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Supply hawkers mint Naira you pay N150m penalty – CBN threatens Banks over Naira Scarcity

The Central Bank of Nigeria (CBN) has issued a stern warning to banks involved in facilitating the illegal circulation of newly minted naira notes, announcing a hefty fine of N150 million per branch for any such violations.

In a directive signed by Solaja Olayemi, Acting Director of the Currency Operations Department, the CBN raised alarms over the growing involvement of currency hawkers and corrupt economic agents in the unauthorized flow of fresh banknotes.

This illicit activity, the CBN stated, undermines the smooth and equitable distribution of cash to both bank customers and the wider public.

To combat this, the CBN plans to increase its surveillance, conducting spot checks in bank branches, ATMs, and locations known for hawking currency. In addition, it will introduce mystery shoppers to monitor high-risk areas.

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The bank made it clear that any financial institution found facilitating or turning a blind eye to the illegal movement of mint naira notes will face an initial fine of N150 million per branch.

Repeated offenses will lead to even stricter penalties under the provisions of the Bank and Other Financial Institutions Act (BOFIA) 2020.

In the wake of these developments, the CBN has urged all banks to tighten their internal controls and enhance their cash management procedures at branches and ATM facilities.

Earlier in November, the central bank had instructed banks to prioritize ATM-based cash withdrawals as a means to streamline distribution and curb the illegal flow of currency.

The CBN also reiterated that any bank found guilty of hoarding, diverting, or otherwise obstructing the proper disbursement of cash will face severe sanctions, including penalties for violating the Clean Note Policy.

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Pandemonium erupts as Youth was shot during encounter with Army personnel

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Pandemonium erupts as Youth was shot during encounter with Army personnel

The Police Command in Akwa Ibom, on Wednesday, confirmed the death of a youth in a crisis that erupted in Ette, Ikot Abasi Local Government Area of the state.

DSP Timfon John, the State Police Public Relations Officer (PPRO), made the confirmation in an interview with the News Agency of Nigeria (NAN) in Ikot Abasi.

She said that the crisis started on Tuesday night in Ette when an army man was pursuing a boy in the community and was descended on by a mob.

‘’In an attempt to escape the mob action, the army man fired and shot one of the villagers; both the army and the villager are receiving treatment in a hospital.

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‘’The situation is under control and investigation has commenced to unravel the perpetrators of the crime,’’ John said.

A source, who refused to mention his name, told NAN that the crisis was as a result of the alleged killing of a local boy by an army man attached to an oil company in Ikot Abasi.

He said that there had been a protest by the youths in the area demanding that the military should focus on their duty to the company and not target the innocent citizens.

He said that the Tuesday crisis led to the burning of five trucks, a bus and a Hilux belonging to the company.

The source said that the crisis led to the blocking of East-West Road leading to Port Harcourt, forcing motorists to divert to other routes for safety. (NAN)

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BREAKING; Dangote announces significant reduction in petrol price per litre

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BREAKING; Dangote announces significant reduction in petrol price per litre

Dangote reduces petrol price Dangote Petroleum Refinery and Petrochemicals has once again reduced the price of Premium Motor Spirit (PMS), also known as petrol, marking the second price cut this month.

The company disclosed this in statement signed by its Head of Media Communications, Mr Anthony Echiejina, Wednesday in Lagos.

It explained that the company had reduced the price by N65, from the previous N890 per litre, bringing it down to N825 per litre at the gantry (ex-depot).

This follows a N60 reduction earlier in February.

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The company noted that the ex-depot price had dropped from N950 per litre in January to N825 per litre, reflecting a N125 reduction over the past 26 days.

“This recent price adjustment is expected to ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.

“The new price will take effect from Thursday, February 27, and is aimed at providing much-needed relief to Nigerians, particularly in light of the upcoming Ramadan season.

“This strategic price adjustment is designed to offer essential relief to Nigerians during Ramadan while supporting President Bola Ahmed Tinubu’s economic recovery policies by easing the financial burden on the populace,” the statement read.

It further highlighted that Dangote Petroleum Refinery had consistently lowered petrol and other refined petroleum product prices for the benefit of Nigerians.

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The statement said that this price reduction marked the second time this month that PMS prices had been slashed, following a N60 decrease earlier in February.

It said, “In December 2024, during the holiday season, the refinery reduced petrol prices by N70.50, from N970 to N899.50 per litre, as part of its ongoing commitment to easing the cost of living and providing relief during the festive period.”

The refinery emphasised that previous reductions had a positive impact on the overall cost of living and helped prevent the typical fuel shortages and price hikes associated with the holiday season.

Dangote also assured that its high-quality products, which had gained popularity both domestically and internationally, would remain available nationwide through its key partners, MRS Holdings, AP (Ardova Petroleum), and Heyden, at market-friendly rates.

The statement outlined the following prices for Dangote petrol at various retail outlets:

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MRS Holdings stations: N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East regions.

AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East regions.

Dangote Petroleum Refinery also assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby contributing to the country’s foreign exchange earnings.

It called on marketers to support the initiative, ensuring that Nigerians are the primary beneficiaries of these efforts.

It emphasised that such collective actions would contribute to the broader economic recovery plan, spearheaded by President Bola Ahmed Tinubu, aimed at making Nigeria self-sufficient in refined petroleum products and positioning the country as a major oil export hub.

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Dangote Petroleum Refinery, which has successfully exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia.

The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days.

Additionally, the refinery’s capacity of 650,000 barrels per day surpasses Nigeria’s average daily petrol requirement of 385,000 barrels. (NAN)

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Command CP orders removal of DPO over crime rate

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Command CP orders removal of DPO over crime rate

Delta State’s Police Commissioner, Olufemi Abaniwonda, has announced the redeployment of the Divisional Police Officer (DPO) of Ogwashi-Uku.

The redeployment follows a disturbing surge in kidnappings and armed robberies in the area.

The decision came in response to widespread complaints circulating on WhatsApp and other social media platforms, highlighting the worsening security situation in Ogwashi-Uku, located in Aniocha South LGA.

In an effort to tackle the rising crime rates, Deputy Commissioner of Police (DCP) Operations, Aina Adesola, has been tasked with deploying tactical units to the region.

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These units include specialized teams such as Dragon Patrol, Eagle-Net, and the Rapid Response Squad (RRS), which have been strategically positioned to combat criminal activities.

Additionally, the Special Anti-Kidnapping and Cyber-Crime Squad (SAKCCS) has been directed to relocate to Ogwashi-Uku, adopting an intelligence-driven strategy to track down, arrest, and prosecute those behind the criminal acts.

The State Intelligence Department (SID) has also been mobilized to conduct undercover operations and gather critical intelligence to further disrupt the criminal network in the area.

Abaniwonda reassured Delta residents of his unwavering commitment to ensuring their safety, emphasizing that the security of lives and property remains the police’s top priority.

He urged the public to stay alert, report any suspicious activity, and collaborate with law enforcement to help restore peace.

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For immediate security concerns, the police command has provided emergency contact numbers: 08036684974, 08114895600, and 08025666914.

The Police Commissioner also warned criminals that Delta State would not tolerate lawlessness, promising zero tolerance for criminal activities.

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