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CBN Cash Withdrawal Limit Begins Today, January 9

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Four days after the Central Bank of Nigeria (CBN) directed commercial banks to suspend over-the-counter dispensing of the new naira notes and use their Automated Teller Machines (ATMs) to ensure wider circulation, compliance level has been abysmally low as customers continue to get the old currency slated to be junked on January 31.

Meanwhile, the policy on restriction on daily cash withdrawal takes off today, Monday, January 9.

Under this arrangement, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations is now N500,000 and N5 million, respectively.

Thus, anyone or organisation that has a compelling need to withdraw above the approved limits to transact legitimate businesses will pay a processing fee of 3percent and 5percent for individuals and corporate organisations, respectively.

Aside that, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number (BVN) of the payee; Tax Identification Number (TIN) of both the payee and the payer; Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

More so, third party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsist.

The earlier limit for over-the-counter weekly cash withdrawal for individuals was N100,000 and N500,000 for corporate entities.

The apex bank warned banks and other financial institutions to live above board as anyone caught aiding and abetting the circumvention of the policy will be severely sanctioned.

Anxious customers who thronged various ATMs in Abuja, Lagos and other parts of the country at the weekend were shocked to see old and in some instances, dirty naira notes gushing out of the machines.

In Kubwa, Wuse and other parts of Abuja, customers on various ATM queues at the weekend said they did not get the new notes and many went home sad.

John Akomas, a Point of Sales operator lamented. “I was at three ATM machines in Abuja on Sunday to see if I could get the new notes, but to no avail.

“In Kubwa, all the banks along Gado Nasko Road dispensed old notes. I know because many of us PoS operators do exchange information through our WhatsApp groups. When a colleague tells us where he got his new notes from, we go there because customers in town are really pressuring us to pay them with the new notes. Nobody wants to have the old notes because they expire in three weeks time. The pressure is too much on us”, he lamented.

Mirabel Moses, a flea-clothes dealer also said her customers keep paying with old notes which is a huge challenge for her because she hardly has the time to go to the bank to make deposits.

“I pray this new notes problem is quickly sorted. I don’t want to have old notes with me”, she said.

However, a Tier 2 bank official in Abuja who did not want to be named because he was not authorised to speak on the matter said: “We get tremendous pressure from customers. We keep trying to explain the situation to them on a daily basis. Many come shouting at the staff as if we hoarded the money but it’s not sufficient. That’s the brutal reality. We are expecting more supplies from the CBN. Hopefully, things will be a lot better this week. We also advise customers to use the alternative electronic banking channels. That’s the whole essence of these initiatives of the CBN. It empties into the cashless policy blueprint”, he said.

Meanwhile amid complaints of inadequate supply of the new Naira notes, the Central Bank of Nigeria (CBN) at the weekend, insisted that banks have enough new notes to circulate across the country.

This is coming after reports filtered in that the apex bank had ordered DMBs to immediately stop the payment of the new naira notes to customers over-the-counter withdrawals.

The report noted that the CBN instead, directed that the banks should rather load their Automated Teller Machines (ATMs) with only new notes to ensure that the currency circulates across the country ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.

According to the report, a source in one of the Tier-1 banks who acknowledged the directive from the CBN stated that her bank on Thursday issued a memo in that respect to all the branch managers to enforce the CBN order.

The memo, which was titled, ‘Urgent update on currency redesign’ and signed by the Group Head, Retail Operation, stated, “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 & N,1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals. This is effective immediately please.”

The report also noted that the source, who is a manager in one of the bank’s branches in Lagos, however, complained that the new notes were in short supply, hence the branch decided to load a mixture of the old and new N1,000 and N500 notes in the ATMs for customers to withdraw.

It was earlier reported that twenty five days after the release of the newly redesigned N200, N500 and N1,000 notes and with 22 days left before the old notes cease to be legal tender in the country, Automated Teller Machines (ATMs) in Lagos are yet to dispense the new notes.

This also led to calls to extend the deadline to allow the circulation of the new notes.

However, the CBN clarified that it did not ban the banks from paying customers the new notes over the counter, pointing out that the directive to the banks to dispense new notes via ATMs was to complement over-the-counter transactions and increase the circulation of the redesigned notes.

The Director of Corporate Communication, CBN, Osita Nwanisobi, said adequate plans have been made to heighten the circulation of the new notes while adding that the speculations that the banks did not have enough new notes for circulation were false.

Nwasinobi explained that the directive didn’t categorically ban over-the-counter transactions but was issued as a persuasion to dispense via ATMs to increase circulation.

With higher pressure on electronic banking channels as the cashless policy deepens, customers have called for fortified and expanded platforms and infrastructure of financial institutions as failed transactions spike.

When our correspondents visited various banks, scores of miffed customers besieged their customer care desks to lodge and sort out failed transactions; where initiating accounts are debited but receivers are not credited.

Frustrated customers have been lampooning banks on various social media platforms for serially failing to guarantee successful transactions, especially during the Christmas celebrations.

This amplified calls on banks and other service providers in the electronic banking ecosystem to up their game if the cashless policy is to succeed.

In another development, the Nigerian Security Printing and Minting (NSPM) Plc, at the weekend, reiterated that the recently released new naira notes were of same quality with the current ones in circulation, warning skit makers and the public to desist from subjecting them to crude experiments just to prove otherwise.

The Managing Director of NSPM PLC, Ahmed Halilu gave the warning in a statement he personally signed, noting that the establishment has been meeting the currency needs of the Central Bank of Nigeria (CBN) since 2014 due to its improved capacity.

“Indeed, Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.

“We want to inform all Nigerians that the new naira notes are of the same substrates and passed through the same printing processes and finishing procedures. It is, therefore, basically the same as the other notes in circulation. It also leaves traces of intaglio inks when rubbed on plain white surfaces.

“It is, however, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.

“In addition, the second stage of currency printing (Intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design. One of the properties of intaglio inks is non-solubility in water and ease of transfer (light stain) on plain white materials owing to the size of the particles. This is generally a security feature of all banknotes that easily differentiates them from forged or counterfeit notes.

“The naira is our legal tender and national symbol. We, therefore, urge Nigerians and other users of the naira banknotes not to subject our banknotes to experiment in order to prove a point”, Halilu stated.

He added that the best international practices have been deployed in the production of the new naira notes, adding, “we shall continue to ensure that it meets international standards”.

BIG STORY

‘You Belong In A Zoo’, Fayose Slams Obasanjo In Thank-You Message

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Former President Olusegun Obasanjo on Monday disclosed the insulting “Thank You” text message he received from former Ekiti State Governor Ayodele Fayose following his attendance at Fayose’s 65th birthday celebration in Lagos last week.

The message, which Obasanjo’s Special Assistant on Media, Kehinde Akinyemi, described as a “Thank You” note, was made available to journalists in Abeokuta. The communication reflected Fayose’s appreciation for Obasanjo’s presence at the event alongside criticism of what he referred to as the former president’s “irresponsible comments.”
According to the content of the message, Fayose stated that he refrained from responding to Obasanjo’s remarks during the ceremony so that “the whole world” would observe the difference “between a sane man and a mad man.”

Fayose also demanded that Obasanjo return the money he had sent to facilitate the former president’s attendance at the event. The “Thank You” note read, “Dear Baba Obasanjo, I trust this meets you well. Your coming to my birthday party, I appreciate it, except for your very irresponsible comments at your age. You went so low, but I am not surprised because someone once said you are supposed to be kept away in the zoo. Sincerely, that’s where you belong.”
The message continued, “I kept quiet or did not reply to you at the function so that the world would know the difference between a sane and a mad man. It is also obvious that you have lost your sanity—or should I say, this is the heightened stage of dementia.”

Fayose added, “Not to worry, Baba. I shall set the records straight in due course. Lastly, I shall appreciate it if you return my money since you publicly admitted you received it, but Dangote brought it back. Your leopard will never change its skin.”

In response, Obasanjo was quoted as saying, “Ayo, thanks for your ‘Thank You’ message, which undisguisedly revealed who and what you are, unchanged and unchangeable. Your money has been sent back through Foluso Adeagbo, who brought it, in the same bag as he delivered it, unopened by me.”

While addressing guests as the special guest of honour at the birthday celebration, Obasanjo recounted previous occasions where Fayose allegedly insulted him. The former president stated that Fayose had sought forgiveness multiple times but continued to display what he described as arrogance.

Obasanjo added that Fayose did not initially invite him directly to the birthday event. He explained that Fayose sent former Minister Osita Chidoka to approach him before later making a phone call, after which Obasanjo asked him to visit in person.

He said, “Some people called me and said, ‘We heard that you are going to attend Fayose’s 65th birthday. Have you forgotten how he abused you?’ But I said they should not worry. Irrespective of his character, he remains one of my children.”

Obasanjo continued, “But you are not among the best of my political children. Even to get me to attend this occasion, you could not approach me directly. You sent Osita Chidoka to sound me out. You later phoned me, and I said you could come see me at any time.”

He added, “Even then, you could not come immediately. You sent Foluso ahead to gauge my feelings, and you arrived about an hour later. When you came, you called your wife, and while on the phone, I said that both of you have not conducted yourselves well—Mo ni eyin mejeji kii somoluwabi [both of you are not Omoluwabi]. Your wife asked for forgiveness, and I said both of you are forgiven.”

Obasanjo stated that he did not want the lessons from their past conflicts to be forgotten and urged Fayose to take responsibility for previous actions. He also recalled warning Fayose during his time as governor against investing in a poultry project, noting that he considered the initiative fraudulent and ultimately unsuccessful.

According to a widely circulated online video of the event, the former president advised Fayose to seek genuine repentance and forgiveness from those he had wronged, and to prioritise integrity and humility as he continues in life.

 

Credit: The Punch

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BIG STORY

27-Year-Old Nigerian Man Kills Father, Stabs Two Sisters In US

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Police in New Orleans, United States, have arrested a 27-year-old Nigerian man, Chukwuebuka Eweni, in connection with a stabbing incident that resulted in the death of his father and injuries to two of his sisters.

Family members told WWL Louisiana, a local newspaper, that Eweni had a history of an undisclosed mental illness but had not displayed violent behaviour until last Tuesday. They said the evening began as an ordinary one before Eweni allegedly grabbed a knife and attacked his father, Samuel, and his two sisters. They added that they did not know what triggered the attack.

Samuel, who served as a professor of computer sciences at Southern University, New Orleans, was pronounced dead at the scene of the incident. The institution’s chancellor, Joseph Bouie, described Samuel as “a mentor and a guiding light” to many students.

One of Eweni’s sisters was discharged from the hospital after treatment, while the other remained under medical care as of last Wednesday but was also expected to survive. The injuries left both siblings receiving support from family and medical personnel.

Relatives said that after the stabbing, they learned that Eweni went to New Orleans East Hospital, where he often checked himself in for mental support, to seek help. The hospital, reportedly unaware of the crime, transferred him to another facility in Jefferson Parish as part of routine procedure.

Police tracked him to the second facility the following morning after securing an arrest warrant. Authorities stated that Eweni was wanted on one count of second-degree murder and two counts of attempted second-degree murder. Police added that he is currently undergoing evaluation at a medical facility.

Tributes for the deceased professor have continued to pour in across social media. One sympathiser, Emem Akpabio, wrote on Facebook, “Just got notified that my very first client, and loving father of three whom I obtained sole custody of his kids some 8 years ago, passed away and was found in his truck somewhere in Texas.”

Another Facebook user, who identified herself as an acquaintance, Josely Pueten, wrote, “I just received a phone call about him. He was one of our tenants here in Arlington. I never had the opportunity to meet him, but I know I got that call for a reason. I’m so sorry for his passing.”

A similar message was shared by another user, Aboukia Fessibay, who wrote, “Bode has gone too soon; so sad to see this of his passing to the great beyond. May God be with his children and the rest of his beloved family and friends.”
The incident adds to the growing number of tragic cases involving Nigerians overseas.

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Shock As US-Based Nigerian Driver Found Dead Inside Truck

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A Nigerian truck driver based in Arlington, Texas, identified as Bode Ologan, has been reportedly found dead inside a truck in the state of Texas. The incident drew public attention after details surfaced online.

PUNCH Metro first became aware of the development on Sunday through a Facebook post shared on the Lagos Reporters page by a user, Ibrahim Abolore. The post, which included an image of Ologan’s driving licence, appealed to the public for assistance in identifying and contacting his family members.

The message accompanying the post stated, “Kindly help find out if anybody knows this guy’s family or his family. They found him dead inside the truck in Texas.” The plea quickly circulated among social media users seeking more information.

Further findings by PUNCH Metro on Sunday revealed that the incident occurred on November 7, and that associates of the deceased had created a GoFundMe account to raise funds for his funeral. The fundraising effort was launched shortly after confirmation of his death.

In a GoFundMe appeal titled “Help Bode Ologan’s Family in Their Grief,” created by Omolade Adeduro, Ologan was described as a father of three. The appeal read, “Hello, the family and friends of Bode Ologan regret to announce his death on Friday, November 7th, 2025. He lived a fulfilling life and left behind three children: Semilore, Semilogo, and Semilola.”

The appeal further requested financial support, stating, “Please help his children and family raise money for his funeral arrangements and other necessary expenses. Any amount is appreciated. May his soul rest in peace.” As of Sunday, checks indicated that $4,717 had been donated by around 16 contributors, with the family targeting $30,000 ahead of the burial scheduled for November 20.
Ologan was believed to have been a native of Owo in Ondo State. The news of his passing has prompted an outpouring of tributes from friends, associates, and members of the Arlington community in the United States.

One sympathiser, Emem Akpabio, wrote on Facebook, “Just got notified that my very first client, and loving father of three whom I obtained sole custody of his kids some 8 years ago, passed away and was found in his truck somewhere in Texas.” Another Facebook user, Josely Pueten, described him as a tenant, writing, “I just received a phone call about him. He was one of our tenants here in Arlington. I never had the opportunity to meet him, but I know I got that call for a reason. I’m so sorry for his passing.”

Similarly, another user, Aboukia Fessibay, wrote, “Bode has gone too soon; so sad to see this of his passing to the great beyond. May God be with his children and the rest of his beloved family and friends.” Additional tributes continued across various social media platforms.

On Instagram, a sympathiser, Gbemisola Are, commented, “May his soul rest in peace. Driving a truck is a very difficult and risky job.” The statement reflected the hazards often associated with long-haul trucking in the United States.
This incident adds to previously reported tragedies involving Nigerians abroad.

 

Credit: The Punch

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