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Naira Scarcity: Banks Confirm Receiving More Cash, Load ATMs

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The Central Bank of Nigeria has released more old notes to Deposit Money Banks as the apex bank steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents.

The CBN had on Thursday begun the release of billions of naira to DMBs. Bank officials said the CBN again released several billions of naira to lenders on Friday

According to The Punch, several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines and over-the-counter.

Some of the banks had sent out emails to their customers notifying them that they would be open over the weekend for banking operations as ordered by the apex bank.

Visits to banks’ branches in Lagos, Abuja, Ogun, and other states revealed that most banks complied with the order of the CBN and attended to customers both in the banking hall and dispensed cash via ATM.

Most of the banks’ branches along the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and subsequently dispensed cash to their customers.

The Access Bank branch at Sadiku Bus stop along the Oshodi-Apapa Expressway dispensed cash via its ATMS.

The United Bank for Africa branch at Oshodi, close to the expressway dispensed cash both in the banking hall and at its ATMs. Customers were able to get N20,000 over the counter.

The Access Bank branch next to it allowed its customers to get N20,000 while holders of other banks’’ ATMs got N5,000 only.

Fidelity Bank branch also at Oshodi expressway paid N20,000 inside the banking hall. Of its three ATMs, only one was dispensing, paying other banks’ customers N5,000 and its customers N20,000.

A taxi driver, who identified himself as Baba Taju, said the kind of naira notes didn’t matter as long as he got some to spend.

“You think that’s important now? What did we do when we couldn’t get any cash? Please any cash is welcome as long as I can spend it,” he said.

Also, customers in the Federal Capital Territory continued to receive naira notes on Sunday.

Some crowds of customers were seen at banks’ ATM galleries while others tried to perform over-the-counter transactions.

Along the airport road, only Guaranty Trust Bank opened for physical operations, Stanbic IBTC loaded its ATMS with cash while Zenith Bank didn’t open for business.

It was gathered that the old N1,000 notes distributed were not crisp ones as officials separated mutilated notes before giving them to customers.

In Ogun State, findings by our correspondent at Zenith Bank, PremiumTrust Bank, GTB, Unity Bank, and Access Bank branches in Redemption Camp along the Lagos-Ibadan Expressway indicated that all the ATMs were fully loaded with cash

It was also gathered that there were no long queues and after the Sunday service, bank customers were allowed to walk in and carry out their normal transactions.

Also, both old and new naira notes were dispensed.

BIG STORY

‘Bandit Kingpin’ Dogo Isah Killed As Rival Gangs Clash In Kaduna Forest

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Dogo Isah, a notorious bandit leader, has reportedly been killed during a violent clash with a rival group in Kaduna state.

Isah, “infamous for leading high-profile attacks and terrorising residents in Kachia and parts of Kajuru LGA,” was involved in a confrontation over cattle rustling in Kachia forest on January 7. He was a cousin to Tukur Sharme, another bandit leader killed in a similar fratricidal clash in September 2024.

Zagazola Makama, a counter-insurgency publication covering the Lake Chad region, reported that Isah and his gang attempted to rustle cattle from a camp led by Kachalla Musa, a repentant bandit leader, which led to the confrontation.

Isah died alongside two of his gang members during the ensuing gun battle. Musa and his faction had recently embraced a peace initiative from the Kaduna state government and security agencies, following a meeting with stakeholders in Tsohon Gaya village, Chikun LGA.

“The initiative, which encourages former bandits to surrender and cease hostilities, had been extended to Dogo Isah, but he rejected the offer and continued his criminal activities, including cattle rustling and violent attacks,” the report noted.

“Dogo Isah’s group has been responsible for several high-profile attacks in the region, including the deaths of members of the 305 Artillery Demo Regiment in Makaranta Forest, Kagarko LGA, and an officer of the defunct Sect 4 OPWP near Gadan Mallam village along the Abuja-Kaduna road in 2022.”

“More recently, Dogo Isah’s group attacked Nigerian Navy personnel at a checkpoint in Kujama on January 5, 2025, resulting in the deaths of two Navy personnel and the theft of their AK-47 rifles.”

Makama warned that while Isah’s death may be seen as “a setback to banditry in Kaduna state, it has heightened fears among the recently repentant members of Kachalla Musa’s group.”

The report also added that Isah’s followers are now apprehensive and may be plotting a reprisal.

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BIG STORY

Court Summons Interior Minister Tunji-Ojo, AGF Over Proposed Expatriate Employment Levy

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A federal high court in Abuja has summoned Olubunmi Tunji-Ojo, the minister of interior, and Lateef Fagbemi, the attorney-general of the federation (AGF), over issues related to the expatriate employment levy (EEL).

The ministers are required to appear before the court on January 16 to justify why the proposed expatriates taxation regime should not be halted.

Inyang Ekwo, the presiding judge, issued this ruling on Thursday following a motion ex parte presented by Patrick Peter, counsel representing the plaintiff.

Ekwo directed that the minister and the AGF be served with the motion within three days of the order.

The suit, marked FHC/ABJ/CD/1780/2024, was filed by the Incorporated Trustees of New Kosol Welfare Initiative.

The group seeks an order of interim injunction to prevent the defendants from implementing the new expatriates’ taxation regime in Nigeria until the motion is heard and decided.

In the affidavit attached to the suit, Raphael Ezeh, programme implementation coordinator of the group, stated that the EEL taxation policy was announced by the federal government on Tuesday, February 27, 2024.

“According to KPMG and other online information analysts and dissemination agencies, the federal government intends to compel all companies and organisations who engage the services of foreign expatriates to pay tax E.E.L. as follows: For every expatriate on the level of a director — Fifteen Thousand United States Dollars ($15,000.00) equivalent to Twenty-Three Million Naira, by the current exchange rates (NW23,000,000.00) per annum,” he said.

“For every expatriate on a non-director level – Ten Thousand United States Dollars ($10,000.00) equivalent to Sixteen Million Naira, by the current exchange rates (N16,000,000.00) per annum.”

Ezeh stated that the federal government has also proposed additional regulations, including penalties and sanctions for non-compliance with the proposed taxation regime.

According to him, inaccurate or incomplete reporting will result in five years imprisonment and/or N1 million.

He explained that failure by a corporate entity to file EEL within 30 days will attract a penalty of N3 million.

Similarly, failure to register an employee within 30 days or the submission of false information will also incur a penalty of N3 million.

Ezeh added that failure to renew the EEL before its expiry date will attract a penalty of N3 million.

“The proposed taxation regime is totally an anti-people policy because of its radical effect on different aspects of the Nigerian economy, and it works like a choke-hold against the economic growth of the nation,” he said.

He emphasized that taxation is a sensitive issue, requiring collaboration between the executive and legislative arms of government under the 1999 Constitution (as amended).

He noted that, under section 59 of the constitution, the executive alone lacks the authority to impose taxes on corporate bodies and citizens.

Ezeh added that the current tax regime is “significantly more favourable to expatriates” compared to the proposed system.

“If the defendants are not restrained by an order of this honourable court, they will commence full implementation of the said programme, thereby threatening the nation’s economic sustainability,” he said.

The matter was adjourned to January 16 for the defendants to appear before the court and show cause.

The federal ministry of interior had suspended the implementation of the EEL in 2024 to allow for further consultations with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and other stakeholders.

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BIG STORY

JUST IN: Court Remands Lagos Teacher For Assaulting 3-Yr-Old Boy

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A 45-year-old teacher from Christ-Mitots International School, Stella Nwadigbo, has been remanded by a Magistrate Court in Ogba for allegedly assaulting a three-year-old child in the Ikorodu Local Government Area of Lagos State.

Nwadigbo, who was suspended by the school management in response to public outcry, was remanded by the court at Kirikiri Correctional Facility, awaiting the next hearing on February 18, 2025.

The teacher was remanded on Thursday after the Police arraigned her for beating a pupil, “Micheal Abayomi,” who was unable to write the numbers 16 and 61 during school hours.

 

More to come…

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