Opinion
Cash Capture And The ‘Nudity’ Of Nigerian Depositors
After two weeks of protests over the inability of Nigerians to withdraw and access cash in banks, President Muhammadu Buhari has reviewed the implementation of the naira redesign policy. From now till April 10, 2023, the old ₦200 note is to be recirculated into the economy as legal tender alongside the newly redesigned denominations. However, ₦500 and ₦1000 old notes ceased to be legal tender. Those still having them are to take them to the Central Bank office in their respective states. The President’s address provides a hint into how this reviewed strategy is oriented towards checking vote buying by politicians who may have stockpiled their homes with billions of the old ₦1000 and ₦5000 denominations. By rendering them illegal, politicians who are unlikely to have stored the ₦200 old notes may not find the latest presidential order palatable. There is a need for proper governance of the latest order so that politicians and banks will not hijack it again and suffer depositors.
About two weeks ago, a video of a semi-nude, light-skinned woman went viral on the internet. She was inside her bank to access her money but could not achieve her goal. After efforts to achieve her aim fell on deaf ears, there was nothing more to hide – she stripped herself. She lamented her inability to withdraw her money which has not allowed her children to go to school for two days. Left with bra and pants, this woman contested and angrily demanded that her account be closed and her deposit released to her. A few days later, the video of a man naked inside another bank went viral. Blended with messages of hopelessness and the futility of efforts to withdraw his savings to save his wife and children from dying from ill health and hunger, the nude-male protester proclaimed that he was frustrated to go unclothed after he had appealed to top executives of that bank without result. He wanted his ₦520, 000 naira which he saved with the bank released to him. He said “give me my money let me go. You frustrated me. You frustrated me. Give me my money. My wife is in the hospital…about to die. There is nothing again. How old are my children? Seven years, four years…give me my money. I don taya. And when a policeman was brought in, he said: If una wan shoot me, shoot me make I die. Let them bury me and make I forget the problems. Make dem shoot me make I die…. make I forget my wife, make I forget my children…make una shoot me. Give me my money let me go. If you see me here again, kill me. Let me go and take care of my family”.
Semi-Nude or total nude protests are not exclusive to Nigeria. It has been reported in Zimbabwe, Australia, South Africa, London and the United States of America. When getting justice in law courts becomes difficult people resort to protest to show displeasure and their unpleasant experiences with their inability to move/transport, purchase goods and withdraw money just because the Central Bank of Nigeria with the approval of President Muhammadu Buhari decided to redesign three denominations of ₦200, ₦500 and ₦1000. By protesting nude, these depositors not only show they have nothing again to hide, they also show how government policies affect the downtrodden who save little for trading and survival. It further shows the weaponization of the body for the extraction of action, and sympathy and ultimately halts an unpleasant event. Despite the fact that people in the banking halls were more interested in recording, observing and sharing their nude videos than covering them, the nude protesters challenged institutional authorities and imposed themselves on spaces they would not have dared. They represent millions of Nigerians who were tricked to deposit their money into the formal banking system before they were literally stripped, disempowered and rendered beggars to access their own monies.
That the President eventually reviewed his stance on the policy is a victory attributable to the protests within banks and those on the streets. Sadly, with the destruction of properties and loss of lives, protests are democratic rights to engineer social change. The protests brought to the fore the inner sufferings and feedback of a poorly implemented policy which presidential aides may not be able to tell the president. How do we ensure that those in hospitals who need care are not allowed to die because of loopholes in a currency redesign policy? What digital infrastructure has the CBN put in place for a smooth transition to digital payment systems? How do we strengthen security to check frauds and cybercrimes? How will people who cannot withdraw the new legal tender eat, transport themselves and perform other mandatory roles in their lives? Nigeria needs to learn how Kenya and countries in the global north are achieving this feat. India started this policy around 2016-2017 which they called demonetization with almost similar objectives as Nigeria. Today, India is experiencing remonetization with cash.
The Naira redesign policy of President Muhammadu Buhari and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele failed to appreciate the unintended consequences that come with the policy by not anticipating the massive informal economy that thrives on cash. The primacy of cash for economic, social and cultural uses in Nigeria needs to be appreciated in making interventions. In an international study with my colleague, the Acting Head of Marketing and Consumer Studies, University of Ibadan, Dr Oluwatosin Adeniyi, we found that uptake of digital naira in Nigeria was low because it failed to add anything new to the functions already served by existing payment systems. Indeed, we found that fear of fraud in a digital transaction, a largely informal economy based on cash, and poor digital infrastructure to support transition affect the uptake of digital naira and affect the drive for financial inclusion. The report of the global study can be found at https://dci.mit.edu/research/011323. Our findings align with what is happening to the naira redesign policy. Stories from those who have opted to use transfer or Point of Sales (POS) payment options are not different. It’s either the bank Apps are not working, or the transfer is hanging or not delivering. When you transfer, you have to wait for minutes for confirmation. God help you if your confirmation comes early but our research documented that some people had to wait for more than three hours! Furthermore, our study found that while some are receptive to accepting transfers, poor infrastructure challenges, fake alerts, and delayed crediting of accounts frustrated such acceptance. Traditional practices and the informal economy are still heavily cash-based despite the fact that young educated persons prefer transfers to old people who associate more with cash. When policy is poorly-conceived and badly executed such as this, it creates extortion opportunities to the extent that the Nigerian naira now operates in the black market!
Every policy must first understand what problem exists before designing the intervention. In the case of Nigeria, we have the cash-dependent, less cash-dependent and digital users within the financial space. Product and policy design must factor in these end-users. We cannot have one size fits all policy if our aim is indeed to include all and not exclude people. Poor understanding or appreciation of the variety of financial product users (including the financial literacy level, poor rural penetration, and unbanked populace) is what is driving the present crisis occasioned by the naira redesign policy. You cannot aim to drive financial inclusion by fraudulently bringing people in and denying them access to their money. What the CBN and banks have done is the tyranny of intermediary control and denial, a strategy used to lure people to deposit old naira into banks with the intention of not giving them access to their money as they would love to. It may also pass for cash seizure, cash arrest, cash-kidnapping or cash abduction simply because the owners now pay ‘ransom’ (using naira to buy naira) to be able to access a fraction of their money, usually at a loss! The ongoing crisis should teach the CBN that they underestimated the importance of cash in the financial ecosystem of Nigeria and failed to prepare for this backlash.
Dr Tade, a sociologist wrote via dotad2003@yahoo.com
Growing support has continued to trail a youthful politician and technology advocate, Hon. Khalil Mustapha Adegboyega, popularly known as Repete, as many youths in Ibadan North Federal Constituency expressed confidence in his leadership style and vision for development.
Across several communities within the constituency, residents, particularly students, artisans and young professionals, described Repete as one of the emerging political figures with strong grassroots appeal and a passion for youth empowerment.
Supporters said his growing popularity stems from his consistent advocacy for innovation, entrepreneurship and skills development aimed at addressing unemployment and creating opportunities for young people.
As an engineer and technology enthusiast, Repete is also said to possess a deep understanding of the evolving digital economy and the need to position youths for global competitiveness.
Many of his supporters noted that his approach to leadership focuses on practical solutions, mentorship and capacity-building initiatives capable of helping young people become self-reliant and economically productive.
Some community stakeholders who spoke on his rising profile said his humility, accessibility and relationship with the grassroots have continued to endear him to many residents within the constituency.
They added that Repete’s engagement with youths and community groups reflects his commitment to inclusive governance and people-oriented representation.
Observers within the constituency also maintained that the increasing support for the politician reflects a growing desire among residents for a new generation of leaders driven by innovation, competence and accountability.
According to them, many young people see Repete as a symbol of hope and progressive leadership capable of contributing meaningfully to the development of Ibadan North Federal Constituency.
The All Progressives Congress (APC) in Oyo State stands on the edge of a consequential decision—one that may define not only its fortunes in Ibadan North Federal Constituency but also its broader political relevance in the state.
As the countdown to the party primaries intensifies, the question before APC leaders is no longer routine. It is strategic. It is urgent. And it is decisive: will the party align with the clear preference of the people or risk repeating costly political miscalculations?
At the centre of this debate is Hon. Khalil Mustapha Adegboyega, widely known as Repete—a name that has, over time, evolved from a political identity into a grassroots phenomenon.
A Candidate Rooted in the People
In contemporary Nigerian politics, where voter awareness is rising and expectations are shifting, candidates are increasingly judged not by promises but by presence. On this scale, Adegboyega stands tall.
His political journey is marked by consistent engagement with constituents—far beyond the optics of election seasons. From youth empowerment initiatives that provide practical skills and startup support, to sustained interventions in healthcare access for the elderly and indigent, his footprint across Ibadan North reflects a model of leadership anchored on service.
Unlike the transactional approach that often defines political relationships, Adegboyega’s connection with the people appears organic—built on trust, accessibility, and continuity. These are not mere campaign attributes; they are political assets.
The Danger of Political Disconnect
History offers the APC a clear lesson: parties that ignore grassroots sentiment often pay a heavy electoral price. The imposition of candidates perceived as distant or untested has, in several instances, resulted in voter apathy, internal dissent, and eventual defeat at the polls.
Ibadan North presents no exception.
With opposition parties closely monitoring the APC’s internal dynamics, any misstep in candidate selection could provide a ready opening. A divided house, coupled with a candidate lacking widespread acceptance, is a formula the opposition is well-positioned to exploit.
The implication is straightforward: this is not merely about party loyalty; it is about electoral viability.
Echoes from the Grassroots
Across the length and breadth of Ibadan North—markets, motor parks, religious centres, and community gatherings—a consistent pattern emerges in political conversations. The name “Repete” resonates with familiarity and acceptance.
Such organic support is not easily manufactured. It is cultivated over time through visible impact and sustained presence. For a party seeking electoral certainty in a competitive environment, this level of grassroots validation is not just desirable—it is critical.
A Test of Leadership and Judgment
For the APC leadership in Oyo State, the moment calls for clarity of purpose. Decisions driven by narrow interests, personal alignments, or short-term calculations may carry long-term consequences.
The task, therefore, is to balance internal considerations with external realities. Elections are ultimately decided by voters, not by party caucuses. A candidate who commands public confidence offers the strongest pathway to victory.
The Stakes Are Clear
Ibadan North is too strategic a constituency for experimentation. The cost of error is not limited to a single seat; it extends to party cohesion, credibility, and future positioning within the state’s political landscape.
In this context, the argument for Adegboyega is less about sentiment and more about strategy. His visibility, acceptability, and record of engagement place him in a strong position to consolidate support and mobilise voters effectively.
Conclusion: A Choice with Consequences
As the APC moves closer to its primaries, the decision before it is both simple and significant: align with a candidate who reflects the mood of the electorate or risk conceding advantage to a watchful opposition.
In politics, moments such as this often separate foresight from hindsight.
For APC in Ibadan North, this may well be one of those defining moments.
Aderibigbe Akanbi, a political analyst, writes from Ibadan.
As the road to 2027 gradually unfolds across Oyo State, political conversations are shifting from routine permutations to deeper questions about competence, generational leadership, and measurable impact. In Ibarapa East, that conversation has found a new voice in Yusuf Abiodun Ramon — a Lanlate-born technocrat whose entry into the race for the State House of Assembly is redefining what representation could mean for the constituency.
In a political environment often dominated by familiar faces and conventional calculations, Ramon presents a profile shaped by technical discipline, structured thinking, and solution-driven engagement. His professional background, anchored in analytical precision and systems management, forms the foundation of his public service aspiration.
For him, representation must move beyond ceremonial presence to practical responsiveness — laws that reflect local realities, oversight that protects public resources, and advocacy that translates into visible development.
Ramon argues that the future of Ibarapa East lies in leadership that listens deliberately, plans strategically, and delivers measurably. He speaks of strengthening rural infrastructure, expanding youth-driven economic opportunities, and institutionalising transparency as core pillars of his agenda. In his view, governance must not merely be symbolic; it must be structured, accountable, and people-centred.
Rooted in Ile Odede, Isale Alubata Compound, Ward Seven of Ibarapa East Local Government, and maternally linked to Ile Sobaloju, Isale Ajidun Compound, Eruwa, Ramon’s story is not one of distant ambition but of lived experience. He is, in every sense, a son of the soil — shaped by the same roads, schools, and economic realities that define daily life in Ibarapa East.
“I was born here. I grew up here. I understand our struggles, our strengths, and our untapped potential,” he says. “Representation must go beyond occupying a seat; it must translate into preparation, competence, and genuine commitment to development.”
His academic journey mirrors that philosophy of steady growth. He began at Islamic Primary School, Lanlate (1995–2001), proceeded to Baptist Grammar School, Orita Eruwa (2001–2007), and later earned a National Diploma in Mechanical Engineering Technology from Federal Polytechnic, Ilaro, between 2009 and 2011. Refusing to plateau, he advanced his intellectual horizon and is now completing a Bachelor of Science in Business Administration at the University of Lagos. “Education,” he reflects, “is continuous capacity building. Leadership today requires both technical knowledge and administrative insight.”
That blend of engineering precision and managerial training has defined a professional career spanning more than a decade. Shortly after his diploma, Yusuf joined Mikano International Limited as a generator installer, gaining hands-on experience in industrial power systems — a sector central to Nigeria’s infrastructural backbone. He later transitioned into telecommunications at Safari Telecoms Nigeria Limited, where he received specialized training in Industrial, Scientific, and Medical radio bands, strengthening his expertise in network operations.
In 2013, he became a Field Support Engineer at Netrux Global Concepts Ltd., then a leading ISM service provider in Nigeria. Over four formative years, he immersed himself in telecom infrastructure deployment and maintenance, mastering field coordination, logistics management, and real-time technical problem-solving.
Since July 2017, he has served as a Field Support Engineer with Specific Tools and Techniques Ltd., a power solutions firm providing services to major operators including MTN Nigeria and Airtel Nigeria. In that capacity, he operates at the frontline of ensuring energy reliability and network uptime — responsibilities that demand discipline, accountability, and systems thinking.
For political observers in Ibarapa East, this trajectory matters. It reflects more than résumé credentials; it speaks to a mindset anchored in efficiency, coordination, and measurable outcomes — qualities increasingly demanded in legislative representation.
Beyond the private sector, Ramon’s political exposure is neither sudden nor superficial. A loyal member of the progressive political family in Lagos, he once served as a personal assistant to a former lawmaker, gaining practical insight into legislative procedure and constituency engagement. Within his community, he has quietly extended financial support to small-scale entrepreneurs and students — modest but consistent interventions rooted in personal responsibility.
“My interest is my people,” he states firmly. “Ibarapa East deserves strategic, responsive, and capable leadership at the State Assembly. We must move from rhetoric to results.”
Across the constituency — from Lanlate to Eruwa — development priorities remain clear: youth employment, vocational empowerment, rural road rehabilitation, stable power supply, agricultural value-chain expansion, improved educational standards, and stronger lawmaking that directly reflects community needs.
Political analysts argue that Ramon’s technocratic background positions him uniquely at the intersection of policy formulation and practical implementation. At a time when national discourse increasingly favours competence over grandstanding, his profile resonates with a broader generational shift toward performance-driven governance. His engineering discipline reinforces problem-solving; his business training strengthens administrative understanding; his grassroots roots anchor his empathy.
For Ibarapa East, the 2027 election cycle may represent more than a routine democratic exercise. It may mark a recalibration of expectations — a demand for representation that understands both the soil beneath its feet and the systems that drive modern development. As political alignments gradually crystallize in Oyo State, Yusuf Abiodun Ramon’s declaration signals the arrival of a candidate seeking to translate private-sector structure into public-sector impact.
One thing is clear: the conversation about the future of Ibarapa East has begun — and it is now framed around competence, credibility, and capacity.
Oluwasegun Idowu sent in this piece from Eruwa, Ibarapa East LG, Oyo State
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