BIG STORY

CBN Sets Daily Withdrawal Limit On POS To N100,000 Per Customer

Published

1 year ago

December 18, 2024

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The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of N100,000 per customer for point-of-sale (PoS) terminals.

In a circular sent to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents, titled ‘Cash-out limits for agent banking transactions,’ CBN stated that the restriction aligns with the apex bank’s ongoing efforts to promote a cash-less economy.

The circular explained that these measures aim to address identified challenges, combat fraud, and establish uniform operational standards across the industry.

“In view of the above, ALL principals of agents are to comply with the following directives immediately:

i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week,” the circular reads.

“ii. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.

“iii. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.

“iv. Ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.

“v. Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.

“vi. Monitor accounts associated with the agents’ BVN(S) with a view to identifying agent banking activities which may be conducted outside the designated float account(s).

“vii. Ensure that all agent terminals are connected to a PTSA.

“viii. Ensure that all daily transactions per agent, including withdrawals, limits of transactions and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN. The template of this report will be sent to principals.”

CBN emphasized that, as outlined in the guidelines for the regulation of agent banking and agent banking relationships in Nigeria, principals would be held fully responsible and liable for all actions and omissions of their agents related to agent banking services.

The apex bank also cautioned that it would carry out oversight activities, including impromptu back-end configuration checks to ensure compliance.

CBN warned that violations of the directives in the circular will result in appropriate penalties, including monetary and/or administrative sanctions.

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BIG STORY

BREAKING: Court Orders Remand of Ex-AGF Malami, Son, Wife In Kuje Prison

Published

5 hours ago

December 30, 2025

PorscheClassy News

The Federal High Court in Abuja on Tuesday ordered the remand of the Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), at the Kuje Correctional Centre pending the hearing and determination of their bail application.

The trial judge, Justice Emeka Nwite, also ordered the remand of his co-defendants, his son, Abubakar Malami, and one of his wives, Bashir Asabe.

Justice Nwite made the order after taking arguments from the defence team led by Joseph Daudu (SAN) and the prosecution counsel Ekele Iheneacho (SAN).

Malami and his co-defendants are facing a 16-count money laundering charge preferred against them by the Economic and Financial Crimes Commission.

The EFCC alleges that the defendants conspired at various times to conceal, retain and disguise the proceeds of unlawful activities running into several billions of naira.

According to the charge, the alleged offences span several years and include the use of companies and bank accounts to launder funds, the retention of cash as collateral for loans, and the acquisition of high-value properties in Abuja, Kano and other locations.

The commission further alleges that some of the offences were committed while Malami was serving as Attorney-General of the Federation, in breach of the Money Laundering (Prohibition) Act 2011, as amended, and the Money Laundering (Prevention and Prohibition) Act 2022.

Post Views: 100

BIG STORY

JUST IN: Malami, Son, Fourth Wife, Associate Pleads Not Guilty To Money Laundering Charges

Published

6 hours ago

December 30, 2025

PorscheClassy News

A former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Tuesday pleaded not guilty to a 16-count money laundering charge preferred against him by the Economic and Financial Crimes Commission.

Malami’s co-defendants—his son, Abubakar Abdulaziz Malami, and his fourth wife, Bashir Asabe—also pleaded not guilty to all the counts when the charges were read to them by the court registrar.

The defendants were arraigned before Justice Emeka Nwite of the Federal High Court, Abuja.

In the charge, the EFCC alleged that the defendants conspired at various times to conceal, retain, and disguise proceeds of unlawful activities running into several billions of naira.

According to the commission, the alleged offences span several years and involve the use of companies and bank accounts to launder funds, the retention of cash as collateral for loans, and the acquisition of high-value properties in Abuja, Kano, and other locations.

The EFCC further alleged that some of the offences were committed while Malami was serving as Attorney-General of the Federation, in breach of the Money Laundering (Prohibition) Act 2011 (as amended) and the Money Laundering (Prevention and Prohibition) Act 2022.

Post Views: 50

BIG STORY

JUST IN: Ex-AGF Abubakar Malami, Son, Employee Appear In Abuja Court Over Alleged N8.7bn Fraud

Published

7 hours ago

December 30, 2025

PorscheClassy News

Former Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), was on Tuesday morning brought before a Federal High Court in Abuja by officials of the Economic and Financial Crimes Commission (EFCC) ahead of his arraignment on a 16-count money laundering charge.

Malami appeared in court shortly before 9 a.m., accompanied by his two co-defendants: his son, Abubakar Malami, and Bashir Asabe, an employee of Rahamaniyya Properties Limited, a company linked to the former minister.

The EFCC alleges that the trio, among others, laundered approximately N8.7 billion.

Court proceedings are yet to commence.

Details shortly…

Post Views: 55