Naira Redesign: Revoke Central Bank Office’s C of O – Shehu Sani To Ganduje

The former Kaduna State lawmaker, Shehu Sani, has reacted to the clampdown on commercial banks by the Kano State government over the Naira redesign policy.

Governor Abdullahi Ganduje of Kano state had threatened to revoke the license of commercial banks refusing to accept the old N200, N500 and N1,000 notes in the state. 

Ganduje, through a statement signed by his commissioner for information and internal affairs, Muhammad Garba, on Tuesday, had stated that the old naira notes were still legal tenders based on the Supreme Court ruling. 

Prime Business Africa reported on Wednesday, 8 February 2023, that the Supreme Court ruled that the phasing out of the old Naira notes should be suspended until Wednesday 15 February 2023. The court has adjourned the case to 22 February 2023 and ordered that its ruling last week was still legally binding. 

In the statement, Ganduje said banks, supermarkets, restaurants, filling stations, hotels, and traders in markets, among others, are rejecting the old naira notes for transactions.  

“This non-acceptance by some selfish individuals is further worsening the already tensed situation exacerbated by the non-availability of the new naira notes,” Ganduje lamented. 

The governor added: “Business and economic activities are seriously affected by the naira redesign and unfortunately some self-centered individuals are cashing on the situation to cause further hardships on the people by not accepting the old naira notes during transactions. 

“The people have suffered enough untold hardship and, therefore, the state government will not fold its arms and allow few selfish elements in our midst to worsen the situation.” 

Responding to Ganduje’s threat to revoke the licenses of banks, Sani said the governor shouldn’t focus on banks, instead, he should direct his grievance to the Central Bank of Nigeria. 

Sani said Ganduje should revoke the Certificate of Occupancy (C of O) of the central bank office in the state, not that of the Deposit Money Banks (DMB) that are acting based on the instruction of their regulator, the CBN. 

C of O is a land title document which acts as proof of ownership of land in Nigeria. It can be obtained by individuals or businesses. 

“If Kano is really angry, revoke the C of O of the Central Bank Branch in your state and not that of the commercial Banks,” Sani wrote on Twitter, on Tuesday.