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Cash Capture And The ‘Nudity’ Of Nigerian Depositors

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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

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Opinion

Seven Factors That Keep Sharafadeen Alli Ahead in 2027 Oyo Governorship Race

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File photo of Sen. Sarafadeen Alli

 

Fact 1: Homegrown Leader with Unmatched Grassroots Experience

Senator Alli’s political journey began at the grassroots level in Ibadan, where he made history in 1991 as the first democratically elected Executive Chairman of Ibadan North Local Government. This early leadership role demonstrates a deep, foundational understanding of local governance and the needs of the people, a critical asset for a state governor.

Fact 2: Rare Combination of Top-Tier Academic and Professional Credentials

Senator Alli is not just a politician but also a distinguished legal practitioner with a Ph.D. in Legislative and Strategic Studies. His extensive education, including degrees from the University of Ibadan, combined with his fellowships from prestigious professional institutes, provides him with the analytical, legal and strategic acumen required to manage the complex affairs of Oyo State.

Fact 3: Proven Executive Administrative Competence at the Highest State Level

His tenures as Secretary to the Oyo State Government (SSG) and later as Chief of Staff (CoS) to the Governor showcase his direct experience in the engine room of state administration.

 

He has been intimately involved in policy formulation, committee leadership and the day-to-day running of the state, making him uniquely prepared to assume the governorship and hit the ground running from day one.

Fact 4: Demonstrated Executive Business Leadership with Regional Impact

As Chairman, Board of Directors of Odu’a Investment Company Limited, Senator Alli was not just an administrator but a visionary economic leader. He spearheaded landmark investments such as the Cocoa Mall and Heritage Mall in Ibadan, which transformed the economic landscape of Oyo State. This proven ability to attract and drive large-scale economic development is directly transferable to governing Oyo State.

Fact 5: Battle-Tested and Consistent Political Figure

Senator Alli’s political career spans more than three decades, weathering the annulment of his 1996 Senate election and consistently remaining a relevant and influential force. He has contested for Deputy Governor and Governor in the past, giving him a comprehensive understanding of statewide campaigns and the diverse political landscape of Oyo State. His journey demonstrates resilience, deep political networks and unwavering commitment.

Fact 6: Current, Performing Senator and Influential Figure

As the sitting Senator for Oyo South, he is actively delivering quality representation, impactful constituency projects and people-oriented legislation. He has sponsored five Bills and raised six Motions to promote development. Senator Alli has also facilitated employment for 100 constituents across Federal Government agencies.

His role as Chairman of the Senate Committee on Agricultural Colleges and Research Institutions, as well as his membership in the ECOWAS Parliament, demonstrate that he is not only focused on local issues but is also equipped with a broader perspective on governance, trade and regional integration.

Fact 7: Unifying and Respected Traditional Title Holder

Senator Alli’s position as the Ekaarun Balogun of Ibadanland, one of the highest-ranking chieftaincy titles in the ancient city, signifies his deep-rooted connection to tradition and his standing as a respected community leader.

His reputation as a calm, wise, simple, relatable and inclusive bridge-builder who unites people across political, religious and ethnic divides positions him as a leader capable of fostering peace, stability and consensus across the entire state.

 

Oladele is the Director of Media & Publicity, Senator Sharafadeen Alli Campaign Organization.

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Oloye Lekan Alabi: Memories Ere Death Beckoned Both Caller and Called |By Wole Adejumo  

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The young lady who usually delivers packaged moinmoin for members of staff who want it for lunch came in as she usually did, and after the exchange of pleasantries, I asked if she knew the difference between Ọọlẹ and Moinmoin. My colleagues looked at me strangely when I disagreed with her response that both were the same. I promised to tell her the difference later. I, however, told my colleagues the difference as explained to me by Oloye Lekan Alabi. Though a suave, urbane and sophisticated Ibadan chief,  he took time to explain the similarities and differences as we prepared for the annual Oke ‘Badan Festival some years back.  

He had retired from the service of Odua Investment Company Limited, where he demonstrated competence  and character then, but that did not in any way diminish his encyclopaedic knowledge of history. He sat beside the Aboke, Chief Ifamapowa and some other stakeholders at the press conference heralding the ceremony that year.

My first real contact with him happened after I had written a short piece, ‘The Man Who Would Be King’, about him. Oloye, who bore the titles of Jagun Olubadan and  Akogun of Lalupon agreed to have an interview. My Bureau Chief, Bola Davies (now of blessed memory) directed me to go and when I got to his office in Cocoa House, he thanked me for wishing him well. He thereafter took time to explain the Olubadan ascension system. The interview was published in one of the earliest editions of City People Quarterly back then. That interview and some other things I wrote about him eventually earned me a mention in one of his books.

Oloye Alabi was no doubt an aficionado when history, music and culture are up for discussion. Of course, with his rich cultural heritage, he stood out anywhere and everywhere. Little wonder His Imperial Majesty, the Ooni of Ife hosted his investiture when he was appointed as the first Cultural Ambassador of the National Museum, Ile Ife. His immense breadth of knowledge will give him a place in history just as it did to the likes of Chiefs John Adeyemi Ayorinde, Theophilus Akinyele and Alaafin Lamidi Adeyemi III. His love for good music too was more than obvious. Like a true connoisseur, he did everything with class and style. He wrote countless articles about Chief Commander Ebenezer Obey, King Sunny Ade, Chief Eddy Okonta and many more. His love for Yusuf Olatunji’s Sakara music defied competent description. It was so great that he named his youngest son after the Sakara legend.

In one of his many philosophical volumes, ‘Baba L’Egba’ as Olatunji was fondly called, sang that “o ye ka ni ‘fura taa ba nsin ale eni lo” (one should be watchful when seeing off a concubine) and the only person I felt I could ask what was on Baba L’Egba’s mind then was Oloye ‘Lekan Alabi. Sadly, the auspicious time to ask never came.

A reception was once hosted in his honour by Ambassador Ibironke Adefope at Bodija and it was regal! Everyone who mattered came to honour Oloye ‘Lekan Alabi. Reporting the event for City People then, one of the most unusual sights was Otunba Adebayo Alao-Akala, the then Deputy Governor of Oyo State. His simplicity was indescribable. Aside driving his convertible BMW, he came in a yellow sweatshirt and jeans.

And when he turned 60, it was like everyone else joined the Ibadan establishment to celebrate Oloye ‘Lekan Alabi. Aare Arisekola Also spoke about the celebrant in glowing terms as he emphasized that Oloye Alabi was indeed a man destined for greatness. The party afforded me the opportunity of seeing Alhaja Batile Alake live on stage. Her sonorous voice actually brought great childhood memories of when songs of Batile Alake, Olubowale Ajasco, Alalaye Ilorin and others were regular on the television.

Apart from his respectable dress sense and indepth knowledge of issues, other admirable traits of the late Abese Olubadan were his timeliness and punctuality. He once told me the story of how he had suggested that card be presented to the then military President, General Ibrahim Babangida on the birth of his baby girl back then. It turned out that the picture of where he handed the card  over was published in dailies the following day. Apart from personal discipline, working with four Governors of Oyo State obviously rubbed off on him, he never attended an event late. There was a day we had to apologize as we started an event behind schedule at the Premier Hotel, Ibadan. He was about the first guest  and after accepting our apologies, he didn’t become vexatious, rather, with a smile he told us that he would be in his room upstairs. He said all we needed to do was put  call through to him when we were ready to start the programme.

I stood close by him at certain event and heard Chief Lateef Oyelade praying for Oloye Alabi who had just greeted him in Yoruba, he said “Olubadan o kan o” (may it be your turn to become the Olubadan). Like many of his mentees,  I looked forward to seeing him on the exalted Olubadan throne, it was however not to be.

​Reflecting on those golden days of celebrity journalism; the Bodija reception, the grand 60th birthday, the laughter of legends now silent; one is reminded that time eventually beckons both the caller and the called. Bola Davies, His Excellency, Otunba Alao-Akala, Aare Arisekola Alao, Chief Lateef Oyelade, Ambassador Adefope and now Oloye himself have all answered that ultimate call. Though the exalted Olubadan throne eluded him, Oloye ’Lekan Alabi leaves behind a legacy as towering as Cocoa House itself. Like his noble forebears – Oyetunde Olundegun, ‘Erin o P’ojo Logun’, and Ekerin Suberu Ajengbe, he came, he saw, he lived with unmatched panache, and he left an indelible mark on the sands of time.

 

Adejumo sent this piece from Ogbomoso 

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Beyond Deportations: What South Africa’s Immigration Crisis Reveals About Nationhood and Economic Frustration

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The popular saying that “one good turn deserves another” appears increasingly absent from present-day South Africa’s national consciousness. It is difficult not to ask whether many South Africans have forgotten the history of their country’s liberation and the immense sacrifices made by Nigeria and other African nations in the long struggle against apartheid.

For days, I have been deeply troubled by reports of South Africa’s worsening immigration crisis and the forceful, vigilante-style eviction of African migrants, particularly Nigerians. Beyond the headlines are broken families, shattered dreams and livelihoods painstakingly built over many years. It is a painful development that should concern every African who once believed in the ideals of continental solidarity.

Anti-immigrant sentiments in South Africa are not new. For more than two decades, campaigns against foreign nationals have been fuelled by high unemployment, widespread poverty, rising crime and frustration over inadequate public services. Many South Africans believe undocumented immigrants compete with them for jobs, housing, healthcare and social services, thereby denying citizens access to these basic necessities.

Yet, available evidence tells a more complex story. Research has consistently shown that immigrants alone cannot be blamed for South Africa’s economic and social challenges. Reducing such deep-rooted problems to the presence of foreign nationals oversimplifies a crisis that has been decades in the making.

What is often overlooked is the country’s structural economic reality. A significant skills mismatch, coupled with weaknesses in the quality of education, has left many job seekers ill-equipped for the demands of an economy increasingly driven by technology, innovation and specialised skills. This challenge is not peculiar to South Africa. Across much of sub-Saharan Africa, thousands of graduates enter the labour market every year without the technical, vocational and digital competencies employers now demand.

Beyond this, crime, insecurity, systemic corruption and poor governance continue to weigh heavily on South Africa’s economy. The country has one of the highest youth unemployment rates in the world. Persistent violent crime discourages investment, while corruption and the mismanagement of public resources have weakened service delivery, slowed infrastructure development and eroded investor confidence.

Equally significant is the enduring legacy of apartheid. More than three decades after democracy, inequalities in education, housing, infrastructure and economic opportunities remain deeply entrenched. Many Black communities still live with the consequences of decades of institutional discrimination and economic exclusion.

Against this backdrop, blaming undocumented immigrants for South Africa’s economic difficulties amounts to little more than scapegoating. It is a convenient narrative that diverts attention from the country’s more fundamental governance and developmental challenges.

The recurring xenophobic attacks against Nigerians and other African nationals make the situation even more painful. The recent killing of Emeka Iroegbu and Musa Yunana Joe on June 28, 2026, amid rising anti-migrant tensions, is a tragic reminder of how dangerous such sentiments can become.

One cannot help but ask: Is this the same South Africa for which Nigeria and many other African countries stood firmly during the anti-apartheid struggle?
I vividly remember growing up in the 1980s, listening to songs such as Free Mandela and Stop Apartheid in South Africa by iconic Nigerian musicians, including Majek Fashek, Onyeka Onwenu and Sonny Okosun. Those songs dominated the airwaves on NTA and became powerful symbols of African solidarity.

As a child, I even believed Nelson Mandela was Nigerian because Nigerians embraced his cause with such passion.
Mandela was released from prison in 1990 and became South Africa’s first Black President in 1994, bringing an end to decades of institutionalised racial segregation and apartheid. Today, just over three decades later, many Africans who once stood shoulder to shoulder with South Africans in their darkest hour are treated as unwelcome strangers.
History can be painfully ironic.

Perhaps, then, the saying that one good turn deserves another does not always reflect reality. Human beings are capable of repaying kindness with hostility. It is an uncomfortable truth, but one that life repeatedly teaches.

At a personal level, this reminds us to live with fewer expectations and strive for greater self-reliance. A heart that expects little, even after giving much, is less likely to be broken.

At the national level, however, the lesson is far more profound. Nigeria must build a country where its citizens can thrive without feeling compelled to seek survival elsewhere. Studies have shown that the overwhelming motivation behind the Japa phenomenon is the search for better opportunities and improved living conditions. If those opportunities existed at home, many Nigerians would gladly remain and contribute to national development.

The experience in South Africa—and, indeed, recent developments in the United States—demonstrates that immigration policies are shaped by changing political realities. No foreign country offers permanent guarantees.

Although the U.S. Supreme Court recently ruled against President Donald Trump’s executive order seeking to abolish birthright citizenship on constitutional grounds, the episode illustrates that even long-established policies can become subjects of political contestation. A constitutional principle that has existed since 1868 could still become a matter of national debate. That alone should remind us that every nation ultimately prioritises its own interests.
The enduring lesson is simple: no country can offer Nigerians greater long-term security than a well-governed Nigeria.

Nigeria’s greatest asset remains its people. Sustainable national prosperity can only be built through visionary leadership, accountable institutions, respect for the rule of law and responsible citizenship. When government creates an enabling environment and citizens embrace innovation, productivity and accountability, Nigeria can become a destination for investment rather than a source of economic migration.

As dozens of Nigerians return home following their repatriation from South Africa, government must move beyond sympathy and symbolic gestures. Some have returned with nothing more than the clothes they wore and a single travelling bag, leaving behind businesses, investments and years of hard work. Their return is not merely a journey home; for many, it is the painful collapse of dreams painstakingly built over decades. They deserve meaningful support to rebuild their lives and contribute productively to the nation’s economy once again.

History teaches that nations are strengthened not by chasing away strangers but by creating opportunities for their own citizens. Nigeria must therefore draw the right lessons from South Africa’s painful experience. Rather than exporting its brightest minds in search of survival, it should become a country where talent is rewarded, enterprise is encouraged and hope no longer requires a passport. Only then will Nigeria become not merely the giant of Africa by population, but by the quality of life it offers its people.

 

Olusegun Hassan, Ph.D
Public Policy Analyst and Social Commentator

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