El-Rufai took to his verified X handle to disclose plans to launch a $100 million venture capital fund for startups in Nigeria, particularly those in the Kaduna tech ecosystem. He plans to match his ambitions with actions.

According to him, he wants to set up a venture capital fund or private equity that will invest in young Nigerians with innovative ideas. It doesn’t matter what segment of the economy the ideas are.

It could be in agriculture. ICT or the creative industry, so long as it has the potential to add value to the world, these are the ideas that El-Rufai and his fund will target.

During his tenure as governor of Kaduna, El-Rufai said he met many students in Kaduna who had great ideas and were creating innovations. However, many of them did not have someone to mentor them and help those ideas grow.

El-Rufai said that he is working with select private sector partners, including Eyo Ekpo, co-founder of Excredite Consulting Limited, and their primary focus is on Nigeria but the ambition is Africa because he projects from a report that Africa will be supplying the world with a significant portion of the workforce it needs by 2050.

He argued that there was no basis for the CBN mopping up a whopping sum of N2 trillion but printing only N400 billion.

In a statement titled “ABC of Currency Redesign vs. XYZ of Cash Confiscation Explained,” released on Sunday evening, he said the poor implementation has led to the impoverishment of the people and contracted the economy.

He also noted that the policy objective was derailed into a deliberate national fiasco to sabotage the elections, leaving the State Government with no other choice but to approach the Supreme Court.

He said the currency redesign was approved by the President and announced, currency recoloring resulted.

“Currency swap was envisaged by Section 20(3) of the Central Bank of Nigeria Act as approved by PMB. “Swap” means I take N100,000 to the bank in old notes & I receive N100,000 immediately in new notes. No more, no less.

“During the implementation of the cash swap, the CBN withdrew over N2 trillion from circulation but printed only N400 billion, so in effect, currency confiscation was then unilaterally and unlawfully implemented by the CBN.

“Trade and exchange have collapsed. Human suffering, impoverishment, and economic contraction resulted.”

In another statement, Governor El-Rufai said directed its ministries, departments, and agencies to ensure that their collection agents continue to accept payments made in all denominations of the naira, old and new.

He asserted that both old and new naira notes will co-exist as legal tender in the state, urging residents to use them without fear, that any individual or entity that rejects them shall be prosecuted.

“For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court of Nigeria decides otherwise. I, therefore, appeal to all residents of Kaduna State to continue to use the old and new notes side by side without any fear.

The Kaduna State Government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law,” he added.

CBN’s Position

Late last year, the apex bank redesigned the N200, N500, and N1000 notes and set a January 31 deadline for the use of old Naira notes.

Some Governors, including El-Rufai, had met with Buhari about the redesigned naira, claiming it was causing hardship. The president had instructed them to give him seven days to act.

The Governors, however, filed a suit at the Supreme Court two days before the deadline, and the court restrained the CBN from prohibiting the use of old naira notes from February 10, 2023, but CBN governor Godwin Emefiele said there was no need for the deadline to be shifted.

A few days later, President Muhammadu Buhari made a national broadcast saying old N500 and N1,000 banknotes are no longer legal tender in Nigeria. He, however, directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation as legal tender for the next 60 days