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BIG STORY

Cash Shortage Persists As Banks, Businesses Comply With CBN’s Directive On Old Naira Notes

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Commercial banks in Lagos have started disbursing the old naira notes to customers at their various automated teller machines (ATMs) terminals and over the counter.

The banks were also observed to be accepting deposits of the notes — a development which is in compliance with the latest directive of the Central Bank of Nigeria (CBN) on the naira redesign policy.

Yielding to pressure to obey a the supreme court judgement, the CBN had said the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.

It also directed banks to comply with the court order by issuing and accepting the old notes.

“…consequently, all concerned are directed to conform accordingly,” the apex bank had said.

Checks by TheCable on Wednesday show that some commercial banks in Lagos have started to comply with the directives from both the court and the regulator.

It was observed that an Access Bank branch in Marina area of Lagos dispensed and collected the old notes from customers.

A visit to branches of Access Bank and Wema Bank in Ebute Metta, Lagos, also showed that the banks had started dispensing the old notes over the counter and via ATMs.

At Stanbic IBTC in Abule Ado, customers were paid over the counter, with a cap of N20,000; while Zenith Bank, in the same location, allowed a withdrawal of only N2,000 per transaction via ATM.

More so, customers thronged ATMs at branches of Sterling Bank, Zenith Bank, and the United Bank for Africa (UBA) in the Ikorodu axis of Lagos, to withdraw cash.

“They are dispensing,” a customer said, tersely.

CODES FOR DEPOSITS

While banks were seen to be dispensing the notes, deposits of the old N200, N500, and N1,000 were also accepted from customers.

However, TheCable observed that for deposits to be made, customers are still required to generate a CBN reference code — a process launched in February for the apex bank’s currency redemption exercise.

At all the bank branches visited by TheCable reporters, customers were mandated to generate the reference code before they could deposit their old naira notes.

TRADERS ACCEPTING OLD NOTES GRADUALLY

When it comes to the theatrics of the naira redesign policy, one major problem the CBN’s fresh directive seems to be addressing is the rejection of the old notes by traders and business owners, as the TheCable’s findings show.

Narrating his experience, Musa Ciroma, a businessman who had collected the old notes from the Access Bank branch ATM at Marina, said he had bought petrol with the money and it was accepted.

Motorists and traders in the vicinity also accepted the currency notes. Most businesses in Ikorodu have also started transacting with the old notes.

“Everyone is accepting the old notes. Traders started accept since yesterday [Tuesday],” a tomato seller in Ikorodu, said.

In Alaba Suru market, several traders were also willing to accept the new notes at the time of visit.

A grocery store owner in Satellite Town, who simply identified as Mama Twins, said she started accepting the notes since the apex bank had told them that they could transact with it.

“Since CBN has announced that we could collect the amount, I have started collecting it,” she said.

THE SCEPTICS

But some traders are still sceptical about collecting the old naira notes in spite of the CBN’s directive.

A student, who simply identified as Kunle, said some traders in Fagba, Lagos, were yet to fully embrace the acceptance of the old notes as legal tender.

“I was able to buy pepper from an ‘aboki’ seller. But other traders that sell petty items in the area did not collect the old notes,” Kunle told TheCable.

Similarly, some traders in various markets in the satellite towns of the federal capital territory (FCT) are also unsure about accepting the old naira notes.

According to NAN, some of the traders at Karu, Nyanya, and Mararaba Markets on Tuesday, said they would not accept the notes for any transaction until further notice.

“I am scared of collecting the old notes because I feel it will be rejected by the people I buy my goods from,” Beatrice Ibe, a tomatoes dealer at Nyanya Market, said.

“Yes, I heard that the CBN has directed that we should start to spend and accept the old notes but what about the people in the villages?

“Have they also heard about it? I doubt it.

“I am waiting for other traders in the market to start collecting or accepting the old notes before I will collect from my customers.”

Alphonsus Iguru, another trader at Mararaba Market, said he had some of the old N500 and N1,000 notes but yet to spend them.

Iguru appealed to the CBN to improve its sensitisation on the directive; saying that many people were yet to come to terms with the news.

“I have some of the old notes before but nobody agreed to collect them from me,” he said.

“We do not know what the CBN will say again tomorrow, I don’t want to collect from people now and tomorrow, it will be another story.”

CASH SHORTAGE — A PERSISTING CHALLENGE

Meanwhile, some banks at the time of visit were not dispensing the currency notes due to lack of cash.

An Access Bank branch in the Abule Ado area of Lagos, did not pay customers, citing unavailability of cash.

Yesterday, customers were able to withdraw N20,000, from the bank’s ATM. But they said the bank stopped issuing the old notes over the counter at about 1pm.

A report by The Punch on Thursday, suggested that several banks had run low on old notes as the scarcity of the new ones persist.

Quoting “a top industry executive close to the CBN” the report said the apex bank may not return the old notes to banks because it would reverse gains on its cashless policy.

“We don’t know if the CBN has destroyed the old notes in its custody or not. As we speak, we don’t also know if it will release the old notes to banks again but the truth is banks don’t have much of these old notes in their vaults. Sadly, customers are not depositing much again,” the managing director of a tier-2 bank was quoted as saying.

 

Credit: TheCable

BIG STORY

Aare Adetola Emmanuelking Shines Bright As The Remo Day “Man Of Steeze” [PHOTOS]

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The Gateway Stadium, Sagamu was aglow yesterday, the 27th of December, 2024, as the maiden edition of Remo Day culminated in a grand rally celebrating the unity, culture, and progress of Remoland. Hosted by the revered Akarigbo of Remoland, the event brought together dignitaries from across the nation, including the Chief of Staff to the President of Nigeria, Hon Femi Gbajabiamila, the esteemed Governor of Ogun State, Prince Dapo Abiodun (MFR) and the first lady of the state, The Ewusi of Makun, HRH Oba Timothy Oyesola Akinsanya, ORUNAGBA II, Chairman of Adron Group and Otun Akile of Remoland Aare Adetola Emmanuelking, amongst others.

Aare Adetola Emmanuelking’s presence stood out in class as he brought unparalleled style, sophistication, and charm to the occasion. Dubbed the ” Remo Day Man of Steeze,” Aare Adetola made an unforgettable entrance, draped in an exquisite wine agbada adorned with intricate embroidery, accessorized with traditional coral beads, and crowned with a regal fila. His look, a masterclass in cultural elegance, radiated confidence and pride in Yoruba heritage, instantly earning him admiration from the gathered audience. Known for his charisma and commitment to the development of Remoland, Aare Adetola was the epitome of poise and grandeur as he engaged with other top dignitaries and attendees. From his interactions to his overall demeanor, every aspect of his presence reflected a deep connection to his roots, and an unyielding passion for community growth.

Communities from across Remoland including Epe, Makun, Iperu, Irolu, Emuren, Ogere, Ikenne, Ilara, Ode remo, Isara, Ipara, Ilishan, Soyindo, Ijagba, Ado, Ode lemo, Ibido, Idena, Ogijo, Atayo, Eposo, Idado, Latawa, Oko, Ipoji, Lowa ibu, Igbepa, Ijoku, Iraye, Ilupeju, Iraniken, Okeselu, Simawa, Ilaye, Iraye, Agura, Igode, Sotubo, Ariye , Araromi, Imushin, Imeji, Agbehinsa , and many more, converged at the Gateway Stadium to pay homage to the Akarigbo of Remoland, a revered symbol of unity and cultural pride. This act of respect and solidarity emphasized the deep-rooted connection between the people and their traditional ruler as they celebrated the remarkable growth and development of Remo. Among the many groups, Iyaniwura Base stood out under the distinguished leadership of Aare Adetola Emmanuelking. Following in his illustrious footsteps, the group brought a splash of vibrance to the event, dazzling attendees with their matching cultural attires that reflected the rich traditions of Remoland. Their coordinated elegance and enthusiastic homage added a memorable touch to the grand celebration.

The Remo Day celebration, themed “In Unity & Culture, We Thrive,” was more than a cultural showcase. It was a celebration of the strength and progress of Remoland, featuring colorful displays of traditional dance, drumming, and artwork. Amid the festivity, Aare Adetola’s magnetic personality and gallant appearance was a true highlight of the day. The Grand Rally provided a perfect backdrop for celebrating individuals who embody the spirit of Remo’s advancement. In Aare Adetola Emmanuelking, Remo found a true cultural icon, someone who not only lives the values of the community, but also inspires others to embrace and promote its legacy with pride and dignity.

The Remo Day celebrations may have concluded, but the image of Aare Adetola, standing tall in his resplendent attire, remains etched in the memories of attendees. Aare Adetola Olaonipekun Emmanuelking- a name synonymous with grace, culture, and unshakable pride in Remoland’s illustrious heritage. Indeed, the “Remo Day Man of Steeze” has set a standard that will resonate far beyond Remoland.

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BIG STORY

“My NGO Account Has Been Hacked, N160Million Diverted” — VeryDarkMan

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Popular activist and social critic, VeryDarkMan, has raised concerns about the hacking of his NGO account, which led to the diversion of N160 million.

In a video shared on his verified Instagram account on Friday, he revealed that the incident had left him feeling distressed in recent days.

He explained that the funds were stolen after hackers allegedly gained access to the NGO’s website. The compromised account, which initially contained N180 million, now holds only N20 million.

He mentioned that law enforcement agencies had tracked one of the suspects, resulting in an arrest.

To address the situation, he stated that the NGO’s app had been temporarily taken offline for maintenance to prevent further vulnerabilities.

He said, “For the past few days, I’ve not been myself. I am here with Officer Joe, and we are going to Jos. NGO money—somebody stole the money. Somebody hacked into the NGO website, and I don’t know how they did it. N180 million is missing, but thank God we have tracked the person, and we are on our way to Jos.

“They have arrested one person, and that is why I’m even saying it now. I’m excited, and the account has been put on PND. The account now has N20 million, while N160 million has been diverted to another account. We are currently going there to see how we can get the money back. I just want to update you people.

“I even had to shut down the app and put it on maintenance so that people will not really see what is going on, but let me just come out plain and tell everyone what is going on. Hopefully, we will get the money back.”

The NGO, which launched in October, gained significant attention after raising over N21 million within 24 hours of its inception.

The initiative, aimed at transforming Nigeria’s public education system, attracted support from prominent figures, including music producer Don Jazzy.

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BIG STORY

Christmas Celebrations: Police Arrest 23 Suspected Armed Robbers, Hoodlums, Kidnapper, Recover Dangerous Weapons [PHOTOS]

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  • As IGP Commends Officers For Vigilance, Commitment To Safety

 

In furtherance of the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM., to commands and formations to emplace unalloyed anti crime strategies towards ensuring adequate safety and security during this festive period, operatives of the Nigeria Police Force across several states in the country have successfully apprehended multiple groups of armed robbers, cultists and hoodlums targeting fun seekers and engaging in gangsterism during Christmas celebrations.

On the 25th of December 2024, at about 1am, the police operatives attached to Lagos State Command, received a distress call that a group of hoodlums armed with dangerous weapons was operating around the Safejo area of Amukoko, Lagos State. The swift response by the police operatives to the scene led to the arrest of 3 of the suspected hoodlums identified as Emmanuel Okoli ‘m’, 20 years, Ogunde Tejiri ‘m’, 20 years, and Emmanuel Orji ‘m’, 18 years, and also the recovery of the weapons they had used in carrying out robbery attacks on innocent funseekers in the area. The police have emplaced intensified searches to apprehend the fleeing members of the gang.

In a similar development, Police Operatives attached to Saminaka Division of the Kaduna State Command on 25th December 2024, at about 8pm, successfully apprehended one Sule Muhammad ‘m’, 25 years, who has been actively involved in multiple kidnapping incidents within the Saminaka area. Further investigation led to the recovery of a fabricated AK-47 rifle from the suspect. The suspect confessed to being a member of a notorious kidnapping gang who had been evading arrest since the arrest of other gang members on August 16, 2024, until his recent arrest on 25th December 2024. Following cooperation received from Muhammad, efforts are in top gear to apprehend other members of his gang and recover more arms and ammunition in their identified camp. Commendable efforts of the Nigeria Police Operatives have also been witnessed in states including Delta, Ogun Katsina, Benue, FCT and Imo, leading to the arrests of several suspects in various locations during the Christmas celebration period.

The IGP has commended the officers involved in these operations for their vigilance and commitment to public safety, highlighting their display of exemplary dedication in safeguarding our communities, especially during this joyful season. The IGP urges the public to remain vigilant and report any suspicious activities to the authorities.

The IGP further assures citizens that the Force is fully committed to creating a safe environment for everyone as they partake in the joy and cheer of the holiday season. As the celebrations continue, the Nigeria Police Force remains steadfast in its mission to protect all citizens and ensure that the spirit of festivities during this period remains unmarred by criminal activities.

 

ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI,

FORCE PUBLIC RELATIONS OFFICER

FORCE HEADQUARTERS,

ABUJA.

27TH DECEMBER 2024.

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