By Okereke Udoakpuenyi, YeyeNews.com, September 9, 2021
Project Giant, Nigeria’s Central Bank Digital Currency (CBDC) project, will go into pilot testing on Nigeria’s Independence Day, Oct. 1. However, few weeks before launch, the project is enmeshed in controversies, YeyeNews.com has learned.
Deputy Governor, Digital Operation Alhaji Danladi Katsina has been relieved of his post in the apex bank. Anonymous source told YeyeNews.com that Alhaji Katsina, whose background is in Sharia (Islamic) banking, planned to load N100,000 to every Nigerian’s eNaira account to help them participate in the pilot scheme.
“It’s like he didn’t know that even though eNaira is digital money, it is still real and with a population of at least 200 million, N100,000 to every Nigerian would cost the country at least N20 trillion”, the source disclosed
“He just didn’t get the concept, or he thought it’s one of those things that had to be done Nigerian way, like national cake”, another source opined.
In a twist to the story, a staff of CBN who claimed to know where the dead bodies were buried, told YeyeNews.com that Alhaji Katsina was the good guy, a hero and, unfortunately, the victim here because he was trying to be equitable to make sure every Nigeria got something out of the project.
This source told YeyeNews.com that the real bad people were those who ganged up to sack Alhaji Katsina.
“There are forces in CBN who are treating this project as a business. They have plans to offer stakes, something like secret ICO [Initial Coin Offering], to some highly placed Nigerians. Alhaji was fighting for every Nigerian to get something”, the staff said
YeyeNews.com asked the staff to name names, the source declined but added, “The intended recipients are in the presidency, the national assembly, their families, some not in politics.”
“Don’t you know that CBN gives foreign exchanges earned by this country through crude oil to some connected bureau de change operators to sell in the black market?”, the source concluded.
YeyeNews.com tried unsuccessfully to reach Alhaji Katsina.
CBN selected Bitt Inc, a Barbados-based fintech outfit, as its technology partner for its CBDC project. The apex bank said Bitt’s role in the development of the Eastern Caribbean Central Bank’s DCash digital currency project played a significant role in its decision to select the company.
Additional reporting in Abuja by Ada Obeleagu
