Old Naria notes Probe: Gbajabiamila threatens Emefiele with warrant of arrest

By Christiana Ekpa

The Controversies surrounding the Central Bank of Nigeria (CBN) January 31 deadline for old Naria notes has taken a different dimension as the Speaker of the House of Reprsentatives, Femi Gbajabiamila on Thursday threating to issue a warrant of arrest against Central Bank Governor, Godwin Emefiele  if he failed to honour invitation of the House by Tuesday 31th of January.

The House had on Tuesday, constituted an Ad hoc committee to intervene for a possible extension of the deadline, which management of the CBN led by its Governor, Godwin Emefiele and chief executive officers of all the commercial banks in Nigeria were expected to be in attendance.

However, the CBN team failed o appear before the panel on Wednesday, citing late receipt of the communication, as the committee said both the CBN and the bank MDs are expected at a meeting today Thursday.

Doguwa had at the resumption of plenary, informed the House of the failure of the CBN team to appear before the panel as slated on wedmpnesday.

Speaking on the development,  Gabajabiamila warned that it “would be unacceptable” for the parties expected later in the day not to honour the summon.

He said will not hesitate to issue a warrant to the Inspector General of Police, Alkali Baba Ahmed to compelled the CBN Governor and the Managing Directors of banks to appear before the panel led by Majority Leader, Alhassan Ado Doguwa.

According to the Speaker, “the House of Representatives, in response to a motion on a matter of urgent public importance, invited CBN and Managing Directors of banks in Nigeria to appear before the House of representatives.  They were invited to give reasons for the ongoing failure to adequately disburse the redesigned naira notes before the expiration of the deadline of 31st January 2023, when the old notes will cease to be legal tender.

“The House further constituted an ad-hoc committee led by the Majority Leader, Rep. Alhassan Ado Doguwa, for this purpose.  No official of the CBN appeared to respond to the summons by the House of Representatives.  This is unacceptable. 

“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 people’s 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.

“The House of Representatives recognises the Central Bank of Nigeria’s (CBN) authority to determine the country’s legal tender and to recall currency with reasonable notice, subject to the approval of the President.  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 honoured in full”.