Seun Kuti, grandson of Funmilayo Kuti, one of the women whose picture has been approved to appear on the proposed N5,000 note, on Monday said that his grandmother would not approve of the image if she were still alive.
Seun Kuti disclosed this at a question and answer session on the Channels Television’s Google+ Hangout.
“I do not have the power to stop the FG from printing the note but I would want the FG to remove my grandma’s face from the s0-called note,” he said.
According to him, in his own view he said the Federal Government did not officially inform the Kuti family of the intended action “It was through the radio that we got to know that her face would be used…we were not officially contacted.”
The Afro-beat musician talked about his grandmother, Funmilayo Ransome –Kuti, his legendary father Fela Anikulapo Kuti, his own music with Egypt 80 band and life.
Speaking on the money to be spent in printing out the N5000 note, Seun Kuti said “If I had N40b I will rebuild the federal government primary and secondary schools, rather than waste it on printing the N5000 note. That note cannot solve Nigeria’s problems, the government should learn to invest in people…the Kuti family is more concerned about the development of the country not the naira. If I were the FG, I would establish more schools, improve on the educational system rather than come up with N5000 note idea.
He further said “the FG’s plan to crush down the social media cannot work because it is the one way through which we curb down the FG’s excesses’.
The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria to suspend the introduction of N5, 000 notes until the Senate was properly briefed.
The Chairman of the committee, Senator Bassey Otu (PDP- Cross River) issued the directive while speaking to journalists in Abuja.
Mr Out said that the re-denomination of the currency required the approval of the National Assembly, warning that the CBN must avoid sending the wrong signals to stakeholders in the economy.
He said it was vital for the CBN to discuss the implications of the currency re-denomination with the Senate before it was implemented.
“I believe that a project of this nature requires parliamentary approval because there are numerous fiscal implications on the entire economy.
“The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless.
“So, we are sending a letter to them (CBN) to stop all further actions on this until the Senate of the Federal Republic is properly briefed,” he said.
He warned that the conversion of some denominations into coins would lead to a waste of public funds as the previous exercise did not yield the desired result.
“In 2005, the CBN undertook a major currency restructuring to re-coin some denominations which ran into billions of Naira.
“It did not work at all because both the goldsmiths and the blacksmiths converted the coins to moulding bangles, earrings and so on,” he added.
The committee chairman said there were other mechanisms available to the apex bank to tackle the problem of inflation other than the re-nomination of the nation’s currency.
Bayo Rotimi a market analyst commented on the probe when asked what went wrong with the running of the capital market leading to the capital market probe said the former CBN Governor Soludo was right with his analysis of the capital market that the capital market will crash again because markets all over the world experience such too.
He said markets crash not because of institutional deficiencies but due to the forces of demand and supply.