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I recognize Yar’Adua’s authority, says Soludo

Posted by By ISAAC ANUMIHE, Abuja and GEOFFREY ANYANWU, Awka on 2007/08/28 | Views: 808 |

I recognize Yar’Adua’s authority, says Soludo

Central Bank governor, Prof. Chukwuma Soludo says he recognizes the authority of President Umaru Musa Yar’Adua, who last week directed a halt of the controversial redenomination of the naira.

Central Bank governor, Prof. Chukwuma Soludo says he recognizes the authority of President Umaru Musa Yar’Adua, who last week directed a halt of the controversial redenomination of the naira.

In a statement by Soludo after CBN staff rose from a one-hour meeting, the bank said it accepted the president’s decision to suspend the implementation of the redenomination aspect of the strategic agenda for the Naira.

"The CBN remains committed to President Umar Musa Yar’Adua, GCFR and his avowed goal of making Nigeria one of the 20 largest economics in the world by year 2020," Soludo said, declaring that the apex bank was committed and ready to do all that is within its mandate and powers to accelerate the president’s agenda for a stronger Nigerian economy.

Soludo also thanked Nigerians for their healthy debate and contributions on the policy.
The CBN governor, who resumed from a week casual leave on Monday chaired an emergency meeting to address the suspension of the naira policy.

The meeting, which involved all levels of staff of the apex bank, started at about 4pm and lasted over an hour. Although, details of the meeting were sketchy at the time of going to press, it was not unconnected with the way forward for the bank on the controversial policy, which government had suspended.

Daily Sun gathered from a top official of the bank that the development on the new naira policy was political because President Yar’Adua was actually privy to the policy. He wondered why the president, who was supposed to be the Chairman of the Federal Executive Council (FEC) would give the Governor of CBN and his team audience to address the council for over one hour if he was not privy to the issue.

"We were even the first to address the council that day. By the way, who draws the schedule for the meeting and how come we were put on the schedule?" he asked rhetorically.
President Yar’Adua, through the Attorney General of the Federation, Mr Mike Aandokaa, had last Friday denied that he was privy to the redenomination of the naira policy undertaken by the CBN.
Citing CBN Act 19 (1) and (2), the Attorney-general said that the CBN did not follow due process even though the president was a stickler to the rule of law.

He said that the action of the governor ran counter to the CBN Act, Section 19 (1) sub-section (a) which says: "The currency notes and coins issued by the bank shall be (a) in such denominations of the naira or fractions thereof as shall be approved by the president on the recommendation of the board; and (b) of such forms and designs and bear such devices as shall be approved by the president on recommendation of the board; (2) The standard weights and composition of coins issued by the bank and the amount of remedy and variation shall be determined by the president on the recommendation of the board."

Meanwhile, the Civil Liberties Organisation (CLO) has called on the CBN governor to
resign his appointment immediately to save himself and career from the "wicked plan" of political buccaneers.

The CLO, which made the call in a statement signed by its Anambra State branch chairman, Emeka Umeagbalasi, also demanded the sack of the Attorney-General of the Federation.
The organization advised Soludo to leave now when the "ovation has not been contaminated by the Presidency," as it suspects plot to blackmail and disgrace him out of office.

"It is either the ebullient professor takes a bow before over 140 million Nigerians and keeps his intimidating track records intact or stays back and be blackmailed, framed up and disgraced out of the position by some buccaneers of public looters.

"We also demand an independent Central Bank of Nigeria and immediate sack of the Attorney General of the Federation. It is high time the grossly defective Constitution of Nigeria 1999, was modified to separate the office of the AGF from the Minister of Justice."

In the statement, the organization frowned at the AGF’s announcement of the purported Federal Government’s outright cancellation of the CBN’s new package to strengthen the naira and kobo.
CLO noted that the choice of words and style of the AGF were wholly personal and a pursuit of a personal vendetta.

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Comments (9)

Kim Worley(Greeley, Colorado, US)says...

I heard this in a song and had no idea what it meant. Googled it and this came up. Very Cool. ????????????????

Obinna(Newark Nj)says...

I want to know more meaning and significant of this name obidike in igboland

Olusola Okhiria Nee Sodunke(Newport, Newport, UK)says...

This is a great piece of history, which is dear to our hearts as people and very much appreciated.

Many thanks to the people who worked hard in the past and those who are still making efforts to keep the institution.

The labour is obviouly worth it. We are proud of you all.

A lot still to be done, with the motivation of the champions of this course, others will follow as well to maintain the institution

May God continue to keep the edifice for development of future generations to the glory of God and the benefits of our fatherland.

Joel Efiong(Calabar, Nigeria)says...

This is a great piece. The examination bodies should hire you as ICT consultant.

Sunday Mbe(Kaduna, Kaduna, Nigeria)says...