CBN’s Director, Corporate Communications Department, Isa AbdulMumim, made this known in a statement on Tuesday in Abuja.

There had been social a media message in circulation about plans by the apex bank to redenominate the Naira by cancelling two zeros from the currency.

According to AbdulMumim, there is no truth in the message. “The attention of the CBN has been drawn to the wide circulation of a text message suggesting that the apex bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024.

“We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such policy to the economy.”We wish to reiterate that the contents of the message are misleading.

“The authors, in their mischief, modified text eked from old policy move by a previous CBN governor in 2007 to make it look recent,” he said.

 

AbdulMumim said that there was currently no plan by the CBN to restructure and redenominate the Naira.

“Whilst the apex bank may be considering reforms, such are subject to laid down procedure in line with provisions of the CBN Act.“The public in hereby advised to ignore the news report, as it is speculative and calculated to cause panic,” he said.

Kayode Egbetokun confirmed by Police Council as substantive IGP.

The Nigeria Police Council has confirmed Kayode Egbetokun as substantive Inspector-General of Police.
The minister of police affairs, Ibrahim Geidam, announced this to journalists at the State House, Abuja, after the Council’s meeting on Tuesday, October 31.

Youths Storm Rivers Speaker’s Home, Attempt To Pull Down Gate.

The youths, who wanted to force their way into the residence in Port Harcourt, were said to be demanding Amaewhule’s eviction, claiming that he was no longer the Speaker.

It was further learned that the youths ignored the resistance of security operatives and made more attempts to access the building before the operatives shot into the air to disperse them, in a process that left scores with injuries.

It was gathered that a stray bullet hit one of the youths, who is a member of the Rivers State Chapter of the National Youth Council of Nigeria (NYCN).

The Rivers State Chapter of NYCN, Chijioke Ihunwo, was seen addressing a crowd of youths in front of the official residence of the speaker.

Police Arrest Youths

Meanwhile, the state Police Command has arrested Ihunwo alongside other youths who attacked the speaker’s home.

The protesting youths were held at a Police facility, which is next door to the speaker’s residence.
The command’s spokesperson Grace Iringe-Koko confirmed the arrest, explaining that the youths went to attack the speaker in his house and attempted to pull down the gate.

Pro-Fubara Youths Protest

Earlier, some youths had occupied the entrance leading to the Government House along Azikiwe Road, Port Harcourt, as they continued their Monday protest against the planned impeachment of the governor by some lawmakers.

The protesters vowed to resist any attempt to oust Governor Siminalayi Fubara of Rivers State.

Tinubu negotiates ceasefire in Wike, Fubara clash.

President Bola Tinubu has awaded into the political crisis and faceoff between the embattled governor Siminalayi Fubara, and his estranged godfather and Minister of the Federal Capital Territory (FCT), Nyesom Wike.

Apparently to halt the crisis from festering, the President used the opportunity of Tuesday’s meeting of the Police Council, which both the governor and the FCT Minister attended as members, to end the feud between the two political allies.

The relationship between Fubara and Wike suffered a setback following attempts by a section of the state’s House of Assembly to impeach the governor on Monday.
Sources have laid the blame for the impeachment plot at the doorstep of Wike.

 

The political atmosphere in Port Harcourt suddenly turned chaotic when the Assembly, split between the governor and his predecessor, made bold counter moves to checkmate each camp.

Governor of Bauchi State, Bala Mohammed, disclosed the President’s intervention while briefing newsmen on the outcome of the Police Council’s meeting, held at the State House, Abuja.
Despite their feud, Fubara and Wike had earlier exchanged pleasantries inside the Council Chambers before the meeting commenced.

Mohammed, who is the chairman of the Peoples Democratic Party Governors’ Forum (PDP-GF) also disclosed that the opposition governors have resolved to work with the President because he has shown good faith by not interfering with gubernatorial cases brought before the courts.

“We had a closed session where a very serious national issue was discussed that has security implications. That is the problem emerging in Rivers. Mr President, in his usual leadership position, intervened and it would appear there will be peace; I that respect.

“On that topic, the PDP governors, which on their behalf I spoke, extolled the leadership qualities of the President, expressing appreciation that all the PDP governors, who had gone through the tribunals have emerged victorious. We know that is leadership.”

Before they went into a closed door, some of the governors, including Wike and the National Security Adviser (NSA), Nuhu Ribadu, were sighted as they engaged in an aside discussion while others engaged in exchange of banters.
In the ensuing development, Wike later proceeded to shake hands and briefly exchange pleasantries with Fubara after he had disengaged from the NSA.

It is the first time Fubara and his estranged godfather are meeting face to face since the beginning of the reported spat between them.

Soon after the Police Council meeting ended, Fubara recorded his first attendance at the meeting of PDP-GF, where decisions were taken to facilitate a quick end to the political crisis in Rivers.
At the meeting, which was hosted by the Oyo State governor, Seyi Makinde, it was disclosed in a communiqué that “the PDP governors were alarmed at the recent developments in Rivers and welcomed the intervention of Mr President to bring the crises to an end.”

The meeting urged all parties to the crises to sheath their sword and resort to peaceful means of resolution. The Forum further offered its platform for a quick and just containment of the issues.
The meeting vowed to reposition and strengthen PDP as a viable opposition political party ready and willing to play its role as the vanguard of the Nigerian people for democracy, good governance, and accountability.

On the national economy, the meeting urgently requested the patriotic intervention of the Federal Government to stabilise the Naira, control inflation, stem unemployment crises, and bring more succour to Nigerians.

Governors in attendance were: Bala Mohammed of Bauchi; Fubara, who is also the Vice Chairman of the Forum; Ahmadu Umaru Fintiri of Adamawa; and Sheriff Oborevwori of Delta.Others are the deputy governor of Enugu, Ifeanyi Ossai; Ademola Adeleke of Osun; Caleb Mutfwang of Plateau; Godwin Obaseki of Edo; Kefas Agbu of Taraba and Dauda Lawal of Zamfara.

Following the political development in Rivers, president of the Ijaw Youth Council (IYC), Dr Alaye Theophilus, has warned that the organisation would resist any peace deal reached in Abuja that is anti-Rivers people.

Theophilus, who made the position of the youth group known while addressing newsmen at the entrance of the Rivers State Government House yesterday, where teeming youths had gathered in a solidarity protest for the governor, said the youths are keeping tab with development in Abuja.

He said he was aware of ongoing talks initiated by President Tinubu but stressed that while it is in solidarity with the governor, it will go against Fubara if he accepts any peace deal that is anti-Rivers people.
According to him, the youths are receptive to a peaceful resolution to the political instability in the state. “Everything that is happening has a political undertone. And if there is a political means to resolve the matter that peace will be restored to the state, as a council, we support it because peace is golden.

“What we want is a level-playing ground, what we are saying is allow the governor to operate. If the peace accord that they went for in Abuja gives the governor a free hand to pilot the affairs of Rivers, we are okay with it.

“But if the peace accord is anti-Rivers people, we will stand against it. If it will further give the governor the power to deliver the dividends of democracy, we will be okay with it. That is our position,” he said.

However, some political gladiators in the last gubernatorial election in the state have condemned the ongoing unrest, saying the state cannot afford the wanton loss the crisis has caused already.

In their separate statements, the governorship candidates of Accord Party and Social Democratic Party (SDP) in the March polls, Dumo Lulu-Briggs and Magnus Abe, expressed concerns over the political instability that has heightened since the past 48 hours.Lulu-Briggs, who expressed deep concern over the happenings said the ongoing rift is extremely disheartening.

He added that the legislative chambers shouldn’t be a platform for destabilisation but a place to ensure that justice is pursued and constitutional principles are adhered to.

He said: “Political instability at this time when our people, like other Nigerians, are going through grueling economic situations will only worsen their lot.”

The oil mogul called on the leadership of the Rivers Assembly to put the interests of the state and their constituents uppermost during the trying times, maintaining that they should be guided by the pursuit of the common good.

On his part, Abe condemned the alleged direct shooting of live bullets and teargas at the governor, saying the Nigerian police need to have a deeper conversation with the governor, who is the current chief security officer and the only Rivers man that currently enjoys constitutional immunity.

He said: “As seen in trending videos in the media space, the direct gunshots and teargassing on the person of the Governor of Rivers was wrong. This is beyond politics, and I publicly condemn it.”
The Rivers State chapter chairman of the National Youth Council of Nigeria (NYCN), Chijioke Ihunwo, alongside over 100 others have been arrested by operatives of the police state command over a protest.
It was learned that the youth chairman, at about 2:00p.m., having got information that some anti-Fubara lawmakers were having a meeting at the Assembly quarters along Aba Road, led a protest to allegedly disrupt the meeting, but on getting to the meeting, were forced to sit on the ground and eventually were arrested.

Ihunwo and others were subsequently detained at the State Criminal Investigation Department (SCID). Although the police have not reacted to the development, a video on social media showed where the irate youth stormed the factional Speaker, Martin Amaewhule’s lodge, trying to forcefully pull down the gate. This has raised tension as some youths are calling on the police to be professional and apolitical.

Weighing in on the development, the Lagos State House of Assembly has urged President Tinubu to call on the Inspector-General of Police, Kayode Egbetokun, to reopen the parliament so the lawmakers could perform their duties.

Speaker of the House, Mudashiru Obasa, said the parliament must not be made a victim of political crisis among gladiators as witnessed in Edo, where the roof of the parliament was removed by the governor, and other states where such had happened in the past.
“The Constitution must be adhered to at all times. Since the crisis started in the office of the governor, then there is no reason to lock up the Assembly. Even if the lawmakers have issues, they should be allowed to resolve such among themselves without interference from the executive arm.
“The removal of the Speaker behind the door should not be tolerated because it is against the Constitution. While we understand that impeachments are democratic, the procedures must be followed whether for a Speaker or a governor.

“Where did they have the sitting where the Speaker was removed and at what time did the sitting hold? How many members voted against the sitting Speaker? The Rivers governor, in saving his neck, must not sacrifice the House of Assembly or turn the legislators against themselves,” he said.
Guardian.

Why I’m Fighting Fubara-Wike.

The former Rivers State helmsman spoke when he received South South leaders in his office on Tuesday.

Wike said there were indications he was losing his political base in Rivers State, adding that once this happens, he would become politically irrelevant.

He said: “All of us want to be politically relevant.

“All of us want to maintain our political structure.

“Is it not your political structure?

“Will you allow anybody to just cut you out immediately?

“Everybody has a base.

“If you take my base, am I not politically irrelevant?”

Wike, however, said that the face-off between him and Fubara will be sorted out by their party, the Peoples Democratic Party (PDP).

He said: “In politics, there is a lot of internal wrangling.

“But to come out and say: ‘Oh they want to do this against me, it will not work.’

“I had every power then to say where this thing is going.

“So, when things are wrong, you ask questions.

“It is a party affair.

“The party knows how they resolve their own mechanism.

“It is not an ethnic affair.

“Our party is coming to it.

“That is what I will say.

“Every politician has his own interest.”