Ogun State Governor, Dapo Abiodun, on Friday said the old N500 and N1000 remain legal tender in the state, threatening to sanction commercial banks and business outlets rejecting the old notes.
He was speaking in Abeokuta, the Ogun State capital while addressing a crowd of bank customers during his re-election campaign to Obafemi/ Owode Local Government Area who are having a difficult time accessing their funds.
“Any bank that does not collect old notes in Ogun State, not only will I shut that bank down, I will revoke their Certificate of Occupancy,” the governor said.
“It is a subsisting court order that clearly states that the status quo should be maintained in this matter. Until that order is vacated or determined, anybody that does otherwise is acting against the position of the court, the most respected court in this country.
“I am pleading and admonishing all banks to ensure that we collect old notes. As a responsible government, by tomorrow I will make further statements.”
The Ogun State Government will be revoking the certificate of occupancy, CofO of any corporation or store that rejects old Naira notes from members of the public in the State in exchange for goods and services.
— Prince Dr. Dapo Abiodun – MFR (@dabiodunMFR) February 17, 2023
While describing the situation as unfortunate and unacceptable, he appealed to residents not to resort to violence as efforts are being made to address the situation.
The governor also pledged his administration’s support to residents of Ogun State to cushion the hardships the naira crisis has subjected them to.
Part of the measure, Abiodun stated, is to distribute what he described as palliatives to the people as was done during the COVID-19 pandemic.
This is not the first time the governor will threaten to shut down banks in the state over the N500 and N1,000 old notes.
On February 15, Abiodun warned banks in Ogun State against refusing to accept old naira notes from citizens.
In a brief statement on his official Twitter handle, the governor warned that any commercial bank that refuses to accept the old notes stands the chance of being shut down by the state government.
