Only place to get new Naira notes revealed as CBN’s Cash withdrawal limit begins
Reports emerged today that the cash withdrawal limit directive of the Central Bank of Nigeria (CBN) has taken effect as most banks in the country have started dispensing newly redesigned naira notes through Automated Teller Machines (ATMs) nationwide.
Nigerian Tribune reported that as of press time, a few commercial banks have started sending out messages to their customers to ensure seamless compliance.
One of such messages read:” We are happy to inform you that the newly redesigned naira notes are now available at all UBA ATMs nationwide “Please note that the Maximum daily cash withdrawal limit for these notes at the ATMs is N100,000.”
A manager in one of the commercial banks in the Federal Capital Territory, Abuja told the Nigerian Tribune that his bank had no option than to implement the guidelines since the CBN has not issued contrary directive, maintaining that operations at his branch went well without any breach.
The manager who pleaded for anonymity on the grounds that he was not authorised to speak to the media said his branch in Area 11, Abuja complied fully with the CBN directive, and did not record any contravention on the first day as operations went on unhindered.
He stressed that his branch would continue to play according to the regulation, and advised bank customers to also comply with the CBN’s directive to ensure efficient service delivery.
According to him, all customers that transacted financial services business with his branch complied with the new cash withdrawal limits, except for two customers who attempted to withdraw above the limits possibly due to ignorance, but were corrected, and they did not raise any objection.
It will be recalled that the CBN in December 2022 directed deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively.
However, due to the mixed reactions from Nigerians, the apex bank has since then increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.
The government claimed that certain individuals were taking advantage of the emir’s continued residence in the Nasarawa Palace to incite unrest throughout the state.
During a ceremony at the Kano Government House, where relief materials from Tarauni Federal Constituency Representative, Hon. Kabiru Dahiru Sule, were being distributed, Deputy Governor Comrade Aminu Abdussalam Gwarzo emphasised the administration’s position.
He reiterated the call for presidential action to address the ongoing situation and bring about calm.
“We are calling on President Bola Ahmed Tinubu to remove the emir he enthroned and kept in a graveyard,” Gwarzo said.
“The people of Kano, especially the youth, are tired of this nonsense. It is shocking that in a democratic setting, security forces are being deployed to fire teargas at peaceful protesters, with some reports even alleging the use of live ammunition.
“In the evening, military vehicles patrolled the city, even parking in front of my house. But we want to make it clear that there is no intimidation. This is a democracy, and democracy must be upheld, whether some people like it or not. We stand firmly with the youth who took to the streets to express their grievances.
“The president should remove the emir he appointed and take him to his own state. Kano already has an emir and that’s Muhammadu Sanusi II. Today, regardless of who you are, even if you are the ‘Emir of the World,’ you cannot appoint an emir in Kano unless you are Governor Abba Kabir Yusuf.”
Deputy Governor Comrade Aminu Abdussalam Gwarzo has accused the continued presence of Emir Aminu Ado Bayero in the Nasarawa Palace of being a deliberate attempt to destabilize the Kano State Government and obstruct its ability to govern effectively.
Gwarzo acknowledged the recent protests by Kano residents, affirming that peaceful demonstrations are a fundamental right in any democratic society.
However, he strongly condemned the actions of security forces, who dispersed the protesters and arrested some individuals. Gwarzo stressed that the people of Kano have every right to demand the removal of Emir Bayero.
Reiterating the state government’s position, Gwarzo called on President Bola Ahmed Tinubu to act swiftly and remove the emir.
He emphasized that the same law that facilitated Bayero’s appointment also reinstated Muhammadu Sanusi II, underscoring the importance of upholding the rule of law and allowing it to take its proper course.
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EFCC Chair reveals Govt officials offered him N500m worth of gifts during his Mother’s funeral
EFCC Chair reveals Govt officials offered him N500m worth of gifts during his Mother’s funeral
EFCC Chairman Olanipekun Olukoyede revealed on Thursday that during his mother’s funeral in 2019 he rejected offers worth N500 million from high-ranking government officials.
Speaking at the 38th Anti-Corruption Situation Room in Abuja, Olukoyede detailed how ministers, directors, and other prominent figures from various government agencies sent him substantial gifts, including cheques and drafts.
At the time, Olukoyede was serving as the Secretary of the Economic and Financial Crimes Commission.
Recalling the moment he received these offers, he explained that upon returning to his family home in Ekiti State before the funeral, his gatekeeper handed him the cheques.
After reviewing the documents, Olukoyede made the decision to return the gifts, underscoring his commitment to integrity even during a personal loss.
The EFCC chairman narrated, “I lost my mother in the year 2019 (in Ekiti State). We went for the funeral. I was the secretary of the EFCC then. People came. So I went to my place a day before the funeral service.
“By the time I got to my small compound, which I built several years ago before I joined the EFCC, I saw about 17 cows in my compound, including pregnant ones.
“When I got home, my gate man presented a box to me and inside it, I saw so many cheques and drafts from ministers, permanent secretaries, directors, DGs of agencies, etc.
“And so, I went in and showed it to my wife. She said, ‘Praise God’. I said, ‘Praise God for what?’ By the time we put all the cheques together, it counted close to N500m.
“I did the burial in September 2019. By July 2020, I was under investigation. Now, assuming all those cheques were paid into my account as traditional gifts and some of the MDAs that we were investigating in the EFCC, some of their directors and their DGs and their ministers sent cheques to me.
“Ordinarily, I mean for burial, some gave me one million, N20m and all of that. Even though that would not have influenced my decision if I was in a position to determine what would happen to their investigations, how would I have explained before a panel that they saw cheques paid into my account?”
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Another increase coming as FG plans to standardise electricity tariffs for band B, C customers
Another increase coming as FG plans to standardise electricity tariffs for band B, C customers
The Federal Government is set to implement new measures aimed at standardizing electricity tariffs across the country to eliminate discrepancies in the current billing system and attract further investments into the power sector.
This announcement was made by Chief Adebayo Adelabu, the Minister of Power, who highlighted the need for a more equitable pricing structure.
Currently, there is a significant difference in electricity rates between different customer bands. Consumers in Band B, who typically receive 17 to 18 hours of electricity supply daily, are charged N63 per kilowatt-hour.
However, those in Band A, who receive just two more hours of supply, pay a steep N209 per kilowatt-hour.
Adelabu criticised this disparity as “unfair” and called for a comprehensive overhaul of the tariff system. He emphasized that regularizing the rates would ensure a more balanced pricing model, which could, in turn, stimulate investment and create a more sustainable energy market.
“We will look at the tariff again. I am not saying that we’re going to increase the tariff before I am misquoted.
“We are going to look at it and see how we can improve upon our modest achievement of last year, not only to ensure that we grow the sector that we need, but also to ensure that we can invest more in revamping all these dilapidated infrastructures,” he said.
The minister further explained that the transition to Band A should have progressed more quickly, but it became evident that the Distribution Companies (DisCos) have been reluctant to invest in the sector, hindering the process.
“A lot of investment is required for us to achieve an accelerated migration of lower-band customers into Band A. It is taking a lot of time,” he said.
The government is working on restructuring the tariff bands to narrow the significant gap between them, with a proposed new system that will include Bands A, B, and C.
“The gap between the Band A tariffs and Bands B, C, D, and E is just too wide,” he said. “We believe it’s not fair. It is not just, and we must be able to carry out some level of regularisation.”