Till date, no one has been prosecuted for oil theft running into billions of dollars while our tertiary institutions run a risk of further closure due to paucity of funds. Till date, we laugh when monkey and snakes are accused of swallowing public funds.
We see Islamic state of West Africa with latest models of gun trucks and top of the line high caliber fire arms but we seldom ask, how does a group occupying deserted and poverty stricken area raise funds in millions of dollars to procure such heavy artillery. A report indicted some notable figures for funneling large chunks of funds through DUBAI,UAE into hands of Boko Haram. A Retired director of the top-level national intelligence unit of Nigeria came out on national television to say that some of those investigated for acts inimical to national security are among the appointees of the present day govt
It is now evident that those with stashed rotten cash want to take such into bank coffers with collusion of bank officials of commercial banks and central banks in exchange for new notes. Some believe that the change of naira will benefit the owners of stashed fund as it provides window for deposit without whistle blowers and also they regain value of the rotten, useless bills since corrupt officials will receive them for an under table fee. CBN will destroy all old notes including the rotten bills at the end of the exercise as INVALID when the redesigned denominations are introduced.
Nigeria is a place where laws can be made simply to suite the elite class while punishing the already impoverished. Redesign of naira notes should had been an opportunity to arrest those who stashed funds but no news yet of arrest of hoarders rather celebration that bank vaults are swelling.
Revolving cash creates economic growth through legitimate deployment of same for businesses.
It is a financial crime to hoard such amount of cash outside of the financial institution. The government made a policy on SINGLE TREASURY ACCOUNT and emphasized a cashless economy for ease of audit trail but top members of same govt deal with cash
Activists must stand up to protest against receiving rotten cash into banks to exchange for clean crisp notes. If you store yams, and they rot, it should be converted to devalued black fufu they call ALIBO. Simply put, rotten cash should be sold to paper Mills for recycling into tissue paper or toilet rolls
These men that hoard such volume of cash while youths wander in search of jobs deserve punishment not kudos
Youths should give thumbs down for hoarders while hunger rage
Bishop Chinedu Nwoye
