Redesigned Naira Notes: Gbajabiamila threatens to issue arrest warrant on Emefiele, CBN Directors

The Speaker of the House of Representatives, Femi Gbajabiamila has declared his intention to issue a warrant of arrest on the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and some bank directors if they collectively refuse to honor the invitation of the green chamber over the scarcity of 3 newly redesigned naira notes.

Gbajabiamila said instead of the House adjourning plenary till February 28 for the elections as planned, the lawmakers would reconvene on Tuesday to take an action against Emefiele and other bank chiefs who fail to show up.

The Speaker, in a statement on Thursday, said the bank chiefs, by shunning the invitation of the House, insulted the authority and prerogatives of the peoples parliament, an action he noted is unacceptable.

Rollout of redesigned naira notes has failed

Gbajabiamila in his statement said that the House of Representatives was informed that the rollout of the redesigned naira notes has been a failure with dire consequences on the ability of Nigerians to conduct business across the country.

• He stated, The Resolution of the House was predicated on information showing that the rollout of the redesigned naira notes has been an unmitigated failure. This failure has real and dire consequences on the ability of Nigerians to conduct business across the country.

• The refusal by the CBN to heed the invitation by the House of Representatives is evidence of a blatant disregard for the well-being of the Nigerian people who are their customers. It is also an insult to the authority and prerogatives of the peoples parliament.

• “Therefore, I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives.”

• Gbajabiamila added, The House is also aware that Section 20 (3) Central Bank of Nigeria (CBN) Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall.

• “Notwithstanding the deadline imposed by the Central Bank of Nigeria (CBN), this House will see to it that this provision of the law is honored in full.”

For the record

• Recall that on October 26, 2022, the CBN announced plans to redesign the N200, N500, and N1,000 notes. Consequently, President Muhammadu Buhari on November 23, 2022, unveiled the redesigned naira notes at the State House in Abuja, with the apex bank fixing January 31, 2023, as the deadline for the validity of the old notes.

• However, there have been complaints from businesses and Nigerians over the availability of the redesigned naira notes with a call to the CBN to extend the deadline to avail more time for proper distribution.

• The House of Representatives had summoned the CBN governor and bank directors over the January 31, 2023 deadline for the validity of old N200, N500, and N1,000 notes but the bank chiefs refused to heed the invitation by the green chamber.

• It had invited Emefiele and the bank directors on several occasions to give reasons for the ongoing failure to adequately disburse the redesigned naira notes before the expiration of January 31, 2023.

• The House further constituted an ad-hoc committee led by the Majority Leader of the House, Alhassan Ado Doguwa over the matter.