Australia-based professor of Medical Engineering guilty of all six-count charges of conspiracy to steal, obtain by false pretence, obtaining under false pretences of the sum of Seven Hundred and Twenty Dollars ($720,000.00) on 3rd March 2015 under the pretext of constructing 500-bed space hostel at Elizade University using panel building technology from Australia.

Professor Oloyede was also accused of obtaining another Two Hundred and Fifty Thousand Dollars ($250,000.00) on 28 April 2017 from Mike Ade Investment Limited for Duro Global Property Limited for the same purpose of constructing a 500-bed hostel.

He was also alleged to have obtained another One Hundred and Fifty Thousand Dollars ($150,000.00) on 19 May 2015 from Omimeje Resources Limited for Duro Global Property Limited for the same purpose of constructing a 500-bed hostel.

He was also accused of another Six Hundred and Fifty Thousand Dollars ($650,000.00) from Elizade Investment Limited for the same purpose. According to the Ondo State Director of Public Prosecution represented by Mr O.E Akintan, the alleged offence was contrary to and punishable under Section 419 of the state Criminal Code.

He pleaded not guilty.

Click To Also Read: $498,000 Laundering: Court Reserves Judgement on Bail of Rivers Rep

However, at trial, Prof. Oloyede insisted he did not connive with anyone but merely acted as an intermediary and introduced the two parties.

He claimed no knowledge of when Chief Ade Ojo, owner of Elizade University, paid $720,000.00 or $250, 00.00 or $150, 000.00 to Duro Global Property Limited.

He told the court that it was after Adeojo had sent the money that he (Chief Michael Ade Ojo) informed him about it. He also said he was not at the meeting where the parties agreed to the contract between them.

He said the reason $650,000.00 was sent to him (which was the only money that passed through him) was because of his role under the Power of Attorney.

He also told the court that Chief Ade Ojo paid $720,000.00, $250, 00.00 or $150,000 to Duro Global Property Limited. He said it was after Chief Ade Ojo had sent the money that he (Chief Michael Ade Ojo) informed him about it. He also said he was not at the meeting where the parties agreed to the contract between them.

However, Mrs. Adegoroye was not convinced of the evidence-in-chief of the ex-VC. She found him guilty and sentenced him to a cumulative eight years in prison with an option of a fine of Six Hundred Thousand Naira (N600,000.00) only.

Read Also: Court Summons DIG Over Controversial Order Freezing Customer Account

Our correspondent reports that Professor Oloyede was not incarcerated as he opted for the fine option.

Meanwhile, dissatisfied with the decision of the court and determined to set aside the judgment, Professor Oloyede, through his counsel, Oke Olusola Esq. of Chief G. O. Ijalana Esq and Olusola Oke & Co of Graceville Law House, filed seven grounds of appeal.

Among others, Professor Oloyede insists Mrs. Adegoroye erred in law when she assumed jurisdiction to try the case notwithstanding that the court lacked jurisdiction to hear the case; that she reached a perverse decision when she relied on Exhibit p.28 to convict him; and that she further erred when she relied on substantive charge in count 3, 4, 5 and 6 which are on obtaining money under pretence to convict and sentence him on court 1, even though he was not charged with the offence of stealing.

Other grounds of appeal cited by Professor Oloyede are miscarriage of justice occasioned by the finding of the court that the purpose of the money was for the payment of building materials which creates a big doubt in the case of the prosecution. Professor Oloyede, on a final note, insists that the entire decision of the magistrate court is unreasonable, unwarranted and cannot be supported having regard to the weight of evidence.

No date has been fixed for the hearing of the application.


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Police Arraigns Businessman, Olusegun Ogunbanjo, For N950m Fraud




The Nigeria Police has arraigned a businessman, Olusegun Ogunbanjo, who allegedly defrauded two men to the tune of N950m, before a Sabo-Yaba Chief Magistrates’ Court in Lagos.

The defendant was arraigned on a three-count charge which borders on false pretences, forgery and stealing.

The prosecutor, Rita Momah, an Assistant Superintendent of Police, told the court that the defendant committed the offences between January 2017 and December 2022 in the Ikorodu area of Lagos State.

Momah submitted that the defendant obtained N450m from one Mr Olusola lkuyajesin and N500m from one Mr Durodola Balogun under false pretences of using the money to buy stationery.

Click To Read: Chrisland Sex-tape Saga: Police Arraigns Four Teachers

She added that the defendant forged an organisation’s Local Purchase Orders to carry out the acts, in contravention of Sections 287, 314 and 365 of the Criminal Law of Lagos State.

The defendant, however, pleaded not guilty.

The Chief Magistrate, Mrs Adeola Olatubosun, granted him bail in the sum of N10m with two sureties in like sum

Also Read:Police Arraigns Car Dealers Over Alleged $112,000 Fraud

Magistrate Olatubosun ordered that the defendant must deposit his passport with the court.

She also directed that one of the sureties must have a landed property within the court’s jurisdiction.

She adjourned the case till April 5 for a substantive hearing

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Court Suspends Roger Brown As Seplat Energy CEO




The Federal High Court sitting in Lagos has granted an interim order restraining Mr. Roger Brown from parading himself as the Chief Executive Officer (CEO) of Seplat Energy Plc.

Justice Chukwuejekwu Aneke ruled that the order stands pending the determination of a suit instituted against the company chief and others by aggrieved stakeholders of the company.

The applicants, in the motion ex parts filed before the court, alleged racism, favouring expatriate workers, discrimination against Nigerians, and breach of good governance.

The court also restrained the firm’s Chairman, Board of Directors, Mr. Basil Omiyi, and all the Non-Executive Directors under him from “continuing to run the affairs of Seplat in an illegal, unfair, prejudicial, and oppressive manner pending the hearing and determination of the Petitioner’s Motion on Notice for interlocutory injunction”.

Also Read: Judicial Council Restores Suspended Judge in Ekiti State

Justice Aneke made the order while ruling on a motion ex parte brought by some aggrieved Seplat Energy Plcs stakeholders.

The applicants/petitioners in the suit are: Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye, and Robert Ibekwe.

Seplat Energy PLC, Mr. Roger Thompson Brown, and Mr. Basil Omiyi, were listed as respondents in the suit.

Also, following a separate ex parte application, Justice Aneke granted the petitioners/applicants leave to serve the petition, any order of court and all other processes to be issued subsequently in the matter on Brown and Omiyi by pasting on the premises of Seplat Energy located at Ikoyi, Lagos.

The court adjourned till March 23 for hearing of the pending application.

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