TECHDIGEST – The Central Bank of Nigeria, CBN, may have since announced that the naira notes of 200, 500 and 1,000 would be redesigned for some reasons, but it is the Nigerian Security Printing and Minting Company (NSPMC), a government-owned banknote printer and mint that will see the action through.

Founded in 1963, the federal government-owned minting firm is presently under the leadership of Ahmed Halilu, a participant in Senior Executive Course 39, 2017, of the National Institute for Policy and Strategic Studies Kuru, Jos.

The Economic Confidential reports that Halilu who was appointed the Managing Director of NSPMC last month is an elder brother to Aisha Buhari, the wife of the President.

Before his latest appointment, Halilu had headed the company in an acting capacity, following the resignation of Abbas Masanawa on May 16. Before the elevation, Halilu was the Executive Director, Corporate Services of the NSPMC.

Buhari approved the appointment of Halilu after the recommendation of the governor of Central Bank, Godwin Emefiele, who serves as the NSPMC board chairman.

Mr Halilu has over 23 years of experience in the Banking industry having worked with African International Bank Limited, AIB and Zenith Bank Plc.

Mr Halilu holds a Bachelor’s degree in Agriculture B. (Agric), Masters in Business Administration as well as Masters in International Affairs and Diplomacy all from Ahmadu Bello University Zaria.

Halilu had earned several other professional and diploma certifications that proved his wealth of knowledge. His managerial experience is not in question considering his 15 years of a managerial and financial portfolio.

Economic Confidential gathered that his first working experience post-nysc in 1992 was at African International Bank at Kano State. He would thereafter become a deputy manager in charge of the Foreign Exchange department in 1998.

Furthermore, his earliest managerial position was his two-year stint at CBN Kaduna Branch as the manager in charge of Corporate Banking Loans and Advances Recovery. In his long career as a financial expert, he had attended not less than 17 high-value courses.

The Adamawa State-born technocrat is also a member of the Nigerian Institute of Management, NIM.

Emefiele, while announcing the Apex Bank’s intention to redesign the country’s currency, said CBN would release the re-designed naira notes by December 15, 2022.

According to the CBN governor, this was targeted at controlling currency in circulation as well as curb counterfeit currency and ransom payment to kidnappers and terrorists.

He noted, “Indeed, the integrity of a local legal tender, the efficiency of its supply and its efficacy in the conduct of monetary policy are some of the hallmarks of a great central bank.”

On how it would help curb ransom payment, he said, “Also, in view of the prevailing level of security situation in the country, the CBN is convinced that the incident of terrorism and kidnapping will be minimised as access to large volume of money outside the banking used as source of funds for ransom payment will begin to dry up.”

He further identified more reasons that necessitated the re-designing of naira notes.

According to the apex bank governor, the challenges included: significant hoarding of banknotes by members of the public; worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability; and increasing ease and risk of counterfeiting evidenced by several security reports.

Following Emefiele’s pronouncement, experts and Nigerians would have concluded that critical stakeholders endorsed the move to give our naira notes a facelift. But they got a shocker when the federal government, through the Minister of Finance, Budget and National Planning, Zainab Ahmad, denied having knowledge of the naira redesign.

Ahmad, while disowning the policy, said if implemented, the redesigning would portend great consequences for the nation and its economy.

With both Emefiele and Mrs. Ahmed serving in the same government, and the former even reporting to the latter, it is incredulous that FG is denying having knowledge of the Emefiele-led CBN’s latest action.

The two questions begging for answer are: how will CBN come up with an economic policy without first intimating FG? Is Emefiele and the Finance Minister not working for the same government?

Commenting on the development, former Economic Adviser and Chief Executive Officer of National Planning under President Olusegun Obasanjo, Prof. Magnus Kpakol, said that the exercise would come at a cost, adding, however, that the apex bank must have considered the cost of the change to the economy.

On his part, the Executive Director, Technical, Anchor Insurance Limited, Mr. Adebisi Ikuomola, said that the he doesn’t see the development having any tangible effect on the economy or strengthening the naira.

He said: “The CBN said that the move is geared towards reducing the volume of naira in circulation, however I don’t see how that can positively affect the economy or strengthen the naira. The naira is weak in the foreign exchange market and this policy may not turn that around.”

In his reaction, the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, described the planned move by the apex bank as embarking on a profligate exercise and a distraction.

His words: “It is difficult to see any compelling value proposition of this currency redesign idea. The cost of such an action would be outrageous and disproportionate compared to the expected benefits advanced by CBN.”

Economic Confidential notes that amid the raging debate on the re-designed naira notes, President Buhari’s inlaw, Ahmed Halilu, and his team at NSPMC have their work cut out for them, if they want to meet the timeline of the release of the new naira notes set by Emefiele. The clock is already ticking.

By Economic Confidential

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TECHDIGEST – The basic reason that dragged me into the political terrain in 2013 was my becoming worried about the state of the youth especially those from my creed.

I had a desire to see the youth imbibing my understanding of life which had largely paid up for me at that time till today and I thought it was possible for every other person to do so but with the possession of certain principles which must be consistent.

The most important of such characters was Openness to acquire network and skills.

Consequently, my NGO named ‘One Heart Initiative for Equity and Good Leadership’ birthed the #30PercentOrNothing which aimed to speak to the youth to acquire the needed skills for self-survival as well as to encourage the government and private sector to utilise the youths to solve current problems, this however came with a caveat on the fact that the recruitment of such youth must be objective enough to ensure the appropriate skills requisite for the assignment were sufficiently available.

I was also part of the speakers at Aisha Buhari’s ‘Just the Beginning’ programme alongside Festus Keyamo and co. which was held at the Banquet Hall of the State House in 2015 to engage youths and celebrate President Buhari’s ascendence to presidency.

At the event, I told the youths present to cease from antagonism of the Jonathan presidency and utilise their social media handles in propagating the policies of government which their followers could key into and eventually culminate into them feeling inclusivity and benefaction of the government. The rest is history.

Against such backdrop, I supported and wrote different articles on issues I saw which had conformed to the narrative above.

Just recently on Thursday the 26th August, 2021, the All Progressive Congress party inaugurated a committee that will see to the Digitalization of the party processes and that caught my eyes. It was not the digitalisation attempt that caught my attention because the People’s Democratic Party had initiated the digital registration of members in recent times. It was the recruitment of the individuals to manage the process by the APC that moved me because it indeed sat exactly with our ideals.

Let me refer you to my article titled ‘Kashifu as a Vindication of Youth Excellence in Governance’ which I was published on the 20th August 2020 in Premium Times.

In the article I highlighted how important it was that Dr. Pantami had ensured that his recruitment process for the job was right and Mr. Kashifu had equally vindicated such choice. Our belief and commitment to such ideals was borne out of practical engagements and experiences and we do not have an iota of doubts that anyone who means business and patronises such recruitment process will eventually succeed.

Nigeria has got some of the finest young men full of critical skills. Any young man reading this by any means may choose to understand the importance of skill acquisition and imbibe same.

Mr. Azibaola Robert of Mangrovetech Construction and Engineering Ltd. was also a beneficiary of such ideals when in 2010 he chooses to publish a public advert for the recruitment of professionals to help in executing the provision of engineering infrastructure at Maitama Extension District project in the FCT, Abuja, a project which was the first of its kind to be awarded to an indigenous company in the FCT.

He succeeded in recruiting just 16 of us after a rigorous process and kudos must also go to Mr. Obinna Oleribe whose company oversaw the recruitment process. The rest about the success of the project can be found with the FCDA but it indeed showcased how far objective recruitment can go in the successes of ventures.

Therefore, the idea of the recruitment of Mr. Kashifu to head such a critical committee with its mandate including the formulation of strategy for the 2023 election leaves a lot of commendation for the Mai Mala Buni led caretaker committee which itself have been performing wonderfully well through the advancement of the membership of the party by porting so many opposition bigwigs.

I will encourage them to ensure more inclusivity going forward to the convention in order that the party becomes well entrenched in the Nigerian polity.

With the Digitalization committee and the recruitment of its chairmanship however, it does appear they are ready for such and I am confident they’ll surely succeed.

From the mandates of the committee, the APC has created a formidable mechanism to communicate with the youth which make up over 70% of the voting population. Only the youth understand the language of their constituency and one thing that I know Kashifu will do going by his antecedents is to make the assignment an all inclusive one for a united Nigeria and equally ensure his recruitment of those to drive the matter is objective enough to attract the requisite skills.

Our initial movement of 2014 was unsung to a large extent because of the absence of resources and a formidable platform but now that the APC has through critical leadership and reasoning offered itself for the actualisation of the 21st century rejuvenation by ensuring it stuck to appropriate recruitment at that, the party has positioned itself for entrenchment in the Nigerian polity for a long time to come.

All of us at One Heart Initiative for Equity and Good Leadership identify with this lofty idea and are open to provide any needed support because we believe strongly that the development of the Nigerian youth could lead to the cessation of many of the problems currently bedevilling our dear nation.

Hashim Suleiman
oneheartnaija@yahoo.com

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