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Naira redesign: Group demands N2trn compensation from CBN
A Civil Society Organisation, Save Nigeria Movement (SNM), said the Central Bank of Nigeria (CBN) should compensate Nigerians with two trillion Naira for losses during the naira redesign by the suspended Governor, Godwin Emefiele.
The group said this in a letter to the CBN dated July 6 through its legal representative, Sorkaa & Associates.
The group said the amount represents one trillion naira compensation for Nigerians with bank accounts and another one trillion naira for those without bank accounts.
The group warned that it would take legal action if the apex bank failed to act within 30 days of their notice.
“We have been briefed by Save Nigeria Movement (SNM), a Non-Governmental Organisation (hereinafter referred to as ‘our client’), and our legal services retained.
“The brief of our client reveals that the CBN Naira Redesign Policy introduced in December 2022 to expire in February 2023 brought enormous hardship to Nigerians as attested by the former Senate President, Ahmad Lawan.
“President Bola Tinubu faulted the suspended Governor of CBN for harshly implementing the Naira redesign policy, stating that there are many Nigerians that suffered within the implementation of the policy.
“The brief of our client further reveals that the Governor’s court case against the CBN at the Supreme Court, which they won, ordered that the new and old naira notes remain legal tender until Dec. 31, 2023.
“This confirmed the illegality of the CBN’s entire policy.
“We hereby demand on behalf of our client the immediate payment of one trillion naira only as compensation to every Nigerian with a bank account who suffered from the economic terrorism of the suspended CBN Governor.
“We hereby also demand on behalf of our client the immediate payment of one trillion naira only as compensation to every Nigerian without a bank account who suffered from the economic terrorism of the suspended CBN Governor.
“Take note that should you fail or refuse to meet the demands of our legal correspondence upon receipt within the next seven days, that is counting from July 6 when we sent the letter, we will not hesitate to take legal steps forthwith without recourse to you.
“Remember, a stitch in time saves nine; please act wisely and pay compensation to Nigerians who had bank accounts and those who did not have bank accounts,” the group said.
The Federal Road Safety Corps (FRSC), Anambra State Sector Command, has confirmed the death of a woman in an accident at Okpoko Market on the Asaba-Onitsha Road.
The Sector Commander, Mr Adeoye Irelewuyi, who confirmed the accident to journalists in Awka on Thursday, said that the woman was hit while she was crossing the road.
He said that the accident, which occurred on Wednesday, involved a commercial tow truck with registration number XA550BMA.
“Eyewitness report reaching us indicates that the truck was towing a vehicle in an uncontrollable speed along the axis.
“The vehicle that was being towed got detached from the tow truck.
“It hit and killed a female adult, who was said to be crossing the road, while the tow truck continued its movement.
“FRSC rescue team came to the scene and took the woman to Toronto Hospital, Onitsha, where she was confirmed dead and her body deposited at the hospital’s mortuary,” he said.
While sympathising with the family of the dead, the sector commander urged motorists, especially tow truck drivers, to exercise a high level of professionalism.
He also urged the drivers to always use standard equipment and avoid speeding.
The Chairman, Poultry Association of Nigeria (PAN), Lagos State Chapter, Mr Mojeed Iyiola, said the state government’s maize palliative to members of the association made a positive impact on the sector.
Iyiola said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.
“We received about 150,000 tons of maize in February from the Lagos State government as palliative to cushion the effect of high feed prices.
“The major benefit of the palliative is that it actually cushioned the cost of production for most poultry farmers in the state.
“The palliative was beneficial as it made the cost of some poultry produce, especially eggs to drop,” Iyiola said.
He noted that prior to the palliative, a crate of egg was sold between N3,500 and N3,700 at the farm gate, but after the palliative, it now sells between N3,200 and N3,400.
According to the PAN chair, retailers and middlemen who sell from N3,800 to N4,200 do that for their personal gain.
“We have urged our members to sell their eggs at reasonable prices following the receipt of the palliative from the government.
“We appreciate the Lagos State government for the palliative but we also urge the federal government to do likewise, to further reduce the cost of production in the sector.
“This will consequently lead to drop in the prices of all poultry produce across board,” he said.
He said the palliative was shared among financial members of the association at no extra cost.
“As an association we shared the grains equally across PAN’s eight zones in the state equally. We also mandated each zone not the sell even a grain of the maize.
“We, however, considered new poultry farmers who wanted to the join the association as beneficiaries of the palliative,” said Iyiola.
He noted that through the palliative, more poultry farmers were recruited into the association.
“The maize was shared only to poultry farmers and not feed millers, it is the major component of poultry feed formulation,” he said.
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