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JUST IN: CBN Denies Directing Banks To Collect Old N500, N1000 Notes

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The Central Bank of Nigeria (CBN), has denied directing commercial banks to collect old N500 and N1,000 from Nigerians, dismissing the reports to that effect as false.

Reports had emerged in some media outlets on Friday that the apex bank had made a u-turn and directed banks to collect old notes from Nigerians.

But reacting to the report on Friday, Osita Nwanisobi, CBN director of corporate communications, said the apex bank did not give such directive.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes,” the apex bank said.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculates the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

“Media practitioners are advised to PLEASE verify any information from the correct sources before publication.”

BIG STORY

Kano N1.3bn, Bayelsa N358.8m — How States Shared N22.9bn Ecological Fund In Five Months

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The National Bureau of Statistics (NBS) has revealed that Nigeria’s 36 states collectively received N22.9 billion in ecological funds from the Federation Account Allocation Committee (FAAC) between January and May 2025.

The ecological fund is a special component of federal revenue created to combat environmental problems such as flooding, erosion, drought, oil spills and desertification. It is overseen by the Ecological Fund Office, which operates under the Office of the Secretary to the Government of the Federation.

Earlier this year, the Nigeria Hydrological Services Agency (NIHSA) warned that more than 1,249 communities in 30 states and the FCT were at high risk of flooding in 2025, with another 2,187 communities across 293 LGAs identified as facing moderate risk. Abia, Benue, Lagos, Bayelsa, Rivers and Jigawa were flagged as states of major concern. In 2024, flooding claimed 321 lives, affected 1.37 million people, and displaced over 740,000 Nigerians.

State-by-state allocations

Between January and May 2025, Kano emerged as the top recipient with ₦1.29 billion, followed by Lagos (₦1.09 billion) and Borno (₦1.01 billion). Others include:

Katsina — ₦997 million

Bauchi — ₦970.2 million

Oyo — ₦909.7 million

Jigawa — ₦907 million

Bayelsa — ₦358.8 million (despite being one of the flood-prone states)

Zonal breakdown

Analysis by TheCable Index shows the north-west received the largest share with ₦5.85 billion, followed by the south-west (₦4.59 billion) and the north-east (₦4.36 billion). The south-east got ₦3.15 billion, the north-central ₦2.54 billion, while the south-south, ironically one of the most flood-affected zones, had the lowest allocation at ₦2.40 billion.

Complete allocations (Jan–May 2025)

1. Kano – ₦1,286,544,379.13

2. Lagos – ₦1,086,570,190.07

3. Borno – ₦1,007,737,588.02

4. Katsina – ₦997,035,278.84

5. Bauchi – ₦970,203,089.39

6. Oyo – ₦909,728,617.21

7. Jigawa – ₦907,057,103.18

8. Sokoto – ₦893,902,300.00

9. Enugu – ₦815,695,489.05

10. Adamawa – ₦807,977,549.14

11. Zamfara – ₦807,143,535.75

12. Anambra – ₦806,463,898.32

13. Yobe – ₦805,428,208.86

14. Ogun – ₦753,548,977.73

15. Osun – ₦739,734,927.15

16. Ebonyi – ₦725,642,920.73

17. Ekiti – ₦725,233,444.67

18. Kaduna – ₦531,361,448.30

19. Niger – ₦480,382,255.58

20. Benue – ₦454,814,057.07

21. Kogi – ₦448,226,630.67

22. Rivers – ₦437,368,743.17

23. Kebbi – ₦428,229,139.39

24. Plateau – ₦423,493,660.86

25. Imo – ₦421,654,520.82

26. Delta – ₦411,776,880.86

27. Cross River – ₦407,812,547.55

28. Akwa Ibom – ₦407,743,010.50

29. Taraba – ₦390,653,979.13

30. Gombe – ₦381,994,204.98

31. Abia – ₦379,750,074.07

32. Edo – ₦379,206,575.27

33. Ondo – ₦377,520,921.32

34. Nasarawa – ₦373,996,813.87

35. Kwara – ₦361,000,036.84

36. Bayelsa – ₦358,837,261.57

 

Total: ₦22,901,470,259.06

 

Credit: The Cable

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BIG STORY

Demand For Accountability Is Not Politicisation Of Insecurity — El-Rufai To ONSA

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Former Kaduna State Governor Nasir el-Rufai accused the Office of the National Security Adviser (ONSA) of mishandling the country’s counter-insecurity efforts and attempting to silence criticism by labelling dissenters as unpatriotic.

El-Rufai criticised what he called a misguided “non-kinetic” approach to insecurity, claiming that officials are paying and feeding bandits instead of confronting them directly.

In response, ONSA dismissed the accusations as “baseless and false”, urging el-Rufai to refrain from politicising national security and stressing that combating banditry must remain a collective endeavour, not a tool for partisan score-settling.

In a follow-up statement, el-Rufai insisted that calls for accountability should never be conflated with the politicisation of security.

“It is a well-known fact to discerning Nigerians that the face of the politicisation of national security for politically intended purposes resides, for the first time in our recent history, in the ONSA under its present leadership.”

He urged ONSA to subject its tactics to scrutiny:

“If the ONSA thinks Nigerians are not following its unclear and incompetent management of terrorism and banditry in Northern Nigeria and beyond… then it is high time it carried out an in-depth evaluation and review of its actions.”

El-Rufai also cited tangible evidence, such as video and audio recordings from traditional and religious leaders, showing that communities have condemned alleged payments to bandits.

He further criticised ONSA for favouring protocol and media image over effective security operations, notably censuring the public display of supposedly “rescued” victims—claiming many of those rescued had paid ransom prior to media coverage.

“In the megalomania of the National Security Adviser, every attempt to hold him accountable is politicisation of security, every perceived enemy of his is a security risk, and every critic of a purportedly democratic government is unpatriotic. What a shame!”

El-Rufai accused the Kaduna State government of suppressing reports on security threats by stifling local media outlets—citing his own administration’s practice of publishing quarterly and annual security reports as a model of transparency.

He called on both ONSA and the Kaduna government to publicly disclose the locations and operational details of the disarmament, demobilisation, and reintegration programs for purported “repentant” bandits.

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BIG STORY

PDP Would Be Destroyed If Peter Obi Returns To Party — Wike

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The Federal Capital Territory Minister, Nyesom Wike, has asserted that welcoming Peter Obi back into the People’s Democratic Party (PDP) would spell disaster for the party.

During a media session in Abuja, Wike noted that key PDP figures like Bauchi Governor Bala Mohammed and Senate Minority Leader Abba Moro have been engaged in discussions with both Obi and former President Goodluck Jonathan regarding a potential return to the party.

Obi officially left the PDP days before its 2023 presidential primary and later joined the Labour Party—a move that positioned him as its presidential candidate that year.

Wike said Obi’s character disqualified him from returning, citing past insults against the party: “Obi was abusing the party, saying it is rotten. So now the party is suddenly good enough for him to come and contest on its platform?”

He continued, criticizing the idea as incompatible with the party’s integrity: “That kind of ambition can make people even go to Satan’s house.”

Wike warned that the party stands to lose credibility and its guiding principles if Obi is welcomed back. “Anybody suggesting that Obi should return is entitled to their opinion. But if you want to destroy this party, then bring Obi back,” he declared.

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